公司声誉、财务信息与债务违约风险估计

假设公司资产信息是完全的,在财务信息完全和不完全两种情况下,本文把公司声誉水平作为一个影响因素,估计了公司债务违约概率,并着重分析了债务违约概率对声誉水平的敏感性。数值模拟分析的结论并不完全支持声誉水平与违约概率负相关、债务期限与违约概率正相关的常识。资产波动率、公司资产的瞬时漂移率分别与违约概率负相关、正相关。这些结论为把声誉纳入信用风险度量中提供了一个新的研究视角。     

Private Debt and Timely Loss Recognition

Abstract

In this study, we investigate whether private debt contracting provides incentives for borrowers to recognize economic losses earlier in accounting earnings. Focusing on the window around firms' issuances of private loans, we document that timely loss recognition significantly increases following an issuance. This effect is significantly stronger for debt contracts that include performance covenants acting as trip-wires when firm performance deteriorates. We also find that timely loss recognition is particularly used when writing debt contracts is hampered by uncertainty about a firm's future development. These findings are consistent with timely loss recognition being used to increase contract efficiency by facilitating state-contingent control allocation based on a borrower's performance over the loan term.     

负债来源、会计信息质量与企业投资

本文以中国上市公司为研究对象,考察了在高风险项目企业中会计信息质量对企业新增投资支出的影响,揭示了会计信息质量在债权人保护中的作用。实证结果表明:高质量的会计信息能够抑制高风险项目企业的新增投资支出,这样的抑制效果在高风险项目企业的主要负债来源为非商业银行时表现的更加显著。     

长期股权投资与企业合并的会计核算探讨

在金融危机下,原料价格上涨、人民币升值、股市动荡、房价疯涨等问题正在考验中国经济的持续健康发展。长期股权投资与企业合并在金融创新和产业创新的支持下,成为吸引我国资本金融发展的方向。比如有资料显示,据权威机构统计,2009年共有80支投资于中国大陆地区的私募股权投资成功募集资金355．25亿美元,较2008年的300亿美元增长许多。本文为此具体探讨了长期股权投资与企业合并的相关会计核算方法与内容。     

发行上市与企业融资约束的缓解

融资约束是我国经济中的常态,而融资约束的存在制约了企业和地区经济的发展,股票发行上市能否有效缓解企业融资约束,成为我们关注的问题。本文选取企业上市前后的数据进行了初步的检验,结果发现,股票发行上市显著地降低了企业的投资-现金敏感度,而且这种变化并不能完全由企业上市前后财务状况的变化得到解释,由此,我们得到了上市有助于缓解企业融资约束的初步证据。     

外债的经济增长效应与影响渠道

通过搜集包括107个国家1960~2010年的跨国面板数据集,采用系统广义矩方法估计,研究外债对经济增长的影响以及作用渠道。研究发现：总体上,外债对经济增长、投资增长以及全要素生产率均有显著的倒“U”形影响;发达国家的外债对经济增长的影响是负的,外债扩张可以促进投资增长,但同时会降低投资效率;发展中国家的外债对经济增长有显著的倒“U”形影响,对投资增长的影响也是倒“U”形的,而对全要素生产率的影响则不显著。     

股利政策冲突、稳健会计选择与公司债务成本

本文研究了我国上市公司的会计稳健性动因,并在此基础上研究了会计稳健性对上市公司债务融资成本的影响后果.通过对沪市A股公司2004～2008年相关数据的分析,在应计为基础的会计稳健性测量指标下,研究结果表明:与股利分配方案相关的债权人-股东冲突越严重,上市公司越倾向于采用更为稳健的会计选择;同时,会计稳健性越高的公司,债务成本也相应更低.本文认为,随着我国银行业的市场化,以银行为主体的债权人将基于风险控制的考虑,要求上市公司提供稳健的会计数据;在银行利率决策时,稳健会计信息发挥了作用,稳健性较高的上市公司得以获得较低的利率水平.     

Information asymmetry and monitoring in equity private placements

This paper systematically examines the factors that determine price discounts and announcement effects of equity private placements conducted by firms in Taiwan from 2002 to 2008. Different with most studies of private placements using available observations as a whole sample, our study separates the whole sample into subsamples by exchange-listed firms and OTC firms. The results for OTC firms corroborate the information hypothesis; the discounts serve as compensation for investor's costs of assessing firms, while abnormal returns reflect the information about firm quality. On the other hand, the empirical results show that some of our findings support an information explanation and some support a monitoring explanation in the case of exchange-listed firms. It seems that there are different motives behind the exchange-listed firms placing equity privately.     

欧洲主权债务危机的根源、影响及警示意义

自2009年以来,欧洲国家的主权债务问题一直被全球资本市场所关注,以PIIGS五国（希腊、西班牙、葡萄牙、爱尔兰、意大利）为代表的南欧多个国家的债务问题浮出水面,不仅引发了全球金融市场的剧烈波动,同时危及到整个欧元区乃至全球经济的稳定。本篇文章深入分析了欧洲主权债务危机的形成根源及影响,并揭示债务危机对各国的警示意义     

Asymmetric information and inside management trading in the Chinese market

Insider trading incentives have been widely examined in stock markets, but mainly in developed countries. Given the fact that the volatility of stock exchange markets in emerging economies is typically even higher, there is a need for research to explore the extent to which information asymmetry plays a role in management trading incentives in emerging economies. To address this research need, this study examines management trading incentives in relation to investment efficiency in Chinese listed firms on the main board and on the small- to medium-enterprises (SME) board in the period 2006 to 2017. We find that executives buy shares when firms’ investments are more efficient. The frequency of management buying also increases with investment efficiency. However, managers do not sell their shares according to firms’ investment efficiency. Moreover, executives of firms listed on the main board trade more on the asymmetric information of investment efficiency than those on the SME board.     

债务杠杆、所有权特征与中国上市公司投资行为研究

本文以我国2001～2008年上市公司的经验数据为样本,对债务杠杆、所有权特征以及公司投资决策行为之间的相互关系进行了实证研究.结果发现,就上市公司整体而言,债务杠杆表现出对公司治理的正向效用,但这种效用会伴随着所有权结构的趋于集中而发生变化.对国有产权上市公司,债务杠杆总体表现出对过度投资的抑制作用,并且这种效用随着股权集中度的提高呈现出先减弱后增加的趋势,而在所有权集中状态下,没有证据显示债务杠杆会对国有产权上市公司的投资不足产生激励;对非国有产权上市公司,债务杠杆同时表现出对过度投资的抑制作用与对投资不足的激励作用,并且对投资不足的激励会随着股权集中度的提高而逐渐减弱,没有证据表明负债的破产威胁同样会缓解公司的投资不足问题,而相对于国有产权上市公司来说,在非国有产权上市公司中债务杠杆对过度投资的抑制作用更为显著.此外,就债务的期限结构来说,不论是对过度投资的抑制作 用,还是对投资不足的激励作用,相对于长期债务而言,短期债务对投资的影响更为显著.     

Investment decisions and debt financing under information uncertainty

This study examines how information uncertainty influences investment decisions. In contrast to prior studies, which assume no information uncertainty, our model includes a discrepancy in valuing debt between shareholders and debtholders at the time of debt issuance. We derive the values of corporate securities and the optimal investment threshold and coupon under information uncertainty. We show that compared with the absence of information uncertainty, debtholders value debt less than shareholders do, and hence, shareholders should contribute more investment funds. Debt financing restraints due to information uncertainty lead to delayed investment. We find that information uncertainty plays a mitigating role in shareholder-debtholder conflicts over investment policy. Moreover, the information uncertainty costs that shareholders incur increase sharply with the level of information uncertainty.     

Efficiency,Equity, and Voice as Moral Imperatives

The thesis of this book is that efficiency, equity and voice are all human rights and should be treated as such by individuals, corporations and governments. The author reviews a wide range of philosophical and religious material that affirms the human rights nature of these aspects of employment relations. He also assesses a broad spectrum of approaches to employment relations against the standards of efficiency, equity and voice. Of particular note is the author’s critique of contemporary mainstream economics for subordinating voice to efficiency.     

Bank capital regulation,loan contracts,and corporate investment

This paper studies the link between bank capital regulation, bank loan contracts and the allocation of corporate resources across firms’ different business lines. Credit risk is lower when firms write contracts that oblige them to invest mainly into projects with highly tangible assets. We argue that firms have an incentive to choose a contract with overly safe and thus inefficient investments when intermediation costs are increasing in banks’ capital-to-asset ratio. Imposing minimum capital adequacy for banks can eliminate this incentive by putting a lower bound on financing costs.     

广播电影电视行业“营改增”税负影响与公平性分析

税收公平原则是税法的基本原则之一,我国营业税改征增值税(简称"营改增")的税制设计主要目的是实现该税法原则。"营改增"对广播电影电视行业内部的税负产生较大影响,本文分析了"营改增"对该行业的税负影响和公平性,并从临时性补救措施方面、广播电影电视行业自身经营管理方面提出了税负公平的解决方案。     

Predictability dynamics of Islamic and conventional equity markets

This study undertakes the challenging task of comparing the weak form efficiency of conventional and Islamic equity markets. Using 12 different Dow Jones indexes that cover 16 years of daily data, we compare the time-varying non-linear predictability patterns of conventional market indexes and their Islamic counterparts at country and continent level by using permutation entropy. Accordingly, we find that all indexes in our analysis have different degrees of time-varying predictability and all conventional markets are found to be more efficient compared to their Islamic counterparts. However, in some of the cases, this difference in efficiency is almost indistinguishable. Our findings reveal that compared to their conventional counterparts, Islamic markets do not necessarily need to carry a more deterministic or predictable structure since efficiency in these markets depends mostly on liquidity, market quality, institutional characteristics and the country/continent specific investment behavior.     

The effect of market sentiment and information asymmetry on option pricing

This work addresses the impact of imperfections, such as information asymmetry and market sentiment, on the performance of option pricing models. More precisely, this work compares the option pricing model of Black and Scholes and the same model in the presence of imperfections. This study is based on S&P 500 options that cover the period between 17/03/2000 and 14/06/2013. The achieved results show that, in general, in the presence of imperfections, the model is more effective than the Black and Scholes model. This research appears to be promising for the incorporation of imperfections into the assessment of options.     

Insider,outsider and information heterogeneity

In financial markets, although the insider has superior information relative to the outsider, the outsider may possess some information the insider can’t precisely observe. This work investigates the impacts of information heterogeneity between the insider and outsider based on Foster and Viswanathan (1994). It shows that the less the insider knows about the outsider, the more she commits to aggressive trading, enabling her to earn more at the cost of outsider’s losses. Meanwhile, information heterogeneity improves the liquidity and benefits noise traders.     

Employment equity,human resource development and institution building in South Africa

The process of economic and social reconstruction in South Africa (SA) has harnessed capital, organized labour and state agencies in emergent tripartite macro-policy forums; in particular, the National Economic Development and Labour Commission. Public policy on human resource development, affirmative action and diversity issues is increasingly an outcome of negotiations in these structures. However, although significant legislative developments on these issues are envisaged in the near future, institutional adaptation has not been adequately researched. The apartheid state was constructed on the ideological basis of ethnic fragmentation rationalized by ethnic and cultural diversity. At the same time, diversity is a social reality in building common national and organizational goals, symbols and identity.

This paper discusses structural and labour market factors associated with the process of employment equity and diversity management in South African organizations. A research project, the Breakwater Monitor, at the Graduate School of Business, University of Cape Town, has established a national database covering some one million employees, which enables benchmarking of company and sectoral practices in regard to affirmative action, diversity policy, training and development and skills formation. The project has also begun to track diversity representation at all levels across major sectors longitudinally, using a common job evaluation standard for comparability. The project considers both quantitative and qualitative factors in human resource development. Findings from this project are presented and discussed in the context of human resource development.     

Carbon Disclosure,Contextual Factors,and Information Asymmetry: The Case of Physical Risk Reporting

Abstract

The paper focusses on the reporting of climate change-related physical risks. Drawing on data from the CDP questionnaire for 717 European companies over three years (2011–2013) we find that information asymmetry is generally smaller when firms report about their physical risks. Furthermore, we find that reporting of a higher exposure to physical risks is associated with lower information asymmetry for firms falling under the regulation of the EU Emissions Trading Scheme, whereas for other firms the direction of the relationship reverses. We can rule out that our results are driven by other climate change-related risk disclosures and by disclosures about opportunities arising from climate change. This study is not only relevant because it attests the materiality of climate change-related physical risks. Moreover, we show how a contextual factor – in this study: whether a company falls under climate change-related regulation – moderates the direction of the relationship between reported information and information asymmetry.