上市公司数量与非上市公司创新

本文研究了上市公司数量增加对非上市公司创新的影响。研究发现,上市公司数量增加能够促进相关非上市公司创新。机制分析发现,上市公司数量对非上市公司创新的促进作用在融资约束程度相对严重的非上市公司中更明显,上市公司创新活动、分析师关注和高质量审计能够强化上述促进作用,表明上市公司能通过缓解融资约束,增加知识传播和信息披露,进而促进非上市公司创新。进一步研究发现,更多的地区劳动力供给、较高的地区市场化程度和金融市场化程度也能够强化上市公司数量增加对非上市公司创新的促进作用。本文深化了股票市场发展溢出效应方面的研究。     

上市公司可持续发展有效途径的探讨

在当前资本市场中,我国上市公司的盈利能力不断提高,但是上市公司的可持续发展问题也随之而来,如何处理好我国上市公司的可持续发展问题将成为我们关注的焦点。本文从上市公司发展的动力机制出发,对我国上市公司的现状进行了论述,分析了阻碍上市公司可持续发展的原因,并提出建立上市公司可持续发展机制的有效途径。     

上市公司治理中内部会计控制体系的构建

建立内部会计控制是强化公司治理的必然要求和重要组成部分。本文通过论述上市公司治理中内部会计控制体系的构建依据,上市公司治理中的内部会计控制总目标,上市公司治理中的内部会计控制程序,结合我国实际国情构建了上市公司治理中的内部会计控制体系,以保证上市公司内部会计控制有效运行,进而完善上市公司治理。     

对上市公司内部控制信息披露的思考

内部控制是衡量上市公司管理的重要标志。随着我国证券市场的不断发展与壮大,为提高上市公司风险管理水平,应加强对上市公司内部控制引导,强化上市公司内部控制信息披露。如何建立健全有效的内部控制制度对上市公司至关重要。本文对上市公司内部控制信息披露进行了相关思考。     

地方上市公司数量、经济影响力与过度投资

本文以地方上市公司数量、上市公司对地方经济的影响力作为政企关系的替代变量,探讨上市公司的政企关系如何影响企业投资行为。结果表明,在控制企业内部因素与其它政企关系变量的影响后,地方上市公司数量越少,上市公司的经济影响力越大,上市公司越容易过度投资,过度投资程度越高。     

西部地区上市公司投融资行为及效率分析

西部地区上市公司与东部地区上市公司相比还有较大发展差距。研究结果显示,包括自身利润积累、股权融资的融资行为对西部地区上市公司投资具有显著的正向作用,上市公司银行信贷的使用效率有待提高,资本积累有助于提高上市公司的盈利能力。     

我国上市公司社会捐赠影响因素之实证研究

本文的实证结果表明：处于生命周期上升期的上市公司的社会捐赠力度高于处于下降期的上市公司的捐赠力度;国家控股上市公司的平均捐赠力度不及非国家控股的上市公司,但参与捐赠的国家控股上市公司多于非国家控股上市公司;公司业绩和销售费用与公司捐赠显著正相关;资产负债率与公司捐赠显著负相关。     

上市公司环境投资的影响因素实证研究

上市公司的环境投资一直是学术界关注的重点。本文以中国A股上市公司2009-2011年的相关数据为依据,运用统计分析方法分析上市公司环境投资的影响因素。分析结果表明,上市公司面临的外部因素是环境投资决策的主要影响因素,其中,政府管制是最重要的压力,其次是消费者对上市公司的压力;内部因素是次要因素,其中,上市公司的战略态度是主要的内部因素。上市公司的环境投资决策中并没有考虑到股东的压力、上市公司的业绩及可持续发展能力,说明我国上市公司只是被动地进行环境投资。识别环境投资的影响因素,可为我国上市公司进行环境投资提供建议。     

关于提高上市公司融资效率的建议

我国资本市场的日益成熟为上市公司提供了多种融资方式,然而我国上市公司不合理的融资决策还普遍存在,如何提高上市公司融资效率具有理论及实践意义。笔者从分析影响上市公司融资效率的环节出发,认为完善上市公司治理结构是关键,并且相应为提高上市公司融资效率提出了几点建议。     

上市公司治理中内部会计控制体系的构建

建立内部会计控制是强化公司治理的必然要求和重要组成部分.本文通过论述上市公司治理中内部会计控制体系的构建依据,上市公司治理中的内部会计控制总目标,上市公司治理中的内部会计控制程序,结合我国实际国情构建了上市公司治理中的内部会计控制体系,以保证上市公司内部会计控制有效运行,进而完善上市公司治理.     

Debt and Taxes and Uncertainty

With a graduated personal tax schedule, Miller showed that there could be an equilibrium debt supply for the corporate sector as a whole. In the presence of uncertainty there is also a unique debt/equity ratio for each individual firm, and this ratio is related to the firm's operational risk characteristics. However, if firms merge and spin off in response to tax incentives, the identity of firms is ambiguous and only the corporate sector is a meaningful construct. These arguments are developed in both discrete and continuous models that employ extensions of the arbitrage-free pricing theory.     

教育与资本怎样的前景怎样的现实

来自政府的声音: "动员各种社会资源,发展教育" 此次论坛上财政部长助理张少春的发言是最受关注的发言之一.他的演讲传达出的信息有这样几方面:第一,谈到现实,他认为全社会对教育的巨大需求与我国公共投入不足已成为我国教育事业发展的突出矛盾.近年来,以公共部门投入为主,多渠道筹措教育经费的教育投入机制成为解决这一问题的重要途径,也使得公共部门与私营部门在教育领域的合作日益密切.第二,谈到前景,他认为,1.中国经济持续、快速的增长对高技能人才产生巨大的需求,这为私营部门的参与提供了广阔空间.2.随着公共财政职能的不断完善,财政资金将在各项教育事业中重新进行分配,进一步优化财政支出结构,提高资金的使用效率.在"十一五"期间,我国将把公共支出的重点转移到农村.我们将逐步把全体农村适龄儿童的义务教育全部纳入公共财政体制.     

East and west and north and south : A preliminary model

The Brandt report and other proposals for a new North-South world order continue to be the focus of lively debate, yet it is often argued that little concrete has emerged from their recommendations. A major reason for this, the author argues, is that the East-West conflict component is not sufficiently taken into consideration-East-West tensions are a severe constraint on and a determining factor of North-South relations. Using influence diagrams, the author develops a flexible framework for discussion and assessment of N/S-E/W relations.     

Director gender and mergers and acquisitions

Does director gender influence CEO empire building? Does it affect the bid premium paid for target firms? Less overconfident female directors less overestimate merger gains. As a result, firms with female directors are less likely to make acquisitions and if they do, pay lower bid premia. Using acquisition bids by S&P 1500 companies during 1997–2009 we find that each additional female director is associated with 7.6% fewer bids, and each additional female director on a bidder board reduces the bid premium paid by 15.4%. Our findings support the notion that female directors help create shareholder value through their influence on acquisition decisions. We also discuss other possible interpretations of our findings.     

Political corruption and mergers and acquisitions

This research examines the relation between political corruption and mergers and acquisitions (M&As). We find that local corruption increases firm acquisitiveness but decreases firm targetiveness. The levels of corruption in acquirer areas relate positively to the bid premiums and negatively to the likelihood of deal completion. Corruption motivates acquiring firms to use excess cash for payment, which mitigates the negative effect of corruption on acquirer shareholder value. The evidence indicates that acquisitions help acquiring firms convert cash into hard-to-extract assets and relocate assets from the high to low corruption areas, thereby shielding their liquid assets from expropriation by local officials.     

Trust and cross-border mergers and acquisitions

A number of studies suggest that social trust matters for investment. Using different measures of trust from World Values Survey, we show that countries where people display higher levels of trust engage in more cross-border M&A activities. When they do, these acquirers pay lower premiums. To the extent that these acquirers also tend to engage in larger acquisitions as well, our findings suggest that a larger selection pool of potential targets and higher value targets enable these acquirers to negotiate for lower premiums. We do not find evidence of the significant effect for target country trust levels. Hence, trust may benefit those acquiring firms in cross-border transactions.     

Tournament-based incentives and mergers and acquisitions

This research examines the relation between tournament-based incentives, which are proxied by the difference between a firm's CEO pay and the median pay of the senior managers, and mergers and acquisitions (M&As). We find that tournament-based incentives are positively related to firm acquisitiveness and acquiring firms' stock and operating performance. Further analysis indicates that positive acquisition performance increases the likelihood of the CEO being promoted from inside the acquiring firm. Our evidence is consistent with the view that tournament-based incentives motivate acquiring firms' managers to make greater efforts and take more risk that result in superior acquisition performance.     

Corporate Innovations and Mergers and Acquisitions

Using a large and unique patent‐merger data set over the period 1984 to 2006, we show that companies with large patent portfolios and low R&D expenses are acquirers, while companies with high R&D expenses and slow growth in patent output are targets. Further, technological overlap between firm pairs has a positive effect on transaction incidence, and this effect is reduced for firm pairs that overlap in product markets. We also show that acquirers with prior technological linkage to their target firms produce more patents afterwards. We conclude that synergies obtained from combining innovation capabilities are important drivers of acquisitions.