外商股权投资国有自来水公司的模式探讨

本文重点分析和探讨了外商在符合目前我国相关法规的前提下，投资国内自来水行业的交易模式及其优缺点。其中，三权分离模式是结合2006年正式施行的新公司法提出的一种创新性的操作模式，可为国内项目的实际运作提供新的思路和途径。     

Exploration and development of Iran's oilfields through buyback

The use of buyback for the development of oil and gas fields is an established mechanism in Iran. Current legislation authorizes the National Iranian Oil Company (NIOC) to use buyback for both exploration and development. The buyback scheme can be defined as a risk service contract, under which the contractor is paid back by being allocated a portion of oil/gas produced as a result of providing services. Buyback is based upon a defined scope of work, a capital cost ceiling, a fixed remuneration fee and a defined cost recovery period. When buyback is used for both exploration and development, the specifications of the field to be developed are unknown at the time of contracting and therefore agreement on the scope of work, duration of development operations, ceiling for capital costs, fixed remuneration fee, and duration of cost recovery need to be deferred to the time when a commercial field is discovered. This article first outlines the introduction of buyback for development of Iran's oil and gas fields. It then examines the main features of the mechanism. Third, the use of buyback for both exploration and development is explored and related challenges discussed. Finally, the article reviews the new buyback model proposed by NIOC to address these challenges.     

上市公司环境信息披露调查研究——基于公司高管的访谈

上市公司高管态度对企业环境信息披露会产生重要影响。为充分了解企业高管如何看待上市公司环境信息披露过程中涉及的环境信息沟通、披露制度、能力建设等多方面问题，本文对涉及第一、第二和第三产业的16家上市公司高管进行访谈调研。研究发现，多数高管视社会第三方机构对企业的环境信息需求为较大的潜在风险，非强制是上市公司环境信息选择性披露的主要原因，企业重视环保投资但信息公开能力建设不足，环境信息公开对企业价值影响较弱。本文提出编写环境信息公开指南及实施细则，提升企业环境信息公开的能力建设，拓展政府和社会组织对企业环境信息公开的奖励形式等建议。     

Beyond the mean: Understanding firm‐level consequences of variability in diversity climate perceptions

We develop and test an organizational‐level model of the consequences of diversity climate for company performance. Drawing from affective events theory and the organizational climate literature, we highlight the role of idiosyncrasies in employees' diversity climate perceptions. Specifically, we consider diversity climate strength (i.e., agreement in employees' climate perceptions) as a boundary condition of diversity climate's organizational‐level effects and expect high climate strength to be particularly beneficial in demographically diverse organizations. Moreover, we introduce collective positive affect as an underlying mechanism of diversity climate's conditional effects on company performance. Hypotheses are tested in a study of 82 German small‐and‐medium‐sized companies with 13,695 surveyed employees. Results show a moderated mediation relationship where diversity climate is only positively related to organizational performance (via collective positive affect) at relatively high diversity climate strength. Although this finding holds for both demographically diverse and homogeneous organizations, post hoc analyses provide initial evidence that a strong climate only helps to realize the effects of diversity climate on collective positive affect when members of age‐ and gender‐related demographic subgroups converge in their climate perceptions. Our study contributes to a better understanding of diversity climate as an effective lever for managing diversity.     

我国上市公司资产负债率偏低的原因解析

我国上市公司的资产负债率大大低于美英等七国的平均水平,具有很强的股权融资偏好。形成这种状况的原因有政策方面、融资成本原因和公司治理结构方面等。股权融资偏好能够带来很大的金融风险。     

政府在环保产业发展中的地位和作用

环保产业是保护环境,实施可持续发展战略的重要物质基础和技术保障,是我国未来的投资重点以及最具潜力的经济增长点之一.根据目前我国环保产业发展的现状,深入剖析了我国环保产业发展中存在的问题及其影响因素,提出了政府作为环保市场的重要主体,应在加快环境法律制度创新、环境科技体制改革、促进产业管理的规范化和投资的多元化以及环保企业的集团化方面充分发挥其主导作用.     

金融高管薪酬与公司绩效关系实证研究

应用方程估计与曲线拟合的方法,在国内外高管薪酬快速增长的背景下,以2001-2008为时间窗口,研究了沪深两市金融类上市公司高管薪酬结构和薪酬水平与公司绩效的相关性问题,通过绩效评价模型和回归模型的求解,实证研究发现,我国金融类上市公司高管薪酬水平和薪酬结构与公司绩效均基本无关,国有金融类上市公司高管薪酬明显高于非国有金融类上市公司高管薪酬,而其绩效差异却不显著,说明我国政府对国有金融类上市公司高管薪酬实行限制,符合市场经济发展规律和基本要求,但在非国有金融类上市公司内及其他垄断性行业内,高管薪酬的差别也较大。因此,也有必要将这种限制拓展到非国有金融企业以及其它垄断性行业。     

陶氏化学公司安全管理与启示

介绍了陶氏化学公司安全、环保及健康（EHS）管理及可持续发展理念,工艺安全风险管理标准、工具和程序,以及事故应急管理的一些好的做法。结合国内企业实际情况提出了建议。     

Is there a role for not‐for‐profit or for‐purpose organizations in supporting governance professionals to engage with climate‐related opportunities and risks?

Climate change in Australia has become a political risk (for political parties) and a physical, transitional, and regulatory risk for businesses. Not‐for‐profits (NFPs) and for‐purpose (FPs) organisations, for example, Climate Alliance Limited, have acted in the absence of national climate risk policy, to support businesses to become better informed to manage their exposure to this risk, and helping them to set their own commitments and pathways to low and net zero carbon businesses. The objective of this article is to demonstrate, through the case study method, how one Australian NFP/FP has influenced the business sector and regulation. Climate Alliance Limited has done this through its interventions of (1) sharing case studies (best practices) on successful transitions to a low carbon business model and linking climate risk to business risk; (2) bringing thought leaders (advocacy) from the Bank of England and UK Prudential Regulator into the Australian finance and business sector; and (3) by offering a program (reward and recognition), showcasing how business leaders have and are adapting to climate risks and capturing business value.     

Book reviews and notices

This study aims to examine the mediating role of the customer environmental satisfaction in the effect of environmental friendliness of products and the company on customer loyalty in using green products in Malaysia. Structural equation modeling (SEM) analysis is performed to test the proposed hypotheses among 200 full time university students with purchasing experience at least once a week green products like organic vegetables. SEM results showed that customer environmental satisfaction significantly affected customer loyalty. This pair of relationships has the highest standardized beta coefficients, signifying the most important aspect of consideration by respondents among the rest of the proposed hypotheses. Next, customer environmental satisfaction partially mediated the relationship between environmental friendliness of products and customer loyalty in using green products. The results confirmed that customers are satisfied with their decision to purchase green products as they consume the least amount of resources and energy which results in minimum environmental damage and are also easy to recycle, disassemble, decompose, and reuse. Marketers should focus on creating effective marketing strategies and green promotional activities to attract customers for their green products. Marketers should control and enhance the quality of green products, as well as emphasizing their environmental satisfaction and increasing customer loyalty levels. This empirical study advanced marketers’ and policy makers’ understanding of the identification of customer environmental satisfaction as a mediator in the relationship between environmental friendliness of products and customer loyalty has been inspected in Malaysian context.