注册制下完善A股分拆上市对策研究

分拆上市作为证券市场优化资源配置和促进市场化并购重组的重要手段,在境外市场被广泛运用,但A股市场的分拆案例相对较少。2019年12月,证监会发布了《上市公司分拆所属子公司境内上市试点若干规定》(以下简称《若干规定》),为引导和规范上市公司分拆所属子公司在境内上市奠定了政策基础。由于我国分拆上市制度还刚刚起步,仍需在加强监管、完善配套制度、确立有关业务规则等方面开展持续研究。为厘清成熟市场分拆上市的实践,本文重点研究美国和中国香港市场,对其分拆上市的相关规则、有益经验以及最新案例进行梳理和归纳,在此基础上提出相应的政策建议,以期为后续细则制定提供参考。     

新能源汽车财务与非财务消息对股市影响的多维特征及差异

新能源汽车股市是投资者对公司财务绩效、政策导向、技术水平和发展前景等多方面因素综合反应的结果。将新能源汽车产业相关消息分为"财务"和"非财务"消息,应用事件研究法从"敏感性""、强弱性"和"持续性"三个维度分析了财务与非财务类消息对于新能源汽车股市影响的差异性。结果表明,新能源汽车非财务类消息对于股市表现影响的强度和持续性相对更显著。新能源汽车非财务类消息中的政策、市场消息对于股市表现影响的敏感性要高于技术消息,政策、技术消息对于股市表现影响的强度明显高于市场消息,技术消息对于股市表现影响的持续性明显优于政策和市场类消息。新能源汽车产业的政策扶持不应仅仅关注现阶段新能源汽车制造商的财务指标,更应高度关注新能源汽车制造商的创新能力。制造商要进一步加大新能源汽车的研发投入,通过资本市场的合理融资促进新能源汽车技术创新和长期盈利能力提升。     

商业信用融资对企业研发投入强度的影响

研发活动的高风险特征决定其必然受到融资约束。商业信用作为企业短期融资方式,是否影响研发投入？以我国2009-2016年创业板上市公司为样本,探讨商业信用融资对研发投入的影响及产权性质在其中的作用。实证研究发现：企业获得的商业信用越多,越不利于提高研发投入强度。商业信用带来的短期偿债压力会抑制企业研发投入;商业信用融资对民营企业研发投入强度的抑制作用更加明显。结论表明,商业信用融资对企业研发投入主要表现为偿债压力带来的风险效应,而不是融资支持,对民营企业的风险效应更为显著。在金融市场不完善情况下,短期融资难以支持企业长期投资,因而政府需要通过完善金融市场、缓解民营企业融资约束,降低短期负债偿债压力对企业研发活动带来的不利影响。     

非正规部门竞争、政治寻租与新创企业市场创新

市场创新是新创企业生存发展的根本,然而新兴经济体背景下新创企业的市场创新受到多种特定因素的影响。基于制度基础观,利用世界银行中国企业调查数据,实证考察了非正规部门竞争和政治寻租对新创企业市场创新的影响。研究发现,非正规部门竞争和政治寻租均对新创企业的市场创新具有显著的正向影响,但政治寻租未强化非正规部门竞争对企业市场创新的正向影响;非正规竞争导致的对知识产权保护的需求并非是引致新创企业进行政治寻租的主要原因,资金需求和躲避严苛繁琐的政府管制的需要是引诱企业参与政治寻租的主要原因。因此,政策制定者不必过分担忧非正规部门竞争对新创企业的负面影响,而应通过推进企业注册登记便利化和加强知识产权保护逐步消除非正规经济;要通过持续深化市场化改革和简政放权消除企业寻租的动机。     

Does High Stock Price Synchronicity Always Hurt Mutual Fund Industry? Sentiment Matters

Investors have agreed that high synchronicity of stock returns adversely influences professional funds' profitability. However, different market conditions where high synchronicity exists may have different effects on this relationship. This study incorporates aggregate investor sentiment as a market condition in the equation to explore whether and when the negative association between synchronicity and fund performance holds. The authors use a sample of actively managed U.S. equity mutual funds from 2000 to 2014 and employ a portfolio of 11 passively managed funds as the benchmark to measure fund performance and fund management skill. They find empirical evidence that synchronicity negatively impacts mutual funds' profitability when the investor sentiment is low. This negative relationship disappears in high-sentiment periods. They also find that in both low- and high-sentiment states, fund managers with superior stock selection skill make more profits from high synchronicity than the average.     

国际贸易计价货币的选择——兼论人民币国际化

本文以出口商预期利润最大化为视角,介绍和归纳了出口商计价货币选择的有关模型。得出结论:一国货币作为国际贸易发票货币取决于货币汇率的波动性;该国占据的出口市场份额以及该国出口产品的差异性程度,并利用经验数据检验了以上结论,展望了人民币国际化的前景。     

Climate change policy, market structure, and carbon leakage

The 1997 Kyoto Protocol on climate change obliges the industrialized countries to initiate the international effort of abating anthropogenic greenhouse gas (GHG) emissions. If such an initiative is to be taken, the associated competitive effects may lead to significant relocation of developed countries' energy-intensive production. This paper examines this issue. I adopt an oligopolistic structure combined with increasing returns to scale production technologies to represent the strategic interaction among the firms producing energy-intensive products. This representation is then embedded within a multi-regional computable general equilibrium model, which in turn is used for quantifying these relocational effects. The results suggest that significant relocation of energy-intensive industries away from the OECD may occur, depending on the type of market structure, with leakage rates as high as 130%, in which case GHG control policies in the industrialized countries actually lead to higher global emissions.     

Grounded: Characterising the market exit of European low cost airlines

The aim of this paper is to undertake a comprehensive study of low cost carrier (LCC) market entry and exit in Europe between 1992 and 2012. In the 20 year period between 1992 and 2012, 43 LCCs have taken advantage of the progressive liberalisation of the European aviation market and commenced scheduled flight operations within the continent. Of these 43, only 10 remain operational, a failure rate of 77%. This paper contributes to extant literature on LCCs by examining the market entry, business practices, operating longevity and fate of failed operators to characterise European LCC market exit. Drawing on the findings of a detailed continental-wide study, the paper identifies that an airline's start-up date, the nature and size of its operation and the size and composition of its aircraft fleet are key factors which influence LCC success and failure. The implications for both European and emerging LCC markets are discussed.     

Markets for information: Of inefficient firewalls and efficient monopolies

In this paper we study market environments where information is costly to acquire and is also useful to potential competitors. Agents may sell, or buy, reports over the information acquired and choose their trades in the market on the basis of what they learnt. Reports are unverifiable – cheap talk messages – hence the quality of the information transmitted depends on the conflicts of interest faced by the senders. We find that, when information has a prevalent horizontal differentiation component, in equilibrium information is acquired when its costs are not too high and in that case it is also sold, though reports are typically noisy. The market for information is in most cases a monopoly, and there is underinvestment in information acquisition. We also show that regulatory interventions, in the form of firewalls, only make the inefficiency worse. Efficiency can be attained with a monopolist selling differentiated information, provided entry is blocked.     

Optimal harvesting of a spatial renewable resource

In this paper we investigate the optimal harvesting of a renewable natural resource. While in most standard approaches the resource is located at a single point, we allow the resource to be distributed spatially. Consequently, an agent who exploits the resource has to travel from one location to another. For a fixed planning horizon, we investigate the speed and the path of harvesting chosen by the agent. We show that the agent adjusts this speed so as to visit each location only once, even in the absence of travelling cost. Since the agent does not return to any location for a second harvest, it is optimal to fully deplete the resource upon arrival. A similar type of bang–bang solution results when we drop the assumption of a constant harvesting rate: allowing for a variable harvesting rate, the agent chooses to fully exploit the resource either in the last or in the first travelling period. A society interested in conserving some of the resource thus has to take measures to limit the exploitative behaviour of the agent.