股权结构、企业绩效与投资者利益保护

公司治理的核心是对投资者利益的保护 ,公司治理、股权结构与企业绩效之间存在非常密切的内在联系。本文对深交所 1 996— 1 999年除金融性行业以外的上市公司股权结构与企业绩效之间的关系所进行的经验研究表明 ,在公司治理对外部投资人利益缺乏保护的情况下 ,流通股比例与企业业绩之间负相关 ;在非保护性行业第一大股东持股比例与企业业绩正相关 ;国有股比例、① 法人股比例与企业业绩之间的相关关系不显著。本文的研究结果表明 ,国有股减持和民营化必须建立在保护投资者利益的基础上 ,否则将不利于公司治理的优化和企业绩效的提高。     

The impact of privatization on firm performance in a transition economy

The Vietnamese privatization programme, launched in 1992, differs from the usual Western privatization programmes in terms of the residual percentage of shares owned by the state and the portion of shares owned by insiders. This begs the question whether these differences influence the effects of the programme on firm performance. This study measures the impact of privatization on firm performance in Vietnam by comparing the pre‐ and post‐privatization financial and operating performance of 121 former state‐owned enterprises (SOEs). We find significant increases in profitability, sales revenues, efficiency and employee income. Results of applying the ‘difference‐in‐difference’ (DID) method, wherein a control group of firms is used to pick up the influence of other determinants of firm performance, suggest that the performance improvements may indeed be associated with equitization. Regression analyses reveal that firm size, residual state ownership, corporate governance and stock market listing are key determinants of performance improvements.     

Earnings Differentials between State and Non-State Enterprises in Urban China

The present paper estimates earnings differentials between state and non-state sectors for Chinese urban residents in 1996 by taking into account differences in non-wage benefits. Household survey data are used to estimate wage differentials while aggregate statistics are utilised in estimating non-wage benefits. We find that state-sector workers earned significantly more than workers in urban collective and domestic private enterprises in 1996. Unskilled workers in foreign invested enterprises (FIE) earned significantly less than those in the state sector but skilled workers earned more in FIE than in the state sector. These findings shed light on the source of labour immobility that state-owned enterprise had experienced until recently.     

Information and Communications Technology,Agricultural Profitability and Child Labor in Rural Peru

We estimate the impact of access to information and communications technology on agricultural profitability and child labor among isolated rural villages in Peru. We exploit the timing of an intervention that provided at least one public (satellite) payphone to villages that did not previously have communications services. Using a village‐level panel, we show that agricultural profitability increased by 19.7%. Moreover, this positive income effect translated into an increase in the likelihood of children being dedicated only to school and a reduction in the likelihood of child labor equivalent to 17 and 16 percentage points respectively.     

中国国有企业民营化绩效研究

本文研究中国国有企业民营化是否有效的问题。我们通过对国企民营化进程的考察来对此问题作出经验解答。根据世界银行一份对中国五个城市、覆盖六个行业的近300家国有企业(SOEs)1996—2001年间的调查数据,我们发现:(1)绩效较好的国有企业优先被民营化;(2)总体上来说,中国的民营化是富有成效的,尤其是提高了销售收入,降低了企业的成本,并最终导致企业盈利能力和生产率的大幅提高;而且在获得这些收益的同时并没有带来大规模的失业问题;(3)由民营机构控股、彻底民营化的企业比那些仍然是国有控股、部分民营化的企业绩效表现更好。     

Reversal in the relative performance of state- and legal person-owned companies during the Chinese split share structure reform

The split share structure reform was started in 2005 with the object of re-designating state-related, nontradable shares into tradable shares. The article compares the two major forms of state ownership in China (direct or indirect ownership) showing that, close to the reform period, companies directly held by the state experience a significant increase in market performance relative to indirectly held companies. Results suggest that investors’ perception about the worth of these two forms of state ownership may have suffered a reversal, thus bringing to light value-related consequences ensuing from protective schemes usual in China and elsewhere. The article also addresses a recurrent pitfall relating to the use in empirical models of fractions of the same total and shows that U-shaped patterns found in the relationship between ownership and performance are transient rather than stable.     

Differences in GDP Per Capita and the Share of Intraindustry Trade: The Role of Vertically Differentiated Trade

This paper examines the relationship between per capita GDP differences and bilateral intraindustry trade shares. The relationship is negative in OLS regressions but positive in fixed-effect regressions, and evidence is presented suggesting this is due to the presence of vertically differentiated trade. The paper begins by distinguishing between vertically and horizontally differentiated trade, and then finds a positive and significant relationship between GDP per capita differences and the trade shares only in the regressions on the vertically differentiated trade shares. It is shown also that the extent to which income distributions overlap affects only the share of vertically differentiated trade.     

非流通股对股票市场和上市公司的影响

本文构造了一个股票市场均衡模型来分析非流通股的存在对中国股票市场和上市公司的影响。我们发现非流通股的存在,使得股票市场价格发现机制扭曲,一方面使得股票价格不能真实地反映上市公司的经营绩效,另一方面使得流通股市场的股价波动与流通股比例密切相关。而且从我们的实证分析证实,非流通股比例越高,流通股市场的股价波动就越大,股票价格中含有的非流通股的放大作用越大,非流通股的存在也会影响经理人员的激励和报酬水平。     

The Italian Banking Structure in the 1990s: Testing the Multimarket Contact Hypothesis

The multimarket contact hypothesis holds that more contacts between firms competing in the same markets may induce more collusion. This paper tests the hypothesis for the Italian banking market, analysing the behaviour of the largest Italian banks from 1990 to 1996. Market rivalry is gauged by changes in loan market shares and interest rates in each Italian province. We estimate the effects of increasing multimarket contacts, concentration indicators, banks' costs and loan demand on variations in market shares and interest rates. No support is found for the multimarket contact hypothesis. Geographical overlap in banking is positively correlated with changes in market shares, confirming the thesis of an overall increase in competition within the Italian banking system. Greater multimarket links also seem to correspond to lower lending rates.
(J.E.L.:G21, C33, L40.)     

COINTEGRATION OF STOCK MARKETS BETWEEN NEW ZEALAND, AUSTRALIA AND THE G7 ECONOMIES: SEARCHING FOR CO-MOVEMENT UNDER STRUCTURAL CHANGE

This paper examines whether the New Zealand equity market is integrated with the equity markets of Australia and the G7 economies by applying both the Johansen (1988 ) and Gregory and Hansen (1996 ) approaches to cointegration. The Johansen (1988 ) test suggests that there is no long-run relationship between the New Zealand stock market and any of the other stock markets considered in the study. The Gregory and Hansen (1996 ) test finds that the New Zealand and United States stock market is cointegrated, but the New Zealand stock market is not cointegrated with the other stock markets in the study. This suggests that in order to avoid some of the risk through international portfolio diversification there is potential for investors to purchase shares in the New Zealand market and either the Australian market or most of the world's leading equity markets.     

上市公司股权结构与资本结构选择的实证分析

以1997年12月31日以前在深沪两地上市的A股公司1998～2002年度公开数据为研究的观测值,对股权结构与资本结构的理论假说进行了实证检验。证据显示,经理人员持股和股权集中对企业资本结构的选择有显著影响。国有股和流通A股的存在对企业资本结构的选择影响较小,法人股的存在对企业资本结构的选择存在一定影响。     

股权分置改革受限股份流通次序

本文采用分量回归模型．具体研究国有股权对不同业绩水平上市公司影响程度的差异。结论表明．国有股权对公司业绩具有负面影响,且对不同业绩水平上市公司的影响程度存在明显差异．业绩越好的公司,国有股权带来的负面影响越严重。因此,基于市场承受能力的限制．从提高市场整体效率的角度出发．政府在股权分置改革第二阶段．安排受限股份上市流通时．应该考虑首先安排业绩好的上市公司的受限股份优先进入流通。实证分析结果还验证了现阶段我国市场上规模经济效应的存在。     

在国有股减持过程中创造双赢局面

国有股减持主要目的是为了增加国家财政收入，若充分考虑全体股东的利益、股票市场发展、公司治理水平的提升和建立守法运营文化的原则，还可实现更多的目标。文章提出了国有股减持的四种基本方式。     

中国制造业空间结构变动及其对区域分工的影响

本文针对空间经济学所关注的区位锁定效应,提出了产业空间结构变动"过程"和"结果"的度量方法;应用制造业数据计算发现,1996—2005年期间,中国制造业空间结构变动过程和结果都同时表现出聚集和扩散两类特征,其中聚集占绝对优势。另外,在改进产业结构相似系数的基础上,重新计算了1996—2005年区域产业结构冲突指标,以及各行业对该指标贡献率,发现扩散过程对于区域产业结构冲突的贡献远大于聚集过程,接受扩散且被聚集的地区产业结构冲突性最强。     

Wage Bargaining,Privatisation, Ability to Pay and Outside Options: Evidence from Hungary

This article examines the determinants of short-term wage dynamics, using a sample of large Hungarian companies for 1996–99. We test the basic implications of an efficient contract model of bargaining between incumbent employees and managers, which the data do not reject. In particular, there are structural differences between the ownership sectors consistent with our prior knowledge on relative bargaining strength and unionisation measures. Stronger bargaining position of workers leads to higher ability to pay elasticity of wages, and lower outside option elasticity. Our results indicate that while bargaining position of workers in domestic privatised firms may be weaker than in the state sector, the more robust difference relates to state sector workers versus privatised firms with majority foreign ownership.     

基于搜寻的有限参与、事件风险与流动性溢价

本文在一个简单的投资决策框架内对投资者面对国有股全流通这一事件风险时的最优决策问题进行建模 ,得到一个基于流动性的资本资产定价模型。结论表明 ,相对于不存在事件风险的情形而言 ,国有股的存在使得更多投资者不愿进入市场 ,导致市场流动性进一步下降。同时 ,这一事件风险使得选择进入市场的投资者要求更高的流动性溢价。由此 ,这一模型为最近几年来中国股市持续低迷的状况提供了一种理论解释     

Investment and the soft budget constraint in China

This paper examines the incentive effects of the soft budget constraint on the investment behavior of firms in general and on the investment-cash flow sensitivity in particular. To this end, we develop a simple model of moral hazard that takes the soft budget constraint into account. Within this moral hazard environment, we show that investment is positively related to the amount of internal funds. We further show that the presence of the soft budget constraint deteriorates the moral hazard problem, thereby making the investment level less sensitive to the amount of internal funds. This is the case irrespective of whether the soft budget constraint renders the firm more or less liquidity constrained. To test the model's empirical implications, we employ data of China's listed companies for the period from 1997 to 2003. We use the share of state ownership as a proxy for the severity of the soft budget constraint. We find strong evidence that firms with larger shares of state ownership exhibit lower investment-cash flow sensitivities than firms with smaller shares of state ownership.     

Getting income shares right in agriculture

Most economic studies assume that factor shares are constant across countries and sectors. This article calculates factor shares in the agricultural sector across all US states and shows that there are huge differences, which can be explained by crop composition. In states that focus on more labour-intensive crops, such as fruits, the share of income going to labour is larger than in grain-growing states.     

A generalization of working's model

Working's (1943) model states that budget shares are linear functions of the logarithm of income; it implies constant differences between corresponding marginal and budget shares. A one-parameter generalization is proposed which allows each marginal share to be a linear function of the corresponding budget share. This model can be further extended (with one extra parameter) so that all goods are either specific substitutes or specific complements.     

FAMILY INCOME,AGE, AND SIZE OF UNIT: SELECTED INTERNATIONAL COMPARISONS*

Two aspects of the relationship between family unit income and the age of the head of the family unit are examined in this exploratory paper. First, in connection with the recent discussion in the U.S. about the “fair” level of income of the aged population, the economic well-being of various age of head groups is examined for the U.S., Canada, Norway, and Israel. Problems inherent in comparing income distributions across countries are described briefly, and the sensitivity of the estimates to definitional differences is discussed. Relative incomes of the different age groups are then compared within and between countries. Relative mean incomes, relative median incomes, relative mean incomes adjusted for size of unit in alternative ways, distributions of age groups among income quintiles, and relative income shares within age groups are compared. The focus is on aged units. It is found that, using these crude measures, aged units in the U.S. are roughly as well off relative to the other age groups as aged groups in the other countries examined. In the second section of the paper, a U.S. microdata file is reweighted to be consistent with the distributions by age of head of Norway and Canada. Relative income shares of quintiles are computed before and after reweighting and compared with the shares for Norway and Canada. The reweighting to Norway's age distribution increased differences in relative income shares between the two countries; the reweighting to Canada's age distribution slightly decreased differences.