新股发行制度"而今迈步从头越"

整整6个月. 　　自2008年9月16日湖南博云新材料股份有限公司IPO申请获通过后,证监会发审委至今再未发布新的IPO项目审核公告. 　　时隔半年之后,在全球经济寒冬中急需资金血液,苦等IPO开启的拟上市公司们终于迎来一线曙光.……     

新股发行制度"而今迈步从头越"

整整6个月. 　　自2008年9月16日湖南博云新材料股份有限公司IPO申请获通过后,证监会发审委至今再未发布新的IPO项目审核公告. 　　时隔半年之后,在全球经济寒冬中急需资金血液,苦等IPO开启的拟上市公司们终于迎来一线曙光.……     

人物／公司

神舟电脑IPO败北 在计算机市场素有“价格屠夫”之称的神舟电脑，近日没有通过发审委审核，冲击创业板失败。据了解，此次申请未果已是神舟电脑闯关资本市场的第三次失败。2005年，神舟电脑的控股公司新天下集团在香港股市申请上市未获通过；2008年，     

既是国内电动汽车“双雄”之一,也是国内风电产业的民族“旗手”——南车株洲所谋划新能源话语权

7月1日，全球最大轨道交通装备制造商之一——中国南车股份有限责任公司（下称“中国南车”）A股IPO申请获证监会发审委审核通过。借力资本市场，中国南车旗下子公司南车株洲电力机车研究所有限公司（下称“南车株洲所”）将由此获得新一次发展机遇。     

广州农商银行回A股波折重重

广州农村商业银行股份有限公司(下称“广州农商行”)回A股再生变数,该行在上会前一日撤回IPO材料,引发市场猜想。2020年12月29日,证监会网站发布消息称,鉴于广州农商行已向证监会申请撤回申报材料,决定取消第十八届发审委2020年第183次发审委会议对该公司发行申报文件的审核。     

光伏企业如何成为资本市场“弃儿”

6月12日,证监会创业板发审委第48次会议审核结果显示,河南思可达光伏材料股份有限公司首发未通过,这也是年内第七家IPO搁浅的光伏企业。2012年至今,已有7家光伏行业拟上市企业IPO进程受阻,其中上机数控、思可达光伏首发申请被否;恒基光伏中止审查;快可光伏、日地太阳能、天能科技及欧贝黎则被终止审查。其中,天能科技更是被爆出虚增收入、财务造假等重大财务问题,且多个光伏应用案例披露不实、漏洞百出,最终以上市进程终止而收场。     

上市前股权激励对公司IPO审核的影响分析

上市前股权激励是公司在改制上市过程中的通行做法,但因涉及股权支付,其应该作费用化处理。这必然对公司IPO申请中的报告业绩造成严重影响。结合中国证监会近年来审核通过的相关IPO企业案例,在此提出公司上市前管理层股权激励方案设计应考虑的主要因素。     

IPO审计质量、保荐机构执业声誉与企业上市后业绩表现研究

本文以2007年至2010年IPO企业为研究对象,采用实证经验研究的方法发现:IPO审计质量低下是企业上市后业绩变脸的诱因;保荐机构注重执业声誉有利于IPO审计质量的提高。为改变企业上市后变脸这一资本市场怪象,促进资本市场健康发展和维护投资者的合法权益,本文提出IPO财务检查应制度化与常态化;建立健全保荐机构诚信体系;加强保荐机构执业和IPO项目质量检查。     

城市商业银行拉响上市“双响炮”

足足等待了4年之久的南京银行，终于在6月22日通过了中国证监会发审委的审核。同样幸运的还有一位来自宁波的兄弟单位——去年年底递交上市申请的宁波银行，与它一起成为首批国内在A股上获准IPO的城市商业银行[编者按]     

农行上市三问

被视为中国国有银行股份制改革＂收官之作＂的中国农业银行IPO（首次公开发行股票）随着6月9日通过中国证监会发审委的审核,其上市计划终于进入倒计时。     

IPO relative difficulty,M&A option and size effect

Size effect in the Chinese stock market is huge from 2012 to 2017. We empirically identify a driving force behind the effect: M&A option caused by IPO and M&A policies changes. We show that the M&A frequency increases and the acquirers' market value deceases as the IPO relative difficulty rises, small firm premium is positively related to both IPO relative difficulty and M&A frequency, and among the listed firms that have stronger tendency to merge or acquire a private firm, size effect is significantly larger. These results hold when controlling reverse merger probability. In sum, we reveal a new mechanism: Compared with a large public firm, a small one is more likely to acquire a private firm with discount since both the acquired and the acquirer benefit more, so the stock price of a small firm contains a larger part of M&A option. This option value increases as IPO relative difficulty rises.     

Injury-Based Protection with Auditing under Imperfect Information

We analyze optimal protection when a benevolent government must maintain nonnegative domestic profits and when the domestic import-competing firm has private information about its costs. A costly audit mechanism can deter strategic manipulation of this private information. We show that a high penalty/low probability of investigation is optimal when the shadow price of the firm profit is low compared with the audit cost. A low penalty/high probability of investigation is optimal when there is a low investigation cost and a high shadow price of firm profit. In this latter case, the trade authority obtains truthful announcements by directly auditing the firm.     

High benefits and low wages: Employees as monitor of management in SOEs

Employees do play a role in corporate governance as important stakeholders of modern enterprises. In the absence of financial and managerial labor markets in centrally planned economies (CPE), the owner of state enterprises (SOEs) has no effective mechanisms to discipline management. Therefore, the role of employees in corporate governance becomes much more important in SOEs than in the typical capitalist private firm. We posit that low wages and generous benefits in SOEs provide incentives for employees to monitor management. Other employment arrangements, especially lifetime job security and centralized wage scale, are also conducive to the monitoring of management by employees. A formal model shows that benefits tied to firm performance, designed properly, induce employees to monitor management. It also suggests that the existence of a market for managers tends to undermine this mechanism.     

The minimum wage,exports, and firm performance: Evidence from Indonesia

This paper examines the interrelationship between changes in the provincial minimum wage, firms’ export behavior, and firms’ performance in Indonesia. In this regard, we apply a two-stage least squares regression analysis to detailed firm-level data of manufacturing enterprises during 2002–2014. We find that an increase in the minimum wage is associated with a decrease in a firm’s employment and productivity, but increase in its probability of exporting and markup. We also use the 2012 minimum wage reform in Indonesia to conduct a difference-in-difference analysis to further mitigate the potential endogeneity of minimum wage regulation. Our findings are generally robust to alternative estimation methods. Moreover, quantile regression results indicate that the average wage, firm size, and the education level of workers also affect the predictions. Above all, this study suggests that Indonesian exports and the country’s comparative advantage in international markets are not negligibly affected by higher labor costs caused by the growth in the minimum wage.     

From share issue privatisation to non‐tradable share reform: a review of privatisation in China

Privatisation in China has proceeded on a gradual path over 30 years. In this paper, we present a detailed review of China's privatisation programmes from its Share Issue Privatisation (SIP) to its Non‐tradable Share (NTS) reform. The SIP was a primary offering process with state‐owned enterprises (SOEs) issuing new shares to private investors, but after their Initial Public Offering (IPO) approximately two‐thirds of the shares remained non‐tradable and were mainly held by the government. The SIP achieved only limited success because of its partial trading and partial privatisation, which led to the implementation of the NTS reform in 2005. The NTS reform aimed to dismantle the split share structure and provide opportunities for improving corporate governance and further privatisation. The review shows that the NTS reform has yielded greater success in improving firm performance and corporate governance than the SIP.     

我国中小企业板上市公司IPO前后业绩变化及其成因分析

本文以2006年在中小企业板IPO的52家公司为样本,选用样本公司IPO前一年(2005年)、IPO当年(2006年)及IPO后两年(2007～2008年)4年财务数据,对公司IPO前后经营业绩变化的情况进行实证研究。结果表明,样本公司在IPO后出现经营业绩下滑的现象,部分公司经营业绩下滑现象相当明显。本文希望从成因分析中得到相关的启示和建议,从而为完善中小企业板的IPO提出相关的建议,同时也希望能为深圳交易所开设的创业板IPO提供借鉴。     

金融危机下扶持民营经济发展的财税政策思考

改革开放30年来,民营经济为我国经济和社会发展做出了巨大贡献。全球金融危机的爆发对我国民营经济产生了巨大冲击。为减轻民营企业税收负担,加大财政对民营企业的支持力度,我国政府应进一步完善对民营经济的财税支持体系,包括统一各类企业税收制度、完善中小企业税收优惠政策、进一步提高出口退税率、在全国范围内进一步推进增值税改革及大幅度增加用于支持中小企业信用担保的资金等措施。     

“先私募后上市”——国企融资新途径

由于在国内股票市场上市的国有企业数量十分有限,越来越多的专家学者提出,大型国有企业可先私募,再上市。这是一个值得认真研究和实践的发展思路。     

制造业投入服务化对企业价格加成率的影响:基于全球价值链视角

利用中国工业企业数据库与WIOD数据库,测算中国制造业出口内涵的服务投入增值率与企业价格加成率,实证检验全球价值链视角下的制造业投入服务化对企业价格加成率的影响。研究发现:从整体来看,全球价值链视角下的制造业投入服务化促进了企业价格加成率的提升。异质性检验表明,国内服务投入、运输、信息和通信,以及专业科学技术服务投入的增强有助于企业价格加成率的提升,制造业投入服务化对东部和中部地区、出口企业、民营和外资企业价格加成率的促进作用更强。进一步研究发现,成本降低和技术创新是制造业投入服务化提高企业价格加成率的可能渠道。     

民营企业管理者过度自信与投融资决策行为的关系

借鉴国内外有关行为财务理论及实证研究成果,笔者以安徽省近年来实力较强的500家民营企业的投融资行为作为研究样本,着重从民营企业管理者"过度自信"心理方面入手,用实证研究的方法探索民营企业在进行投融资决策时所受到的非理性因素干扰的情况。通过本课题的研究,希望在一定程度上解决民营企业投融资行为"实际是什么"的问题,从而使我国的民营企业能够从发展历程中汲取经验和教训,在投融资决策中克服盲目和冲动情绪,努力减少由于非理性因素的干扰而导致的盲目融资和过度投资的行为,尽量避免或减少投资失败和财务困境。