会计盈余信息含量与股利信息含量关系的实证研究

2001年以后,我国证券市场制度建设不断推进,对投资者利益的保护日益受到广泛重视,上市公司的现金股利政策发生了显著变化。同时,我国上市公司的盈利信息和股利信息是同时公布的,因此有必要对上市公司的现金股利信息含量,以及会计盈余信息含量与股利信息含量的确证效应进行检验。实证结果发现:现金股利的变动与股价变动正相关,股利信息具有信息含量;盈利信息与股利信息之间具有一定的确证效应,但投资者不能根据股利信息判断企业未来盈利状况。     

股利政策传递了上市公司盈利的信号——关于股利政策的文献综述

股利政策作为公司三大财务政策之一,一直是国内外学者研究的热点.国外学者大多认为股利政策是上市公司管理层向投资者传递公司盈利和未来发展信息的信号.然而在我国,由于市场发展的不完全,各项法律法规不完善,监管措施的不到位使得我国上市公司股利政策和国外在信号传递上大不相同.我国的学者也就股利政策是否是传递盈利信号产生了争论.文章对双方的观点做出评述并指出未来研究的方向.     

中国证券市场现金股利浅究

经过中国股权分置的改革,给中国证券市场取到很大的作用,促进中国证券市场现金股利的发展,解决不少问题.然而对于股权分置的改革,说到底还是不能完全解决中国证券市场的全部问题.经过股权分置的改革,不难让我们看到股利政策上的误区,应该从公司股利机制入手,规范中国目前上市公司股利政策.在鼓励投资者的同时,务必注意提高队伍的素质,从而控制证券市场的过度投机现象.因为上市公司股利政策不能稳定,造成公司盈利能力不高.可见稳定股利政策,才是提高公司整体盈利能力的前提条件.本文针对中国证券市场现金股利的影响因素进行分析,提出如何促进证券市场走向成熟方案.     

基于迎合理论的中国上市公司现金股利变更性研究

基于现金股利变更的动态视角,利用2000－2013年度中国证券市场的数据,分别从市场整体迎合与上市公司单个迎合方面,实证检验了迎合理论在中国证券市场的适用性。研究发现,迎合理论能够作为解释中国上市公司分配现金股利的原因。从市场整体状况来看,上市公司的当年度现金股利意愿与上年度的市场股利溢价之间存在明显的相同趋势,而从上市公司状况来看,若上市公司的现金股利意愿与市场股利溢价水平之间的差距越大,则更有可能变更现金股利形式以迎合证券市场投资者的需求。     

规范我国上市公司股利分配政策建议

解决上市公司股利分配中存在的股利支付率低、现金股利分配少、股利分配不稳定等问题,需要从上市公司、投资者和政府三个方面入手。可以强化上市公司的企业责任意识,积极引导上市公司制定合理股利政策;完善资本市场结构,提高中小证券投资者的素质;加强证券市场法律法规建设,监督和规范上市公司股利分配政策。     

“每股收益”透析

每股收益是衡量上市公司盈利能力的一项重要指标,是投资者评价公司经营业绩和管理效率、估计投资风险和回报、判断公司股利政策并预测公司未来盈利水平的重要依据.     

上市公司股利政策的探讨和研究

随着我国证券市场的蓬勃发展,上市公司股利分配政策更显重要,不仅关系到投资者的经济利益,也关系到我国资本市场的健康成长。公司股利政策的制定受到法律、债务契约、公司自身、股东等多因素的影响。本文从我国上市公司股利政策的现状和主要问题入手,有针对性提出规范我国上市公司股利分配政策的对策。     

股利政策及其影响因素分析——以西昌电力为例

股利政策是上市公司一项重要的财务管理政策,与公司发展和投资者利益密切相关。近年来,我国证券市场发展迅速但仍未成熟,上市公司股利政策的制定多带有盲目性与随意性。以西昌电力为研究对象,阐述了公司的股利政策,并以法律环境、公司规模、公司财务状况和公司股权结构为影响因素分析了公司股利政策的制定动因,在此基础上以国家、监管机构、上市公司与投资者为行为主体提出了几点针对性建议,旨在为我国电力行业上市公司股利政策的研究提供借鉴。     

对我国上市公司预测性盈利信息披露有关问题的思考

预测性盈利信息对正确评价公司的潜在盈利能力非常重要,有助于投资者做出合理的经济决策,是非常有用的会计信息,因此,需要上市公司公开披露预测性盈利信息,以促进证券市场效率的提高。但作为一种未来导向型信息,其本身又具有较强的不确定性。本文从上市公司预测性盈利信息内涵和特征入手,分析了我国上市公司预测性盈利信息披露的现状和存在的主要问题,并对提高我国预测性盈利信息披露质量的提出了相关建议。     

上市公司控股股东与现金股利政策分析

股利政策制定和实施直接影响了股东、债权人和公司的利益。从投资者利益的角度分析存在控股股东的上市公司现金股利政策:控股股东持股状况、性质,上市公司自身特征(公司规模、盈利情况、现金持有量、成长性及负债情况),公司面临的外部股利分配政策、制度环境等,均对公司股利政策有不同影响。其中股利政策合理与否主要取决于控股股东意志受制度环境的约束程度,约束程度越高,股利政策合理性越高,反之,合理性越低,二者呈同向关系。     

中国上市公司股利变动与经营业绩相关性分析

用2000—2004年间现金股利变动的中国上市公司为样本,考察公司股利变动与经营业绩之间的关系,实证结果表明:增加股利和首次发放股利的公司在公告前两年收益增加,在公告后两年收益减小;而减小和停发股利的公司情况正好相反。中国上市公司的股利政策主要是依据过去和当前的经营业绩而不是未来预期的经营业绩,实证结果与股利信号假设预测不一致。进一步检验发现,尽管短期内市场对股利增加公告有正面反应,对股利减小有负面反应,但市场对股利公告的长期反应与短期反应截然相反。     

Instability in the dividend policy of the Istanbul Stock Exchange (ISE) corporations: evidence from an emerging market

Dividend policy behaviour of corporations operating in emerging markets is significantly different from the widely accepted dividend policy behaviour of corporations operating in developed markets. This study provides evidence from the Istanbul Stock Exchange (ISE), an emerging European stock market, and analyses empirically whether the ISE corporations follow stable cash dividend policies in a regulatory environment that imposed mandatory dividend policies. Unlike the empirical results supporting the stable dividend policy behaviour of corporations operating in developed markets, the empirical results show that the ISE corporations follow unstable cash dividend policies and the main factor that determines the amount of cash dividends is the earnings of the corporation in that year.     

Marketing and public relations: the relationship revisited

This paper reviews the debate within both the marketing and public relations literatures concerning the relationship between the disciplines of marketing and public relations. The paper considers the arguments advanced in the marketing literature, in particular, for a growing convergence between these two disciplines and examines the recent emergence of the concept of'marketing public relations'. Here the paper takes as one starting point an article which identified a number of possible schematic representations of the relationship between the marketing and public relations functions and argues the case for a model of increasing convergence between them.The paper goes on to consider the more recent development of ‘marketing public relations', examining the arguments advanced. The paper argues that from a public relations perspective, the concept of marketing public relations can be seen as an attempt by marketers to ‘hijack’ public relations, incorporating it as an extra element within the promotional mix in order to inform, persuade or remind existing and prospective customers of product or company benefits. It is argued that what some marketers have termed marketing public relations may be no more than the publicity element of public relations practice under a new guise — one perhaps more acceptable than publicity in the societally orientated firms of today. The paper explores two distinct schools of thought — re-examining the relationship between marketing and public relations from both perspectives. The paper suggests that the uneasy symbiosis between these two functions in practice, reflects to a large degree the ambiguity surrounding the relationship between these concepts within much of the literature.     

Accounting for the Benefits of Social Security and the Role of Business: Four Ideal Types and Their Different Heuristics

Germany is considered to be a pioneer of social security systems; nonetheless, globalization and demographic changes have put enormous pressure on them. A solution is not yet in sight as the debate on the future of the German social security systems still lacks consensus. We argue that ideas matter and that the debate can benefit from a deeper reflection on the concept of social security. This objective is pursued along two lines. First, we take a historical perspective and reconstruct the development of Germany’s social security systems. Second, we scrutinize from a theoretical perspective how social security is conceptualized in public and theoretical debates. Behind the various positions, we identify four basic ideal types. We then analyze how these ideal types account for the benefits of social security systems and what role they assign to corporations in providing social security. While two ultimately reinforce potential conflicts between different groups in society, the other two ideal types reveal possible benefits for all. The last ideal type actually conceptualizes social security systems as insurance that fosters risky but overall productive investments in human and other forms of capital. Therefore, it can be shown that social security systems are not necessarily threatened by globalization and that incentives exist for corporations to invest in the provision of social security.     

Dividend Policy and Informativeness of Reported Earnings: Evidence from the MENA Region

This paper documents that informativeness of reported earnings, measured by earnings–return relation, is an increasing function of dividend payout ratio in the Middle East and North Africa region during the period between 2003 and 2014. We argue that higher dividends reduce agency conflicts. Lower agency problems lead firms to disclose information more truthfully, thereby improving credibility of reported earnings. We also show that our results hold for various proxies of dividend policy.     

产业集群“离合”营销模式研究——以长垣起重机集群营销创新模式为例

长垣起重机集群的快速崛起为我们提供了一种独特的营销模式——产业集群"离合"营销模式。在长垣起重机产业集群成长过程中,独立、分散、灵活的集群式产业营销团队起着十分关键的作用。这种分布广泛、规模庞大且相对独立自由的集群式产业营销团队并不属于任何企业,而是属于整个产业集群,他们根据客户需求和厂商产品属性进行最优匹配,将市场与厂商连接起来。这种离合式的产业集群营销运行模式,将生产与营销分离开来,使内部营销行为转化为外部公关行为,使生产企业专注于生产,营销人员专注于营销,同时营销人员将所收集的市场信息反馈给生产企业,为企业根据顾客导向调整生产结构提供参考,可为产业集群转型升级与高速发展提供低成本、低风险、高效率、高速度的产业扩张路径,具有重要现实价值;这种离合式的产业集群营销模式,使营销理论从企业内部扩展到产业集群,形成产业集群营销理论,是未来营销理论重要的研究方向,具有重要理论意义。当然,这种模式也具有局限性,仅适用于对品牌要求不高、购买决策模式为公共关系型的大型机械产业集群。     

Dividend policy and religion: International evidence from firms with Islamic Label

This paper builds on prior research and argues that religion, as an informal cultural institution, may impose constraints on corporations. The framework of Shariah-compliant firms presents a unique opportunity to investigate this assertion and checks whether firms with Islamic label pay out more or less dividend. Since Islamic Law narrows the investment opportunity sets for Shariah-compliant firms, one would expect Shariah-compliant firms to pay out more dividends to shareholders (investment constraint hypothesis). On the other hand, the prohibition of interest-bearing financing, make of retained earnings an appealing alternative to finance projects, hence resulting in lower dividend payouts (financing constraint hypothesis). Tests on a sample of 13,249 firm-year observations from 17 Islamic countries support the investment constraint hypothesis: Shariah-compliant firms pay out more dividends than non-Shariah compliant ones. Our results are robust to various specifications and after controlling for different variables and addressing potential endogeneity concerns.     

Corporate Social Responsibility, Investor Protection, and Earnings Management: Some International Evidence

To many, recent allegations of accounting fraud (or earnings management; EM) at Enron, coupled with similar ones at many other corporations, are a strong indication of a serious decay in business ethics. In academics, this raises the concern between EM and corporate social responsibility (CSR). Since it has neither been documented, nor globally tested whether CSR mitigates or increases the extent of EM, three kinds of EM are studied: earnings smoothing, earnings aggressiveness, and earnings losses and decreases avoidance. The extents to which financial characteristics and institutional variables have an impact on the extent to which companies conduct EM are also tested. Our study investigates whether the CSR-related features of 1,653 corporations in 46 countries had a positive or negative effect on the quality of their publicly released financial information during the 1993–2002 period. There is no question that with a greater commitment to CSR, the extent of earnings smoothing is mitigated, that of earnings losses and decreases avoidance is reduced, but the extent of earnings aggressiveness is increased. Feng-Ching Kang is a graduate student for Ph. D degree of the Department of Social Welfare at National Chung Cheng University, Taiwan. Her research focuses on nonprofit governance, social economy, cooperative economics, organization theory and business ethics. She received a MBA from the Department of Cooperative Economics, College of Business National Taipei University, Taiwan     

资本市场中的信息关联及其对投资收益的影响——基于复杂网络视角的实证研究

文章根据2008-2012年公募基金季报数据,通过图论中偶图及其映射变换,构建了投资者信息关联网络,从理论上阐释了信息关联的内涵及其对投资收益的影响。在研究中引入信息关联强度变量,发现在信息关联强度高时,对投资收益具有正向促进作用,并界定了信息关联效应的“时效边界”。研究还发现,信息关联优化了投资策略,投资者可以运用信息关联渠道形成的信息优势,在短期内获得超额收益。文章在模拟不同投资组合的基础上提出了一个可以获得更高收益的投资策略。文章的结论也为投资者了解关联网络对投资效益的溢出贡献,完善微观决策机制,提供了新的视角和实证支持。