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现金股利发放反映了债权人、股东、管理者之间的利益分配关系,现金股利的价值效应受到委托代理问题的影响。采用2008—2017年沪深A股上市公司作为研究样本,在委托代理理论的分析框架下实证检验我国上市公司发放现金股利的价值效应。研究表明,发放现金股利可能会损害债权人利益,过度债务公司发放现金股利的价值效应较小,而债务不足公司发放现金股利的价值效应较大。基于管理者代理问题视角的研究发现,现金股利可以有效发挥降低管理者代理成本的作用,当管理者代理问题严重时公司发放现金股利的价值效应更大。基于控股股东代理问题视角的实证结果表明,现金股利可以作为替代性的治理机制约束控股股东行为,当控股股东代理问题严重时现金股利具有更高的价值效应。 相似文献
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本文对中国上市公司重组的长期(3年)经营绩效进行了实证考察。研究样本包括重组公司和控制样本,研究方法为以现金流为主的经营绩效分析。研究结论发现,从长期经营绩效来看,重组公司没有明显的业绩改善。这一结论表明中国上市公司的重组并没有给股东创造真正的价值。 相似文献
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上市公司经营绩效的优劣是公司内部衡量经营绩效、改进企业管理和制定经营战略的依据。根据我国石油石化行业的特点,筛选出适合石油石化企业绩效评价的指标,选取主要从事原油开采与石油开采直接相关服务的10家上市样本公司,通过主成分分析法对样本公司2007年-2012年的绩效进行评价。实证研究表明,石油石化行业上市公司2007年-2012年整体趋势是呈波浪形分布。根据各年各主成分得分和综合绩效得分发现影响公司总体绩效的关键影响因素,为上市公司提高其综合绩效提供依据。同时,所得结论有助于企业进行行业定位和发展战略选择。 相似文献
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在不同的财务背景下公司现金持有动机强弱表现是否存在差异,这是学术界近年研究的热点。文章以1998—2006年连续四年有数据的沪深上市公司为样本,通过公司规模四分位数、样本期间发生股利支付与否作为融资约束与否的判别标准,分析融资约束公司与非融资约束公司现金持有动机强弱表现差异。实证结果表明:我国上市公司融资约束与否直接影响到现金持有决策过程中动机强弱的表现。为了避免现金短缺和投资机会的丧失等情况的发生,我国上市公司在整个现金持有决策中均表现谨慎,注重现金持有的预防性动机和交易性动机作用的发挥。 相似文献
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大股东控制与盈余管理行为研究:来自配股公司的证据 总被引:10,自引:2,他引:8
在上市公司配股融资过程中,大股东具有通过盈余管理来获得配股资格和提高股票价格的强烈动机。本文以1998—2002年间456家实施配股的上市公司为样本,基于行业横截面数据和修正的Jones模型研究了配股融资过程中盈余管理的分布特征,并分析了大股东控制对盈余管理行为的影响。研究结果表明:(1)上市公司在配股前3个年度和配股当年存在显著的盈余管理机会主义行为;(2)配股公司的盈余管理程度与第一大股东持股比例具有倒u型关系:当第一大股东持股比例低于53.20%时表现出正相关关系,而当第一大股东持股比例高于53.20%时则表现出负相关关系;(3)盈余管理程度与前2—10大股东持股集中度、负债比率和资本支出水平之间具有负相关关系.而与管理层持股比例和公司规模之间具有正相关关系。大股东通过盈余管理实现了对小股东财富的掠夺效应。造成了上市公司价值、声誉和后续融资能力的下降。 相似文献
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本文采用内生增长的叠代模型,考察中国的部分积累制公共年金对人口总量、经济增长和代际净转移的影响。结果显示:提高个人缴费率和企业缴费率会减少孩子数和代际净转移率、提升经济增长率。在一定条件下,提高个人缴费进入个人账户的比例和企业缴费进入个人账户的比例都会减少孩子数、提升单位劳动产出增长率和代际净转移率。选择适当的费率组合以满足一定条件,能够适度控制人口规模,使经济合理快速地增长,并实现子对父的物质支持。 相似文献
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The volume of China’s high-technology exports has grown sharply since the implementation of its export promotion strategy "Revitalizing Trade through Science and Technology" in 1999.This paper investigates whether technology spillover effects are greater for hightechnology exports than for primary manufactured goods exports.We present a generalized multi-sector spillover model to identify both between spillover effects from exports towards non-exporters and within-spillover effects among export sectors.Using panel data for 31 provinces in China over the period from 1998 to 2005,we find that although high-technology export sectors have higher productivity compared with other sectors,this productivity advantage does not lead to technology spillover to both domestic sectors and other export sectors,and export technology spillover mainly derives from traditional export sectors rather than high-technology export sectors.As such findings can be largely attributed to the fact that China’s high-technology exports depend significantly on processing trade by foreign- invested firms,policy implications are discussed in relation to how to best promote the role of China’s high-technology exports during economic expansion. 相似文献
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改革开放以来,我国经济市场从计划经济时代转变为市场经济时代,并且形成了全方位竞争局面;加入世贸以后,我国经济市场不断热化,企业和企业之间竞争的宽度和深度不断增加。企业如何准确定位财务战略管理,成了当时企业深入研究的问题;随着全球经济一体化的逐渐演变,这对我国企业财务战略管理产生了巨大的冲击和影响,企业正从树立质量理念和品牌理念的角逐市场环境的变化、竞争格局的形成、高新技术的应用、消费观念的更新,要求企业财务管理的观念到方式,从企业的经营理念到市场定位,都要作出相应的变革,才能适应发展的需要。然而,由于我国企业对于财务战略定位的认识尚存偏差和不足,使企业管理层在工作中走入一些误区,影响了财务战略的制定和有效实施。本文作者通过对企业财务战略管理的瞻前顾后,尝试着提出一系列新的建议与方案。 相似文献
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This article examines how efficiency of resource use on sugar cane farms varies with the size of a farm business, and what implications variations in performance may hold for the reallocation of resources between size‐groups in the pursuit of land redistribution. A non‐parametric data envelopment analysis (DEA) research procedure is employed to analyse farm‐size efficiency using inputs valued at opportunity cost. Results indicate that sugar cane farms producing less than 500 tons of cane exhibit substantial economies of size, and require significantly more resources to produce a rand's worth of output than farms producing more than 2 500 tons of cane. Therefore, if commercial farms are subdivided in the land resettlement programme, significant loss of efficiency may occur if the resettled farms produce less than 500 tons. Finally, results of an econometric model suggest significant links between scale efficiency and farmers’ education, managerial adeptness, training, age, and the size of farm holdings. 相似文献
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Determinants of Factor Misallocation in Agricultural Production and Implications for Agricultural Supply‐side Reform in China
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Allocative inefficiency in agriculture is an issue puzzling researchers and policy‐makers in China. Based on household data from the China Family Panel Studies of 2012, the present paper quantifies the potential distortions in China's agricultural production and examines their underlying determinants across regions. The results reveal that there are different levels of distortions across regions. The Middle region is facing the greatest distortion. Increases in machinery input, the proportion of non‐farm income and effective labor input will reduce distortions. Household saving, farmland rent and farmland size are significantly positively related to distortions. There is a complementary effect between labor and farmland in alleviating production inefficiency, but substitution effects exist between capital and farmland and also capital and labor. The increase in farmland size will aggravate the impact of capital on distortions. Given the constraint of super small‐scale farmland, facilitating land transfer is a necessary precondition for improving allocative efficiency. 相似文献
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Given that a powerful CEO is more likely to overcome problems and control performance in a firm, this study first focuses on exploring whether CEO power positively affects certain measures of bank performance and which sources of CEO power have these positive impacts. Next, this study further analyzes whether the positive impact of CEO power on performance is negatively mediated by board strength. Our sample includes data on the three main types of Chinese banks for 2006 to –2016.Our results show that CEO structural power significantly improves a bank’s overall profitability, risk-taking ability and lending quality, CEO ownership power significantly raises a bank’s lending quality, and CEO expert power significantly increases a bank’s overall and shareholder profitability. As considering the endogeneity, CEO prestige power significantly improves a bank’s overall profitability. Next, we use the proportion of independent directors as our measure of board strength and find that a stronger board reduces the beneficial effects of CEO structural power on a bank’s lending quality, of CEO ownership power on shareholder profitability, and of CEO expert power on lending quality. There are similar harmful mediating effects when we use the proportion of foreign investors and board size as measures of board strength. Our results can help Chinese bank authorities develop policies to appropriately raise bank CEOs’ power and reduce board supervision of CEO power. 相似文献
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公司资本制度是公司法中的重要问题。日本的公司资本制度通过一系列的商法的修改和2005年的公司法的制定,不断地放宽不必要的限制。公司资本形成制度从法定资本制改为授权资本制;从最低资本额为1000万日元(有限公司为300万日元)到废止最低资本金制度,“1日元创业”成为现实;对现物出资限制的放宽;公司取得和保留自有股份从“原则上禁止,例外允许”发展成为任何时候可以自由地多次取得本公司股份。 相似文献
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Ervin L. Black Theodore E. Christensen T. Taylor Joo Roy Schmardebeck 《Contemporary Accounting Research》2017,34(2):750-782
Managers have a variety of tools at their disposal to influence stakeholder perceptions. Earnings management and the strategic reporting of non‐GAAP earnings are just two of the available menu choices. We explore how real earnings management and accruals management influence the probability that a company will disclose a non‐GAAP adjusted earnings metric in its earnings press release and the likelihood that it will do so aggressively. We first investigate situations where managers already meet analysts’ expectations either based on strong operating performance or after employing real and accruals management. We find that when solid operating performance alone allows firms to meet expectations, managers do not employ earnings management or non‐GAAP reporting. However, when managers meet expectations using real and accruals management, they are significantly less likely to report a non‐GAAP earnings metric. Next, we explore scenarios where companies fall short of expectations. We find that when they just miss expectations after managing GAAP earnings, they are significantly more likely to employ non‐GAAP reporting, suggesting that the timing and relatively costless nature of non‐GAAP reporting allows managers to appear to meet expectations on a non‐GAAP basis when managed GAAP earnings fall short. Moreover, we find that companies are more likely to report non‐GAAP earnings (and to do so aggressively) when (i) they are unable to use real or accruals earnings management, (ii) are constrained by prior‐period accruals management, and (iii) their operating performance is poor. Taken together, our results are consistent with a substitute relation between non‐GAAP reporting and both real and accruals management. 相似文献