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1.
在当前快速发展的经济形势下,畅通的资本流通渠道让更多的企业采取并购的方式来获取更多价值的提升,依托资本市场的并购重组在短时间内迅速的扩大企业的规模,实现既定的绩效目标。股权结构即所有权结构,在上市公司内部不同类型的股东所持有的股份数量是不一样的,这些不同类型股东之间形成的股份比例也有所不同,这种比例关系就是股权结构。上市公司股权结构的形成受多方面因素的影响,同时股权结构的形成也与该国证券市场的状况相关。本文主要从股权集中度、股权制衡度和第一大股东性质三个方面,阐述股权结构对上市公司并购绩效的影响,进一步提出优化股权结构和完美并购绩效的建议。  相似文献   

2.
《会计师》2016,(8)
对于我国资本市场而言,上市公司造假事件层出不穷,严重影响了我国投资者对于证券市场的信心,也严重扰乱了我国证券市场的秩序。在我国现行对于上市公司造假的研究中,大多数都着眼于证券市场制度的建设、对于上市公司的外部监管以及上市公司内部治理等方面,而很少提及政府干预对于企业上市的影响,特别是对于中小企业的影响。本文从万福生科造假案例入手,着重分析地方政府干预与企业IPO造假的关系,并提出了相关的建议。  相似文献   

3.
中国IPO新股发行市场排队上市和二级市场持续下跌形成鲜明对比。在IPO发行市场上,高发行价格和高IPO抑价率并存,表明中国IPO发行市场相对低效并且价格发现功能严重不足。本文运用Djankov等(2003)以及Shleifer(2005)建立的分析股票市场监管执行机制的理论框架,分析了中国保荐人制度在结合市场自律和政府监管的同时,缺乏法院诉讼机制的问题。而进一步的实证研究表明,在缺乏法院诉讼机制的条件下,证监会对保荐人的责任处罚并没有影响该保荐人所在证券公司承销股票发行的IPO折价率,也没有影响受处罚证券公司收取的承销及保荐费率。在理论与实证分析的基础上,本文讨论了保荐人制度失效的原因,并提出发行审核制度的改革建议。  相似文献   

4.
本文主要是探析在实行IPO注册制改革的背景下,股票发行方式从核准制到注册制的转变会给我国的股票市场带来哪些影响。首先,实行IPO注册制改革会大大降低企业上市难度,不在有壳资源价值;其次,股票市场的上市公司数量将大大增加,我国资本市场的吸引力得到提升,为广大VC/PE提供了肥沃的土壤。最后,由于投资股票的选择增多,市场将更注重价值投资。然而,实行注册制改革也会给我国股票市场带来诸多挑战,比如股票市场扩容带来的冲击,企业欺诈上市和去散户化等问题,所以IPO注册制改革需要我们深入地进行探究。  相似文献   

5.
本文以2011年A+H股上市公司披露的内部控制审计信息为依据,构建了上市公司内部控制审计信息披露质量评价体系,并设置了信息披露质量指数,旨在研究股权结构与上市公司内控审计信息披露质量的关系。研究结果表明,股权结构是决定上市公司内控审计信息披露质量的重要因素。具体而言,控股股东所持股份比例越大,内控审计信息披露质量越低;第二大股东对第一大股东、第二至第三大股东对第一大股东、第二至第五大股东对第一大股东的股权制衡度越大,内控审计信息披露质量越高。基于此,本文建议上市公司要不断优化股权结构,尽量避免一股独大局面出现,同时应当充分发挥其他大股东对控股股东的制衡和监督作用,阻碍控股股东操纵信息披露。  相似文献   

6.
控股股东支持是与掏空相反的一种利益输送行为,表现为控股股东用私人资源或其控制的资源支持处于困境中的上市公司。基于对近期文献的回顾与梳理,从外部环境、内部制度与支持方式三个角度研究控股股东支持行为。发现控股股东通常是在弱法律保护环境与中度经济冲击的背景下利用企业集团内部资本市场对其控制的上市公司进行包括负债、关联交易等在内的各种方式的利益输送。  相似文献   

7.
本文以我国资本市场为背景,从控股股东对上市公司的控制程度可能偏离其持股比例这一观念出发,着重分析并检验了控股股东对上市公司的实际控制程度对公司价值产生的影响。而检验结果显示控股股东的控制程度同公司价值是非线性关系,并且控股股东越倾向于超级控制则公司价值越低。  相似文献   

8.
郑志刚  郇珍  黄继承  赵锡军 《金融研究》2021,497(11):153-169
在处于金字塔式控股结构的上市公司中,反映实际控制人责任承担能力的现金流权与其影响公司决策的控制权是分离的,由此形成了责任与权利不对称的负外部性。不同于以往研究,本文从纵容市场炒作和资本运作这一新的视角,实证考察金字塔式控股结构下控股股东及其背后实际控制人资本运作的机会主义倾向,以此揭示金字塔式控股结构存在的其他负外部性。研究表明,随着金字塔结构复杂程度的增加,处在金字塔式控股结构下的上市公司的股票更具有“彩票股”的特征、非金融企业的金融资产配置更多,且会进行更多的关联资本运作,但这些行为并没有带来预期的企业绩效改善,而在很大程度上演化为以实现控股股东及其背后实际控制人财富短期快速增值为目的的机会主义资本运作行为。因而,金字塔式控股结构在一定程度上助长了“脱实向虚”的资金流动趋势,并加剧了资本市场的波动。如何抑制金字塔式控股结构的负外部性由此成为促使我国资本市场有效助力实体经济发展的关键环节之一。  相似文献   

9.
控股股东的“掏空”行为侵害了中小股东的利益,如何防范与治理控股股东的“掏空”行为已成为市场关注的重点。本文的研究表明,市场环境显著地影响了控股股东“掏空”的行为。换言之,地区间政府干预市场越少、金融市场越发达,该地区的上市公司越不会发生控股股东“掏空”行为,因而如何减少政府干预,促进金融市场的发展是政府在减少控股股东“掏空”行为应扮演的重要角色,同时,地方政府的财政赤字会直接或间接地驱动了控股股东“掏空”行为,制定监管政策在一定程度上能遏止“掏空”的行为。这说明,制度层面的约束和公共治理对公司层面的行为具有重要的影响。  相似文献   

10.
国家控股对会计稳健性的影响研究   总被引:24,自引:2,他引:22  
本文从公司治理角度分析中国上市公司的会计稳健性。利用2001-2004年A股上市公司的大样本数据,实证考察了国家控股对会计稳健性的影响以及它的制度根源。我们发现,国家控股上市公司对应着更低的会计稳健性。进一步的研究表明,内部人控制、债务软约束和政府干预等三大治理弱化是抑制国有公司披露意愿、降低其盈余质量的制度根源。本研究对资本市场的监管设计具有重要的启示:单纯强调准则的改革和外部的管制,对于提高国有公司的会计信息质量只能起到"隔靴搔痒"的效果,要想根本上改善国有公司的信息质量,监管层惟有从解决"内部治理弱化"的根源入手,通过健全国有产权监督机制、深化银行体制改革以及弱化地方政府干预动机等制度变革,从治理层面真正提高国有公司自身的披露意愿。  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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