基于市场竞争的股权融资偏好的博弈分析

我国上市公司融资时,融资方式首选股权融资,较少选择债权融资,与Myers的"啄食"顺序相悖,表现出强烈的股权融资偏好。国内很多学者从多个角度分析了上市公司形成股权融资偏好的原因。本文从市场竞争这一视角,用博弈模型分析市场竞争如何导致上市公司偏好股权融资。     

上市公司股权融资偏好分析

股权融资具有独特优势,最根本的特征就是股权融资方式不需要还本付息,因此对于大部分具有还款压力的上市公司而言是首选的融资渠道。和债务贷款融资相比,股权融资的成本更低,并且能够在较短时间内迅速获得大规模资金,通过增发股还可以调整上市公司原有的股权结构,起到优化企业治理结构的作用。因此当前我国上市公司呈现出一定的股权融资偏好,股权融资占比逐步提升。基于此,本文就上市公司股权融资偏好的相关研究现状展开分析,以江苏常宝钢管股份有限公司为例,分析江苏常宝钢管股份有限公司的股权融资偏好以及股权融资偏好下融资行为引致的结果,最后根据上市公司股权融资偏好案例分析得到相应启示,提出了降低股权融资风险,优化上市公司股权结构和融资结构的建议,以供参考。     

我国上市公司融资偏好及成因浅析

从西方发达国家的融资实践及现代融资理论来看,我国上市公司存在强烈的股权融资偏好。本文在对中国上市公司股权融资偏好的现状、原因及其后果进行分析的基础上,对股权融资偏好的治理对策提出了几点建议。     

上市公司偏好股权融资的负面影响分析

按照现代资本结构理论,公司融资理性的顺序首先是内源融资,其次是债务融资,最后为股权融资。但我国上市公司却偏好股权融资。文章细致分析了上市公司偏好股权融资可能产生的负面影响。     

上市公司偏好股权融资的负面影响分析

按照现代资本结构理论,公司融资理性的顺序首先是内源融资,其次是债务融资,最后为股权融资.但我国上市公司却偏好股权融资.文章细致分析了上市公司偏好股权融资可能产生的负面影响.     

国有上市公司股权结构对融资偏好的影响分析

本文以股改前后的截面数据,对上市公司的融资偏好及其影响因素进行了实证研究。本文认为,股改后我国国有上市公司股权融资偏好有一定的改善;第一大股东的持股地位对股权融资偏好的影响不显著,公众流通股股东对股权融资偏好的改善起了积极作用。     

我国上市公司股权融资偏好非成本成因阐释

我国上市公司的融资结构,既不符合优序融资理论,也不同于绝大多数国外公司以债务融资为主的情况,而是以股权融资为主。单从融资成本角度并不能完全解释这一股权融资偏好行为。上市公司非流通股股东能因增发新股和配股从流通股股东攫取特殊利益,公司经理因股权融资所面临的筹资风险小、可支配现金多、职位消费有保障,而因债务融资面临较大的还本付息压力和职业风险,从而使经理人偏好股权融资而不偏好于负债融资。经理人的这种机会主义倾向是股权融资偏好的内在动因,国有股"一股独大"的股权结构和内部人控制是股权融资偏好的制度因素,信息失灵、债券市场发展缓慢更加剧了上市公司偏好股权融资的行为。     

中国上市公司股权融资偏好成因分析

着重分析我国上市公司股权融资偏好的成因,分别从外部融资环境因素和公司自身因素两个方面进行了阐释,并针对我国上市公司自身的实际情况,提出了改善我国上市公司股权融资偏好的几点切实可行的建议。     

我国上市公司融资偏好问题探析

资本是很重要的资源,而融资结构以及方式的选择也十分重要。本文对我国上市公司的融资偏好进行了研究分析,发现存在较强的股权融资偏好。进一步分析了股权融资偏好的形成原因,并针对如何优化上市公司的资本结构提出了自己的建议。     

高科技上市公司股权融资偏好的影响因素

对我国107家高科技上市公司融资偏好的影响因素进行了实证研究,结果表明:股权集中度、盈利能力,成长能力与股权融资偏好成正比;资产负债率与股权融资偏好成反比;公司规模、行业风险性等其他因素对股权融资偏好无显著影响.     

Identifying systemically important financial institutions in complex network: A case study of Chinese stock market

In this paper, we identify the dynamic influence of financial institutions based on a complex network modelling method. We first construct a financial network based on stock comprehensive evaluation (SCE), which is obtained by the technique for order preference by similarity to an ideal solution (TOPSIS). Then, the dynamic influence of financial institutions is identified by iterating the static influence of each network. The results indicate that (i) the dynamic influence of financial institutions is greater than their static influence in analysing the evolution of influence and (ii) banks and securities institutions play an important role in the financial system.     

Allocation and productivity of time in new ventures of female and male entrepreneurs

This paper investigates time allocation decisions in new ventures of female and male entrepreneurs using a model that distinguishes between effects of preferences and productivity on the number of working hours. Using data of 1,158 entrepreneurs we find that the preference for work time in new ventures relates to start-up motivation, propensity to take risk and availability of other income. Productivity of work time relates to human, financial and social capital endowments and the prevalence of outsourcing activities. This study also evaluates actual profit effects 1 year after start-up. We find that on average women invest less time in the business than men. This can be attributed to both a lower preference for work time (driven by risk aversion and availability of other income) and a lower productivity per hour worked (due to lower endowments of human, social and financial capital).     

互惠性偏好下的供应链金融委托代理模型比较研究

供应链金融是近年来兴起的用于解决中小企业融资难问题的重要金融创新之一,但目前学术界的研究多以经典的委托代理模型为基准,忽略了供应链金融参与方之间存在着互惠性偏好的倾向。文章简要回顾了委托代理理论的发展脉络,结合行为经济学家Rabin提出的互惠性偏好理论,对委托代理模型进行了行为经济学层面的拓展,以当前流行的供应链金融中核心企业与协作企业委托代理关系为研究对象,比较分析了互惠性偏好引入前后各方的收益情况。文章首先构建了经典的Holmstorm和Milgrom模型,研究了核心企业和协作企业均为理性经济主体情形下的博弈收益情况;其次,通过将互惠性偏好引入到Holmstorm和Milgrom模型中,比较分析了各方收益的变化情况;再次,通过参数校准的方法,进行了具体的数值案例分析;最后对模型未来可能的发展方向进行了展望。研究结果表明：通过引入互惠性偏好,在一定的数学条件下,核心企业和协作企业之间的契约制度设计存在着帕累托改进的空间。     

政府间职能纵向配置的规范分析

本文从公共需求的多样性、差异性和变动性出发,分析了信息不对称条件下公共需求的偏好显示与排序问题,认为公共品的受益范围、偏好同质性、支付能力、公共需求排序方式和排序成本是在规范意义上影响政府间职能纵向划分的主要因素。公共需求偏好显示及排序所要求的小政府同公共产品与服务供给效率的矛盾,以及不同地方政府之间公共产品和服务组合的差异化与社会公平之间的矛盾,是政府间财权事权纵向配置面临的两个基本问题。本文在区分供应与生产的基础上,归纳了政府间职能纵向划分的基本模式。     

Course Requirements,Job Responsibilities,and Compensation for Financial Counselors: The Not-For-Profit Industry View

A number of universities have or are developing concentrations in financial counseling. Academics have presented their thoughts on how these programs should be structured. However, the views of financial counseling agency administrators concerning the need for a four-year degree, course requirements, job responsibilities, and compensation of counselors were not known. Thus, a survey of these administrators was undertaken. They have a preference for college graduates with special emphasis in counseling coursework. However, salaries, at best, are on the low end of college graduates' expectations.     

公司融资结构与公司治理及在中国的特点

公司融资结构与公司治理有重要的联系 ,而融资结构的合理安排对公司的代理关系和治理结构将产生重要影响。从不对称信息的角度出发 ,通过詹森、麦克林 (1 976 )的委托代理理论和梅耶斯、迈基里夫(1 984 )的融资优序理论来说明公司融资结构与公司治理的关系 ,并进一步分析中国上市公司融资偏好的特点和原因     

Usefulness of SFAS no. 52 in controlling and evaluating overseas operations: An empirical analysis

This study investigates whether managers of multinational enterprises prefer financial statements prepared under the current-rate or temporal method of translating foreign-currency-based financial statements into U.S.-dollar financial statements. The article also reports on the managers’ preferences for various indicators (for example, profit) of performance that are used in evaluating and controlling overseas operations. A questionnaire was sent to each of the “Fortune 500” firms. One hundred sixty-five (33 percent) responded. The research extended prior research by finding that in the late 1980s managers maintained their preference for U.S.-dollar-based statements just as they did in the 1970s and early 1980s. Managers still consider profit to be the strongest measure of success. However, the comparison of budgeted performance to actual performance has replaced return on investment as the second most important performance indicator.     

资本结构理论的发展与中外企业融资选择

资本结构理论是基于实现企业价值最大化或股东财富最大化的目标 ,着重研究资本结构的变动对企业总价值的影响 ,通过资本结构理论的研究可以得出企业应遵循的融资规则。分析我国上市公司的融资选择后可以发现 ,当前我国的上市公司普遍存在明显的股权性融资偏好 ,这与资本结构理论的基本准则相悖。纠正这种不良偏好 ,是推进我国上市公司改革与发展的重要环节与内容。     

Do networks of financial intermediaries help reduce local bias? Evidence from cross-border venture capital exits

Contributing to the literature on local bias and financial networks, we examine how direct and indirect network ties of financial intermediaries mitigate the effects of distance and preference for local investments. In our analysis of cross-border venture capital exits, we find that proximity within networks facilitates cross-border transactions, which suggests that network distance is an important dimension of distance in addition to its geographical and cultural dimensions. The results also suggest that network distance affects the reach and quality of mediated information: indirect ties to partners' partners, with their broad reach, facilitate the identification of investment opportunities, whereas direct ties, which have certification effects, facilitate quality assessment.     

Entrepreneurship in the EU: To Wish and not to be

The entrepreneurial capacity in an economy is a key determinant of economic growth and productivity improvements. This paper uses survey data from the 15 EU Member States and the US to investigate two aspects of entrepreneurial capacity: latent and actual entrepreneurship. Latent entrepreneurship is measured by the probability of a declared preference for self-employment over employment. Other than demographic variables such as gender, age and education level, the set of explanatory variables used includes country specific effects, the perception by respondents of administrative complexities and of availability of financial support and a rough measure of risk tolerance. The most striking result is the lack of explanatory power of the perception of lack of available financial support in the latent entrepreneurship equation.