股权结构、上市地点选择与IPO绩效——以中国创业企业为例

伴随资本市场的全球化发展,越来越多的中国企业开始选择在海外上市,进入国际资本市场融资。本文结合中美创业板市场制度,研究股权结构(包括风险投资因素)对创业企业海外上市决策及IPO绩效的影响,并且运用Probit等回归模型进行实证检验,研究发现:(1)外资风险与私募股权投资的支持、较强的外部融资需求和分散的股权结构与海外上市存在正相关关系;(2)相比于中国创业板市场,在美国NASDAQ上市会削弱企业股权制衡度与IPO表现之间的正相关关系;(3)中美创业板上市企业股权集中度与后IPO企业经营绩效ROA负相关。     

中国上市公司股权再融资新股定价问题研究

本文利用中国A股样本公司对上市公司股权再融资的新股定价进行了研究.结果发现上市公司无论是以配股还是增发形式发行新股,高溢价的新股未来的盈利能力不高于甚至低于低溢价的新股,这说明上市公司的新股定价与公司未来的盈利能力不相关,我国上市公司股权再融资现行的新股定价方法存在着局限.     

中国上市制药公司首募资金投向变更的实证研究

以1993—2006年首次公开发行上市的74家制药公司为样本研究中国上市制药公司首募资金投向变更。结果表明,中国制药产业上市公司首募资金投向变更程度较高,项目取消/投向变更、项目结束/结余资金投向变更、资金闲置/资金投向变更、项目中止/投向变更进度迟缓等变更类型发生的公司数量和次数等占较大比例。     

股权分置改革与IPO配置效率的实证研究

本文采用规范研究和实证研究相结合的方法,对股权分置改革对我国A股市场IPO效率的影响进行了深入的研究。本文发现,股权分置下新股供给限制、流通股的流动性溢价、二级市场价格控制,使得新股二级市场价格系统性偏离了发行公司的内在价值。对股权分置改革前后IPO样本的回归分析显示,股权分置改革前我国新股发行定价反映的公司内在价值信息相对有限,而股权分置改革后新股发行定价更加合理,因而股权分置改革有效地提高了IPO配置效率。     

IPO股权融资超募与投资现金流敏感性研究

本文对公司股权融资超募与投资现金流敏感性之间关系进行了实证研究。结果表明,上市公司IPO超募融资与投资现金流敏感度之间存在显著的正相关;高超募率公司面临较宽松的融资约束,代理问题诱发超募资金的过度投资行为;低超募率公司投资现金流表现为较强的敏感性,而较紧的融资约束性导致公司的投资不足;股权超募为公司带来了巨额自由现金流,但股权融资的市场效率较低。     

创业板上市企业成长性评价指标体系的设计及实证研究

参照国内外企业成长性评价研究结果,在筛选创业板上市企业成长性评价指标的基础上,结合我国创业板首批上市的28家企业的运营数据,采用因子分析法构建了我国创业板上市企业的成长性评价指标体系,进而对28家企业的成长性进行了实证研究。不仅从成本获利能力、资金运作与扩张能力、成长潜力等七个方面对28家企业成长性进行了剖析,而且对28家企业成长性进行了综合性评价。评价结论与28家企业现实走向基本一致,为国家关于创业板上市企业监管对策的设计、投资者投资策略的选择及企业自身完善思路的制定提供了依据与参考。     

配股融资中的关联交易盈余管理行为分析

近年来,我国的股票市场得到了蓬勃发展。上市发行股票成为公司进行融资的重要方式。我国上市公司普遍优先选择股权融资方式筹集资金,表现出强烈的股权再融资偏好。配股与增发新股,是上市公司继首次公开发行(IPO,InitialPublic Offering)之后利用证券市场进行股票再融资的两种基本方式。上市公司利用配股和增发新股进行再融资已成为我国证券市场的一种普遍现象。一、我国上市公司的配股热配股通常指已公开发行上市的股份公司通过向现有股东按其所持股份的一定比例分配优先购买权的方式销售新股的行为。而增发新股,又称公募增发,是上市公司…     

我国高科技上市公司盈利能力、成长性和股权融资比较研究

高科技企业这种重要而特殊的企业与一般企业相比,具有高投入性、高收益性和高成长性等特征,以我国2006—2009年的高科技上市公司为研究样本,分别选取代表盈利能力的净资产收益率、代表成长性方面的总资产增长率、反映首次新股发行的IPO抑价率、反映股权融资比例的资产负债率以及反映股权再融资的增资、配股筹资额等指标,与非高科技企业进行比较研究,以求证我国高科技上市公司与一般企业相比在盈利能力、成长性以及股权融资和再融资方面的特色与不足。     

创业板公司IPO过程中的盈余管理具体手段研究

正一、创业板IPO过程中会计政策的选择与盈余管理(一)背景分析。我国的创业板市场对于公司的成长性有着较高的要求,这就给很多公司在对企业的营业收入方面造成了盈余管理的动机。为了达到上市的目的,很多公司都会采用低估前期利润,高估上市前一年或者当年利润的行为。创业板企业会在申报报表第一年进行调减盈余,其目的是使基数做低,从而使后期的收益与前期相比体现出明显的提高。创业板公司在上市前进行的调减收益的盈余     

上市公司资本结构、股权结构与公司绩效的关系研究

随着企业经营权和所有权的分离,产生了现代公司治理问题,一度成为学者们研究的热点.本文以创业板上市公司为研究对象,通过回归分析研究我国创业板上市公司的资本结构、股权结构与公司绩效的关系,得出结论:我国创业板上市公司的资产负债率与企业绩效存在负相关关系,股权集中度与公司绩效存在倒U型关系,股权制衡有利于提高企业绩效.     

企业诚信意识与思想政治工作调研及对策思考

在对福建省企业诚信意识与思想政治工作调研的基础上,提出构建可操作的“三层次四模块”诚信意识培育新模式,推进人本化管理理念的渗透,加强人文关怀和心理疏导,以实现思想政治工作诚信意识培育的目标。     

中国经济的内外均衡与财税改革

我国经常项目持续的大规模顺差,给国民经济的健康发展带来一系列的不利影响。在前人研究的基础上,通过对各种影响因素进行分类拆解,本文试图从理论和实证角度说明长期的储蓄-消费失衡是造成我国贸易顺差的一个重要原因,而其背后的根本原因是由于企业可支配收入相对于劳动者报酬不断提高带来的收入结构和储蓄结构失衡。我国当前企业未分配收入大幅增长的原因可以归结为企业利润率"虚高"和国企"不分红"问题。只有从体制上解决这个问题,才能使储蓄降低到适当的水平,通过拉动内需消除我国过大的贸易顺差,从根本上解决内外经济比例失衡问题。     

森林资源规划设计调查总结与反思

森林资源规划设计调查是为国家、地区及森林经营单位制定林业方针政策,编制林业区划、规划、计划,指导林业生产而提供基础资源数据,为实现森林资源合理经营、科学管理、永续利用、持续发展,充分发挥森林生态效益、经济效益、社会效益服务。森林资源调查的任务是全面查清森林资源数量、质量变化及其消长变化状况、规律,进行综合分析和评价,准确提供所需有关森林资源调查成果资料。基于森林资源二类调查的重要性和今后调查工作顺利开展的需要,调查之后的总结与反思尤为重要。     

美国、日本产业政策:比较分析与启示

现阶段,在吸取美国、日本经验的基础上,我国产业结构调整应主要依靠市场机制进行调节,同时辅之以宏观政策,尽快使我国的产业结构优化,即产业结构的合理化、高级化。     

Classical and Neoclassical harmonies and dissonances

Abstract

Proofs are given that only singularly can real 1750 – 2007 competitive price ratios be ‘natural', in the sense of being invariant under changes in demand tastes. Proofs are given that both 1750 – 1870 discrete technologies or 1890 – 2007 continuum technologies, with convexity properties sufficient for arbitrage-proof supply-demand equilibria, will be ‘intertemporally Pareto optimal', immune to leaving any deadweight (inefficient) losses on the table. Sraffa (1960), ignoring the vast post-1945 linear and non-linear programming mathematical literature of Danzig, Kuhn-Tucker-Bellman, von Neumann, Ramsey literature does not quite arrive at attainable distribution solutions. Where it tolerates increasing or decreasing returns to scale, there can be no competitive equilibria. When its matrix equations do obey first-degree-homogeneous functions, the book's stress on Basics or non-Basics is an irrelevancy leading to bizarre novel interpretations of Ricardo.

Old age overtakes us all. Alas, Sraffs's proposed critique of twentieth century political economy we will never be able to know.     

Homogeneity and Heterogeneity Within and Across Boundaries and Shorelines: Ensemble of Darwin's Finches and Human Transaction Types

Synopsis: In the most famous example of the biological process of adaptive radiation, two forces explain the fourteen distinct species of Darwin's finches on the Galápagos and Cocos Islands: First, populations adapt to their respective distinct ecological environments. Second, previously separated populations come in contact and may adapt to mitigate inter-species competition. The result is a complex pattern of homogeneity and heterogeneity among the birds, both on a single island and across islands. This pattern reflects the finches' adaptations both to the distinct ecological conditions created by the visible shorelines that separate the islands' niches and to the finches' own less-visible cultural and societal shorelines. The New Institutional Economics highlights the fact that human institutional infrastructures also exhibit complex homogeneities and heterogeneities, as we adapt those infrastructures to accomplish the tasks at hand in distinct geographic and societal contexts. Mixes of both state enforcement and self-enforcement, through inter-temporal, inter-issue, and inter-actor linkages, provide support and enforcement for transactions; and those mixes differ across transactions and across states. When transactions occur across state or cultural shorelines, institutional infrastructures must be flexible enough to accommodate those differences, without allowing the differences to become disguised protectionism or barriers to competition. These issues contribute to many of the regulatory disputes associated with ‘globalization’. We briefly consider two concrete recent examples: (1) the European Union–United States ‘Safe Harbor’ Agreement that regulates firms' policies toward Internet-data privacy; and (2) international trade policy negotiations over regulation of ‘geographical indications’ (for example, Champagne or Roquefort) as means of assuring product quality for processed foods. This revised version was published online in July 2006 with corrections to the Cover Date.     

Sen and Commons on Markets and Freedom

Amartya Sen's enlarged conception of freedom has augmented the scope of economic analysis but it also has had the surprising effect of being more supportive of the free market than conventional welfare economics. It is argued here that a comparison of Sen's position with that of the American institutionalist, J R Commons, highlights some problems with Sen's approach and points to possible ways in which they might be addressed.     

Globalization and taxation: Theory and evidence

We construct a theoretical model to capture the compensation and efficiency effects of globalization in a set up where the redistributive tax rate is chosen by the median voter. The model predicts that the two alternative modes of globalization- trade liberalization and financial openness- could potentially have different effects on taxation. We then provide some empirical evidence on the relationship between taxation and the alternative modes of globalization using a large cross-country panel data set. On average, globalization is associated with lower taxation but there is some evidence that in countries with high capital-labor ratio, globalization is associated with increased taxation. We make a distinction between de jure and de facto measures of globalization and find a strong negative relationship between taxation and de jure measures of globalization. The results for de facto measures of globalization are mixed.     

Finance and inequality: Channels and evidence

We provide a framework to interpret the recent literature on financial development and inequality. In many developing countries, access to funding and financial services by firms and households is still very skewed. Recent evidence suggests that poor access does not only reflect economic constraints but also barriers erected by insiders. Inequality affects the distribution of political influence, so financial regulation often is easily captured by established interests in unequal countries. Captured reforms deepen rather than broaden access, as small elites obtain most of the benefits while risks are socialized. Financial liberalization motivated to increase access may in practice increase fragility and inequality, and lead to political backlash against reforms. Thus financial reforms may succeed only if matched by a buildup in oversight institutions. Journal of Comparative Economics 35 (4) (2007) 748–773.     

The Performance of Public and Private Enterprise under Conditions of Active and Passive Ownership and Competition and Monopoly

Privatisation is driven by the belief that public ownership is cost inefficient, in particular under monopoly. However, some theoretical and empirical studies have questioned whether privatisation will necessarily lead to efficiency gains. This paper focuses on the impact of ownership when owners can be either active or passive. Active owners decide on output, whereas passive owners delegate this decision to a risk-averse manager. It turns out that managerial slack as reflected in the marginal costs will actually be the same or higher in a private monopoly than under public ownership. The impact of entry is theoretically ambiguous, but an increased number of firms in an oligopoly may lead to lower efficiency.