金融部门人力资本配置与实体企业金融资产投资

在实体经济“冷”与虚拟经济“热”的大背景下,中国实体企业投资于金融资产的比例快速提升,经济金融化格局正在加速形成。本文试图从金融部门的人力资本配置视角对实体企业金融资产配置的形成逻辑进行诠释。本文以人均受教育年限来衡量金融部门的人力资本配置,采用2008年经济普查微观数据库的数据构造地级市层面的度量指标,并匹配至2009—2018年非金融类上市公司进行实证检验。计量结果显示,金融部门的人力资本水平越高,实体企业金融资产配置越多,且该效应在信息不对称企业中尤为显著。进一步的机制检验发现,在金融部门人力资本提高的条件下,实体企业债务期限显著缩短,具体表现为短期负债增加而长期负债减少。本文研究结论表明,人力资本偏向金融部门增强了其在信贷合约中的市场势力,信贷供给短期化是实体企业金融化的重要原因之一。     

财务柔性储备对资本投向的影响研究

本文针对上市公司财务柔性资源的储备和释放来考察财务柔性政策对于资本投向的影响.研究发现,财务柔性资源不同程度地影响固定资产投资、 无形资产投资和股权投资决策;样本公司储备的现金柔性主要用于固定资产投资,一般不会用于无形资产投资,企业需要进行股权投资时无须储备财务柔性.随着财务柔性的不断储备,企业会相应降低投资决策对内部资金的依赖性,但固定资产投资除外,尤其是长期储备的债务柔性对于固定资产投资所需资金的补充作用不会减弱.此外,引起资本投资结构发生变化的主要诱因是债务柔性.     

Cost of Capital Under Local Constraint on Debt Financing:

A unique constraint on financing of direct foreign investment by MNCs IS a total or partial prohibition on debt financ- ing in many Islamic countries. This paper analyzes the implications of such a conslraint for an MNC's financing and investment deci- sions. The comparative investment levels under alternative financing instruments based on profit and loss sharing (PLS) contracts are examined considering the effects of market imperfections and secu- rity related differences with reference to the existing literature on capital structure. The analysis shows that when debt financing is constrained the cost of capital to a firm will be higher and the invest- ment levels lower.     

Optimal Utilization of Capital and a Financial Sector in a Classical Gravitation Process

In a production price framework, a two‐sectoral gravitation process with cross‐over adjustments of prices and quantities is advanced. To overcome an inconsistency in the treatment of fixed capital in disequilibrium, the socio‐technological input coefficients are assumed to vary with the sectoral output–capital ratio, such that for each relative price there exists an optimal degree of capital utilization which maximizes the sectoral rate of profit. Production prices prevail if these maximizing rates of profit are equalized. In addition, a financial sector determining the rate of interest is incorporated into the model. The mathematical analysis establishes a broad scope for local stability of the long‐run equilibrium position once a condition applies that ensures stability of the output adjustments in the short period.     

融资约束与中国企业对外直接投资模式:跨国并购还是绿地投资

本文在Manova(2008)理论研究的基础上,引入绿地投资和跨国并购两种投资方式,发现融资能力强的企业更倾向于选择跨国并购,于是运用2003—2010年中国工业企业中发生跨国并购和绿地投资的企业数据,实证检验融资约束如何影响企业对外直接投资的模式。结果表明:融资约束低的企业选择跨国并购的概率更大,融资约束相对较高的企业则选择绿地投资,具体表现为融资约束降低1%,企业选择跨国并购的概率将增加2.51%;在不同投资动机下,融资约束的影响有所差异,在商贸服务和生产型投资动机下,融资约束低的企业选择跨国并购的概率更大,而技术研发动机下,融资约束则不影响投资模式选择。     

预算软约束下金字塔结构对企业投资效率影响——基于中国国有上市公司的实证研究

本文以2007-2011年的国有上市公司为研究对象,通过运用博弈论分析和实证研究的方法,考察了预算软约束、金字塔结构与企业投资效率的相互关系.研究发现,在预算软约束下,金字塔持股结构中最终控制人的控制权比例、所有权比例以及控制权和所有权的分离程度均对企业的投资效率产生了重要的影响.依据研究结果,本文从国有资产监管体制、国有资本经营预算等方面提出了相应的政策建议.     

金融发展对中国资本配置效率的影响及区域比较

基于我国1991-2008年的数据,本文应用主成分分析法提取金融发展因子,构建了金融发展指数;并采用面板数据模型测算了我国及各区域的资本配置效率以及金融发展对资本配置效率的影响。研究发现:加入WTO后,我国资本配置效率的整体水平普遍得到快速提升,尤其是中部区域提升速度最快;金融发展对资本配置效率的影响在不同区域差异较大,东部和中部地区金融发展对资本配置效率的促进作用最为显著,但是在西部地区,金融发展与投资和经济发展的关联不是很明显。     

受资金限制的项目投资决策问题的研究

大型投资项目之间的独立关系要求投资者在进行投资决策时,必须对投资项目进行最优化处理以得到整体最优的投资方案,投资者在对相互独立的投资项目进行最优化处理时,也就意味着要找到一种投资方案,该投资可以使投资者获得最大的经济效益。     

The Capital Gains Tax: A Curse but Also a Blessing for Venture Capital Investment

Our study analyzes the effect of the capital gains tax on the individual investment decisions of venture capitalists. By doing so, we are able to study the decisions for a sample of 61,558 funding rounds in 32 countries from 2000 to 2012. Our results support the predictions of the theoretical model that higher capital gains tax rates are associated with fewer start‐ups financed and a lower probability of receiving follow‐up funding. However, the results concerning the effect on the probability of success of start‐ups show that a higher tax burden is associated with a higher probability of eventual start‐up success.     

动员性扩张还是市场配置:中国金融体系功能的检验

本文运用广义矩估计方法(GMM)及1996～2007年的省级面板数据检验了金融自由化改革后中国金融体系的功能.结果表明:金融自由化改革后,金融体系开始逐渐发挥资源配置功能,通过资本积累和技术进步双渠道促进了经济增长,然而金融市场化程度还不高,以金融发展水平衡量的技术吸收能力较差,没有起到促进技术进步和经济增长的作用.     

我国投资基础设施的公共资本与私人资本的效率研究

文章针对我国城市化进程对大量基础设施需求的资金"瓶颈"、资金效率和渠道,通过理论与实证方法研究了我国公共资本和私人资本投资基础设施的效率、结构和影响这些资本投入总量的内在机制.结论是:有效的基础设施投资效率,既需要政府公共投资,也需要市场化私人投资,两者的比重与效率为倒U型,其最佳融资比例结构约为1:2;相对公共资本,私人资本的逐利行为对基础设施投资有更高的产出效率;私人资本投入规模受居民消费水平、市场化程度和公共资本拉动的影响;公共资本投入的规模受地方政府治理水平、政府与市场的关系和经济发展水平的影响;采用市场机制并不意味着政府可以退出基础设施市场,"公"、"私"并存才能更好地取长补短.     

对企业财务资本的重新审视与规定

在企业资本日益呈现多元态势的同时,作为其子概念之一的企业财务资本的界定存在着长久以来的固化现象以及当前某种不恰当的泛化认识,既造成了财务理论上的模糊,又不利于财务实践的开展,因而需要重新进行审视与规定。作为企业财务管理的逻辑起点与历史起点,财务资本应随社会经济的变迁不断产生出新的规定性,并在发展中始终保持其学科核心概念的地位。     

基于金融一体化的投资银行资本融资能力研究

投资银行作为资本市场的主角与灵魂,其核心竞争力成为国内外学者关注的焦点。资本融资能力则是投资银行最为基础和重要的能力。本文通过对我国投资银行业市场集中度、资本规模状况,以及国外知名投资银行的比较分析,得出我国投资银行业资本规模偏小,市场竞争程度差的基本判断。面对全球金融一体化和入世后金融业全面开放所带来的机遇和挑战,进一步指出了提升我国投资银行资本融资能力的切实有效途径。     

Capital,Motives, and Their Link to Investment Intentions: The Moderating Role of the Financial Crisis in Greece

This research examined the moderating role of the financial crisis on the relationship between capital/motives and investment intentions. Human and social capital, nonfinancial resources, and all motives except financial success related positively to investment intention. Social capital and the motive for financial success related positively to investment intention only for those affected by the crisis in a negative way. The motives for independence and recognition related positively to investment intention only for those affected by the crisis in a positive way, while the motive of self‐realization related positively to investment intentions particularly for those affected by the crisis in a positive way.     

金融严监管、企业金融化与实体经济资本配置效率

基于2010—2020年中国A股上市公司数据,分析金融严监管对实体经济资本配置效率的影响,并进行基于企业金融化的中介效应渠道检验。结果显示：金融严监管显著提高了实体经济资本配置效率,且企业金融化行为在其中起部分中介作用。企业产权性质及市场化水平的异质性检验表明,金融严监管对实体经济资本配置效率均表现出促进作用,但企业金融化的中介作用效果表现出异质性,具体体现为非国有企业以及处于市场化较低水平环境中的企业更容易因金融化行为受到金融严监管政策的影响。进一步研究发现,上述异质性的存在是由金融活动收益水平较低的企业引起的,即金融活动收益较低的企业更容易因金融化行为受到金融严监管政策的影响。     

贵阳市产业投资公司的功能设计与资金管理模式探讨

以贵阳产业投资公司为例，分析了组建贵阳产业投资公司的目的和作用，并对其功能进行设计，根据公司不同种类业务的运作要求和行业惯例．提出三种管理模式，即有限合伙制基金管理模式、自身项目运作管理模式与委托运作管理模式．指出公司可以通过公开招聘的形式，择优聘请具有丰富经验和良好业绩的投融资机构或由公司引进高素质的投融资人才与选择确定的投融资机构共同成立新的专业性投融资机构对基金进行管理。     

人力资本投资中对职业教育培训的投资分析

职业教育培训投资是人力资本投资中很重要的一项投资。本文从人力资本投资的分析入手 ,分析了其中的职业教育培训投资的必要性和重要性以及应该采取的措施。     

The Division of Labor,Investment and Capital

A dynamic general equilibrium model based on corner solutions is used to formalize the classical theory of investment and capital which considers investment to be a vehicle for developing a high level of division of labor in roundabout productive activities. If it takes time for a specialist producer of tractors to learn the right method to produce commercially viable tractors, specialization in producing tractors is infeasible in the absence of investment in terms of consumption goods which are consumed by the specialist producer of tractors before he can sell tractors. If specialized learning by doing can speed up accumulation of professional knowledge so that roundabout productive machines become cheap, such investment for increasing the level of division of labor in roundabout productive activities will speed up economic growth. Because of the trade-off between economies of specialized learning by doing and transaction costs, the model can be used to investigate the effects of a change in the transaction cost coefficient, which can be affected by policy, the legal system and urbanization, on the evolution of the division of labor, on real interest rates and on the saving rate.     

人力资本投资中对职业教育培训的投资分析

职业教育培训投资是人力资本投资中很重要的一项投资.本文从人力资本投资的分析入手,分析了其中的职业教育培训投资的必要性和重要性以及应该采取的措施.     

The Financial Performance of Ethical Investment Trusts: An Australian Perspective

This study examines whether differences in financial performance exist for investment trusts which base their portfolio selection primarily on an ethical screen, compared to indexes which incorporate a broader spectrum of investments. Results indicate that on a risk-adjusted basis there is an insignificant difference in the financial performance of these trusts against three common market benchmarks. However as to the extent of the directional effect, there does exist slightly superior financial performance by ethical trusts against their respective industry average indexes, but an underperformance against a smaller company's index and the market as a whole. The lack of a distinct advantage in the short to medium term for applying an ethical screen, may in part be due to the recent development of ethical investments in Australia. Stronger performances by older ethical investment trusts may indicate superior returns are more likely to occur over a longer term.