如何平衡公司治理与绩效

3(430074),,(),,,()(),,:,(,,2000),,,,,,,,,,,,,,;,,(),,(,2002),6232004(:2004HBKJ005),,,,,,,,,:,,;,,,,,;,,,,(,,2003),,,,,,,,,,,,,,(),,,,,(,2003),,,,,,,,,,,,,,,,72(EVA)(REVA)EVA1991,,(NOPAT),,EVA,REVAJeffry1997,,,,,,,EVAREVA:,,(),,,,,,,,,,,,,(),,,,,,,,,,,,,,,,,,:++,;+,,,1992(BSC,BalancedScoredCard)82EVA=NOPAT-Kw(NA),Kw,NAREVAt=NOPATt-Kw(MVt-1),NOPATtt,MVt-1t-1,(t-1),,,,,:,,,,,,,,,,,,,,,,,,,;(,,,,),,,,(),(),,,,,()(),,;(),,,:,GDP;,,,(,,2004),,,,,,(OECD)1999OECD(OECD,1999),:;,92;;,,Hampel2002,(,2003),,,,DeJong(1999)19921994100,,1992,,11,682%;166%(,2003),:,,,32390%,38%(),,1.?,,,,,,,,,,,,,,,?,,,,,,(2004),:,,,,2.,,03,,,,,,,,(2005),,(2000),,:,,,,(2005),,,,,,,,,,,,,,,.(2004),,,.2005..,4.2003.CFO.:.2002..,8,.2003..,12F,E,,..:.2003.1,.2005..,4,,.2004.,1OECD.1999.OECDPrinciplesofCorporateGovernance.2004.:.,11,.2004..,1,.2000..,9AndyNeely,ChrisAdams.2000.PerspectivesonPerformance:ThePerformancePrism.CenterforBusinessPerformance,CranfieldSchoolofManagementJONGD.1999.TheRoleofSelf2RegulationinCorporateGovernance:EvidencefromtheNetherlands.Workingpaper13EnglishAbstractsofMainPapersAccountingInstitutions,PublicDomainandProfessionalEthicsforAccountantsWuShuipeng&LiuQiliangThispaperprobesintothepublicdomainofaccountinginstitutions,throughanalyzingallocationstructureofaccountinginstitu2tionsaimingataccountingitems.Ittriestoimbedprofessionalethicsmechanismforaccountingthroughpublicdomain,andsetforththecouplingrelationoffunctionbetweenaccountinginstitutionmechanismandprofessionalethicsmechanismforaccounting.Besides,itclarifiesthestructureofstandardofethicsforaccountantsandconstructingthoughts,onthebasisoftheoriesaboutsubjectiveprofes2sionalethicsandobjectiveprofessionalethics.BusinessEthicandtheSecondAgencyProbleminListedPrivate2ControlledCompanies:CorporateGovernanceinEthicDimensionQiuYizhengetal.Controllingshareholderspexploitationandinfringementuponsmallshareholdersarousedthesecondagencyprobleminthecapitalmarket.Underthecurrentinstitutionalandmarketcondition,thesecondagencyproblemisveryseriousinChineselistedprivate2con2trolledcompanies.Thispaperarguesthattheexistingthreedimensionsforcorporategovernance:market,legalityandorganizationmechanismarenotenoughtosolvesuchproblemandthebusinessethichasbecomethenecessarydimensionforcorporategovernance.Boththeoryandpracticesprovethatthebusinessethictakesobviouseffectonthelistedprivate2controlledcompaniespgovernance.Attheendofthepaper,theconstructionwaysofbusinessethicgovernancearebroughtup.CorporateGovernance,FinancialContractsandFinancialControlZhangXianzhi&YuanKeliCorporategovernanceistheproblemofhowoutsideclaimholdersenforcetheircontrolonthecorporatetoprotecttheircontractin2terests.Financialgovernanceisinvolvedinhowcorporateclaimholdersmakeuseofeconomicincentivemechanismtocontrolthecor2porate,sothebasicstructureandmechanismoffinancialgovernanceismadeupoffinancialcontracts.Buttheclaimholderswillneverreachtheirobjectivesunlesstheyenforceeffectivefinancialcontrolonthecorporate.Firstly,weanalyzetheconflictsofinterestsofdifferentsortofclaimholdersinvolvedinequitycontracts,debtcontractsandmanagerialcompensationcontracts,showingthatthesecontractsconsistofeffectivemechanismsfortheresolutionoftheconflicts.Secondly,weanalyzehowdifferentclaimholdersshoulden2forcefinancialcontrolontheinvestment,financingandpayoutactivitiesofthecorporate.Thirdly,weanalyzethefactorsthatcausepeopletobuildupsuchagovernancestructureastheyusenow,andgiveimplicationsforthedistributionofcontrolrightsamongthea2gentsinthisstructure.CorporateGovernance,IncentiveMechanismandPerformanceEvaluationZhouRenjunetal.Thispaperhighlightstheinterrelationamongcorporategovernance,incentivemechanismandperformanceevaluation.Afterdiscussingthecharacteristicsandintensionofthelattertwotermsunderdifferentmodesofcorporategovernance,thecurrentpapergivesafurtheroutlookfortheinternationaltrendofcorporategovernanceanditsimpactonincentivemechanismandperformancee2valuation.DisciplineOrientationandRealmofIssueofValueChainAccountingQiHaodong&YangZhiqiangAccordingtotheanalysisoftheessenceofvaluechainaccounting,thearticlediscussesthedisciplineorientationofvaluechainaccounting.Theauthorsbelievethatvaluechainaccountingisessentiallynotonlyanimportanttoolofvaluechainmanagement,butalsoanimportantpartofvaluechainmanagement.Formdisciplinesubordinated,itshouldlocatedasabranchorresearchfieldofmanagementaccounting.Atlast,thearticlediscussestherealmofissueofvaluechainaccounting.69