基于行为公司财务的上市公司异常财务政策分析

上市公司进行财务决策时表现出许多异常行为,传统公司财务理论往往对此无法做出圆满解释。本文基于新崛起的行为公司财务理论,从一个新的视角进行了分析,结果发现：资本市场上投资者的非理性行为以及企业管理者自身的非理性行为都会导致企业财务政策的扭曲。     

Stock Repurchase and Agency Problems: New Evidence in Taiwan's Stock Market

This paper explores stock repurchase and agency issues in an emerging market with special regulations. Using match samples, agency-related variables are investigated for pre- and postannouncement periods. Our empirical evidence demonstrates that stock repurchase is related to agency cost mitigation. Agency problems are also significantly related to the preannouncement undervaluation of stock repurchase, after controlling for the effects of growth opportunity and asymmetric information. Finally, a company with a higher ratio of expected repurchase or higher agency costs normally enjoys better market response upon announcement.     

Dividend Policy, Corporate Governance and the Managerial Entrenchment Hypothesis: An Empirical Analysis

This paper analyses the agency explanation for the cross-sectional variation of corporate dividend policy in the UK by looking at the managerial entrenchment hypothesis drawn from the agency literature. Consistent with predictions, a significant U-shaped relationship between dividend payout ratios and insider ownership is observed for a large (exceeding 600 firms) sample of UK companies and two distinct periods. These results strongly suggest the possibility of managerial entrenchment when insider ownership reaches a threshold of around 30%. Evidence is also presented that non-beneficial holdings by insiders can lead to entrenchment in conjunction with shares held beneficially.     

对中国上市公司债务期限影响因素的实证研究——基于面板数据的因子分析和回归分析

国内外诸多学者已经开始从代理成本、税盾作用、信息不对称等角度来研究影响债务融资期限的各种因素。但综合各种因素来考察企业融资期限结构影响的研究却相对较弱。以中国546家A股的上市公司最近9年相关数据为样本,从企业规模、财务杠杆、债务税率、清算比率和资产期限等因素对企业融资期限结构的影响做因子分析和回归分析后,指出代理成本等理论对中国上市公司债务期限解释是有限的。     

Labor Union Effect on Corporate Cash Holdings and Their Marginal Value

By using panel data from Korean listed firms, we find that unionized firms strategically hold less cash to enhance their bargaining power against labor unions. We also find that unionized firms are likely to reduce the marginal value of their cash holdings, thereby decreasing shareholder value from the agency theory perspective. This finding complements the agency theory argument that managers tend to waste corporate resources by hoarding cash, particularly when faced with increased information asymmetry and financial constraints. Overall, our results suggest that information-related financial constraints and agency problems are likely to co-exist in unionized firms.     

企业并购、高管特征与企业绩效

以2007-2010年中国A股上市公司为研究样本,使用面板数据模型考察企业并购、高管特征与企业绩效之间的关系.买证表明:(1)并购事件对企业绩效有显著负影响;(2)如果高管持股,虽不是方向性的改变,但能部分改善并购事件对企业绩效负影响的程度;(3)如果高管对企业控制力强,非但不能缓解并购事件对企业绩效的显著负影响,反放大负影响的力度.     

Agency, Bid Resistance and the Market for Corporate Control

In this paper we investigate the effects of post-bid defence activity for a sample of takeover bids in the UK. We find that most of the defences investigated promote the interests of target managers by significantly lowering the probability of bid success. We also find that most of the defences promote the interests of shareholders by increasing wealth gains by an amount that varies between 9% and 14%. These results suggest that bid resistance is to the mutual benefit of the managers and shareholders of target firms. This conclusion is in line with recent developments in agency theory.     

R&D Intensity and Corporate Financial Policy: Some International Evidence

This paper presents evidence on the financial policies of firms strongly engaged in research and development activities. By referring to the under-investment paradox, the asset substitution problem, the asset specificity proposition and the information asymmetry literature, we postulate that R&D-intensive firms should adopt specific financial policies. In conformity with our hypotheses, empirical results based on a sample of R&D-intensive and non-R&D firms in four major industrialized countries (Europe, the UK, Japan and the US) show that R&D-intensive firms exhibit significant lower debt and dividend payment levels, but shorter debt maturities and higher cash levels than non-R&D ones.     

互联网金融背景下普惠金融发展研究

互联网金融让大众可以在信息相对对称中自由、平等地获取金融服务,逐步实现金融的普惠性。从互联网金融和普惠金融的基本特征和理念出发,分析互联网金融与普惠金融之间的区别与联系,找出互联网金融与普惠金融的结合点,提出互联网金融背景下普惠金融发展的建议。     

Information Uncertainty and Expected Returns

This study examines the role of information uncertainty (IU) in predicting cross-sectional stock returns. We define IU in terms of “value ambiguity,” or the precision with which firm value can be estimated by knowledgeable investors at reasonable cost. Using several different proxies for IU, we show that (1) on average, high-IU firms earn lower future returns (the “mean” effect), and (2) price and earnings momentum effects are much stronger among high-IU firms (the “interaction” effect). These findings are consistent with analytical models in which high IU exacerbates investor overconfidence and limits rational arbitrage.This revised version was published online in August 2005 with a corrected cover date.