中国机构投资者投资分散不足的实证检验——以基金公司为例

从目前各个国家和地区的投资实践来看,大量证据显示,投资者并没有按照标准化的投资组合模型去分散投资,而是表现出明显的“投资分散不足”。文章以基金公司作为机构投资者的代表,对我国投资市场上投资的分布状况进行了研究,证实了在我国的金融市场上投资分散不足现象也是存在的。     

Share portfolios in the early years of financial capitalism: London, 1690–1730

The dramatic expansion of public and private financial markets in the aftermath of the Glorious Revolution has received extensive attention. Despite this, little is known about how ordinary individual investors managed risk within this framework. Using a newly constructed dataset of share ownership for those joint‐stock companies listed in the financial press of the day, we reconstruct individual portfolio holdings for investors in these companies. We examine individual portfolio holdings first for the decade after the Glorious Revolution and then for the years around the South Sea Bubble. Despite a fivefold increase in the number of unique individuals in the market between the 1690s and the 1720s, we find that in each period roughly 80 per cent of those active in the equity market held shares in only one company, even though many shareholders had the capacity or wealth to diversify share portfolios. These outcomes suggest diversification against idiosyncratic liquidity risk. Overall, however, there is limited evidence that individuals were using their financial portfolios to protect against diversifiable shocks. For many, we argue, company‐specific voting and firm governance rules drove market activity.     

对巴菲特投资的中美企业比较价值分析——康菲VS中国石油

本文通过对投资大师巴菲特的投资对象康菲石油和中石油的比较价值分析,揭密在美国股市萧条、康菲公司业绩下滑的背景下巴菲特逆势增持康菲公司的内在原因,也对中石油的内在价值做出了深入的分析和判断,这些对于中国投资者如何在中国证券市场里实践价值投资价值理念具有非常重要的借鉴意义。     

上市公司现金持有过量对投资行为及效率的影响分析

文章以1998-2006年连续4年以上有数据的沪深股市的上市公司为样本,实证分析现金持有过量对公司投资行为及其效率的影响。实证发现：（1）现金持有过量越多,公司的长期投资能力增强。（2）暂时性和持续性过量的公司相比,过量现金对投资行为的影响表现存在差异。（3）过量现金持有对公司业绩提升无贡献;过量现金的投资使用效率低下,普遍存在过度投资现象。     

存在个人非流动性资产的动态金融资产选择

本文建立存在个人非流动性资产的动态资产选择模型,通过解模型得出结论：住房投资占净资产比例越高,股票投资比例越低;最低首付对股票投资与住房投资的关系起决定作用。笔者接着使用SCF数据进行实证分析,结果表明住房投资与股票投资比例具有倒U型关系。深入分析住房投资与股票投资的关系,笔者发现有住房抵押贷款的家庭。在住房占资产净值上升时。股票投资比例降低,相反,没有住房抵押贷款的家庭,在住房占资产净值上升时,股票投资比例增加,这和Takashi Yamashita（2002）的数值模拟分析结论是一致的。     

机构投资者角色发凡:2004～2007年部分上市公司样本

随着机构投资者的壮大,机构投资者在公司治理是扮演何种角色已成为我国制定相关政策的基础。利用2004～2007年沪深两市机构持股的上市公司为样本进行的实证研究发现,越高比例的机构持股及长线机构有助于提升公司业绩,表现为投资者角色;与预期相反,短线机构也表现为投资者角色。进一步的研究发现,机构表现出投机者或投资者角色,主要由其在公司的持股比例决定。现阶段应积极推进公司持股的机构化和机构持股的长期化。     

家族上市公司与机构投资者持股内因:权限抑或公司价值

基于机构投资者持股对家族上市公司价值影响的实证分析表明,机构投资者持股提高了家族企业价值,机构投资者持股比例和公司价值正相关。在控制性家族股东现金流权增大的情况下,机构投资者持股可以提高公司价值,而在控制性家族控制权增大的情况下,机构投资者持股对公司价值的提升作用会减弱。控制权与现金流权偏离程度越大时,机构投资者持股对公司价值的提升幅度也会降低,但不显著。     

Legal Traditions and Foreign Ownership Modes: Evidence from China

Using census data gathered in 2001, the present paper examines how legal traditions influence foreign investors’ choice of ownership modes in China. The study finds that, first, investors from economies sharing the same legal origin with China tend to select ownership modes with a relatively high level of foreign control. That is, such foreign direct investment (FDI) firms are more likely to be wholly owned enterprises or joint ventures with relatively large foreign shares. Second, similarities in legal enforcement between China and the home economies correlate positively with high foreign control. Third, the effects of legal traditions on ownership modes are relatively weak for new entrants compared to their forerunners, probably owing to the continuous improvement in China's business and law institutions.     

浅析合同欺诈

本文立足于投资者的角度 ,介绍了证券投资基金评价方法的概念 ,提出了评价投资基金的自我评价方法、定性评价方法、定量评价方法和综合评价方法 ,并对各种方法的优点与不足进行了分析 ,为投资者作出投资评价提供了一套有效方法。     

Japanese Enterprises＇ Investment in China＇s Software Industry

I. Overall Conditions of Investment by Japanese Enterprises in China Starting from the 1980s, investment by Japanese enterprises in China has been growing continuously. In 2004, Japanese investors established 3454 firms in China, 6.15 percent more than in 2003. Contractual foreign investment amounted to US$9.162bn, 15.17 percent up from 2003, whereas the foreign investment actually used was US$5.452bn, up by 7.86 percent from 2003. In 2004, the number of newly established Japanese enterp…     

A Crisis Transmission Channel for Reserve Currency Countries: A Cautionary Tale

World financial markets have been in turmoil as investors grapple with the possibility that Greece and perhaps Italy, Ireland, Portugal and Spain will default on their debts. The 2011 downgrade of the S&P outlook for US debt to “negative” suggests that there may eventually be concerns that the US will go the way of Europe. The paper studies possible transmission effects of a crisis for reserve-currency debt which may occur via central bank holdings of reserve-currency debt.     

Mitigating the Influence of Analysts Who Issue Aggressive Stock Price Targets: The Role of Joint Versus Separate Evaluation*

Investors frequently rely on individual analysts' stock price targets. Aggressive price targets often reflect analysts' attempts to strategically influence investors. Therefore, investors' welfare may be compromised if they take aggressive price targets at face value. In this study, we examine conditions under which investors are more likely to infer that analysts who issue aggressive price targets are acting strategically. Investors can evaluate multiple analysts' price targets with or without other related information (e.g., earnings estimates). Investors can also evaluate the information provided by multiple analysts jointly or separately one analyst at a time. Two experiments find that as predicted, when investors evaluate multiple analysts' price targets without earnings estimates, there is no difference in investors' perceptions about whether the aggressive analyst is acting strategically across joint versus separate evaluation. However, also as predicted, when investors evaluate multiple analysts' price targets along with their earnings estimates, investors perceive the aggressive analyst as acting more strategically under joint evaluation than under separate evaluation. Our findings suggest that jointly evaluating multiple analysts' price targets with other related information, such as earnings estimates, can reduce the likelihood that investors would be overly influenced by aggressive analysts.     

现金持有对家族企业市场竞争力的影响——基于CEO来源的视角

当前我国家族企业已陆续进入代际传承的重要阶段,企业CEO也出现了由一代、二代或外部经理人这三种不同来源的安排。不同来源的CEO从现金持有的交易动机、预防动机和代理动机出发,会选择不同的现金持有战略,从而影响企业的市场竞争力。文章以2010-2014年沪深两市A股上市家族企业为研究对象,研究现金持有水平与企业市场竞争力之间的一般关系,并根据家族企业的特殊性和差异性,推断家族企业现金持有是否同样具有竞争优势,还进一步研究家族企业不同CEO来源对现金持有竞争优势的影响。研究发现,家族企业的现金持有能够增强企业的市场竞争力,即家族企业存在现金持有的竞争优势。而且家族企业CEO的不同来源会对企业现金持有的竞争优势产生较大影响,具体说,家族创始人CEO由于维护社会情感财富和代际传承等原因,可能会损害企业现金持有的竞争优势,降低家族企业现金持有价值;家族二代CEO出于二次创业的动力,反而会加强企业现金持有的竞争优势;外部经理人担任CEO为了个人声誉和薪酬,也会显著加强企业现金持有的竞争优势。文章从家族企业这一特殊样本出发,丰富了家族企业现金持有竞争优势的研究,并从家族企业代际传承的视角,独特地研究了不同CEO来源对家族企业现金持有竞争优势的重要影响,同时也扩展了代际传承经济后果的研究。     

Bank dependence and financial constraints on investment: Evidence from the corporate bond market paralysis in Japan

This paper investigates whether firms are able to substitute bank loans for public debt when the latter become less available to firms. To do so, this paper utilizes the 2008 financial crisis and its impact on Japanese markets as a natural experiment. Because the Japanese banking sector remained functional while the corporate bond markets were paralyzed, the data from Japan during this period provide us with an ideal environment to examine this hypothesis. I specifically examined whether firms with large holdings of corporate bonds maturing in FY2008 were financially constrained, by comparing the changes in their capital investment expenditures and borrowing conditions with those of bank-dependent firms. The main empirical results indicate that (1) firms with large holdings of corporate bonds maturing in FY2008 did not reduce investment expenditures; (2) instead, they exhibited higher increments in bank loans; and (3) firms that maintained relatively close bank-firm relationships had greater access to bank loans with low borrowing costs. These findings demonstrate that Japanese firms were able to substitute bank loans for public debt during the crisis and imply that the Japanese banking sector worked efficiently to replace public debt markets during the crisis.     

Population Problems of the Countries of Asia

Abstract

This study seeks to explain the variation in U.S. foreign direct investment (FDI) in Latin America and Asia. The analysis focuses on 19 Latin American and Asian countries for the period of 1979–1999. The results show that the variation in the U.S. FDI can largely be attributed to the differences in fundamental economic and social factors such as market size, gross domestic product (GDP) growth, macro-economic stability, the degree of trade openness, and both school enrollment and infrastructure availability. Separating the data into two time periods reveals interesting results about the location decisions for U.S. investors. In addition, the results from the comparison between the two regions show that Latin American countries clearly attract U.S. FDI for different reasons than Asian countries.     

上海B股市场系统性风险及投资机遇分析

运用单因素模型,选取上海证券交易所中同时兼具A、B股、且具有行业代表性的12家上市公司作为研究样本,对比分析上海A、B股市场系统性风险,结果显示:样本期内上海B股市场的系统性风险远高于A股市场,这为中小投资者投资B股提供了便利。同时,对目前关于上海B股市场前途的主要战略构想及其可能带来的投资机遇进行深入分析,结果发现:上海B股市场未来无论是选择改革还是选择发展,都将为投资者带来巨大的投资机遇。     

Investment challenges in the hotel industry in Kigali,Rwanda: Hotel managers' perspectives

Developing countries today compete to attract foreign direct investment to their local hotel industry. Many have therefore already changed their policies on foreign investment in order to compete effectively. Recovering from the 1990s genocide, the Rwandan Government has created an environment conducive to investment, to attract both local and foreign investment finance. This paper discusses the tourism investment policy context in Rwanda. It describes a survey of Kigali hotel managers' perceptions and opinions on challenges for investment in the country's hotel industry. The survey found that the perceived weaknesses of investing in the hotel sector are closely related to problems faced by the Rwandan tourism sector in general, such as the perception that Rwanda is not a safe tourism destination, the lack of skilled labour in tourism services, the lack of finances in the form of loans to potential investors and the lack of adequate tourism infrastructure.     

Who comprised the nation of shareholders? Gender and investment in Great Britain,c. 1870–1935

This article explores the widening ownership of stocks and shares in Great Britain between 1870 and 1935. It demonstrates the extent of that growth and the increasing number of small investors. Women became more important in terms of the number of shareholders and value of holdings. Factors that encouraged this trend included the issue of less risky types of investments, and legal changes relating to married women's property. We examine the ‘deepening’ importance of stocks and shares for wealth holders, arguing that the growing significance of these kinds of financial assets was as important as the growth in the investor population.     

论判定共同必要诉讼的理论基础和司法建议——以“合同拟制共有股权”的转让纠纷为例

我国现行法律规定共同诉讼标的系必要共同诉讼的判定标准,其实体法在于对案件的实体结果必须做统一判决,即需要合一确定。必要共同诉讼以是否需要全体当事人全部参加诉讼作为标准,可分为固有的必要共同诉讼和类似的必要共同诉讼。在必须做统一判决的前提下,"共同诉讼标的"不应仅限于指双方争议的法律关系的同一或共同,还应包括"生活事实、纠纷事实"的共通。在股权转让交易中,存在转让方虽为复数,但是根据交易目的其持有的股权必须一并转让,该情况本文称之为"合同拟制共有股权",对于此类转让纠纷应以类似的必要共同诉讼的模型来作为纠纷处理的机制。     

农业类上市公司投资价值分析

随着上市公司数量的增多及国家扶植农业的产业政策的实施，农业类上市公司的板块效应将日益明显，其投资价值也将越来越得到市场的关注。本文就此类个股所蕴含的投资机会及潜在的投资风险进行了较为深入的分析，以便对投资者进行投资选择提供参考。