首页 | 本学科首页   官方微博 | 高级检索  
相似文献
 共查询到20条相似文献,搜索用时 125 毫秒
1.
对我国资本市场产生重大而持续影响的股权分置改革已基本完成,国内外学者对股权分置改革进行了多方面的研究。本文从股权分置改革的法理基础研究、股权分置改革过程中对价支付问题、股权分置改革与投资者关系、股权分置改革与盈余管理、股权分置改革的市场影响等几个方面对现有关于股权分置改革的具有代表性的研究进行了文献述评。  相似文献   

2.
高明华 《经济与管理》2006,20(11):65-68
股权分置改革的实质是一种强制性的制度变迁。在这一制度变迁过程中,通过对价弥补制度安排对参与方造成的损失并获取良好的整合效果是改革成败的关键所在。对价问题是股权分置改革的核心问题,研究并掌握对价相关理论与实务是保护投资者利益、促进证券市场稳定发展的重要途径,同时也是股权分置改革成败的关键。  相似文献   

3.
彭代武  高燕 《技术经济》2009,28(1):85-91
我国股权分置改革中上市公司非流通股股东对流通股股东的对价支付是为了解决股权分置问题、促进资本市场健康发展的一种制度安排。本文以截至2007年12月31日完成股权分置改革并复牌的上市公司为样本,对股权分置改革方案的市场效应进行实证研究。研究发现:股权分置改革显著提升了上市公司的市场绩效,客观上将上市公司与非流通股和流通股的利益更紧密地联系在一起;在上市公司股改对价支付的各种方案中,送股方式的市场效应最显著,派现与其他对价支付方式的市场效应较小。  相似文献   

4.
论证了股权分置格局下非流通股流通权的看涨期权性质,从而揭示了股权分置改革对价问题的理论基础,在定性方面澄清了过去对"流通股含权"的模糊认识,为股权分置改革对价问题的估算提供了一个新的视角.  相似文献   

5.
李庆峰 《时代经贸》2007,5(10X):1-2
论证了股权分置格局下非流通股流通权的看涨期权性质,从而揭示了股权分置改革对价问题的理论基础,在定性方面澄清了过去对“流通股含权”的模糊认识,为股权分置改革对价问题的估算提供了一个新的视角。  相似文献   

6.
中国上市公司的股权分置问题是建设市场经济过程中遗留的重大制度缺陷。股权分置已成为资本市场健康稳定发展的瓶颈,其改革势在必行。通过建立博弈模型我们认为,解决股权分置的基本思路应是通过各方博弈,由非流通股股东向流通股股东支付对价来获取流通权。股权分置改革必然会伴随着股市的震荡和博弈各方的冲突与妥协。因此,参与博弈的各方都应充分认识这次改革的艰巨性和复杂性。  相似文献   

7.
一、解决股权分置问题的基础 股权分置改革问题的研究很大程度上是关于对价问题的研究.对于该问题需要有以下几点认识.  相似文献   

8.
本文首先探讨了上市公司股权分置改革的重要意义,通过股权分置改革对价方案设计的理论基础的分析,认为对价方案的设计和测算都需要对市盈率(或市净率)水平及流通股和非流通股的价格进行合理取值。  相似文献   

9.
康鹏 《经济论坛》2006,(10):113-114
一、前言自中国证监会于2005年4月29日发布《关于上市公司股权分置改革试点有关问题的通知》,宣布启动股权分置改革试点工作以来,截至2006年2月,已经有21批共586家上市公司进行了股权分置改革。这些公司均采用非流通股东向流通股东送股、认股权证或支付现金的“对价”方式。“对价”(consideration)原本是英美合同法上的效力原则,其本意是“为换取另一个人做某事的允诺,某人付出的不一定是金钱的代价”,也许是“购买某种允诺的代价”。可见,股权分置中“对价”是非流通股股东为了非流通股的流通,向流通股股东所支付的代价。本文将从历史根源…  相似文献   

10.
由于一个公司业已形成的公司治理原则和实践会影响股权分置改革中对价的确定,因而股权分置改革中的对价确定为我们从新的角度检验我国上市公司治理机制的有效性提供了机会。本文基于股权分置改革对价确定这一特殊的公司治理事件,从新的角度检验了我国上市公司现存公司治理机制的有效性,从而为判断目前我国上市公司治理现状提供了新的证据。本文的研究表明,在我国上市公司现存的公司治理机制中,控股股东之外的积极股东的存在成为目前阶段较为有效的公司治理机制,而发行B股或H股、债务融资对经理人挥霍自由现金流的约束以及董事会的治理作用还有待于进一步改进。由于一个公司业已形成的公司治理原则和实践会影响股权分置改革中对价的确定,因而股权分置改革中的对价确定为我们从新的角度检验我国上市公司治理机制的有效性提供了机会。本文基于股权分置改革对价确定这一特殊的公司治理事件,从新的角度检验了我国上市公司现存公司治理机制的有效性,从而为判断目前我国上市公司治理现状提供了新的证据。本文的研究表明,在我国上市公司现存的公司治理机制中,控股股东之外的积极股东的存在成为目前阶段较为有效的公司治理机制,而发行B股或H股、债务融资对经理人挥霍自由现金流的约束以及董事会的治理作用还有待于进一步改进。  相似文献   

11.
This paper provides the first micro-level evidence for the existence and patterns of intra-national protectionism in China. We demonstrate that drug advertising inspections are used by provincial governments to discriminate against firms from outside the province. We further reveal systematic patterns in the degree of discrimination across firms: those from neighboring areas, those from regions with more economic links to the destination province, those from provinces with a stronger presence in the market, and those with political ties to “allied” provincial governments are less likely to be targeted. Our findings highlight the unique politico-economic structure in China and confirm that giving local governments strong incentives to compete with each other may exacerbate the market distortions inherent in a partially reformed economy.  相似文献   

12.
In this article, we consider starting point bias as a heterogeneous phenomenon, that is, respondents in contingent valuation surveys do not anchor in the same way. We study the consequences of a mistaken assumption of homogeneous anchoring for the analysis of the shift effect in multiple-bounded dichotomous choice format, when respondents really have heterogeneous anchoring. We show that the shift effect, generally interpreted as incentive incompatibility or “yea”-saying, can be the spurious outcome of disregarded heterogeneous anchoring.  相似文献   

13.
This paper examines the sensitivity of executive compensation to luck based on Chinese listed companies. To identify the causal effect, we rely on companies’ market performances driven by exogenous oil prices. We document a positive relationship between executive compensation and market performance driven by oil prices, which support the story of pay for luck. Moreover, by introducing a natural experiment China in 2015, i.e., the policy of “CEO compensation limit” in state-owned firms, we show that the shock of CEO compensation limit significantly weakens the effect of pay-for-luck. We further show that there is asymmetry in pay for luck. Specifically, when oil prices rise, executive compensation is more sensitive to good luck. In addition, the sensitivity of executives to pay-for-luck is more pronounced in firms with state-owned, higher equity concentration, and related party transaction.  相似文献   

14.
市场化、政府干预与股票流动性溢价的分配   总被引:5,自引:0,他引:5  
本文运用博弈论的思想和方法,结合股改实际,分别构建在市场化和政府干预下"均衡对价"的理论模型,分析了政府干预对流通股东利益流失的影响,并收集1004家股改公司的数据对政府干预与股改对价之间的关系进行实证检验,以此考察市场、政府干预与股票流动性溢价分配三者之间的关系。本文理论模型分析表明,与市场化情况相比,政府干预压缩了博弈双方的对价策略空间,进而降低了"均衡对价"水平,造成流通股东利益的流失;以宝钢股份为例对流通股东利益流失程度的数据模拟表明,与市场化情况相比,政府干预给流通股东每股所能获得的对价带来的损失达到1/4;实证结果表明,政府干预会影响股改对价的高低,随着政府干预力度的增强,国有控股公司所支付的对价降低,从而支持了本文的理论模型和研究假设。  相似文献   

15.
中国矿难治理取得了不可忽视的成就,但总结其成功经验的研究尚显不足。本文认为安全生产的总量指标控制是一种降低中国煤矿企业矿难死亡人数的有效方式。笔者手工搜集了2002—2006年中国煤矿企业矿难死亡人数和省级安全生产控制考核数据,并与工业企业数据库进行匹配,发现单个煤矿事故死亡人数和同地区其他煤矿事故死亡人数之间显著负相关,说明企业间存在指标竞争现象。广义双重差分回归结果显示,在控制指标越少的省份,企业间指标竞争越激烈。异质性分析发现,在超标省份或者主管官员晋升的关键时期,指标竞争更加激烈。最后,单个煤矿企业死亡人数与异省邻市矿难死亡人数不相关,排除了矿难导致监管加强的“威慑效应”。本文的研究结果表明,煤矿安全生产总量指标控制对企业安全生产有显著作用。  相似文献   

16.
中国矿难治理取得了不可忽视的成就,但总结其成功经验的研究尚显不足。本文认为安全生产的总量指标控制是一种降低中国煤矿企业矿难死亡人数的有效方式。笔者手工搜集了2002—2006年中国煤矿企业矿难死亡人数和省级安全生产控制考核数据,并与工业企业数据库进行匹配,发现单个煤矿事故死亡人数和同地区其他煤矿事故死亡人数之间显著负相关,说明企业间存在指标竞争现象。广义双重差分回归结果显示,在控制指标越少的省份,企业间指标竞争越激烈。异质性分析发现,在超标省份或者主管官员晋升的关键时期,指标竞争更加激烈。最后,单个煤矿企业死亡人数与异省邻市矿难死亡人数不相关,排除了矿难导致监管加强的“威慑效应”。本文的研究结果表明,煤矿安全生产总量指标控制对企业安全生产有显著作用。  相似文献   

17.
We report an experiment examining a simple clearinghouse model that generates price dispersion. According to this model, price dispersion arises because of consumer heterogeneity—some consumers are “informed” and simply buy from the firm offering the lowest price, while the remaining consumers are “captive” and shop based on considerations other than price. In our experiment we observe substantial and persistent price dispersion. We find that, as predicted, an increase in the fraction of informed consumers leads to more competitive pricing for all consumers. We also find, as predicted, that when more firms enter the market, prices to informed consumers become more competitive while prices to captive customers become less competitive. Thus, our experiment provides strong support for the model's comparative static predictions about how changes in market structure affect pricing.  相似文献   

18.
China's labor-intensive industries are characterized by low technology and high competition. The massive inflow of FDI in China's labor intensive industries is inconsistent with the conventional wisdom that FDI should be more prevalent in technology-intensive and low competition industries. To explain this puzzle, we offer a “fire sale” hypothesis: facing severe financial constraints, Chinese private firms give up their equity to form joint ventures with foreign firms in order to obtain financing. Using the garment industry as an example, we find that among domestic firms, the financial constraint index is highest for private firms and lowest for state-owned firms. We further estimate a probit model of joint-venture decisions by private firms. Our results suggest that those private firms with greater financial constraints are more likely to seek foreign joint ownership. The effect of financial constraints on joint venture decision is both statistically and economically significant.  相似文献   

19.
We demonstrate that, by exploiting more fully the distribution of leverage, conditional quantile regression methods yield new insights into the choice of leverage ratio. For UK listed companies we find that not only is the estimated effect of the explanatory variables different at different quantiles of the distribution, but also that the effect of a variable changes sign between low leveraged and high leveraged firms.   相似文献   

20.
In the period from 1995 to 2008, many countries experienced what we call the “value-added erosion.” It describes the decline in the sectoral shares of domestic value-added in a country’s exports as the country becomes more integrated into the global value chains (GVCs). We argue that the decline of the domestic value-added share in a country’s exports is likely to be caused by the expansion of high value-adding activities performed by foreign lead firms in the upper stream of the GVCs. The variables of interest — the domestic value-added share in exports and foreign high-skill labor embodied in a country’s exports (a proxy for foreign lead firms’ high value-adding activities) — are estimated using a multi-regional global input-output model. Using these results and other control variables, we apply a panel cointegration model to explain and assess the likelihood of value-added erosion and its possible determinants.  相似文献   

设为首页 | 免责声明 | 关于勤云 | 加入收藏

Copyright©北京勤云科技发展有限公司  京ICP备09084417号