把股权融资当作战略来思考

记者:在您这么多年的经历中,从事财务工作给您最深的印象是什么? 安峰:十几年的工作和学习的经历的确有很多事情值得回忆,我感触最深的就是做事先做人.刚开始,经常听别人讲这个,总感觉很虚,离自己的工作和生活很远,渐渐地,接触的人和事多了,就慢慢觉得这是个自然而然的事了,也开始对自己的朋友和下属讲这个.     

股权融资须谨慎

对于更多的中小企业创始人来说,国美股权纷争对他们心理冲击很大,每一个企业创始人都不会容忍经理人对自己的背叛,更不会将自己一手缔造的企业拱手相让。当人们热衷于＂黄陈之争＂的是非成败时,我们应该总结一下中小企业从中得到了哪些启示     

A theory of private equity turnarounds

This paper explores the advantage of private equity in fixing turnaround situations. Meaningful corporate value creation may require addressing operational problems, replacing management, or changing the incentive structure. Change may be implemented under either without change of ownership or through a buyout. The paper derives scenarios under which transferring ownership to private equity prior to implementing a turnaround can emerge as an optimal solution, even when current ownership can conceivably implement the same operational changes as private equity. Also considered is the possibility of investment syndication in which the private equity buyer shares the transaction with other private equity firms. Various alternatives are considered for implementing turnarounds; in particular, ones that allow for management replacement and others that are effectively management buyouts.     

Specification analysis of corporate equity financing decision: a conditional residual approach

This article revisits the debate on the nature of private placements by specifying that informed insiders make trading decisions in the secondary market and equity issuance decision in the primary equity market (Lee and Wu (2008)). This article uses conditional residuals from the insider trading regression (abnormal insider trades) and conditional residuals from equity financing choice regression (unexpected equity financing choice) to measure private information. An important advantage of conditional correlation coefficient approach over the two-stage approach (Lee and Wu 2008) in testing the presence of asymmetric information is that the former is bounded by −1 and 1 and thus permits cross-sectional comparisons the relatedness between abnormal insider trades and unexpected equity financing choice.

Determinants of Chinese equity financing behaviours: traditional model and the alternatives

This paper studies the capital structure of Chinese SEO issuers, from the perspective of equity. The traditional model is subject to several problems including spurious correlation, cumulative measure and endogeneity. System GMM (generalised method of moments) is superior to the traditional model. Corporate governance is positively correlated to firm equity level; however, it does not affect incremental managerial adjustments to equity. In addition, state control positively influences equity level but has a negative effect on incremental managerial adjustment. Mixed evidence is found for the established capital structure theories in the Chinese context.     

A theory of equity carve-outs and negative stub values under heterogeneous beliefs

We develop a theory of new-project financing and equity carve-outs under heterogeneous beliefs. In our model, an employee of a firm generates an idea for a new project that can be financed either by issuing equity against the cash flows of the entire firm (“integration”), or by undertaking an equity carve-out of the new project alone (“non-integration”). While the patent underlying the new project is owned by the firm, the employee generating the idea needs to be motivated to exert optimal effort for the project to be successful. The firm's choice between integration and non-integration is driven primarily by heterogeneity in beliefs among outside investors (each of whom has limited wealth to invest in the equity market) and between firm insiders and outsiders: if the marginal outsider financing the new project is more optimistic about the prospects of the project than firm insiders, and this incremental optimism of the marginal outsider over firm insiders is greater regarding new-project cash flows than that about assets-in-place cash flows, then the firm will implement the project under non-integration rather than integration. Two other ingredients driving the firm's financing choice are the cost of motivating the employee to exert optimal effort, and the potential synergies between the new project and assets in place. We derive a number of testable predictions regarding a firm's equilibrium choice between integration and non-integration. We also provide a rationale for the “negative stub values” documented in the equity carve-outs of certain firms (e.g., the carve-out of Palm from 3Com) and develop predictions for the magnitude of these stub values.     

Testing Q theory with financing frictions

We develop a Q theory of investment under financing constraints. The firm invests and saves optimally facing convex costs of external equity, overhang from outstanding debt, and collateral constraints on new borrowing. Overhang and costs of external equity discourage investment. Conversely, firms anticipating collateral constraints experience a side benefit from investing as installed capital relaxes future constraints. Empirical tests support the model. Conditional on average Q, investment is lower for equity issuers and for firms with large debt overhang. The Kaplan and Zingales and the Whited and Wu indices are used as proxies for future collateral constraints. Consistent with the model, both indices enter investment regressions positively.     

Actuarial concepts in the theory of financing life insurance activities

Abstract

In this paper is presented an attempt by the author to obtain conceptual clarity in the actuarial considerations concerned with financing life insurance schemes, whether private or public, It will, of course, be realized that the author is concerned ultimately with the financing of public or semi-public schemes. However, it is with deliberate intention that the exposition is presented in general terms. As is often the case, abstraction means clarification, thus avoiding a shifting of the meaning of the concepts as one goes from one special situation to another.     

多轮融资的“适配窍门”

金融海啸、欧债美债以来,＂创新＂转型是中国近年来叫得最响的词汇。创新的实质是过程,由各个阶段组成。配合各阶段的资本要素,连起来叫＂资本链＂。过程＋资本链是融资成败的关键     

Cash holdings,costly financing and the q theory of returns

I add cash holdings into an investment-based model of stock returns. I motivate cash holdings via costly outside financing. The model shows a relation between stock returns and cash holdings and provides a structural foundation for estimating the value of cash holdings from regressions. I estimate the model at the firm level—a task notoriously difficult for q theoretic models. Adding cash into the model substantially improves model fit on average, and accounting for costly investment and financing help improve fit across firms.     

A meta-analysis of the equity premium

The equity premium is a key parameter in asset allocation policies. There is a vigorous debate in the literature regarding the actual measurement of the equity premium, its size and the determinants of its variation. This study aims to take stock of this literature by means of a meta-analysis. We identify how the size of the equity premium depends on the way it is measured, along with its evolution over time and its variation across regions in the world. We find that the equity premium is significantly lower if measured by ex ante methods rather than ex post, in more recent periods, and for more developed countries. In addition, looking at the underlying fundamentals, we find that larger volatility in GDP growth tends to raise the equity premium while a higher nominal interest rate has a negative impact on the equity premium.     

The equity premium: A puzzle

Restrictions that a class of general equilibrium models place upon the average returns of equity and Treasury bills are found to be strongly violated by the U.S. data in the 1889–1978 period. This result is robust to model specification and measurement problems. We conclude that, most likely, an equilibrium model which is not an Arrow-Debreu economy will be the one that simultaneously rationalizes both historically observed large average equity return and the small average risk-free return.     

一个教育项目的融资奇谈

一份奇特的商业计划书前言 下面是一份商业计划书的前言,我看到以后颇感新奇.尤其是那一句"如果……,您不看也罢!",所以摘录一段在此,以资议论.     

Trade disclosure regulation in markets with negotiated trades

In dealership markets disclosure of size and price of detailsof public trades is typically incomplete. We examine whetherfull and prompt disclosure of public-trade details improvesthe welfare of a risk-averse investor. We analyze a model ofdealership market where a market maker first executes a publictrade and then offsets her position by trading with other marketmakers. We distinguish between quantity risk and price revisionrisk. We show that if the market maker learns some informationabout the motive behind public trade, neither regime is unambiguouslywelfare superior. This is because greater transparency improvesquantity risk sharing but worsens price revision risk sharing.     

浅析信用证融资中的银行风险问题

信用证作为一种国际贸易融资和结算手段,有效地解决了国际贸易中进出口双方互不信任的问题,但同时也由于自身的缺陷对银行造成了很大的融资风险.当前银行实务和国际贸易实践中,利用信用证诈骗银行资金的案件越来越多,涉案金额也越来越大.因此,必须对信用证融资中银行风险形成的原因、类型和和防范等内容进行研究,从而为银行信用证融资业务的开展和国际贸易的顺利提供可靠保障.     

Debtor-in-possession financing

Several recent papers have documented the benefits of debtor-in-possession (DIP) financing in the restructuring of firms in Chapter 11. However, the view on benefits is not unanimous and some legal scholars have raised doubts about DIP financing's effects on debt-holders and the possibility of expropriative wealth transfers. In this paper we address this issue by analyzing both stock and bond price data for a comprehensive sample of DIP loans and find significant positive abnormal stock and bond returns at the announcement of DIP loans. Also, we do not find evidence of wealth transfers from junior to senior debt-holders. Further, we examine the DIP loan process in detail and we document important institutional features of DIP loans such as maturity, covenants, fees and interest charges. We find evidence of intense monitoring using covenants. We also find higher fees and charges associated with DIP loans. We argue that overall the results are consistent with the information processing role of financial intermediaries.     

Multi-track financing

In today's uncertain economic environment, when seeking to finance a capital project, healthcare borrowers should adopt a multi-tracked funding strategy that permits them to change capital-funding routes quickly in response to changing circumstances. The multi-tracking process requires two stages prior to securing a commitment and beginning the closing process: due diligence and indication of interest. This process should present no material additional cost during these two stages, giving healthcare borrowers the flexibility to explore a variety of financing options.     

上市公司实施股权激励存在的问题探析

自《上市公司股权激励管理办法(试行)》(2006)出台以来,截至2009年5月22日,我国共有136家上市公司推出了股权激励方案。由于我国对公司管理层进行股权激励尚处于探索阶段,在实施股权激励过程中不可避免地存在一些问题。本文以中小企业板推出股权激励预案的上市公司为样本,分析了上市公司实施股权激励过程中出现的若干问题,并提出相关对策。     

Country-specific equity market characteristics and foreign equity portfolio allocation

Do country-specific equity market characteristics explain variations in foreign equity portfolio allocation? We study this question using comprehensive foreign equity portfolio holdings data and different measures of country-specific equity market factors for 36 host countries. Employing panel data econometric estimations, our investigation shows that foreign investors prefer to invest more in larger and highly visible developed markets which are more liquid, exhibit a higher degree of market efficiency and have lower trading costs. The findings imply that by improving the preconditions necessary for well-functioning capital markets, policymakers should be able to attract higher levels of foreign equity portfolio investments.