上市公司资本结构的羊群行为研究——基于房地产行业的分析

文章运用行为金融的相关理论,从声誉理论和信息外部性两方面对企业资本结构确定行为的羊群效应形成机制进行分析。在这基础上,对2002—2006年A股房地产上市公司进行了资产结构的分散化程度检验和回归分析,发现房地产企业资本结构存在羊群效应,跟随企业通过模仿领导企业进行资本结构决策。     

权益资本结构视角的上市公司治理探析——基于企业生命周期理论性态

文章结合企业生命周期理论性态,着重阐述我国上市公司治理结构与其权益资本结构的相互作用。笔者认为,公司治理结构模式主要取决于公司对其权益资本结构（股权和债仅）的安排,且不同权益资本结构映射出不同融资模式下的两种控制关系,即“股权控制”和“债权控制”。因此,要提高公司治理结构效率,有必要从公司权益资本结构的配比模式上着手,通过优化融资结构来改善公司治理结构的有效性,降低代理成本,从此实现上市公司治理机制更超规范化和制度化。     

银行监督降低了经理人代理成本吗?来自房地产上市公司的证据

论文以银行监督与经理人代理成本为主线,研究银行监督作为一种外部治理机制与内部治理机制、政府控制和债权人保护（法律环境）之间的关系如何影响经理人代理成本。研究表明：银行在房地产上市公司中不但没有发挥监督作用,反而提高了经理人代理成本,即银行负债的杠杆治理效应被严重扭曲,相反,非银行负债在房地产上市公司中发挥了应有的杠杆治理效应。因此,必须进一步深化银行与国有企业的产权改革,其重点是降低政府干预程度,发挥银行负债的硬约束功能：银行作为企业的大债权人应该担负“投资者”与“治理者”的双重角色,按照契约规定主动参与和监督企业的经营决策,发挥其应有的公司治理效应。     

我国家族上市公司治理的主要问题

本文分析了我国家族上市公司治理行为存在的主要问题。大股东外部性行为、董事会决策行为和经理人行为问题的存在,与我国家族上市公司的外部治理结构有很大的关系。解决家族上市公司治理行为,必须花大力气改善外部治理结构和内部治理结构。     

生产要素的重新确认与国有经济结构调整

本提出国有经济结构调整的一种新思路－从生产要素的优化配置来分析国有经济结构的调整问题。中给出以下五个新命题并加以论证和分析：（1）“生产七要素论”,重点论述现代市场经济条件下财务资本和网络也是两种相对独立的生产要素;（2）“实体要素”、“邪气要素”、“资本要素”等范畴;（3）要素资本结构的优化是调整国有经济结构的前提和载体;（4）“财务资本结构”范畴,优化要素资本结构关键在于优化财务资本结构;（5）国有经济结构调整与三次产业生产要素的重新排序和配置。     

我国上市公司资本结构影响因素的实证研究

一、我国关于资本结构的实证研究 我国关于资本结构的实证研究有两种一是资本结构的经济效应研究,如陈小悦、李晨（1995）的“上海股市的受益与资本结构关系的实证研究”,其结论是上海股市收益率与负债权益比率呈显著负相关,与美国股市正好相反。二是资本结构的影响因素研究,如陆正飞、辛宇（1998）的“上市公司资本结构主要因素之实证研究”（以下称陆文）和洪锡熙、沈艺峰（1998）的“我国上市公司资本结构影响因素的实证研究”（以下称洪文）。陆文首先对不同行业的负债比率进行比较,得出不同行业的资本结构有显著差异的结论。     

中国上市公司资本结构动态调整机制研究

本文从动态角度对中国上市公司资本结构的调整行为进行了研究.结果表明,我国上市公司存在最优资本结构,整体上表现为负债不足,由于调整成本的存在使得公司在偏离最优水平后只能进行部分调整.调整速度会受到公司规模、成长性和偏离最优水平的程度等因素影响,而且会因时间、行业和公司规模的不同而存在显著差异.     

如何优化我国上市公司资本结构

资本结构与上市公司经营绩效直接相关,它不仅影响上市公司的资本成本和总价值,还影响上市公司的治理结构以及经理行为,进而影响一个国家或地区的总体经济增长和稳定。优化上市公司资本结构直接影响其素质和投资价值,增强投资者信心以及有效促进资本市场的健康发展。     

金融约束、代理成本假说与企业投资行为——来自中国上市公司的经验证据

金融约束对企业投资行为的影响日益受到重视,众多的研究者将其归结于信贷和资本市场内在的不完全.但是对于存在二元产权结构上市公司体系的转型经济体而言,还需考虑企业的预算软约束和较为严重的代理成本问题.文章结合宏观层面的分析,从企业异质产权结构导致的预算软约、金融约束差异和代理成本理论的分析视角,对我国上市公司投资行为的影响机制进行综合解释,并以1373家上市公司的数据为样本,采用面板数据的分析对我国上市公司的投资行为特征进行分析.文章发现两类企业在融资约束上存在显著差异,尽管金融约束对投资有着明显的影响,但是由于我国资本市场发展的特殊性,经典"投资一现金流敏感度假说"的研究范式缺少上市公司数据的支持.实证表明,我国上市公司的投资行为受预算软约束条件下的委托代理问题和金融约束因素共同影响.这对理解我国上市公司的投资行为特征提供了一种新的思路.     

企业产权、社会责任与权益资本成本

企业社会责任是否是企业为社会利益而牺牲自身利润的行为一直是学术界争论的焦点,文章尝试从资本市场参与者的角度出发,通过考察我国上市公司的社会责任履行情况对权益资本成本的影响来回答这个问题。研究发现：（1）良好的社会责任表现确实能显著降低企业的权益资本成本,其中改善企业对投资者的责任起到的作用最为突出;（2）与非国有企业相比,目前国有企业的社会责任履行情况更好且权益资本成本更低,但是积极的社会责任行为在非国有样本中更能发挥降低权益资本成本的作用。     

Resource Allocation Effects of Price Reactions to Disclosures*

Capital market participants collectively may possess information about the valuation implications of a firm's change in strategy not known by the management of the firm proposing the change. We ask whether a firm's management can exploit the capital market's information in deciding either whether to proceed with a contemplated strategy change or whether to continue with a previously initiated strategy change. In the case of a proposed strategy change, we show that managers can extract the capital market's information by announcing a potential new strategy, and then conditioning the decision to implement the new strategy on the size of the market's price reaction to the announcement. Under this arrangement, we show that a necessary condition to implement all and only positive net present value strategy changes is that managers proceed to implement some strategies that garner negative price reactions upon their announcement. In the case of deciding whether to continue with a previously implemented strategy change, we show that it may be optimal for the firm to predicate its abandonment/continuation decision on the magnitude of the costs it has already incurred. Thus, what looks like “sunk‐cost” behavior may in fact be optimal. Both demonstrations show that, in addition to performing their usual role of anticipating future cash flows generated by a manager's actions, capital market prices can also be used to direct a manager's actions. It follows that, in contrast to the usual depiction of the information flows between capital markets and firms as being one way — from firms to the capital markets — information also flows from capital markets to firms.     

EBITDA and Managers' Investment and Leverage Choices

EBITDA is a commonly used performance measure for (i) valuation, (ii) debt contracting, and (iii) executive compensation. The widespread use of EBITDA by stakeholders may induce managers to focus their attention on EBITDA. Since EBITDA excludes various expenses, managers who fixate on EBITDA may underweight the excluded expenses when determining their firms' investments in capital and leverage levels. I find that managers who fixate on EBITDA overinvest in capital and overlever their firm relative to their industry peers. These results are robust to alternative proxies for managers' focus on EBITDA and alternative specifications. I also find that firms whose managers focus on EBITDA have weaker operating performance, which is attributed to higher depreciation expense. My primary proxy for managers' focus on EBITDA is whether they choose to disclose EBITDA in annual earnings announcements. I find that the use of EBITDA in setting executive compensation, the prevalence of EBITDA estimates by analysts, and the use of EBITDA‐based covenants in firms' debt contracts are all positively associated with the propensity to disclose EBITDA in earnings announcements. I find weaker evidence of opportunistic motives explaining EBITDA disclosure. These results are consistent with managers disclosing EBITDA to portray to investors that it is a metric they seek to maximize. Overall, this study suggests that while EBITDA is a widely used metric, there is a systematic cost to using this measure—it provides managers with incentives to overinvest in capital and to acquire excessive debt.     

The long-term impact of mergers and the emergence of a merger wave in pre-World-War I Germany

Using annual data on mergers for 35 leading German companies from 1870 to 1913, my study tries to explain the first merger wave that emerged 1898. My panel probit model that accounted for economies of scale, macroeconomic conditions, success of former mergers, and market structure revealed that previous mergers made subsequent mergers more likely. The propensity to merge was higher for larger companies that increased their market power. In the banking industry, managers imitated mergers, although these mergers were not successful, and hence followed the minimax regret principle. Rational information-based herding caused the serial dependency of mergers in other industries.     

转轨经济下优化国有企业资本结构的对策研究

未来一段时期内中国经济转轨的进程及相应阶段的体制性特征仍是影响我国国有企业资本结构的主要因素。本文从国家宏观层面和企业微观层面论述了优化我国国有企业资本结构的主要途径。     

中国的反倾销现状与对策

激烈的市场竞争 ,使得现代企业面临极大的生存困境 ,解决此问题的方法就是创新。创新来源于知识 ,为了实现持续的创新 ,必须进行有效的知识管理。进行知识管理 ,应进行合理的分工 ,才能加强各专业知识的积累 ,以利于人力资源的开发与利用。但过细的分工会人为地隔离各专业知识     

市场择机与目标资本结构对上市公司资本结构的影响-基于中国上市公司的实证研究

 本文利用1998年1月1日至2006年12月31日的沪深两市上市公司的面板数据,运用Tobit模型预测出目标资本结构,以此来检验我国股市的市场择机行为和影响资本结构的因素。实证结果表明在样本期内我国上市公司存在着市场择机行为,但是仅能持续三年左右,盈利能力、非债务税盾和公司规模等因素则通过影响目标资本结构来影响上市公司的资本结构,且这一影响是持续显著的。     

Who Herds? Who Doesn't? Estimates of Analysts’ Herding Propensity in Forecasting Earnings

We develop parametric estimates of the imitation‐driven herding propensity of analysts and their earnings forecasts. By invoking rational expectations, we solve an explicit analyst optimization problem and estimate herding propensity using two measures: First, we estimate analysts’ posterior beliefs using actual earnings plus a realization drawn from a mean‐zero normal distribution. Second, we estimate herding propensity without seeding a random error, and allow for nonorthogonal information signals. In doing so, we avoid using the analyst's prior forecast as the proxy for his posterior beliefs, which is a traditional criticism in the literature. We find that more than 60 percent of analysts herd toward the prevailing consensus, and herding propensity is associated with various economic factors. We also validate our herding propensity measure by confirming its predictive power in explaining the cross‐sectional variation in analysts’ out‐of‐sample herding behavior and forecast accuracy. Finally, we find that forecasts adjusted for analysts’ herding propensity are less biased than the raw forecasts. This adjustment formula can help researchers and investors obtain better proxies for analysts’ unbiased earnings forecasts.     

企业资本结构优化探析

现代企业财务管理要求在企业资本结构发生变化时,确保企业处于最优资本结构状态。企业财务管理人员应先行对资本结构进行适当的优化调整,以实现企业价值最大化。     

盈余管理:动因分析与减少对策

盈余管理是公司管理层为实现自身效用或公司市场价值最大化等目的,进行会计政策的选择,从而调节公司盈余的手段。在我国特定的资本市场环境下,盈余管理的负面作用远远涵盖其正面作用,上市公司过多的盈余管理行为导致会计信息严重失真,有碍于资本市场资源配置功能。本文从我国上市公司盈余管理动因分析入手,提出了减少上市公司盈余管理行为的对策。