上市公司的财务政策与绩效

本文通过理论和实证分析发现，上市公司的财务政策对绩效有影响作用。派息率作为反映经营者对投资者利益重视程度的指标，对生产效率与资本效益均具有显著性正面效应；长期投资比率作为反映经营者对企业成长偏好程度的指标，对生产效率与资本效益均具有显著性负面效应；而负债比率作为本应反映来自投资者事后惩治力度的指标，对资本效益却具有显著性负面效应。此外，属于竞争性行业的企业的生产效率不低于受保护行业的企业，但其资本效益劣于后者。     

现金流量指标的财务信息评价能力分析——基于制造业和零售业企业的实证研究

本文对我国制造业、零售业共173家样本公司的15个现金流量指标进行了因子分析,试图确定现金流量指标的财务信息评价能力。通过定量研究得出：（1）总资产现金流量率、销售现金比率和经营活动现金流入流出比率对于反映企业获现能力具有代表性,现金流增量指标并不能反映企业的获现能力;（2）即付比率和流动资产现金比率对于反映企业偿债能力具有代表性,而现金流动负债比、全部债务现金流比率与获现能力指标具有相似的信息含量;（3）行业差异及企业经营环境对现金流增量指标和盈利质量指标影响较大,应结合行业特征和经营环境对相应的指标的信息含量进行具体的分析评价。     

判定“资产负债率”高低的标准是什么？

判定“资产负债率”高低的标准是什么？于立资产负债率是反映企业长期资本结构的指标，国际上更多地称为＂债务一股本比率＂。它过高或过低都不好，但对不同类型、不同行业的企业来说，却没有一个统一的标准。尤其是，国有企业的资产负债率超过７０％未必就不好。经营者或...     

制度质量、知识资本与工业绿色生产效率提升

在理论分析的基础上,采用GML指数法测算2001-2015年中国各省份工业绿色生产效率变化情况,实证检验制度质量及其调节下知识资本对工业绿色生产效率的影响作用。结果发现,市场化程度、契约执行度对工业绿色生产效率增长具有促进作用,而环境管制强度对技术进步、效率变化的短期作用不明显;制度质量各指标的二次项系数均显著为正,对工业绿色生产效率提升具有长效作用;知识资本各指标除国外技术引进强度外均对工业绿色生产效率具有正向促进作用;制度质量调节下知识资本对工业绿色生产效率具有促进作用。因此,应持续优化制度质量,建立长效机制,实施差异化知识资本积累与创新驱动战略。     

从托宾的Q投资理论看美国新经济

资本市场上一个重要的均衡机制是价格机制。在资本市场上,投资者不会白白的向企业供应资本,而必须为资本使用权的转让支付一定的报酬,即资本价格。资本价格是资本得以配置的指示信号,资本的有效配置在很大程度上取决于资本价格所包含的信息是否充分反映了资本的短缺程度和机会成本,即是否能把资本配置到可以创造最大价值的企业中去。资本市场越完善,所形成的资本价格就越能反映资本的真实价值,进而反映出企业的价值。因此,只要投资者是经济理性的,资本价格的上升与下降就可以反映出投资者对企业价值的判断。托宾Q值无疑是一个对企业价值判…     

创新型企业融资中的信息不对称性

使用双边随机边界模型对中国创新型企业在融资过程中与投资者的信息不对称程度及其对资本成本的影响效应进行实证测度。结果表明:信息不对称对企业资本成本的形成具有重要影响,投资者因所掌握的信息有限而索取更高的风险溢价;大部分创新型企业实际承受的资本成本高于基准资本成本,投资者与企业之间的博弈净效应使得企业的实际资本成本平均提高了9.92%;企业规模扩大和股权集中度提高有助于降低信息不对称程度、降低信息不对称影响资本成本的净效应。     

论人力资本及企业经营者报酬

生产过程中的资本具有异质性,将人力作为一种资本是承认资本异质性的必然结果。经营者人力资本反映了经营者的资本经营能力,他们的报酬体现了经营者人力资本的价值。经营者从代理经营的企业中获得的收益有逐渐增大的趋势;这种趋势并不代表经营者群体的贪得无厌,而是符合社会经济发展需要的。股东从股权中所获得的收益从本质上说是一种消极的利益索取,但它的存在又是财产继承权的必然社会现象。经营者在双方的博弈中地位的不断提高,代表了社会发展的积极力量,是社会不断重视人力资本的结果。     

中国酿酒业上市公司生产效率的实证研究——基于DEA模型的两阶段分析

酿酒工业是食品饮料行业的重要组成部分,在国民经济发展中具有十分重要的作用。本文运用DEA-Tobit两阶段模型对中国16家主要酿酒业上市公司2004年至2007年期间的生产效率及其影响因素进行了分析,并结合Malmquist生产力指数,对主要酿酒企业的效率变化进行了动态评价。实证结果显示,样本期间内酿酒企业的综合技术效率平均值偏低、综合技术效率总体上呈现上升态势;其次,酿酒企业在样本期间内平均全要素生产率和各年度全要素生产率均呈现不同程度的提高,且两者均得益于行业技术的进步;最后,总资产周转率、技术人员比例和人均资本与酿酒企业效率值均呈显著的正相关,而企业规模则与酿酒企业效率值存在不显著的正相关。     

上市公司经营者报酬结构性差异的实证研究

本文通过研究上市公司经营者的任职状况、报酬结构与企业绩效之间的关系 ,发现 :经营者的持股比例与经营绩效有显著性弱相关关系 ;报酬水平的激励强度更多的与“横向”“纵向”比较的相对值有关 ;两职兼任的经营者年薪、持股比例与其绩效均不具有显著相关性 ,而实行年薪制的经营者呈显著性弱相关性。本研究说明资产规模、行业特性、区域范围、股权结构对经营者年薪、持股比例和经营绩效具有深刻影响 ,完善上市公司经营者报酬激励的方向应是建立多元化的报酬结构。     

中国内外资企业TFP增长及其影响因素的对比研究——基于35个工业行业面板数据的实证分析

本文运用DEA-Malmquist生产率指数法测算了2000—2007年我国内外资企业35个行业的全要素生产率（TFP）及其分解指标,在对比分析的基础上,分别对内外资企业各项效率指标的影响因素进行了实证检验。结果发现,在资源和劳动密集型行业中,内资企业的各项效率指标均明显高于外资企业,在资本和技术密集型行业中,二者则相差无几;2004年后,技术效率对内资企业的TFP增长平均贡献达到44．5％,外资企业的TFP增长中技术进步的贡献一直在80％左右。回归结果显示,各因素对内外资企业TFP增长的影响方向和程度表现出显著差异。最后,本文给出了提高内资企业生产率增长的政策建议。     

A Comparison of Technology Firms in Beijing and Shenzhen

Beijing and Shenzhen are both well known for their high-tech industries. This paper compares the financial performance of the two cities’ technology firms and explores the effects of the firms’ operating characteristics and strategy choices on their performance. We find that when comparable samples are used, the firms in Beijing performed better than those in Shenzhen. In addition, for firms both in Beijing and Shenzhen, the ratio of current asset to total asset had a significantly positive effect while both short-term and long-term debt-asset ratios had a significantly negative effect on the performance. The strategy variable sales expenses as a fraction of the cost of goods sold had a significantly positive effect on the performance of firms in Beijing, but the positive effect on firms in Shenzhen was not significant. R&D inputs contributed significantly to the pre-tax profitability of Beijing firms, but had no significant effect whatsoever on Shenzhen firms.     

Offshoring and Firm Performance: Evidence from the Italian Manufacturing Industry

The fundamental question of whether offshoring is value enhancing and, more specifically, whether Italian manufacturing firms that undertake offshoring benefit from higher productivity and profitability is explored. Using data from the tenth wave of the “Survey on Manufacturing Firms” conducted by Unicredit‐Capitalia, it was found that, compared with domestic firms, firms relocating activities to a foreign country have different characteristics, and “better” firms might self‐select into offshoring decision. To disentangle the effect of offshoring on firms' performances from the effect of firm characteristics, several variants of propensity score matching are used. A mild and insignificant positive effect of offshoring on profitability was found and also evidence of a statistically significant positive effect of offshoring on productivity.     

Financialization and Manufacturing Firm Profitability under Uncertainty and Macroeconomic Volatility: Evidence from an Emerging Market

Using semi-annual data from 1993 to 2003 for all publicly traded manufacturing firms in Turkey, this paper explores the impacts of macroeconomic uncertainty and external shocks on profitability of real sector firms in the presence of multiple investment options in both real and financial sectors. The paper argues that increasing availability and accessibility of investment opportunities in the financial markets help real sector firms sustain profit margins despite market rigidities, increasing goods market competition, or higher levels of risks. The empirical results based on dynamic panel estimations show that increasing macroeconomic uncertainty and volatility have a significantly negative effect on firm profitability. In contrast, increasing the share of financial investments in total assets is found to be reducing such negative effects at a statistically and economically significant level.     

Impact of patenting on firms' performance: an empirical investigation based on manufacturing firms in India

The study aims to estimate the impact of R&D expenditure and patenting on the performance of firms using productivity, profitability and Tobin's q ratio as the performance indicators. The study uses firm-level data of 489 high- and medium-technology firms during the period of 2000–2010. We employ relatively a new source of data particularly in the context of India, firm-level patent granted, that has not been explored earlier. The study finds that firms patenting result in productivity improvement of firms, whereas R&D expenditure does not. The study further finds the evidence of positive impact of patenting on financial performance of firm with significant differences between foreign and domestic firms.     

Labor productivity of small and large manufacturing firms: the case of Taiwan

This work studies the factors influencing the labor productivity of small and medium-sized enterprises (SMEs) and large firms using Taiwan as a case study. A special emphasis is placed on two possible international channels: exports and foreign direct investment (FDI). Different from conventional studies, we employ the two-stage switching regressions to correct the firm-size effect on labor productivity and estimate labor productivity for SMEs and large firms. The main findings are as follows. First, the estimates of the selectivity variable are statistically significant for both SMEs and large firms, supporting the hypothesis of correcting the effect of firm-size truncation. Second, while a larger trade intensity significantly increases the labor productivity of SMEs, it deteriorates significantly that of large firms. Third, FDI enhances the labor productivity of SMEs internally, whereas it has a negative spillover on that of other small and large firms in the industry. While the first outcome lends supports to the role of self-selection, the remaining stands in sharp contrast to conventional wisdom.     

Growth under exchange rate volatility: Does access to foreign or domestic equity markets matter?

Employing a firm-level dataset, this paper explores the effects of exchange rate volatility on the growth performances of domestic versus foreign, and publicly traded versus non-traded private manufacturing firms in a major developing country, Turkey. The empirical results using dynamic panel data estimation techniques and comprehensive robustness tests suggest that exchange rate volatility has a significant growth reducing effect on manufacturing firms. However, having access to foreign, and to a lesser degree, domestic equity markets is found to reduce these negative effects at significant levels. These findings continue to hold after controlling for firm heterogeneity due to differences in export orientation, external indebtedness, profitability, productivity, size, industrial characteristics, and time-variant institutional changes.     

The Determinants of Firm’s Growth in the Telecommunication Services Industry: Empirical Evidence from India

The growth and evolution of the industry has an important bearing on the economic development of a country. The extant literature on firm growth provides valuable insights into firm behavior and factors influencing the evolution of the industry over time. The topic becomes even more relevant in the context of the telecommunication industry because of its positive impact on economic growth and productivity, which has been well documented in both the developed and developing country context. Based on the firm-growth literature, this study analyzes the factors influencing the growth of the Indian telecommunication industry using an unbalanced panel of 204 firms across two decades from 2000 to 2020. Dynamic Panel estimation technique (System GMM) is used to take care of endogeneity issues caused by the dynamic nature of firm growth models. Results indicate that the growth of firms in the Indian telecom services industry is explained by systematic factors like size, age, profitability, financial leverage, and trade orientation. The study finds that the larger firms grow at a decreasing rate compared to small firms. The firm's age negatively impacts the growth rate of firms, i.e., younger firms have a faster growth rate than the older ones supporting the case of convergence of firm growth in the Indian telecom services sector. Factors such as lagged R&D intensity, financial leverage, and profitability negatively impact the firms’ growth rate. Export intensity is found to have a negative and significant impact on the growth rate of the firms. The findings have important policy implications in the context of the growth of the telecommunication industry in India, which has witnessed intense competition, steep decline in profitability, and high debt structure over a period of time.

     

Job satisfaction and co-worker pay in Canadian firms

One reason to be concerned about income inequality is the idea that people care about not only their own absolute income but also their income relative to various reference groups (co-workers, friends, neighbours, relatives, etc.). We use Canadian linked employer–employee data to estimate the casual effect of co-worker pay on a worker's reported job and pay satisfaction. Since worker satisfaction can affect the worker's productivity, organizational commitment, turnover, creativity and innovation as well as the firm's productivity and profitability, this is an issue that requires more attention and careful examination. In models that control for a rich set of workplace characteristics, we find that co-worker pay has a large positive and significant effect on both pay and job satisfaction. In our preferred models with establishment-level fixed effects, the effect of co-worker pay on pay satisfaction is half as large and the effect on job satisfaction completely disappears, suggesting that part (all) of what previous studies attribute to the effect of co-worker pay on worker pay (job) satisfaction is driven by unobserved heterogeneity across firms or establishments. Our results also suggest that the effect of co-worker pay on worker satisfaction is much stronger for workers who leave their job during the following year. Finally, we find that while co-worker pay has a positive effect on pay satisfaction among Canadian-born whites, it has a negative effect among immigrants and Canadian-born visible minorities.     

Grant Assistance and Small Firm Development in Northern Ireland and the Republic of Ireland

Small business support is an important element of industrial development policy in both Northern Ireland and the Republic of Ireland. This paper examines the effect of grant support on small business performance from 1991–94. Around 50% of small businesses in Northern Ireland and 30% of small businesses in the Republic of Ireland received financial support over this period. In Northern Ireland, three clusters of assisted companies were identified who received support for marketing, training and capital investments. In the Republic of Ireland, two assisted clusters of firms were identified who received marketing and training grants. In each case, firms in the assisted clusters grew faster, tended to be more profitable, were more active in terms of sales and market development and adopted more ambitious strategic directions than those in the non‐assisted clusters. Selection models are used to explore whether these differences are due to differences in the characteristics of the assisted and non‐assisted groups or can be directly attributed to the effect of government financial support. In the Republic of Ireland there is no evidence of any effective targeting of assistance at better performing firms. In Northern Ireland, there is some evidence that assistance was targeted at firms with higher productivity growth. Grant aid had no effect on either the turnover growth or profitability of small businesses in either area. It did, however, boost employment growth. This is good‐news for job creation but has potentially worrying implications for firms' longer‐term competitive position through its negative effect on productivity.     

Firm performance and corporate finance in New Zealand

Low productivity growth in New Zealand has been a paradox. We study New Zealand firms’ profitability, in terms of profit margin and return on assets (ROA), from the viewpoints of productivity enablers using firm-level panel data. We find that tangible fixed investment and a research and development (R&D) tax incentive are associated with higher profitability performance. In addition, the firm size is found to be a key determinant of profit margin. By contrast, we do not find any evidence that intangible investment can improve the profitability. The global financial crisis has not changed the leverage effect on ROA in New Zealand, while the impact of R&D became more prominent after the crisis.