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1.
朱静 《财务与金融》2011,(2):20-24,37
私募股权投资不仅是企业筹集股权资金的一种融资方式,还能优化企业法人治理结构,对经理人实施激励约束作用,进而增加企业价值,改善企业经营绩效.本文选取深交所中小企业板块的233户上市公司为研究样本,实证研究发现:在控制了公司规模和财务杠杆度后,私募股权投资与公司价值和公司经营绩效呈显著的正相关关系.  相似文献   

2.
金融市场     
《银行家》2004,(6)
中小企业板首家上市公司为浙江新和成 5月27日下午深圳证券交易所在深圳五洲宾馆举行中小企业板启动仪式,标志着中小企业板正式启动。浙江新和成股份有限公司为首家中小企业板块上市公司,于5月27日晚发布首份招股公告,股票简称为“新和成”,股票代码为“002001”。  相似文献   

3.
中小板块上市公司资本结构分析   总被引:2,自引:0,他引:2  
融资难一直是影响我国中小企业发展的关键问题之一。2004年中国证监会批准在深圳证券交易所设立“中小企业板”,为中小企业开拓了更为广阔的融资空间。虽然上市后中小企业融资难问题有所改善,但中小板块上市公司资本结构仍不够合理,需要不断优化。本文通过对中小板块上市公司财务数据的统计分析,揭示了中小板块企业资本结构存在的不合理之处,并提出一些优化中小板块上市公司资本结构的建议。  相似文献   

4.
《深交所》2010,(7):71-72
深交所要闻 7月13日。深交所在南京举办中小企业板上市公司2010年监管与发展座谈会暨董秘培训班。深交所理事长陈东征在会上指出,近年来,国务院及有关部门多次强调要推进多层次资本市场建设,完善中小企业股权融资机制,积极发展中小企业板。在当前形势下,大力发展中小企业板,促进中小企业成长壮大,  相似文献   

5.
创造价值是上市公司的根本目的及其具备投资价值的基础.本文采用资本成本收益分析法对1997-2006年十年间我国A股市场上市公司的资本成本和股东要求的资本回报率进行了实证分析,结果表明整体而言,此期间上市公司股东要求的资本回报率平均高于同期银行存款利率与五年期国债利率平均值,但低于银行贷款利率平均值,上市公司创造价值能力低,整体上投资价值不大.文章分析了我国A股市场上市公司资本回报率低的原因,指出增强企业资本成本意识,加速债券市场发展,提高上市公司的整体质量进而提升其创造价值的能力,是提高我国A股市场上市公司投资价值的根本途径.  相似文献   

6.
陈峥嵘 《银行家》2004,(6):60-62
深交所谋划数载的“中小企业板”终于揭开面纱。经国务院批准,中国证监会5月17日正式发出批复,同意深圳证券交易所在主板市场内设立中小企业板块,并核准了中小企业板块实施方案。设立中小企业板尘埃落定,深交所终于可以长舒一口气了。有人说,从这一天起,利用资本市场培育我国中小企业成长的新时代已经到来,而中国的“纳斯达克”之梦也不再那么遥不可及,我们希望一切果真能如人们所想象的那般美好。  相似文献   

7.
本文在已有的研究成果的基础上结合中小企业板的特征,时中小企业板上市公司IPO过程中的盈余管理进行理论与实证研究,试图提出一些防范中小企业板上市公司盈余管理的政策建议.  相似文献   

8.
报告对我国中小企业板(以下简称“中小板”)与其上市公司、区域经济和风险投资(以下简称“风投”)等三个发展互动问题进行了理论和实证研究,主要内容如下:1.中小板市场职能及其形成机制可在一定程度上满足中小企业的内生需求;已上市中小板公司产生了明显的示范、引导、规范和激励效应,对未上市中小企业产生了巨大的间接影响,并促使其成长为中小板的上市资源。  相似文献   

9.
我国中小企业板块上市公司成长性实证研究   总被引:4,自引:0,他引:4  
利用最新的深市中小企业板块年报数据,对成长性及相关财务指标进行了实证分析.回归分析表明,中小板企业的净利润增长率与净资产收益率显著正相关,与资产负债率显者负相关.结合实证分析的结果,对中小板块上市公司的进一步成长提出建议.  相似文献   

10.
资本市场退市制度创新与实施框架   总被引:5,自引:0,他引:5  
国内外证券市场发展的经验表明,一个完整的证券市场制度不仅包括发行、上市和交易制度,还应包括退市制度.通过退市制度建立起优胜劣汰的市场机制是证券市场可持续发展的制度保证.因此,上市公司退市制度的建立和改革引起了社会各界的广泛讨论和研究.今年5月,中小企业板的顺利推出,迈出了创业板市场分步建设的实质性步伐,初步形成了中国多层次资本市场体系的雏形.在这样的背景下,如何构建符合中国市场实际、同时又与国际接轨的退市制度使资本市场功能得到充分发挥,对中小企业板块乃至整个市场的发展具有重要的现实意义.  相似文献   

11.

We propose a fully Bayesian approach to non-life risk premium rating, based on hierarchical models with latent variables for both claim frequency and claim size. Inference is based on the joint posterior distribution and is performed by Markov Chain Monte Carlo. Rather than plug-in point estimates of all unknown parameters, we take into account all sources of uncertainty simultaneously when the model is used to predict claims and estimate risk premiums. Several models are fitted to both a simulated dataset and a small portfolio regarding theft from cars. We show that interaction among latent variables can improve predictions significantly. We also investigate when interaction is not necessary. We compare our results with those obtained under a standard generalized linear model and show through numerical simulation that geographically located and spatially interacting latent variables can successfully compensate for missing covariates. However, when applied to the real portfolio data, the proposed models are not better than standard models due to the lack of spatial structure in the data.  相似文献   

12.

Recursive formulae are derived for the evaluation of the moments and the descending factorial moments about a point n of mixed Poisson and compound mixed Poisson distributions, in the case where the derivative of the logarithm of the mixing density can be written as a ratio of polynomials. As byproduct, we also obtain recursive formulae for the evaluation of the moments about the origin, central moments, descending and ascending factorial moments of these distributions. Examples are also presented for a number of mixing densities.  相似文献   

13.
The Japanese disclosure system of consolidated statements was introduced in 1977 and extensively revised in 1997. The role of the bureaucracy has been significant in these developments and seems to be part of Japan's closed culture. However, other explanations could also be applied. In particular, although Japanese firms opposed such disclosures on the basis of preparation costs, the Japanese government had to modernize the disclosure system, including consolidation, in order to develop the securities market regardless of an individual company's interests.  相似文献   

14.
After the Second World War, during the neutralization of the controlled economy of wartime Japan, a design for a Corporate Accounting Law was elaborated by the Investigation Committee on the Business Accounting System. The Investigation Committee tried to establish not only new business accounting standards but also a central and independent administrative organ of corporate accounting regulation on the basis of the Corporate Accounting Law. The Corporate Accounting Law was expected to lay the legal foundation of the new corporate accounting regulation regime in Japan. Nevertheless, even though the original design of the fundamental accounting law was never realized, it should be considered the starting point for our understanding of external accounting history in post-war Japan.  相似文献   

15.
This paper examines the way two accounting techniques, namely depreciation and foreign exchange, were deliberated on, between 1870 and 1900, in an Indian jute company whose shareholders resided in the UK. The arena for these deliberations was the conflictual relationship between controlling and non-controlling shareholders as to how best to account for depreciation and foreign exchange especially when the particular accountings affected distributional issues such as the dividend decision. The purpose of this paper is to analyse and explain the processes by which a company's accounting practices emerge and develop as a contest between different interests. Accounting framed the parameters of the deliberations and provided the language of power and dissent. The paper uses a rich archive that includes narrative and accounting material.  相似文献   

16.
Short selling may accelerate stock price adjustment to negative news. However, the literature provides mixed evidence for this prediction. Using short-sale refinancing and a staggered difference-in-differences (DID) model, this paper explores the effect of short selling on stock price adjustment. Our results show that (1) short-sale refinancing improves the speed of stock price adjustment to negative news. This result holds after we control for endogeneity. (2) The positive relationship between short-sale refinancing and stock price adjustment speed is significant in subsamples of stocks with higher earnings management or lower accuracy of analyst forecasts, indicating that firms with more opaque information are more likely to be targeted by short sellers. In subsamples of stocks with a higher ownership concentration or lower ownership by institutional investors, short selling is more likely to increase the speed of stock price adjustment, indicating that ownership structure may influence negative news mining. (3) As short-sale refinancing exacerbates the absorption of bad news by stock prices, it increases crash risk. This study enriches the research on the economic consequences of short selling and provides empirical evidence supporting regulations on short selling in China.  相似文献   

17.

We introduce an expected utility approach to price insurance risks in a dynamic financial market setting. The valuation method is based on comparing the maximal expected utility functions with and without incorporating the insurance product, as in the classical principle of equivalent utility. The pricing mechanism relies heavily on risk preferences and yields two reservation prices - one each for the underwriter and buyer of the contract. The framework is rather general and applies to a number of applications that we extensively analyze.  相似文献   

18.
正The China Journal of Accounting Research"CJAR"(ISSN 1755-3091)publishes quarterly.It contains peer-reviewed articles and commentaries on accounting,auditing and corporate governance issues that relate to the greater China region.We welcome the submission of both theoretical and empirical research papers pertinent to researchers,regulators and practitioners.Authors should note:1 Submissions must be original  相似文献   

19.
China’s slowing economic growth and rapid urbanization have made local government debt financing a significant issue.This study uses a sample of China’s provinc...  相似文献   

20.
Historically, Japanese accounting standards have been quite distinct from International Accounting Standards (IASs) which have been perceived as being modelled on British-American accounting standards. However, in the 1990s, after the publication of E32 in 1989 and the IASC-IOSCO Agreement in 1995, the Business Accounting Deliberation Committee (BADC), the standards-setting body in Japan, has pursued a policy of harmonization with IASs. Accounting standards relating to consolidated financial statements of companies that make cross-border offerings of securities or operate worldwide are being revised drastically. This paper focuses on the development of international accounting harmonization and its impact on Japan.  相似文献   

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