债务融资与公司绩效关系再分析——基于汽车制造业上市公司数据的单方程模型OLS估计方法验证

实证检验结果显示我国汽车制造业上市公司债务融资水平与公司绩效呈现显著负向影响,期限结构对绩效影响不显著。我国汽车制造业企业债务融资"边际要素生产力"下降、国企背景限制债务融资约束效力及债务期限结构失衡,是形成上述检验结果的原因。为此,应在降低债务融资总水平的同时适当增加长期债务融资比重、增加民营资本比重,进一步发挥企业债券市场作用、完善资本市场,以改善我国汽车制造业上市公司绩效。     

社会资本对中小企业债务融资可得性和融资结构影响研究——基于创业板上市公司的实证分析

本文以深圳证券交易所创业板上市的171家公司为样本,选取企业横向社会资本、纵向社会资本和企业特有社会资本等三个维度7个指标,构建企业社会资本度量指标体系,采用固定时间效应模型的均衡面板数据分析方法,研究社会资本对企业债务融资可得性和融资结构的影响。研究结果显示,政企关系对企业债务融资可得性有不显著正向影响,但企业高管曾在银行任职、银企借贷关系时间和银企多元化关系对企业债务融资具有显著正向促进作用,国有控股和机构投资者控股则对其具有显著负向影响,无形资产对企业债务融资具有正向影响。企业社会资本都有助于企业获得长期债务融资。除此之外,企业营业利润率、企业实际税率、企业规模、资产担保价值和企业成长性都对企业债务融资可得性和融资结构具有一定的影响。     

战略性新兴产业企业融资效率实证分析--以甘肃省为例

融资效率是衡量企业资金投入效果的核心标准。文章基于企业融资结构视角,选取2010年1季度-2015年3季度10家甘肃省战略性新兴产业上市公司样本,运用面板数据模型实证分析了甘肃省战略性新兴产业企业融资效率。实证结果表明：甘肃省战略性新兴产业企业债务融资效率最高,内源融资效率次之,股权融资效率不显著;不同期限的债务中,短期债务与企业利润负相关,长期债务则与企业利润正相关。最后,文章提出了加大银行信贷支持、拓宽资本市场融资渠道以及提升企业自身价值的建议。     

谈我国上市公司股权融资偏好

目前,我国上市公司的融资顺序表现为股权融资、短期债务融资、长期债务融资和内源融资,即我国上市公司的融资顺序与现代资本结构理论关于啄食顺序原则存在明显的冲突,表现为股权融资偏好。     

上市公司融资方式选择的偏好顺序分析——来自四川的经验数据

论文以2006-2010年四川省53家上市公司为样本,对其融资方式选择的偏好顺序及影响因素进行实证分析。研究结果与融资优序理论相悖,四川上市公司的融资偏好顺序依次为短期债务融资、股权融资、长期债务融资、内部融资。其中,短期偿债能力、长期偿债能力、资产营运能力、资产盈利能办、市场竞争能力、股利支付能力在不同程度上分别影响上市公司的内部融资度、债务融资度和股权融资度。     

我国资本市场发展和上市公司融资现状调查分析

自1990年开始,我国资本市场经历了20多年的发展,股票市场、债券市场和期货市场都得到了较快的发展,为我国企业融资提供了广阔的空间.随着资本市场的发展,股权融资极具规模优势,股权流动性逐渐提高,企业债券作为融资工具的地位日益升高,但债券融资仍不占主导地位,与成熟国家资本市场融资相比仍有一定区别.同时我国上市公司存在一定程度的股权融资偏好,整体负债水平偏低,我国上市公司债务期限结构不合理,短期负债比率过高.     

债务融资期限结构与融资效率的实证研究

企业的融资效率分为资金筹集过程中的宏观融资效率和资金使用过程中微观融资效率.从债务融资期限差异的角度出发,通过实证检验不同期限的银行信贷资金对企业微观融资效率的影响可以发现.短期债务资金和融资效率显著负相关,并低于长期债务资金的融资效率,不支持委托代理理论认为的短期债务资金能更有效地降低代理成本、提高资金使用效率的结论.     

市场时机与中国上市公司投资行为——基于股权融资渠道的实证检验

文章选取中国A股市场2004-2009年面板数据,实证检验了中国市场时机影响公司投资的股权融资渠道,并深入分析了市场时机影响上市公司投资的机理过程及经济后果。结果表明,中国资本市场存在显著市场时机影响公司投资的股权融资渠道,通过分析市场时机对公司投资—现金流敏感度的影响,发现股权融资渠道在缓解融资约束公司投资不足的同时也造成了非融资约束公司的过度投资。最后,实证检验表明,市场时机对上市公司投资效率的影响显著为负。     

持股金融机构对企业负债融资与债务结构的影响——基于上市公司的实证研究

本文通过对2007年至2011年我国A股615组配对公司的实证研究发现:持股金融机构不仅能够为企业带来更多的债务资金,包括短期债务资金和长期债务资金,而且有利于企业改变负债结构,即提高融资成本较低的短期债务融资比重,降低融资成本较高的长期债务。此外,相对于国有上市企业而言,民营上市公司持股金融机构更有利于改变其债务融资水平与债务结构。进一步区分金融机构类型后发现,持股金融机构对企业负债融资和债务结构的影响主要来自于持股非银行类金融机构。     

政企关系、金融发展与企业融资——来自中国企业的经验证据

在公平竞争机制缺失的转型经济中,良好的政企关系能够帮助企业获取更多额度的短期债务融资。本文使用世界银行2005年中国企业的微观调查数据,并与中国工业企业数据进行合并,实证考察政企关系对企业负债比率的影响。结果表明:良好的政企关系对企业获取短期债务融资有显著的促进作用,而对企业长期债务融资的获取存在一定的阻碍作用。进一步研究发现,在民营企业和金融市场化程度低的地区,政企关系对企业获取短期负债的促进作用表现得尤为明显。弱化了内生性问题后,以上结果依旧稳健。因此,地区间金融市场的均衡发展、公平竞争市场环境的构建是缓解企业融资约束的关键。     

Bayesian Premium Rating with Latent Structure

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.     

Disclosure of government financial information and the cost of local government’s debt financing——Empirical evidence from provincial investment bonds for urban construction

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...     

The deliberation around accounting techniques: accounting for depreciation and foreign exchange in an Indian jute company, 1870-1900

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.     

Short-sale refinancing and price adjustment speed to bad news: Evidence from a quasi-natural experiment in China

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.     

Guidelines for Manuscripts Submitted to The China Journal of Accounting Research

【正】The China Journal of Accounting Research"CJAR"(ISSN 1755-3091)publishes quarterly.It contains peer-reviewed articles and commentaries on accounting,auditing ...     

Pricing Dynamic Insurance Risks Using the Principle of Equivalent Utility

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.     

Guidelines for Manuscripts Submitted to The China Journal of Accounting Research

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:     

The China puzzle: Opportunities for accounting research

How can China achieve phenomenal economic growth despite what is considered as 'weak' institutions in market-based economies? Xu(2011) provides a framework to u...     

International harmonization of Japanese accounting standards

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.