Corporation Diversification and Firm Performance: Evidence from Vietnamese Listed Firms

We examine the effect of corporate diversification on the performance of firms listed on the Vietnamese stock exchanges, using 2744 firm year observations over the period from 2007 to 2012. We find that corporate diversification has a negative impact on firm performance. Our results are robust to various econometric estimation techniques including fixed effect, instrumental fixed effect, Heckman selection model and system generalised method of moments. In the Vietnamese context, the lack of an efficient corporate governance system may encourage firms to follow corporate diversification strategies, thus impairing their performance.     

Ownership Structure and Capital Structure: A Study of Vietnamese Listed Firms

This paper examines the relationships between ownership structure and capital structure for non‐financial listed firms in Vietnam during the period 2007–2012. Although different approaches are applied in this research, all results from those models are consistent. The study finds that while foreign ownership has a negative impact on leverage, state ownership has a positive influence. Managerial ownership has a positive relation with debt level, while the effect of large ownership on debt level is not conclusive.     

Choice of Ownership Structure and Firm Performance: Evidence from Estonia

This article uses panel data for a representative sample of Estonian enterprises to analyse diverse issues related to the determinants of ownership structures and ownership changes after privatisation. A key focus is to determine whether ownership changes are related to economic efficiency. While employee-owned firms are found to be much more prone than other firms to switch ownership categories, often ‘employee-owned’ firms remain ‘insider-owned’ as ownership passes from current employees to managers and former employees. Logit analysis of the determinants of ownership structures and ownership changes provides mixed support for several hypotheses. As predicted: (i) wealth and resource constraints play a crucial role in the determination of ownership, with foreigners buying firms with the highest equity levels and insiders buying firms with the lowest equity valuations; (ii) risk aversion explains subsequent ownership changes, especially away from employee ownership; (iii) allocation of ownership depends on the pre-privatisation origin and location of the firm, and these factors also influence subsequent ownership changes. Our findings provide mixed support for the hypothesis that ownership changes are related to economic efficiency.     

Minimum Wages and Firm Productivity: Evidence from Vietnamese Manufacturing Firms

ABSTRACT

This paper empirically examines the minimum-wage impact on firm productivity. Using a detailed Vietnamese firm-level dataset from 2010 through 2015, the regression results suggest that firms raise their labor productivity, total factor productivity, capital intensity and revenue in response to increased minimum wage standards. Firms that pay their workers below the minimum wage react more positively in raising their labor productivity than high-wage firms. Minimum wages has had a more pronounced impact on firms’ labor productivity, total factor productivity and capital intensity since the uniform wage rate was introduced for both domestic private and foreign-invested enterprises in 2012.     

上市公司的所有权与融资结构

文章对上市公司的融资结构进行了研究,指出企业的国有（或国有控股）性质是企业资产负债率水平偏高的根本原因。与此相对应,民营企业的资产负债率水平则明显低于国有（或国有控股）企业。作者认为,现有的发行新股或债转股方式,并非是解决我国国有企业资产负债率水平偏高的根本出路。解决这一问题的最终途径可能还是在于调整所有权结构。另外,作者利用我国上市公司的数据,发现了与MMM理论相矛盾的一些事实,即我国的国有相对控股上市公司的资产负债率水平是与此类公司的所有权结构相关联的。     

Ownership, Control and Performance of Turkish Listed Firms

The paper describes the main characteristics of ownership structure of the Turkish companies listed on the Istanbul Stock Exchange. We present information on the pyrimidal and complex ownership structures within business groups, on the main owner classes, and on changes in large shareholdings. Ownership is highly concentrated in Turkey, families being the dominant shareholders. Changes in large shareholdings do not suggest the existence of an active market for share stakes. We also show that concentrated ownership and pyramidal structures have a negative effect on performance as reflected in lower return on assets, market to book ratios and dividend payments. We conclude by discussing some important problems introduced or fostered by the presence of this type of ownership structure.     

国有股权、经营风险、预算软约束与公司业绩:中国上市公司的实证发现

以中国上市公司为例,本文首次采用分量回归模型实证分析了国有股权对公司业绩的复杂影响。我们发现:在经营表现较差的上市公司,国有股东监督内部人的积极作用超过了行政或政治干预公司经营的消极作用;而在经营表现较好的上市公司,以上作用没有显著差异。源自国有股权并受经营风险影响的上市公司的预算软约束预期损害了所有公司的业绩。与经营表现较好的公司相比,在经营表现最差的公司,国有股东监督内部人的积极作用以及国有股权导致的预算软约束预期的消极作用都更为显著。虽然国有股权对公司业绩影响的净效果在所有上市公司中都为负,但在业绩最差的上市公司里负面作用最为突出。政策含义在于国有股权的调整应当从业绩最差的上市公司开始。     

我国上市公司的股权结构与多元化战略

本文探讨了股权结构与公司多元化战略选择之间的关系。实证结果发现,公司多元化水平与国有股比例和股权集中度均呈显著的负相关关系,与法人股比例呈倒U型关系,与流通A股比例及董事持股比例均呈显著的正相关关系,但与经理持股比例关系不显著。本文结果表明,代理问题是公司实施多元化经营的重要原因。     

The Determinants of Firm Performance and Bribery: Evidence from Manufacturing Firms in Nigeria

This paper uses ordinary least squares with firm effects and Probit regression models to investigate the determinants of firm performance and the likelihood of firms to pay bribes. Results for the manufacturing firms in Nigeria show that skilled workforce, exports, foreign ownership and capital investment influence firm performance. Conversely, poor electricity delivery and difficulty obtaining finance impede firm performance. Total sales and time spent dealing with government regulations increase the likelihood of firms to pay bribes. Surprisingly, foreign firms are as much likely to pay bribes as domestic firms. Policy implications from the findings are important considering that the manufacturing sector assumes an important role in the Lewis theory of economic development.     

内部人所有权与企业价值——对中国民营上市公司的研究

本文在理论分析的基础上,重新定义了内部人所有权,将其区分为"广义内部人所有权"和"狭义内部人所有权",考察了其不同的委托代理问题。运用中国民营上市公司数据,发现企业价值与"广义内部人所有权"之间存在"U型"曲线关系,同时也验证了"狭义内部人所有权"与企业价值之间的"倒U型"曲线关系。结论表明,监督效应与侵占效应在中国民营上市公司中发挥作用,企业大股东易于勾结起来和高管形成串谋侵占小股东利益;堑壕效应与利益趋同效应在中国民营上市公司中同样发挥作用,但由于在中国,"狭义内部人所有权"普遍极低,现有数据难以给出完美的分析。     

股权结构、治理环境与利益输送——来自我国上市公司的经验证据

本文以2003-2004年我国A股上市公司的资金占用数据为基础,实证检验了股权结构、治理环境与控股股东的利益输送行为之间的关系.结果表明,控股股东占用的资金与非控股大股东的持股比重及个数间表现出显著的负相关关系;上市公司所处地区的法治水平越高、政府干预越少,控股股东占用的资金越少.在完善公司治理结构及保护中小股东利益过程中应充分考虑这些因素的影响.     

家族主义文化、“去家族化”治理改革与公司绩效

儒家文化倡导重家族、重血缘的家族主义价值观。本文研究家族企业创始人的家族主义文化观念对公司上市前"去家族化"公司治理改革和上市后公司绩效的影响。研究发现:首先,创始人的家族主义文化观念越强,家族企业在上市前越不可能实施"去家族化"治理改革,即家族成员从管理岗位离职的概率越低,家族对公司的控制权、现金流权以及两权分离度的下降幅度也越小。其次,公司所在地的劳动力市场越不发达,或家族成员教育背景越差时,创始人的家族主义文化观念对"去家族化"治理改革的阻碍作用越强。进一步研究还表明,是家族内部的言传身教,而非社会环境的熏陶塑造了企业创始人的家族主义文化观念,进而影响家族企业的"去家族化"改革。最后,本文发现公司上市前"去家族化"治理改革实施得越不彻底,上市后公司绩效和收入增长率就越低。综上,本文研究结果为儒家家族主义文化影响经济发展提供了来自微观企业层面的证据。     

改善民生是中国城乡统筹改革实践的原动力

民生是中国城乡统筹改革实践的原动力。改革起始期,是民生呼唤下的自发改革与政策调整;改革深入期,是民生推动下的体制转轨与制度创新;改革攻坚期,是民生引导下的统筹发展与新农村建设。30年农村改革历程,致使民生问题的不断解决与改革的渐进式节奏相互吻合,推动着"人本"式的农村改革健康有序地发展。     

股权集中度和股权制衡及其对公司经营绩效的影响

在对大股东的性质作出清晰界定的基础上,本文考察了中国上市公司的股权集中度和股权制衡情况及其对公司经营绩效的影响。研究发现:股权集中度和经营绩效之间有着显著的正向线性关系,而且这种关系在不同性质的控股股东中都是存在的。具体来说,在中央直属国有企业和私有产权控股的上市公司中股权集中度所表现的激励程度最高,地方所属国有企业控股的上市公司次之,而国有资产管理机构控股的上市公司最低。同时,过高的股权制衡程度对公司的经营绩效有负面影响。但是,不同性质外部大股东的作用效果有明显差别,而且其在不同性质控股股东控制的上市公司中的表现也不尽一致。     

债务融资和掠夺-来自中国家族上市公司的证据

以295家公司为样本,本文重点探讨我国家族上市公司债务融资的动机。结果发现,无论是用短期债务融资还是长期债务融资来衡量,银行借款行为都反映了家族终极控制人的掠夺动机。具体表现为:终极控制权和所有权的分离程度越大,负债融资的比例越高;在治理环境不完善的地区,这一特征尤其明显。这说明上市公司进行银行融资的目的不是为了发挥债务的治理效应,而是为了增加其可以控制的资源,为终极控制人的掏空行为提供便利。本文的分析有提醒金融监管当局防范金融风险的政策含义。     

上市公司家族控制与企业价值

本文以 2 0 0 2年在上海、深圳证券市场上公开交易的 1 2 8家家族类上市公司为基础进行实证研究 ,发现中国资本市场上的控制性家族导致的代理问题刚刚开始出现。家族类上市公司中既存在所有权层面的控制权与现金流权分离所形成第一重代理关系 ,也存在家族企业主与家族 非家族雇员在管理层面形成的第二重代理关系 ,研究发现前者对家族类上市公司价值具有负面影响 ,而后者则具有双面的影响     

论股权结构内生性——来自上市公司股权再融资选择的证据

股权分置改革后,上市公司股权再融资的方式主要有两种:定向增发和公开增发.本文的经验证据表明:全流通背景下,上市公司股权再融资方式的选择,主要是基于其大股东巩固控制权地位、维护自身控制权利益的考虑.股权再融资,实质上是一种股权结构的内生性调整.     

上市公司职业经理人薪酬与企业绩效关系的实证研究

本文主要讨论了我国上市公司职业经理入薪酬变动与企业绩效变动的关系。本文选取了2002年和2003年的上市公司年报中披露的业绩和职业经理入薪酬的数据,利用线性回归和相关分析法检验了我国上市公司职业经理入薪酬的激励制约机制。研究发现,职业经理入的薪酬变动与上年业绩相关性显著,并且随着经理入是否持股、国有股比例和公司所处地域的影响。而职业经理入本年薪酬变动与本年业绩变动的关系不明显,说明我国的激励机制有待完善。而且,职业经理入薪酬下降时导致本年业绩的下降,说明薪酬的制约机制有待建立。     

房价上涨对工业企业创新的抑制影响研究

自1998年以来,房价的快速上涨吸引了大量的资本进入房地产行业,其中不乏工业企业的身影。工业企业将有限的资源投入房地产的同时,势必影响需要大量资金支持的研究开发项目。本文利用1999—2007年全国35个大中城市规模以上工业企业数据,重点研究了房价上涨对工业企业新产品产出和研发投入的影响,并得到了以下主要结论:房价上涨越快,当地企业的创新倾向越弱。本文为理解转型经济背景下影响我国企业创新的因素提供了一个新的重要视角。