Corporate Governance and the Financial Value of Financially Distressed Listed Companies

The article combines the background of Chinese system, theoretically derivates the relationship between corporate governance and their financial value, selects a sample of loss listed companies from 2003 to 2009, and studies how the level of corporate governance affects the value of listed company losses. Research results show that, among corporate governance factors, the largest shareholder and the market for corporate control have obvious positive effects on the financial value of loss listed companies; the proportion of state-owned shares, the type of audit opinion, and corporate govemance factors have obvious negative effects on the financial value of loss listed companies; and managerial ownership, the proportion of independent directors, and the size of the board have no obvious driving effect on the financial value of loss listed companies.     

亏损上市公司综合评价研究

本文以亏损公司与非亏损公司的财务指标数据运用判别分析建立了一个判别函数,对上市公司是否应特别处理进行定量分析。同时还运用主成分分析建立了上市公司的综合评价函数,对上市公司经济效益进行综合评价,并得到了一个衡量亏损公司与非亏损公司综合评价得分的分割值,不仅能让投资者对目标公司的经济效益有一个大致的预测,还可为决策者判断本公司的经济效益状况提供参考的依据。     

终极控制权、机构持股与投资者保护

本文在产权理论框架下,就机构持股在平衡企业所有权和控制权中的作用进行了理论分析.并从终极控制权的制度层面出发,以中国上市公司2003～2005年的数据为样本,以上市公司盈余质量为衡量指标,实证检验了在中国资本市场中机构持股对投资者保护的影响.研究发现,就全样本而言,机构持股对投资者保护产生了负面影响,但在民营控制的上市公司中,机构持股对投资者保护产生了正面影响.上述研究发现对理解机构持股的经济后果具有重要意义,也有助于更加深入地理解机构持股保护投资者权益的制度条件.     

终极产权与公司负债行为——来自民营上市公司面板数据的经验证据

本文利用我国股权分置改革导致股权结构变动的契机,对我国民营上市公司面板数据检验了公司所有权结构与负债行为之间的关系。结果表明,内部股权比例和公司负债水平正相关,忽略非观测效应的影响将导致错误的研究结论。我国特殊的制度环境导致公司具有股权融资偏好,配股和增发对利润的严格要求导致利润剧烈波动的公司只能利用债务融资,这造成了我国上市公司经营风险和负债水平正相关。     

终极控制权、资本结构与资本成本的研究述评

本文系统回顾了终极控制权与资本结构、终极控制权与资本成本、资本结构与资本成本问题的最新研究成果。探究三者间的逻辑关系及对企业价值的共同影响,梳理了该领域的研究脉络,并对主要发现和结论进行总结和评论。文献研究表明,基于中国资本市场,资本成本与终极控制人控制权比例、现金流权比例、两权偏离度相关,资本结构与公司治理相互影响。结合中国资本市场的实际情况,思索有关理论发展的具体路径和可能取向。     

股权结构特征与困境公司恢复——基于中国上市公司的实证分析

股权结构是公司治理结构的重要组成部分,它对于陷入困境的公司尽快得以恢复具有不容忽视的作用.本文利用我国上市公司的数据,选取1998～2002年期间被ST的公司为样本,依据被ST两年后的摘帽情况将这些公司分为摘帽与没有摘帽两组,比较这两组公司的股权结构特征.研究结果表明,高级管理人员持股比例较高、第一大股东持股比例较高有利于公司摘帽,控股股东为国有股性质时摘帽的可能性也较大.另外,负债越多越不利于公司摆脱困境.     

所有权结构、审计需求与国际四大的产品差异性

本文力图从理论上论证并从经验上检验企业所有权结构对国际四大提供差异性产品的行为的影响。研究发现:(1)第一大股东持股比例小于50%的情况下,品牌事务所能获取品牌溢价,同时,第一大股东持股比例越高(越低),品牌事务所能获取的品牌溢价越小;(2)第一大股东持股比例大于50%的情况下,品牌事务所无法获取品牌溢价。研究还表明,国际四大的产品差异性应该不是一个绝对化的概念,判断国际四大的审计质量应将需求方的相关特征考虑进去。     

International Debt, Insolvency and Illiquidity

Western governments and academics alike have neglected the dangers, long- and short-term, of the continuing and ill-considered issue of loans to countries - Poland, Mexico, etc. - whose rulers persisted with policies that have brought them to ruin. Professor Karl Brunner and five American collaborators analyse the genesis of such financial incontinence and indicate seven steps for the West to avoid international illiquidity.     

终极产权、股权结构与财务履约差异——基于利益相关者的实证研究

利益相关者理论认为企业是所有利益相关者缔结的一系列多边契约,是要素所有者交易产权的结果.缔约主体的专用性投资要有相应的财务收益作为回报,而企业绩效评价应该是考核企业财务履约的情况.通过构建利益相关者财务收益指标,并按终极产权观点对我国上市公司进行股权分类,实证研究了2004年-2007年我国上市公司对利益相关者财务履约的情况.结果显示,我国不同终极产权性质的上市公司财务履约存在类别差异,国资部门控股的国有上市公司和私有产权上市公司的财务履约表现要好于其他股权性质的上市公司,股权结构影响上市公司财务履约表现.     

Distressed exchange,bargaining power,and prior capital structure

Financially troubled companies often make Distressed Exchange (DE) offers to its creditors, to postpone costly bankruptcy reorganization. We derive the optimal terms and timing of a DE offer consisting of debt reduction and an equity stake in the restructured firm. The DE terms and timing are affected by shareholder bargaining power, with greater shareholder bargaining power resulting in earlier DE offer, smaller debt reduction and smaller equity stake. The impact of shareholder bargaining power is greater when bankruptcy cost is larger and tax rate is higher. We also show that renegotiability of debt increases ex-ante firm value and results in a higher optimal leverage ratio. Both firm value and optimal leverage ratio are decreasing functions of shareholder bargaining power.     

Corporate Governance and Performance of Indian Firms: The Effect of Board Size and Ownership

The paper reviews international literature on corporate governance and firm performance and investigates the relationship in the Indian context, taking into account the endogeneity in the relationship. Governance parameters include board size, directors’ shareholding, institutional and foreign shareholding, while the fragmentation in shareholding is captured by public shareholding. A simultaneous equation regression model for Tobin’s Q, as a measure of firm performance, is attempted using these variables, while controlling for industry effects and other non-governance variables. The data corresponds to a panel of 340 large, listed Indian firms for the period 1997–2001 spread across 24 industry groups.     

会计师事务所内部治理、产权性质与审计质量——基于我国A股上市公司2008-2010年的数据

利用基于问卷调查数据和因子分析方法得出的会计师事务所内部治理水平综合得分,以及我国A股上市公司2008-2010年数据,检验了会计师事务所内部治理水平、企业产权性质和资本市场审计质量之间的相关性。研究发现,会计师事务所内部治理水平越高,其审计的上市公司异常应计项目的绝对值越低,审计质量越高。进一步研究发现,这一效应会因审计客户的国有企业性质而弱化。研究表明,会计师事务所内部治理是资本市场审计质量的重要影响因素,政府主管部门和行业自律组织鼓励和促进会计师事务所完善内部治理的政策能够在一定程度上提高资本市场的审计质量。     

Firms,shareholders, and financial markets

We study the influence of the financial market on the decisions of firms in the real market. To that end, we present a model in which the shareholders’ portfolio selection of assets and the decisions of the publicly traded firms are integrated through the market process. Financial access alters the objective function of the firms, and the market interaction of shareholders substantially influences firms’ behavior in the real sector. After characterizing the unique equilibrium, we show that the financial sector integrates the preferences of all shareholders into the decisions for production and ownership structure. The participation from investors in the financial market also limits the firms’ ability to manipulate real prices, i.e., there is a loss of market power in the real sector. Note that, while the loss of market power changes expected profits, it is not detrimental to shareholders since the expected return of equity share depends on the variance (and not the mean) of profits. Indeed, any change in expected profits is absorbed by the financial price. We also show that financial access increases production, thereby altering the distribution of profits. In particular, financial access induces firms to take on more risk. Finally, financial access makes the relationship between risk-aversion and risk-taking ambiguous. For example, it is possible that an increase in risk-aversion leads to more risk-taking, i.e., the variance of real profits increases.     

高校贫困生认定问题探析

从2007年开始,国家对贫困生的资助力度猛然加大,各高校受资助人数都突然翻了数倍,然而,每年的受助名单公示后,都会存在学生的贫困生身份受质疑的情况.持有贫困证明的学生未必贫困,而拥有笔记本电脑或手机的学生未必不贫困,不少高校对贫因生认定问题很困惑.文章通过介绍广西经贸职业技术学院实行的<贫困生认定办法>,从公共政策的角度分析高校贫困生认定难的原因及解决的对策.     

高校贫困生认定问题探析

从2007年开始,国家对贫困生的资助力度猛然加大,各高校受资助人数都突然翻了数倍,然而,每年的受助名单公示后,都会存在学生的贫困生身份受质疑的情况。持有贫困证明的学生未必贫困,而拥有笔记本电脑或手机的学生未必不贫困,不少高校对贫困生认定问题很困惑。文章通过介绍广西经贸职业技术学院实行的《贫困生认定办法》,从公共政策的角度分析高校贫困生认定难的原因及解决的对策。     

The Effects of a Separation of Ownership from Control on UK Listed Firms: An Empirical Analysis

There has been a wide‐ranging debate concerning the effects of the separation of management and ownership of large firms. Given recent issues concerning corporate remuneration, this debate is as relevant and possibly more so today as it has ever been. Theoretically, as the ownership of a firm becomes more diverse, the management of the firm will have more discretion and opportunity to act in accordance with their own interests at the expense of those of the shareholders. This paper considers the effect of a separation of ownership from control on 406 UK listed firms. Simultaneous equations are used to test for a relationship between the percentage of shares owned by significant outsiders and insiders and the performance of the firm. A number of authors have suggested that there may be a significant relationship between these variables. The analysis conducted in this study supports the view that there is a relationship between ownership structure and firm performance. Copyright © 2011 John Wiley & Sons, Ltd.     

“金字塔”结构、两权分离与公司价值

企业的集团化伴随着"金字塔"式的多层控股结构的产生,"金子塔"股权结构带来了控股股东控制权与现金流权的分离,进而对公司价值产生影响。文章运用我国上市公司数据,检验了"金字塔"股权结构、两权分离对公司价值的影响状况与影响机制。研究结论对于加强上市公司监管、完善公司治理、保护中小投资者利益具有重要启示。     

股权结构特征与混合所有制企业效率

以2003年1月—2017年12月沪深两市混合所有制企业为研究样本,考察了股权结构特征对企业效率的影响,研究发现:(1)总体上,国有+民营国有+民营+外资以及国有+外资这三种股权多元化模式中并没有哪一种模式表现出显著的优越性,但对于那些规模大、经营效率较高的企业来说,股权多元化更有利于其效率提升;(2)引进外资对混合所有制企业效率提高有显著的正向作用;(3)适当降低国有股比例,缩小国有股和非国有股之间的占比差距有利于提高企业效率;(4)实际控制人为国有股的企业效率普遍更高,但在高效率企业中,实际控制人性质为民营股时企业效率表现最好。     

Analyzing the Relationships among Race,Wealth, and Home Ownership in America

This paper presents new evidence on the determinants of the large disparities in home ownership by race in the U.S. Consistent with results first reported by P. Linneman and S. M. Wachter (1989,AREOFA J.7, No. 4, 389–402), we find noceteris paribusracial differences in ownership rates among white and minority households who possess sufficient wealth to meet down payment and closing cost requirements associated with standard mortgage underwriting criteria. However, substantial racial differences among wealth-constrained households exist, with constrained whites owning at higher rates than observationally equivalent minority households. Because minorities are disproportionately constrained by wealth-related underwriting standards, these differentials apply to roughly one-third of the white households in our samples and well over one-half of the minority sample. A multinomial model that treats central city versus suburban location as a choice variable in addition to tenure status is also estimated. The results show that even among households unconstrained by wealth-related underwriting considerations, minorities are much more likely than whites to own in central city locations. Thus, while controlling for wealth constraint status does eliminate tenure choice differences among the unconstrained, location differences remain for this group. They also are present among constrained households. Given the disparate fortunes of central city and suburban land markets in many metropolitan areas, this racial location pattern of ownership may have important long-run impacts on wealth distribution by race.