基于成本效益矩阵的投资项目社会影响评价

本文借鉴国外发展的一种新的社会影响评价模型,即成本效益矩阵,来完善我国的社会影响评价体系。矩阵模型将项目的众多相关群体和个人包括其中,分析其经济性和非经济性的影响,进而得到比较客观和有价值的社会影响评价。该模型丰富了我国投资项目社会评价内容,规范投资项目社会评价过程,以保证投资决策真正是有利于全社会健康、稳定与可持续的发展。     

Strategic capital investment decision-making: A role for emergent analysis tools?: A study of practice in large UK manufacturing companies

The complexity surrounding strategic capital investments present challenges to managers charged with evaluating these projects. In particular over-reliance on financial appraisal tools is thought to bias decision-makers against undertaking strategic projects that are crucial to the development of business capability and innovation. In response to this concern, several emergent analysis tools have been advanced as means to integrate strategic and financial analyses of capital investment projects. This paper examines the use of both conventional financial analysis tools and selected emergent analysis approaches in the capital investment decision-making of large UK manufacturing companies.The findings update previous studies on the use of financial analysis tools, but also examine how their use varies between strategic and non-strategic investment projects and the extent to which emergent analysis tools are impacting decision-making practice. Little evidence emerges of integration between strategic and financial analysis approaches. Financial analysis techniques still dominate the appraisal of all categories of capital investment projects, while risk analysis approaches remain simplistic, even for complex strategic projects. Despite their noted potential for informing strategic investment decisions, the emergent analysis tools barely register in practice. The appraisal of capital projects seems to reflect a ‘simple is best’ philosophy and a commitment to the role of intuition and judgement in assessing how the strategic dimensions of capital investments connect with their financial outcomes.     

Corporate capital budgeting and CEO turnover

When a firm has minimal agency and informational asymmetry problems it should make efficient capital budgeting decisions. Many firms over-invest prior to CEO turnover, halt investments in the period surrounding the turnover, and then greatly increase their level of expenditures. Empirical analysis of the cross-sectional and inter-temporal variation in the quality of firms' corporate capital budgeting decision reveals that the impact of CEO turnover is asymmetric between under- and over-investing firms, and this complements the larger literature using average firm-wide performance measures. Firms are more likely to have forced turnovers when there is more over-investment prior to the turnover, and these firms make more efficient investment decisions subsequently. Board influence is largely insignificant prior to a CEO turnover but is consistently associated with higher levels of investment subsequently.     

Earnings Quality Based on Corporate Investment Decisions

In this paper, I examine a new approach for measuring earnings quality, defined as the closeness of reported earnings to “permanent earnings,” based on firm decisions with regard to capital and labor investments. Specifically, I measure earnings quality as the contemporaneous association between changes in the levels of capital and labor investment and the change in reported earnings. This approach follows the reasoning that (1) firms make investment decisions based on the net present value (NPV) of investment projects and (2) reported earnings with higher quality should more closely associate with real investment decisions. I find that measures of earnings quality based on managerial labor and capital decisions correlate positively with earnings persistence and have incremental explanatory power relative to earnings‐quality measures used in the accounting literature. Furthermore, investment‐based earnings‐quality measures are less informative when managers tend to overinvest.     

创业投资网络对投资绩效的影响研究——基于投资决策的中介效应检验

依据2007-2013年中国市场创业投资数据,运用基于Bootstrap抽样的结构方程模型,考量投资决策在投资网络影响机构投资绩效过程中的中介效应。结果表明:创业投资网络可以通过投资决策影响投资绩效,具有较高网络中心性或占据丰富结构洞位置的创业投资机构可以通过采用项目后期介入策略、地域分散投资策略和行业专业化投资策略,提高机构投资绩效。     

Dynamic Models of Investment Distortions

This paper studies the interaction between corporate financing decisions and investment decisions in a dynamic framework. When the production decision involves an expansion option, the firm trades off tax benefits of debt against two costs of debt financing, namely the investment distortion related to exercise of the expansion option and the loss of a valuable expansion opportunity if the firm defaults. The optimal capital structure is all equity for firms with more value in growth options (or intangible assets) and tends to involve debt financing for firms with more value in tangible assets. JEL Classification: D81, G13, G31, G32     

Why do institutional investors buy green bonds: Evidence from a survey of European asset managers

Using survey evidence from European asset managers, we provide insights into their green bond investment activities and the factors that affect their investment decisions. We find that the majority of investors are actively invested in the green bond market via a variety of investment channels. Investors prefer green bonds issued from corporate issuers and sovereigns and we find that there is strong unmet investor demand for green bonds from these issuer types, in particular from non-financial corporates in the industrials, automotive and utilities sectors. Competitive pricing and strong green credentials, both pre- and post-issuance, are the most frequently named factors impacting respondents' decision to invest in a green bond, and unclear and poor reporting on how bond proceeds are allocated to green projects induces a majority of investors to not invest in a green bond or to sell a bond if already included in the portfolio. Among policy measures to grow the green bond market, preferential capital treatment for low-carbon assets and minimum standards for green definitions receive the highest investor support, but respondents are divided whether a strict definition of ‘green’ or a less strict definition would be more beneficial for scaling up the green bond market.     

投资项目风险、外部性与投资资本内部定价

从业绩评价角度,以委托代理理论作为分析工具,研究投资项目风险、外部性对投资资本内部定价的影响。研究结论表明:投资资本的最优内部"价格"与用于决策的企业资本成本一般不同,投资项目风险、外部性对其有重要影响;当平均投资收益率等于边际投资收益率时,只有投资项目风险对投资资本内部定价有影响;投资失败的赔偿制相比有限责任制,会减弱投资项目风险和外部性对投资资本"定价"的影响。这一研究为正确地制定投资资本的内部价格和合理地评价投资业绩提供了理论基础。     

Investment opportunities and market reaction to capital expenditure decisions

In this study, we argue that share price reaction to a firm's capital expenditure decisions depends critically on the market's assessment of the quality of its investment opportunities. We postulate that announcements of increases (decreases) in capital expenditures positively (negatively) affect the stock prices of firms with valuable investment opportunities. Contrarily, we predict that announcements of increases (decreases) in capital spending negatively (positively) affect the share prices of firms without such opportunities. Our empirical results are generally consistent with these predictions. Overall, empirical evidence supports our conjecture that it is the quality of the firm's investment opportunities rather than its industry affiliation which determines the share price reaction to its capital expenditure decisions.     

Managing Operational Flexibility in Investment Decisions: The Case of Intel

Significant attention has been paid to how real options analysis can help in valuing operating flexibility when making major capital investment decisions. But there has been far less study of how to manage such flexibility, particularly in cases where a decision to defer, contract, or expand any one investment program affects a range of other programs, including those outside the firm. Such interrelated investments are increasingly common in a "connected" economy where products and technologies are designed across firms and industries.
Based on a field study at Intel, this paper describes and analyzes one set of practices for coordinating such diverse systems of investments. It shows how information about interrelated investments is communicated within and between companies so that coherent changes can be made at the level of an overall system. The authors argue that studies of investment appraisal need to move beyond the predominant focus on valuation to encompass the wider organizational processes by which operational flexibility is exercised in the modern economy.     

巴塞尔委员会逆周期资本框架在我国银行业的实证分析

2010年12月16日,巴塞尔委员会公布了《第三版巴塞尔协议》和《各国监管当局实施逆周期资本缓冲指引》,要求各国监管当局参照制定逆周期资本缓冲政策框架,并视需要要求银行计提逆周期资本缓冲。本文采用我国银行业的数据,对该资本缓冲政策框架进行了实证分析,并就我国实施逆周期资本缓冲政策提出了政策建议。     

咨询优化决策

对重大工程进行前期评估,这是中国的项目投资管理制度中的一项必要程序。然而,很少有人知道,在多项重大工程背后,都有一家咨询机构的身影。这是一家以美国兰德公司为发展目标的咨询机构。兰德公司是当今美国乃至世界最负盛名的决策咨询机构,朝鲜战争时期,它因     

Disequilibrium Structures and Financing Decisions in the Firm

The business firm confronts interdependent decision problems in production, investment, and finance. Emphasis is here placed on the firm's decision criteria in disequilibrium situations or at infra-optimum structural planning and decision points. The operative cost of capital is shown to be 'the full marginal cost of relaxing the money capital availability constraint'. The popular 'weighted average cost of capital' is shown to be an 'equilibrium datum' which has operative significance only at optimum structural positions. It does not offer adequate guidance to financing and investment decisions in disequilibrium situations.     

PROJECT RISK ASSESSMENT: A EUROPEAN FIELD STUDY

One of the practical problems faced by managers when appraising strategic investment opportunities, is how to deal with the uncertainty of the outcome(s). They often make subjective judgements about the riskiness of prospective projects, but these are rarely formalized into their strategic decision-making processes. Little attention is paid to this qualitative side of investment appraisal in the corporate finance literature. This paper reports on a field-based study carried out in the logistics industry, which followed an innovative action research approach, operationalized by the use of focus groups and repertory grids. Using a repertory grid technique, constructs were elicited, which managers used to explain the riskiness of a particular project, compared to other projects of a similar type that they had knowledge of from past investment appraisals. The results of the study include a set of 12 project risk attributes, a project typology which defines three types of project, each with a set of weightings reflecting the relative importance of the attributes to the participants. These provide a useful insight into managers' perceptions of the risk attached to strategic investment projects in a large European group. In addition to the context-specific results, conclusions are drawn regarding the use of repertory grids as a framework for a risk assessment technique in other organizational settings.     

Corporate investment and changes in GAAP

This paper investigates whether changes in Generally Accepted Accounting Principles (GAAP) affect corporate investment decisions. Using a sample containing forty nine changes in GAAP, I find that changes in accounting rules affect investment decisions. I then examine two mechanisms through which changes in GAAP affect investment. First, I find that changes in GAAP affect investment, particularly R&D expenditures, when firms have financial covenants that are affected by changes in GAAP. Second, I find evidence suggesting that the process of complying with some changes in GAAP alters managers’ information sets and consequently changes their investment decisions, particularly their capital and R&D expenditures and, to a weaker extent, their acquistion expenditures. This paper contributes to the literature on the real effects of accounting by providing evidence that accounting rules affect investment decisions even when the rule change does not concern the measurement and reporting of investment, and by documenting specific mechanisms through which the relation manifests.     

Too transparent for signalling? A global analysis of bond issues by property companies

Bond issues often result in negative revaluations of the market value of equity. These market reactions are usually explained by negative signals and asymmetric information about the use of the proceeds. In industries with rather transparent investment opportunities these arguments are not applicable and we expect to find no negative revaluations. Consequently, analysing the stock price reactions to 2299 bond issues by real estate companies between 1996 and 2019, we observe none to positive reactions on the announcement of an upcoming bond issue. The findings underpin the necessity for controlling of industry effects in empirical studies on capital structure decisions.     

The role of equity compensation in reducing inefficient investment in labor

We investigate whether equity compensation incentivizes executives to make efficient labor investment decisions. In doing so, we examine the extent to which stock options and restricted stock differentially influence labor investment decisions. Consistent with theoretical predictions, we find that stock options exacerbate, while restricted stock mitigates, inefficient labor investment. The effect of stock options (restricted stock) are weaker (stronger) for financially constrained firms. Our results are robust to alternative proxies for inefficient labor investment and when addressing a range of endogeneity concerns. Our research demonstrates that stock options and restricted stock matter in executives' labor investment decisions, but in different ways. Our findings have implications for future research, suggesting that stock options and restricted stock need to be separately considered when examining the impact equity compensation has on capital or investment decision making; and for executive remuneration practice.     

Debt,Agency Costs,and Industry Equilibrium

We show that risk characteristics of projects' cash flows are endogenously determined by the investment decisions of all firms in an industry. As a result, in reasonable settings, financial structures which create incentives to expropriate debtholders by increasing risk are shown not to reduce value in an industry equilibrium. Without taxes, capital structure is irrelevant for individual firms despite its effect on the equityholders' incentives, but the maximum total amount of debt in the industry is determinate. Allowing for a corporate tax advantage of debt, capital structure becomes relevant but firms are indifferent between distinct alternative debt levels.     

Modelling optimal asset allocation when households experience health shocks

Health status is an important factor in household portfolio decision-making. We develop a theoretical framework to model how households make optimal asset allocation decisions in response to health risks. Our two- and three-asset models both suggest that the maximum utility is derived when households allocate a majority of their assets to human capital. When households experience acute illness shocks, their welfare and portfolio values reduce, and they need to increase their investment in human capital. When an expensive health catastrophe befalls member(s) of households, the optimal decision for asset-rich households is to undertake medical treatment, whereas for asset-poor households it is to forgo treatment. Asset-poor households in particular require public financial assistance to enable them to invest in human capital.     

A Fresh Look at U.S. Water and Wastewater Infrastructure: The Commercial and Environmentally Sustainable Path Forward

The growing scarcity of water has a silver lining: water is being transformed into an economic resource whose price will better reflect its true value and thus encourage conservation and stimulate new supplies. This in turn can be expected to put more pressure on water and wastewater organizations to become both commercially and environmentally sustainable. And by making its decision‐making more consistent with economic criteria, the U.S. water industry will be in a better position to address its four major challenges: insufficient capital; industry fragmentation; paucity of innovations; and lack of environmental sustainability. The EPA estimates that maintenance and upgrades of public water systems will require over $344 billion in investment over the next 20 years. The good news, however, is that institutional investors have found major long‐term investment opportunities in water and wastewater infrastructure in the U.K., and have also established a small toehold in the U.S. Focused on increasing the value of the assets they purchase, such active investors can be expected to bring investment discipline as well as capital to water utilities. A more rational approach to the industry's economics will facilitate consolidation of what is a highly fragmented industry, thereby reducing service costs and increasing access to capital, which is badly needed by small U.S. community systems. Contributing further to cost reductions and increased access to capital, a vibrant and commercially oriented industry should also spawn valuable innovation. Finally, more accountable and well‐governed water organizations can become natural leaders in achieving environmental sustainability by ensuring that water is priced to reflect its true costs and that water resources are conserved for the future.