产权理论与财务和会计研究

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1、产权理论与财务和会计研究魏明海教授Phone:020-84114179Email:mnswmh@mail.sysu.edu.cnSYSU-minghai2内容提要为什么选择产权理论？如何运用产权理论研究财务与会计问题？专用资产与继承对财务和会计问题的解释关系资产与腐败对财务和会计问题的解释股权分置改革后的相关问题（股权可交易性对会计问题的解释）SYSU-minghai3第一部分为什么选择产权理论？SYSU-minghai4先看Top-downresearchapproachSYSU-minghai5InstitutionsGovernmentFirmorgan

2、izationsystemCorporategovernanceRoleofaccountingandcorporatepoliciesTop-downResearchFrameworkSYSU-minghai6SYSU-minghai7Top-downresearchapproach(FAN2006)ObserveIdentifyakeyinstitutionalfactorDevelopaseriesofresearchissuesAnalyzehowincentivesandbehaviorsofeconomicagents(governmentsor

3、firms)areaffectedwhenweimposetheinstitutionalconstraintAnalyzehowthegovernancestructuresofcontractsandorganizationsarechosensubjecttotheinstitutionalconstraintDatacollectionandempiricaltestsSYSU-minghai8keyinstitutionalfactorsOwnershipConcentration,transferabilityGovernmentownership

4、FamilyownershipOrganizationVerticalintegration,diversification,groupaffiliationAllocationofdecisionrightswithinafirmSYSU-minghai9Top-downApproach的程序是（T.J.Wong,2005）IdentifykeyinstitutionalfactorsthatshapeorganizationandincentivesThesefactorsincludepropertyrules,government’sroleineco

5、nomy,marketandlegaldevelopmentThesefactorsalsoshapethecorporategovernance,accountingandcorporatepoliciesApplycommontheoriesoranalyticalframeworks--onlyinstitutionsaredifferentSYSU-minghai10可以从哪些方面理解InstitutionalSettingInstitutionsofEastAsia（T.J.Wong,2005）PoliticaleconomyClosetiesbet

6、weengovernmentandbusinessRentseekingsocietyLegalsystemsPoorprotectionofpropertyrightsPrivateenforcementofcontractsWeakprotectionofoutsideshareholdersCultureandsocialnormLowtrustsocietyRelationship-basedtransactionsFamilyfirmsSYSU-minghai11China’sInstitutionalSetting（Economicintransi

7、tionGovtvs.Market）（T.J.Wong,2005）Capitalmarkets(statevs.market)IPO,rightsofferingsanddelistingcontrolledbygovt(quotasystem;ROEtargets)Statebanks–relatedlendingGovernmentnotmarketplaysabigroleMajorityownershipbythestatepartialprivatization(minorityshares)ofSOEsdirect(SAMB)andindirec

8、t(parentSOE)governm