中小上市企业资本结构对经营绩效的影响分析

以下就是针对我国的一些中小上市企业进行资本结构对经营绩效影响方面的分析和研究,并根据以下的研究资料得出:资本结构就是一个企业利益相关者在权利和义务方面的集中性体现,不仅对于整个公司的治理结构有着直接的影响,而且对于企业的经营绩效也有着直接的影响。因此,本文就中小上市企业资本结构对经营绩效的影响进行简要的分析和探究。     

基于企业规模调节效应的股权结构对并购绩效的影响--来自沪深A股市场的经验证据北大核心CSSCISSCI

本文以2002年度沪深A股市场发生并购的420家公司为样本,分析上市公司股权结构对并购公司短期以及长期绩效的影响,以及企业规模的调节作用。研究结果表明:在绩效较差的公司中,大股东更多体现出对管理者进行有效监督的正面效应;随着企业规模的增加,大股东的监管效应增强,而法人股股东更倾向于侵占中小股东利益,但这种侵占效应不会长期存在;在绩效较好的公司中,大股东侵占其他股东的动机较为强烈;此外,随着企业规模的增加,政府对企业的过多介入不利于企业的长期发展。本文研究对并购公司管理者与股东之间以及大股东与中小股东之间的代理问题提供了有益的启示。     

企业生命周期视角下债务融资与公司绩效关系文献综述

债务融资是企业重要的融资方式之一,一直以来对于企业债务融资与公司绩效的研究也层出不穷.近几年越来越关注在不同生命周期债务融资对于公司绩效的影响.本文综述了债务融资与公司绩效以及在生命周期视角下两者的相关理论研究.     

双维度市场导向、创新与绩效——基于高科技企业的视角

学术界虽然已经接受市场导向和创新正向影响企业绩效的观点,但对二元市场导向和创新的组合如何影响企业绩效却未形成一致结论.研究表明:先动型市场导向会提高企业的探索式创新,反应型市场导向会提高企业的利用式创新;探索式创新会促进企业的市场绩效提高,而利用式创新对市场绩效则会产生负向影响;先动型市场导向通过利用式创新和探索式创新提高市场绩效,反应型市场导向则无作用.企业可以根据不同的经营目标,选择具体的创新方式.     

信息透明度、公司治理与中小股东参与

本文利用深交所社会公众股东网络投票的数据,研究了公司信息透明度、中小股东参与公司决策与治理以及其他治理机制之间的关系。经验证据表明当公司信息透明度越差,中小投资者参加投票的积极性越高。上市公司的股权结构会影响中小股东的投票参与率,并且上述关系在信息透明度更差的公司中更显著。进一步分析发现,中小股东参与公司治理能够提高公司未来绩效,并且这种绩效改善在信息透明度更差的公司中更为明显。本文说明中小股东参与公司治理能有效地缓解代理问题,而公司信息透明度会影响其效果的发挥。     

市场导向和创新导向对企业绩效影响的研究综述

引言战略导向是指一个企业的战略方向,它保证了企业产生合适的行为从而获得优越的绩效(Gatignon and Xuereb,1997)。许多学者经过理论和实践研究表明市场导向和创新导向是企业获得长期成功的最重要的两个战略导向(Berthon et al.,1999;Deshpande et al.,1993;Hurley and Hult,1998;Noble et al.,2002)。在国外的相关研究中,市场导向和创新导向的定义和度量,以及它们是如何对组织绩效产生影响的,一直是营销和管理学界研究的焦点,形成了基本的理论体系,并不断的将其丰富和发展。而在我国,市场导向的研究还在起步阶段,特别是有关创新导向的文献还非常罕见,人们对市场导向和创新导向的研究现状和相关的理论问题缺乏系统和深入的了解。本文将从市场导向和创新导向的涵义,以及市场导向和创新导向与绩效的关系等方面对国外已有的理论文献作基本梳理,以此为基础,明确今后研究的主要方向。一、市场导向和创新导向的涵义(一)市场导向的涵义市场导向的概念源于“营销观念”这一经营哲学。目前,市场导向的定义大致分为两种:一些学者认为,市场导向是一种组织文化,在这种文化氛围下,...     

市场导向理论研究现状与展望

市场导向理论自20世纪90年代以来,受到了理论界和实业界的广泛关注。市场导向理论的发展主要体现在市场导向定义、测量以及与企业绩效的关系等方面。分析和回顾市场导向理论的发展轨迹,结合当前营销观念的进一步发展,认识和把握市场导向理论未来的研究方向,具有重要的理论和实践意义。     

探究上市公司治理结构对公司绩效的影响

中小企业如果想要保持在国民经济中主体地位屹立不变,必须不断的进行产业改革和产业结构的调整,勇于创新,帮助企业走上快速可持续发展之路。完善的企业治理机制是上市公司能够长期稳定的发展的重要保证,研究上市公司治理结构对绩效的影响,才能逐步改善上市公司内部经营状况和公司绩效,增强公司的国际竞争力,具有时代紧迫感和十分重要意义。探寻适合中小上市公司发展的治理结构,对于提高企业绩效和实现可持续发展都具有重大的理论和现实意义。     

提高公司绩效管理水平的思考

市场竞争加剧,企业面临更大的挑战。在激烈的市场竞争下,通过有效的绩效管理提升公司的经济效益成为值得研究的话题。本文阐述了财务对于公司绩效管理的重要意义;分析了提高公司绩效管理水平的建议措施,以求通过合理的建议措施为公司的绩效管理提供参考借鉴,促进企业的健康发展与运营。     

股权结构视角下的企业绩效探讨——中国A股上市公司的实证检验

本文分析了国内外关于股权结构与企业绩效的影响因素,运用回归分析方法,以ROE作为企业绩效的度量指标,考察2008～2010年间我国A股上市公司股权集中度、股权制衡度对企业绩效的影响因素。研究结果表明,与"壕沟防御效应"、"利益协同效应"假说一致,股权集中度与公司绩效呈显著的正U型关系;股权制衡度有助于改善企业绩效的假说也得到实证结果的验证。最后,本文提出了构建大股东多元化、企业大股东相互制衡的治理机制以及健全保护中小投资者利益的法律法规等政策建议。     

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.     

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.     

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.