论股权泛化条件下的内部人控制

普遍认为国有控股上市公司内部人控制严重的根本原因是一股独大，我们对此提出异议。本文首先利用博弈论和实证结果指出股权集中度与内部人控制强度是负相关的；然后通过实证研究中国国有控股上市公司的股权集中度和内部人控制，以及公司治理效率，说明中国的情况似乎与上述规律相反；最后提出了股权泛化的概念，证明由于股权泛化，国有控股上市公司实际上没有大股东，其内部人控制极其严重是股权集中度与内部人控制强度负相关规律的必然表现。因此，国有控股上市公司内部人控制严重的原因恰恰是因为没有大股东。     

股权流动性分裂的八大危害--中国资本市场为什么必须进行全流通变革

从结构和功能上看,中国资本市场长期以来都处在不正常状态.这种不正常状态最根本的制度性原因是股权的流动性分裂.从现实看,股权流动性分裂为中国资本市场带来了八大危害,从而严重损害了中国资本市场风险与收益之间的匹配机制,客观上使流通股股东与非流通股股东处在不平等的状态.为此,要使中国资本市场有一个坚实、平等的制度基础,要使中国资本市场有一个蓬勃发展的未来,惟一的出路是必须进行股权的流动性变革,以形成一个利益机制一致的股权结构.     

股权结构与企业集团多元化战略关系研究

基于委托代理理论,选取中国181家上市集团公司2006—2008年的数据为研究样本,对企业集团的股权结构与多元化程度的关系进行实证研究,研究结果表明:股权集中度与多元化程度存在显著负相关关系;国有股比例和集团公司多元化程度之间呈正相关关系;管理层持股比例和多元化程度间不存在显著相关关系。     

对上市公司所有权与控制权问题的几点思考

目前,我国上市公司所有权与控制权,主要体现在股权结构和董事会结构两个方面。由于在我国上市公司中存在股权分配的不均衡和董事会职权缺位的现象,使得上市公司的各个股东的所有权与控制权长期处于不均衡的状态,因此有必要对上市公司所有权与控制权进行改革。应关注所有权与控制权的内容本质,优化上市公司股权结构,完善独立董事制度。     

How may the nature of family firms explain the decisions concerning international diversification?

This study explores how the ownership structure of family firms gives these organizations a distinctive nature in terms of international diversification. We argue that the heterogeneity of family firms may cause variations in the degree of international diversification among these types of businesses. We have studied three factors related to ownership structure: the degree of family ownership and the type and degree of ownership of the second largest shareholder (another family or a financial company). The empirical evidence is provided by a sample of European and Asian family firms (2004–2008). Our results show that the degree of family ownership has a negative impact on the degree of international diversification. However, the presence and ownership share of a financial company as the second largest shareholder in a family firm favor this diversification. This study also reveals the importance of the financial company as a second owner in the preference family firms show for growth in international markets.     

股权分置改革对上市公司绩效影响的实证研究

股权分置是我国经济转型和资本市场发展过程中的特殊现象。股权分置改革的完成导致上市公司股权结构发生了重大变化,直接影响了上市公司的治理效率和业绩水平。本文对上市公司股权构成及股权集中度对公司绩效影响的实证研究表明：股权分置改革有效地降低了股权结构中各因素对公司绩效的负向影响,同时加强了股权集中度对公司治理绩效的正向作用,使得上市公司的治理绩效得到明显提升。     

不同成长机会下的上市公司股权结构、资本结构与公司绩效——以A股流通服务业上市公司为例

文章以我国流通服务业上市公司为研究样本,分析了上市公司资本结构和股权结构对公司绩效的影响,以及成长机会在其中的调节作用.研究结果表明流通服务业上市公司第一大股东持股比例、第二到第十大股东持股比例、长期负债资本比对公司绩效存在显著正向影响;国有股持股比例、高管持股比例、资产负债率对公司绩效存在显著负向影响.随着公司成长机会的增加,第二到第十大股东持股,非国有法人股持股对公司绩效正向影响作用增强;而第一大股东持股比例、国有股持股比例、高管持股比例、资产负债率与长期负债资本比对公司绩效的影响并不随着公司成长性的变化而变化.文章研究对于流通服务业上市公司股权结构和资本结构优化提供了有益的启示.     

终极产权、控制权结构和股利政策

以2004—2007年超过4500家上市公司为研究样本,基于终极产权的视角剖析了终极控制人及其控制权结构对股利政策的影响。实证结果表明,终极产权性质及其对应的控制权结构是目前影响我国上市公司股利政策制定的主要因素,尤其是终极控制人的投票权和现金流量权比例,对股利支付的可能性和水平均有显著正向影响。     

股权结构与企业股利政策选择关系:理论与实证分析

本文从公司治理视角出发,以中国上市公司为样本,对股权结构与企业股利政策关系进行了理论与实证分析。结果表明,管理者持股比例、股权集中度(包括第一大股东持股比例)与现金股利支付率显著正相关;国有股比例与现金股利支付率正相关;法人股比例和流通A股比例对现金股利支付率的影响可能是负向的,且极不显著。     

建立上市公司股权激励机制的若干思考

我国部分上市公司已经开展了股权激励机制的尝试,但仍然存在一些问题,我国还没有上市公司股权激励机制的相关规范文件。本文在评价国外股权激励理论的基础上,论述了推动我国上市公司的股权激励机制的必要性,提出了包括制定相关规范文件的一些建议措施。     

对上市公司所有权与控制权问题的几点思考

目前,我国上市公司所有权与控制权,主要体现在股权结构和董事会结构两个方面。由于在我国上市公司中存在股权分配的不均衡和董事会职权缺位的现象,使得上市公司的各个股东的所有权与控制权长期处于不均衡的状态,因此有必要对上市公司所有权与控制权进行改革。应关注所有权与控制权的内容本质,优化上市公司股权结构,完善独立董事制度。     

Housing boom,real estate diversification,and capital structure: Evidence from China

By exploiting the unique situation in China that numbers of listed firms diversified into the real estate industry during the recent housing boom period, we find that firms' real estate diversification positively influences their subsequent leverage ratios. Further investigations suggest that such an increase in leverage mainly comes from short-term debt instead of long-term debt. We also find that housing price growth and state ownership are underlying mechanisms through which real estate diversification stimulates leverage. Last, we find that firms with real estate diversification enjoy less financing cost deterioration and less market value deterioration when they raise more debt.     

Antecedents of growth through mergers and acquisitions: Empirical results from Belgium

This paper empirically investigates the antecedents of growth through mergers and acquisitions (M&As) in a typical continental European country, Belgium. The article reports on a study using data on 484 private and listed bidders engaging in 990 M&As during 1997-2007, and matches this sample with companies that did not pursue any external growth. By analyzing firm characteristics, industry, and aggregate financial market variables, the study can also discern the motives that are important in the decision to acquire. The results show that neither the firm's cash position nor its cash-generating abilities influence its choice to grow externally. Yet, intangible assets affect the M&A decision positively, whereas ownership concentration and bank loans have a negative effect. In industries where incumbents are operating at a lower scale and in more highly concentrated industries, the odds of firms participating in M&As are larger. Industry deregulation, industry growth, and financial market conditions have no influence. These findings are largely comparable across listed and private firms. Yet, the data do reveal that the operating scale of industry incumbents and industry concentration matter only in horizontal and domestic takeover decisions.     

股权结构、股东保护与上市公司现金持有量

我国上市公司的治理结构一直是各方关注的焦点，尤其是股权结构、中小股东保护等问题。本文选取了2000年上市公司样本991个，定义了基于股权结构的股东保护变量，并在此基础上研究了股东保护与现金持有量之间的关系。研究结果表明，上市公司现金持有量差异较大，并且在股东保护较好的情况下，现金持有量相对较小，二者之间呈现负相走的关系。由于影响现金持有量的因素较多，我们选取了相当数量的影响因素作为控制变量，检验在其进入模型的情况下，对股东保护与现金持有量之间关系的影响；结果表明，股权结构影响下的股东保护与现金持有量具有负的线性相关性。     

我国上市公司多元化经营的决定因素研究

This paper empirically studies the determinants of diversification of Chinese listed companies from the perspectives of motivation and conditions. Results show that the traditionally believed motivations of economic rationality, organizational rationality and individual rationality have all exerted influences upon the choice of diversification models. By comparison, the choice of diversification mode for Chinese listed firms is largely based on organizational rationality motivation (to reduce company risks) and individual rationality motivation (in the self-serving interests of the top management). Meanwhile, such conditioning factors as company size, ownership structure, age of being listed, and the industry in which a company is all have significant effects on the choice and degree of diversification for Chinese listed firms. Translated and revised from Guanli shijie 맜理世界(Management World), 2006, (5): 128–135     

股权集中度与上市公司价值关系的实证研究

本文综合考虑股权的所有者属性和集中程度,分析了国家为第一大股东和法人为第一大股东的上市公司的股权集中度与公司价值之间的关系,结果发现仅在法人为第一大股东的上市公司中,股权集中度与公司价值之间存在既符合理论假说又能解释现实情况的倒U型曲线关系,负债和公司成长性对公司价值的正影响也才可以显现出来.因此,在进行股权分置改革的同时提高公司法人股持股比例,降低股权集中度,并积极推进股票全流通,是提高我国上市公司价值的关键所在.     

基于DEA的高速公路上市公司股权融资效率分析

从融资效率角度出发,将数据包络分析法(DEA)引入到高速公路上市公司股权融资效率的分析评价。实证表明,我国高速公路上市公司股权融资效率尚较低。近期,应从改革股权融资规模、股权集中度等输入指标方面来提高其股权融资效率。     

从股权结构谈上市公司治理

公司治理是目前我国上市公司亟待解决的一个重要问题,我们要从股权问题出发,系统地分析股权结构对我国上市公司治理产生的深远影响。并且要大力推动股权多元化,设计合理的股权结构,实行法人控股型治理结构,并建立健全相关配套法规,这样才能从根本上解决我国上市公司的治理问题。     

Effects of family control on the degree and type of diversification: Empirical evidence for business groups

This article analyzes the impact of ownership structure on corporate diversification, with reference to large listed family business groups. By considering agency theory and socioemotional wealth, the study examines the relationship between family ownership, concentration of ownership, and degree and type of diversification. The study considers 99 Spanish listed business groups (50 family‐controlled‐ and 49 nonfamily‐controlled groups) and considers diversification of business group as the focus of analysis. The results show how family business groups present a lower preference for unrelated diversification than related diversification. There is also a nonlinear relationship between the concentration of ownership in family groups and the degree of diversification, showing different behaviors in family groups according to shares owned by the family's leading shareholders. This article contributes to the literature by providing a more precise identification of the corporate strategy adopted by business groups and establishing new evidence about the impact of family control on diversification strategies and the differences regarding nonfamily business groups.     

Heterogeneity in business groups and the corporate diversification-firm performance relationship

This article examines how heterogeneous features among business groups influence the corporate diversification-firm performance relationship. The study classifies heterogeneity along three dimensions: group size, group diversity, and share ownership. Using a sample of firms from India, the study finds some evidence that for firms affiliated to larger business groups, corporate diversification enhances firm performance. However, business group diversity does not influence the diversification-performance relationship. The impact of diversification on firm performance differs substantially owing to the heterogeneity in share ownership. The paper documents an interesting interplay between business group and ownership structure.