阶段融资情境下不同债务契约激励效应的实验研究

如何设计合理的金融契约以增强对创业企业家和风险投资者双方的激励是公司金融研究领域的一个重要话题。运用实验室经济学方法,并结合创业企业阶段融资的现实特点,构建了标准债务契约、简单可转债契约以及可赎回可转债契约三种实验环境,分析了上述三种金融契约对企业家和投资者激励效应的差异。实验结果表明,对于企业家而言,在可赎回可转债契约下投入的努力水平最高,在简单可转债契约下最低,标准债务契约下居中。对于投资者而言,在可赎回可转债契约下投入的初始资金比例最高,在简单可转债契约下最低,标准债务契约下居中。进一步地分析还发现,在控制了外部环境的影响时,可赎回可转债契约下,项目得到继续投资的概率最高,企业家和投资者双方的收益最高,社会福利最大

产权保护、融资约束与民营企业研发投入

利用世界银行2005年对我国120个城市6 826家民营企业的调查数据,深入考察了民营企业所处地区的产权保护水平和融资约束程度对其研发投入水平的影响.在控制了企业特征、企业家特征、行业等因素后,研究发现:民营企业所处地区产权保护水平的提高和融资约束程度的降低,无论是对于促进我国民营企业参与研发活动,还是提高其研发投入强度,均有显著积极影响.进一步分析表明,上述影响总体上对中小企业更为显著

Does CEO Type Impact Family Firms' Tax Aggressiveness?

基于代理理论和社会情感财富理论双重视角,本文利用2003—2012年中国家族控股上市公司的3592个年度观察样本数据,实证分析了CEO类型对家族企业税收激进程度的影响关系,以及家族股东超额控制权和经营年限两个因素对这一影响关系的调节效应。结果表明:(1)与聘请职业经理人担任CEO的家族企业相比,由家族成员担任CEO的家族企业具有显著更高的税收激进程度;(2)家族股东经营企业的年限越长,家族CEO对家族企业税收激进程度的正向影响越弱;(3)家族股东的超额控制权越高,家族CEO对家族企业税收激进程度的正向影响也越弱。上述发现对于帮助理解和认识中国家族企业的税收激进活动具有重要的理论价值和实践启示。Taxes represent a significant cost to the company and a reduction in cash flows available to the firm and shareholders,leading to firms' and shareholders' incentives to reduce taxes through tax aggressive activities.In spite of this,there is great difference in the degree of tax aggressiveness among diverse firms.So what kinds of factors determine the degree of firm' s tax aggressiveness? It is remarkable that although tax aggressiveness will bring the firms with benefits(e.g.,reduced taxes and increased cash flows),there are still tremendous costs along with this process,for example,the time,efforts as well as money spending on tax aggressive activities themselves;the fines paid for being detected by tax collecting and administrating agencies;the leading agency conflict among each stakeholder in the firm by tax aggressive activities and the possible reputation loss of the firm or the individual decision-maker.Therefore,the acquired degree of the tax aggressiveness is always determined by CEO on the balance between costs and benefits from tax aggressiveness.Based on this logical thinking,standing from the perspective of combined agency theory and socioemotional wealth theory,and using the data of 3592 firm-year observations of Chinese family firm from 2003 to 2012,we analyzed the impacts of CEO type on the degree of tax aggressiveness of family firm as well as whether this is affected by family shareholders' excess control or operation time.Empirical results demonstrate that:(1) The degree of tax aggressiveness is significantly higher in these family firms whose CEO are family members compared to professional managers;(2) The longer family shareholders operate the firm,the weaker of the positive impacts of the family CEO on the degree of family firm' s tax aggressiveness;(3) The higher the excess control of family shareholders,the weaker of the positive impacts of the family CEO on the degree family firm' s tax aggressiveness.The above findings have crucial enlightenment in helping us understanding Chinese family firm' s tax aggressive activities.The main contribution of this paper is:(1) The previous studies in the area of tax aggressiveness mainly focus on influences of firms' basic characteristics,external environment,ownership structure and senior management incentive mechanisms on tax aggressive activities,while this paper concentrates on the impact of CEO type,which could help to fulfill our knowledge about associated factors of firm' s tax aggressive activities;(2) The previous studies in the area of family firm compare family CEO' s and non-family CEO' s functional differences from the perspective of entrepreneurial performance,earnings management and IPO underpricing,yet this study focuses on analyzing the difference of firm' s tax aggressive activities' decision between family CEO and non-family CEO;(3)Studies paying attention to both family firms and tax aggressiveness before mainly emphasize on comparison between family firms and non-family firms,this paper pays more attention to the contribution of these three factors of family CEO,excess control and operation time to the family firm' s tax aggressive activities,and will help to enrich the studies of family firm' s heterogeneity.This paper also provides some practical implications.Firsdy,given the fact there are significant differences between family CEO and non-family CEO in terms of tax aggressive activities,family firms should carefully weigh the potential costs and benefits of two different types of CEO,and then decide to choose family members or outside professional managers as CEOs according to the firms' needs.Secondly,considering that the impact of family CEO on tax aggressive activities depends on family shareholders' excess control and operation time,it is reasonable for family firms to take operation time,the control structure and CEO types into account in order to more reasonable tax decisions.国家自然科学基金青年项目“转型经济背景下我国家族企业的创新活动:内部治理结构和外部制度环境的影响”(71302090);国家自然科学基金青年项目“家族内外部所有权结构安排与家族企业冒险行为及绩效研究:基于双重代理理论框架”(71202061); 中国博士后基金特别资助项目“中国民营企业的技术创新:家族治理和风险投资的作用”(2013M531622

Does Media Coverage Increase Stock Price Informativeness?

媒体对上市公司的报道范围日益广泛,内容也日益深入。那么,媒体报道究竟对股票市场运行效率产生了何种作用呢？本文试图以股价信息含量为着眼点,考察媒体报道对中国股票市场运行效率的影响。基于中国A股上市公司2003-2011年5608个年度观察样本的实证研究发现,媒体报道能够显著提升中国上市公司的股价信息含量,即上市公司受到媒体的报道越多,基于r2度量的股价信息含量就越高。在控制了内生性、其他可能的替代解释等问题后,本文的研究结论仍然稳健成立。这说明,媒体报道对中国股票市场运行效率的提升发挥了积极作用。The media coverage on listed firms is increasingly important for investors in today's information age.However, little is known about the role of media coverage on the effectiveness of stock market.This paper examines the effect of media coverage on the stock price informativeness of Chinese A-share listed companies.Using a sample of 5608 firm-year observations during the period of 2003-2011, we find evidence that the media coverage can significantly increase the amount of firm-specific information incorporated into share prices, indicating that the more media coverage a firm receives, the more informative its stock price is.As a result, our findings suggest that the media coverage is playing a positive role on the effectiveness of Chinese stock markets.国家自然科学基金青年项目(编号:71202061); 福建省社科规划青年项目(编号:2012C027)的资

The Research of the Encouraging Agriculture Proclamation (Ch’uan-nung Wen) in the Sung Dynasty

勸農文經常作為一種農業史材料出現在研究者的視野中，但它作為一種文類的特性則有待進一步的發掘。我以勸農文此一文類為核心，觀察其行文格式、勸諭策略、核心關懷，及其在時間與空間中的變化，並與其它地方官頒佈的勸諭類型的文告（主要是諭俗文、勸學文、勸士文）相比較，揭示出它們的共通性之餘，由此也可以看到勸農文的特殊之處。 本文主要論點及有別於前人之處，可以濃縮為以下幾點：第一、勸農文不只勸農，它蘊含著多層次的理念：社會秩序的整合及人心向善的太平盛世的再臨。第二、「浙間」是一種象徵農業技術先進的語詞，是一種選擇過後的先進技術的集合體，特別是在此一詞出現的上下文中，地方官用「浙間」與勸諭地作對比，誇大前者先進的同時，也可能低估了勸諭地的農業生產情況。引述「浙間」的農業狀態時，必須注意這個特性。第三、勸諭類型的榜告，共同的關懷在於拓展以儒教為核心的文明與追求一種合理的秩序，本文特別強調對身體秩序的維繫。榜告間的一大差異為勸農文的定型化趨勢。第四、從北宋到南宋，勸諭類型的榜告有著地方化與世俗化的趨勢：從抽象到具象、從模糊到清晰、從放眼全國到關注地方、從高舉儒家經典到其以更為隱匿、巧妙與具象的方式，融入榜告內部。第五、為了救荒，黃震祭出多種手段與變換勸諭策略，其影響力亦有地域之分，從而修正了韓明士（Robert Hymes）的論點。面對撫州糧食緊缺的情境，黃震的勸農文也顯現了與他人不一樣的特色。中文摘要…………………………………………………………………Ⅱ 序論………………………………………………………………………1 第一章 勸農文…………………………………………………………12 第一節 仲春望日，太守出郊…………………………………………14 第二節 勤而不慵，是為良農…………………………………………26 第三節 我生田間，熟知田事…………………………………………33 第四節 興民善心，還俗淳古…………………………………………40 小結………………………………………………………………………47 第二章 文告與具文中的勸農文………………………………………52 第一節 諭俗文與勸農文………………………………………………53 第二節 文明與秩序……………………………………………………61 第三節 具文……………………………………………………………71 小結 國家的道義經濟…………………………………………………79 第三章 救荒中的勸農文——黃震在撫州……………………………84 第一節 南宋的勸種麥與黃震的勸農文………………………………85 第二節 救荒……………………………………………………………96 第三節 救荒與勸農文的傳統………………………………………109 小結……………………………………………………………………116 結論……………………………………………………………………118 徵引書目………………………………………………………………12

會計人員執行兩稅合一績效影響因素之探討

本研究將Libby & Luft（1993）所提出之績效模型一般化到現實議題，探討稅務會計人員執行兩稅合一績效之影響因素，將績效分為執行「年度結算申報」、「未分配盈餘加徵10%計算與申報」、「兩稅合一租稅規劃」三工作之績效，知識則依「新」、「舊」分為兩稅合一知識與一般營利事業所得稅知識，並以「教育程度」衡量一般解決問題的能力；以「職業屬性」、「年資」、「在學教育」衡量經驗。研究結果發現：影響「一般營利事業所得稅知識」高低之因素包含職業屬性、年資，而不受一般解決問題的能力、在學教育(選讀科系)所影響；影響「兩稅合一知識」高低之因素則為職業屬性、一般解決問題的能力及「一般營利事業所得稅知識」，而不受年資及在學教育(選讀科系)所影響。知識越高者，執行與該知識相關之工作績效越好，故「一般營利事業所得稅知識」高低與執行「期末結算申報」績效呈正相關；「兩稅合一知識」與「未分配盈餘加徵10%的計算與申報」績效呈正相關；「一般營利事業所得稅知識」、「兩稅合一知識」亦與「租稅規劃」相關。由於績效之衡量是由受試者自行評估，在不認為未分配盈餘加徵10%的相關規定是「新」的知識及受「定錨與調整」經驗法則偏誤影響下，一般解決問題的能力與執行兩稅合一相關工作績效實證結果並無顯著關係。記帳業者自行評估績效時較會計師樂觀，又受「定錨與調整」經驗法則偏誤所影響。導致記帳業者之知識較會計師業低，但自行評估之績效卻優於會計師業。受試者皆普遍認為兩稅合一後相關工作較兩稅合一前困難，但除了非上市上櫃公司之稅務會計人員表達不太能勝任外；其他屬性之稅務會計人員則皆「不」認為自己「不能勝任」兩稅合一後相關工作。受試者亦認為外部教育機構所開立之兩稅合一進修班或研討會對其在兩稅合一知識的吸收上，幫助最大。This study employees the Libby & Luft's model (1993) to investi-gate the determinants of performance in implementing the new tax system--the integrated income tax system. Three type of tasks performance measured are: filing of tax return, the computation of 10% extra income tax on retained earnings, and tax planning under the integrated income tax system. Knowledge is defined as “specific knowledge in the integrated income tax regulations” and “general income tax knowledge”. General problem-solving ability is measured by education level, and experience is caught by the subject’s career attribute, years of career and school instruction. The conclusion of this study were described briefly as follows:1. Effects of Experience and Ability on Knowledge acquisitionCareer attribute and years of career influence “General income tax knowledge”. Specifically, career attribute, general problem-solving ability and “General income tax knowledge” influence “specific knowledge in the integrated income tax regulations”.2. Relations of Knowledge, Ability and PerformanceThose who possess more knowledge perform better while they are doing their jobs, which related to what they had learnt before. So, those with sufficient "General income tax knowledge" performs better in “filing of tax return” and those with sufficient "knowledge in the integrated income tax regulations" also performs well in “the computation of 10% extra income tax on retained earnings”. Meanwhile, “General income tax knowledge” and “specific knowledge in the integrated income tax regulations” are related to the “tax planning”.The evaluation of performance is self rated by the subjects. And we find that the agent of bookkeeping and taxation seems to be more optimistic than the CPA does. Since the knowledge score of the agent of bookkeeping and taxation is less than that of CPA, but the self-rating of performance is higher than that of CPA

Family involvement in management,institutional environment and technical innovation

利用第八次全国私营企业抽样调查数据,考察了家族成员参与管理对我国企业技术创新活动的影响,以及这一影响如何因企业所处地区制度环境的不同而发生改变。采用研发投入作为技术创新投入度量指标、知识产权数量作为技术创新产出度量指标,综合利用相关系数分析和多元回归分析发现:高管团队中的家族成员人数对企业创新投入和创新产出均存在显著正向影响;但随着所处地区制度环境的完善,这一正向影响有所减弱。上述研究结果表明,在我国当前转型经济背景下,家族成员参与管理仍然是促进家族企业技术创新的一种有效机制,特别是在制度环境更为落后的地区。Using the data from the Eighth National Private Firm Sampling Survey,this paper examines the impact of family involvement in management on Chinese private firms' innovation activities,and further analyzes how this impact depends on local institutional environment. Employing both Pearson correlation analysis and multiple regression analysis,the results of an empirical study show that:(1) the number of family member on top management team has a significant positive effect on both firm's innovation input and output;( 2) the above effect is weaker in regions with better institutional environment,suggesting that in the transitional economy like China,family management is still an effective governance mechanism for firm's innovation activities,especially for firms in regions with worse institutional environment.国家自然科学基金青年项目《转型经济背景下我国家族企业的创新活动:内部治理结构和外部制度环境的影响》(71302090,起止时间:2014.01-2016.12);国家自然科学基金青年项目《家族内外部所有权结构安排与家族企业冒险行为及绩效研究:基于双重代理理论框架》(71202061,起止时间:2013.01-2015.12);; 中国博士后基金特别资助项目《中国民营企业的技术创新:家族治理和风险投资的作用》(2013M531622,起止时间:2014.01-2015.12

The application of computer simulation of spinal osteotomy in making surgical plan for correction of kyphosis in ankylosing spondylitis

目的:探讨计算机辅助设计在强直性脊柱炎后凸畸形矫形术手术方案制定中的应用价值。方法:将5例强直性脊柱炎后凸畸形患者在手术前后进行胸腰椎CT扫描,获得的数据导入Mimics10.01软件进行三维重建。手术前在重建模型上模拟经椎弓根椎体截骨术进行虚拟截骨、预测矫形效果,并测算截骨椎体所需截骨角度及相应在椎板及椎体后缘的截骨宽度。手术后在预测模型及术后重建模型上分别测量全脊柱后凸角,颈7椎体中心点与骶骨后上角的水平距离,截骨节段相邻上下椎体棘突间及双侧横突间距离等指标,并进行比较。结果:5例手术前后均顺利完成三维建模。术前模拟截骨测算出截骨椎体所需截骨角度、椎板截骨宽度和椎体后缘截骨宽度的值分别为(26.34±3.16)°(23.30～30.11°)、(27.71±1.22)mm(26.53～29.15mm)和(14.45±1.62)mm(12.17～16.62mm),在虚拟截骨模型上及术后重建模型上测得的比较指标相近。结论:应用计算机对强直性脊柱炎后凸畸形截骨矫正手术进行仿真模拟设计的方法具有可行性,能比较直观、精确反映矫形效果,可为制定手术方案提供较科学的依据。Objective: To discuss the application of computer simulation of spinal osteotomy in making surgical plans for patients with kyphosis deformity due to ankylosing spondylitis. Methods: 4 patients underwent CT scan before and after the operation and the collected data were put into the Mimics 10.01 to reconstruct 3D images. Virtual vertebrectomies were carried out on the models to guide actual operations. The corrected angle, the width of the lamina, the width of resected lumbar posterior marginal bone was predicted. In the model of virtual vertebrectomies and the postoperative reconstructed, the total spinal kyphosis angle, the distance between the cervical line on the center of C7 and the postero-superior part of S1, the distance of the spinous process and the distance of both sides of transverse process were measured and compared. Results: The models were successfully reconstructed and virtual vertebrectomies were well completed in every case. The mean predictive value of the corrected angle, the width of the lamina, the width of resected lumbar posterior marginal bone were (26.34 ±3.16)° (23.30~30.11° ), (27.71 ±1.22) mm (26.53~29.15 mm), and (14.45 ±1.62) mm (12.17~16.62 mm) respectively. The mean predictive value was close to the mean real values. Conclusions: Computer simulation of vertebrectomy can directly and accurately reflect the correction effects before surgery, which is convenient for defining the best surgical plan as well as improving the safety and accuracy of the operation