How broad-based is broad-based black economic empowerment?

Common perceptions about broad-based black economic empowerment (BBBEE) have been that it is nothing more than a tool for the already affluent to access further wealth and has limited potential to address the economic exclusion of the most marginalised. An analysis was conducted of data on black economic empowerment (BEE) deals between 2004 and 2009. The findings demonstrate that although the elite continue to benefit from deals, broad-based beneficiaries, particularly employees and women, are also beginning to benefit to some extent. This suggests that empowerment policies have some potential to promote private sector involvement in addressing the state's social transformation agenda. However, a closer analysis of the BEE transactions shows that the BEE landscape is far more complex and nuanced than commonly thought. Further research is necessary to understand the real impacts of BEE on the ground.     

估值效应与外部权益资产结构:基于NOEM分析框架的研究

近年来,估值效应对各国外部财富的影响日益显著,而外部权益资产结构对估值效应的影响也越发明显。如何优化外部权益资产结构,通过估值效应改善外部财富,成为各国外部经济面临的一项新问题。文章基于新开放经济宏观经济学(NOEM)分析框架,围绕改善外部财富的目标展开研究。首先,通过模型推导和实证分析,发现外部权益资产结构与估值效应间的动态机制,以及该动态联系在不同经济体间存在的异质性;其次,构建动态随机一般均衡模型(DSGE),发掘外部权益资产结构的动态优化路径,并发现国际投资非完备性对该结构优化路径的阻碍作用;最后,通过数值拟合,测算中国外部权益资产结构的优化目标和改善空间后认为,中国现阶段仍需加快权益资本"走出去"的步伐。文章结论对现阶段中国外部财富的优化策略具有一定启示作用。     

相对风险规避系数与中国股权溢价之谜

本文通过基于消费的资本资产定价模型利用消费与个人财富弹性、股票收益与消费增长协方差以及股权溢价来计算中国的相对风险规避系数,认为中国证券市场明显存在股权溢价之迷,股票收益与消费增长还呈现出与理论不符的负相关关系,这从侧面证明中国股票市场的财富效用传导机制并不畅通,基于消费的资本资产定价模型在中国缺乏解释力。     

股权制衡度对公司金融化的影响——基于盈利能力的中介作用

以2018—2022年中国A股非ST非金融类上市公司的面板数据为基础,通过实证研究股权制衡度、盈利能力作用于公司金融化时遵循何种规律。结果表明,股权制衡度与公司金融化负相关,股权制衡度与盈利能力正相关,盈利能力在股权制衡度与公司金融化间存在部分中介效应。     

新会计准则对企业长效激励机制的影响研究

股权激励计划是上市公司高管人员的一项长效激励机制，在我国是一个新生事物，公众对其不甚了解，但在我国一些上市公司已经施行。本文从理论和实证两个方面分析了《企业会计准则第11号——股份支付》实施后对于上市公司盈余管理、股权行权条件、长效激励机制设计和方式选择等所产生的影响。     

Financial remoteness and the net external position

This paper shows that financially remote countries exhibit more positive net external positions, hence hinting at external funding problems for more remote countries. This finding is found to be stronger for emerging and developing countries. However, being located near financially very open countries, being in currency unions with creditor countries, or being highly integrated through financial and trade linkages with a ‘core’ country facilitates net external borrowing. We also find evidence that remoteness affects primarily the gross liability side of the external balance sheet and has a stronger impact on the net equity position than on the net debt position. Consequently, the paper demonstrates the important role of geographic and bilateral factors for a country’s net external wealth.     

浅析我国私募股权投资基金发展趋势及面临风险

私募股权投资,主要是指投资于非上市股权,或上市公司非公开交易股权的一种投资方式。近年来,中国作为亚洲最有前途的私募股权投资市场,得到了众多国家大型投行的青睐。虽然私募股权投资在中国的发展有很大的机遇,但是由于政策法规不完善等因素,私募股权投资基金在我国还面临许多问题和挑战。本文简要介绍了私募股权投资基金的基本运行原理和我国私募股权投资基金的发展现状,以及在发展过程中所面临的问题,最后提出了一些解决建议。     

Share portfolios in the early years of financial capitalism: London, 1690–1730

The dramatic expansion of public and private financial markets in the aftermath of the Glorious Revolution has received extensive attention. Despite this, little is known about how ordinary individual investors managed risk within this framework. Using a newly constructed dataset of share ownership for those joint‐stock companies listed in the financial press of the day, we reconstruct individual portfolio holdings for investors in these companies. We examine individual portfolio holdings first for the decade after the Glorious Revolution and then for the years around the South Sea Bubble. Despite a fivefold increase in the number of unique individuals in the market between the 1690s and the 1720s, we find that in each period roughly 80 per cent of those active in the equity market held shares in only one company, even though many shareholders had the capacity or wealth to diversify share portfolios. These outcomes suggest diversification against idiosyncratic liquidity risk. Overall, however, there is limited evidence that individuals were using their financial portfolios to protect against diversifiable shocks. For many, we argue, company‐specific voting and firm governance rules drove market activity.     

The Effect of External Monitoring on Accrual‐Based and Real Earnings Management: Evidence from Venture‐Backed Initial Public Offerings*

This paper investigates the effect of venture capitalist (VC) quality on earnings management in firms conducting initial public offerings of their equity stock, focusing on manipulation of both accruals and real activities. I develop a measure of VC quality based on a principal components factor analysis using data that are obtainable for virtually all VC firms. This metric is highly correlated with VC funds’ financial returns, and with the likelihood of successful exits through initial public offerings or trade sales. After going public, companies backed by higher quality VCs have lower abnormal accruals, lower earnings management through real activities manipulation, and a lower likelihood of financial restatement. Companies backed by top‐quartile VCs do not appear to engage in real activities manipulation as a substitute for accruals manipulation. Companies backed by lower‐tier VCs exhibit earnings management behaviors which are indistinguishable from those of non‐VC‐backed companies. The results continue to hold when controlling for endogeneity. Overall, the results suggest that higher quality VCs are better able to constrain opportunistic financial reporting by their portfolio companies going public.     

集成电路产业上市公司高创新效率多元路径研究

以2019—2021年我国上交所科创板集成电路产业38家上市公司为研究对象,基于TOE(技术-组织-环境)理论框架构建集成电路产业上市公司高创新效率6个前因变量。通过DEA(数据包络分析)测算得出的企业创新综合技术效率作为结果变量,从而运用fsQCA(模糊集定性比较分析法)进行企业高创新效率组态考察。研究结果表明,单一影响因素不能构成企业高创新效率影响路径,需要由两个或两个以上影响因素共同作用,形成外部资金驱动型、技术+外部资金驱动型、人才+外部资金驱动型、内外资金驱动型以及全面要素驱动型5条高创新效率影响路径。研究结果对集成电路产业相关企业提高创新效率具有一定参考意义。     

Unintended Consequence of Centralized Public School Funding in Michigan Education

As part of the movement to create greater spending equity among school districts, states have centralized funding for public education and instituted funding formulas where high-spending districts are often constrained in their operational expenditures. However, these school districts often maintain local discretion over capital expenditures financed by the sale of bonds. In this study, we find that Michigan's high-spending school districts have a greater probability of issuing bonds after centralizing public school funding, indicating that debt financing of capital expenditures may have become a mechanism to allow these school districts to circumvent the policy's intent for greater spending equity.     

我国旅游上市公司股权融资效率验证分析

本文通过对在沪、深两市上市的24家旅游上市公司相关数据进行分析,得出了我国旅游上市公司的股权融资与经营业绩两者之间存在着某种程度的正相关趋势的结论,分析发现我国旅游上市公司并未出现明显的大规模的股本扩张,公司整体业绩普遍下滑。为此,从供需两方面提出了关于有效筹集与合理利用资本的一些建议。     

股权制衡、代理成本与企业绩效——基于我国A股民营上市公司的实证分析

相互制衡的股权结构对完善我国民营上市公司治理机制,提高企业绩效水平具有重要作用。基于我国沪深A股民营上市公司2007-2013年度数据,采用面板数据回归模型实证分析了我国民营上市公司股权制衡度与两类代理成本和企业绩效之间的关系。研究结果发现,股权制衡对代理成本和企业绩效的影响具有异质性,主要表现在以下方面：(1)第一类代理成本与股权制衡度呈“N”型的三次曲线关系,股权制衡度位于区间(0．70,1．92)时,第一类代理成本处于显著下降阶段;(2)第二类代理成本与股权制衡度显著负相关,股权制衡度的提高能够抑制大股东对中小股东的资产侵占行为;(3)企业绩效与股权制衡度之间呈倒“N”型的三次曲线关系,当股权制衡度处于区间(1．14,1．78)时,企业绩效处于上升阶段;(4)既能降低两类代理成本,又能提高企业绩效的股权制衡度的区间为(1．14,1．78),企业的目标股权制衡度应为接近1.78。     

The survival of foreign subsidiaries and domestically-owned companies in Denmark, 1895–1995

Abstract

Over a long time period, 1895-1995, foreign subsidiaries in Denmark were found to have a lower survival-probability than domestically-owned manufacturing companies. The difference is highly significant and robust to control for size and industry effects. Since the number of foreign subsidiaries increased enormously throughout the period, lower relative survival rates are probably not an indicator of performance failure from the viewpoint of the parent companies. While low survival rates in foreign subsidiaries may be attributable to a number of factors (including differences between sales and production subsidiaries), this paper proposes governance differences between foreign subsidiaries and domestically-owned companies as a possible explanation. Consistent with hypothesized differences in corporate governance, domestically-owned companies are found to have higher equity reserves (equity/ assets ratios), which is found to have a positive impact on survival. For given equity - asset ratios no significant survival differences were found between the two groups.     

企业特征、关联交易与大股东支持——来自中国上市公司的经验证据

什么样的企业更容易发生大股东支持现象？企业内部股权、盈利状况等特征会不会对大股东支持行为产生影响？本文以2002—2008年的上市公司关联交易数据为样本,研究发现,第一大股东持股比例较高和获得流通权的公司发生支持的概率较大;集团企业作为大股东会比非集团企业作为大股东发生更多的支持,而国有企业与民营企业之间的差别并不显著;企业当期盈利状况并不影响支持行为,但是过去两年连续亏损、面临“摘牌”风险的上市公司和过去两年连续盈利超过6％、具有潜在配股再融资资格的上市公司更可能获得支持,这在一定程度上符合支持的“制度性驱动”假说。     

竞争性国有企业混合所有制改革对企业盈利能力的影响研究

基于2015—2021国企数据,采用双向固定效应模型,研究混改后企业股权结构对盈利的影响,为竞争性国企混改提供参考。结果显示,提高股权深入度与盈利正相关,适度股权集中度也积极影响盈利。异质性分析指出东部地区混改效果较佳。稳健性检验支持结论,总体而言,混改通过提高股权深入度和适度股权集中度,对企业盈利有积极影响。研究为混改提供理论和实证支持,同时为企业提升盈利能力提供有益借鉴。     

Outside Blockholders' Monitoring of Management and Debt Financing: An Alternative Perspective

Liao ( 2015 ) argues that the monitoring by large outside shareholders (blockholders) exacerbates the conflict between debt and equity and in turn affects the choice and structure of debt financing. The study contends that private debt is more immune to the increase in debt‐equity conflict. Consistent with this argument, companies with outside blockholders are inclined to issue private debt over public debt. Further, private debt exhibits less price protection but relies on more protective covenants than does public debt. The findings are interesting and intuitive. I evaluate the economic arguments in the paper and discuss some of the challenges that the study faces. My conclusion is that the interpretation of the results is more complex than the one the study presents. I offer a broader framework that can be used to shed light on why the governance structure combines equity blockholders and private debt issuance. I also discuss several questions to be addressed by future research.     

我国创新型上市公司的成长和融资方式

本文以98家2008～2010年我国创新型上市公司为样本研究其成长与融资方式的关系。首先分析目前我国创新型上市公司的融资现状,其次研究融资方式对创新型上市公司成长的影响。研究结果表明,目前我国创新型上市公司的融资方式不合理,对于企业的成长并没有起到显著的促进作用。内源融资比例较小,对于创新型上市公司的成长没有起到积极作用;外源融资中存在"重股轻债"的问题,不利于创新型上市公司的成长,债权融资由于规模较小也没有起到明显的促进作用。创新型上市公司应该加大内源融资的规模和债务融资的比例,适当的发行债券,扩展融资渠道,而不是一味追求股权融资。另外,规模大的创新型上市公司不能一味追求规模扩张,更应重视企业自身的经营问题,把资金等稀缺资源用于企业的技术创新,提高企业的核心竞争力,促进创新型企业的健康成长。     

股权激励与企业研发投入——基于PSM的实证分析

文章通过选取沪深两市上市公司相关数据,采用倾向得分匹配（PSM）方法探讨了在不同激励类型和公司实际控制人条件下股权激励对企业研发投入的影响。实证结果显示,在有效控制样本选择偏误的情况下,总体而言股权激励对企业研发投入具有促进作用。进一步对股权激励进行分类可以发现,相比较于股票激励,企业选取期权激励对研发活动的促进效果更为显著。而且在不同实际控制人下,企业研发投入对股权激励的敏感性也存在着显著的差异。对于实际控制人为非国有性质的样本公司而言,股权激励能有效缓解企业所面临的代理问题,使得企业更关注长期业绩,调动企业技术研发的积极性。     

中国股票所有权的分割、流通及对投资银行业的制约

I. IntroductionSince establishment of the two stock markets in Shanghai and Shenzhen, the markets havegrown substantially to over 1,200 listed companies in 2003. The total stock marketcapitalization reached over 45 percent of Chinas gross domestic product (GDP) as of April2000, a figure comparable to that in developed countries, according to Fung and Leung(2002, p.100). Development of the Chinese stock market is critically important, because itenables Chinese firms to raise external capi…