公司规模、分析师选择偏差和公司市场绩效——基于收购方公司视角的研究

在对中国2769个股权收购样本进行分析后发现,分析师跟踪和收购公告日效应(短期绩效)之间呈显著负向关系,但当控制公司规模时显著性消失;进一步研究发现,这种负向关系是由分析师偏好跟踪大规模公司造成的,从而证明了中国分析师存在选择偏差.分析师跟踪和收购方公司的长期市场绩效间存在显著的正向关系,从而为分析师的长期价值发现功能提供了证据.对于中国证券分析师的选择偏差问题,本文建议用残差分析师跟踪替代分析师跟踪的原始值来解决.随着证券市场制度创新和小型公司上市成为新常态,监管部门需要规范分析师跟踪公司的规模分布,并考虑进一步放宽机构投资者的投资标的选择范围.     

Firm Size,Source of Finance,and Growth - Evidence from China

Using a comprehensive firm-level data set from China spanning the period 1998–2005, this study investigates the relationship between firm size, financing sources, and total factor productivity growth. Controlling for the endogeneity of financing sources, we find that firm size plays an important role in the way financial structure affects the growth process. Domestic bank loans are more effective for bigger firms, while self-raised finance is more beneficial to smaller firms’ growth. We also uncover evidence that ownership mediates the relationship between firm size, finance, and growth.     

Bank Debt Use and Firm Size: Indian Evidence

The paper employs a sample of listed Indian manufacturing firms over the period 1995–2004 to examine the factors influencing the concentration of bank debt in total debt. The results indicate that the factors vary by firm size. Small to medium-sized firms have a high concentration of bank debt. The results support the reputation view that firms face differential debt choice as they grow larger. When evaluating bank regulations, policymakers need to consider the importance of the reputation-building service which banks provide to businesses.     

Firm Size and Job Quality: A Survey of the Evidence from Germany?

Small Business Economics - Small firms provide and create a large proportion of jobs in Germany. Are these jobs worse than jobs in larger firms? The mosaic picture that emerges from a review of...     

Capital Growth,Financing Source and Profitability of Small Businesses: Evidence from Taiwan Small Enterprises

This paper examines the relationship between profitability and financial capital for 1,276 small firms in Taiwan over the period 1992–1997. The results indicate a statistically positive relationship between profitability and capital growth. When financial capital is further divided into debt and equity, the results indicate a significantly positive relationship between profitability and equity financing, but a significantly negative relationship between profitability and debt financing. Moreover, the profitability of small firms is positively related to both the external economic conditions and the firms previous profitability.     

对会计师事务所人力资本本位的探讨

当前会计师事务所的资金资本本位决定了出资多少与分得利润大小关系密切,使股东(合伙人)与注册会计师之间不能很好的同心同德,会计师事务所做不大,审计业务质量从根本上得不到提高,以人力资本为本位,则可更好地解决这些问题。     

Trade,Technology and Human Capital: Stylised Facts and Quantitative Evidence

Stylised evidence on trade, total factor productivity (TFP) and skill intensity of the labour force is presented. Features emerging as salient are: growing trade in technology‐intensive products from the industrialised nations to the relatively laggard nations leads to embodied technology diffusion; the technology‐intensive sectors have larger shares of skilled workers; countries experiencing TFP growth usually have higher levels of educational attainment; also, the skilled labour payment share for a sector is positively associated with that sector’s regional trade share. These facts together help explain why endowment of more skilled labour facilitates absorption of technology ferried via trade.     

Decentralization and Firm Investments: Evidence from China

Taking advantage of decentralization reform that enlarges the authority of county government in China, we construct a quasi‐experiment. Using a large sample of Chinese firms, we show that after the implementation of decentralization reform, firms located in decentralized counties experienced a significant increase in investment expenditure compared with other firms. We also find that after the decentralization reform, state owned enterprises (SOEs) experienced greater increase in investment expenditure on average compared with non‐SOEs, and that, within non‐SOEs, collective firms have an even larger increase in investments, followed by foreign firms and private firms. Further analysis shows that the influence of decentralization reform was more significant in more developed markets, and that the increased investment was associated with improved productivity, which was more pronounced in SOEs. These results are robust to an alternative sample and endogeneity issues. Overall, these findings support the view that decentralization reform improves government efficiency and creates positive externalities, thereby encouraging firms to invest.     

Networks,Firm Size and Innovation

Using survey data on Australian firms this paper investigates the determinants of innovation. Various possible determinants are investigated, including market structure, export status, the use of networks, and training. Regression analysis is conducted separately for manufacturing and non-manufacturing firms and, within each sector, by firm size categories. The results include evidence of persistence in innovative activities and that the use of networks is associated with innovation in some sector-firm size categories. Specifically, small manufacturing firms exhibit a positive association between networking and innovation. In contrast, for non-manufacturing firms this association is present for medium and large sized firms.     

人力资本与服务贸易差额:来自跨国面板数据的证据

本文首先分析了人力资本对服务贸易差额的影响机制与作用途径,然后利用51个国家1990-2012年的跨国面板数据考察了人力资本对服务贸易差额的影响,研究结果表明:在控制了模型的内生性和动态性后,对于所有国家和发达国家样本而言,不论以何种指标作为人力资本的代理变量,人力资本均对服务贸易差额具有显著的正向影响。对于发展中国家而言,由于其人力资本水平和人力资本质量与发达国家存在较大的差距,其平均受教育年限和加权的高等教育入学率并未对服务贸易差额产生显著的正向影响,但健康人力资本的增加能够显著改善其服务贸易差额。分类型的研究还发现,教育人力资本对生产性服务贸易差额的促进作用要更强,而健康人力资本对消费性服务贸易差额的影响要更大。本文的研究结论为我国扭转服务贸易逆差,优化服务贸易结构提供了可能的路径。     

Corporate Entrepreneurship, Informal Ties, and Firm Performance: Evidence from China

How can a firm achieve superior performance through corporate entrepreneurship in a transition economy? To address this question, we draw upon the resource-based view and the institutional theory to explore distinct roles of business ties and political ties in fulfilling resource needs confronted by different corporate entrepreneurial activities (i.e., internal innovation, venturing and strategic renewal). Using data of 228 firms from the Pearl River Delta area in China, our empirical findings reveal that corporate entrepreneurial activities do not always positively lead to performance in transition economies. Furthermore, the possession of high levels of business ties is more beneficial to the success of internal innovation and strategic renewal, while the possession of high levels of political ties contributes more to the success of venturing.     

企业规模、融资结构与经营绩效——基于战略性新兴产业和传统产业对比的研究

战略性新兴产业要不要发展以及如何发展,这是目前理论和实务界普遍关注的问题。本文以广东省的上市公司为样本,基于和传统产业的对比,研究了战略性新兴产业的企业规模和融资结构对其经营绩效的影响。研究发现企业规模和股权资本对传统产业和战略性新兴产业绩效的影响迥异,即规模扩张不利于传统产业提高经营绩效,却有利于战略性新兴产业提高经营绩效;股权资本降低了传统产业的经营绩效,却显著提高了战略性新兴产业经营绩效。这个研究结果表明战略性新兴产业目前还处于规模效应递增阶段,需要大力发展;同时表明其规模的扩张更倾向于通过股权融资的方式来实施。本文的研究结论有重要的理论意义,对国家宏观经济政策的制定具有一定的参考价值。     

Entry, Competitiveness and Exports: Evidence from the Indian Firm Data

This paper attempts to evaluate the effects of industrial de-licensing of 1991 and WTO-induced tariff-reforms of 1995 on domestic competitiveness and export performances of the Indian manufacturing during the post-1991. Unlike existing empirical studies not backed by theoretical underpinnings, the paper has been founded on an open-economy-oligopoly-model framework. The paper develops an econometric method of estimating the output from data on sales of the firms, thereby estimating the firms?? marginal cost, which is conducive for the entire empirical analysis with a unified set of firm data. Using firm level data for 14 sectors for the period 1990?C2008, it is observed that there has been an increase in the number of firms resulting in a fall in the concentration ratio and elasticity of demand at the point of equilibrium is generally less than unity and is declining over-time. The panel regression results of increasing exports by bigger firms also conforms the theoretical predictions.     

Foreign Acquisition and Firm Productivity: Evidence from Slovenia

This paper investigates the impact of foreign acquisition on the productivity of Slovenian manufacturing firms subject to takeover in 1997. It finds evidence that foreign investors acquire those enterprises with higher productivity, that are more inclined to export and that operate in more concentrated industries. It then controls for the estimation bias induced by this non‐random selection process by applying the combined propensity score matching and difference‐in‐differences estimation technique. The results of the empirical analysis show no robust statistical evidence of a positive causal effect of foreign acquisition up to two years following takeover. This finding suggests that a transfer of intangible assets from foreign firms to their Slovenian affiliates does not take place over this time period.     

Media Coverage and Firm Valuation: Evidence from China

Drawing on both a managerial discipline perspective and an information intermediary perspective, we explore how media coverage of a firm’s controlling shareholder influences firm valuation in corporate China. Using 366 listed family firms in China from 2003 to 2006, we find that firms in which controlling shareholders receive more neutral media reports enjoy higher valuation, whereas negative media reports on controlling shareholders impose adverse effects on firm valuation. Interestingly, favorable media coverage of the controlling shareholders does not enhance firm value. Further analyses reveal that ownership structure and audit quality moderate the relationship between media coverage and firm valuation. Our study complements the emerging literature on the monitoring role of the media on the stock markets.     

Firm Size,Wages and Production Technology

Large firms pay higher wages than small ones. In this paper, the employer-size wage effect is derived with the help of a simple Nash-bargaining model where size is captured by the extent to which the production technology exhibits economies of scale. It can be shown that under reasonable assumptions an increasing returns to scale technology leads to higher wages than a constant or decreasing returns to scale technology.     

Retail Philanthropy: Firm Size,Industry, and Business Cycle

This article investigates the effects of firm size, profitability, industry affiliation, and the business cycle on retailer philanthropy. The importance of industry and firm effects on giving was analyzed with regression models using industry-fixed effects as well as firm strategy variables. The analysis included instrumental variables methodology to account for simultaneity in the charitable giving–profits relationship. Data were gathered from the IRS Corporate Statistics of Income Sourcebook, data that provide firm size class measures covering the entire firm size distribution ranging from small retailers up to large multi-national retail firms. Retailer philanthropy was measured as the ratio of charitable contributions to total receipts. Important findings include a cubic relationship between retailer philanthropy and firm size; industry effects stronger than those observed for retail profit; and the absence of business cycle effects. The empirical research relating retail charitable giving to firm attributes including firm size and advertising, industry and business cycle factors are unique in the business ethics literature. Prior studies regarding the importance of industry on charitable giving utilized data across broad sectors of the economy. Firms from different sectors could be expected to differ in philanthropic approach due to differences in public contact as well as differences in public relations exposure. The strong industry effects reported for this sample of exclusively retail firms, with similar public contact, provide strong evidence for the importance of industry in determining firms’ charitable strategies.     

Exporting and Firm Size

Abstract

This paper examines the extent to which small U.S.-based exporters experience problems and difficulties in their export operations not faced by larger U.S.-based exporters. Subsequently, we focus upon the differences between small and large firms with respect to three general areas: the perceived difficulty of various export activities; the perceived helpfulness of various agencies/organizations to export operations; the perceived helpfulness of various actions the federal government has taken or could take with regard to exporting. In areas where we have found significant large-versus small-firm differences we try to provide explanations. Finally, we offer both general and specific recommendations directed at overcoming the problems we have identified in order to facilitate exporting, particularly by small firms.     

Outsider Board Activity,Ownership Structure and Firm Value: Evidence from Korea

Using a sample of publicly listed firm in Korea from 2002 to 2006, this article examines the impact of board monitoring on firm value and productivity. We use outsider's attendance of board meetings as a proxy for board monitoring. Consistent with the commitment hypothesis, we find that outsider's attendance rate increases firm value, suggesting that attending board meeting itself is a strong signal that reflects outsider's intention to monitor insiders. While ownership of controlling shareholders negatively affects firm value, this relationship is not moderated by increased monitoring by outsiders. Our findings provide further evidence that the outside director system is less effective in chaebol‐affiliated firms. Results also indicate that the effect of outsider's board monitoring activity on investor's valuation of the firm is greater than on productivity improvement of the firm. Our conclusions are robust for possible endogeneity in the relationship between firm value and board attendance by outside directors.