管理者自利行为与债务融资期限结构研究——基于债权人保护视角

委托代理理论认为公司管理者的利益和公司股东、债权人的利益不可能完全一致,管理者通常以自身利益为出发点做出行为的选择。文章认为这种管理者自利行为分为防御行为和侵占行为两种,并且影响到企业债务期限结构的形成。400多家制造业企业上市公司4年的样本数据回归结果表明,管理者自利行为程度和债务期限结构呈显著的倒"U"型,管理者的防御行为仅体现在债权人利益保护程度较高的少数样本公司中,大部分样本公司的债务期限结构是债权人对风险控制的结果。     

高管薪酬激励的经济外部性实证研究--基于债权人利益保护视角

会计稳健性是短期债务契约的重要需求。文章通过考察不同高管薪酬激励形式对会计稳健性和债务期限的影响,来研究高管薪酬激励给债权人带来的经济外部性。研究发现,高管现金薪酬越大,会计稳健性越低,会导致公司短期债务比例越小,债权人对会计稳健性的需求会降低,故高现金薪酬的经济外部性较小;高管持股越多,会计稳健性越低,会导致公司短期借款比例越大,从而债权人对会计稳健性的需求会更大,因而高管持股的经济外部性较大。文章还检验了高管薪酬激励与公司债务违约概率的关系,研究结果进一步证实了上述结论。     

我国电力行业上市公司债务结构对公司业绩影响的研究

融资结构中的债务融资集中体现了债权人和债务人间的利益关系,不同的债务结构代表了不同利益相关主体的意志,融资结构的变化将直接影响到公司的绩效及价值.许多现代资本结构理论都表明,债务结构与公司绩效及价值之间存在着密切的关系.文章采用一元线性回归模型从债务期限结构和债务布置结构的角度,以电力行业上市公司为分析对象,实证检验了我国上市公司债务结构的选择对经营绩效的影响.     

论企业债务重组准则的变化及启示

文章首先介绍了新《企业会计准则第12号——债务重组》产生的时代背景，在此基础上对新旧债务重组准则进行了比较分析。具体包括债务重组定义、债务重组方式和债务重组会计处理三个方面。研究表明，债务重组准则变迁的突出特征是公允价值的引入，实质就是国际趋同。新债务重组准则在“堵”了债务人通过债务重组将利润转移给债权人这个“漏洞”的同时，仍客观存在债权人向债务人转移利润的可能。文章建议注册会计师在审查时，尤其应关注关联企业之间债务重组交易的公允性．     

从期权角度看公司决策

一、问题的提出 一个案例：X公司是一家财务杠杆比例很高的公司，已发行债券来筹资，所有的债务将在一年后到期，应付的利息和本金是50万美元。如果一年后公司的价值高于债务的面值，公司就可以偿还债务，如果公司的价值小于债务的面值，公司必须宣布破产，让债务人拥有公司。此时，对于公司所有者及债权人而言都面临一个选择：公司是否继续经营以图偿还债务并获得发展或者破产，债权人将考虑能否收回投资。     

浅论不良资产处置中债权催收报纸公告的效力

资产管理公司在不良资产处置实践中,由于债务人数众多且较分散,或债务人、担保人因改制、重组等原因发生变动,或债务人的联系地址发生改变,致使债权人不能及时有效地催收,资产管理公司通常采取在报纸刊登债权转让暨催收公告的方式通知债务人。因此,报纸公告对于债权人履行告知义务、中断诉讼时效等方面具有重要的意义。     

公司治理与债务融资期限结构研究

融资结构与公司治理息息相关。作为企业主要融资方式之一,债务融资能够对公司治理产生重要的影响。因此,债务融资的研究对于完善公司治理有着重大意义。近年来,随着我国市场经济的发展,国内学者对公司治理的研究也日益深入。但是多数文献侧重于对股权治理效应的研究,而对债务融资治理效应未予以应有的关注。债务融资在公司治理中对经营绩效产生的影响在公司治理中,债务融资会对公司的经营者、大股东及债权人的行为和动机产生影响。这些影响会造成两类股权代     

会计稳健性、高管团队特征与债务成本关系研究

文章选取2014年部分A股上市公司为研究样本,检验了会计稳健性对企业债务成本的影响,以及高管团队平均和异质性结构对二者关系的影响。研究结果表明,会计稳健性与债务成本负相关,公司会计稳健性越强,债权人所要求的补偿越低,公司债务成本越低;高管团队平均年龄、平均教育水平、男性占比、年龄异质性和教育水平异质性显著影响会计稳健性与债务成本的关系。文章的研究结论有利于从高管团队建设的视角,选择合理的会计稳健性政策,降低企业的债务融资成本。     

子公司债权人的财务控制权配置与利益保护

在现实生活中,经常出现在企业集团内部由于母公司的责任给子公司的债权人造成损害的现象。本文分析了集团母公司损害债权人利益的三种主要表现形式。并在此基础上,分析了当子公司无力对母公司损害公司利益和债权人利益的行为负责时,引发了诸如是否可以让母公司直接对子公司的债务负责任等一系列问题,这些问题使得传统的有限责任在母子公司场合受到了挑战。通过研究国外的做法,并从国外对母子公司债务责任的司法实践的角度进行审视,提出了三种方案。试图对企业集团子公司债权人的财务控制权配置与利益保护研究作一些有益的探索。     

债务重组的会计处理

债务重组也称为债务重整，就是指债权人在债务人发生财务困难的情况下，债权人按照和债务人达成的协议或者法院作出裁定让步的事项。本文就债务重组的会计处理问题进行论证。     

基于博弈论视角下关联交易中资产评估机构的策略选择——恒信德律评估珠海中富收购B．P．I股权案

文章以恒信德律评估珠海中富收购关联方B．P．I的少数股东权益为例,分析在非公平关联交易中资产评估机构的策略选择。通过分析大股东操纵关联方掏空上市公司或利益输送,应用博弈论研究评估机构针对大股东决策所采取的相关策略。在短期内,评估机构选择与大股东合谋,但证监会对于评估机构的抽查,会约束评估机构的合谋行为。因此,证监会加大对评估机构抽查力度,加强对评估机构违法行为的处罚,是规范评估机构在关联交易中定价行为的关键。     

经营性负债、代理成本与公司价值

以我国上市公司2001-2010年的数据为样本,实证分析经营性负债对代理成本和公司价值的影响。研究结果表明,经营性负债能够有效抑制经理人对股东的代理成本,提升公司价值。进一步研究发现,外部来源的经营性负债和内部来源的经营性负债在抑制代理成本和提升公司价值方面没有显著差异。这一研究结论丰富了债权人治理的相关理论,并对现实中企业债务结构安排具有启示意义。     

Building Trust in Crisis Management: A Study of Insolvency Practitioners and the Role of Accounting Information and Processes

This paper seeks to understand how insolvency practitioners attempt to build trust with a heterogeneous creditor body during the crisis of formal insolvency and the role accounting information and processes play. Accounting information is mobilized in different ways according to how insolvency practitioners believe the information will be interpreted and valued. This paper suggests specific qualitative characteristics, accounting principles, and processes which appear to enhance trust building in a crisis context. These include perceived objectivity, comparability, cash flow accounting, “matching” of secured liabilities with secured assets, and “crisis” audit. The value ascribed by insolvency practitioners to maintaining specific creditor relationships also appears relevant to trust-building activities. A “tit-for-tat” strategy emerges with secured creditors, whereby insolvency practitioners engage in demonstrable fee write-offs, but on the implicit understanding that future, lucrative work will come their way. This study points to the importance for researchers and policymakers of understanding the “desirable” properties of accounting through informed understandings of how and why that information is mobilized and received in specific relationships between people.     

论浮动抵押制度风险的控制策略

浮动抵押的优势是在设定担保后,抵押人对抵押物仍享有经营处分权,以实现物尽其用,但由此也给债权人的权利实现带来了巨大风险。为控制浮动抵押的风险,在立法上要限定浮动抵押人的资格,完善浮动抵押债权人的保护制度;银行等债权人在实务操作中要对浮动抵押人做出慎重选择、在合同中详细设计维护自己权益的条款。     

How do firms combine different internationalisation modes? A multivariate probit approach

Most of the literature on the relationship between firm’s participation in international markets and firm heterogeneity focuses on export and foreign direct investment. This paper considers a wider range of forms of internationalisation that firms could combine into different patterns. With the purpose of analysing the selection of heterogeneous firms into different internationalisation patterns, we jointly model the decisions on the forms of internationalisation through a multivariate probit. This model allows us to avoid any a priori assumption about the firm’s behaviour. In this context we study the complementarity/substitutability relationships between forms of internationalisation. The results obtained show that: (i) neglecting some forms could lead to an incomplete representation about the firm’s internationalisation strategy, (ii) different firm’s characteristics influence the choice of internationalisation pattern, i.e. some types of firm are more prone to choosing one type of process over another, (iii) complementarity between forms of internationalisation seems to be preferred over substitution, but some heterogeneity also arises in this context.     

流动性危机与政府救助——全局博弈的解释

短期债权人之间的协调失败和债务挤兑会导致金融机构甚至金融系统发生流动性危机,而当金融机构发生流动性危机时,政府通常会采取救助行动。本文通过全局博弈模型来考察流动性危机与政府救助的有效性及道德风险含义。本文的研究发现,旨在降低事后无效的政府救助政策有时会提高金融机构采取有成本的调整努力的动机。这一模型有助于我们理解关于政府救助政策的讨论。     

关于破产债权人会议制度的思考

债权人会议作为一个协调和形成全体债权人共同意志的组织机构,在破产程序发挥着十分重要的作用。但我国现行的破产债权人会议制度存在许多缺陷。为了使债权人会议能够发挥其应有的作用,建议从以下几个方面对其进行完善:在债权人会议主席制度中引入专业人士机制;建立破产债权人代理人制度;强化债权人会议的程序参与权;建立破产监督人制度等。     

Who goes where and how? Firm and country characteristics in the choice of FDI type and location

This paper examines the roles of firm and country characteristics in determining multinationals' choice of foreign direct investment (FDI) type and location. Using Korean firm‐level data, we find that highly productive firms are more likely than their less efficient counterparts to invest in tough markets and choose a combined FDI strategy rather than a solely horizontal FDI or vertical FDI strategy across host countries. These findings, consistent with recent theories in international economics, indicate that firm and country heterogeneities play a significant role in determining the FDI strategy of a multinational enterprise.     

Bankers on the Board,Market Competition,and Conflicts of Interest

Abstract

Bankers on the board are expected to act as a fund-raiser and to help lowering financial costs, but they can impose conflicts of interest between shareholders and creditors. We empirically analyse the impact of banker-directors on corporate leverage and investment, using Korean firm data during the period from 2000 to 2012. Bankers on the board turn out to play different roles depending on market competition and macroeconomic circumstance. In less competitive industries where banks are less concerned about financial distress as a creditor, the presence of bankers on the board has higher leverage and more active investment, which can align with the interest of shareholders. However, in more competitive environment where firms are more concerned about financial distress and external financing, bankers on the board do not always increase leverage and investment, which can be divergent from the interest of shareholders.     

The Influence of Firms' Emissions Management Strategy Disclosures on Investors' Valuation Judgments

Recent accounting research indicates that capital markets price firms' greenhouse gas (GHG) emissions and that disclosed emissions levels are negatively associated with firms' market values. The departure point for this study is to investigate whether investors value firms differently based on the strategies firms use to mitigate GHG emissions. These strategies include making operational changes, which reduces emissions attributable to the firm, and purchasing offsets, which reduces emissions unattributable to the firm. Using an experiment, we hold constant a firm's financial performance, investment in emissions mitigation, and net emissions, and find evidence that nonprofessional investors perceive the firm to be more valuable when it primarily uses an operational change strategy versus an offsets strategy. However, consistent with theory, this result only occurs when the firm's prior sustainability performance is below the industry average and not when it is above the industry average. This difference in firm value is consistent with the notion that nonprofessional investors believe information about a firm's emissions management strategy is material. Supplemental exploratory analyses reveal that our results are mediated by investors' perception that an operational change strategy is more socially and environmentally responsible than an offsets strategy for below industry average firms. Implications for our findings on theory and practice are discussed.