Diversification and the cost of debt of bank holding companies

In this study, we investigate the relationship between various dimensions of diversification and the cost of debt for publicly traded bank holding companies (BHCs). We find that both domestic geographic diversification of deposits and diversification of assets lead to a lower bond yield-spread. Diversification of non-traditional banking activities leads to a lower cost of debt only when yield-spread and diversification are estimated simultaneously. In addition, we find that medium-sized BHCs experience a greater reduction in bond yield-spread than small-sized and large-sized BHCs. This is consistent with the too-big-to-fail (TBTF) effects in the banking industry. Furthermore, we document that the association between diversification and yield-spread is bidirectional with higher yield-spreads being associated with greater asset and activity diversification and lower geographic deposit dispersion. The effect of diversification on bond yield-spread is robust after accounting for cross-sectional and serial correlation, and the endogeneity of diversification.     

从利益相关者信用关系角度看我国股权结构

本文重点研究了股权结构对于利益相关者信用关系的影响.利益相关者之间的承诺及其履约状态、结果能够较为集中地和具体地表达利益相关者之间的关系,而这种关系实际上是受到企业治理因素的直接或者间接影响的,其中,作为治理因素之一的股权结构尤其突出.本文通过实证研究发现了二者之间的四个维度的关系,这四个维度包括管理严谨度、企业绩效、履约积极性、履约时间.     

机载机柜的隔振设计

针对机载电子设备所处的振动环境,结合振动理论,阐述了一种机载机柜隔振设计的方法.该方法有助于提高系统的抗振能力.     

Overseas Impacts of China's Outward Direct Investment

China's outward direct investment (ODI) has grown rapidly since 2004. But along with such phenomenal growth is a mixed feeling toward Chinese investments in host countries. This article explores some overseas impacts of Chinese ODI based on an analysis of China's policy environment and investment patterns. We argue that what Chinese investors bring to host economies includes (i) massive job creation, but limited technology transfers to the local economy; (ii) ample capital as well as entry into the Chinese market; and (iii) damage from corporate social misbehavior. However, we suspect that these overseas impacts may be transitory as three dynamics, increased conflicts, accelerated learning and China's domestic structural changes, are simultaneously set in motion.     

房地产业发展对资本回报率的影响

采用资本租金公式法测算资本回报率,结果显示,房地产业发展拉低了资本回报率,2003年之后愈加明显。通过对房地产业投资和资本回报率关系的检验,发现房地产业投资对实体经济影响有限,短期拉动作用表现为年度贡献,长期内存在较大的波动效应;房地产业发展对资本回报率省际趋同效应的减弱日益显著。     

匹克与阿迪达斯国际化经营战略比较研究

国际企业作为实现国际化投资、经营和管理的组织载体和国际市场行为主体,活跃在世界经济的舞台上。本文以匹克与阿迪达斯公司国际化经营战略为研究内容,从战略管理视角,结合匹克与阿迪达斯的国际经营环境之间的差异,系统论述了匹克与阿迪达斯在品牌国际化、海外市场进入模式和全球经营方面的差异,指出匹克这样的中国企业在国际化进程中既要学习阿迪达斯这样的国际著名体育企业的国际化经营战略,还要结合自身企业状况,制定合理的国际化经营战略。     

中小企业信用评级指标体系及模型研究

科学合理的信用评级有助于中小企业的发展,有助于金融机构和信用评级机构准确判断其信用状况。分析现行中小企业信用评级指标体系存在的问题,在充分考虑中小企业风险及创新能力等因素上,构建了中小企业信用评级指标体系,运用定量分析和定性分析相结合的方法建立中小企业信用评级模型,并对中小企业信用评级体系的建设提出建议。     

Profits and losses from changes in fair value,executive cash compensation and managerial power: Evidence from A-share listed companies in China

According to optimal contracting theory, compensation contracts are effective in solving the agency problem between stockholders and managers. Executive compensation is naturally related to firm performance. However, contracts are not always perfect. Managers may exert influence on the formulation and implementation of compensation contracts by means of their managerial power. As fair value has been introduced into the new accounting standards in China, new concerns have arisen over the relationship between profits and losses from changes in fair value (CFV) and levels of executive compensation. In this study, we find that executive compensation is significantly related to CFV. However, this sensitivity is asymmetric in that increases to compensation due to profits from changes in fair value (PCFV) are higher than reductions to compensation due to losses from changes in fair value (LCFV). Furthermore, we find that managerial power determines the strength of this asymmetry.     

Why firms issue callable bonds: Hedging investment uncertainty

This paper analyzes a firm's dynamic decisions: i) whether to issue a callable or non-callable bond; ii) when to call the callable bond; and iii) whether to refund it when it is called. We argue that a firm uses a callable bond to reduce the risk-shifting problem in case its investment opportunities become poor. Our empirical findings support this argument. We find that a firm facing poorer future investment opportunities is more likely to issue a callable bond than a firm facing better investment opportunities. In addition, a firm with a higher leverage ratio and higher investment risk is more likely to issue a callable bond. Finally, after a callable bond is issued, a firm with a poor performance and a low investment activity tends to call back a bond without refunding; a firm with the best performance and highest investment activity tends to call back a bond and refund its call; and a firm with mediocre performance and investment activity tends to not call its bonds.     

货币政策对我国证券业产业结构、行为和绩效的作用主辅线分析

本文综述了政策与我国证券产业结构、行为和绩效作用路径方面的研究成果,将货币政策按照作用对象的不同分为两类,对这两类货币政策与证券业结构、行为和绩效进行格兰杰因果检验,进而提出了货币政策对我国证券业产业结构、行为和绩效的作用主辅线。