上市公司股权结构与现金持有水平关系的实证分析

从公司治理视角出发,以中国上市公司为样本,对股权结构与企业现金持有决策关系进行了理论与实证分析.结果表明,经理人员持股比例、流通A股比例与企业现金持有水平显著正相关;法人股比例、股权集中度与企业现金持有水平显著负相关;第一大股东持股比例与企业现金持有水平正相关,但不显著;国有股比例与企业现金持有水平负相关,但极不显著.     

我国零售业现金持有水平影响因素实证分析——基于面板数据的回归分析

文章以批发零售业上市公司2007～2011年度数据为研究对象,运用面板数据的回归分析法对我国上市公司现金持有水平影响因素进行分析。实证结果显示:财务杆杠、企业成长性、银行负债比例与现金持有水平呈负相关关系,公司规模、现金流量、现金替代物、流动负债比例与现金持有水平呈正相关关系,而管理费用率、大股东持股比例与现金持有水平无显著关系。     

大股东控制、财务杠杆与公司价值——国有及民营上市公司治理的比较研究

本文以2002～2004年的上市公司为样本,研究了第一大股东持股比例、财务杠杆与公司价值之间的关系.研究发现,国有控制上市公司与民营控制上市公司公司价值并无显著差异;国有控制上市公司第一大股东持股比例与公司价值呈U形关系,民营控制上市公司第一大股东持股比例与公司价值则呈倒U形关系;国有控制上市公司财务杠杆比率与公司价值负相关,民营控制上市公司财务杠杆比率与公司价值则正相关.其政策含义是,政府应该继续贯彻"抓大放小"的战略方针;监管部门应该关注持股比例较高的民营上市公司第一大股东的资金来源及其行为特征,防止其对公司其他利益相关者的侵害行为;银行贷款应对国有及民营企业一视同仁,银行需要加强对国有控制上市公司贷款的监督.     

我国民营上市公司董事会特征与现金持有水平关系的实证研究

董事会作为公司治理的核心,是影响企业现金持有水平的重要因素之一。文章以2008-2011年间民营上市公司为研究对象,对董事会特征与现金持有水平之间的关系进行了实证研究。结果发现:董事会规模、独立董事比例与现金持有水平存在不显著显著的负相关关系;董事会会议频次与现金持有水平存在显著负相关关系;两职合一、董事长持股比例、董事薪酬与现金持有水平存在不显著正相关关系。     

投资者保护、大股东持股比例与现金持有量

以2005～2011年沪深两市A股391家上市公司为样本研究投资者保护、大股东持股比例和现金持有量的关系,研究结果表明,大股东持股比例与现金持有量间呈倒"U"型关系。进一步按照投资者保护程度的高低对样本进行分组,研究发现,当大股东持股比例小于48%时,投资者保护程度高的组,大股东持股比例和现金持有量呈显著正相关关系;当大股东持股比例大于48%时,投资者保护程度高的组,大股东持股比例和现金持有量呈显著负相关关系。     

大股东控制、市场化程度与公司现金持有水平

运用2003～2008年我国所有非金融类A股上市公司的样本数据,从大股东控制视角出发,重点关注第一大股东持股比例、实际控制人性质和公司所在地区市场化程度对于公司现金持有水平的共同作用。结果表明,第一大股东持股比例与公司现金持有量水平正相关,实际控制人为国有的比非国有的上市公司的现金持有量高;公司外部治理环境的改善,有助于减轻由第一大股东持股比例以及实际控制人性质对公司现金持有量造成的负面影响。     

代理成本、弹性信息披露对审计收费的影响

本文研究了大股东与中小股东间的代理成本及弹性信息披露对审计收费的影响。我们发现上市公司不存在两权分离的情况下,大股东持股比例较低时,大股东持股比例与审计收费负相关;大股东持股比例较高时,大股东持股比例与审计收费正相关;两权分离程度较低的情况下,大股东持股比例较低时,大股东持股比例与审计收费负相关;两权分离程度较高的情况下,大股东持股比例较高时,大股东持股比例与审计收费负相关。上市公司弹性信息披露程度越高,审计收费越低;两权分离的存在会削弱弹性信息披露程度与审计收费之间的负相关关系。     

关于股改前后现金股利影响因素的实证研究

对股改前后影响现金股利水平的公司治理变量研究表明,虽然股改矫正了现金股利与增长机会之间的关系,使股改后当存在增长机会时,公司会减少现金股利的发放,但是我国上市公司的现金股利尚未呈现出全流通资本市场上作为降低控股股东与中小股东代理成本工具的现金股利政策应有的特征,突出表现在股改前后影响上市公司现金股利支付水平的股权结构变量并未发生变化,股改前后都存在股权集中度、第一大股东持股比例及第二到第十大股东持股比例与每股现金股利呈显著正相关、而流通(非限售)股比例与每股现金股利呈显著负相关的关系。     

现金持有水平、投资者保护与关联交易

以沪深两市的非金融类上市公司为样本,考察现金持有水平、投资者与关联交易之间的关系,结果发现上市公司的现金持有水平与关联交易显著正相关,这意味着上市公司的现金持有水平越高,基于大股东掏空的关联交易侵占越多;在投资者保护较差的公司,现金持有水平与关联交易之间的正相关关系更强,这说明有效的投资者保护体系能够起到约束大股东通过关联交易从上市公司转移现金的作用。因此进一步引导和规范上市公司的现金分红,以及加强投资者保护的执法力度,是治理关联交易的有效选择。     

信息不对称、公司治理与现金持有价值——基于知情交易概率的非平稳面板数据

本文为了研究中国上市公司信息不对称、公司治理和现金持有价值之间的关系,以沪深上市公司2004-2009年数据为基础,利用知情交易概率作为管理者和投资者之间的信息不对称代理变量,以高管持股比例作为公司治理代理变量,利用公司各种财务指标作为控制变量,发现信息不对称与中国上市公司现金持有价值呈显著负相关,高管持股比例和现金持有价值显著正相关,支持自由现金流理论和委托代理理论,信息不对称程度越高,管理者越可能滥用现金,导致现金持有价值下降,而提高公司治理,加强投资者保护可以提高现金持有价值。     

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 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...     

Aims and Scope

<正>The focus of the China Journal of Accounting Research is to publish theoretical and empirical research papers that use contemporary research methodologies to...     

Income smoothing and the cost of debt

The literature on income smoothing focuses on the effect of earnings smoothing on the equity market.This paper investigates the effect of income smoothing on th...     

The case for management history

This article defines the case for treating management history as a discrete subject area, although one closely related to business, accounting, labour, and industrial history. It seeks to concentrate on the nature, process, and practice of management as an activity within the organization, and to argue that it is important that modern British managers understand the intellectual and cultural roots of their profession, since without these they will tend to be swayed by short-term management 'fads'. Within the broad topic there are several identifiable sub-areas for potential exploration, including the comparative historical development of management between different countries, management institutions, managerial careers and labour markets, management structures, management skills, and management thought and theory.     

The life and career of John Spence Ogilvy (1805-71), the first chartered accountant to emigrate to Australia

So far as the available evidence allows, this paper examines the life and career of John Spence Ogilvy, foundation member of the Society of Accountants in Edinburgh in 1854, who emigrated to Melbourne in 1856, but did not play a part in the development of an organized accounting profession in Australia. The paper also attempts to explain the gap of thirty-two years between the formation of the first accounting bodies in Edinburgh and Melbourne.     

Female CFOs and loan contracting: Financial conservatism or gender discrimination? – An empirical test based on collateral clauses

Based on signaling and gender discrimination theory, we examine whether chief financial officer(CFO) gender matters to bank–firm relationships and the designing...     

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,auditin...     

The Impact of IFRS Adoption on an Agribusiness Company's Financial Statements

This fictional case is based on a Canadian public company that produces greenhouse vegetables. Focusing on the differences between International Financial Reporting Standards (IFRS) and Canadian Accounting Standards for Private Enterprises (ASPE), this case provides students an opportunity to (1) apply IFRS in a real world setting; (2) prepare and reconcile financial statements under ASPE and IFRS; (3) analyze the impact of IFRS adoption on key financial ratios; and (4) detect and explain differences in financial statements under ASPE and IFRS through common size analysis.