Full-Text Search:
Home|Journal Papers|About CNKI|User Service|FAQ|Contact Us|中文
《Economic Research Journal》 2004-02
Add to Favorite Get Latest Update

The Conflicts of Interest among Investors and Integration of Corporate Governance Mechanisms

Zheng Zhigang (School of Finance, Renmin University of China)  
This paper explores the function of integration of the internal and external control systems in mitigating the conflicts of interest among shareholders under the framework of entrepreneur (controlling investors) subject to moral hazard. We show that the existence of external control system would enhance the monitoring function of the internal control system, and as a result restrain the moral hazard behaviors of the entrepreneur. The relationship between the internal and external control system is not the simple monotonic one, which is different from the traditional viewpoints of corporate governance literature. The transfer from one relationship to another one depends on whether the entrepreneur's incentive compatibility constraints are satisfied by the contracts between the entrepreneur and the dispersed shareholders.
【CateGory Index】: F276.6
Download(CAJ format) Download(PDF format)
CAJViewer7.0 supports all the CNKI file formats; AdobeReader only supports the PDF format.
【References】
Chinese Journal Full-text Database 10 Hits
1 WEN Xin-guo (Gedian Finance Office in Gedian Economic and Technological Development Zone, Ezhou 436032, China);Research on Corporate Social Responsibility and Relevant Accounting Problem[J];Collected Essays on Finance and Economics;2005-03
2 SONG Guang-hui,WANG Xiao-hui,QIN Quan-de(School of Business Administration,South China University of Technology,Guangzhou 510640,China);Corporate Governance of Overseas Firms of State-owned Multinational Corporations Based on Double and Stacking Principal-agency Frameworks[J];Journal of Finance and Economics;2010-11
3 LU Fang-xian,ZHANG Ning,WANG Zhong (College of Finance, Hunan University, Changsha,Hunan 410079,China);Benefit Analysis on Pension' Interference in Corporate Governance[J];The Theory and Practice of Finance and Economics;2005-03
4 LIU Jin-yan1,2 NIU Jian-bo2(1.Shandong Economic University, Jinan 250014;2.Business school, Nankai University, Tianjin 300071);Research on the Impact of Product Market Competition on Executive Incentive Effect[J];Finance and Trade Research;2008-03
5 CHEN Hong,YANG Lingxiao;On the Governance of State-controlled Listed Companies in China:Practical Dilemma and System Solving[J];Contemporary Economic Research;2012-03
6 SU Qi-lin1,2,ZHANG Qing-lin1(1.Institute of Chinese Enterprises,Ji'nan University,Guangzhou 510632,China;2.School of Business,Nankai University,Tianjin 300071,China);On Agency Conflicts of Family Business with the Involvement of Altruism[J];Journal of China University of Geosciences(Social Sciences Edition);2009-05
7 OUYANG Ling, OUYANG Ling-nan, ZHOU Hong-xia (School of Management, Shanghai Jiaotong University, Shanghai 200240, China; Science and Technology Department, Shanghai Jiaotong University,Shanghai 200030,China);Equity System, Asymmetric Information and Inefficient Investment Behavior[J];Modern Economic Science;2005-04
8 YAN Ruo-sen (School of Economics & Management, Wuhan University, Wuhan 430072, China);ILiterature Review on Optimal Governance of Equity Concentrated Corporations based on Double Principal-agent Theory[J];Modern Economic Science;2006-04
9 YAN Bing(School of Economics and Finance,Xi'an Jiaotong University,Xi'an 710061,China);A Literature Survey on Agent Theory and Corporate Governance[J];Modern Economic Science;2006-06
10 HUANG Xiao-hong,YU Shan-ping;Voluntary disclosure of information of intangibles and corporate governance: an empirical analysis of China's high-technology companies[J];Journal of Southeast University(Philosophy and Social Science);2006-06
China Proceedings of conference Full-text Database 1 Hits
1 Hong Zheng (Financial Department of Southwestern University of Finance and Economics, Chengdu 610074 P.R.China);Internal monitoring, supervision substitution and bank value[A];[C];2008
【Co-references】
Chinese Journal Full-text Database 10 Hits
1 GU Wen-jiong;Financial Appraisal of the Listed Companies in the Agricultural Sector of China with the Factor Analysis Methodology[J];;2005-03
2 LI Zhi ping, DONG Mei sheng, XIAO Zhuan qiao (School of Economics, AHUT, Ma’anshan 243002, Anhui, China);On the Relationship between Inner Mechanism of Company Administrative Structure and Achievements[J];Journal of Anhui University of Technology(Sociel Sciences);2004-06
3 LIN Yi\|fu and LIU Zhi\|qiang (Research Center of Chinese Economy, Peking University, Beijing 100871, China);China's Fiscal Decentralization and Economic Growth[J];JOURNAL OF PEKING UNIVERSITY(HUMANITIES AND SOCIAL SCIENCES);2000-04
4 Chen Xiaoyue & Li Chen;Expected Stock Returns and Debt/Equity Ratio in Shanghai Stock Exchange:An EmpiricalEvidence[J];JOURNAL OF PEKING UNIVERSITY(HUMANITIES AND SOCIAL SCIENCES);1995-01
5 by Cao Fengqi and Wang Shuwen;Improve and Perfect the Corporate Management System of China's Incorporated Businesses[J];JOURNAL OF PEKING UNIVERSITY(HUMANITIES AND SOCIAL SCIENCES);1997-06
6 LI Jian-wei;Study on Basic Issues concerning Corporate Liquidation Obligors[J];Northern Legal Science;2010-02
7 YUAN Jiang-ying,ZHAO Jian-mei(School of Economics and Management,Beijing Jiaotong University,Beijing 100044,China);Study of Rights Offering Based on Stakeholders[J];Journal of Beijing Jiaotong University(Social Sciences Edition);2005-04
8 CHEN De-sheng, LEI Jia-su, FENG Zong-xian (School of Economics and Management Tsinghua University, Beijing 100084, China; College of Economics and University of Technology,Xi'an 710032, China; Jinhe Centre of Economic Research,Xi'an Jiaotong University, Xi'an 710049, China);Study on Independence and Effectiveness of the Management by Board of Directors for Commercial Banks[J];Journal of Beijing University of Technology(Social Sciences Edition);2006-03
9 CAI Ming sheng, TIAN Dong wen (School of Economics and Management, Beijing University of Aeronautics and Astronautics, Beijing 100083,China);Institutional Investor and Corporate Governance of the State-owned Enterprise[J];Journal of Beijing University of Aeronautics and Astronautics(Social Sciences Edition);2002-02
10 ZHAN Wei,QIU Wan-hua(School of Economics and Management,Beijing University of Aeronautics and Astronautics,Beijing 100083,China);Theory and Application of Project Management Maturity Model[J];Journal of Beijing University of Aeronautics and Astronautics(Social Sciences Edition);2007-01
China Proceedings of conference Full-text Database 1 Hits
1 ;The Effect of Tunneling and Propping Motives to M&A Performance: Theoretical Analysis and Empirical Evidence from China Listed Companies[A];[C];2004
【Secondary References】
Chinese Journal Full-text Database 10 Hits
1 LIN Zhong-gao,LIU Jun(School of Management,AHUT,Ma'anshan 243002,Anhui,China);The Application of Balanced Scorecard in Social Responsibility Accounting[J];Journal of Anhui University of Technology(Social Sciences);2006-03
2 AN Jie1,JIANG Yan-xia2(1.School of Management,Xi′an Jiaotong University,Xi′an 710049,China;2.School of Business,Renmin University of China,Beijing 100872,China);The Impact of Managerial Incentive on Allocative Efficiency of Internal Capital Market[J];Commercial Research;2010-04
3 XIE Mei1,LI Qiang2(1.School of Management,China University of Mining & Technology,Xuzhou 221116,China; 2.Department of Finance,China University of Mining & Technology,Xuzhou 221116,China);Literature Overview on Relationship Between Market Competition and Corporate Governance[J];Commercial Research;2012-04
4 Ma Jianhui;How to Regulate and Develop the Institutional Investors in Chinese Transitional Capital Market[J];Finance & Economics;2008-01
5 XU Hua-xin1,SUN Zheng2(1.School of Accountancy,Shanghai University of Finance and Economics,Shanghai 200433,China;2.Institute of Accounting and Finance,ShanghaiUniversity of Finance and Economics,Shanghai 200433,China);An Empirical Study on the Relationship between Stock Market Cycle and Conservation of Enterprise Accounting Policy in China[J];Journal of Finance and Economics;2008-12
6 TANG Yue-jun,ZUO Jing-jing(School of Management,Fudan University,Shanghai 200433,China);Policy-related Disturbance,Blockholders Counterbalance and Board Independence[J];Journal of Finance and Economics;2010-05
7 SONG Guang-hui,WANG Xiao-hui,QIN Quan-de(School of Business Administration,South China University of Technology,Guangzhou 510640,China);Corporate Governance of Overseas Firms of State-owned Multinational Corporations Based on Double and Stacking Principal-agency Frameworks[J];Journal of Finance and Economics;2010-11
8 HUANG Jing1,CHEN Gong-meng1, BAO Wen-qing1,CHEN Zheng-rong2(1.Antai School of Economics and Management, Shanghai Jiao Tong University,Shanghai 200052,China; 2.Research Department,Haitong Securities Co.,Ltd,Shanghai 200001,China);Can Split-share Reform Restrain the Overinvestment Behavior of Controlling Shareholders?[J];Journal of Finance and Economics;2011-10
9 Rao Xiaoqiu (Accounting School,Jiangxi University of Finance and Economics,Nanchang, Jiangxi 330013);Agency Cost and Managers’ Financial Supervision[J];Communication of Finance and Accounting(Academy Version);2007-01
10 Kang Xia (Hebei Economics & Business School, Shijiazhuang, Hebei 050021);The Analysis of the relationship between Corporate Governance and Independent Audit[J];Communication of Finance and Accounting(Academy Version);2007-03
China Proceedings of conference Full-text Database 9 Hits
1 ;The Asset of the Small Shareholders and the Disclosure of Internal Control Information[A];[C];2007
2 GU Yuan (School of Management, AHUT, Ma’anshan 243002, Anhui, China);Study on the Current Situation and Improvement of the Social Responsibility Accounting for Enterprise in China[A];[C];2009
3 Liu Xiaoxia (Huazhong University of Science and Technology, Wuhan, Hubei, 430074);Earnings Management and Investment Decisions: Empirical Research from Chinese Listed Companies[A];[C];2009
4 Zhang Tiezhu Zhou Hong (Shanghai Institute of Foreign Trade,201620 Fudan University,200433);Research on Board Differences,Listing Effect and Earnings Equality:Evidence From ChiNext and SME Board[A];[C];2011
5 ;Corporate Governance Evaluation:A Perspective of Cost-benefit[A];[C];2011
6 Yang Zhonghai1 Zhou Xiaosu2 Feng Ming1(1.Accounting School,Harbin University of Commerce,Harbin 150028;2.Business School,Nankai University,Tianjin 300071);Government Control,the Controlling Shareholders’Behavior,and Financial Reporting Transparency:the Empirical Evidence from Listed Companies in China[A];[C];2011
7 XUE You-zhi1, WANG Shi-long1 ,ZHOU Jie2 1.Business School, Nankai University, Tianjin 300071, China; 2.Corporate governance research center, NanKai University, Tianjin 300071, China;The research on board ethics: A preliminary study of theory[A];[C];2008
8 TanTang Mudan;Liu Hanmin(School of Management,Jinan University,Guangzhou,510632,China);An Empirical Investigation on the Determinants of Independent Directors' Compensation:New Evidence from Chinese Listed Company[A];[C];2010
9 ;董事会履职动机、能力与会计稳健性关系研究[A];[C];2013
©2006 Tsinghua Tongfang Knowledge Network Technology Co., Ltd.(Beijing)(TTKN) All rights reserved