政府控制、终极控制人与上市公司债务期限结构

本文在代理理论框架下,基于我国政府干预的制度背景,以2004-2006年A股上市公司为样本研究了终极控制人与其所控制的上市公司债务期限结构选择的关系.实证检验结果表明:国有企业性质的终极控制人所控制的上市公司长期负债比例偏高.进一步区分不同行政级别的政府终极控制人进行回归,发现政府终极控制人的行政级别越低,企业长期债务比例越高.另外,通过对不同控股方式的样本公司分别进行回归分析的结果表明,在终极控制人通过复杂组织结构方式间接控制的上市公司中,终极控制人的不同产权性质及不同行政级别对上市公司长期债务选择的影响更加显著.上述研究发现,为认识政府控制和干预对企业财务决策的影响提供了更深入的证据,进而为厘清中国转轨经济进程中的政企关系提供了新的补充证据,并对理解不同组织结构方式的上市公司债务期限结构的差异性提供了一个新的视角.     

债务结构优化与企业创新——基于企业债券融资视角的研究

本文在我国保持宏观杠杆率基本稳定及实施创新驱动发展战略的现实背景下,从债券融资的视角,探讨债务结构优化对企业创新的影响。研究发现,债券融资与企业创新之间显著正相关,表明债券融资优化企业债务结构、提升企业创新能力的积极作用占据主导地位。进一步研究表明:(1)债券融资能够通过降低整体债务融资成本并延长整体债务期限促进企业创新;(2)债券融资对于银行贷款存在溢出效应,即企业通过债券融资,还能降低银行贷款利率、延长银行贷款期限,进而促进企业创新;(3)产品市场竞争和代理问题会在一定程度上削弱债券融资对企业创新的促进作用;(4)不同类型的债券对企业创新能力的作用存在异质性,债券发行的便利性是其影响企业创新的一个重要因素。     

放松利率管制、过度负债与债务期限结构

放松利率管制不仅消除了信贷市场摩擦,而且可以通过调整贷款利率水平以实现信贷风险与资金成本之间的匹配,从而对企业资本结构选择产生影响。本文以2000-2015年我国A股非金融类上市公司为研究样本,从企业杠杆选择和债务期限结构两个方面来实证检验放松利率管制如何影响企业资本结构。检验结果发现:放松利率管制不仅显著抑制企业过度负债,加快资本结构调整速度,而且延长企业债务期限。进一步检验还发现,放松利率管制显著抑制企业短贷长投行为,降低企业现金与现金流之间的敏感性。以上问题的研究不仅在理论上证实了放松利率管制影响企业杠杆选择以及资本错配的具体作用机理,而且在实践方面对于我们进一步推进利率市场化进程,完善市场在资源配置中的决定性作用具有重要的政策启示意义。     

Towards a maturity model for big data analytics in airline network planning

The evaluation, acquisition and use of newly available big data sources has become a major strategic and organizational challenge for airline network planners. We address this challenge by developing a maturity model for big data readiness for airline network planning. The development of the maturity model is grounded in literature, expert interviews and case study research involving nine airlines. Four airline business models are represented, namely full-service carriers, low-cost airlines, scheduled charter airlines and cargo airlines. The maturity model has been well received with seven change requests in the model development phase. The revised version has been evaluated as exhaustive and useful by airline network planners. The self-assessment of airlines revealed low to medium maturity for most domains. Organizational factors show the lowest average maturity, IT architecture the highest. Full-service carriers seem to be more mature than airlines with different business models.     

社会资本对高新技术企业融资行为的影响研究

将社会资本这一社会学概念引入到金融学领域展开研究,为优化企业融资决策拓 展了新的思路。本文以2011年1月1日之前在深圳交易所创业板上市的高新技术企业为研究样 本,实证分析了社会资本对高新技术企业融资行为的影响。研究发现：社会资本能帮助企业积 累良好的声誉以及获取关键性资源,对我国高新技术企业融资行为产生了积极的影响;并且, 社会资本越高的企业,选择债务融资方式的可能性越高。     

American options under stochastic volatility: control variates,maturity randomization & multiscale asymptotics

American options are actively traded worldwide on exchanges, thus making their accurate and efficient pricing an important problem. As most financial markets exhibit randomly varying volatility, in this paper we introduce an approximation of an American option price under stochastic volatility models. We achieve this by using the maturity randomization method known as Canadization. The volatility process is characterized by fast and slow-scale fluctuating factors. In particular, we study the case of an American put with a single underlying asset and use perturbative expansion techniques to approximate its price as well as the optimal exercise boundary up to the first order. We then use the approximate optimal exercise boundary formula to price an American put via Monte Carlo. We also develop efficient control variates for our simulation method using martingales resulting from the approximate price formula. A numerical study is conducted to demonstrate that the proposed method performs better than the least squares regression method popular in the financial industry, in typical settings where values of the scaling parameters are small. Further, it is empirically observed that in the regimes where the scaling parameter value is equal to unity, fast and slow-scale approximations are equally accurate.     

Enterprise maturity models: a systematic literature review

Maturity models (MM) have been used by different enterprise segments. However, while many MM have been developed, few have been validated because of the lack of studies that demonstrate how to classify model levels. This study investigates the literature that presents assessment models for classifying maturity levels as well as the development of the research area. A systematic literature review was carried out, finding 409 relevant papers and a list of the few methods for classifying the maturity level. This review enabled us to update the state of the art on MM and identify gaps that may prompt future research.     

林木市场成熟概念、确定方法及其危害性分析

根据"林木市场成熟"的概念,确定"林木市场成熟龄"的关键是要准确预测"目的产品的市场价格和市场需求"何时"达到最大"!通过对《林木市场成熟理论的提出与探讨》一书中的"林木市场成熟"概念、计算模型、所有"模拟案例"和"应用实证"分析来看,该书没有探讨预测理论与方法,更没有预测"目的产品的市场价格和市场需求",论述的却是森林经营内部收益率达到最高时的年龄!由此可见,"林木市场成熟理论"计算方法所确定的"林木市场成熟龄"与其内涵是不一致的。通过进一步分析,指出:"林木市场成熟"理论既不利于发挥林业在改善生态环境、维护生态安全、提供多种林产品的作用,又会导致森林经营单位的森林经营陷入无序和混乱状态。因此,应慎防"林木市场成熟理论"给森林经理,特别是对我国林业带来的危害。     

“柏广新现象”集中体现了林业领域的浮躁心态

被媒体炒得沸沸扬扬的"林木市场成熟理论"林木市场价格和市场需求达到最大,这是有悖于经济学常识的,不管从命名还是内容等方面看该理论都是个伪命题,经不起理论的推敲和实践的检验。在该理论的验收会上,实际上大多数学者更是强调了中国商品林发展要尊重市场经济规律,而没有给该理论太多的肯定。被媒体超常吹捧的"柏理论"不是一个孤立的事件,它昭示着多种歪风邪气,在本质上揭示了中国林业界浮躁的心态。     

Uncertainty,supply risk management and their impact on performance

The purpose of this research is to identify the antecedents of supply risk management performance. Speed consortium benchmarking is used to explore the concepts of supply risk monitoring and mitigation. In addition, a survey yielding 207 responses is used to test our hypothesized antecedents of supply risk management performance. Findings indicate that the transaction cost constructs environmental- and behavioral uncertainty have a negative effect on supply risk management performance. In addition, supply risk mitigation and supply risk management process maturity positively influence supply risk management performance, the latter having the strongest influence. Furthermore, supply risk monitoring, supply risk mitigation and supply risk management process maturity all moderate the effect of environmental uncertainty, whereas only risk monitoring has an influence on the relationship between behavioral uncertainty and supply risk management performance. This research identified not only the antecedents of supply risk management performance, but also the moderating effect of different supply risk management principles on the relation between uncertainty and supply risk management performance. Most importantly, our study shows the relevance of developing general supply risk management structures and capabilities (i.e. supply risk management process maturity) in order to manage supply risks successfully. Our findings indicate that even more important than the proper selection of individual risk monitoring and mitigation strategies is the implementation of a risk management process.