债务违约、社会责任与政府支持

转型期中国，地方国有企业作为地区经济发展的一股中坚力量，当其发生债务违约时，作为实际控制人的地方政府究竟是否愿意提供支持，会优先选择哪些企业提供支持，政府的支持行为是否会影响到信贷资源的配置效率呢?为得到验证，文章选取2007-2016年沪深A股地方国有上市企业作为研究样本，实证分析了地方国企发生债务违约后，地方政府的支持行为及其对信贷资源配置效率的影响。研究结论表明：第一，地方国企发生债务违约后，地方政府会提供更多的"支持"，且支持额度与债务违约额呈显著正相关关系；第二，债务违约前，承担了更多社会责任（环保投资、捐赠以及就业等）的地方国企，在债务违约后可相应地获得更多的地方政府支持；第三，违约企业，尤其是得到更多政府支持的违约企业可获得更多的信贷资源，而其经营业绩却往往更差。由此表明政府干预一定程度上降低了信贷资源配置效率。     

The impact of shareholders and creditors rights on IPO performance: An international study

This paper examines the impact of cross-country variation in shareholders' and debt holders' rights on post-IPO performance and survival of newly listed stocks across the globe. Using a sample of 10,490 initial public offerings (IPOs) in 40 countries between 2000 and 2013, we find that post-IPO performance and survival is better in countries with stronger shareholder protection, but the impact of creditor protection is negative i.e. stronger creditor protection leads to poor post-IPO performance and survival. This effect is driven by rules requiring creditors’ consent for company reorganization and the mandatory replacement of incumbent managers. Reputable IPO advisors exacerbate the positive impact of shareholder rights and the negative impact of creditor rights.     

我国上市公司大股东与中小股东企业剩余分配不均衡的权力解读--兼论我国上市公司中小投资者利益保护机制

真实经济中存在大量的大股东利益侵占现象,本文认为,这是股东经济权力天然非对等的必然结果.本文从放松股东为同一性质主体假定和股东间非对等经济权力入手,建立企业剩余分配的博弈模型,推演出大股东侵占中小股东利益过程和实现机制,指出通过控制权实现利益侵占是市场失灵的必然结果,市场机制本身无法解决.     

Impact of the Financial Crisis on Banking Acquisitions: A Look at Shareholder Wealth

This paper examines the influence of the 2007–08 financial crisis on value creation for acquirer’s shareholders in the banking industry using a sample of 883 deals over 2004–12. Applying an exploratory and top-down approach, banking acquisitions are considered at the global level, narrowing the analysis step by step to consider domestic versus cross-border acquisitions. Then cross-border deals are split based on the economic development of the acquirer and target countries. It is observed that only acquisitions involving emerging-economy acquirers and developed-economy targets generate positive and significant returns to shareholders after the crisis. Major changes in the global acquisition landscape are also observed since 2007, with emerging-economy banks increasing their acquisition activity, both nationally and internationally.     

我国上市公司关联交易的实证研究--基于2002年及2003年第一季度的数据分析

本文通过统计分析我国上市公司2002年和2003年第一季度的关联交易,对关联交易特征进行了实证分析,指出在证券监管加强的情况下上市公司的索取型关联交易具有更强的季度性和可操作性.本文认为非公平关联交易存在的内在动力是上市公司高管人员为了获得效用最大化,同时,高管人员从上市公司或关联方获得效用的大小决定了非公平关联交易的利益流向.     

Are SNAP benefits adequate? A geographical and food expenditure decomposition

The Supplemental Nutrition Assistance Program (SNAP) provides resources to supplement household food expenditures in order to achieve a nutritious diet. Determining the amount of support required - or extent of food expenditure poverty -- entails comparing available resources for food to a nutrition-determined threshold. Clearly the value of the threshold will affect the degree of food expenditure poverty. If the threshold value is inaccurate, the calculated degree of poverty will be inaccurate. USDA uses a threshold for setting SNAP benefits that does not vary geographically or temporally, so consequently (food expenditure) poverty may be understated or overstated in different regions and time periods. This article compares food expenditure poverty estimates for SNAP participants when geographical differences in the threshold are ignored versus not ignored. In addition, the article decomposes household food expenditures into Food-Away-From-Home (FAFH), Food-at-Home (FAH), personal funded FAH, and SNAP funded FAH in order to assess the degree to which each of these contribute to reducing food expenditure poverty. The general findings are that all food expenditure poverty measures are worse when geographical differences are taken into account. In addition, the analysis shows that FAH expenditures, and in particular SNAP FAH expenditures, contribute the most to reducing food expenditure poverty in SNAP households. The policy implications are that food expenditure poverty is currently underestimated in the US by ignoring geographical differences in thresholds, but the food expenditure poverty would be even worse without SNAP benefits. Geographical adjustments to the national threshold could help reduce food expenditure poverty across regions.     

Information transmission between large shareholders and stock volatility

Does information transmission between large shareholders exacerbate stock volatility or reduce stock volatility? In this study, based on the common shareholding data in the Chinese stock market from 2007 to 2017, we establish the shareholder’s coshareholding network, and use the weighted network clustering coefficient to measure the information transmission speed. Moreover, we investigate the impact of information transmission speed on stock volatility. The empirical results show that a nonlinear U-shaped relationship exists between information transmission speed and stock volatility. The findings are robust to the inclusion of other determinants of stock volatility identified in the literature. Finally, we verify the existence of private information interaction in the coshareholding network.     

The forthcoming Artificial Intelligence (AI) revolution: Its impact on society and firms

The impact of the industrial and digital (information) revolutions has, undoubtedly, been substantial on practically all aspects of our society, life, firms and employment. Will the forthcoming AI revolution produce similar, far-reaching effects? By examining analogous inventions of the industrial, digital and AI revolutions, this article claims that the latter is on target and that it would bring extensive changes that will also affect all aspects of our society and life. In addition, its impact on firms and employment will be considerable, resulting in richly interconnected organizations with decision making based on the analysis and exploitation of “big” data and intensified, global competition among firms. People will be capable of buying goods and obtaining services from anywhere in the world using the Internet, and exploiting the unlimited, additional benefits that will open through the widespread usage of AI inventions. The paper concludes that significant competitive advantages will continue to accrue to those utilizing the Internet widely and willing to take entrepreneurial risks in order to turn innovative products/services into worldwide commercial success stories. The greatest challenge facing societies and firms would be utilizing the benefits of availing AI technologies, providing vast opportunities for both new products/services and immense productivity improvements while avoiding the dangers and disadvantages in terms of increased unemployment and greater wealth inequalities.     

基于生态环境效益补偿的绿色建筑激励机制研究

建立科学、有效的激励机制是促进绿色建筑健康发展的重要因素,基于生态学视角,将绿色建筑的生态环境效益作为重要补偿因素,对绿色建筑开发者收益损失和绿色建筑产生的效应进行分析,构建了绿色建筑开发者损失型补偿模型和绿色建筑生态环境效应型补偿模型,利用C-D生产函数构建了利润函数,探讨了损失型补偿额度,利用机会成本法、市场价值法、生态恢复费用法测算绿色建筑环境效应,以此建立基于生态环境效益补偿的绿色建筑激励机制。