上市公司年报披露的及时性:公司业绩与审计意见的影响

以我国上市公司2003—2005年的数据作为样本,主要采用非参数方法检验上市公司年度报告披露的及时性与公司业绩和审计意见两个因素的关系。结果显示:业绩差的公司比业绩好的公司年报披露更加不及时;被出具非清洁审计报告的公司比被出具清洁审计报告的公司年报披露更加不及时;公司被出具的审计报告严重程度越高,年报披露越不及时。     

超额现金持有的上市公司特质研究——对我国制造业上市公司的实证分析

超额持有现金的上市公司具有什么特质呢?以我国制造业329家上市公司2004—2006年的数据为整体样本,通过界定超额现金持有上市公司,将整体样本分成超额现金持有和非超额现金持有两个子样本,从公司治理、财务方面设计变量对两个子样本进行比较分析。实证结果表明,与非超额现金持有公司相比,超额持有现金公司负债比率要低,长期业绩会变差,现金股利支付比率低,而股东保护度和管理费用率不存在显著差异。     

外资并购我国上市公司中期绩效的实证分析

基于2001年至2004年外资并购我国上市公司的数据,设计中期绩效指标,实证分析外资并购我国上市公司对上市公司中期绩效的影响和外资并购行为对上市公司中期绩效的影响。结果表明外资并购对上市公司中期绩效没有影响;第一大股东持股比例对上市公司中期价值有显著的负作用;外资控股对公司中期价值有负的影响,对中期效益有显著负的影响;2003年后外资并购的上市公司,其中期价值不如2003年之前,其中期效益也显著不如2003年之前。     

中国保险业顺周期性的实证分析

本文在现有关于保险公司保险周期研究的基础上,对保险公司经营中的顺周期性进行实证研究。通过选取中国17家保险公司2003-2009年年度数据作为分析样本,利用面板数据模型进行实证分析,发现保险公司的顺周期效应显著;此外,还发现寿险公司的承保业务强于财险公司而投资业务弱于财险公司。本文建议对保险公司采取逆周期监管,提高保险公司经营的平稳性,促进金融体系稳健经营。     

商业性小额贷款公司能惠及三农和微小客户吗?

利用42家小额贷款公司的调查数据,剖析小额贷款公司的业务活动特征和影响小额贷款公司贷款覆盖深度的因素。通过描述统计和计量模型分析,研究发现:小额贷款公司倾向于服务微小企业和农村大户,其贷款以短期、非信用贷款为主,利率水平较高;采用的信贷技术、营业费用率、所在地区经济发展水平和金融市场的竞争程度对小额贷款公司的贷款覆盖深度有显著影响,而资产规模和资产回报率对小额贷款公司的贷款覆盖深度影响不显著。     

Characteristics distinguishing high-growth ventures

The purpose of this study is to define characteristics that distinguish high-growth from low-growth companies. In this examination, particular emphasis is focused on characteristics that lend themselves to objective evalnation. In previous studies, great emphasis has been placed upon characteristics related to the personal capabilities of entrepreneurs. Although such characteristics are widely accepted as being of great importance, they are subjective and evaluated only with great difficulty.Two pools of companies were examined in the course of this study. Each company responded to a comprehensive questionnaire and provided longitudinal data related to a wide variety of operating characteristics. The first pool of companies—the “Reynolds data base”—consisted of relatively young, small companies. The second pool—Price Waterhouse clients—included companies that were generally larger and more mature than those in the Reynolds data base. The distinction between the samples permitted us to consider how the set of growth characteristics varies at different stages in a company's development.Discriminant analysis of both samples yielded the following insights. 1. In both pools, it was important that management have substantial industry experience. No other characteristic related to the experience or capability of the entrepreneur or entrepreneurial team was identified as distinguishing between high- and low-growth. 2. An interesting strategic profile became apparent based upon the examination of the two groups. In the Reynolds sample, the high-growth companies were more focused than their low-growth counterparts, with more revenue being generated by a single product. Conversely, in the Price Waterhouse sample, the high-growth companies displayed a greater propensity for market and product diversification than did the slow-growth companies in that pool. These results seem logical in that smaller companies have fewer resources and therefore may perform better by focusing their effort. Conversely, more mature companies need to expand growth prospects and hedge against overreliance on any particular opportunity. 3. Growth companies in the Reynolds data base ran leaner than the low-growth companies in that sample, with fewer managers, slimmer payrolls (as a percentage of sales), and more productive uses of assets. Growth companies in the Price Waterhouse sample were more likely to have balanced management teams than the Price Waterhouse slow-growers. Leanness was not a discriminating variable in this group. As one might expect, more mature companies would require a broader array of talents and would be better able to afford balanced teams. 4. Rapid market growth and the ability to develop close customer contacts were identified as discriminating characteristics in the Price Waterhouse sample. Neither were identified in the Reynolds data base. Companies in the Reynolds data base were not asked to report on market growth and were probably too young to have established much in the way of customer relationships. These companies did, however, report a greater utilization of advanced technology.     

我国期货公司经营效率的DEA评价

本文利用DEA方法的(C2R)模型对我国有代表性的30家期货公司的经营效率进行了分析与评价,通过对输入输出指标数据的分析得出我国期货公司总体规模偏小、从业人员素质偏低和抗风险能力较差的结论;通过对我国期货公司经营有效性、输入冗余率和输出亏空率以及规模收益的评价分析,得出:我国期货公司经营效率水平不高,提高空间较大,总体上正逐步由恢复增长阶段向快速发展阶段转化。     

长期资产减值转回与盈余管理

本文重点考察上市公司利用长期资产减值准备转回进行盈余管理的行为。通过对我国上市公司长期资产减值准备计提与转回的实证研究,结果表明资产减值准备的转回与上市公司的盈余管理行为有着显著的相关性;具有扭亏为盈、洗大澡动机的公司进行长期资产减值转回的金额和幅度高于其他公司;新会计准则实施前最后一年(2006年)上市公司长期资产减值准备转回情况与2004年和2005年没有显著性差异。     

Value relevance,earnings management and corporate governance in China

This study investigates whether earnings management reduces the level of value relevance and whether good corporate governance restrains earnings management. Using hand-collected data comprising 1012 firm-year observations from all companies listed on the Shanghai SSE 180 and the Shenzhen SSE 100, the results show that the negative impact of value relevance for the companies engaged in earnings management is greater than the companies that have not engaged in earnings management engagement. Furthermore, the companies with good corporate governance practices are more likely to constrain earnings management than those without.     

From listening to the customer to controlling with customer focus: facing the barriers in Nordic financial services

Increasing competition and demanding customers in the financial retail sector challenge the monitoring and control systems in banks and insurance companies, because traditional systems seem to be of little help in focusing on profitable customers. This article compares how Danish and Finnish financial companies are responding to the information-processing challenge of getting and using customer-related data. Results based on two nation-wide surveys among accounting managers indicate that companies are confronted with different barriers to customer-oriented management control, as Danish companies seem to have the more sophisticated market intelligence and control systems while the Finnish companies have the more focused customer-oriented strategies. Nevertheless, differences between companies seem more important than differences between countries. In both countries access to advanced information technology plays a basic but minor role in the development of the technology of listening and control, which in turn may lead to increased competitive advantages. Despite the differences, most companies are faced with major obstacles related to organisation and poor use of market research and it is argued that ‘supported empowerment’ is a viable road to improvement.     

上市公司资本结构影响因素分析

分析上市公司资本结构的影响因素,对确定上市公司的合适资本结构有重要参考意义。利用截面数据运用多元回归分析法,通过对我国交通运输、仓储业上市公司资本结构的影响因素定量分析,认为公司规模、成长能力与资产负债率显著正相关,短期偿债能力、资产担保比率、内部资源能力和盈余管理能力与资产负债率显著负相关。     

我国上市公司间交叉持股的现状与特征

文章以实证数据为基础概括了我国上市公司间交叉持股的现状,指出上市公司间交叉持股具有行业分布广泛但相对集中、地域性交叉持股及低比例财务型投资型交叉持股现象明显等特征,而目前交叉持股存在的主要问题是持股的盲目性和短期性,地域性网状交叉持股阻碍上市公司间进行业务关联型交叉持股,战略投资者的作用无法发挥.     

上市公司资本结构影响因素研究

国内外许多学者对影响上市公司资本结构的因素进行了深入的理论与实证分析,但他们得到的研究结论往往相互矛盾。本文利用上市公司的截面数据,从实证的角度对我国上市公司资本结构的影响因素进行分析与比较,结果发现,影响上市公司资本结构的因素并不是稳定不变的。因此,用一种理论解释上市公司资本结构的影响因素是不现实的。     

现金分红、债务政策稳健性与公司业绩

上市公司现金分红和债务决策是资本市场关注的热点问题。文章以我国A股上市公司为研究对象,考察了现金分红与债务政策稳健性及其对企业业绩的影响关系。研究发现上市公司现金分红行为对公司债务政策稳健性有着显著的影响,相对于无现金分红公司而言,现金分红公司有着更高的债务政策稳健性;现金分红公司的业绩水平显著高于无现金分红公司的对应水平,说明上市公司现金分红行为对公司业绩的提升具有促进作用;在现金分红与公司业绩的关系中,债务政策稳健性具有显著的中介效应。上述研究结论对规范我国上市公司现金分红行为、揭示其对债务政策稳健性与公司业绩的影响具有一定的理论和实践意义。     

For your eyes only: U.S. technology companies,sovereign states,and the battle over data protection

Who owns an individual's electronic communications data, who should have access to it, and what can be done with it? The battle of privacy versus security is currently raging between U.S. technology companies and national security forces. U.S. technology companies are adopting corporate foreign policies to respond to sovereign states’ efforts to access customer data, which could change and possibly even destroy their business models. This article discusses the struggles faced by these companies and the policies influencing the possible outcome, as will be determined in the European Union within the next few years.     

Advertising Spending Efficiency of Beauty-Care Product Companies: Comparison Between Local Companies and Multinational Companies in the U.S. Market

ABSTRACT

In this study, the authors apply data envelopment analysis (DEA) to evaluate the financial efficiency of U.S. beauty-care companies and foreign companies based on their media advertising expenditures in eight key media outlets (i.e., magazines, newspapers, outdoor, network TV, spot TV, syndication TV, cable TV, and radio) and their revenues in the U.S. market. The analyses revealed that 47.4% of the companies examined advertised efficiently. Companies that advertised inefficiently could save, on average, 75% of their advertising spending. The results also indicated that although U.S. companies are more efficient overall than are non-U.S. companies in terms of advertising spending, the competitiveness of non-U.S. companies should not be underestimated because some of them advertised efficiently (e.g., Kao Corporation from Japan) or almost efficiently.     

The techno-economic ecology of the product elimination process

One of the greatest voids in the literature on product elimination to date is knowledge about the factors affecting the content, formality and other important aspects of the product elimination process.In this exploratory paper, an attempt is made to assess the impact of techno-economic environment and in particular the impact of technological change and three different forms of competition, on the content of the product elimination process.The impact is assessed by means of a cross-sectional analysis of questionnaire data from 94 industrial goods companies drawn from a large number of British engineering companies.Our data suggest that the content of the product elimination process of companies in dynamic, uncertain environments is likely to be significantly different from that of companies in relatively stable environments. Our data also suggest that there are striking differences between the techno-economic variables as to their relationships with the importance of the decision-variables describing the content of the product elimination process. The observed relationships, which reveal that the techno-economic environment leads to two different types or scenarios of product elimination process, are explained in terms of the contingencies created by the techno-economic variables.     

Aggressive and Prudential Marketing Strategy for Financial Services

In the light of poor performance, there is debate about the benefits marketing has brought to the UK financial services industry. This argument is assessed in the light of marketing concepts and the findings of a study investigation the focus of marketing strategy in successful financial service companies. Based on qualitative data from rigorously identified companies, the article finds that the balancing of aggression and prudence in strategy, which is emphasised in marketing theory, is one of the factors which sets apart successful financial service companies. The findings suggest that the successful companies are those focusing on strategies embracing the key marketing concepts of selectivity and profit orientation.     

Social Role Conceptions and CSR Policy Success

Businesses are eager to present themselves as honest and reliable corporate citizens who care about the overall well-being of society. This article researches whether different role conceptions of businesses regarding social issues are related to their success in dealing with social demands. Do socially active companies have a better social reputation than inactive companies? This relationship is determined by first extracting the social role conceptions of the companies from their Corporate Social Responsibility reports and then comparing this data to their social reputations. The analysis shows that there is indeed a relationship between these two variables. Companies with a broad social role conception score significantly better on their social reputations than companies with a narrow role conception. Social role conceptions therefore matter when dealing with social demands.     

Responsibility Cost Control System in China: The Han Dan Experience

This study undertakes a longitudinal analysis of the ethical management practices of Sri Lankan companies by comparing the results from a survey conducted in 2003. During this period regulatory developments have taken place within Sri Lanka and internationally aimed at improving the level of corporate governance. Based upon this survey data we conclude that progress has been made in ensuring that ethical management practices are more homogenous and standard practice across companies. Internationalized companies remain the ones that are more aware of the environmental consequences of their actions, although few companies, unfortunately, recognize this as an issue of concern.