中小上市公司超募资金投资行为的分布特征

自我国证券市场2009年6月IPO重启以来,上市公司股权资金超募(即发行股票实际募集的资金超过计划募集资金)现象就一直伴随着新股发行,特别是创业板市场开启后所出现的"三高"现象(即高发行价、高市盈率、高额超募资金)引起了学者和社会公众的诸多质疑.本文就2009年—2012年创业板和中小板市场超募融资及其超募资金使用情况就金额、行业分别进行多角度统计分析,结果发现我国中小上市公司普遍存在巨额超募资金,且中小板公司和创业板公司的超募资金使用率都较高,并未出现大量资金闲置的现象.     

创业板问题的反思与遐想

创业板上市后出现的严重"三高"(高市盈率、高发行价,高超募集资金),加上市场盲目炒作,从而引发了上市破发、业绩上市变脸、高管套现等一系列问题,本文针对创业板存在的问题提出了一些措施和办法.     

谈创业板投资风险及制度防范

我国的创业板市场即将推出.创业板是为新兴中小企业募集资金,发展壮大其业务,实施企业上市,实现高新技术与金融资本融合的市场.     

创业板问题的反思与遐想

创业板上市后出现的严重"三高"(高市盈率、高发行价、高超募集资金),加上市场盲目炒作,从而引发了上市破发、业绩上市变脸、高管套现等一系列问题,本文针对创业板存在的问题提出了一些措施和办法。     

创业板IPO超募融资后果及对策研究

中国创业板市场的成功登陆,开创了中小企业直接融资的一种新方式,但IPO融资问题值得思考。超募是指在IPO新股公开发行后,上市公司的实际募集资金明显超过IPO预计募集资金的现象,可算是我国股市IPO过程的一个独特之处。本文基于这一认识,首先讨论了创业板超募融资的内涵及相关原理,具体分析了创业板IPO超募融资的现状和造成的影响,同时结合我国市场环境的基本特点,从规范完善创业板IPO股票发行制度、加强监管、优化上市公司治理和加强投资者教育等四个角度提出了具体的对策。     

IPO制度仍需完善

我国创业板成立至今已有356家公司上市交易,总募集资金达2300多亿元,总市值也达到7500多亿元。创业板市场的快速发展有力地支持了我国创业企业、创业投资以及战略新兴产业的发展。但是在取得这样成绩的同时我们又不得不直面已暴露出或即将暴露的诸多问题,如发行价高,超募资金闲置,高成长变低成长,公司高管辞职,退市制度缺失,PE、VC不规范操作等,我国的创业板市场还需从制度和规则上进一步加以完善,方能在当今的竞争中稳中求进,金融市场从规范中寻找抗体。     

我国创业板中小企业股权融资效率分析

对我国创业板上市的117家中小企业股权融资效率的综合分析表明,企业融资效率普遍不高,且存在过度融资现象。应完善创业板企业的资金募集制度和股权结构,优化创业板企业的治理机制和融资结构,以提高企业的整体融资效率。     

申请创业板IPO企业应当关注问题之"股份公司改制"、"内部控制"和"股本到位"

2010年底将至,对创业板市场中的"三高"(高市盈率、高发行价、高超募率)、"超募"(截止2010年10月26日,根据<证券日报>金融机构中心统计数据显示,135家创业板公司预计募集资金321.5亿元,实际募集资金992.4亿元,募资净额928.6亿元.     

基于DEA模型创业板上市公司融资效率实证分析

现行的新股发行政策,证监会严禁超募资金,因而创业板公司募集资金使用效率成为关注的热点话题。本文选取了49家创业板上市公司,运用了数据包络分析法(DEA法)对上市公司的融资效率进行了实证分析,分析结果表明:我国创业板上市公司融资效率总体呈低效状态,新兴行业技术效率值比传统行业相对较高。     

祛除IPO三高,我们任重而道远

自09年新股发行改革以来,IPO三高现象一直是证券市场监管的难题,据Wind数据库统计,09年6月至2010年9月,我国主板、中小板和创业板市场IPO发行均价、发行市盈率及超额募集资金整体上呈现"阶梯式"上升趋势.创业板128家公司IPO平均发行市盈率达66倍,超募资金573.98亿元,超募幅度达210%;中小板211家公司IPO平均发行市盈率51倍,超募资金1020.12亿元,超募幅度达140%.     

Almanac of anticipations: The age of affluence—of anticipation—of anxiety—of automation—of discontinuity—of longing—of overkill—of space exploration

With this survey of developments in the futures field since 1945, I.F. Clarke completes his present series for Futures. He makes two major points: that forecasting techniques have become essential tools in the management of change; and that nuclear weapons and ecological problems have added a moral dimension to the study of the future. In the next issue of Futures he will start a new series on the range of future-thinking in the USA, from the expectations of the first settlers to the Star Wars programme.     

基金公司经营融资融券业务的问题审视

融资融券业务正式运营已经开展,为证券市场带来了革命性的改革,作为证券市场的一大主体,基金公司面对融资融券也迎来了新的发展方向和挑战,本文从融资融券业务的运行机制入手,分析了基金公司融资融券的新契机,并对其即将面临的问题进行审视和剖析,进而提出策略建议.     

对基层人民银行科技工作的几点建议

银监会分设后,人民银行将专司货币政策、金融稳定、金融服务三大职能。作为人民银行的分支机构,基层人民银行的工作重心也将从金融监管调整到这三大职能上来。人民银行的科技部门,就要积极运用科技手段,为人民银行履行新的职能发挥“服务、支持、促进、发展”的作用。一、围绕三大职能搭建五大平台经过“六五打基础、七五作准备、八五大发展”几个阶段后,人民银行相继实现了核算电算化、清算网络化和办公信息化。特别是近一两年来,陆续开通了大额支付系统、信贷登记咨询系统、会计四集中系统、金融信息服务网站等系统,人民银行信息化水平又…     

社会主义所有制形式的改革、完善与共产党执政能力的提高

在中国,所有制形式的调整、改革与完善,先进生产力的发展,党的执政能力建设,是社会主义建设过程中密切结合在一起的三个不同层面的发展关系.应在相互促进和共同提高中促进社会的和谐发展,保证社会主义现代化建设战略目标的顺利实现.     

Summary of Results of Survey of Seminar Attendees

Abstract

The Society of Actuaries undertook a three-phase research project on mortality improvement in the three NAFTA countries: Canada, Mexico, and the U.S. Phase 1 consisted of a literature review of papers on projecting mortality levels in the future and a study of the trend in mortality improvement during this century. Phase 2 consisted of a discussion of different facets of modeling mortality rates at a seminar attended by 79 experts (actuaries, demographers, economists, and medical researchers) representing different countries. The last session of the seminar consisted of the completion of a survey by the attendees to obtain input for Phase 3, which would analyze the impact of mortality improvement on the social security system of each country. This paper summarizes the results of the survey.

The survey results illustrate the difficulty in forecasting mortality levels, because the effects of many factors that could have significant impact on mortality rates are unknown. This suggests the need for dynamic forecasting, which allows for the possibility of random shocks. A majority of the survey respondents believe that stochastic forecasting models, despite their complexity, have significant potential to add value. Respondents also believe that both historical data and cause-specific mortality forecasts are useful as input and also in validating forecasts of the aggregate levels of mortality. The challenge is to develop more sophisticated forecasting models to produce results that are relatively easy to interpret and to communicate these results to the desired audiences, including the public and policymakers.

The survey results suggest that the aggregate effect of lifestyle changes, medical advances, diseases, catastrophe, and physical environmental changes is an increase in life span. However, there is much uncertainty about the future. Respondents expect that beyond the year 2020 the mean annual rate of reduction in mortality for males age 65 and over will average about 0.58% for Canada, 0.76% for Mexico, and 0.67% for the U.S. The results for the female age 65 and over population are 0.64%, 0.83%, and 0.70%, respectively. The age 65 and over population is expected to see larger percentage reductions in mortality than the 0–14 and 15–64 populations. The reductions in male and female mortality will be ultimately the same, and the mortality levels in the three countries will ultimately converge, although differences may persist for decades.     

The Usefulness of Measures of Consistency of Discretionary Components of Accruals in the Detection of Earnings Management

Abstract:  Prior research has shown the prevalence of measurement error in models used to estimate aggregate discretionary accruals. In these models, the incremental information content of the various components of accruals is ignored. Limited prior research and data gathered from firms under Securities and Exchange Commission (SEC) litigation indicate that managers use either one or more than one component of accruals simultaneously, in a consistent way to manipulate bottom-line earnings in a given direction. I propose two measures that capture the consistency between the discretionary components of accruals and test their significance in earnings management (EM) detection in firms that have artificially added accrual manipulation and firms that were targeted by the SEC for accrual manipulation. There is evidence that this information is incrementally useful in detecting EM. This finding paves the way for improvements in the discretionary accruals measure by including consistency information from the components of aggregate accruals.     

Properties of time-series estimates of degree of leverage measures

Empirical studies suggest that time-series regression estimates of the degrees of operating and financial leverage have a tendency to produce measures less than one. According to ex ante theory, these measures should be greater than one for firms operating above the breakeven point. There have also been suggestions that the biases in these estimates may be attributable to an underlying increase in unit sales. This work presents evidence that these counter-intuitive measures are produced by changes in the firm's operating parameters (unit price, variable cost, fixed cost and interest payments). It further suggests that attempts to control for the underlying change in unit sales substantially increase the volatility of predicted estimates.     

浅议金融机构的举证责任

金融纠纷案件是当事人以存单或进账单、对账单、存款合同、保险单、票据、证券等凭证为主要证据向人民法院提出诉讼的案件,对于不同种类金融纠纷的当事人的举证责任,我国现行的金融法律、法规及司法解释有不同的规定。由于金融机构的特殊法律地位,发生金融纠纷时存在有关当事人将最后偿付风险转移给金融机构承担的主观故意,在客观上会使金融机构难以提供相应的证据来对抗不法债权人的诉讼请求,而导致金融机构败诉。为此,对金融诉讼案件中金融机构的举证责任加以研究具有重要的实践意义。     

银行软件项目外包管理分析

一、引言随着国民经济的不断发展,银行业务与外部企业的联系越来越密切。银行正逐步成为现代经济活动的中心,作为数据处理核心的银行业务应用也越来越大型化、越来越复杂化,因此许多银行也把软件项目逐步由原来的自主开发转变为与公司合作的方式,或直接外包开发的方式,银行本身的技术人员也逐步由开发转向项目管理。二、项目外包的分类银行项目的外包有以下几种情况:①部分子系统外包,有时由于银行的软件项目太大,单靠银行自身的开发力量基本无法在预定的时间内完成项目,只好把相对独立的部分外包;②直接购买软件公司的成熟产品,有些金融软…     

银行管理信息平台建设发展的思考

一、目前国内银行IT发展现状及面临的问题 银行数据集中工作的完成,标志着银行的业务由电子化建设阶段转入信息化建设阶段.一方面银行数据的集中提供了丰富全面的基础数据,面对日益庞大的数据源,如何将数字转化为对银行有用的信息,并从中发现知识,为银行的经营决策提供支持,是摆在银行IT人员面前的一个亟待解决的问题.另一方面用户对银行信息的需求日益增长,如果银行没有一套完整、实用的信息管理系统,将对业务发展非常不利.南京爱立信公司倒戈花旗银行事件曾经轰动一时,其中一个重要原因就是中国本地银行不能满足爱立信全球总部对南京爱立信公司的要求:每周财务上报和每天贷款限额管理.这一事件为中国商业银行的未来发展敲响了警钟,如果不加快管理信息系统的开发,迅速提升业务管理水平,类似的事件还会接连不断地发生,并最终导致国内商业银行在同国外商业银行的竞争中全面溃败.