中国A股市值2009年度报告(三) 股权激励高标准下的新发展

2009年A股市场股权激励再度扬帆起航。年内,A股上市公司中共有37家公司公布了股权激励的计划(草案),6家上市公司股权激励计划正在执行中,2家上市公司中止了股权激励计划(见附表1)。相对于2008年多家上市公司中止股权激励计划、对股权激励计划的迷失,2009年资本市场整体复苏,带动A股市值大幅增长,2008年度被许多上市公司终止的股权激励计划也在2009年掀起重启的序幕。     

上市公司高送转的“浮华背后”

继金融街、精伦电子等公布高送转预案以后，又有上港集箱(600018)、铜峰电子(600237)、万科A(000002)、常林股份(600710)、卧龙科技(600580)、焦作万方(000612)、国风塑业(000859)、天士力(600535)、山东药玻(600529)、南纺股份(600250)、云南马龙(600792)、火箭股份(600879)、东方热电(000958)等公布了高送转预案。上市公司高送转成为今年年报的一大亮点。据初步统计，截至4月19日，有79家上市公司公布了送转预案，其中10送转5以上的为28家，所占比例高达近35．5％；10送转10的上市公司有7家。而2001年所有上市公司中，分配预案为10送转增10以上的仅有3家。     

股权激励高标准下的新发展

2009年A股市场股权激励再度扬帆起航。年内,A股上市公司中共有37家公司公布了股权激励的计划（草案）．6家上市公司股权激励计划正在执行中．2家上市公司中止了股权激励计划（见附表1）。相对于2008年多家上市公司中止股权激励计划．对股权激励计划的迷失,2009年资本市场整体复苏．带动A股市值大幅增长,2008年度被许多上市公司终止的股权激励计划也在2009年掀起重启的序幕。     

年报预期不乐观

截至2001年10月31日,深沪股市共129家公司公布季报,占1252家上市公司总数的10.3％。其中44家ST公司、16家PT公司是按规定公布季报,而另外69家非T类公司也自愿公布了季报。从季报数据看,已公布季报公司业绩较去年同期有所增长。不过,这主要是因为“T”公司为保壳资源而加快重组后亏损额大幅下降所致。因此,要分析年报变化,应重点分析非“T”类公司的季报情况。     

慷慨解囊受欢迎 一毛不拔有原因

截至2003年3日18日,在359家公布2002年报的上市公司中,有260家公司提出了分配转增的预案,占到了已公布年报上市公司的72.42％。其中28家公司推出了高比例的才配或转增预案(每10股送转比例达到5股以上或现金分红4元以上)。 上市公司大面积的进行分配应该说与上市公司本身以及外部政策环境的变化     

中报露丑:上市公司走下坡路!

截至8月15日,两市共有721家上市公司公布了中报,占总数的7成多,其中沪市388家,深市333家,亏损中报62家(目前已知亏损家数达105家)。从已公布的中报来看,上市公司的中报业绩与去年同期相比,每股收益基本持平,平均净利润的绝对值在增长,但收益率水平却在整体下降。 收益水平明显下降 721家公司的平均主营业务收入和平均净利润分别较去年同期有10.3％和22.1％的增长,可以说无论是主营业务的增长率,还是净利润的增长率都还     

年报预期不乐观

截至2001年10月31日．深沪股市共129家公司公布季报．占1252家上市公司总数的10.3％。其中44家ST公司。16家PT公司是按规定公布季报，而另外69家非T类公司也自愿公布了季报。从季报数据看．已公布季报公司业绩较去年同期有所增长．不过．这主要是因为“T”公司为保壳资源而加快重组后亏损额大幅下降所致。园此．要分析年报变化．应重点分析非“T”类公司的季报情况．     

拿什么终结高速公路收费暴利?

目前,19家高速公路上市公司中有13家公布了2011年年报,平均毛利率高达56.08%,最高的重庆路桥毛利率达到91.14%。毛利率水平超过房地产行业甚至白酒行业。这些年,差不多每年上市公司公布年报业绩之后,高速公路上市公司畸高的暴利业绩,都会引来媒体舆论几乎"例行"性的集中曝光揭露、     

经济日报经济研究中心最新研究成果——“百家”上市公司新亮相

一年一度的年报公布已落幕,上市公司的质量成为关注的焦点。1999年第6期《经济月刊》曾独家披露了经济日报经济研究中心首次公布的他们对中国上市公司的跟踪研究名单——“百家”上市公司。现在,他们又确定了2000年他们所关注的中国100家上市公司。“百家”上市公司,既是该中心跟踪研究的对象,又是该中心关于“最有价值的上市公司”研究的成果。 此次公布的“百家”上市公司,     

我国军工上市公司资本结构影响因素的实证研究

随着军工企业整体上市的全面推进,军工上市公司受到人们的普遍关注。以往的研究大多是针对军工上市公司的投资价值和公司绩效,而忽略了对军工上市公司资本结构影响因素的研究。选取42家军工上市公司为研究样本,运用stata10.0分析工具,建立军工上市公司资本结构影响因素的模型,根据实证结果提出优化军工上市公司资本结构的策略。     

定冠词特指意义浅析

本通过剖析定冠词的特指意义，把一个笼统、抽象的“特指”概念转化成了具体的十一种表现形式，旨在通过学习研究定冠词特指的用法，提高正确理解和准确运用英语的能力。     

The problem of the uninsured

The problem of the uninsured cannot be fully understood without considering the role of non-market alternatives to ‘market insurance’ called ‘self-insurance’ and ‘self-protection’ (SISP), including the public ‘health care safety-net’ system. We tackle the problem by formulating a ‘full-insurance’ paradigm that accounts for all four interacting insurance measures. We apply two versions of the full-insurance model to estimate, via calibrated simulations, the impacts of SISP on the fraction of uninsured, health spending, and health levels, and to assess how the mandated Affordable Care Act might affect these outcomes in comparison with the CBO projections in 2010. The results indicate that policy analyses which overlook the role of the real price of market insurance relative to the shadow prices of SISP in determining the decision to insure can grossly distort the capacity of mandated reforms like the ACA to insure the uninsured, contain overall health care costs, and improve health and welfare outcomes.     

The magic of the market

Sugden’s analysis of conventions in The Economics of Rights Cooperation and Welfare is important. One reason for this is the way that it shows that some institutions, which are otherwise thought to require State intervention, can arise spontaneously. Another and less well-recognized reason is that this analysis provides a key insight into the origin of and stability in discriminatory behaviour and beliefs. There are difficulties with such discriminatory beliefs, and I argue that one of the less well-recognized virtues of markets is that they erode such beliefs. This is not because competition is likely to dissipate these beliefs rather it is because, and there is experimental evidence to support this, markets encourage the equal treatment of individuals in ways that undermine discriminatory practices.     

The arrival of the new

In this work we present a number of urn models in which, contrary to standard Pólya urns, the number of competing alternatives is not given from the outset but may increase with the arrival of innovations. We begin by describing a variant of Pólya urns, first introduced by Fred Hoppe, in which balls of previously non-existing colors are added with some (declining) probability. We then propose new variants in which the probability of the arrival of new colors is itself subject to adaptive change depending on the success of past innovations and discuss applications to evolutionary models of technologies and industries. We numerically simulate different specifications of these urns with adaptively changing mutation rate and show that they can account for complex patterns of evolution in which periods of exploration and innovation are followed by periods in which the dynamics of the system is driven by selection among a stable set of alternatives.     

The power of the family

We study the importance of family ties on economic behavior. We define our measure of family ties using individual responses from the World Value Survey (WVS) regarding the role of the family and the love and respect that children are expected to have for their parents in 81 countries. We show that with strong family ties home production is higher and families larger, labor force participation of women and youngsters, and geographical mobility lower. To assess causality, we look at the behavior of second generation immigrants. Our results overall indicate a significant influence of the strength of family ties on economic outcomes.     

The Geopolitics of the Eastern Border of the European Union: The Case of Romania-Moldova-Ukraine

Since the fall of the communist regimes, we have been witnessing in Europe two phenomena that dominate the geopolitical scene: on the one hand there is integration, with the advance of the borders of the European Union (EU) towards the east through its two enlargements, and on the other hand there is disintegration, as expressed by social crisis, and latent tensions and conflicts in the countries found beyond the said border. This article focuses on the geopolitical changes that came about on the eastern border of Europe (Romania-Moldova-Ukraine) and the border relations between these three countries after the fall of the Soviet Union, and the integration of Romania into the EU. This is both a multidimensional and ethno-territorial border, associated with tensions and conflict. ¹ 1. D. Newman, ‘Conflict at the Interface: The Impact of Boundaries and Borders on Contemporary Ethno-National Conflict’, in C. Flint (ed.), Geographies of War and Conflict (Oxford: Oxford University Press 2004) pp. 321–345; G. Blake, ‘State Limits in the Early 21st Century: Observations on Form and Function’, Geopolitics 5/1 (2000) pp. 1–18; S. Ratner, ‘Drawing a Better Line: Uti Possidetis and the Borders of New States’, American Journal of International Law 90/4 (1996) pp. 590–624; S. Waterman, ‘Boundaries and the Changing World Political Order’, in Clive Schofield (ed.), World Boundaries, Vol. I, Global Boundaries (London: Routledge, 1994). Using the territorial dialectic of the globalisation argument, we are able to analyse, describe and interpret from a theoretical-empirical standpoint, the two current discussions about that border: opening by means of cooperation, or closing by means of control and security.     

The stability of the demand for money: The case of the corporate sector

Although there is general consensus on the determinants of the demand for money, the empirical performance of such money-demand equations has been unstable and poor in forecasting. In this study, the demand for money is empirically investigated on a disaggregated basis, by major sector, using Flow of Funds data, 1955i–1976iv. The results indicate that the empirical difficulties are specific to the corporate sector, that the problems in the corporate sector emerged during the later 1960s, and that foreign economic activity has become an important component in explaining holdings of cash by the corporate sector.