信托财产权新探——兼谈信托的所有权问题

信托产生于英国 ,在英美法系中信托当事人在信托中的财产权称为“双重财产权”。我国在《信托法》中对信托的所有权归属问题并没有作出明确的规定。拟从实现信托的社会终极目标的角度认为信托财产权是独立于物权、债权之外的一种新型财产权利。     

小区物业管理公司运营模式探究——以“股权信托模式”为研究对象

当前我国物业管理秩序较为混乱,物业公司与业主之间的矛盾对立面较广,冲突较为严重,从根本来说是由于双方利益点不一致,导致分歧产生。因此,如何将双方利益点统一,成为了问题解决的难点,而以物业股权分配及信托契约合同为运营基础的股权信托模式的物业管理公司解决了利益分歧的问题。     

农业经济发展的供应链信贷金融支持的盈利分析——以新型农村信托制度设计为视角

基于传统徒业经济,资金短缺、土地荒废等问题,我国部分地区将金融产品引入农村经济的发展之中,即供应链信贷金融支持,促进农村经济的资源配置效率,本文旨在借鉴现有的农村土地信托制度,对新型农村信托进行制度设计,并借助动态博弈分析其可行性,最后论述该种模式的盈利能力,发挥其促进农村经济结构优化升级的功能。     

我国快餐业产业竞争力的“钻石模型”分析——以中式快餐业为主要分析对象

随着我国经济的发展以及生活节奏的加快,我国快餐业的市场容量增长迅猛,我国快餐业既迎来了难得的发展契机,同时也面临着国际快餐业巨头的严峻挑战,如何迅速提高我国快餐业的产业竞争力也就自然而然地成为了一个我们必须思考的问题.以波特的"钻石模型"为分析手段,以我国中式快餐业为主要分析对象,对我国快餐业进行了定性分析,并提出了关于如何提升我国快餐业产业竞争力的相关对策.     

基于MM理论的资本结构优化分析——以万科集团为例

在企业所得税的环境下,由于负债的抵税作用,企业可以通过加大负债筹资以改变原有资本结构,提高公司价值.修正后的MM理论也因此在财务界产生了极大影响,促使公司重视资本结构的优化.而对于资金回笼慢、需求大、高举债的房地产行业,确保安全的资本结构更显得尤为重要.因此,本文聚焦万科集团,旨在利用MM理论和CAPM模型对万科资本结...     

城市化进程中固定资产配置与居民消费行为分析——以居民住房资产为主要研究对象

随着制度变革和城市化驱动住房需求释放,居民的财富管理和资产配置持续投向住房,现如今住房已成为中国居民家庭的主要资产,居民住房资产配置支出对城镇居民的其他消费产生挤占。随着人均收入和城市化率的提高,消费结构从食品等生存性需求转变到居住、教育等改善性和发展性需求,北京、上海、深圳等大城市的居住消费占比均明显高于全国均值。居民的住房资产显著正向影响家庭消费支出,但财富效应较小,不同收入水平家庭的住房资产对消费影响效应存在差异,可以预期,随着中国城市化进程向大都市化迈进,大城市的消费成长空间巨大,并将继续保持增长态势。     

上市公司资本结构影响因素的实证分析及优化对策——以新疆上市公司为例

文章以新疆19家上市公司2010年到2015年的数据,构建面板数据模型对资产结构、资产流动性、盈利能力、公司规模,公司成长性的影响对资本结构的影响进行实证分析。最后提出相应的改革融资环境、加强资本市场软建设等优化对策。     

农产品市场与流通信息化发展的现状分析与对策研究——以吉林省吉林市农村地区为主要研究对象

目前,农产品市场与流通在逐步发展,但是发展的比较缓慢,我国仍面临多种问题而阻碍了农产品市场的快速发展。在这个全球互联网发展的时代,电子商务这个领域也在不断发展,并且必然成为一大趋势。但是我国开展农产品电子商务所需的配套条件和市场机制尚未形成,农产品电子商务这一领域还不够健全,我国农产品通过商贩销售仍占主导市场。文章主要通过对吉林省吉林市部分农村地区的市场发展和信息流通问题进行分析和调研,希望通过调研,找到更合适农产品电子商务发展的途径,并逐步完善这一领域,加快农产品市场的发展。     

产权与信用:博弈中的原初逻辑

产权是有限理性的自利的人们在长期的博弈过程中内生出来的结果。产权自我维持的私人治理说明信用的产生是尊重并保护产权的结果。从某种原初状态出发,在漫长的历史演化过程中,经济人在相互生存竞争和博弈过程中自发地形成了产权关系,这一过程中信用也相伴而生。事实和逻辑都证明了产权的确立是信用产生的前提,产权明晰对信用具有强化作用。     

Capital Structure,Management Ownership and Large External Shareholders: A UK Analysis

This paper examines empirically the effects of management ownership and ownership by large external shareholders on the capital structure of the firm from an agency theory perspective. The paper extends the US literature on the topic by examining the effect of interactions between management ownership and ownership by large external shareholders on the capital structure of UK firms. For a sample of UK firms, the paper provides empirical evidence that suggests the debt ratio is positively related to management ownership and negatively related to ownership by large external shareholders. Furthermore, the presence of a large external shareholder acts to negate the positive relationship between debt ratios and management ownership; in the presence of a large external shareholder, no significant relationship between debt ratios and management ownership exists. These findings are consistent with the hypothesis that the presence of large external shareholders affects the agency costs of debt and equity.     

现金股利、股权结构和组织特征:一个Logistic分析

本文以763家上海证券交易所A股上市公司2003年的横截面数据为观察值,运用logistic回归分析分别考察了股权结构和组织特征对现金股利发放概率的实证影响。本文发现,股权结构(第一大股东持股、前二大股东持股和前三大股东持股)对现金股利发放概率具有显著的正向影响。公司各项组织特征(成长性机会、每股收益、每股留存盈余、资产规模和财务杠杆)也对现金股利发放概率具有显著的影响。本文的结论支持自由现金流假说。     

Rules Governing the Transfer of Ownership: Wealth Effects and the Influence of Ownership Structure

This paper studies a unique change in regulation governing the transfer of share ownership in New Zealand. The new regulation requires all listed firms to adopt one of three proposed takeover regimes, ranging from almost free transferability of shares to a uniform pricing rule. Our empirical results indicate that a higher proportion of shares held by blockholders makes adoption of a liberal takeover regime more likely. We also find that an increase in the proportion of non‐beneficial shares held by directors and shares held by trust companies increases the probability that a firm adopts a more restrictive takeover regime. Furthermore, the results from an event study show that firms adopting the liberal takeover regime experience substantial positive abnormal returns compared to firms adopting the standard or restrictive regime.     

Efficiency and Ownership Structure: The Case of Poland

We examine the effects of foreign entry on productive efficiency during the Polish investment liberalisation. The performance of foreign acquisitions is compared to foreign firms entering the market through greenfield entry, as well as domestic acquisitions of privatised firms, domestic greenfields and remaining state‐owned (non‐privatised) firms during the period 1995–2000. We find that foreign privatised firms have realised larger productivity gains than all types of domestic firms and that this is not due to higher price‐cost margins, which is consistent with the idea that foreign firms bring in firm‐specific knowledge. Foreign greenfields have the highest average labour productivity, while foreign privatisations show the largest productivity increase.     

基于博弈论的混合所有制公司的股权结构研究

以我国混合所有制公司的股权结构为研究对象,在博弈框架下对混合所有制公司股权结构进行研究.研究表明:大股东之间的共谋与联盟是各相关利益主体博弈过程的均衡结果,通过联盟方式从本质上抑制其他大股东的控制权谋求私欲,同时在一定意义上保护了其他股东利益,在完善公司治理机制,防止混合所有制改革后的国有资产流失,保障混合所有制各利益主体的权力与权益时,同样具有重要意义.     

基于社会和谐的农地产权配置制度改革探究

农地产权是界定和保护农民利益的制度规则,公私权(力)合理配置是实现社会和谐的宏观条件,农地和谐产权是构造和谐社会的微观基础。目前,我国农地产权残缺影响了社会稳定。因此,在新农村建设中应当探索农地集体土地所有制实现的具体产权形式,明确政府与农地私权边界,改变农地所有权弱势地位,重构农地产权制度,完善相关配套制度,以推动农业生产力发展与和谐社会建设。     

Retail Characteristics and Ownership Structure

The choice of vertical relationships between an upstream manufacturer and a set of heterogeneous downstream retailers/entrepreneurs is examined using a principal-agent framework. Standard principal-agent theory predicts that as unobservable effort exerted by the retailer/entrepreneur becomes more important to the manufacturer, contracts between the manufacturer and agent will entail strong incentives and less direct control. The observability of effort is linked to retail characteristics in the gasoline industry, and station-level data on retail characteristics and ownership structure from every gasoline station in the Los Angeles retail gasoline market from 1992–1996 confirm the model's predictions.     

Ownership Structure and Insider Trading: Evidence from China

In this paper, we examine the information content of insider transactions in China and analyze how ownership structures shape market reaction to these transactions. We find that the cumulative abnormal return (CAR) to insider purchases is a convex function of the percentage of shares owned by the largest shareholder. Further, the CAR to insider purchases is lower when the largest shareholder is government-related, or when the control rights of the largest shareholder exceed its cash flow rights. We also find that the market reaction to insider purchases is more positive for firms audited by Big4 auditors. However, we do not find a significant relationship between an ownership structure and the market reaction to insider sales. Our results are remarkably robust to alternative model specifications, corporate insider identities, and recent corporate news releases on price-sensitive events. Finally, we show that market reaction to insider purchases is larger for firms with less severe expropriations, as captured by the use of other receivables.     

我国创业板上市公司股权结构特征分析

我国的创业板市场于2009年10月开板以来,已经迎来了四百多家上市公司,成了继主板与中小板市场之后中国资本市场的另一支主力军。然而创业板由于自身的企业特性使得其股权结构与主板和中小板上市公司截然不同,本文选择以创业板公司为样本分析创业板上市公司的股权结构特征,为优化我国创业板上市公司的股权结构提出一些政策性建议。