金融发展影响了公司成熟度与现金股利政策的关系吗?

选取留存收益股权比反映公司成熟度,研究不同金融发展水平下,公司成熟度与现金股利的关系,实证结果显示,伴随公司成熟度的提高,公司实施积极现金股利政策的动机会显著提升;金融发展在提高公司成熟度与现金股利支付倾向正向关系的同时,由于提供更多的投资机会,却弱化了公司成熟度与现金股利支付水平的正向关系。进一步研究发现,金融发展水平的提升能够推迟成熟公司首次对外支付现金股利的时机;其对公司成熟度与现金股利政策关系的影响作用主要源于金融发展的"治理效应"路径;将金融发展分为信贷市场发展和股权市场发展,发现与信贷市场促进公司成熟度与现金股利支付倾向正相关关系不同,股权市场抑制了公司成熟度与现金股利支付倾向及支付水平的正相关关系。     

熊彼特企业家创新金融理论与中国企业创新融资体系的构建

文献研究表明,我国熊彼特创新理论研究的一个重要空白是其企业家创新金融理论的研究不足。笔者运用文本研究方法对熊彼特企业家创新金融理论进行系统研究,主要揭示了经济学大师熊彼特的两大开创性贡献,即企业家创新信贷理论和资本市场创新杠杆手段理论。笔者建议,以熊彼特企业家创新金融理论为指导,大力构建以企业家创新信贷制度、资本市场和私募股权投资三位一体为主要框架内容的中国企业家创新融资体系。     

市场化环境下铁路路网清算体系的现状及完善的几点思考

在铁路投融资市场化的进程中,作为被投资方的铁路系统必然要接受投资方对其生产经营的监管。由于铁路行业的特殊性,对局部铁路项目的投资与整个路网不可分割,从而必然与相关经营主体发生各种清算关系;对于投资方,资本金投入后,投资项目按照"投融资-建设-运营-清算"这一体系开始运作的过程中,由于其最关心的效益产出只有通过铁路清算系统才能体现出来,因此清算环节自然成为整个铁路资本运作体系中投资者最关心的环节,而路网清算作为铁路清算体系中最复杂、最具有行业特性的部分更成为出资人关心的重中之重。     

市场化环境下铁路路网清算体系的现状及完善的几点思考

在铁路投融资市场化的进程中,作为被投资方的铁路系统必然要接受投资方对其生产经营的监管.由于铁路行业的特殊性,对局部铁路项目的投资与整个路网不可分割,从而必然与相关经营主体发生各种清算关系；对于投资方,资本金投入后,投资项目按照“投融资-建设-运营-清算”这一体系开始运作的过程中,由于其最关心的效益产出只有通过铁路清算系统才能体现出来,因此清算环节自然成为整个铁路资本运作体系中投资者最关心的环节,而路网清算作为铁路清算体系中最复杂、最具有行业特性的部分更成为出资人关心的重中之重.     

下半年货币信贷：增量下降 结构趋于优化

今年上半年,在积极财政政策和适度宽松货币政策的带动下．货币信贷持续高速增长．并出现了一些结构性变化。下半年．尽管绝对增量有所下降,但受政府投资项目继续投放、项目资本金比例调整、房地产市场持续回暖等因素的推动,信贷余额仍将保持一定增速,信贷结构趋于优化。     

中国信贷市场非均衡状况：估计与分析

本文借助于Burkett的双曲交易函教对1980～2003年中国信贷市场的非均衡状况进行估计．从而明确了中国信贷市场各年的非均衡状况(供大于求还是供不应求)与非均衡程度：结果发现：信贷需求者的意愿需求、供给者的意愿供给均经常大于实际供给：中国信贷市场的意愿供给数量主要取决于计划的经济增长率、当年通货膨胀率、储蓄存款余额年增长率。中国信贷市场的意愿需求敷量主要取决于预算内基本建设投资增长率、固定资产投资增长率。     

宏观经济因素、企业家信心与公司融资选择

本文研究经济周期、信贷风险、信贷配给、股市表现和企业家信心对公司融资选择的影响,发现宏观经济上行时,公司的融资偏好为股权—债务,而宏观经济衰退时,公司的融资偏好则调整为债务一股权;信贷配给增加后,股权融资的概率上升;银行不良贷款不影响公司融资选择;企业家对经济前景越有信心,债务融资的可能性就越大。研究结果表明,我国上市公司不存在单一的股权融资偏好,而且公司融资决策基本符合最优融资顺序理论。     

重提奥地利经济学派（下）

罗斯巴德在一篇题为《奥地利学派的货币理论》的论文中，将货币扩张导致经济周期的过程总结为三个阶段：第一个阶段是信用扩张带来虚假的繁荣阶段。在这一阶段．由于货币发行者信用扩张的内在动机．导致物价暂时性的上涨．     

信贷供给周期对企业投资效率的影响研究——兼论宏观经济不确定条件下的异质性北大核心CSSCISSCI

本文研究了信贷供给周期对企业投资效率的影响,并且探讨了这种影响在不同宏观经济不确定性条件下的异质性及其传导机制。结果发现,信贷供给增加会降低投资-投资机会敏感度,即信贷扩张降低了投资效率。从原因上看,信贷扩张降低了信贷资源配置效率,并且在更高程度上强化了大企业和国有企业的投资水平。进一步地,在宏观经济不确定性较高的时期,信贷供给增加对投资效率的负面影响较小。从传导渠道上看,在宏观经济不确定性较高的时期,信贷供给增加会使增长机会较多的企业获得更多贷款,并且使企业的投资意愿上升。本文揭示了中国信贷供给政策对投资效率的影响及其传导机制,对于新常态下如何更好地进行总需求管理具有一定的启示。     

货币政策、商业信用与公司投资行为

本文利用中国上市公司数据,实证检验了不同货币政策下,商业信用对公司投资行为的影响。研究发现,在货币政策紧缩期,使用商业信用较多的公司投资增长更快,并且这一现象在投资不足的公司中体现的更加明显。进一步研究发现,对于投资不足的公司,在货币政策紧缩期,商业信用与银行借款存在替代关系,使用商业信用可以降低公司投资-现金流敏感性和现金-现金流敏感性,通过缓解融资约束实现投资增长。本文的研究结论为考察商业信用与公司投资行为的互动关系开拓了新视野。     

Financial Reporting and the Austrian Theory of Entrepreneurship

The Austrian School of economics, with its emphasis on the market as a process and the role of the entrepreneur as the catalyst of that process, sheds new light on the social role of accounting. This paper examines the implications of the School's teachings to financial reporting, including its insistence on relegating accounting to the role of retrospective economic calculation, and the use of current cash equivalents for asset valuation. The Austrian School's replacement of neo-classical general equilibrium theory with a dynamic model of the market process offers accounting researchers some relief of having to cope with the real world of error, discovery, and disequilibrium.     

Production Efficiency in the Austrian Insurance Industry: A Bayesian Examination

This paper examines the developments in the production efficiency of the Austrian insurance market for the period 1994‐1999 using firm‐specific data on life/health and non‐life insurers obtained from the Austrian insurance regulatory authority. The article uses a Bayesian stochastic frontier to obtain aggregate and firm‐specific estimates of production efficiency across insurer types and time. The study provides strong evidence that the process of deregulation had positive effects on the production efficiency of Austrian insurers. The life/health and non‐life firms showed similar patterns of development in that they were less efficient during the years 1994‐1996 and significantly more efficient in 1997‐1999. If the Austrian experience is representative, similar benefits from deregulation may be expected for the Central and Eastern European countries that prepare for the accession to the European Union.     

德利国际：持续创造被利用的价值

德利国际新能源控股有限公司（以下简称＂德利国际＂）董事长杜德利是一位智慧型的企业家,虽然创业初期他的学历仅初中文化,但他对企业经营及发展战略的思考却有着一整套自成系统的理论体系。正是基于此,从1997年开始经营太阳能热水器的他,带领企业从众多太阳能光热企业中脱颖而出,于2005年3月登陆美国资本市场,成为太阳能热水行业全球首家上市公司;继而,他利用上市融到的800万美金,开始实施企业跨越式发展战略,以全球首家低碳生态全案解决商的战略定位,向新能源整合运营与低碳技术系统集成领域进军,不争而胜。杜德利的成功秘笈是什么？且看《国际融资》记者对德利国际新能源控股有限公司董事局主席兼总裁杜德利先生的独家专访     

Network topology of the interbank market

We provide an empirical analysis of the network structure of the Austrian interbank market based on Austrian Central Bank (OeNB) data. The interbank market is interpreted as a network where banks are nodes and the claims and liabilities between banks define the links. This allows us to apply methods from general network theory. We find that the degree distributions of the interbank network follow power laws. Given this result we discuss how the network structure affects the stability of the banking system with respect to the elimination of a node in the network, i.e. the default of a single bank. Further, the interbank liability network shows a community structure that exactly mirrors the regional and sectoral organization of the current Austrian banking system. The banking network has the typical structural features found in numerous other complex real-world networks: a low clustering coefficient and a short average path length. These empirical findings are in marked contrast to the network structures that have been assumed thus far in the theoretical economic and econo-physics literature.     

Presidential Address: The Corporation in Finance

To produce significant net present value, an entrepreneur has to differentiate her enterprise from the ordinary. To take collaborators with her, she needs to have substantial ownership, and thus financing. But it is hard to raise finance against differentiated assets. So an entrepreneur has to commit to undertake a second transformation, standardization, that will make the human capital in the firm, including her own, replaceable, so that outside financiers obtain control rights that will allow them to be repaid. A vibrant stock market helps the entrepreneur commit to these two transformations. The nature of firms and financing are intimately linked.     

Have changes in the financial structure affected bank profitability? Evidence for Austria

We examine the impact of changes in the financial structure of the Austrian banking sector over the past 15 years, such as disintermediation, internationalization and privatization, on the profitability of banks. Several proxies based on bank balance sheet data at the micro-level as well as macroeconomic variables are used to capture these changes. The case of Austria is particularly interesting because the opening up of the Austrian banking sector due to EU accession and the strong engagement of Austrian banks in Eastern Europe coincided with the global trend toward deregulation of banking activities. Our estimation results, which are based on dynamic panel regression methods, indicate that disintermediation (a lower percentage of loans over total assets) and higher market concentration in the banking sector had a positive effect on bank profitability, while changes in the ownership structure (privatization and increased foreign ownership) as well as more foreign lending by Austrian banks did not have a clear-cut or significant impact on bank profits.     

Limits to the economy of knowledge and knowledge of the economy

In this essay, we explore the view that the growth of knowledge is a complex evolutionary process. We pay particular attention to the division of knowing in a knowledge economy, to the restless nature of knowledge and to the principle of variation and selection that makes the growth of knowledge an evolutionary phenomenon. The foundations for this discussion are located in Adam Smith's suggestion that the most fundamental aspect of the division of labour is the division of knowledge, and the consequential existence of roundabout and combinatorial ways of producing knowledge. This notion of roundaboutness also connects our discussion with the writings of the Austrian school of economists. It is this school of thought that has come closest to understanding the open-ended and evolutionary nature of knowledge based economic activity. The theory of complex adaptive systems, when applied to the economic and social domain, has enabled us to confront the distinction between knowledge and the institution of social understanding. We map the difference between knowledge, which is private, and understanding, which is social. If knowledge is a characteristic of individuals, understanding then becomes an emergent phenomenon arising from the interaction between individuals in specific contexts. Understanding has boundaries it has components that possess great heterogeneity and is sustained by the connections of information flow. It is a socially distributed process whose growth is dependent on a systemic context, on the way a given set of individuals interact to share information and thus to further develop their idiosyncratic knowledge. Recognising that understanding is necessarily distributed leads to the insight that economic activity, which is necessarily social, depends on shared understandings, that is to say, correlated knowledge. This provides a clue as to the unpredictability and unevenness of knowledge accumulation, and of course the unpredictability of capitalism as a knowledge driven system.     

衡量企业家信用的财务指标分析

企业家作为企业组织的领导者,无疑是决定企业信用最关键的因素。企业家信用具有财产性,企业家经济创收能力的大小直接影响其信用水平的高低。文章基于异质资本理论,构建衡量企业家信用的财务指标,通过实证检验逐一分析这些指标对企业家信用能力的反映情况,探讨企业家征信制度。     

Technology driven organizational structure of the firm

We model a corporate firm with a variable internal organizational structure that adapts to various degrees of technological cooperation. The entrepreneur determines the organizational structure that maximizes profits under participation constraints. Wages are determined by an internal cooperative pay-system, constrained by external reservation wages. We show that closer cooperation between production-workers results in a shorter organization with enhanced positional wages relative to the external benchmarks. The corporate firm is embedded in a competitive market economy that determines reservation wages and market prices. We also allow for more general technologies and provide conditions guaranteeing a finite optimal size of the firm. We thank Rob Gilles, Dolf Talman and an anonymous referee for their comments on a previous version of this paper.     

Bank competition and financing efficiency under asymmetric information

We consider a setting in which an entrepreneur seeks bank financing, and the project type is her private information. Different from existing theories featuring information asymmetry, and consistent with empirical findings, our model predicts: greater bank competition leads to increased bank lending as interest rates fall, leading to lower quality loans. The relationship between market power and financing efficiency is hill-shaped. An intermediate level of market power is desirable, as it can mitigate inefficiencies arising due to cross-subsidization among borrowers in a pooling equilibrium. Interest rate controls may achieve efficiency, but the specific policy depends on the bank market structure.