The Choice Between Spin-offs and Sell-offs

Spin-offs and sell-offs are alternative methods for divesting assets, but the effects on the parent firm differ substantially. We examine firms' characteristics that may influence the asset divestiture choice between a spin-off and sell-off. Results of the analysis indicate that the primary factors influencing the choice of divestiture type are financial distress, number of directors on the board, whether the CEO is also the Board Chair, and the size of the unit divested.     

资本结构、产权结构与公司治理

资本结构也就是财产所有权的结构安排,而财产所有权往往最终与收益权对应,所以资本结构又牵系着产权安排,或者说资本结构决定了产权安排结构。这样作为股权资本与债券资本比例关系的资本结构,反映的是市场经济条件下企业的金融关系,即以资本和信用为纽带,通过投资与借贷构成的股东、债权人和经营者之间相互制约的利益关系。     

股权再融资与企业现金分红

股权再融资往往意味着企业存在大量的融资需求,而实践中普遍存在的股权再融资后立即现金分红的现象有悖于募集资金的优序使用原则。基于此,本文从管理层自利视角出发,在对企业股权再融资后现金分红的行为偏好检验的基础上,进一步选取管理层薪酬增长率和企业股权质押活动作为管理层自利程度的代理变量,探索企业股权再融资后现金分红倾向的边界条件,为该行为背后的代理动机提供证明。基于2007~2017年所有A股上市公司样本,研究发现,企业的确存在股权再融资后立即现金分红的行为倾向;而较低的管理层薪酬增长率和企业股权质押活动会加剧企业股权融资对现金分红的促进作用。进一步研究发现,企业股权再融资活动会给现金分红带来消极的市场反应。上述研究结果表明,管理层自利是股权再融资的重要推动因素,而这一行为会给企业利益造成损害。     

Quality of Corporate Social Responsibility Disclosure and Cost of Equity Capital: Lessons from China

This article explores the relationship between the quality of corporate social responsibility (CSR) disclosure and the cost of equity capital by analyzing the financial data and CSR reports of A-share listed firms in China from 2008 to 2014. The quality of the CSR disclosure is shown to be negatively related to the cost of equity capital of the listed firms. This negative correlation proves to be more prominent among firms of environmentally sensitive industries. Taking the ownership of the listed firms into consideration, it is further confirmed that the negative relationship between the CSR disclosure and the cost of equity capital is of higher significance for state-owned enterprises. Our findings also empirically demonstrate that the quality of CSR disclosure is more negatively related to the cost of equity capital among the large listed firms than the smaller ones.     

股权激励对上市公司的影响及投资策略分析

本文探讨了我国上市公司实施股权激励的环境条件，分析了股权激励对管理层、股东影响的内在机制，分析了实施股权激励对上市公司价值和业绩的影响。对股权激励类上市公司上涨因素的定量化分析显示，其上涨与公司现有的各项财务指标没有必然联系，而与公司的市场地位、行业发展趋势和关联交易之间存在明显的关系。本文认为，我国上市公司已基本具备实施股权激励的环境条件，实施股权激励有利于解决管理层和股东利益一致性问题，通过价值转移和价值创造，持续、有效地促进上市公司价值和业绩的提高，从而有效推动上市公司股价的上升，给投资者以强有力的信心和巨大的投资机会。     

Corporate Sales, Equity Trading, and Risk

This paper proposes and investigates an explanation for a positive association between the signed value of common share returns and trading activity. The mixture of distributions model for stock returns and trading is applied with the added assumption that product sales for a firm is the directing process which generates the flow of information to equity markets. Because trading depends upon information arrival, sales and trading are positively related. Also, because contribution margin is positive, cash flows increase with sales. Dependence of both cash flows and trading on sales implies that returns and trading are also positively related. This explanation is tested in this paper.     

Line-of-Business Disclosures and Spin-Off Announcement Returns

We investigated disclosure decisions by identifying a circumstance, the spin-off of a segment, where the benefits of disclosure should outweigh the costs. We compared the valuation revisions associated with spin-off announcements of firms with previous line of business disclosures to valuation revisions of firms making spin-off announcements without these disclosures. We found significant stock price increases associated with the spin-off announcement regardless of prior segment disclosure history. We also found, however, that the stock price increases were temporary for firms without prior segment disclosures, while the valuation revisions for firms with previous line-of-business disclosure information persisted.Data Availability: The data employed in this study are available from the sources identified in the text.     

我国上市公司股权集中度影响因素分析

股权集中度的高低决定了公司代理问题的本质，因此确定合理的股权集中度有助于降低代理成本，提高企业价值，所以逻辑研究的前提是首先要了解影响股权集中度的相关因素。本文对我国上市公司股权集中度影响因素的实证分析结果表明，终极控制人性质、控股大股东性质、控制层级、地区市场化程度以及上市公司业绩、规模、风险、负债率高低及所属行业情况是影响股权集中度的主要因素。     

公司股权激励及高管薪酬披露分析

本文分析发现，实施股权激励的上市公司2006年每股收益以及净资产收益率水平远远高于深市平均水平。采取限制性股票激励方式的公司对业绩影响的测算远不如采取期权激励方式的公司测算过程清晰，公司披露的详尽程度也有较大差距。殷权激励的作用已经初步显现，截至2007年4月30日．16家样本公司的激励股份已经实现了约83．65亿元的增值。同时，股权激励也带来了一系列的监管问题，须进一步完善相关法规，强化监管，合理引导更多的上市公司建立适当的股权激励制度，以推动上市公司完善法人治理结构，夯实证券市场基础。     

Taxation, Uncertainty, and the Cost of Equity

Traditionally the pre-tax cost of capital is a function of the interest rate and the tax system. However, uncertainty implies that the market's required return is no single interest rate, but depends on risk. Different tax systems split risk differently between firm and government. Thus the required expected return after corporate taxes depends on the tax system. Expressions for this are derived, based on a CAPM-type model. The weighted average cost of capital is decreasing in the tax rate, even for fully equity financed projects. This effect can be substantial, but is neglected in much of the literature.     

An Empirical Examination of the Pricing of Seasoned Equity Offerings: A Test of the Signaling Hypothesis

This paper tests the predictions made by Signaling Theory against the competing Price–Irrelevance Hypothesis (Eckbo and Masulis, 1992). Signaling Theory suggests that the issue price of a security provides a signal of quality of the issuing firm. In contrast, the Price–Irrelevance Hypothesis suggests that equity pricing does not possess information content. This paper investigates the pricing of seasoned equity offerings by examining the role of firm quality and relative firm valuation on issue price discounts. Additionally, this paper investigates the relationship between the issue price discount and the market reaction at the issuance of seasoned equity offerings. The results indicate that firm quality does not have a significant impact on the degree of price discounting by the issuing firm. Relative firm market valuation does appear to be a determinant of the magnitude of discounting in setting the issue price. This paper also provides evidence that seasoned equity offerings firms that provide a lower issue-price discount experience a lower stock-price decline following the issuance as compared to firms offering a higher price discount.     

Corporate Fraud and Corporate Bond Costs: Evidence from China

This study investigates the relationship between corporate fraud and four typical components of costs associated with corporate bonds. Based on data from a booming corporate bond market in China, we confirm that fraudulent issuers have higher corporate bond costs. Specifically, they are more likely to push upward price revisions, pay higher issue fees and coupon spreads, and encounter larger underpricing after issuance. Moreover, we demonstrate that severe corporate fraud is also significantly related to the costs of corporate bonds. Furthermore, we find that investors pay more attention to fraud in accounting information and disclosure. These results remain robust to a strand of endogeneity and through the robustness tests. In additional research, we find that bonds issued by fraudulent firms tend to receive lower ratings and show inferior performance after issuance. We also demonstrate that the effects of corporate fraud on bond costs erode as time passes, although the mitigation speed is slow. Finally, we find that hiring reputable financial intermediaries can partially mitigate the negative effects of corporate fraud.     

Venture Capital and Private Equity: A Review and Synthesis

This paper reviews the existing literature on venture capital and private equity. The paper emphasises the importance of examining venture capital in the light of recent developments in corporate finance and its distinctiveness from other forms of finance. In order to understand current developments, the paper adopts a framework which combines industry/market and firm levels of analysis. Existing literature is reviewed using this framework. Industry level issues relate to rivalry between firms, the power of suppliers and customers, and the threats from new entrants and substitutes. Firm level issues concern deal generation, initial and second screening, valuation and due diligence, deal approval and structuring, post-contractual monitoring, investment realisation, and entrepreneurs' exit and recontracting with venture capitalists. This is followed by a review of the evidence on the performance of venture capital firms. The paper suggests potentially fruitful areas for further research including the extension of analysis to cover all stages of venture capital investment, examination of the inter-linkages between industry and firm level issues and between stages in the venture capital process, as well as further analysis of deal structuring issues and investment realisation and recontracting.     

股权结构与商业银行绩效：国际比较与我国实证

股权结构与商业银行绩效有着密切的关系。本文首先对发达国家商业银行的股权结构模式进行国际比较,总结不同股权结构模式的特点及其影响银行绩效的作用机制。其次,针对我国商业银行股权结构的特殊性,通过建立对数成本函数模型并检验其结构稳定性,实证考察股权结构与我国商业银行绩效的关系。     

Employee Layoffs, Shareholder Wealth and Firm Performance: Evidence from the UK

Abstract:  We examine the financial performance of UK listed companies surrounding the announcement of permanent employee layoffs. We find that poor operating and stock price performance, increased gearing, and threats from external markets for corporate control precede employee layoffs. Layoff announcements elicit a significantly negative stock price reaction, which is driven by announcements that are reactive to poor financial conditions. We also find that layoffs result in significant increases in employee productivity and corporate focus. We conclude that layoffs represent an efficient response to poor financial conditions, but that their occurrence is strongly dependent on pressure from external control markets.     

中国上市银行公司治理水平的比较评价

本文构建了中国上市银行公司治理评价系统,该系统侧重于公司内部治理机制评价。作者依据所构建的评价系统计算出了我国12家上市银行的公司治理评价指数,并进行了比较分析。结果表明,自1999年以来,我国上市银行治理水平呈快速上升趋势,但各银行间治理水平差异较大。从整体上而言,股份制商业银行的治理状况较好,其中招商银行的治理水平居所有样本银行的首位;工、中、建三大商业银行的治理状况相对一般,但它们上市后公司治理水平的不断提升也表明其改革是卓有成效的;已上市的城市商业银行的治理状况则要好于三大商业银行,这对城市商业银行未来的发展具有一定的指导意义。     

Bond market access and acquisitions: empirical evidence from the European market

We investigate whether access to bond markets affects acquisition activity of the European firms between 1999 and 2014. Our study provides insight into the effect that the growing European bond market has on corporate investment activity. We find that access to the bond markets, measured by the existence of a credit rating, has a significant effect on the tendency of firms to make acquisitions. The effect is strongest in Continental Europe and during times of high acquisition activity. We further find that consistent with prior U.S. evidence, bond market access has an inverse effect on abnormal returns generated by the acquisitions. That finding suggests that firms with superior access to financing pursue targets of lesser quality.     

私募股权投资基金研究——基于券商角度

次贷危机的爆发,使得诸多国际私募股权基金纷纷转战中国,挖掘中国市场价值。当前,中国已经成为全球私募股权基金的投资中心之一。从我国私募股权基金市场的格局来看,目前已经形成了多种组织模式并存、参与者逐渐扩大化的态势。与传统的靠天吃饭的盈利模式不同,券商开展直投业务不仅有利于自身赢利空间的拓展,而且有利于发挥地域优势,针对中小企业的需求提供特色服务,其自身也具备一定的优势。本文沿袭这条思路,重点对我国券商参与直投业务的相关规定、券商开展直投业务的现状及其问题进行了讨论。     

上市公司过度股权融资：经验证据与理论解释

一直以来，对中国上市公司存在过厦股权融资现象的判断很大程度上是基于感性认识，经验分析和理论解释并不多见。本文在对研究文献进行简要回顾的基础上，对过度股权融资进行了合理界定，对中国上市公司过度股权融资现象及其程度进行了实证考察，并通过建立中国上市公司控股股东的融资决策模型，对上市公司过度股权融资现象进行了理论解释，据此分析了导致过度股权融资的影响因素和内在作用机理，并提出了相关政策建议。     

公司治理与会计稳健性——基于上市公司的实证研究

会计稳健性是财务报告的一个重要特征和惯例，已成为会计盈余的重要质量特征之一。本文运用basu（1997）模型，将会计稳健性定义为会计报告对坏消息的确认比好消息更及时，探讨了有关公司治理的几个重要因素对会计稳健性的影响。研究发现：在影响会计稳健性的治理因素中，银行借款比例与会计稳健性正相关，国家股比例与会计稳健性负相关，在国家股比例低的分组，会计稳健性较高。发行有B股的企业，会计稳健性与只有A股的企业没有显著差异。研究表明，会计稳健性作为会计报告质量的一种量度，随着会计制度和准则的国际接轨与完善，证券市场监管的加强，取得了一定成效，但是会计准则和会计制度不能保证会计报告的质量，尚需改革国内相关的制度背景，如公司治理、法律实施环境等。