行为金融学与公司财务

在公司决策中，经理人和董事会成员需要识别公司价值最大化过程中的两个主要行为学阻碍，一个在公司内部，另一个在公司外部。     

Corporate Finance and Corporate Governance

A combined treatment of corporate finance and corporate governance is herein proposed. Debt and equity are treated not mainly as alternative financial instruments, but rather as alternative governance structures. Debt governance works mainly out of rules, while equity governance allows much greater discretion. A project-financing approach is adopted. I argue that whether a project should be financed by debt or by equity depends principally on the characteristics of the assets. Transaction-cost reasoning supports the use of debt (rules) to finance redeployable assets, while non-redeployable assets are financed by equity (discretion). Experiences with leasing and leveraged buyouts are used to illustrate the argument. The article also compares and contrasts the transaction-cost approach with the agency approach to the study of economic organization.     

外部融资与企业成长关系的实证研究

在金融发达国家，外部融资对行业成长有明显促进作用。实证分析显示，我国企业要想获得更快、更好的发展，一方面要充分利用各种融资渠道，以便提高外部融资在总资产中的比重，另一方面要注意各种融资方式的合理搭配，防止因债务融资与权益融资之比过高而给企业今后的总资产增长带来不利影响。     

关于企业理财的观念问题

“资金运动”理财观念是计划经济时期经济理论界对企业财务本质认识的反映,但它没有真正实现企业财务的本质尤其是进入２１世纪以后,其局限性更为明显。新世纪呼唤更新观念“资本营运”理财观念全面体现了公司财务的本质特征,与“资金运动”理财观念相比较,“资本营运”呈现出显著的特征。在“资产营运”理财观念的作用下,公司摆脱了“资金运动”的束缚,既可以对内投资,又可以对外投资;即可以生产经营一般商品,又可以生产经     

Financial Systems, Corporate Finance and Corporate Governance

Financial systems of industrialised countries are usually classified as being either capital market- or bank-dominated. This paper tries to shed some light on the validity of this distinction. In order to do this, it analyses two specific roles of the financial sector vis-à-vis the enterprise sector: the role of financing or funding business and the role of capital markets and banks, respectively, in the context of corporate governance. Our analysis of the relevant findings in the literature shows that financing patterns are quite similar between countries, while corporate governance systems are quite dissimilar. The paper discusses how these divergent findings could be made compatible with existing theories and what implications they may have for the question of whether there is a tendency for corporate governance systems in different countries to become as similar as corporate financing patterns seem to be.     

Internal Finance and Corporate Investment

This paper examines Pecking Order/Free Cash Flow behavior in small ($25–$50 million), medium ($100–250 million), and large ($1000 million and over) firms. The purpose is to proffer an explanation for the important role of cash flow on the investment expenditure of firms that is more complete than the commonly given accounts. The Pecking order theory (PO) emphasizes the value‐enhancing influence of cash flow, while the free cash flow hypothesis (FCF) underscores its value‐destroying effect. Using the vector error correction model, we find that although the overall behavior of small firms support the pecking order theory, the cash flow of these firms does not have any causal effect on their investment. We further find evidence of free cash flow theory in large firms.     

关于公司金融的理论框架

公司金融是西方微观金融理论的重要部分，随着其在现代公司经济活动中愈显重要，近年来受到了诸多学派的关注和研究。它是以公司融资为主干，公司财务为核心，公司治理和公司理财为两翼，以公司为载体，资本市场为基本背景，讨论在基于金融市场下，如何进行有效融资，实现公司财富的最大化。     

金融硕士专业学位《公司金融》课程教学探讨

文章根据教指委对金融专硕的培养要求构建《公司金融》专业学位课程教学体系,在此基础上讨论了教材选择以及教学方法等问题。指出金融专硕《公司金融》课程应该以资本预算方法和应用为重点,围绕着净现值公式的应用和修正来安排教学体系。教学体系内容包括有效市场与行为金融;资产定价理论;经典资本预算方法,即净现值（NPV）方法;现代资本预算方法,即实物期权方法。目前还没有出现适合金融专硕的公司金融教材,教师应该根据教学安排从现有多本教材中提取有用的教学素材。在教学中,应该注重为学生提供商业实践机会,让学生切身体会分析现实商业问题的需要克服的诸多困难。     

A Corporate View of Research Needs in Corporate Finance

This paper reports the results of a survey of UK chief financial officers (CFOs) drawn from 72 large, 34 medium and 37 small companies on potentially important research topics in corporate finance. The paper suggests that there are gaps between extant academic research and the CFOs ‘needs for such research. The topics that the 143 CFOs would like to see on the research agenda include: the influence of tax laws on financial decision-making; investor reactions to companies concentrating on short-term gains to the almost total neglect of long-term benefits; effects of changes to the law on pension funds; cash flow planning and forecasting; regulators’ awareness of financial issues; and methods for determining the riskiness of a project. Of least importance to the CFOs are research on the significance of bankruptcy costs, influence of the City on corporate financial operations and impact of seasons on operational decisions. The degree of importance attributed to research topics seems to vary with firm size. In general, the findings of this study are similar to those from a survey of financial managers in the US.     

国外中小企业融资方式的比较分析

从西方各国的具体情况来看,中小企业融资难具有许多共同的原因,然而,从比较的角度看,美国和欧洲之间还是有一定区别的:在美国,人们崇尚独立自主的自由主义精神,再加上美国的金融管理相对较业,因此中小企业融资难主要表现在金融机构的偏好上,中小企业外部融资一般小于总资产的50%.     

儒家伦理与现代企业理财

本文认为 ,理财道德是与会计道德相区别的一个独立范畴 ,中国特色的企业理财应当坚持法治与德治并举。对于以德理财 ,理论界关注甚少 ,以致理财学的研究与实践过分强调“工具理性”。实际上 ,企业理财不可能是完全理性化的 ,理财的秩序不能撇开伦理理性 ,这正是儒家伦理在现代企业理财中可以发挥所长之处。总的来看 ,儒家伦理道德模式对于现代企业理财仍具有较强的适应性 ,奠基于儒家家族伦理关系之上的家族制企业在中国仍具有较强的生命力 ,作为儒家伦理思想基石的“诚信”对现代企业理财也具有良好的支撑作用     

基于价值的管理与公司理财创新

本文从基于价值管理理念出发,引出了现代公司发展的基础与导向是资本增值的主题。在此基础上,将会计报告、财务分析、资本经营和管理控制融入公司理财之中,形成创新的公司理财体系框架:以资本增值为公司目标和财务目标,以基于价值管理为公司理财导向,以会计报告与财务分析为理财基础,以处理与投资界的关系、评估战略以创造价值和借助全面绩效管理创造价值为理财领域,以资本经营与管理控制为理财两翼。文章论述了基于价值的公司理财创新与会计报告、财务分析、资本经营及管理控制的关系,明确它们在公司理财创新中的地位与作用。     

论公司财务概念框架

公司财务学领域需要借鉴其他相近学科的经验,关注概念框架的研究。财务的性质和职能始终是公司财务概念框架的研究起点,国内外从来都没有真正意义的目标起点论。公司财务概念框架内含财务本质与职能、财务环境与假设、财务目标、财务对象与要素、财务分析和财务管理工具箱等一系列概念。在构造公司财务概念框架时,需要对确认、计量和报告三个概念在会计与财务之间加以区别,确立财务确认、财务计量和财务报告三个新概念。     

中小企业贷款融资支持体系研究

我国中小企业贷款融资支持体系的构建,应从商业性金融、政策性金融及人民银行政策指引等多方面入手,利用商业性金融与政策性金融的互补机制,发挥人民银行的"窗口"指导作用,多角度、全方位对中小企业提供贷款融资支持.     

Implications of Short Selling for Corporate Finance

Corporate managers often view short sellers as market manipulators whose actions drive their company's stock price below intrinsic value. But recent academic research suggests that some short sellers are effective in processing publicly available information and that their short selling may provide useful information to market participants. This article summarizes the authors’ own published research, which provides evidence of informed short selling by linking it to changes in corporate fundamentals. More specifically, the authors’ findings indicate that increases in short interest are reliable indicators of an economically (as well as statistically) significant decline in a company's operating performance over the following three years. And when examining changes in short interest around announcements of seasoned equity offerings, the authors also find a negative relation between an increase in short interest and future operating performance. In addition, they find that the greater the increase in short interest in the period leading up to the SEO announcement, the more negative is the stock‐price response to the announcement itself. The authors’ findings suggest that corporate managers can benefit from monitoring the short‐selling activity in their company's stock. Short‐selling data can be used to reassess corporate strategy or rethink major corporate decisions that have been announced but not carried out, and take preemptive actions to forestall impending future declines in performance and so preserve value.     

再论公司财务概念框架

有效率的企业是经济增长的关键。为指导财务实践,提升公司价值,有效保护利益相关者的财产权益,助推经济发展,有必要在不同流派财务理论体系中抽象出高度认可的基本概念,形成公司财务概念框架。财务概念框架就是财务理论体系中认可度高的一系列基本概念的凝结,旨在为财务活动开展提供逻辑一致的理论指导,为发展高质量的财务规范奠定坚实基础。企业财务行为具有的内部私密性、自主性、创造性等个性化特征,并不是否定建立统一、一致认可的"公司财务概念框架"的充分条件。在新兴市场经济国家,构建"公司财务概念框架"具有必要性和可行性。     

财务管理学的困境与出路

西方财务管理学并非像多数人所想象的那样完美,贫困化依然是当今财务管理学所面临的最大困境。财务管理学的贫困化,既体现在其内容的严重偏离实际上,也体现在其与相关学科的严重断裂和对环境性挑战的滞后反应上。走出贫困化的重要途径,就是要扩展财务管理学的内容,转换财务管理学研究的视角,并开拓财务管理学研究的新领域。