政府层级、内部控制与投资效率——来自国有上市公司的经验证据

选取我国沪深两市2009-2011年830家国有非金融类上市公司为样本,根据政府控制的层级将其划分为中央政府控制和地方政府控制两类,从内部控制要素角度,结合当前国有资产管理体制改革和国有资产布局调整等制度背景,分析内部控制质量对于投资效率的影响。研究发现:(1)内部控制质量提高整体上可以显著改善国有上市公司投资效率;(2)相对于地方政府控制的上市公司,中央政府控制上市公司改善效果更为显著;(3)将投资非效率区分为投资不足和投资过度两种情形,发现(1)、(2)依然稳健。     

投资质量影响因素的实证分析

文章论证了决定投资质量的五因素,即投资方向、技术先进性、投资规模、投资结构与投资管理制度;利用中国沪深二市2004至2009年上市公司公开财务报表数据对该理论进行了实证检验并得出如下结论：（1）投资方向、投资规模与投资管理制度显著影响投资质量;（2）2007年会计准则的实施改善了无形资产会计信息的价值相关性;（3）投资结构与投资质量正相关。     

债务期限结构对制造业上市公司非效率投资的影响

本文以2009年沪深制造业上市公司经验数据为样本,运用修正的Richardson投资期望模型,考察债务期限结构与企业非效率投资的关系。实证结果表明,我国制造业上市公司可通过缩短债务期限来缓解投资不足。     

债务期限选择对企业投资行为的影响——基于生物制药行业的实证分析

文章以2009年到2012年我国生物医药在A股上市的非ST的144个上市公司为研究样本,系统梳理了国内外学者关于负债的期限结构对企业投资行为影响的研究,并对该影响进行了实证分析。研究表明:短期债务与企业投资支出之间表现出显著的负相关关系,而长期债务对企业投资支出影响不大。     

上市公司成长性特征及价值投资操作研究

正本文从价值投资视角出发,选择我国1829家上市公司作为样本,考察其业绩成长性的总体特征与行业特征。研究结果认为,我国上市公司成长性具有显著的特征,这些特征对价值投资操作中的选股策略、估值方法与组合构建等方面都提出相应的要求。一、上市公司成长性特征考察样本选择(一)成长性特征考察指标的确定在价值投资视角下,业绩是决定上市公司成长性的最重要因素,出于客观性与相关性的考虑,本文侧重于采用财务指标进行评价。对企业成长性评价,研究者有的采用单一指标,有的采用多个指标。本文采用净利润增长率作为评价指标,一方面,净利润增长率直接反映企业带给股东经济利益     

财务视角下上市公司投资价值分析——基于logistic回归模型的实证研究

上市公司投资价值分析是投资者日益关注的重点。本文以我国冶金行业上市公司为例,通过构建上市公司投资价值财务评价指标体系,运用logistic回归分析模型,对冶金行业上市公司进行了分析评价,发现各上市公司投资价值的差异及其存在的问题,以期为投资者提供参考。     

我国A股上市公司环境投资现状研究——基于2009—2015年社会责任报告和财务报告的数据

基于我国A股上市公司2009年至2015年发布的社会责任报告和财务报告数据，对上市公司环境投资现状进行研究，结果表明：上市公司环境投资的行业差异体现在重污染行业与非重污染行业之间，地区差异体现在东部地区与非东部地区之间；当前我国环境投资领域仍以政府财政投入为主，上市公司在环境投资方面缺乏科学统一的引导，投资金额存在随意性与盲目性；上市公司的环境投资额在省份之间、行业之间存在较大差异，仅有11个省份、12个行业的上市公司环境投资的平均增幅高于政府投资平均增幅。     

多元化经营、财务杠杆与过度投资

基于我国上市公司实行多元化经营战略的背景,从公司过度投资的视角对财务杠杆的治理效应进行了理论分析,并以2004-2009年的非金融上市公司为样本,检验了多元化经营对财务杠杆抑制企业过度投资治理效应的影响.结果发现,财务杠杆对我国上市公司的过度投资行为有明显的抑制作用,但是多元化经营会削弱这种抑制作用.进一步研究还发现,财务杠杆由于抑制过度投资,对公司绩效起到了正面的影响.而多元化经营同样会弱化财务杠杆对公司绩效的正面作用.研究结论不仅对于理解我国多元化经营的上市公司财务杠杆治理效应与投资效率之间的关系具有重要意义,同时也为我国上市公司多元化经营会降低公司经营业绩提供了新的证据.     

会计信息质量与公司投资行为——来自中国证券市场的经验证据

本文以我国资本市场A股上市公司为样本，考察了上市公司会计信息质量与公司投资现金流敏感性之间的关系，实证检验会计信息质量对公司投资行为的影响。研究发现，在控制公司规模、盈利能力和市值账面比等因素条件下，会计信息质量较高公司的投资现金流敏感性较低，说明上市公司会计信息质量对公司投资行为产生了积极影响。稳健性检验表明，研究结论不依赖于计量模型的设定，具有较大的可靠性。     

会计稳健性与资本投资效率的实证研究

选取2001年-2008年我国A股上市公司为研究样本,检验会计稳健性与公司资本投资效率之间的关系,进而考察会计稳健性的治理价值.实证研究发现,会计稳健性与资本投资无效率水平以及投资过度(不足)都显著负相关,这对我国上市公司而言,会计稳健性水平有助于缓解经理人与股东之间的代理冲突、降低投资者面临的信息不对称、抑制公司的过度投资或投资不足行为,进而改善公司的资本投资效率.     

财务报表重述与公司非效率投资行为

以在2006—2010年的年报附注中披露会计差错更正的上市公司为重述样本,运用倾向得分匹配等两种方法产生控制样本,实证检验财务报表重述公告前后公司投资效率的变化,为财务报告信息质量与公司投资效率间的因果联系提供了更为直接的证据。结果发现：（1）财务报表重述之前,存在融资约束的重述公司会投资不足,不存在融资约束的重述公司倾向于投资过度;（2）报表重述公告后,重述公司投资效率显著提高。     

The financial investment decision of non-financial firms in China

This paper constructs a portfolio model to analyze the determinants of the financial investment decision of non-financial firms in China. Unlike the literature assuming that financial investments are riskless, our model allows risks in both fixed and financial investments. We show that this extension provides an analytically similar but economically different model from the literature. In particular, it is relative risk and risk-adjusted return gap, not pure risk and simple return gap that enter into firms’ financial investment decision model. Using firm-level panel data of 1902 firms listed in Chinese stock market over the period from 2006 to 2016 with semi-annual frequency, we find that the ratio of fixed investment risk over total risk dominates financial investment decisions of non-financial firms. However, rates of risk-adjusted return gap between financial and fixed investments play no role in Chinese firms’ financial investment decisions, which is in stark contrast to the results using a model assuming riskless financial investments. The baseline findings are robust to alternative measures of financialization and investment risk and different firm sizes, ownership structures and time periods.     

Financial factors and company investment decisions in transitional China

We investigate the propensity of Chinese publicly listed firms to invest in response to financial factors, according to the a priori degree of a firm's information problems: industry sector, ownership structure and firm size. The firms in primary and tertiary industries are found to be liquidity‐constrained in their investment decisions. The investment‐cash flow sensitivity of the firms in secondary industry indicates that they lost privileged access to credit in the course of China's market transition. However, we find no evidence that financial liberalization resulted in an easing of financing constraints for small‐ and medium‐sized firms. Our result indicates that agency problems, stemming from a state‐controlling pyramidal ownership structure, are responsible for the misallocation of internal funds. The importance of bankruptcy and agency costs in relation to debt finance for certain types of borrowers reflects the transitional nature of the financial environment facing Chinese firms. Copyright © 2008 John Wiley & Sons, Ltd.     

Indirect Reciprocity and Corporate Philanthropic Giving: How Visiting Officials Influence Investment in Privately Owned Chinese Firms

This study examines how privately owned firms that are listed on Chinese stock exchanges and often surrounded by Buddhist or Taoist temples use money to bind themselves to officials who can mitigate their underinvestment problems. Philanthropic giving is a traditional way of achieving this task. Based on social‐exchange theory, we consider the potential for indirect reciprocity, in which visiting officials do favours for local businesses that do favours for other social actors. We analyse whether China’s Buddhist and Taoist cultures influence how philanthropic giving induces visiting officials to do favors. We also examine temple locations and the behaviours of privately owned firms listed on Chinese stock exchanges from 2001 to 2012 in an empirical study that provides strong support for our arguments. Results show that philanthropic giving initiates and amplifies indirect reciprocity between visiting officials and local businesses, thereby increasing corporate investment. The magnitudes of these effects depend on the magnitude of religious norms. Our study thus illuminates the influence of visiting officials on corporate investment.     

自由贸易试验区建设影响企业外汇衍生品投资吗?

本文采用2010～2019年A股上市公司样本,探究自由贸易试验区建设对企业外汇衍生品投资的影响.研究发现,自贸试验区设立后,试验区内及其所在地上市公司外汇衍生品投资倾向显著提升.异质性检验结果表明,这一关系在面临风险更高、资产周转能力较差、多国化经营程度较低、处于激烈竞争行业以及面临融资约束的样本中更为明显;在经济发展...     

The environmental and macroeconomic effects of socially responsible investment

We analyze the effects of socially responsible investment and public abatement on environmental quality and the economy in a continuous-time dynamic growth model featuring optimizing households and firms. Environmental quality is modeled as a renewable resource. Consumers can invest in government bonds or firm equity. Since investors feel partly responsible for environmental pollution when holding firm equity, they require a premium on the return to equity. We show that socially responsible investment behavior by households partially offsets the positive effects on environmental quality of public abatement policies.     

The R&;D and productivity relationship of Korean listed firms

This study analyzes the relationship between R&D investment and the productivity of Korean R&D-engaged firms. An interdependent chain of equations including the propensity to invest, R&D investment and productivity are estimated in a multi-step procedure accounting for selectivity and simultaneity biases. Using Korean firm level panel data of listed firms from 1986 to 2002, we find four main empirical results. First, there is a two-way causal relationship between R&D investment and productivity for Korean listed firms. Second, Chaebol firms were associated with lower R&D growth as well as lower labor productivity growth in comparison to non-Chaebol firms. Third, there was a substantial reduction in growth rates both in R&D investment and labor productivity in 1997-1998, immediately following the Asian financial crisis. Fourth, considering the positive feedback effect from productivity growth to R&D growth, a decrease in R&D investment growth after the Asian financial crisis should have been harmful by further decreasing productivity growth.     

资产质量分析——基于我国上市公司的数据

本文研究的是我国上市公司的资产质量。以K值作为衡量调整前后每股净资产的波动幅度的指标,以2000-2002年上市公司3年的样本为研究对象,分析了我国上市公司资产质量及其与盈利能力的相关问题。我们发现,K值越小,上市公司的资产质量就越好;上市公司资产质量越好,其当年的盈利能力就越好,而其未来的盈利能力却不一定好。     

Economics of total quality management

This paper presents two models of the economics of total quality management. In the first, the concept of quality management is viewed as a technological innovation that requires investment. To reduce cost and improve quality, firms must make investments that are largely sunk. The effect of market competition on quality related technology investments is studied. Several results follow. With new quality technologies, price falls, quality rises and average cost declines. Firms must anticipate rivals' technology choices and the market prices when justifying quality technology investments. When all firms quickly adopt quality technology, returns of such investments are normal, that is, have a zero net present value. However, firms that do not invest in quality related technology are forced from the market. A firm that is faced by competitors that are slow to adopt quality related technology, can earn positive returns by early adoption. The firm invests more in quality related technology, and produces higher quality products, charges a higher price and earns higher profits than competitors. The firm's quality, price and profit advantages persist over time. In the second model, we show that firm value increases when customer satisfaction is used as an objective by aligning incentives. This explains the common use of customer satisfaction measures in TQM programs.     

The impact of online low search costs on firms' incentives to invest in quality

The growing use of the Internet has made search costs lower for consumers. We study the effect of this on the incentives for firms to invest in quality. We assume that there are firms producing high-quality products and others producing low-quality products; we also assume that the market share of the latter is higher than that of the former. Besides, we analyse the changes of both the revenue effect and the quantity effect; we show that they go in the same nonintuitive direction. In other words, when search costs decrease, the incentives to invest in quality increase.