International investment positions revisited: Investor heterogeneity and individual security characteristics

This paper contributes to the literature by empirically documenting the importance of investor heterogeneity and security level characteristics for international investment positions. We estimate a standard gravity model to explain holdings in individual bonds and stocks for euro area investors covering 2013Q4–2018Q4. First, our results confirm the importance of market size and distance, but there are significant differences between banks, insurance companies and pension funds, investment funds, households and other investors. Second, we show the statistical significance and economic relevance of security characteristics such as currency, bond maturity and dividend yield. Third, the results are robust to including domestic holdings.     

Civil Society and Investor–state Dispute Settlement: Assessing the Social Dimensions of Investment Disputes in Latin America

Investor–state dispute settlement (ISDS) has come to the forefront of debate over corporate rights in the contemporary era. While proponents laud ISDS as a neutral and efficient means of dispute resolution, critics claim that it shields transnational corporations from the oversight of national legal systems while enhancing their ability to interfere in host state policy matters. Moreover, because dispute settlement is carried out in international tribunals, ISDS is argued to disable citizen-driven politics. Governments have called on arbitration bodies to enhance the transparency of ISDS procedures and open spaces for civil society involvement. This reflects a desire to increase the legitimacy of ISDS in the face of mounting contestation. In this paper, I examine the multiple ways in which civil society actors intervene in investor–state arbitration inside and outside of formal channels. I focus specifically on two disputes involving foreign investors active in the water and hydrocarbons sectors of Argentina and Ecuador, respectively. I find that political pressure exerted by civil society actors influenced government decisions to break with investment rules and helped to shape government positioning within arbitral processes. Civil society actors must therefore be recognised as important participants in investor–state disputes.     

保险资金持股与股价崩盘风险——市场“稳定器”还是崩盘“加速器”?

现阶段,有关保险资金持股与资本市场稳定相互关系的讨论多止于推测,少有学者以大样本数据进行实证考察。在理论上,保险资金持股上市公司,一方面可以抑制经理人负面信息隐藏,作为市场“稳定器”降低股价暴跌风险;另一方面,也能引发投资者跟风炒作,导致市场情绪高涨和股价高估,成为股价崩盘风险的“加速器”。本文基于2007—2016年中国沪深两市A股上市公司的数据,实证分析保险资金持股上市公司是否加剧市场暴跌及其作用机制。结果显示:保险资金持股加剧了股价崩盘风险,是公司股价崩盘的“加速器”。这一结论在经过DID模型、工具变量回归、PSM+OLS等内生性分析,以及稳健性检验之后依然成立。进一步研究表明,相比于民营、小型和财产保险公司,在股市投资规模更大的国有、大型和人寿保险公司更能引发市场跟风炒作,加剧股价崩盘风险;不过,当保险资金作为前十大股东参与公司治理时则能够降低股价崩盘风险。本文不仅为保险资金持股与资本市场稳定相互关系的讨论提供了经验证据,也为规范保险资金股权投资,维护资本市场稳定提供有益借鉴。     

The influence of pension funds on corporate governance

Although pension funds have gained importance in the last two decades, their role has not been described in detail by economic models. This article focuses on the scope of these institutional investors when they are not satisfied with a management team of a company in which the pension fund holds a block of shares. Stock holdings by pension funds are largely dispersed. Therefore, any intervention by pension funds in corporate governance requires the formation of a coalition of pension funds. The realization of a coordinated intervention, in turn, is subject to the problems related to the provision of public goods, such as free riding. We find that the stock dispersion and the combined share of pension funds, coordination costs and the attractiveness of the exit option are relevant factors for determining the probability of the success of interventions.     

险资股权投资的结构性改革研究——基于险资投资的倒U型效应分析

保险资金作为重要的机构投资者能否发挥促进公司绩效提升的作用在已有研究和监管政策制定上都存在较大争议。本文以2005-2017年A股上市公司为研究样本,发现险资持股比例对上市公司绩效以及估值影响存在显著的倒U型曲线效应,相应机制研究表明险资持股通过显著影响两类代理成本的渠道发挥治理作用。在适度持股比例以下,险资增持能够降低被投资公司管理费用率和其他应收款占比,并提高资产周转率,从而降低两类代理成本;持股超过一定比例反而造成两类代理成本上升。险资持股比例变化对保险机构调研次数的影响则从公司治理参与角度印证了以上结论。对倒U型曲线效应的深入分析既有助于深化对机构投资者影响公司绩效的多重效应和机制的认识,同时为在金融机构层面落实金融供给侧结构性改革、增强险资服务实体经济能力提供参考。     

Short-termism of long-term investors? The investment behaviour of Dutch insurance companies and pension funds

Countercyclical investment strategies of large institutional investors such as insurance companies and pension funds can support financial stability, while procyclical investment behaviour is considered as destabilizing at a macro level. Yet, there is limited understanding of how insurance companies and pension funds invest during market shocks, such as the global financial crisis. Investigating the equity and fixed income portfolios of Dutch non-life insurers, life insurers and pension funds, we find evidence for procyclical behaviour by insurance companies (both life and non-life). For pension funds, we find evidence for countercyclical behaviour during market upturns.     

X-efficiency and economies of scale in pension fund administration and investment

Pension funds’ operating costs impair pension benefits, so it is crucial for pension funds to operate at the lowest cost possible. In practice, we observe substantial differences in costs per member for Dutch pension funds, both across and within pension fund size classes. This article presents new estimates of scale economies of pension funds and is the first that also measures pension fund X-inefficiency. We use a unique supervisory data set which distinguishes between administrative and investment costs and apply various approaches and models. Our estimates show large economies of scale for pension fund administrations, but modest diseconomies of scale for investment activities. We also found that many pension funds have substantial X-inefficiencies for both administrative and investment activities. The two kinds of inefficiency differ across types of pension funds. Therefore, most pension funds should be able to improve their cost performance, and hence increase pension benefits.     

The effects of corporate environmental disclosure on environmental innovation from stakeholder perspectives

Based on legitimacy theory and resource dependence theory, using 111 listed companies among China’s typically high pollution-emitting listed corporations, research into the effects of environmental disclosure on environmental innovation is undertaken. From the perspective of stakeholders, we analyse the moderating effects of different proportions of institutional investor holdings and types of enterprises on the relationship between environmental disclosure and environmental innovation. The results indicate that corporate environmental disclosure has a positive role in promoting environmental innovation; the proportion of institutional investor holdings has a positive moderating effect between environmental disclosure and environmental innovation. However, there is no significant difference between state-owned enterprises and private enterprises in terms of the effect of the environmental disclosure on environmental innovation, which possibly arises because both types of enterprises make full use of their own advantages to instigate environmental innovation through environmental disclosure. The conclusions may help enterprise decision-makers implementing environmental innovation and government policy makers formulating scientific policies to promote the clean production in enterprises.     

投资者关系管理与企业风险承担*

公司治理的功效不仅体现在提高企业经营业绩上，促进企业科学决策，合理进行风险控制，实现企业的长期稳定发展也同等重要。本文以2012—2017年我国沪深A股上市公司为样本，利用南京大学联合中国证监会开展的投资者关系管理状况调查，实证检验投资者关系管理对企业风险承担的影响。研究发现：（1）投资者关系管理越好的企业，企业承担的风险水平越低，表明投资者关系管理具有自主性治理效应，能抑制企业过多的风险性行为，从而有效降低企业所承担的风险水平。（2）投资者关系管理的这一治理效应在内部和外部监督机制薄弱的企业中更为显著，说明良好的投资者关系管理一定程度上能形成企业内外部监督机制的弥补，从而对企业所承担的风险产生治理作用。（3）投资者关系管理通过抑制企业过度负债和过度投资降低了企业所承担的风险水平，而与此同时，没有证据表明投资者关系管理导致了企业投资不足，从而带来投资效率的损失。（4）CEO财务背景和董秘专业能力的内部因素以及机构投资者调研、网络媒体平台开通的外部因素对于企业投资者关系管理水平具有显著的促进作用。     

投资者关系管理与企业风险承担*

公司治理的功效不仅体现在提高企业经营业绩上,促进企业科学决策,合理进行风险控制,实现企业的长期稳定发展也同等重要。本文以2012—2017年我国沪深A股上市公司为样本,利用南京大学联合中国证监会开展的投资者关系管理状况调查,实证检验投资者关系管理对企业风险承担的影响。研究发现：（1）投资者关系管理越好的企业,企业承担的风险水平越低,表明投资者关系管理具有自主性治理效应,能抑制企业过多的风险性行为,从而有效降低企业所承担的风险水平。（2）投资者关系管理的这一治理效应在内部和外部监督机制薄弱的企业中更为显著,说明良好的投资者关系管理一定程度上能形成企业内外部监督机制的弥补,从而对企业所承担的风险产生治理作用。（3）投资者关系管理通过抑制企业过度负债和过度投资降低了企业所承担的风险水平,而与此同时,没有证据表明投资者关系管理导致了企业投资不足,从而带来投资效率的损失。（4）CEO财务背景和董秘专业能力的内部因素以及机构投资者调研、网络媒体平台开通的外部因素对于企业投资者关系管理水平具有显著的促进作用。     

国有上市公司投资者保护:基于控制权私有收益的检验

目前的研究对国有上市公司在投资者保护方面的效果褒贬不一.从控制权私有收益理论出发,以1997～2006年10间发生控制权转移事件的公司为样本,对国有上市公司中国有股权与控制权私有收益之间的关系进行了分析.研究发现了国有股东在投资者利益保护方面的双重作用:总体而言,国有股东相对于非国有股东能够提供更好的投资者利益保护,但在相对控股的范围内,更高的持股比例将导致投资者利益保护更差.     

"好公民"还是"好演员":企业社会责任行为异象研究——基于企业业绩预告视角

履行社会责任的公司究竟是真心实意的"好公民"还是表里不一的"好演员"?文章基于业绩预告视角,研究了企业社会责任声誉与行为背离的异象.研究发现,企业履行社会责任越佳,发布业绩预告的概率越低,初步表明我国很可能存在企业社会责任背离的"好演员".进一步的实证表明,在发布业绩预告的企业中,企业社会责任评分越高,业绩预告的准确性和精确性也越高.这表明发布业绩预告且履行社会责任好的企业是真心实意的"好公民".文章的研究表明,业绩预告行为有助于利益相关者甄别履行社会责任好的企业是"好公民"还是"好演员",也有利于投资者做出投资决策和缓解市场信息不对称.     

我国上市公司投资者关系水平影响因素实证研究

本研究以2007年上海证券交易所上市的800家上市公司作为研究样本,通过构建投资者关系评价体系,从公司特征、股权特征及公司治理特征3个方面,检验了我国上市公司投资者关系水平的影响因素。研究发现,公司规模、负债程度、盈利能力、管理层持股比例、独立董事比例及设置审计委员会六个因素会对上市公司的投资者关系水平产生显著影响。     

再融资资金投向变更对公司业绩的影响

本文利用恰当的计量经济学模型和方法,实证研究了中国上市公司再融资资金投向变更对公司经营业绩的影响。研究结果表明,再融资资金投向发生变更的上市公司长期经营业绩显著低于再融资资金投向未发生变更的上市公司;上市公司长期经营业绩随着公司规模和股东权益在总资产中所占比例的提高而显著增加;在牛市中进行再融资的公司在其后三年内的经营业绩显著低于其他时候进行再融资的公司。     

Financial constraints,short selling and corporate fraud: Evidence from China

This study investigates the relationship between financial constraints and corporate fraud commission and its detection and the moderating role of short selling using a partial observable bivariate probit model. First, financially constrained corporations are more likely to commit fraud and their fraudulent behaviours are less likely to be detected. Second, short selling has an interesting effect on corporate fraud. On the one hand, short selling has a direct restraining effect on corporate fraud commission and increases the likelihood of corporate fraud detection. On the other hand, short selling plays a moderating role in the relationship between financial constraints and corporate fraud. This study contributes to the corporate fraud literature by analysing the factors influencing corporate fraud and provides theoretical support for regulators and managers in monitoring fraudulent behaviour.     

基于公共清算所的个人账户养老基金管理模式研究

在分析个人账户基金管理的委托人职责缺失、管理效率低下、基金保值增值难等问题的基础上.通过对个人账户管理模式和投资决策模式的分析,以及结合产权理论与委托代理理论,构建一种新的个人账户基金管理模式,即公私结合管理模式——中央层面成立公共清算机构负责基金管理,在旗下成立多家个人账户基金投资公司,负责个人账户基金的投资运营.这对养老基金的保值增值以及养老金制度的可持续发展都具有深远意义.     

“国家队”持股能促进企业绿色创新吗——重污染行业的异质性分析

绿色技术创新是我国实现碳达峰、碳中和目标,推动经济高质量发展的关键路径。以2015—2020年我国A股上市公司为样本,实证考察“国家队”这类特殊国有机构投资者持股对企业绿色创新的影响及作用机理,并对重污染行业进行异质性分析。结果表明：“国家队”持股能够提升企业绿色创新水平,并且该影响在重污染行业更加显著。机制检验结果表明,缓解内外部信息不对称和获取政府创新补贴是“国家队”持股促进企业绿色创新的重要传导路径。进一步研究发现,“国家队”持股时间越长,对绿色创新的激励效应越显著。研究结论对完善公司治理结构、促进企业绿色创新和实现高质量发展具有启示意义。     

Sociotechnical regimes,technological innovation and corporate sustainability: from principles to action

Increased environmental and social responsibility awareness, while producing unique opportunities for sustainability-oriented innovations, has generated important challenges for companies. The path to sustainability requires corporate strategies that guarantee profitability, managing simultaneously environmental and social responsibilities. An attempt is made to provide an understanding of sustainable development thinking in business, discussing how the combination of the transition management, adaptive planning and sociotechnical approaches can contribute towards an effective implementation of sustainability-oriented innovations in business context. The article proposes a conceptual model, which incorporates this contribution, developed through a four-year action-research project carried out within a large Brazilian energy company – Petrobras. The authors argue that the adoption of the proposed model by other large firms operating in different societal sectors might trigger organisational changes related to current corporate practices of technological innovation management.     

Stock Characteristics,Investor Type,and Market Myopia

This paper investigates the role of stock characteristics and investor type in market myopia. Using the Generalized Method of Moments (GMM) to control for endogeneity, we obtain evidence indicating that market myopia is greater among stocks that are relatively hard-to-value and hard-to-arbitrage, and find this conclusion to be robust to the choice of proxy for these characteristics. We also obtain a significantly negative relationship between institutional ownership and market myopia, due to the former acting as informed traders who exploit mispricing created by individual traders. It is important to note that the impact of their role becomes significant only when they have a sizeable share in firm ownership, as is the case of UK mutual funds and pension funds and Spanish banks.     

投资者关系管理对资本市场可见度的影响

本文以深圳证券交易所2005年上市公司为研究对象,分析影响资本市场可见度的公司结构性特征和制度性特征两类因素,考察投资者关系管理对这两类因素可见度效应的调节作用,研究发现上市公司投资者关系管理水平对公司的市场价值特征和股权结构、董事会等制度性特征的调节作用明显,可以显著提高资本市场可见度。上市公司应重视投资者关系管理等自主性治理活动的开展。