CEO自恋对创新绩效的影响研究 ——基于企业异质性的调节作用

从CEO心理特征视角出发,探究了CEO自恋与企业创新绩效之间的关系。以2011—2016年A股135家上市公司的纵向数据为样本,通过广义估计方程模型进行实证检验。研究发现:CEO自恋对企业创新绩效具有显著促进作用。进一步研究发现,CEO自恋对企业创新绩效的影响受到企业异质性的调节作用:相比小规模企业,大规模企业中CEO自恋对创新绩效的促进作用更显著;相比低财务杠杆企业,高财务杠杆企业中CEO自恋对创新绩效的促进作用更显著;相比非国有企业,国有企业中CEO自恋对创新绩效的促进作用更显著。     

Towards a credit network based early warning indicator for crises

This paper presents an agent based model which underlines the importance of credit network and leverage dynamics in determining the resilience of the system, defining an early warning indicator for crises. The model reproduces macroeconomic dynamics emerging from the interactions of heterogeneous banks and firms in an endogenous credit network. Banks and firms are linked through multiple credit relations, which derive from individual target leverage choices: agents choose the more convenient leverage level, according to a basic reinforcement learning algorithm. Simulations are calibrated on balance sheet data of banks and firms quoted in the Japanese stock-exchange markets from 1980 to 2012.     

Acquiring firms' stock returns: Methods of payment,change in leverage,and management ownership

This study examines the effects of the method of payment, change in leverage, and management equity ownership on the acquiring firm's stock returns around the initial announcement date of the merger. Results indicate that stockholders of mergers financed with stocks suffer significant losses. These losses are larger when management ownership is low and smaller in mergers that resulted in acquiring firm leverage decreases. Stockholders of acquiring firms involved in cash mergers gain significant abnormal returns, provided that acquiring firms increase their leverage and that managerial ownership is high. When management equity ownership is low, leverage has no effect on stock returns. When management ownership is high, mergers which resulted in acquiring firm leverage increases have significant positive effects, and those which resulted in acquiring firm leverage decreases have negative but insignificant effects.     

Determinants of the stock price reaction to leveraged buyouts

This paper investigates the determinants of leveraged buyout activity through the use of an abnormal return premium from the time of the first announcement through the final trading day. Consistent with the free. cash flow theory, firms with either high free cash flow or low Tobin’s q have higher abnormal returns. However, the returns to firms with both high free cash flow and low Tobin’s q are lower than firms with just one of these characteristics. Firms which substantially increase leverage and management buyouts with high insider ownership prior to the buyout have lower abnormal returns. Firms with lower risk, and therefore greater debt capacity, have higher abnormal returns.     

Determinants of the stock price reaction to leveraged buyouts

Abtract  This paper investigates the determinants of leveraged buyout activity through the use of an abnormal return premium from the time of the first announcement through the final trading day. Consistent with the free cash flow theory, firms with either high free cash flow or low Tobin’s q have higher abnormal returns. Howerver, the returns to firms with both high free cash flow and low Tobin’s q are lower than firms with just one of these characteristics. Firms which substantially increase leverage and management buyouts with high insider ownership prior to the buyout have lower abnormal returns. Firms with lower risk, and therefore greater debt capacity, have higher abnormal returns.     

Investment Frictions and the Aggregate Output Loss in China

Investment frictions reduce, delay or protract investment expenditure that is necessary for firms to capture growth opportunities. Using a capital adjustment costs framework, this article estimates the gap between China's actual and frictionless aggregate output. It applies the method of simulated moments to a fully structural investment model on a panel of Chinese firms and takes into account potential unobserved heterogeneities and measurement error in the data. The estimated capital adjustment costs imply that if Chinese firms had faced a lower level of adjustment costs such as in the US, China's aggregate output would be 25% higher.     

Value and risk dynamics over the innovation cycle

This paper studies investment in intellectual capital and corresponding value and risk dynamics over the innovation cycle. We assume that the innovation cycle consists of three phases, R&D, trial, and market introduction phases. We use a real option investment model to characterize firm value and risk dynamics over the innovation cycle and find that firm value is the sum of the value of assets in place and non-linear option values related to breakthrough, exit, and market introduction options. Firm risk over the innovation cycle is highly non-linear and quite distinct in different phases. During the R&D phase risk is high as the firm faces high operating leverage originating from R&D fixed costs together with technological uncertainty. During the trial phase risk is significantly lower and dominated by option risk to launch the product in the market while after the introduction of the product in the market risk is equivalent to the asset risk of the company. Our model is consistent with the view that positive excess returns of R&D intensive firms are a compensation for risk. Based on this insight we derive several testable predictions.     

Asset specificity,capital intensity and capital structure: An empirical test

Capital investment and capital financing decisions interact. To resolve current controversies in investment-leverage-growth relationships requires an integrated industrial organization/financial economics empirical model of profit margins, capital investment intensity, leverage and risk. Using cumulative future losses in discontinued operations to measure the asset specificity of the firm's investments, empiricai results support a complementary (positive) relationship between debt and investment, the debt financing of verifiable contemporaneous growth, equity financing of future growth and the debt financing of specific assets. This evidence rejects the transactions cost theory of capital structure in Fortune 500 firms.     

Financial Constraints on German Firms after the Crisis: Evidence from Threshold Panel Estimation

This article studies the existence and magnitude of financial investment constraints in Germany between 2006 and 2012 with a special emphasis on small and medium‐sized firms. The core contention is that the sensitivity of the investment rate to the cash flow rate is a function of a firm's financial position contributing to its access to external finance. The application of a nonlinear panel threshold model reveals that the marginal effect of the cash flow rate on the investment rate is almost twice as strong for ‘high debt’ firms compared to ‘low debt’ firms. This result holds for six out of seven balance sheet threshold variables. For a single specification, the results reveal a non‐monotonic relationship between the cash flow rate and investment rate. Firm size, however, does not explain differences in the cash‐flow‐investment nexus.     

杠杆演进以及初始杠杆对资本结构的影响分析

本文对公司财务杠杆的演进趋势以及初始杠杆对资本结构的影响进行了实证检验。结果表明,在初始时较高(或较低)杠杆公司在10年后仍维持较高(或较低)杠杆,并保持明显的差异性。随着时间的推移,较高(或较低)杠杆公司呈现出显著的杠杆收敛性。初始杠杆对10年以后公司当前杠杆的决定存在着显著且稳定的影响,即初始杠杆不随时间而改变且反映公司初始企业特征的因素是当前杠杆的重要决定因素。     

Capital Structure and Regulation: Do Ownership and Regulatory Independence Matter?

We study the effect of ownership structure and regulatory independence on the interaction between capital structure and regulated prices using a comprehensive panel data of publicly traded European utilities. We find that firms in our sample tend to have a higher leverage if they are privately controlled and regulated by an independent regulatory agency. Moreover, the leverage of these firms has a positive and significant effect on their regulated prices, but not vice versa. Our results are consistent with the theory that privately controlled regulated firms use leverage strategically to obtain better regulatory outcomes.     

Corporate restructuring and incentive effects of leverage and taxes

Recent empirical studies have indicated that mergers are value enhancing, yet the theoretical aspects of merger gains have not been as well explored. This paper presents a theoretical analysis of mergers. In the model of the firm presented, outstanding risky debt gives rise to agency costs of underinvestment which are offset by the benefit of debt-related tax shields. The trade-off specifies the optimal leverage for a firm. Within this framework, we then consider whether and under what circumstances firm value could be enhanced by a merger. Under a fairly broad set of assumptions it is shown that most firm combinations ‘improve’ investment incentives and increase the value of debt-related tax shields. Mergers between optimally financed firms result in a merged firm that is also optimally financed, but such mergers are not synergistic. Nevertheless, firm value may be increased if mergers are undertaken in tandem with a refinancing program to bring the combined firms from suboptimal to optimal debt levels.     

Investment in a New Technology as a Signal of Firm Value Under Regulatory Opportunism

We examine the question of whether a regulated firm that makes a long-term investment in infrastructure can credibly signal its private information regarding the future demand for its output to the capital market. We show that necessary conditions for a separating equilibrium in which the magnitude of investment signals high future demand may include a low degree of managerial myopia, large variability of future demand, a lenient regulatory climate, and low sunk cost. Our model suggests that in estimating valuation models of regulated firms it is important to separate firms into two groups: firms for which a separating equilibrium is likely to obtain and firms for which the equilibrium is likely to be pooling. The market value of a firm in the first group is positively correlated with its level of investment, but uncorrelated with the level of actual demand, whereas for the second group the opposite holds.     

Does capital structure differently affect incumbents' responses to entry threat and actual entry?

Some theories predict that firms with higher financial leverage compete more aggressively in product markets than firms with lower financial leverage, whereas others predict that lower‐leverage firms compete more aggressively than higher‐leverage firms. This paper studies how incumbent airlines' capital structure affects their responses to Southwest Airlines' entry threat and actual entry. The results indicate that, when responding to entry threat, lower‐leverage incumbents cut prices more aggressively than higher‐leverage incumbents; in contrast, when responding to actual entry, higher‐leverage incumbents cut prices more aggressively than lower‐leverage incumbents.     

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。     

Holdup in oligopsonistic labour markets - a new role for the minimum wage

We consider a labour market model of oligopsonistic wage competition and show that there is a holdup problem although workers do not have any bargaining power. When a firm invests more, it pays a higher wage in order to attract workers from competitors. Because workers participate in the returns on investment while only firms bear the costs, investment is inefficiently low. A binding minimum wage can achieve the first-best level of investment, both in the short run for a given number of firms and in the long run when the number of firms is endogenous.     

Accounting contagion: The case of Enron

The Enron scandal offers the opportunity to assess the degree to which misleading accounting can affect connected firms and industry rivals. While the market was inept at detecting the inaccuracy of Enron’s financial statements, it swiftly punished many connected firms once Enron's faulty accounting was publicized. A cross-sectional analysis documents that the market punished connected firms that had greater exposure to Enron’s business, whose financial statements were viewed as more complex, and that had greater financial leverage. Most of the negative news indicating concern with Enron’s accounting corresponded with a significant decline in the stock prices of firms in the energy and natural gas (ENG) industry, regardless of an explicit connection to Enron. Furthermore, rival firms with direct exposure to Enron and more aggressive earnings-reporting methods also experienced more detrimental effects.     

Corporate R&D and firm efficiency: evidence from Europe’s top R&D investors

The main objective of this study is to investigate the impact of corporate research and development (R&D) activities on firm performance, measured by labour productivity. To this end, the stochastic frontier technique is used on a unique unbalanced longitudinal dataset comprising top European R&D investors over the period 2000–2005. In this framework, this study quantifies technical inefficiency of individual firms. From a policy perspective, the results of this study suggest that if the aim is to leverage firms’ productivity, the emphasis should be put on supporting corporate R&D in high-tech sectors and, to some extent, in medium-tech sectors. On the other hand, corporate R&D in the low-tech sector is found to have a minor effect in explaining productivity. Instead, encouraging investment in fixed assets appears important for the productivity of low-tech industries. Hence, the allocation of support for corporate R&D seems to be as important as its overall increase and an ‘erga omnes’ approach across all sectors appears inappropriate. However, with regard to technical efficiency, R&D intensity is found to be a pivotal factor in explaining firm efficiency and this turns out to be true for all industries.     

Do tax reductions stimulate firm productivity? A quasi-natural experiment from China

Tax reductions for firms in the real economy are important reforms to address slowdowns in economic development in the complex current social and economic situation. To deeply explore the influence of tax reductions on firm development, this article considers firm total factor productivity as an indicator. A policy allowing accelerated depreciation of fixed assets implemented in 2014 and 2015 is taken as a policy shock to construct a gradual difference in difference (DID) model. Based on data from listed companies in China from 2010 to 2018, this article studies the influence of the policy on firm total factor productivity. The empirical results show that the policy significantly and sustainably improved the total factor productivity of the pilot firms. The policy improved productivity mainly by increasing corporate investment in fixed assets, stimulating R&D spending, and alleviating internal financing constraints. Further results reveal that the productivity effect of the policy is more prominent in non-state-owned enterprises and labor-intensive or growth-oriented enterprises. The research in this article helps deepen the understanding of the micro-foundations of the effects of tax reductions and provides a reference to leverage the micro-effects of such policies.     

Hard Times or Great Expectations? Dividend Omissions and Dividend Cuts by UK Firms*

This paper uncovers an increasing proportion of quoted UK companies omitting cash dividends. Using a large panel of quoted UK firms, we estimate panel data probit models for the incidence of dividend omissions and cuts as functions of financial characteristics including cash flow, leverage, investment opportunities, investment and company size. These variables account for most of the increase in omission since 1995. There is relatively little evidence to link this to the major tax reform of 1997 that abolished tax refunds on dividend income payable to tax‐exempt institutions. Significant persistence effects indicate companies are slow to adjust their balance sheets through their dividend.