股权结构、代理成本与上市企业股利政策

公司的股利政策是公司股东之间,股东与管理者之间的博弈过程。本文基于代理成本理论,通过选取2004年至2012年A股上市企业为研究样本,着重研究具备绝对控股地位的超级股东对企业股利政策的作用,同时研究排名前十的股东集中度对企业股利政策的影响。研究发现超级股东的力量越大时,股利政策越趋近负向,公司其他股东无法对超级大股东形成有效制衡。     

Micro-entrepreneurship and subjective well-being: Evidence from rural Bangladesh

Microcredit has long been hailed as a powerful tool to promote livelihoods and reduce poverty through entrepreneurship. However, its impacts on people's subjective well-being remain underexplored. We present a unified theoretical framework for analyzing the effect of microcredit-enabled entrepreneurship on overall life satisfaction – a key manifestation of subjective well-being. Empirically, we apply an instrumental variable approach to a unique census-like household survey conducted in three villages of Bangladesh in 2013. In spite of having no direct effects, we find that microcredit borrowing has an indirect negative effect on overall life satisfaction, through increased worry. On a positive note, we find that female micro-borrowers experience an increase in satisfaction with financial security and achievement in life. We also provide evidence that micro-borrowers with higher levels of assets experience an increase in satisfaction with financial security.     

Ownership Structure and Insider Trading: Evidence from China

In this paper, we examine the information content of insider transactions in China and analyze how ownership structures shape market reaction to these transactions. We find that the cumulative abnormal return (CAR) to insider purchases is a convex function of the percentage of shares owned by the largest shareholder. Further, the CAR to insider purchases is lower when the largest shareholder is government-related, or when the control rights of the largest shareholder exceed its cash flow rights. We also find that the market reaction to insider purchases is more positive for firms audited by Big4 auditors. However, we do not find a significant relationship between an ownership structure and the market reaction to insider sales. Our results are remarkably robust to alternative model specifications, corporate insider identities, and recent corporate news releases on price-sensitive events. Finally, we show that market reaction to insider purchases is larger for firms with less severe expropriations, as captured by the use of other receivables.     

Ownership and production efficiency: Evidence from Taiwanese banks

In the early 1990s, Taiwan began her deregulation trend in order to enhance competition and economic efficiency across all industries. We derive a theoretical framework to predict possible rankings in technical efficiencies of public, mixed, and private banks. A panel data set with 43 Taiwanese banks during 1997–1999 is used for empirical analysis. We then apply a translog distance function to estimate technical efficiencies. The relationship between technical efficiency and government shareholding is also examined. Empirical results show that a public bank in Taiwan can improve its technical efficiency by mixed ownership at a diminishing rate. Moreover, banks in Taiwan on average performed worse after the 1997 Asian financial crisis.     

高管持股与盈余稳健性:协同效应与堑壕效应

本文研究了高管持股与盈余稳健性的协同效应与堑壕效应。研究发现,上市公司对盈余稳健性的需求与高管持股呈非线性的关系。在高管持股水平较低和较高的区间,高管持股具有协同效应,高管持股与盈余稳健性呈负相关关系;在高管持股的中间水平,高管持股具有堑壕效应,高管持股与盈余稳健性呈正相关关系。     

股利所得税、管理层持股与公司股利政策

本文以2001-2008年期间沪深股市A股上市公司为研究对象,考察2005年股利所得税减少后管理层持股对股利政策的影响是否发生了变化。研究结果表明管理层持股对股利发放倾向的影响在减税后由不显著变为正向显著,对股利发放水平的影响在整个样本期间为正向显著且没有发生显著变化;减税显著增强了管理层持股对股利发放倾向的正向影响力度,且这种效果仅在管理层持股比例较高时有效,但不会显著影响管理层持股对股利发放水平的作用;除管理层外的自然人持股水平,在减税前后不会对股利政策产生显著影响。     

上市公司高管人员股权激励效果的博弈分析

本文认为,在企业所有者和管理者分离的情况下,委托人与代理人利益的不一致,使企业在生产经营过程中产生了诸多问题。根据委托—代理理论,通过实施股权激励,可以建立一套合理的激励约束机制,从而有效改善公司治理,降低企业代理成本,提高企业经济效益,促进企业发展。但从中国企业实行股权激励的实际情况来看,其效果不佳,这主要是因为缺乏实施股权激励的一些内外部条件。主要包括以下几个方面:第一,我国缺乏有效的股票市场;第二,我国企业委托人与管理层的风险偏好具有不确定性,而最优激励合同包含着风险因素,激励合同是否有效与经理层的风险偏好密切相关;第三,我国目前缺乏实施股权激励的外部配套条件;第四,缺乏合适的经理人选拔机制;第五,企业实际情况不同,不应盲目实施公司高管人员股权激励。     

Determinants of Managerial Values on Corporate Social Responsibility: Evidence from China

This article empirically investigates how Chinese executives and managers perceive and interpret corporate social responsibility (CSR), to what extent firms’ productive characteristics influence managers’ attitudes towards their CSR rating, and whether their values in favour of CSR are positively correlated to firms’ economic performance. Although a large proportion of respondents express a favourable view of CSR and a willingness to participate in socially responsible activities, we find that the true nature of their assertion is linked to entrepreneurs’ instincts of gaining economic benefits. It is the poorly performing firms, or rather, firms with vulnerable indicators – smaller in size, State-owned, producing traditional goods and located in poorer regions that are more likely to have managers who opt for a higher CSR rating. Managers’ personal characteristics per se are not significant in determining their CSR choice. Moreover, controlling for other observed variables, we find that managers’ CSR orientation is positively correlated with their firms’ performance. The better-off a firm is, the more likely its manager is to get involve in CSR activities. Firms with better economic performance before their restructuring would sustain higher post-restructuring performance.     

Managerial ownership,diversification, and firm performance: Evidence from an emerging market

Numerous existing studies have explored the impact of corporate diversification on firm performance, whereas considerably less research has investigated the inter-relationships among managerial ownership, diversification, and firm performance. This paper develops several hypotheses based on the agency theory self-interest perspective and tests the relationships among managerial ownership, corporate diversification, and firm performance using a sample of 98 emerging market firms listed on the Taiwan Stock Exchange. The results show a U-shaped relationship between managerial ownership and corporate diversification, similar to that found in prior studies. However, the inflection point is 33.17%, which is lower than that found in previous studies. Moreover, in contrast to prior results, corporate diversification is found to be positively associated with short-term firm performance and bears no relationship with mid-term firm performance, while firms engaged in unrelated diversification outperform those engaged in related diversification. This paper concludes with theoretical implications and suggestions for future research.     

人力资本、治理结构与企业所有权安排的研究

本文试图从人力资本与企业的合约性质、治理结构、所有权安排三个层面构建一个关于人力资本与企业所有权安排的理论框架 ,提出人力资本与企业所有权安排的发展趋势。     

经理自主权、政治成本与R&D投入

以中国上市公司为对象,研究经理自主权和政治成本对企业R&D投入的影响。研究发现,经理自主权总体上对企业R&D投入强度有显著的正面影响,其中,以董事长与总经理两职兼任为特征的职位权和以营运资金或自由现金流为特征的运作权均与R&D投入强度显著正相关,但以高管薪酬差异为特征的薪酬权与R&D投入之间的关系不明显。政治成本对R&D投入的影响复杂,其中,公司性质和行业垄断性的影响明显,第一大股东为国有股或国有法人股的企业的R&D投入强度明显更高,垄断行业的R&D投入强度却显著更低;企业规模与R&D强度之间总体上呈显著的U型关系,但这一关系明显受到企业性质的影响,在第一大股东为国有股或国有法人股的企业里这种U型关系首先削弱,随着企业规模的变化,R&D强度的变动幅度相对较小。另外,R&D强度还与总经理持股比例、资产负债率以及是否为高科技行业等因素显著正相关,而与股权集中度、经理变更、资产收益率、年份的关系不明显。     

Corporate Social Responsibility,Ownership Structure,and Political Interference: Evidence from China

Prior research suggests that ownership structure is associated to corporate social responsibility (CSR) in developed countries. This article examines whether and how ownership structure affects CSR in emerging markets using Chinese firms’ social responsibility ranking. Our empirical evidences show that for non-state-owned firms, corporate ownership dispersion is positively associated to CSR. However, for state-owned firms, whose controlling shareholder is the state, this relation is reversed. We attribute the reversed relationship to political interferences and further test this hypothesis by demonstrating that regional economic development is negatively related to CSR for state-owned firms due to decreased political interference in more developed areas. This study is the first to directly examine the relationship between the dispersion of corporate ownership and CSR in emerging markets, and our results depict that it is important to consider ownership type in assessing CSR in emerging market where state ownership is still prevalent such as China. The results also reveal that firm size, profitability, employee power, leverage, and growth opportunity affect CSR in China.     

制度环境、产权性质与公司慈善捐赠--来自沪深A股上市公司的经验证据

公司慈善捐赠驱动因素的研究已有很多成果,但从制度环境和产权性质角度进行研究的很少。本文以沪深A股上市公司为样本,系统考察了制度环境、产权性质对公司慈善捐赠的影响。研究证实,中国各地区制度环境差异显著影响公司慈善捐赠,制度环境的改善促进了企业捐赠水平的提高,且这种正向影响在非国有控股企业表现更为明显。非国有控股企业捐赠水平高于国有控股企业,且在国有控股企业中,地方政府控股国有企业捐赠水平高于中央政府控股企业。这些结论对理解制度环境在促进企业捐赠中的作用,认识中国不同产权性质企业慈善行动的深层含义具有一定的启示意义。     

论我国企业托管经营的代理成本

些经验。但由于理论上的偏差和实践操作的不规范性,实践中出现诸多问题,其根本原因在于忽视了托管经营的代理成本。在立足于我国托管经营实践的基础上,对托管经营的代理成本进行分析,以寻求降低代理成本的途径。     

The Effect of Ownership Structure on Corporate Social Responsibility: Empirical Evidence from Korea

Relatively little research has examined the effects of ownership on the firms’ corporate social responsibility (CSR). In addition, most of it has been conducted in the Western context such as the U.S. and Europe. Using a sample of 118 large Korean firms, we hypothesize that different types of shareholders will have distinct motivations toward the firm’s CSR engagement. We break down ownership into different groups of shareholders: institutional, managerial, and foreign ownerships. Results indicate a significant, positive relationship between CSR ratings and ownership by institutions and foreign investors. In contrast, shareholding by top managers is negatively associated with firm’s CSR rating while outside director ownership is not significant. We conclude that different owners have differential impacts on the firm’s CSR engagement.     

Managerial Behavior of Young Families in Pursuit of Single-Family Home Ownership

The managerial behavior of young families in the pursuit of home ownership was explored with a sample of 1267 households from northwestern lowa. Young owners had higher incomes and higher monthly housing expenses than young nonowners, but the percentage of income devoted to housing did not differ between young owners and young nonowners. Young owners did not have a higher number of full-time workers per household than young nonowners. Young owners had higher persons-per-room ratios and had compromised neighborhood accessibility standards, but not housing quality standards. The findings indicate that a high level of monetary resources was a key factor in enabling young families to own a single-family detached dwelling, for there were few important compromises in housing space and quality.     

高层管理人员薪酬与盈余成分相关性的实证研究——基于中国证券市场的经验证据

高层管理人员薪酬与盈余成分之间的相关性一直受到学术界的关注,以中国资本市场上市公司的2958个年度样本实证研究盈余的不同组成部分与高层管理人员薪酬之间的关系。当将盈余划分为经营现金流项目和应计项目时,实证结果显示主要是应计项目影响了高层管理人员薪酬。在此基础上进一步应用Jones模型将应计项目区分为可操纵应计项目和不可操纵应计项目,研究二者在高层管理人员薪酬激励中的不同作用,研究结果发现,主要是不可操纵应计项目影响了高层管理人员薪酬。