银行市场竞争结构、信息生产和中小企业融资

本文试图在银行信息生产的理论框架下研究我国银行市场结构以及竞争变化对中小企业融资效率的影响,解释中小银行金融资源对信息不透明的中小企业融资的重要性,提出构建银行业合理市场结构,在长期内通过促进中小银行市场发展突破中小企业融资困境,在短期内通过引导大银行市场合理竞争改善中小企业融资效率。     

信息对称悖论与中小企业融资行为

构建一个数理模型论证中小企业互助融资模式的优势,并对互助融资的内在机制进行理论阐释,结果发现银企之间的完全信息会导致双亏,而适度信息不对称能实现双赢;在一定条件下,企业房屋、设备等实物类硬资本与经营能力、财务状况、历史信用等信息类软资本之间具有替代的关系;互助融资模式有助于中小企业拆借到所需的软硬资本,进而有利于其生存和发展;同时中小企业还可通过集体这个最后借款人增加自身资信,并使银行调高收益预期,从而最终可实现交换的帕累托最优。     

关系型借贷与中小企业融资

基于三家国内股份制银行中小企业客户的随机调查结果,本文验证了关系型借贷已经成为中小企业与银行之间信贷的一般方法。股份制银行已经超过国有商业银行成为中小企业银行借贷的主体,这证明了小银行优势假说在中国的适用。本研究证明中小企业的最大贷款金额基本上是在企业规模基础上,由企业自身的情况和企业与银行的关系共同决定的,与银行的关系越紧密,获得的贷款额度越高,价格越便宜。国家应在政策方面支持中小型银行的发展及对银行关系型借贷产品的开发,以在最短时间、最大程度上满足中小企业的融资需求。     

场外交易市场、私募股权基金与中小企业融资——基于博弈论的分析

本文建立一个纳入了场外交易市场、私募股权基金和中小企业三方主体的整体分析框架,将三者视为一个相互联系的整体进行研究,运用博弈论的方法和信息经济学的理论,比较分析在有无场外交易市场情况下私募股权基金和中小企业之间投融资博弈结果,并通过求解纳什均衡揭示了场外交易市场对于提高中小企业融资效率和促进私募股权基金的发展都有着积极的作用.最后结合本文的分析和结论,给出了在中国建立场外交易市场的相关建议.     

财政支持中小企业信用担保政策研究

在财政支持中小企业信用担保中,应明确中央财政与地方财政支持中小企业信用担保体系的责任;完善中小企业信用担保组织体系,促进财政支持路径的集中化与系统化;建立风险共担机制,实现中小企业政策性担保业务的可持续;提高财政资金的使用效率与透明度,促进财政支持制度的规范化;明确政策性信用担保机构的政策性目标,落实国家发展战略;明确小企业为信用担保机构侧重支持的对象;继续实施税收优惠政策,支持商业性信用担保机构的发展;以互助性信用担保机构为龙头,构建地域性中小企业服务平台;推进中小企业信用担保机构监管体系的完善等。     

政府在中小企业信用担保体系建设中的作为研究

中小企业是市场经济的重要组成部分,也是推动我国经济发展的主要动力之一。但是由于金融危机的冲击,中小企业融资难的问题日益突出。本文通过对信用担保体系介入中小企业融资的必要性以及我国目前信用担保体系现状的分析,试图对政府如何在中小企业信用体系建设中发挥作用得出一些启发性的结论。     

社会网络、信用水平和中小企业融资

在关系型社会中,网络成员间具有一荣俱荣的关系,因而人们能够通过相互调剂余缺调动网络中其他人的部分资源。众多中小企业主正是依赖于自身社会网络进行融资,其融资规模、融资成本和融资结构等都受到中小企业主的社会网络尤其是网络质量的影响。由于社会网络的规模和质量很大程度上受制于融资者的信用水平,因此,中小企业主只有恪守信用,努力拓展自身社会网络的规模,提高网络质量,优化网络结构,才能真正破解融资难问题。     

商业银行规模与中小企业信贷融资问题综述

近年来,中小企业融资难这一世界性问题已得到广泛关注。国内外学者从不同的角度对这一问题进行了分析与研究,银行规模对中小企业信贷融资的影响分析是中小企业融资问题的一个重要方面。基于此,本文系统回顾和梳理了国内外关于商业银行规模对中小企业信贷融资影响的相关研究成果,并对该领域展望了进一步的研究方向。希望能够为学者更加深入研究此问题时提供有益的参考,从而有利于我国商业银行治理结构的优化调整,改善中小企业贷款难问题。     

板块差异、上市效应与盈余质量研究——来自创业板和中小板的证据

本文以中小板与创业板近两年首发上市的公司为样本,研究公司首发上市与盈余质量之间的关系。研究发现,公司上市前一年盈余操纵的程度显著下降,但创业板公司盈余操纵程度大于中小板公司。虽然盈余操纵行为推高了发行价,但投资者的认购热情未受到影响,首日投资回报取决于投资者情绪,与盈利能力及成长性无关。首发上市时的盈余操纵程度随着第一大股东持股比例的增加而降低,但董事长兼总经理的现象导致盈余质量下降,而机构投资者和会计师事务所也未能显著提高盈余质量。创业板公司盈余质量整体上低于中小板公司,但规模大、成立时间长的公司盈余质量相对较高。     

中小板公司实施新会计准则半年回顾与分析

新会计准则已于2007年1月1日起在上市公司范围内全面施行，2007年半年报是对新会计准则实际实施情况进行全面检阅的窗口。本文分析了新会计准则对上市公司2007年上半年可比利润表、假设2006年上半年全面执行新会计准则而对可比期间净利润、重大或特别事项对上市公司2007年上半年的影响，并在此基础上分析了上市公司执行新会计准则中存在的问题，以利于社会各届共同监督上市公司执行新会计准则，提高上市公司质量。     

中小上市公司债权融资结构优化的财务因素分析——以福建省为例

在企业债权融资结构中,不同的融资方式对于企业财务指标的相关性表现不一。本文采取多元回归的计量方法,解析影响福建省中小上市公司债权融资结构优化程度的财务指标,为公司的融资决策、合理配置债权结构以及提升公司治理水平提供参考,从而提高公司价值,增强投资者信心。     

Intangible Assets, Information Complexity, and Analysts' Earnings Forecasts

Abstract:   We examine the relation between analysts' earnings forecasts and firms' intangible assets, including technology‐based intangibles, brand names, and recognized intangibles. We predict that high information complexity of intangible assets increases the difficulty for analysts to assimilate information and increases analysts' forecast error of intangibles‐intensive firms. We find a positive association between analysts' forecast error and the firm's intangible intensity that deviates from the industry norm. We also find that analysts' forecast errors are greater for firms with diverse and innovative technologies. In contrast, analysts' forecast errors are smaller for biotech/pharmaceutical and medical equipment firms that are subject to intangibles‐related regulation.     

台湾中小企业信用保证基金的运作模式与借鉴

本文从政府地位、服务对象、银保合作、内部管理、外部监督等方面,分析了台湾中小企业信用保证基金的运作模式,并提出大陆进一步完善中小企业信用担保体系的对策建议。本文认为,充分发挥政府在中小企业担保体系建设中的引导作用、建立银保合作的长效机制、加强内部管理和风险控制、实行公开和透明的运作方式,是台湾中小企业信用保证基金取得积极成效的重要保障,其经验值得大陆参考和借鉴。     

会计信息供需矛盾的探讨

会计信息是一种特殊的商品,即"公共商品",因此也适用经济学的供求定理。根据这一定理,当会计信息的供给与需求不相等时,就会产生会计信息的供需矛盾。会计理论本身固有的局限性是会计信息供需矛盾产生的内在因素,会计环境的不断变化是会计信息供需矛盾产生的外在原因。解决会计信息供需矛盾的对策:一是充实与改进会计理论与会计方法;二是完善会计准则与会计制度;三是改善会计环境。     

中小企业融资信用服务机制研究--基于张江商会金融服务合作社的视角

银行作为我国信用融资的主体机构,对贷款的审核和发放有严格的要求。为帮助中小企业顺利度过成长的瓶颈期,上海张江高科技园区商会专门成立了金融服务合作社,深入调研园区内中小企业的资金需求,集中力量在“企业与金融机构的对接上”寻找突破口,深入探索开展融资信用服务,积极推动“银企”合作。     

国有商业银行股份制改造中的信息不对称及博弈分析

国有商业银行改革的关键是股份制改造,通过股份制改造来优化产权结构,提高经营效率,确保金融安全和经济稳定。但是,在股份制改造过程中不可避免地存在着信息不对称造成的逆向选择与改革之后的道德风险。分析通过上市引入外部资金的改革模式下信息不对称的现象及其可能产生的后果,提出引入金融中介的解决办法,并从博弈论的角度讨论该办法实行的必要条件。     

Sharing Demand Information in a Value Chain: Implications for Pricing and Profitability

While it is known that information exchange (IE) in a value chain improves resource coordination, scant attention has been paid to two issues. The first issue is the effect of relative bargaining strengths of the parties on whether and how IE will be implemented. The second issue is whether a resource-based costing system is adequate to motivate the implementation of information exchange. In this paper, we model a value chain consisting of a manufacturer and a retailer, where the retailer gets (private) demand information that has the potential of improving the manufacturers resource decisions. In this model, it is always beneficial for the value chain to implement IE. We show that in a monopsony or in a bilateral monopoly when the retailer has sufficient bargaining power, IE can be implemented if and only if the wholesale price compensates him for the loss of the information rent that he would get without IE. Using this model as the benchmark, we also examine other settings where the retailers have less bargaining power due to competition or size. In such settings, even though the retailers are better informed, the manufacturer can implement the IE regime costlessly and appropriate the information rent partially or fully. In effect, the manufacturer benefits both by improved resource coordination and by reduced payment for information rent. In all these settings, we find the retailer will not be motivated to adopt IE solely by a resource-based costing and pricing system.     

Credit Risk Versus Capital Requirements under Basel II: Are SME Loans and Retail Credit Really Different?

Under Basel II, retail and SME credit (R&SME) receive special treatment because of a supposedly smaller exposure to systemic risk. Most research on this issue has been based on parameterized credit risk models. We present new evidence by applying Carey's (Carey, Mark. “Credit Risk in Private Debt Portfolios.” Journal of Finance 53, no. 4 (1998), 1363–1387.) nonparametric Monte-Carlo resampling method to two banks' complete loan portfolios. By exploiting that a sub-sample of all borrowers has been assigned an internal rating by both banks, we can compare the credit loss distributions for the three credit types, and compute both economic and regulatory capital under Basel II. We also test if our conclusions are sensitive to the definitions of R&SME credit. Our findings show that R&SME portfolios are usually riskier than corporate credit. Special treatment under Basel II is thus not justified. JEL classification: C14, C15, G21, G28, G33.     

Information Collection and IPO Underpricing

This study provides new evidence that IPO underpricing is economic rents paid for investor to gather costly information. Subrahmanyam and Titman (1999) report that diverse investor information, once aggregated in the public market, could provide a more informative stock price and accurate feedback to firm’s investment decision. I investigate the hypothesis that IPO underpricing as economic rents could be higher, when investor information is diverse. In support of this hypothesis, I find a positive and significant correlation between the extent of underpricing and the information diversity measure proposed by Barron et al. (1998). There is a positive and significant correlation between this information diversity measure and an IPO firm’s subsequent (absolute) change in capital and R&D expenditures. In addition, firms with high information diversity measure and change in subsequent investment exhibit a better subsequent return performance than firms with low diversity and change in investment. This is consistent with the proposition that investor information serves as useful feedback for managers in the IPO market.JEL Classification: G32     

Reporting Frequency, Information Precision and Private Information Acquisition

Abstract:  This study examines whether the choice between quarterly and semiannual reporting affects the precision of investors' information and their private information acquisition activities. In the first part of this study, we show that a firm's reporting frequency has no effect on the average precision of investors' information. However, our analysis of announcement-period price variance and share turnover shows that an increase in reporting frequency does make interim and annual financial reports a more important component of investors' information set, relative to other sources of information. In particular, the results of this analysis suggest that investors of semiannual reporters hold more precise pre-announcement information than investors of quarterly reporters. In the second part of our study, we test one explanation for this finding. We argue that an increase in a firm's reporting frequency reduces investors' incentives to acquire private information between consecutive announcement dates and, consequently, should reduce information asymmetry among investors, increase share liquidity, and stimulate trading. Consistent with this reasoning, we find that quarterly reporters have lower average bid-ask spreads and higher abnormal share turnover than semiannual reporters.