民营企业创业期融资及其风险规避研究

资金对创业者来说永远是稀缺资源,依靠自有资金起步永远是最稳妥的办法。文中第一部分阐述了现有民营企业在创业起步阶段所运用的融资方式。民营企业创业期融资是一个方式多样、技巧灵活、风险较大的行为,运作须谨慎。     

Are executive stock option exercises driven by private information?

In this study, we investigate the extent to which exercise of executive stock options is based upon private information. Contrary to popular belief, we find that shares are held more than 30 days following over a quarter of options exercised. Partitioning the data, we find weak evidence that decisions to exercise and sell immediately are prompted by bad news and stronger evidence that decisions to exercise and hold for at least 30 days are prompted by good news. Enhancing the power of our tests by considering several factors important to exercise decisions, we find that the higher the opportunity costs of early exercise as measured by the time-value of options, the greater the trading profits to executives. We also find that the greater the disguise provided by incentives to diversify and consume as measured by the depth of options in the money, the greater the trading profits to executives who exercise and sell. Turning to non-exercise decisions, we find that a strategy of holding options rather than shares to exploit good news yields positive abnormal returns consistent with theoretical predictions in the absence of dividends.

父母对子女的私人转移支付与子女劳动力供给

利用中国家庭金融调查（CHFS）2013年数据,本文考察了来自父母的私人转移支付对子女劳动力供给的影响。采用父亲和母亲的受教育年限作为私人转移支付的工具变量克服了计量模型可能存在的内生性问题。研究发现,父母对子女的私人转移支付每提高1%,子女的日、周、年劳动力供给将分别降低0.0254%、0.0536%、0.0991%,据此测算,父母对子女的私人转移支付每增加1元将使全国劳动力日劳动供给减少约5.24万小时。进一步的影响机制分析发现,父母通过私人转移支付"购买"子女提供的关爱、照料服务而挤出了子女的劳动力供给是导致上述结果的重要原因。研究还发现,来自父母的私人转移支付对子女劳动力供给的影响只存在集约边际,而不存在广延边际,即其仅减少了子女的劳动供给时间,而并没有使子女退出劳动力市场。本文的研究有助于理解自上而下的代际转移支付带来的经济影响。     

The monetary origins of asymmetric information in international equity markets

Existing studies using low-frequency data have found that macroeconomic shocks contribute little to international stock market covariation. However, these papers have not accounted for the presence of asymmetric information where sophisticated investors generate private information about the fundamentals that drive returns in many countries. In this paper, we use a new microstructure data set to better identify the effects of private and public information shocks about U.S. interest rates and equity returns. High-frequency private and public information shocks help forecast domestic money and equity returns over daily and weekly intervals. In addition, these shocks are components of factors that are priced in a model of the cross-section of international returns. Linking private information to U.S. macroeconomic factors is useful for many domestic and international asset-pricing tests.     

Sarbanes–Oxley Act and patterns in stock returns around executive stock option exercise disclosures

We document negative stock returns and elevated trading volumes around executives’ early option exercise disclosures post‐SOX, but not pre‐SOX. This stock price reaction is incomplete, and the negative stock price drift is smaller post‐SOX compared to pre‐SOX. We also show effects of media coverage in the stock price response to exercise disclosures in the post‐SOX period. These findings provide evidence that the requirement mandated by SOX to disclose executives’ stock option exercises within two business days, and the increased media coverage, improves investors’ ability to incorporate into stock prices in a timely fashion the information conveyed by these exercises.     

CEPA条件下安徽民营高新技术企业的发展对策研究

安徽民营高新技术企业在近些年来取得了巨大的发展,规模不断壮大。但总体来看,安徽的民营高新技术企业还很弱小,面对CEPA,机遇与挑战并存。我们应该抓住机遇,迎接挑战,尽快的发展壮大我们的民营高新技术企业。     

私募股权基金文献综述

私募股权基金首先在美国,其次在欧洲大陆和英国,得到了充分的发展。因此对美国和欧洲大陆私募股权基金市场的研究给亚洲新兴经济体,尤其是中国PE产业的发展提供了参考依据。本文首先界定私募股权基金的定义,然后从影响私募股权基金发展的因素、委托人-代理人风险控制、退出模式这三个层面对国内外文献进行梳理,最后对该如何培养有利于私募股权基金发展的外部环境提出了几点建议。     

新闻的第二落点:突现媒体个性魅力的独家报道

“信息爆炸”的时代,新闻资源共享.独具个性魅力的独家新闻报道,更能吸引媒体受众.这就要求我们做好新闻第二落点的研究工作.     

PPP项目控制权本质探讨

控制权是PPP项目合作的重要理论前提,同时也是实践中亟待解决的关键问题之一。研究基于控制权理论,在剖析权力及企业控制权的基础上,深入探讨了PPP项目控制权的本质;认为PPP项目控制权是建立在资源基础上的企业控制权,包括实质控制权和剩余控制权,它们构成影响公私合作效率的基础。由于控制权结构不同,因此,它既是公私合作的选择形式,也是合作主体的权利与义务的条件。     

创新驱动战略下承制军品民营企业科技资源配置效率分析及优化

实施创新驱动战略,事关经济社会发展和强军兴军进程。科技资源是科技创新的物质基础,随着军民融合的深度发展,承制军品民营企业成为国防科技创新与武器装备科研生产的新生力量,其所拥有的科技资源也成为国防科技创新与武器装备科研生产的重要物质基础。承制军品民营企业科技资源配置效率的高低,直接影响到我国武器装备科研生产水平的高低和国防科技自主创新能力的强弱。利用DEA模型测算了87家承制军品民营企业的Malmquist指数及其分解情况,对承制军品民营企业科技资源配置效率进行了评价分析,最终提出了相应优化建议。