优序融资理论推论一在我国上市公司的验证

美国财务学家斯蒂芬.罗斯根据优序融资理论提出了三大推论,这些推论在我国上市公司的有效性尚待验证。本文以第一推论为分析对象,以我国饮料制造业上市公司为样本进行实证研究。研究结果显示,样本上市公司不存在以有息负债率为基础确定的目标资本结构,从而证实了优序融资理论推论一与我国上市公司现实状况相适应。     

中国上市公司融资行为分析

融资为企业发展提供资金,贯穿于企业发展的始终,20世纪80年梅耶斯提出了著名的融资优序理论,但是我国上市公司的融资顺序与融资优序理论背道而驰。文章在已有研究的基础上,结合证监会网站公布的融资数据,分析了中国上市公司产生融资悖论的原因。     

优序融资理论在我国上市公司悖论的原因

融资理论重点研究企业股权融资与债务融资之间的构成比例,近年来融资优序理论逐渐成为企业融资理论的主流。本文重点研究我国上市公司存在与传统融资优序理论相悖的原因。     

优序融资理论在我国上市公司悖论的原因

融资理论重点研究企业股权融资与债务融资之间的构成比例,近年来融资优序理论逐渐成为企业融资理论的主流。本文重点研究我国上市公司存在与传统融资优序理论相悖的原因。     

中国上市公司融资偏好悖论的反例分析——来自火电类上市公司的融资数据

文章通过对企业融资理论的回顾,以我国火电类上市公司2006—2011年6年的相关融资数据为样本进行分析,判断其存在债权融资偏好,对我国目前理论界一致认同的我国上市公司的融资偏好悖论提出了不同的观点,表明是融资偏好悖论的反例,从而印证我国火电类上市公司的融资已经在向融资优序理论或啄食理论靠近,进而对其融资方式提出完善建议。     

上市公司资本结构与融资行为研究

我国上市公司存在股权融资偏好,而西方企业优先偏好内部融资,其次是债务融资,最后才是股权融资,即所谓的优序融资理论。为什么我国上市公司的融资选择不符合该理论,本文通过对上市公司资本结构与融资行为的影响因素研究后发现,我国当前特殊的资本市场以及在此基础上的公司治理结构等制度性因素影响,是造成上市公司股权融资偏好行为的重要因素。     

我国农业上市公司的融资结构及成因分析

梅耶斯(Myers)于1984年提出融资优序理论,认为企业在融资时会严格根据成本由低向高的顺序进行,其融资偏好的顺序由强向弱依次为:内部留存收益→外部举债→外部股权。一、我国农业上市公司的融资现状融资优序理论在西方国家的融资实践中得到了普遍验证,但中国农业上市公司的融资顺序却存在与融资理论“相悖”。1999—2003年农业上市公司的融资结构,外源融资的比例高达76%,外源融资中股权融资比例43.26%,我国农业上市公司的融资偏好顺序依次为:外部股权→外部举债→内部留存收益。西方七国农业上市公司股权融资比率平均为10.86%,其中最高为19…     

上市公司资本结构的国际比较及启示

根据西方资本结构理论，企业优序融资的一般模式是先内源融资，再债权融资，最后才是股权融资。西方国家企业的融资实践已证实了这一融资优序的存在，但我国上市公司的融资顺序却截然相反。本文比较分析了中外企业不同融资结构的成因，并就如何优化我国企业的资本结构提出一些建议。     

基于优序融资理论的我国上市企业资本结构分析

优序融资理论认为企业的融资顺序为：先内部融资,然后发行债券,最后发行股票,这一先后顺序在西方发达国家的企业融资结构中都得到了证实,然而该理论却与我国上市公司的实际融资情况相反,我国企业更偏向于股权融资,本文对我国企业融资结构的特点形成的原因进行了分析,并提出了完善我国企业融资结构的一些建议。     

我国上市公司融资偏好缘由探究——特殊环境下的“理性选择”

我国上市公司的融资选择与传统的优序理论背道而驰,国内上市公司一般会优先选择股权融资,较少使用债务融资.事实上,在我国特殊经济环境和资本市场下,这种有悖“常规”的融资方式不失为一种“理性选择”.文章从我国上市公司的盈利能力、证券市场和债券市场发展程度、制度和法律建设、上市公司公司治理等多角度分析,得出具有中国特色的融资选择是“理性”的这一结论.     

On the profitability of collusion in location games

In this note we take a first step towards the analysis of collusion in markets with spatial competition, focusing on the case of pure location choices. We find that collusion can only be profitable if a coalition contains more than half of all players. This result holds for location games played in k-dimensional Euclidean space as long as consumers are distributed via atomless density functions. For competition on the unit interval, unit circle, and unit square we also derive sufficient conditions for collusion to be profitable. The results have immediate implications for mergers in spatial markets.     

Internal vs External Financing of Acquisitions: Do Managers Squander Retained Profits?

It is often argued that managers who have control over investment finance are more likely to pursue their own goals while those who have to raise funds externally are effectively monitored by the financial markets. One implication is that externally finances investment should be more profitable than internally financed investment. We focus on investment in acquisitions and show that its negative net impact on profitability (as seen in previous studies) derives from externally, rather than internally, financed acquisitions. Our results therefore do not support the hypothesis that managers squander internal funds on poor investment projects. Indeed, the evidence suggests that capital markets and financial institutions do not appear to generate the anticipated beneficial effects.     

To what extent is corporate social responsibility part of human resource management in the Chinese context? A review of literature and future research directions

There has been considerable research attention to corporate social responsibility (CSR) in relation to human resource management (HRM) in the Chinese context in the last decade. This systematic review of extant literature of CSR–HRM in the Chinese context is thus undertaken with the aim of identifying what we know, what the gaps are in this field of research, and what their relevance is to theory and practice. It reveals a number of limitations in the emerging body of CSR–HRM research in the Chinese context. We call for more context-driven and interdisciplinary and multi-level research oriented to organizational problem-solving, to make our CSR–HRM studies more legitimate and relevant for businesses and societies. We also call for a more in-depth and refined approach to research design, in order to better understand organizational CSR–HRM practices, workplace environments, and related outcomes. Research on CSR–HRM in Chinese firms also needs to be situated in the international context with broader implications, because Chinese firms do not operate in isolation. Rather, they are governed, directly and indirectly, by international institutions and seek to influence global governance at the same time, with HRM implications. Finally, research on CSR–HRM in the Chinese context needs to be framed in a broader framework and to assess real-life issues and impacts.     

There's No Place Like Home: The Profitability Gap between Headquarters and their Foreign Subsidiaries

Using data on European firms, this paper provides evidence that an overproportional fraction of multinational group profits accrues with the corporate headquarters. Quantitatively, the estimates suggest that headquarters are by around 25% more profitable than their foreign subsidiaries, whereas this gap tends to decline over time. The effect turns out to be robust against controlling for observed and unobserved heterogeneity between the entities. Analogous (although quantitatively smaller) effects are found for national groups. We discuss various welfare implications of our findings.     

论鞍钢宪法在工业企业管理中的应用

毛泽东同志倡导的两参一改三结合的工业企业管理制度在现代企业管理中依然发挥着巨大作用,一些国内知名企业奉行这一管理理念,使企业扭亏为盈,发展壮大。美国和日本的管理学家认为,鞍钢宪法的精神实质是对僵化的、以垂直命令为核心的企业内分工理论的挑战。文章试图从系统论、认识论和衔接管理的角度阐述这一制度的丰富的管理学内涵。     

中资银行引进境外战略投资者效应的案例研究

在中资银行战略引资步伐加快、外资话语权逐步提升的情况下,本文通过对美国新桥投资集团控股深圳发展银行案例的分析,对外资话语权的提升与中资银行的经营绩效之间的关系进行了探讨。研究发现,外资话语权的提升与中资银行的盈利能力和经营效率之间不存在明显的正相关关系,而外资充分的话语权有助于中资银行防范与化解信贷风险和增强抵御风险能力以及提高业务发展能力;另一方面,外资话语权的提升却与中资银行的业务创新能力呈现负相关的关系。在此基础上,本文提出了有关战略引资的建议。     

煤发热量含义及其相互关系

指出煤的发热量是一项重要指标。重点介绍不同燃烧状态，不同基准的发热量的含义及其相互关系。     

民间体育对促进“人与社会”和谐发展的深远影响

中国民间体育文化是现代体育研究中的重要课题。本文从文化角度分析了中国民间传统体育所体现出了中国人文精神的主要特征,对中国民间体育的深层文化意蕴、文化特性、以及当前民间体育的生存和发展等方面进行探讨,为中国民间体育的研究做一些文化思索。     

Macroeconomic uncertainty and bank lending: The case of Ukraine

This study investigates the link between bank lending behavior and country-level instability. Our dynamic model of bank's profit maximization predicts a non-monotonic relationship between bank lending and macroeconomic uncertainty. We test this proposition using a panel of Ukrainian banks over the 2003Q2–2008Q2 period. The estimates indicate that banks decrease their lending ratio in times of substantial economic volatility, which could be explained by higher risk aversion of bank managers. Additionally, small and least profitable banks are less likely to be affected by changes in the macroeconomic environment compared to their large and most profitable peers. This outcome is robust with respect to the different measurements of macroeconomic uncertainty.     

Testing the exogeneity specification in the complete dynamic simultaneous equation model

It is shown that in the complete dynamic simultaneous equation model exogenous variables cause endogenous variables in the sense of Granger (1969) and satisfy the criterion of econometric exogeneity discussed by Sims (1977a), but that the stationarity assumptions invoked by Granger and Sims are not necessary for this implication. Inference procedures for testing each implication are presented and a new joint test of both implications isderived. Detailed attention is given to estimation and testing when the error vector of the final form of the complete dynamic simultaneous equation model is both singular and serially correlated. The theoretical points of the paper are illustrated by testing the exogeneity specification in a small macroeconometric model.