The impact of investor structure on stock price crash sensitivity: Evidence from China's stock market

Stock price crash sensitivity refers to the conditional probability of a stock crash when the market collapses. It focuses on individual stocks' sensitivity to the market crash and can affect stock pricing significantly. Although the crash sensitivity of China's stock market is very high as a whole (Weigert, 2016), different individual stocks show varying degrees of crash sensitivity. This paper, adopting the perspective of institutional investors, explores the reasons for the difference in crash sensitivity in China's stock market, and finds that: First, institutional investors' shareholdings is positively related to firms' stock price crash sensitivity. However, after dividing institutional investors into professional (represented by financial institutions) and non-professional institutional investors (represented by general legal persons), we find that only professional institutional investors' shareholdings is negatively related to firms' stock price crash sensitivity. Second, the impact of professional institutional investors on the crash sensitivity is influenced by stock liquidity and media sentiment: when the stock liquidity of listed companies is good or the media sentiment is strong, the negative impact of professional institutional investors on the crash sensitivity is accordingly high. This paper, by highlighting the investor structure, attempts a pioneering exploration of the influencing factors of the difference in stock price crash sensitivity in China. Our empirical results enrich research on stock price crash sensitivity and the heterogeneity of institutional investors. They can also serve to guide regulatory authorities' development of institutional investors and efforts to maintain market stability.     

传统产业集群企业区域价值链市场势力塑造路径

本文对传统产业集群企业如何塑造区域价值链(RVC)市场势力的路径和方法进行研究,以中国南珠产业集群企业为案例,归纳、总结出传统产业集群企业在RVC市场势力塑造过程中的企业家才能和战略定位、文化认同的具体特征,析取概念并建立了“企业家才能”和“文化认同”双重作用的RVC市场势力塑造和突破攻略的理论框架。研究发现,企业家才能通过战略定位实现对传统产业集群企业的RVC市场势力塑造,通过文化认同实现对市场的控制,而在此过程中技术和市场双重控制是常规手段。在数字化条件下,利用数字手段和社会资本,与全球市场建立联结也是传统产业集群企业的一大特色。“企业家才能”和“文化认同”策略是传统产业集群企业获取RVC市场势力并成功充当国际主导企业的关键因素,发展中国家的企业可立足以文化认同为基础的RVC市场势力塑造与传递机制来驱动价值链延伸。     

Financial crises,debt overhang,and firm growth in transition economies

ABSTRACT

We examine the effects of the global financial crisis of 2008 and the European debt crisis of 2011 on the relationship between capital structure, investments, and performance for Eastern European companies. While the existing literature documents how firms’ investments are sensitive to the availability of internal funds and to debt holdings, we further investigate whether this investment sensitivity also translates in different levels of performance, and document that capital structure indeed has both a direct and an indirect effect, mediated by the capital expenditure channel. We show that firms with higher financial flexibility experience higher investments and returns on capital. Over-levered firms instead suffer from a debt overhang condition, forcing them to curb investments, and consequently experiencing lower performance. Overall, we provide evidence on the importance of capital structure and financial flexibility on investments and performance, showing the real consequences of the debt overhang condition on firm value creation. Firms should therefore aim at maintaining adequate financial flexibility in order to be able to pursue future profitable investment opportunities, and avoid the under-investment problem arising from a debt overhang situation.     

将“合伙人制”融入“合作制”的一项尝试——基于MGL合作社的案例解读与探讨

当前,合作社异化已成为阻碍合作社进一步发展的痛点,其中"合作制"下社员剩余索取权和控制权的丧失是矛盾核心,因而探求其改进方式对合作社长远发展、实现乡村振兴有重要意义。本文基于效率与公平衡量维度,通过对MGL合作社这一典型案例进行剖析发现,有效的合作社在治理结构和利益分配上具备"合伙人制"特征,并且基本契合不完全契约理论有关能够有效解决契约双方信息不对称以及剩余索取权、控制权被少数社员占有的论述。对此,应充分重视合伙人制在合作社发展中的内在有效性,弱化其是否具有规范的外在形式。     

How do female directors improve board governance? A mechanism based on norm changes

Prior literature documents that corporate boards with female directors produce better governance outcomes than all-male boards. However, female directors constitute the minority on most boards, which precludes majority voting as the mechanism through which they change board decisions. We identify changing the norms of how the board works as this mechanism. Using the market for norms framework, we explain how female directors are effective even without possessing a board majority or other sources of symbolic power, such as hierarchical authority and social gravitas. Empirically, we show that independent female directors, compared to their male counterparts, are more effective at changing board norms (board processes) and improving governance (board outputs).     

政府补贴促进制造业企业研发投入了吗?——基于资本结构的门槛效应研究

本文以2016~2018年沪深股市的制造业上市公司为研究样本,通过建立门槛效应模型,验证了政府补贴与企业研发投入的作用关系会随着资本结构的变化而变化。研究发现,政府补贴能够促进企业研发投入,并且在资本结构的调节作用下呈现三重门槛效应。进一步研究还发现,政府补贴对非国有企业研发投入的影响系数更高。因此,政府研发补贴政策需要综合考虑企业资金状况、企业性质,建立有效甄别机制,实施差异化补贴策略,加大对非国企补贴力度,拓宽中小企业融资渠道。     

Fancy Bitcoin and conventional financial assets: Measuring market integration based on connectedness networks

We investigate the relationship between Bitcoin and conventional financial assets from a perspective on the connectedness of asset networks. We adopt the method of measuring connectedness proposed by Diebold and Yilmaz (2009, 2012, and 2014) in a VAR system to study the dynamic interdependence between returns in Bitcoin, stocks, oil, and gold. We find that the connectedness between bitcoin and conventional assets is weak. The separation of positive and negative returns in the Bitcoin market shows the existence of an asymmetric pattern of the spillover effects between Bitcoin and conventional assets. A rolling window analysis finds that although Bitcoin prices experience a rising link to other financial assets, the magnitude is proven to be moderate. However, connectedness via negative returns is much stronger than via positive ones and exhibits a clearly increasing trend in recent periods. Our results in application are generally robust to other popular cryptocurrencies, such as ETH and Ripple. The findings presented in this paper have important implications for financial market participants, policymakers, and researchers in light of projected increases in the adoption of Bitcoin, as well as the rapid development of cryptocurrency.     

The impact of dual network structure on firm performance: the moderating effect of innovation strategy

ABSTRACT

Firm innovation is embedded in a collaboration network among researchers and a knowledge network composed of knowledge elements; the two networks are decoupled. Guided by social network theory, this study puts forward the definition and the classification of firm dual network structure, probes into the influence of dual network structure on firm performance, and explores the alignment between innovation strategy and firm dual network structure. We conduct an empirical study of 183 listed companies in China from 2004 to 2018. It is found that the four types of dual network structure all have positive impacts on firm performance, and the impact of a collaboration network is slightly higher than that of a knowledge network. Besides, innovation strategy plays a positive moderating role in the relationship between dual network structure and firm performance. Our findings provide new ideas for firms to identify and optimise knowledge and collaboration network structures and match them with innovation strategy to improve performance.     

均衡性转移支付、公共支出结构与经济高质量发展

本文首先从理论层面系统阐述均衡性转移支付、公共支出结构与经济增长质量三者之间的多重作用机制。其次立足“五大发展理念”构建综合指标体系对经济增长质量展开测度，本文发现我国地方经济增长质量虽然在整体上呈缓慢上升态势，但其绝对水平相对偏低，且具有较为明显的地区异质性。最后本文通过构建动态面板联立方程模型与采取三阶段最小二乘法进行实证考察，结果表明：地方政府公共支出结构与经济增长质量显著正相关，但均衡性转移支付与经济增长质量的正相关关系并不显著。标准化回归结果显示均衡性转移支付能够通过优化公共支出结构对地方经济增长质量产生间接提升效应。     

《经济地理》创刊以来的知识溢出特征与变化

基于引证关系,利用知识图谱、社会网络分析等方法,对1981—2019年《经济地理》创刊以来知识溢出的特征与变化规律进行分析。经济地理学研究的专业综合性、学科交叉性特点,在《经济地理》期刊知识溢出的特征与变化中得以充分诠释。期刊知识溢出的作用与变化,不仅体现在促进作者合作网络形成与机构合作关系的深化上,也体现在对城市化、区域经济发展、区域旅游发展等研究领域的推动作用与变化上。期刊知识溢出的特征与变化在其主题构成、作者贡献、机构力量与前沿引领等的探讨中进一步得以明确。具体地,城市化研究的知识溢出作用,从城市化和城镇化、土地利用、生态环境等方面,逐渐转向新型城镇化、城市网络、生态环境、协调发展等主题;区域经济发展研究的知识溢出作用,经历了从经济联系转向产业集群、再转向空间相互作用关系的主题变化;区域旅游发展研究的知识溢出作用,则从旅游资源、旅游业、生态旅游等方面,逐步转向乡村旅游、旅游经济与协调发展等主题。以国家战略与发展政策为主要导向,促进国内经济地理学的研究与发展,是《经济地理》期刊知识溢出的核心内容与集中反映。