代理问题、投资者保护与公司价值——来自我国上市公司的经验证据

本文以2002～2004年2238家上市公司为样本，按照最终控制人性质，将样本公司分为国有和民营金字塔控制两种主要类别，研究了代理问题在哪些公司较为严重，法律对于投资者保护是否能起到有效的治理作用。研究结果表明，国有和民营上市公司价值并无显著差异；随着政府层级的提升，国有控制公司价值提高；民营金字塔控制公司最终控制人所有权与控制权的分离对公司价值有负向作用；法治水平高的地区，其所属公司价值较高；海外上市提高了民营公司价值，但对国有公司的作用不显著；证券监管机构发挥的作用尚存不足。     

Institutional Ownership Type and Earnings Quality: Evidence from Iran

Institutional ownership is an important factor in corporate governance. Institutional investors play important roles in firms because of their substantial shareholdings and their capability to monitor managers. However, the question is whether they are capable of monitoring the managers. The literature has provided different evidence for the monitoring role of institutional investors. This study attempts to provide insights into the monitoring roles of institutional investors by examining the relationship between institutional ownership and earnings quality on the Tehran Stock Exchange. Institutional investors are classified into two groups, namely active institutional investors and passive institutional investors, based on their monitoring power in Iran. A multidimensional method is used to measure the various aspects of earnings quality, such as earnings response coefficient, predictive value of earnings, discretionary accruals, conservatism, and real earnings management. The results show that institutional ownership has a positive effect on earnings quality. Similar to total institutional ownership, active institutional ownership has positive effects on proxies of earnings quality. Nonetheless, passive institutional ownership does not have any power to affect earnings quality. Moreover, lead-lag tests of the direction of causality suggest that institutional ownership leads to more earnings quality and not the reverse.     

标准的投资者保护制度和替代性投资者保护制度：一个概念性分析框架

基于在标准的投资者保护制度和替代性投资者保护制度之间做出的区分,本文提出了一个概念性分析框架,并对国有股权的制度安排在中国股票市场发展中的作用进行了初步的解释。标准的投资者保护制度——市场、法律和管制——固然重要,但是对于转轨国家而言,由于缺乏支撑标准的投资者保护制度运转的制度资源,利用替代性的投资者保护制度对于股票市场的早期发展就是至关重要的。     

海外投资者保护基金制度及借鉴

保护投资者尤其是保护中小投资者,是证券市场监管的核心内容,也是证券市场健康运行的基础.国际上,证券投资者保护机制已经有30多年的运行经验,很多方面值得我们借鉴.本文从法律框架、组织模式、资金来源、赔偿机制、运作情况等方面,对国际上主要国家和地区的证券投资者保护基金制度进行了比较,并结合我国证券市场特征,对我国证券投资者保护制度的建立和完善提出若干建议.     

投资者保护与权益资本成本的关系探讨

本文以沪深两市2003年576家上市公司为研究样本，以权益资本成本为因变量，以本文所构建的投资者保护指数为自变量，运用多元回归方法对两者关系进行检验分析。研究发现：投资者保护与权益资本成本呈显著负相关关系，即使在考虑了公司规模、Beta系数、行业影响等因素后，两者之间的负相关关系仍然显著，这就证明我国上市公司虽然整体投资者保护水平不高，但公司之间的保护程度仍有重大差异；我国证券市场上的投资者已经能够在一定程度上区别对待投资者保护水平不同的上市公司。     

股权结构与上市公司应计和真实盈余管理行为

过高的股权集中度会导致显著更高的应计盈余操控行为,而对真实盈余管理行为的影响总体上不显著;无论对于应计盈余操控还是真实盈余操控,机构持股均具有较好的抑制作用;国有控股会导致显著更高的应计盈余操控,但在真实盈余操控方面,更多地体现在异常酌量费用方面;国有控股上市公司管理层持股越高,其应计盈余管理行为越显著,而在真实盈余管...     

Corporate Ownership Structure and the Informativeness of Earnings

This study extends prior studies by examining how managerial ownership and external unrelated blockholdings affect the informativeness of earnings. The results are in contrast to prior studies. A non–linear relation exists between managerial ownership and earnings informativeness. Earnings informativeness increases with managerial ownership at low levels but not at higher levels of managerial ownership where the entrenchment effect sets in. Consistent with the role of large shareholder monitoring, the evidence shows a strong positive relationship between external unrelated blockholdings and earnings informativeness. These results are supported when income–increasing and absolute discretionary accruals are used to measure the extent of earnings management     

Management Earnings Forecasts,Earnings Announcements,and Institutional Trading in China

Abstract:

In this study, we investigate the trading behavior of institutional investors in China according to management earnings forecasts (MEFs) and earnings announcements (EAs). MEFs are mandatory under the stringent regulatory framework in China. We find evidence that both MEFs and EAs have an effect on the market. However, MEFs have a bigger effect on the market than do EAs. According to a sample of semiannual observations of firms from 2003 to 2008, we find that changes in the stock ownership of institutions are positively associated with EAs but not significantly associated with MEFs. When we further examine the relations between institutional characteristics and trading strategies, we find that growth funds exploit the arbitrage opportunity of MEFs.     

The Influence of Takeover Protection on Earnings Management

Abstract:  We examine the relationship between takeover protection and earnings management. Existing theories suggest two contradictory effects of takeover protection on opportunistic earnings management: entrenchment theory suggests an exacerbating effect, whereas both alignment theory and quiet life theory posit a mitigating effect. We find that takeover protection is associated with lower levels of abnormal working capital accruals, lower levels of performance-adjusted abnormal accruals and timelier recognition of losses. Further tests show that takeover protection is associated with lower firm value, which contradicts alignment theory but supports quiet life theory. The results suggest that takeover protection allows managers to enjoy the quiet life and thus mitigates earnings management.     

Managerial Ownership, Information Content of Earnings, and Discretionary Accruals in a Non–US Setting

This study employs Danish data to examine the empirical relationship between the proportion of managerial ownership and two characteristics of accounting earnings: the information content of earnings and the magnitude of discretionary accruals. In previous research concerning American firms, Warfield et al. (1995) document a positive relationship between managerial ownership and the information content of earnings, and a negative relationship between managerial ownership and discretionary accruals. We question the generality of the Warfield et al. result, as the ownership structure found in most other countries, including Denmark, deviates from the US ownership configuration. In fact, Danish data indicate that the information content of earnings is inversely related to managerial ownership.     

关联担保、被担保企业的盈余特征与担保企业的债务契约

本文从担保视角考察了被担保企业的盈余特征对担保企业债务契约的影响,以及双方的关联关系在其中的作用。实证检验发现,被担保企业盈余质量越高,担保企业获取的债务契约越有利,银行能够部分识别被担保企业的盈余信息,盈余信息对银行是有利用价值的。进一步研究发现,当担保双方具有关联关系时,被担保企业的盈余特征与担保企业的债务契约之间的关系会弱化,关联关系事实上部分替代了企业盈余特征所起到的信息作用。     

投资者权益保护的若干问题探讨

本文首先阐述了投资者权益保护的十大基本原则，在此基础上分析了投资者利益保护中应妥善处理的几个关系。文中就投资者权益保护的价值问题进行了探讨，结合1990年代以来国外学者对投资者保护进行的大量实证研究，逐一论述了投资者保护对上市公司价值、证券市场发展、金融稳定和经济增长等方面的正面作用。     

Private Versus State Ownership and Spillover of Investor Protection Standards in Interprovince Mergers: Evidence from China's Emerging Market

This paper examines the spillover effects of investor protection standards for interprovince mergers in China's emerging markets. Using a sample of 372 mergers, we find that if the provincial investor protection of the acquirer is better than that of the target, a privately owned acquirer will get significantly higher abnormal returns, whereas a local state-owned acquirer will not. Additional evidence indicates that in contrast to the crossborder acquirers or the private acquirers, the local state-owned acquirers in interprovince mergers come from provinces with worse fiscal conditions and prefer to acquire targets in provinces with better investor protection or fiscal conditions.     

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。     

言贷资产证券化投资者保护机制探讨

投资者的保护水平决定了信贷资产证券化的发展程度。作为一种金融创新，信贷资产证券化的投资者保护有其特殊性并开始成为证券化推广阶段的核心问题，试点时期的证券化制度已难以适应此时的投资者保护需要。应重新厘定监管者、金融中介和投资者的角色和功能，并在他们之间进行有效的证券化制度配置，以建立一个具有内在逻辑联系和价值传承的投资者保护机制，形成可持续自我发展的信贷资产证券化市场．     

Analysts Earnings Forecasts and the Roles of Earnings and Book Value in Equity Valuation

This study examines the effect of the degree of association between current earnings and expected future earnings on the relative importance of earnings and book value for explaining equity price. Consensus analysts forecasts of one-year-ahead earnings are used to proxy for expected future earnings and are compared to reported current earnings to measure the degree of the association. We find that the value-relevance of current earnings negatively correlates with the extent to which consensus analysts forecasts deviate from current earnings. We also find that the incremental explanatory power of book value for equity price positively correlates with this measure. These results remain robust after controlling for factors known to be affecting the value-relevance of earnings such as negative earnings and the earnings-to-book ratio. Our results also show that this analysts' forecast-based measure of `earnings persistence' dominates historical earnings variance in explaining cross-sectional variations in the value-relevance of earnings and book value.     

Abnormal Returns from Predicting Earnings Thresholds

This study examines the performance of a trading strategy based on the prediction of firms concurrently reporting a positive earnings change and meeting analysts’ earnings forecasts. The evidence indicates that a model predicting both earnings thresholds concurrently can yield excess returns that are incremental to predicting only one earnings threshold. Further, I find that the prediction of forecast errors is relatively more important than predicting earnings changes as the incremental benefit from predicting earnings changes concurrently with forecast errors is small relative to a model that predicts only forecast errors. The results hold while controlling for various risk factors and known anomalies.     

Earnings Surprises,Growth Expectations,and Stock Returns or Don't Let an Earnings Torpedo Sink Your Portfolio

We provide new evidence that the inferior returns to growth stocks relative to value stocks are the result of expectational errors about future earnings performance. Our evidence demonstrates that growth stocks exhibit an asymmetric response to earnings surprises. We show that while growth stocks are at least as likely to announce negative earnings surprises as positive earnings surprises, they exhibit an asymmetrically large negative price response to negative earnings surprises. After controlling for this asymmetric price response, we find no remaining evidence of a return differential between growth and value stocks. We conclude that the inferior return to growth stocks is attributable to overoptimistic expectational errors that are corrected through subsequent negative earnings surprises.     

投资人保护的法律环境研究

国际证监会组织（IOSCO）将“保护投资者”列为对资本市场三大监管目标之一。国外实证研究也显示，投资人保护力度会影响一国的资本市场估值水平及抗冲击能力。投资人保护分为两个层次：第一个层次是对违法、违规行为的监管，第二个层次是建立在合法分规基础上的股东价值最大化问题。本文将研究重，点放在投资人保护的第一个层面上，试图探寻一条适合中国投资人保护的法律制度建设之路。     

Intangible Assets, Information Complexity, and Analysts' Earnings Forecasts

Abstract:   We examine the relation between analysts' earnings forecasts and firms' intangible assets, including technology‐based intangibles, brand names, and recognized intangibles. We predict that high information complexity of intangible assets increases the difficulty for analysts to assimilate information and increases analysts' forecast error of intangibles‐intensive firms. We find a positive association between analysts' forecast error and the firm's intangible intensity that deviates from the industry norm. We also find that analysts' forecast errors are greater for firms with diverse and innovative technologies. In contrast, analysts' forecast errors are smaller for biotech/pharmaceutical and medical equipment firms that are subject to intangibles‐related regulation.