股权结构、高管薪酬、董事会特征与制造业运营效率--基于江苏制造业上市公司2009-2013年的面板数据

文章利用DEA分析技术测度了江苏制造业97家上市公司的运营效率;建立了股权结构、高管薪酬及董事会特征与制造业企业运营效率间的函数关系,以江苏制造业上市公司2009-2013年间的数据为样本,运用Probit回归分析法验证了这种关系下的实际影响。研究结果发现：2009-2013年制造业运营效率呈现先上升后停滞的变化特征,企业间运营效率水平差异较大;股权较为集中的制造业企业有较高的运营效率,高管薪酬的提高对公司运营效率有显著的积极影响,董事会规模对企业运营效率有显著负影响,独立董事所占比例对企业运营效率提升并没有明显作用。基于此,提出了改善公司内部治理机制和提升公司效率的相关政策建议。     

Creditors’ and Shareholders’ Reporting Demands in Public Versus Private Firms: Evidence from Europe*

In this study we investigate whether the importance of accounting information in contracting and communication with shareholders and creditors affects earnings timeliness in publicly disclosed general‐purpose financial statements. To operationalize the relationship between timeliness demands and the importance of accounting information to shareholders and creditors, we compare the (asymmetry in) earnings timeliness of public firms with that of private firms. We attribute public versus private firm differences in timeliness to shareholders’ demands when a country’s institutions provide strong investor protection. Similarly, we attribute these differences to creditors’ demands when the institutions provide strong creditor protection. Our analysis of public and private firms in 13 Western European countries suggests that creditors and shareholders have different timeliness demands. In particular, we find that the public versus private firm difference in asymmetric timeliness is not associated with a country’s degree of investor protection but positively associated with a country’s degree of creditor protection. The results further suggest that shareholders demand symmetric rather than asymmetric timeliness. An important implication of our study is that general‐purpose financial statements are responsive to creditors’ reporting demands, which contrasts with the idea that these — primarily private — creditors would use special‐purpose reports.     

Efficiency,Cointegration and Contagion in Equity Markets: Evidence from China,Japan and South Korea*

This paper empirically examines whether three East Asian stock markets, namely, those of China, Japan and South Korea, are individually and/or jointly efficient, and whether contagion exists between the cointegrated markets. While individual market efficiency is examined through testing for the random walk hypothesis, joint market efficiency is examined through testing for cointegration and contagion. The present study finds that the hypothesis of individual market efficiency is strongly rejected for the Chinese stock market, but not for the Japanese and the South Korean stock markets. However, when testing for cointegration, market efficiency is strongly rejected for all these markets. We take a simple case of contagion and find that although there is a long‐term relationship among the three markets, the contagion hypothesis cannot be rejected only between Japanese and South Korean stock markets, indicating short‐run portfolio diversification benefits from these two markets.     

International Capital Mobility in the Short Run and the Long Run: A Daily Data Study for Japan,Singapore and Taiwan*

Using daily data from between 1993 and 2003, covered interest differential and cointegration tests are applied to examine short‐run and long‐run international capital mobility for Japan, Singapore and Taiwan, and, for comparison purposes, the UK. Despite the high short‐run mobility in Japan (Singapore and Taiwan), being slightly (significantly) lower than in the UK, perfect long‐run mobility exists in all three Asian economies, especially when the Asian currency crisis is excluded. Different short‐run and long‐run mobility implies the existence of a response lag in the financial market. As expected, although the impulse response reaches the significant long‐run equilibrium level shortly after the shock in the UK, lagged responses appear in the three Asian economies, particularly in Singapore and Taiwan.