中国上市公司定向增发的短期财富效应研究

定向增发是我国上市公司股权再融资的主流方式.对于上市公司来说,定向增发可以为公司的发展和成长提供资金;对于投资者来说,定向增发为他们提供了良好的投资机会.短期财富效应是指证券市场各因素引起股价发生波动而给股东带来的额外收益.因此,选择39家上市公司定向增发短期财富效应进行研究,其中以2007年10月16日为分界,选取2007年3、4月实施定向增发的21家上市公司及2008年3、4月实施定向增发的18家上市公司为样本,分别分析定向增发在牛市和熊市中的财富效应.在实证研究中,通过超额收益率,建立一元线性回归模型,对样本公司定向增发的市场变化、股东收益进行研究,并得出结论.     

消费者投诉冲击与保险公司业绩北大核心

保险消费者权益保护是保险监管的目标之一,也是保险市场健康发展与成熟的标志。本文以中国保险监管部门开通首个保险消费者投诉热线作为外生政策变量,利用2009-2018年中国163家保险公司数据设计准自然实验,研究了保险消费者投诉热线的外部监督职能及其对保险公司业绩的影响。研究结果表明:保险消费者投诉热线的开通显著降低了消费者权益保护水平更差的保险公司业绩;佣金激励水平越高,保险消费者投诉冲击对消费权益保护水平更差的保险公司业绩的负向影响越显著;区分人身保险公司与财产保险公司后发现,保险消费者投诉冲击对消费者权益保护水平更差的财产保险公司业绩的负向影响更显著。本文研究成果丰富了消费者权益与保险公司治理理论,对保险消费者权益保护实践和保险市场高质量发展具有启示意义。     

Knowledge transfer within MNC hotel subsidiaries: An absorptive capacity perspective

This study explores the process of transferring knowledge from multinational-corporation (MNC) hotels to their subsidiaries to advance company strategies. In particular, it examines critical factors that can forestall knowledge transfer through the lens of absorptive capacity. This study revisits the four dimensions of absorptive capacity (acquisition, assimilation, transformation, and exploitation) to understand the challenges involved in transferring knowledge from MNCs to subsidiaries. We argue that several fundamental aspects of the process influence absorptive capacity, potentially interfering with knowledge transfer. Using a qualitative approach, semi-structured interviews were conducted with four different types of actors (expatriate and local managers, a regional executive, and a policymaker). The results reveal that competencies (e.g. education) regulate the process of acquiring knowledge, while insufficient experience (technical skills and expertise) and historical background (explicitly related to the consequences of colonisation, including a local inferiority complex) affect the assimilation and transformation of knowledge. Next, limited opportunities, notably a reluctance to hire local managers and local managers with uneven qualifications, affect transformation and exploitation. Finally, cultural discord (e.g. recognising cultural differences, such as ethnic groups, religion, and customs) and communication barriers (e.g. verbal and non-verbal communications) influence the acquisition, assimilation, and transformation process, which, in the end, arbitrate knowledge exploitation. The findings suggest that the country's historical experience has considerable ramifications for absorptive capacity.     

险资入市促进了公司创新吗

随着国家政策的放开,保险公司持股上市企业的现象剧增,保险机构投资者逐渐成为中国资本市场中的重要角色,对企业经营决策发挥了重大作用。在此背景下,本文考察了险资入市对企业创新活动的影响。研究发现:一方面,保险机构投资者持股公司的研发投入和专利产出更少;另一方面,保险机构投资者持股公司的CEO强制变更概率更高,经营业绩更差。本文还讨论了保险公司影响企业创新背后的理论机理。本文研究表明,险资持股带来了过度监督效应,抑制了企业创新。本文有助于市场加深对保险机构的认识,丰富企业创新的相关研究,为改善公司治理提供建议。保险机构投资者是中国资本市场改革的重要力量,政府监管部门需合理引导保险机构投资者,使其发挥积极的外部治理作用。     

Can upgrading information infrastructure improve the innovation ability of companies? Empirical evidence from China

The development of information technology has become a new driving force for companies' innovation. Upgrading the information infrastructure lays a foundation for companies to use information technology to innovate; therefore, this study examines the impact of information infrastructure upgrading on companies' innovation ability and the intermediate mechanism. Using a sample of China's listed companies of A-share from 2011 to 2018, this study used the staggered difference-in-difference method to investigate the impact of information infrastructure upgrading on innovation input, innovation output and quality. The results show that upgrading information infrastructure has a ‘double-edged sword’ effect on the innovation ability of companies. Companies' innovation input and output significantly increase, but innovation quality decreases. Additionally, further analysis indicates that financial constraints and managerial myopia are intermediary mechanisms for this effect. Our research results provide theoretical and empirical evidence for companies to enhance their innovation ability.     

高科技上市公司内在价值评估：基于连续型实物期权模型的实证研究

高科技企业高度不确定性的特征决定其本身具有潜在的期权价值,所以,传统的评估方法难以客观地评估出高科技公司内在价值.针对高科技公司高度不确定性的特征,引入Schwarz的连续型实物期权模型,在对模型进行离散化处理后,利用蒙特卡洛模拟对中国软件开发板块的高科技上市公司进行价值评估,并由此对整个软件开发板块的高科技上市公司价值评估进行的实证.研究发现,实物期权模型能较好地对高科技企业进行价值评估.     

基于RIR模型的上市公司企业价值研究

运用剩余收益比率(RIR)模型,以沪深证券市场2000年上市的6家公司为研究对象,通过分析2000年中期至2008年底季度财务报表的相关数据,描述了企业价值与股票实际价格波动之间的联动关系,证实了两个变量的波动有着内在的本质联系,即股票价格始终围绕企业价值上下波动,但受到整体大环境的影响,表现出一定的周期性.