晋升激励与企业盈余管理

本文基于2007年~2018年沪深两市A股上市公司样本,从地市级层面探讨了地方官员晋升激励对企业盈余管理行为的影响。最终结果表明,地方官员晋升激励促进了企业的盈余管理程度和正向盈余管理行为,机制检验发现,这种促进作用是通过政府补贴资源的资源诱导机制以及寻租机制实现的。本文不仅将中观官员晋升与微观企业财务行为联系起来,拓宽了"晋升锦标赛"与企业盈余管理的相关研究,也为完善官员晋升的政绩考核制度提出了政策建议。     

职务晋升机制对国家公务员的激励作用

职务晋升机制对公务员行为具有重要的激励作用,但从我国公务员激励机制的实际情况来看,职务晋升机制的激励作用却没有得到充分的发挥。为此,文章从理论上分析了职务晋升机制对公务员行为影响的原因和条件,并在此基础上指出了当前制约职务晋升机制对国家公务员行为发挥激励作用的三个主要因素,为问题的解决提出了一个基本思路。     

财政分权、政府行为与地区经济增长

分税制以后,经济增长的主要政治推动力从中央政府转到地方政府。政府行为的市场化不仅为地区经济增长提供了推动力,也为地方政府官员运用现有权力和可控资源进行寻租提供了可能。从地市级层面上探究地方政府行为对银行信贷与经济增长关系的影响,并将官员腐败纳入地方政府产生干预行为的动机,可以发现,地方政府在多重利益驱动下产生的银行信贷干预行为,会对不同地区和不同类型的地市经济产生不同的影响。财政激励、晋升激励、腐败都会对银行信贷与经济增长的关系产生重要影响,但在地区之间存在差异,而且三种利益动机驱动下产生的信贷干预行为的影响程度同样存在差异,其中晋升激励和腐败行为的影响更大。     

我国企业晋升激励有效性问题与对策研究

晋升可以实现企业内人力资源的合理配置,同时又能形成良好的激励机制,本文对我国企业传统晋升激励的弊端与挑战进行分析,从晋升依据、晋升路径与晋升程序三方面提出了改善晋升激励有效性的相关建议.     

银行担保圈贷款风险管控和审计策略探析

担保圈贷款风险由于隐蔽性、传导性、再生性强,一直是商业银行信贷风险管控的薄弱环节。随着经济下行压力加大,部分企业资金链断裂引发担保圈内企业的风险传递与蔓延,甚至成为诱发区域性、系统性风险的导火线。本文结合银行审计实践,从"安达系"7家企业因担保圈劣变致使巨额贷款形成不良案例入手,就如何开展担保圈贷款审计和化解担保圈贷款风险提出了对策和建议。     

数字金融、信贷期限结构与企业投资行为

利用2011-2020年中国A股非金融上市企业年度财务数据和宏观经济数据,基于信贷期限结构视角实证检验数字金融对企业实业投资和金融投资的作用效应和内在机理。研究发现,数字金融能够显著提升企业的信贷期限结构;数字金融通过延长企业信贷期限调节企业投资行为,促进企业实业投资,抑制金融投资;数字金融对企业实业投资和金融投资的影响在高融资约束和市场化程度高地区企业中更为显著;数字金融对企业投资行为的作用效应能够提升企业创新水平和降低经营风险。     

基于“CAFTA共生圈”的物流金融风险控制与安全研究

突破西南边疆局部概念,结合生物共生理论,本文提出"CAFTA共生圈"的概念,阐述了西南边疆民族地区物流金融对制造企业和物流企业的激励行为;从中国-东盟大局着眼,通过分析共生圈物流金融带来的各种风险,提出立足东盟国家之间物流金融合作与风险防范措施,共同实现中国-东盟地区经济互利互惠,协同发展。     

金融严监管、企业金融化与实体经济资本配置效率

基于2010—2020年中国A股上市公司数据,分析金融严监管对实体经济资本配置效率的影响,并进行基于企业金融化的中介效应渠道检验。结果显示：金融严监管显著提高了实体经济资本配置效率,且企业金融化行为在其中起部分中介作用。企业产权性质及市场化水平的异质性检验表明,金融严监管对实体经济资本配置效率均表现出促进作用,但企业金融化的中介作用效果表现出异质性,具体体现为非国有企业以及处于市场化较低水平环境中的企业更容易因金融化行为受到金融严监管政策的影响。进一步研究发现,上述异质性的存在是由金融活动收益水平较低的企业引起的,即金融活动收益较低的企业更容易因金融化行为受到金融严监管政策的影响。     

企业盈余管理行为对信贷融资的影响

文章以2011年至2014年沪深A股主板上市公司为研究对象,基于信息不对称理论,实证检验了盈余管理行为与信贷资源可获性的关系。结果显示,企业通过盈余管理行为上调利润越多,获取的银行信贷额越大。结合企业产权性质和金融市场化程度进一步深入探究盈余管理行为对信贷融资特征的影响,研究结果表明,国有企业偏向于通过应计盈余管理获取更多的信贷资源,非国有企业偏向于通过真实盈余管理获取更多的信贷资源;金融市场化强度高的地区企业偏向于通过真实盈余管理获取更多的信贷资源,金融市场化强度低的地区企业偏向于通过应计盈余管理获取更多信贷资源。     

上市公司担保风险的防范

在市场经济环境下,企业合法寻求借款担保,或企业为他人合法提供担保,是一项正常的经济活动.但由于种种原因,上市公司的担保行为出现了不规范的现象.近年来,接连不断发生的违规担保事件,如福建、上海、深圳及新疆等地的部分上市公司深陷"担保圈",形成了错综复杂的"担保链".     

Does share pledging affect firms' use of derivatives? Evidence from China

We investigate whether share pledging by controlling shareholders affects firms' use of derivatives. Our findings suggest that share-pledging firms are more likely to use derivatives than non-share-pledging firms. In cross-section analyses, we observe that the relationship is more pronounced when the margin call risk is higher, for example, if controlling shareholders own fewer shares, firms are located in regions with higher levels of marketization, or firms have a higher stock price crash risk. Our findings indicate that shares pledged by controlling shareholders steer firms toward the use of derivatives to hedge firm activities and alleviate the margin call risk.     

Knowledge networking and growth in service firms

This paper empirically assesses whether knowledge networking affects the growth of small service firms. More specifically, using a large, unbalanced panel data set for the period 1992–2009, it investigates whether participation in a knowledge network called PLATO is positively related to service firm growth. The results show that knowledge networking has a highly significant positive effect on the net asset and added value growth of service firms. Furthermore, it is demonstrated that the positive effect of knowledge networking on firm growth is significantly larger for service firms than for manufacturing firms, indicating that industry drives networking success.     

Optimal low-price guarantees with anchoring

Many low-price guarantees are offered by small local firms who compete against much larger rivals. The prices of these larger rivals are often set nationally and thus are independent of local market conditions. Our objective in this paper is to explain why small firms in such environments might nevertheless adopt low-price guarantees. We characterize when offering a low-price guarantee is profitable, and assess which form it should take (i.e.,?conditional on offering a low-price guarantee, should the small firm offer to match or beat its larger competitor??s prices). We also assess the implications thereof (i.e., do the low-price guarantees benefit or harm the small firm??s customers).     

房价上涨如何影响工业企业加成率：事实与机制

将“担保效应”和“挤出效应”纳入同一框架解释房价上涨对工业企业加成率的影响机制。在此基础上，根据中国工业企业数据对理论命题进行实证,研究结果为：总体上，房价上涨显著降低了中国工业企业加成率；分样本回归显示，民营、一线和热点二线城市、东部地区和资本密集型企业受房价上涨的负向“加成率效应”较强；作用渠道检验证实中国工业企业在房价上涨时整体上“担保效应”和“挤出效应”不显著，但企业出口产品质量和生产率显著下降，从价格和成本渠道分别降低了企业加成率；与房地产行业相关性和地区市场化指数显著影响企业的负向“加成率效应”。结论对“去库存”和提升工业企业竞争力政策协调具有参考意义。     

中国省级地区的市场化水平——基于2008年分省面板数据的实证分析

对＂市场化＂内涵的准确理解是进行市场化水平测度的前提和基础,＂市场化水平＂是一个为进一步研究厘定政府职能,明确政府与市场边界,合理确定政府适度规模的基础性重要命题。本文在已有研究成果的基础上,结合当前中国经济发展结构,确定了测度中国省级地区市场化水平的18项指标,进而运用2008年分省面板数据,采用主成分分析法和相对评价方法分析2008年省级各地区市场化水平及其差距成因,并提出了相应对策。     

The bargaining relationship between foreign mnes and host governments in latin america

The relationship between international firms and national governments can usefully be understood in terms of bargaining theory. This article develops an explicit model of the bargaining relationship, using the level of regulation as a measure of bargaining power. The model is tested with data from a survey of multinational enterprise subsidiaries in seven Latin American countries. The evidence supports hypotheses that (1) firms are less regulated when they are technology-intensive, when they operate larger scale affiliates, and when they export more from the local affiliate; and (2) firms are more regulated when they operate in larger countries and when they have a larger local market share. These findings demonstrate the importance of the government—business relationship as a multidimensional process and offer support for the explicit framework employed here.     

Gibrat’s law and the learning process

This paper discusses the speed of convergence of small firms in the context of Gibrat’s law for manufacturing and service industries. We analyze unbalanced panel data from 139,922 firms belonging to the Spanish manufacturing and service industries between 1994 and 2002. The results show that small firms grow faster than large firms. The evidence supports the proposition that market structure affects the capacity of firms to grow. In particular, small firms in service industries do not grow as quickly as small firms in manufacturing industries. This is mainly due to the lower medium efficient size (MES) in the service industries diminishing the incentives to grow and the positive effect of MES on the speed of convergence.     

Detecting learning‐by‐exporting effects on firms' productivity distribution by accounting for heterogeneous macrofactors and panel attrition

This paper aims to verify the presence of the learning‐by‐exporting effect on total factor productivity growth. The study starts, as is typical in this context, by addressing the pre‐entry selection bias at firm level but differs from the literature by focusing on the distribution of the outcome and considering the presence of the different influences of macroeconomic factors on exporters and non‐exporters. Additionally, the paper addresses the panel attrition, a current source of estimation bias in longitudinal studies. The analysis is based on a panel of Italian manufacturing firms in the 1998–2007 period. We design an experiment by aligning and pooling cohorts of firms that allow us to obtain a sufficiently large group of firms entering the international market. Our results show that internationalisation affects firms' productivity and that the effect is heterogeneous over total factor productivity distribution and larger for the firms at the bottom section of the distribution itself. Furthermore, we observe that the learning‐by‐exporting effect may be confounded without (a) considering that domestic and exporter firms may afford heterogeneous demand cycles and (b) managing the dropout of some firms from the panel.     

Loan guarantees: Costs of default and benefits to small firms

Governments of most countries seek to encourage Small and Medium Sized Enterprise (SME) growth and the job creation that many believe is fostered by such growth. Substantive growth usually requires expansion capital. It is often perceived that compared with larger firms, SMEs face disproportionately less access to the debt capital they need for start-up, growth, and survival. Consequently, governments and trade associations have often intervened in credit markets by taking on the role of guarantor of loans that financial institutions advance to SMEs. For example, the Small Business Administration in the United States provides guarantees of loans made by banks to qualifying small firms. Similar schemes are in effect in, among other countries, Canada, Japan, the U.K., Korea, and Germany. Trade associations take on such roles in France, Spain, and other nations.Loans that support the expansion of small enterprises may convey significant benefits to the borrowing firms and, through job creation and retention, to the rest of society. However, to the extent that some borrowers are unable to meet the repayment obligations of their debt, guarantors also face material real costs of honoring their guarantee to the lenders. Loan guarantee programs are designed in a variety of ways. Often these programs do not appear to reflect guidance from economic theory or experience. This paper draws on empirical evidence to compare costs with benefits. In addition, it uses the results and economic theory to provide some guidance for the design of loan guarantee programs. Finally, the study shows that loan guarantee programs can be an effective means of supporting start-up, growth, and survival of new and risky enterprises. The work finds that substantial total and incremental job creation may be attributed to the Canadian loan guarantee program.The paper reviews previous attempts to conduct cost-benefit analyses of loan guarantee programs. It finds wide variation, internationally, in default rates. Published data suggests default rates vary from less than 5% (Germany) to more than 40% (U.K.). The empirical analysis reported here focuses on the Canadian implementation of loan guarantees, the Small Business Loans Act (SBLA). Findings include (1) loan guarantees granted under the terms of the SBLA provide an extremely efficient means of job creation, with very low estimated costs per job; (2) default rates are higher for newer firms, increase with the amount of funds borrowed, and vary widely by sector (borrowers in the retail and accommodation, and food and beverage sectors were significantly more likely to default than borrowers in other sectors); and (3) the widening eligibility to larger firms and to larger loans may not be well advised and is inconsistent with the goals of the program. Moreover, reducing the loan ceiling would arguably discourage fraudulent applications while servicing those SMEs most in need of early-stage capital.In addition, analysis of the lenders' motives suggests that default rates on the portfolio of guaranteed loans and, therefore, the costs of honoring guarantees, are particularly sensitive to the level of the guarantee. Small reductions in the level of the guarantee (for example, guaranteeing 80% of principal and accrued interest instead of 85%) could lead to substantial reductions in default rates.Debate persists in economic theory about whether or not government intervention in the credit market is warranted, in spite of the findings that loan guarantees seem to make positive contributions. Further analysis of these issues is advised.     

多样性价值观与浙商崛起

昔日众多的商帮群体,改革开放之后浙商独领风骚,与浙江人多样性价值观的形成有所关联。文章用辛普森多样性指数对代表性区域的调查样本分析表明,如同生物在多样性的竞争中最终形成了进化一样,多样性价值观的现实同样与经济和商业活力正相关,这种多样性价值观的形成是多种因素作用的结果。