健全信用担保体系 解决湖北省中小型民营企业融资难问题

中小企业是湖北省经济和社会发展中具有战略性重要地位的特殊企业群体。我们可以借鉴国内外先进的信用担保体系经验,构建适合湖北省经济发展环境的中小企业信用担保体系。按照"政府筹措、市场运作、银企支持、社会资助"的办法,多渠道筹措担保资本金,推进中小企业蓬勃发展。     

日本中小风险企业资金来源的多样化研究

日本采取资金供给的多元化和政府的积极参与来解决日本中小风险企业的筹资问题。这种解决方案是其在间接金融体制和资本市场不成熟条件下的必然的制度选择。本文以"信用补完制度"为基础,从日本间接金融、完善中的资本市场和过渡期的市场型间接金融等方面对日本中小风险企业资金来源的多样化进行了梳理。     

我国中小企业融资效率综合评价和实证分析

中小企业在我国的国民经济和社会发展中发挥着重要作用,然而,中小企业在发展过程中面临很多困难和难题,其中以融资难最为突出。因企业的融资方式决定着企业的融资结构和融资效率,而融资效率又直接影响着企业的融资目的是否有效达到。因此,在我国现实背景下研究中小企业融资效率问题具有重要现实意义。文章在构建企业融资效率的数学评价模型时运用模糊综合评价方法。首先,对中小企业的五种融资模式的融资效率进行模糊综合评价,得出五种融资模式的融资效率,进而对我国中小企业的融资效率分析。其次,选取深圳中小企业板上市的28家中小企业作为研究样本来实证分析,比较权益和债券两种融资模式的融资效率。最后,由分析结果得出结论并提出相应的建议。     

Tariff cost and cross-border M&A affiliate sales: Evidence from China

Cross-border mergers and acquisitions (M&A) is a major form of foreign direct investment (FDI). In contrast to many developed countries, the majority of China’s cross-border M&As are vertical rather than horizontal. I study the difference in the reaction to tariff of horizontal and vertical M&A subsidiary sales. The baseline OLS regressions show that as export tariff cost increases, cross-border M&A affiliate sales relative to export rises, and the effect mainly comes from vertical affiliates, especially in downstream subsidiaries. The main results are robust to the Poisson pseudo maximum likelihood (PPML) regressions and an instrumental variable (IV) approach. A simple model is developed to reconcile the empirical findings when horizontal and vertical M&As co-exist in the same market and further tested at both the extensive and intensive margins. The results offer new insights to understanding the performance of M&As from developing economies.     

Competitive fairness and the concept of a fair price under Delaware law on M&A

The entire fairness test that the Delaware Court of Chancery developed in the famous Technicolor case defines what constitutes fair dealings and fair pricing. This study introduces a new concept of fairness, called competitive fairness, that covers entire fairness. It develops what I call open market bargaining theory and demonstrates that the Technicolor outcome is an open market bargaining equilibrium, which can be thought as competitively fair under the nondiscrimination rule of markets.     

双边政治关系与中国企业跨国并购成功率——基于联合国大会投票数据的研究

跨国并购是中国积极参与全球治理的重要方式,建立友好的双边政治关系是中国"走出去"的重要前提和保障。文章基于1993-2017年中国对全球181个国家或地区的跨国并购数据,并用联合国大会投票数据最新测算的国家间政治立场指数之差的绝对值作为国家间政治关系的代理变量,考察双边政治关系对中国企业跨国并购成功率的影响及其机制。研究结果表明,双边政治关系拉近能够显著提高中国企业跨国并购成功率,在更换了被解释变量和解释变量的度量方式、考虑了数据删失和内生性问题后,结论依然成立。其次,通过中介效应模型,研究发现双边政治关系通过促进两国签署与生效双边投资协定以及孔子学院的建立提高中国企业跨国并购的成功率。第三,进一步检验发现,友好政治关系促进中国企业跨国并购成功率的效应,在不同行业和资源行业并购中更大,在"一带一路"和亚洲国家效应更大。     

Brand Name Audit Pricing,Industry Specialization,and Leadership Premiums post‐Big 8 and Big 6 Mergers*

This paper investigates brand name, industry specialization, and leadership audit pricing in the wake of the mergers that created the Big 6 and the Big 5 accounting firms. For samples of Australian listed public companies in each of the postmerger years 1990, 1992, 1994, and 1998, we estimate national audit fee premiums for the Big 6/5 auditors and the industry specialists and leaders. We find limited support for the ability of the Big 6/5 to obtain fee premiums over non‐Big 6/5 for those industries not having specialist auditors. Nonspecialist Big 6/5 auditors are able to obtain fee premiums over nonspecialist non‐Big 6/5 auditors for those industries having specialist auditors. However, this result only holds among the smaller half of our sample. We do not find strong support for the presence of industry specialist premiums in the postmerger years, especially after 1990, using various definitions of industry specialist. We find, at best, limited support for the presence of industry leadership premiums. The evidence suggests that after the Big 8/6 audit firm mergers, some caution is required in generalizing the Craswell, Francis, and Taylor 1995 finding of national market industry specialist premiums. More generally, the study raises questions about the tenuous link between the concept of specialization and national market‐share statistics.     

Differences in returns to cross-border M&A in the short and long run: Evidence from Chinese listed firms

Using the cross-border mergers and acquisitions (M&A) events of Chinese listed firms between 2009 and 2018, this paper studies the impact of cross-border M&A on the short- and long-term performance of firms through the event study method and the propensity score matching–difference-in-differences regression method. The results indicate that in the short run, Chinese firm cross-border M&A acquire significant, positive cumulative abnormal returns (CARs) within a 21-day event window. In the long run, cross-border M&A fail to improve firm returns on assets (ROA). Furthermore, the paper uncovers that the impact of M&A on ROA varies with the characteristics of acquirers and host countries, and the impact on CAR varies with the characteristics of deals and are not sensitive to characteristics of acquirers or host countries. The paper identifies the differing impacts of China’s “going out” strategy on firm performance in the short and long run and provides explanations for a deeper understanding of the cross-border M&A of Chinese listed firms.