营商环境优化提升了企业全要素生产率吗？——基于中国A股上市公司的经验证据

基于2011-2020年城市营商环境指数与沪深A股上市公司数据，研究营商环境对企业全要素生产率的影响。结果显示：营商环境优化能显著提升企业全要素生产率；企业性质、融资约束和营商环境创新试点政策的差异对营商环境优化提升企业全要素生产率的作用力度不同；营商环境优化主要通过改善企业资本配置效率、激励企业技术进步、降低制度性交易成本和提高经济开放度四条途径提升企业全要素生产率。     

最低工资标准对绿色全要素生产率的影响研究

运用固定效应模型,依据手工查找最低工资标准数据和中国城市面板数据,考量最低工资标准对绿色全要素生产率的影响。结果表明：提升最低工资标准对绿色全要素生产率负向影响显著。机制检验显示：最低工资标准通过技术创新和要素替代效应两个渠道抑制绿色全要素生产率的增长。异质性分析显示：最低工资标准对绿色全要素生产率的抑制作用存在区域、城市规模和城市等级的差异,对西部地区抑制作用显著,城市规模越小、行政等级越低,抑制作用越显著。鉴于此,应完善最低工资制度,加速推进要素禀赋结构转型,实施地区差异化的环境规制和技术升级政策,加强区域经济联动,协同推动绿色全要素生产率整体提升。     

银行竞争度、融资约束与企业全要素生产率 ——基于我国上市制造业企业数据的经验分析

本文选取2006-2019年我国A股上市制造业企业的年度数据,通过固定效应模型和中介效应模型实证分析了融资约束与银行竞争度对企业全要素生产率的影响。结果显示,银行竞争度的提升和融资约束的缓解总体上促进了企业全要素生产率的提高,企业所受融资约束的程度越大,银行竞争度提升对企业全要素生产率的促进作用就会越强;提升企业内部现金流水平将有助于减轻银行竞争度下降所带来的对全要素生产率的负面影响;企业规模越小、管理费用率越低、成长性越好的企业,银行竞争度的提升对其全要素生产率的促进作用就会越大。     

高管海外经历对企业投资效率的影响——基于政治关联的调节作用北大核心

基于高阶理论和社会资本理论,以2010-2017年A股民营上市公司为样本,研究高管海外经历对企业投资效率的影响以及政治关联在两者关系中的调节作用。研究结果表明:第一,海外经历是知识转移的重要途径,海归高管在国外积累的专业知识和管理技能有助于提升企业投资效率,这种影响在过度投资企业中表现得更加明显。第二,政治关联的资源效应和信息效应正向调节高管海外经历和企业投资效率之间的关系;对于投资不足企业,政治关联可以缓解企业面临的资源瓶颈,强化高管海外经历的智力资本效应。上述研究结论表明,吸引优秀海归人才对企业提升投资效率、促进长期发展具有显著的正面影响,但这种效应的发挥需要有良好的制度环境和市场环境作为保障。为了增强“人才引进”政策的实施效果,要完善税收、社保、医疗、子女教育等配套政策,为海归人才在国内就业、创业提供有力支持;要完善相关制度,改善企业营商环境,加强政府服务职能建设,为企业提供有力的基础设施保障和政务服务支持。     

商誉减值存在同伴效应吗?——来自中国A股市场的证据北大核心

本文分别探究内部治理、外部治理和环境不确定性对企业商誉减值同伴效应的影响。研究发现,企业商誉减值过程中存在明显的同伴效应,高管团队的内部治理与分析师的外部治理会显著削弱商誉减值同伴效应;而环境不确定性则会显著增强商誉减值同伴效应。进一步研究发现,高管团队教育背景和职能背景的差异越小,高管团队内部治理对商誉减值同伴效应的削弱作用越强。     

数字普惠金融、供应链金融与企业全要素生产率——以制造业为例北大核心

本文以2011—2020年制造业上市公司的微观数据为基础,用LP法构建企业全要素生产率指标,从供应链金融的视角考察数字普惠金融与企业全要素生产率之间的关系及作用机制。研究发现:数字普惠金融对企业全要素生产率有显著的促进作用,随着数字普惠金融的发展,企业全要素生产率会有一定的提高,但是这种促进作用会受企业所处地区的经济发展状况、市场化进程、制度环境等因素的影响;同时,数字化程度等也对企业全要素生产率有积极作用;机制检验发现,数字普惠金融可以通过带动供应链金融发展、促进企业创新等路径提高企业全要素生产率。     

全要素生产率提升有助于抑制企业金融化吗? ——来自中国A股上市企业的经验证据

本文运用2007-2017年我国上市企业数据,围绕全要素生产率对企业金融化的影响以及这种影响在不同所有制、不同融资约束企业之间的差异性进行实证研究,结果表明:一是全要素生产率的提升显著抑制了实体企业金融化的倾向,这种抑制效应在国有企业中表现得更加明显;二是从融资约束角度来看,全要素生产率提升有助于抑制高融资约束企业的金融化倾向,而对低融资约束企业金融化的影响不显著。由上述研究结论可以得到以下两点启示:一是要重视发挥全要素生产率在促进实体企业经营绩效改善中的作用,引导企业特别是国有企业走依靠公司治理改革、运营机制创新、组织管理变革等方式提升市场竞争力的内涵式发展道路,避免企业过度依赖要素资源特别是金融资源投入和资本运作来实现规模扩张、利润增加。二是要积极推进金融供给侧结构性改革,着力改善金融资源供给结构并提升供给效率,将发挥好全要素生产率在企业经营管理中的作用与推动企业"去杠杆"有机结合起来,完善对企业管理人员的绩效考核机制,将企业全要素生产率改善、企业价值提升作为经营考核目标,抑制一部分实体企业推行过度金融化的倾向。     

科技金融政策提高了企业全要素生产率吗?——来自中国工业企业的证据北大核心

本文以2011年实施的科技政策作为准自然实验,运用PSM-DID方法实证检验了科技金融试点对工业企业全要素生产率的影响。研究发现,科技金融政策显著提高了企业全要素生产率,在经过一系列稳健性检验后结论依然成立。机制分析表明,科技金融政策的实施能缓解企业融资约束并提高企业创新能力。异质性分析发现,政策效应在传统行业、高外部融资依赖行业和制度环境较差的地区表现更明显,且对非国有企业和成长期企业的影响较大。     

企业所得税税负对制造业上市公司全要素生产率的影响——基于不同要素密集型企业的分类研究

本文基于制造业各行业受要素驱动的差异性特征,使用2008—2019年制造业A股上市公司数据,实证检验税收负担对不同要素密集型制造业企业全要素生产率的影响。研究发现:不同类型制造业的企业所得税对全要素生产率的影响存在差异;从直接效应来看,对制造业企业而言,降低所得税税负并不是提高其全要素生产率的有效措施;对技术密集型制造业企业而言,中介效应的检验结果显示研发投入强度在所得税税负影响其全要素生产率的过程中发挥着遮掩效应,降低所得税税负水平有利于促使企业扩大研发投入,并通过该路径显著提升其全要素生产率;对资本密集型制造业企业而言,降低所得税税负有利于促使企业扩大固定资产投入,进而提高其全要素生产率。     

内部董事声誉、制度环境与上市企业银行贷款 ——来自中国A股上市公司的经验证据

本文基于信息不对称理论探讨上市企业内部董事声誉对其银行贷款的影响。以2003～2016年A股上市公司为样本进行研究发现:内部董事声誉对企业银行贷款具有显著影响;拥有声誉良好的内部董事的企业相对没有具备良好声誉的内部董事的企业,获得的银行贷款数量更多,期限更长,成本更低。进一步研究发现,该作用受到外在制度环境因素的影响,在市场化水平越低的地区,声誉对银行借款的影响越显著,即声誉在外在制度环境不完善的地区可作为正式制度的替代机制,帮助企业缓解融资难融资贵问题。     

Parent-subsidiary dispersion and executive excess perks consumption

We investigate the impact of parent-subsidiary dispersion on the corporate executives' excess perks consumption using comprehensive data of 1784 Chinese listed firms over the 2003–2017 period (i.e., total firm-year observations of 24,976). We argue that firms with greater geographic and institutional environment dispersion are subject to an acute information asymmetry problem, which makes it difficult and costly for shareholders and the public to monitor managerial actions and hence, facilitates managers to consume perks excessively. Consistent with this assertion, we find a positive relationship between parent-subsidiary company dispersion and executives' excess perks consumption. These patterns are not likely to be driven by the firms' endogenous choice and remain robust to various proxies for parent-subsidiary dispersion and executives' excess perks consumption. In addition, our results also show that firms with a greater dispersion between parent and subsidiary companies have higher investor recognition. However, investor recognition does not appear to negatively impact the rate of executives' excess perks consumption, which may explain why executives' excess perks consumption is not mitigated in firms with greater parent-subsidiary dispersion.     

Government audit supervision,financialization, and executives' excess perks: Evidence from Chinese state-owned enterprises

In recent years, the phenomenon of corporate financialization has become increasingly prevalent in China. This paper uses data from Chinese state-owned listed firms from 2006 to 2018 to investigate whether large-scale financial investments by companies facilitate executives' excess perk consumption, and whether government auditing, as an important component of the national governance system, can play a governance role in this behavior. The results show that corporate financialization behavior significantly exacerbates executives' excess perks, and government auditing can mitigate the effect of corporate financialization on executives' excess perk consumption. We find that increased cash flow is the mechanism by which financialization behavior positively affects executives' excess perks. Furthermore, this study reveals that the implicit corruption of state-owned enterprise executives through corporate financialization is primarily based on compensation psychology, which will reduce the effectiveness of monetary compensation contracts. However, government auditing can effectively constrain this influence.     

董事会报告可读性、制度环境与分析师预测——来自我国上市公司的经验证据

依据2007-2016年中国上市公司数据,考量上市公司董事会报告可读性、制度环境对证券分析师盈利预测表现的影响。结果发现：董事会报告可读性越好,分析师预测越准确,分析师预测的分歧度也越小;考虑宏观制度环境的影响,上市公司所处地区的制度环境越好,分析师盈利预测的准确度越高,分歧度越小,受到董事会报告可读性的影响越少。鉴此,应完善公司非财务信息披露和外部制度环境,从而提高分析师预测准确性,促进资源有效配置。     

Does international experience of managers bring financing benefits? Evidence from the cost of equity capital

Using a sample of Chinese firms, this study examines whether and how managers’ overseas experience affects a firm’s cost of equity capital. We document a negative association between managers’ overseas experience and the cost of equity capital. Mechanism analyses indicate that companies with returnee managers have better information quality and lower systematic risk; more institutional investors, media reports, and analysts following; and higher stock liquidity, all of which lead to a lower cost of equity capital. Further analyses show that chief executive officers (CEOs) with foreign experience have a more significant impact on the cost of capital than non-CEO managers with foreign experience and that managers’ overseas work experience has a more significant impact on the cost of capital than their overseas education. We also find that the impact of managers’ overseas experience is more pronounced when that experience is gained in common law countries compared to code law countries but weaker for state-owned enterprises and firms that are cross-listed or have foreign institutional investors. Overall, the results suggest that managers’ knowledge, skills, and ethical values imprinted from overseas experience, plus eyeball effects from media and analyst attention, can reduce the cost of equity capital.     

Employment mobility and pay for sector performance

We argue that executives' employment mobility significantly affects their pay for sector performance. In particular, as executives' outside employment options increase with social connections we hypothesize that better-connected executives receive greater pay for sector performance. Supportive of our hypothesis, we find that pay for sector performance is more pronounced when executives are better connected, both within and across industries. Further, intra-industry connections have a stronger effect when enforceability of non-compete agreements is weaker. While the prior literature finds that social networks impact the level of CEO pay through an information channel, our findings suggest that social networks also impact pay for sector performance through an outside employment options channel.     

水信息披露、机构投资者与股价同步性

基于2010-2016年中国A股高水敏感行业的322家上市公司数据,实证检验水信息披露对股价同步性的影响,以及机构投资者的调节效应。研究表明：水信息披露对股价同步性的影响呈倒U型,且在民营企业样本中尤其显著。在国有企业样本中,机构投资者的加入能促使水信息披露更好地融入股价;在民营企业样本中,只有在高水信息披露水平下,机构投资者才能更好地发挥调节作用。     

高管过度自信与现金股利相关性研究——基于融资约束的视角

〗以股改后2007~2011年A股上市公司为样本,考察融资约束对高管过度自信与现金股利支付关系的影响。结果发现：高管过度自信与上市公司现金股利支付之间具有负相关关系,但这种负向关系只有在非国有上市公司较为显著。进一步研究表明,高管过度自信与现金股利支付关系在不同股权性质下存在差异的主要原因来自于外源融资约束的影响,较强的外源融资约束加剧了高管过度自信对现金股利支付的降低效应,而外源融资环境的改善可以在一定程度上抑制高管过度自信对现金股利支付的降低效应。     

Agency cost,top executives' overconfidence,and investment-cash flow sensitivity — Evidence from listed companies in China

We examine the effect of agency cost on the relation between top executives' overconfidence and investment-cash flow sensitivity using the data from Chinese listed companies. We find that on average top executives' overconfidence leads to increased investment-cash flow sensitivity. However, this relation holds only for companies with state-owned entities as controlling shareholders. In contrast, the relation is not significant for non-state controlled firms. We construct proxy for agency cost and find that state-controlled companies have significantly greater agency cost than non-state controlled companies. Results on sub-samples sorted by agency cost again show that the positive effect of top executives' overconfidence on investment-cash flow sensitivity holds only for companies that exhibit high agency cost. Our results therefore suggest that agency cost has a significant impact on the relation between top executives' overconfidence and investment-cash flow sensitivity, and the investment distortion due to top executives' overconfidence behavior may be alleviated by reducing agency cost through elevated supervision.     

机构投资者担心企业应用衍生品进行投机吗-来自中国上市公司的证据

以2007-2011年应用过衍生品的中国上市公司为样本,检验机构投资者持股与企业应用衍生品及其投机行为的关系,研究发现:机构投资者担心企业应用衍生品尤其是应用衍生品的投机行为会损害其自身的利益,并且这种担心超出了机构投资者通过积极的监督来保障自身利益的意愿,因此,机构投资者倾向于减少对那些应用衍生品公司的投资,大多维持在一个较低的水平.此外,证据还表明:在我国上市公司中,机构投资者的投资并不普遍,份量也较轻;衍生品在我国上市公司中的应用亦不普遍并且应用的程度很低,大多数应用衍生品的公司是为了套保,但一旦投机则非常严重;机构投资者较为看重应用衍生品公司的成长性,而反感其业绩与盈余管理行为.     

Corporate governance,external market discipline and firm productivity

Using a sample of Australian companies over the 2000–2005 period, we examine the impact of internal corporate governance on firm's total factor productivity, taking into account the interaction between internal governance and external market discipline. Our empirical findings point to a substitution effect between product market competitiveness and firm-level corporate governance. Overall, internal corporate governance mechanisms – more efficient boards and greater CEO stock-based compensation – are effective instruments for improving firm productivity. However, internal governance is less effective when a firm faces a highly competitive product market. We find only weak empirical support for an association between firm's ownership structure and productivity, and no support for an association between industry takeover intensity and firm productivity.