浅论公司治理结构与财务结构

“共同治理”模式是符合中国国情的治理模式,是全球公司治理发展的趋势。在“共同治理”的模式下,财务管理的目标是企业价值最大化,要使企业价值最大,在其他条件不变的情况下,必须使加权平均资金成本最低,而此时则达到了最优财务结构。因此,公司治理结构与财务结构存在一定的相关性,主要体现在：资本结构与“相机性控制”密切相关,股权结构的合理性决定着公司治理的效率。     

Tax Policy and Corporate Financial Structure in Korea

One of the issues of great policy concern in Korea has been the unusually high degree of financial leverage and the continuous deterioration of corporate capital structure. The capital structure existing at any one time and its change over time reflects corporate responses to the surrounding stimuli. To analyze the excessive leverage and the change in the corporate capital structure, this paper develops a theoretical model which takes into account the tax and nontax factors, both of which include general and Korea-specific aspects. The empirical test using the data of the last 25 years supports the hypotheses derived from the theoretical model. [320]     

融资结构与企业控制权争夺

在市场经济条件下，融资结构的确定对企业有着特殊的治理功能。融资方式的选择，规定着企业控制权的分配，对企业的控制权争夺具有多方面的作用。关于融资结构与企业控制权争夺之间的关系的理论分析，对我国企业鼓励经理人员持股、重视债务的控制作用、解决产业过剩规模、全面准确理解和实施“债转股”政策、扶持新兴企业股权融资等方面都具有一定的理论指导意义。     

融资结构视角的上市公司治理

融资结构与公司治理之间存在天然的联系,不同的融资结构决定了不同的公司治理模式及其效率.我国上市公司治理结构的低效率很大程度上是由于股权结构、资本结构、债务结构的不合理造成的,优化融资结构是完善公司治理的关键.     

大股东行为、公司治理与财务危机

本文以深、沪两市在2001-2004年期间连续2年EBITDA小于财务费用的104家上市公司为财务危机样本作为研究对象,从上市公司财务危机角度验证大股东的利益侵占与利益协同理论,并从股权结构安排、高管人员激励与董事会治理三个主要方面来探讨内部治理机制能否降低陷入财务危机的概率。通过构建Logit模型进行计量分析,本文的研究结果表明:大股东持股比例、国有股比例、董事会规模对公司财务危机概率均具有显著的影响,通过合理安排公司治理结构,可以降低公司发生财务危机的概率。     

不确定性情况下的居民资产组合行为与中国金融结构变迁

转轨经济的一个显著特点是各项制度不断变化,制度变迁带来的不确定性对居民资产选择行为产生重要影响,进而影响和决定了金融结构的形成与变迁.     

Financial integration faced with the crisis: comparative cases of Greece and Portugal

The recent economic and financial crisis affected many countries in the world in several aspects. Studies of crisis impacts on different aspects of economies would be useful to better understand the actions of each part faced with crisis, as well as the influences of each part on others. In the present research, we studied and compared the international financial integration level and its variations caused by the recent crisis for Greece and Portugal that are strongly affected. Using the Feldstein–Horioka thesis and applying ARDL model with error correction, we measured the financial integration level of these two countries. Also, using simulation, we verified how such a level can be changed by the crisis. We found that the Greece’s financial integration level is affected by the recent crisis, while this crisis has not affected the Portugal’s financial integration level. Moreover, the results for both cases were somehow considered as support for the Feldstein–Horioka initial hypothesis.     

Financial integration and growth in the global economy

This paper analyzes the growth dynamics in the developed world and its relationship to the financial structure. The new entrepreneurial economy of creativity and innovation is identified as the main growth area today. However, such an economy needs financial structure capable of coping with the higher risk inherent in the new economy. To provide such a financial structure, the financial markets must be broad, deep, and liquid. Today, only the U.S. financial markets are large enough to provide this financial structure. Hence, financial integration became the imperative for other countries—especially the European Union (EU) and Japan—in order to achieve the level of economic growth as that of the U.S.     

地方公共机构债券融资制度的国际比较及启示 --以美国市政债券与日本地方债券为例

美国市政债券制度和日本地方公债制度是最有代表性的地方债券制度，前者代表着分权制国家的地方债券制度，后者代表了中央集权国家过渡性的地方债券制度。比较而言，市政债券模式的制度安排具有特殊的优势，但地方债券概念尤其是地方公债和地方公企业债的概念界定更加科学。从行政体制改革和债券市场发展的趋势来看，中国可借鉴地方债券的概念和市政债券的机制，发展地方政府及代理机构债券融资制度。     

Financial market integration: Theory and empirical results

In this article, we introduce a new theoretical international asset pricing model which accounts for partial financial market segmentation. We show that if some investors do not hold all international assets because of implicit and/or explicit segmentation factors, the world market portfolio is not efficient and the classic ICAPM must be augmented by a new factor reflecting the local risk undiversifiable internationally. We test this model empirically for a sample of emerging markets. Our findings show that the degree of market integration is time-varying and that the premium associated with the domestic risk factors is the most important component of the total risk premium. However, our results also show that most of the emerging markets we study have become more integrated in the end of our sample period as a result of liberalization and reforms.     

Corporate Financial Policy Biases and the Ralph Reforms

Australia's recent Review of Business Taxation chaired by Mr John Ralph listed the neutrality of taxes on an entity's financing and distribution decisions as a goal when redesigning entity taxation. In response to the Review the government has agreed to a number of reforms to the taxation of companies and their shareholders. This paper quantifies the financial biases that are created by the Australian company tax system for widely-held companies owned by Australian residents. It also examines how these have been affected by the recent reforms.     

日本金融体制改革及其启示

近年来,我国的金融体制改革进入实质性阶段。在此阶段,合理借鉴日本的改革经验,同时又不盲目照搬,对我国在金融自由化的浪潮中避免发生金融危机将具有重要的现实意义。     

Corporate governance and research and development: Evidence from Japan

This paper investigates the effects of the ownership structure on the R&D intensity. Using the Japanese machine-manufacturing firm data from 1987 till 1998, we first found that the effects of R&D on stock market valuation and TFP growth were significantly positive in the latter half of the 1990s. Next, analyzing the determinants of the R&D intensity in 1998, we found that the shareholding ratios of large shareholders and the leverage ratios were positively correlated with R&D intensity, while the proportion of bank loans to total debt was negatively correlated with it. These results are consistent with the hypotheses that stress the disciplinary roles of large shareholders and debt. It is also consistent with a bank's holdup hypothesis. Finally, comparing the results of 1998 with those of 1989, we found that the positive roles of keiretsu affiliation and cross-shareholdings disappeared during the last decade.     

政府干预、金融业发展和企业债务期限结构——基于我国民营上市公司的研究

本文以我国沪市A股民营上市公司为研究样本,利用其2001—2005年的面板数据,用SPSS13.0统计分析软件检验了各地区政府干预和金融业发展呈现出来的差异对公司债务期限结构的影响。实证研究结果表明:民营上市公司的债务期限结构与企业所在地的政府干预程度正相关,与当地金融业发展水平负相关。     

公司财权:基础、配置与转移

财权及其配置问题是理解和研究公司财务时绕不开的话题.对公司财权问题的研究,应当以资源为主线展开.财权是公司法人权的重要组成部分.历史地看,公司财权的来源已从股东的资本向利益相关者的资源扩展,因此公司财权的配置也应当以资源为基础展开.随着公司环境和资源结构的变迁,公司财权配置的结构也在不断转移,这为我们认识和理解公司财权结构的调整提供了理论依据.     

Financial integration and the ASEAN-5 equity markets

The existence of long-run relationships among the ASEAN-5 equity markets is empirically investigated. This study utilized weekly data spanning January 1988 to August 1999. The results of Granger noncausality test due to Toda and Yamamoto (Journal of Econometrics,66, 225–50, 1995) reveal that the Singapore equity market was not affected by other markets except by the Philippines in the long run. This result shows that there exist opportunities for beneficial international portfolio diversification within the context of the Asean-5 equity markets.     

Determinants of Corporate Governance in the Italian Financial Market

We evaluate the determinants of corporate governance of companies listed at the Italian Stock Exchange. We consider ownership structure, balance sheet data, company performance and some qualitative features as determinants. We evaluate the convergence of Italian companies' governance towards a system with effective governance mechanisms. Our analysis shows definitely that companies with a large shareholder and/or minority blockholders controlling a large stake and companies belonging to a pyramidal group or controlled by a shareholders' coalition are characterized by a poor governance/shareholders' protection standard. Institutional investors play a positive role .     

当代金融结构理论综述与最优金融结构

金融在经济增长中的作用一直是一个重要的话题,近年来均在承认金融在经济增长中重要作用的前提下更加深入地研究金融结构.本文对西方金融结构理论进行了综述,认为没有最优的金融结构,只是任何一种金融结构只要能很好地实现金融体系功能,促进经济增长和企业发展,就是一种好的金融结构.