从国外证券业变革看我国证券公司的未来发展

全球金融业通过资产重组和结构调整来实现多元化的经营战略,国外证券、保险、银行等金融机构之间的兼并或跨国兼并日趋频繁等表明.证券业发展已趋向国际化.我国证券公司应抓住经济结构调整带来的机遇,尽快完善公司治理结构、扩充资本规模、加强与国外同业合作,只有这样才能融入国际资本市场..     

跨国多元化的绩效研究：回顾与展望

近年来我国企业的跨国多元化经营发展迅速,然而国内有关跨国多元化的绩效研究较为少见。本文通过对相关研究成果进行回顾,归纳出跨国多元化变量的计量特点和其与公司绩效的关系模型种类,并对未来研究方向进行展望,为我国学者在未来跨国多元化的研究中提供了参考和借鉴。     

浅析负债融资与财务杠杆的相互作用

资本结构一直是财务管理领域的基础和核心问题,本文从负债融资的角度探讨财务杠杆及其对企业经营的影响。从财务风险的成因出发,分析了财务杠杆的作用原理,并用举例的方式介绍了财务杠杆对企业经营的影响,而且用表格对财务杠杆的性质作出了进一步剖析,最后回归到资本结构的角度,探讨资本结构对企业价值的影响,并对最优资本结构的基本原则和判定方法进行了初步探索     

新时期财务管理创新策略与理财内容拓展

随着市场经济的发展、资本市场的逐步完善,企业财务管理面临着巨大挑战,财务管理目标从单一目标发展为多元化结构,企业财务管理策略将实现财务再生策略,财务管理的理财内容也拓展到资本经营、基建招标和环境保护等领域。     

环境不确定性、多元化经营与资本成本

以2007-2013年的上市公司为研究对象,考察新兴市场中的微观环境因素如何影响企业的经营战略以及两者的交互作用对资本成本的影响。研究表明,环境不确定性与企业资本成本显著正相关,进一步发现,随着环境不确定性的增加,企业多元化经营程度呈现先升后降的趋势,而资本成本则随着多元化经营程度增加呈现先降后升的趋势。研究结果说明,在转型经济环境下,微观环境的不确定性加剧了企业与投资者和债权人之间的信息不对称程度,增加企业的资本成本,而企业实施多元化经营降低环境不确定性对企业资本成本不利影响的作用是有限度的。     

云南省上市公司资本结构和企业价值的实证研究

上市公司资本结构对企业价值的影响程度一直是学术界关注的焦点,本文试从对2005年云南省22家上市公司的财务报表进行深入地了解,研究资本结构和企业价值的关系,并引入多元化经营和总资产周转率这两个控制变量建立多元回归模型来进一步研究企业价值的影响因素。     

企业出口产品多元化研究——基于跨国并购的视角

在“走出去”战略实施过程中，我国企业跨国并购交易量不断增长，在这一背景下，本文利用海关数据库中的上市公司进出口交易数据以及Zephyr全球并购数据为样本，研究企业跨国并购交易对企业出口产品多元化的影响。研究发现：企业跨国并购交易有利于促进企业出口分布多元化。进一步影响机制检验结果表明，跨国并购能够通过贸易方式效应推动企业出口产品种类的增加，实现企业多元化经营。异质性分析结果表明，跨国并购对国有企业、大规模企业、制造业企业的作用效果更强。     

环境不确定性、多元化经营与权益资本成本

以2009~2012年我国 A 股上市公司为研究样本,检验环境不确定性及多元化经营对公司权益资本成本的影响。研究发现,环境不确定性越高则公司的权益资本成本也越高,同时在高环境不确定性背景下,多元化经营将有助于缓解环境不确定性与权益资本成本之间的正相关关系;进一步,对于政府控制公司,多元化经营能够更显著地降低环境不确定性所导致的代理问题,并且若其所处地区政府干预程度较低,则多元化经营缓解环境不确定性与权益资本成本之间正相关关系的作用越大。     

金融结构与资本配置效率——基于跨国比较的实证研究

本文从金融结构影响资本配置效率的机制出发,按照经济发展水平将样本国家分为OECD国家和发展中国家两组,基于跨国面板数据检验金融结构对资本配置效率的影响。跨国比较的实证研究表明在整体金融体系较为发达、市场化机制较完善的发达经济体,金融结构对资本配置效率的影响不显著。但对于金融基础设施、法律体系和制度环境都尚处于自我完善阶段的发展中国家而言,金融结构向直接融资的转向有利于促进资本效率的提高。     

构建多元化资本补充渠道

多元化融资渠道不仅有利于保险公司更有效地补充偿付能力,也是保险公司优化资本结构、实现稳健经营的前提之一资本管理是保险公司经营最核心的问题之一。保险业作为资本密集型行业,不仅要面对承保业务本     

International portfolio diversification: a synthesis and an update

This paper provides a synthesis of the existing literature on international portfolio diversification and presents some new results on the subject. We address the question of whether international portfolio diversification is always a reasonable method of reducing the risk of an investment portfolio without negatively affecting its return expectations. Unfortunately, there is still not a simple answer to this question. When ex-post data is examined, potential benefits of international diversification can certainly be detected. However, we also argue that it might be difficult for investors to select an optimal investment strategy ex-ante, when the correlation structure among the international equity is unstable over time. While such findings do not completely rule out the potential benefits of international diversification, they certainly make them more difficult to realize in practice.     

Diversification and Capital Structure: Some International Evidence

This study examines the effects of international and product diversification on capital structure with 232 firms from 30 countries. Results for the full sample show that international diversification is negatively related to financial leverage, but further analyses indicate that this is mainly attributable to US firms. For non-US firms, we fail to find a significant relationship. Results also show that product diversification is positively related to financial leverage, indicating that such diversification allows firms to reduce their risks, thereby enabling firms to carry higher debt levels.     

Possibility versus feasibility: International portfolio diversification under financial liberalization

Financial liberalization may have double-edged impacts on international portfolio diversification since it increases financial market integration and market correlation simultaneously. Financial market integration enhances the possibility of diversifying portfolios internationally, while financial market correlation reduces the feasibility of such a diversification benefit. Using a dataset of stock market across 35 countries over the period 2001–2021, this paper examines the “possibility versus feasibility” puzzle arising from international portfolio diversification under financial liberalization. The empirical results show that financial liberalization has a positive (negative or no) impact on diversification benefits in its early (medium or developed) stage respectively due to its dual effects. Moreover, market integration positively affects diversification benefits only in the early stage of financial liberalization, while market correlation consistently has a negative impact on diversification benefits. Furthermore, this paper proposes an integration-correlation-oriented (ICO) diversification strategy to address the “possibility versus feasibility” puzzle, enabling international investors to make appropriate decisions on international portfolio diversification under financial liberalization.     

Effect of diversification on capital structure

Previous empirical financial studies have paid little attention to the role of diversification strategy on financial choices. This study analyses the financing strategies of multibusiness firms, suggesting the relevance of sorting the diversification phenomena into its related and unrelated components. The implications of our findings are important because they explain earlier contradictory results on capital‐structure determinants and offer an explanation of how the degree of product specialization/diversification and the direction of diversification (related or unrelated) translate into different corporate financial behaviours.     

创业投资网络对投资绩效的影响研究——基于投资决策的中介效应检验

依据2007-2013年中国市场创业投资数据,运用基于Bootstrap抽样的结构方程模型,考量投资决策在投资网络影响机构投资绩效过程中的中介效应。结果表明:创业投资网络可以通过投资决策影响投资绩效,具有较高网络中心性或占据丰富结构洞位置的创业投资机构可以通过采用项目后期介入策略、地域分散投资策略和行业专业化投资策略,提高机构投资绩效。     

Is bank diversification a linking channel between regulatory capital and bank value?

This study investigates the interrelationship between bank regulatory capital and bank diversification. We argue that regulatory capital might act as a substitutive mechanism of diversification to alleviate a bank's default risk. As a result, regulatory capital is likely to discourage firms from excessive diversification, which might in turn indirectly improve bank value. Using a sample of listed banks in developed countries from 2011 to 2017, we find that total regulatory capital is inversely associated with bank diversification. Narrower regulatory capital ratios only have a significant association with income-based but not with asset-based diversification. Our results also reveal an indirect effect of regulatory capital on bank value mediated by bank diversification (i.e. indirect-only mediation). Overall, our study provides novel insights into the complementarity of the institutional and strategic domains so as to understand the far-reaching implications of regulation reforms for the strategic behaviour of banking companies.     

Ex-ante implications of sovereign default

I study how the possibility of default on external debts affects other capital allocation decisions in a small open economy. In the model, default has an option value derived from the randomization over ex-post default regimes, which depends on country-specific productivity shocks. This feature of default reduces incentives for ex-ante diversification, which would reduce exposure to the productivity shock. As a result, if the economys debt to capital ratio is allowed to cross a fixed threshold (identified in the model), the unique equilibrium exhibits an allocation of capital that is less productive in expectation and more volatile than in a benchmark model without default. The model therefore captures a number of salient features of emerging and less developed countries, where low levels of international risk-sharing have gone hand-in-hand with frequent and recurring default events.     

多元化战略与代理成本、公司业绩关系的实证研究

本文主要研究上市公司采取多元化战略后对公司代理成本及公司业绩的影响。许多学者对目前多元化折价现象进行了解释,认为由于内部资本市场的无效率导致了多元化公司的资源配置没有发挥着理论上应该具备的优势;很多学者从代理问题出发来解释多元化折价现象,但是针对代理成本与多元化程度的关系做实证检验就很少。验证多元化是否真的提高了代理成本,本文正是基于这一点来展开研究的。结论为代理成本与多元化程度成正比,公司业绩与多元化程度成反比。     

制度变迁、多元化行为与经营绩效——基于中国银行业的实证研究

按照“制度—行为—绩效”范式构建商业银行多元化分析框架,采用中国上市银行2003～2013年的面板数据,就制度变迁、多元化行为与商业银行经营绩效之间的关系进行实证研究.研究发现:以利率市场化为主要特征的金融制度变迁影响了商业银行的多元化经营行为,利率市场化改革促使商业银行向多元化发展转型;在制度变迁的背景下,利率市场化与多元化的交互作用对商业银行经营绩效的提升起到了一定作用,制度变迁通过影响商业银行的多元化行为,从而影响商业银行的经营绩效.对此,金融监管部门在推动宏观金融调控从以数量为主向以价格为主转变的过程中,应注重宏观审慎监管与微观审慎监管的协调推进,对金融机构实施分类监管,允许商业银行适度开展多元化经营,而商业银行也应根据资本水平和业务实际,审慎选择多元化发展路径.     

Homemade international diversification under economic policy uncertainty

We examine how US mutual funds that invest domestically make portfolio adjustments by incorporating US-listed foreign stocks (cross-listed stocks) when faced with US market economic policy uncertainty. We document a positive association between US economic policy uncertainty and US mutual funds’ weight of cross-listed stocks, and find that the effect is concentrated in funds that mainly invest in the US domestic market. The findings are not sensitive to the instrumental variable approach, model specification, sampling, variable definition, and controlling for macro characteristics. Funds with higher weight of cross-listed foreign stocks when US economic policy uncertainty increases outperform other funds, indicating the rationality of such an investment strategy. A long-short portfolio generates 3.4% annualized abnormal return in the immediate following quarter. Our study shields light not only on the international diversification benefit of US-listed foreign stocks but also on the importance of capital market openness for domestic investors.