社会责任信息披露质量对权益资本成本的影响——基于生命周期视角

探讨在不同的生命周期，企业社会责任信息披露质量对权益资本成本的影响及其作用机制。运用回归分析法，对我国发布社会责任报告的上市公司2009-2014年间2645个样本数据进行实证研究，结果表明：(1)初创期，社会责任信息披露质量与权益资本成本无显著相关关系；(2)成长期，社会责任信息披露质量的提高能有效降低权益资本成本；(3)成熟期，两变量间的负相关性最强；(4)衰退期，两变量间呈正相关关系。进一步研究发现：非重污染行业中两变量的关系符合以上动态效应，但在重污染行业中生命周期因素对两变量关系的影响力减弱。本文的结论支持了我国上交所、深交所和国资委发布的鼓励社会责任信息披露的相关政策，也为企业在不同生命周期采取差异性披露措施以有效降低权益资本成本提供了理论参考。     

政治关联、终极控制人性质与权益资本成本

先前政治关联影响效应的研究往往关注公司本身,忽视了从投资者的角度探讨政治关联对权益资本成本的影响。本文以在沪深交易所上市的公司为样本,编撰了一个刻画政治关联相对客观的数据库,考察上市公司政治关联和终极控制人性质对公司价值构成因素——权益资本成本的影响。研究发现,政治关联与权益资本成本显著负相关,并且这种效应在政治关联强的公司中更加明显。此外,政治关联与权益资本成本的关系受终极控制人性质的影响,私有企业、地方国有企业和中央国有企业有差异。总之,本文从权益资本成本的角度证实了政治关联的价值,投资者对政治关联企业要求更低的权益资本成本。     

投资者关系管理与权益资本成本的相关性分析——基于证券市场的数据

选取上海证券交易所与深圳证券交易所A股市场共903家上市公司作为研究样本,对投资者关系管理的四个构成要素与权益资本成本之间的相关关系进行了实证检验。回归结果表明:投资者关系管理的四个构成要素对权益资本成本作用的效果有大有小,自愿性信息披露和减少信息不对称的作用较大,提高公司可见度和吸引分析师跟随的作用较小,因此并不是所有的投资者关系管理活动都可以显著影响权益资本成本,但从总体上看,投资者关系管理是可以降低权益资本成本的。最后,提出了改善我国投资者关系管理现状的几点建议。     

企业产权、社会责任与权益资本成本

企业社会责任是否是企业为社会利益而牺牲自身利润的行为一直是学术界争论的焦点,文章尝试从资本市场参与者的角度出发,通过考察我国上市公司的社会责任履行情况对权益资本成本的影响来回答这个问题。研究发现：（1）良好的社会责任表现确实能显著降低企业的权益资本成本,其中改善企业对投资者的责任起到的作用最为突出;（2）与非国有企业相比,目前国有企业的社会责任履行情况更好且权益资本成本更低,但是积极的社会责任行为在非国有样本中更能发挥降低权益资本成本的作用。     

探索式创新与新创企业绩效:基于多层级网络结构的交互效应研究

虽然诸多研究从社会网络的不同视角研究了创业与企业绩效的关系,但却忽略了网络结构的层级性。基于131组有效样本,研究了企业层级之网络中心度和网络层级之网络密度对探索式创新与新创企业绩效关系的作用机制。实证结果表明,网络中心度和网络密度分别正向调节探索式创新与新创企业绩效的关系,而且网络中心度和网络密度也对上述关系具有联合调节效应。文章不仅突破了单一网络层级的研究范式,从多层级网络视角分析企业的创新价值,也将网络密度看作是网络情境变量,分析其与网络中心度的联合调节效应,进一步丰富完善了社会网络理论,同时,文章也对创业理论做出了一定贡献,为管理实践提出了可供借鉴的意见。     

自愿性战略合作信息披露质量与公司经营风险

基于 2007-2018 年 A 股上市公司“战略框架协议公告”，采用文本分析法，实证检验上市公司战略合作信息披露质量对经营风险的影响，研究发现：（1）战略合作信息披露质量与上市公司经营风险呈显著负相关，即信息披露质量越高，经营风险越低。（2）进一步分析战略合作信息质量对经营风险的影响机制，分析结果表明：战略合作信息披露质量越低，则代理成本越高，企业经营效率越低，最终提高企业经营风险。（3）战略合作信息披露质量对企业经营风险的影响具有异质性。在微观方面，对于管理越规范、CEO 越集权与公司内控质量越好的公司，战略合作信息披露质量越能降低公司经营风险；在宏观方面，对于持股比例越高，市场化水平越高的公司，战略合作信息披露质量越能降低公司经营风险。研究为上市公司提高战略合作信息披露质量从而降低经营风险提供了经验证据，为上市民营公司降低融资成本、提高经营绩效提供了相关的政策参考。     

社会责任信息披露质量与债务成本实证研究——以金属冶炼及压延加工行业为例

文章以沪深两市披露的独立社会责任报告的金属冶炼及压延加工行业为研究对象,研究了该行业社会责任信息披露质量与债务成本之间的关系。实证结果表明,在控制了企业规模、资产净利率、流动比率等变量后,此行业的社会责任信息披露质量与债务成本呈显著的负相关关系,即社会责任信息披露质量越高,企业债务成本越低。     

服务贸易网络、信息传递与OFDI

文章立足于服务经济的非实体化特征,利用2007～2020年的OECD双边服务贸易数据库和上市公司数据库,从理论与实证两个层面探讨了服务贸易网络对服务企业OFDI的影响与作用机制。研究发现：服务贸易网络对服务企业OFDI决策具有显著的直接效应与网络效应;贸易网络中心度较高的服务企业可以有效地运用信息优势整合服务要素资源提高服务质量,并通过降低信息壁垒克服对外投资过程中的“外来者劣势”,因此,服务质量提升及信息壁垒降低是服务贸易网络作用于OFDI的有效途径;区分贸易方向和投资模式发现,由于服务外包主要通过进口实现,而不同投资模式的服务企业对当地市场信息的依赖度存在显著差别,因此,进口网络对服务企业OFDI的影响显著大于出口网络,且服务贸易网络对绿地投资的影响显著大于跨国并购。进一步研究发现,企业管理效率及数字化程度的提升均有利于增强服务贸易网络对服务企业OFDI的边际作用效果。     

社交网络指数期货交易可行性分析

随着互联网的发展,社交媒体的多样化使投资者能够更迅速地获得信息,从而影响其在股票市场中的投资行为。针对社交网络对于股票市场的影响及价值,本文选取社交网络平台上投资者的言论和百度搜索指数作为指标构建社交网络指数。通过建立社交网络指数和股票价格指数间的VAR模型分析两者的动态相关关系,提出构建社交网络指数期货交易具有可行性的观点。最后,结合国内金融市场现状,分析社交网络指数期货的应用和可能存在的风险。     

企业社会责任信息披露与资本结构关系研究

企业社会责任信息披露是联通企业与外部相关者的重要方式。以A股2009年前上市公司为研究对象，运用面板数据考察企业社会责任信息披露与资本结构的关系。实证发现：在高竞争度行业，实际资本结构低于目标资本结构的企业样本中，企业社会责任信息披露对资本结构的调整速度有显著的负影响、主要通过短期债务影响资本结构、与资本结构的调整效率呈“U”型关系。     

Commitment and Cost of Equity Capital: An Examination of Timely Balance Sheet Disclosure in Earnings Announcements

In this paper, I examine the relation between disclosure commitment and cost of equity capital using accelerated earnings announcement disclosures as a measure of commitment. In settings characterized by imperfect market competition, I find that firms which consistently disclose balance sheet detail in relatively timely earnings announcements have lower costs of capital compared to other firms. This result is statistically significant and economically meaningful, and is robust to various alternative measurements for cost of capital, and alternative designs addressing endogeneity and underlying information quality. Overall, this result is important because it highlights additional dimensions of disclosure commitment (consistency and timeliness), while incorporating important features from theoretical models (information quality and market competition). In particular, my results suggest that consistency and timeliness are salient features of firms' disclosure behavior that have predictable and robust relations with capital market outcomes. This result is robust to controlling for underlying information quality; however, consistent with theory, it is conditional on low levels of market competition.     

Endogeneity and the Dynamics of Voluntary Disclosure Quality: Is there Really an Effect on the Cost of Equity Capital?*

Research on the effects of voluntary disclosure quality on the cost of equity capital is often plagued by endogeneity concerns. In this paper, I use a dynamic panel system GMM estimator, which provides internal instruments from the firm's history that directly address endogeneity arising from unobserved heterogeneity and simultaneity. By using hand-collected voluntary disclosure scores for firms listed in the Swiss stock exchange, I examine the dynamic relation between voluntary disclosure quality and the cost of equity capital in a panel over a period of 10 years. The results suggest that the relation between voluntary disclosure quality and the cost of equity capital becomes insignificant after controlling adequately for potential dynamic endogeneity, simultaneity, and unobserved heterogeneity.     

Does Information Asymmetry Matter to Equity Pricing? Evidence from Firms’ Geographic Location*

The scarcity of suitable proxies for asymmetric information has impeded empirical research from providing reliable evidence on whether information risk shapes equity pricing. In reexamining this unresolved question, we rely on firms’ geographic distance from financial centers to gauge information asymmetry. We provide strong, robust evidence supporting the prediction that equity financing is cheaper for firms nearer central locations, implying that investors rationally require more compensation when information asymmetry is worse. The equity pricing role of geographic proximity is economically large, with our coefficient estimates translating into firms located within 100 kilometers of the city center of the nearest of six major financial centers, or in their metropolitan statistical areas, enjoying equity financing costs that are seven basis points lower. Our inferences are insensitive to measuring both the cost of equity capital and distance in several ways, controlling for corporate governance quality, and addressing endogeneity. Collectively, our analysis suggests that investors discount the price that they pay for their securities to reflect the greater information asymmetry that ensues when firms are far from major financial centers.     

Time-varying Cost of Equity Capital in Southeast Asian Countries

This paper investigates variation in the cost of equity capital for the Southeast Asian countries using firm-level data over the period of 1990–2004. It is found that decreases in the firm-level cost of equity capital have been associated with stock market liberalization and securities market development. The results of the present study suggest that earlier empirical evidence regarding the decrease in the cost of equity capital using country-level data cannot be generalized to different types of firms. There has been significant time variation in the cost of equity capital within countries and across firms.     

Market liquidity,private information,and the cost of capital: Market microstructure studies on family firms in Japan

We investigate cost of capital, information asymmetry, and market liquidity of listed family firms vs. non-family firms in Japan. First, we find that the cost of debt is lower and the cost of equity is higher for family firms than non-family firms, but the differences are not significant. The WACC of family firms becomes higher than that for non-family firms and the difference is significant probably because family firms in Japan use less leverage. Next, we find that the stocks of family firms are traded with higher information asymmetry than non-family firms. As for information asymmetry and illiquidity measures, we utilize the variables Adjusted PIN and Probability of Symmetric Order Flow Shocks (PSOS). Concomitantly we also estimate alternate conventional measures of market liquidity as a robustness check. Overall, the evidence on liquidity is somewhat mixed, while we find family firms show higher information asymmetry, which may affect cost of equity. As a final policy implication, we recommend family firms in Japan conduct more voluntary and timely disclosure, in particular, for the benefit of general stock investors, and may want to increase leverage to reduce the WACC.     

企业家社会资本的测量及其对企业绩效的影响——基于新兴第三产业上市公司的实证研究

本文从纵向关系网络、横向关系网络和社会关系网络三个维度界定了企业家社会资本。基于100家新兴第三产业上市公司的实证研究发现,企业家社会资本对企业绩效存在显著影响,横向关系网络和社会关系网络能显著提升企业绩效;特别的发现是企业家的纵向关系网络（政府关系）的提升会降低企业绩效。研究结果还表明,非国有企业仍然处于劣势地位,地域差异显著影响着企业绩效,企业家年龄和学历越高对企业的贡献越大。本研究还创新性地发现,企业上市年限过长不利于企业绩效的增长。     

企业家个人品牌、企业品牌资产与品牌绩效 —来自中国上市公司的实证研究

作为企业的无形资产,企业家个人品牌是企业品牌建设的核心要素.从企业家个人品牌角度出发,通过企业家社会资本与媒体可见度双指标,实证考察企业家个人品牌对企业品牌资产及品牌绩效之间的联系.结果显示:(1)企业家个人品牌与企业品牌资产密切相关:企业家社会资本下的政府资本和市场资本对品牌资产产生显著的正向作用;企业家社会资本中的个人声誉对于企业品牌资产呈负面影响但影响不显著;企业家媒体可见度对企业品牌资产有显著正向作用;(2)企业品牌资产对品牌绩效有显著正向作用.研究结果丰富了品牌资产理论,同时对企业通过提升企业家个人品牌、提高企业品牌资产以改善品牌绩效具有重要的管理启示意义.     

Organization Capital and the Cost of Equity Financing in Medium‐Sized Manufacturing Firms

We examine the effects of organization capital—evident in management quality practices—on firms’ implied cost of equity. We show that superior management practices decrease firms’ cost of equity capital. This novel finding, robust to a battery of sensitivity analyses and to endogeneity bias, highlights the importance of superior management practices in improving firms’ financing conditions. In sum, this study demonstrates that the quality of management practices maps onto firms’ financing conditions, stressing the value relevance of intangible assets.     

TMT网络特征、知识创造与双元创新关系研究

文章以社会网络理论与知识基础观,探索企业双元创新的形成机制。高层管理团队（TMT）网络特征（中心性、稀疏性）代表获取企业外部资源与信息的能力,通过组织知识创造过程（知识交流、知识组合）,促进企业双元创新。依据241份样本,对TMT网络特征与双元创新间关系进行实证检验,且探讨了知识交流与知识组合两类知识创造过程的中介作用。实证结果表明：TMT网络特征对双元创新具有积极影响;知识交流与知识组合对上述关系均具有中介作用。实证研究结果在理论上指出TMT社会网络嵌入性的重要性,有助于深化TMT网络特征对企业双元创新的相关机理研究。