产业政策扶持对企业金融资产配置——基于“五年规划”变更的自然实验

以产业政策“五年规划”的变更构建双重差分与中介效应检验，分析了政策扶持对企业“主观投资意愿”和“客观投资机会”的双重影响，以及在两种影响的共振作用下，如何进一步影响企业金融资产配置决策的微观逻辑。研究发现：产业政策扶持对企业金融资产配置具有显著促进作用。一方面，产业政策扶持不仅会通过融资约束缓解效应提升企业投资意愿，还会通过庇护效应提高企业风险容忍度、强化风险承担，从而进一步提升“主观投资意愿”。另一方面，政策扶持引发投资潮涌会恶化市场竞争、政策前瞻性及其社会价值性，又对企业短期经济价值产生抑制，从而导致企业“客观投资机会”下滑。最终，企业在客观投资不确定性加剧而主观投资意愿上升的共振作用下选择转向具有替代性的金融资产投资。异质性方面，主业投资机会、主业经营收益率和主业经营风险越高的企业增加金融资产投资的意愿更弱，说明企业进行金融资产配置更像是锦上添花，而非根本上的“脱实向虚”。     

The Effect of Venture Capital Investment—Evidence from China's Small and Medium‐Sized Enterprises Board

In this paper, we use a matched sample to empirically test the effect of venture capital investment on the companies listed on the Small and Medium‐Sized Enterprises Board in China. We find that Chinese venture capitalists neither add value to their invested firms in the initial public offering (IPO) process nor improve operating performance. Rather, compared with their non‐venture‐backed counterparts, venture‐backed firms are associated with a greater level of IPO underpricing and inferior operating performance both before and after IPO. Our findings in China support neither the certification/monitoring hypothesis nor the grandstanding hypothesis, but partly support the adverse selection hypothesis.     

我国兼并重组政策的实施效果——以上市公司为例

以2005—2016年沪深A股上市公司以及2005—2019年沪深A股上市公司并购绩效数据为样本,以我国2010年出台的促进企业兼并重组的政策为切入点,综合运用面板二值选择模型、泊松模型、动态面板模型等方法,从企业并购微观层面考察兼并重组政策的实施效果。研究发现,从数量上来看,兼并重组政策颁布后激励了企业并购,提高了企业并购的概率和并购数量;从质量上来看,虽然企业并购后短期绩效提高,但从长期绩效来看,企业并购后民营企业和地方国有企业长期财务绩效下降,中央企业长期财务绩效提高。进一步研究发现,兼并重组政策通过缓解融资约束的途径弱化了兼并重组政策和并购绩效的负相关关系,提高了并购企业的长期财务绩效;但通过政府补贴手段强化了兼并重组政策和并购绩效的负相关关系,进一步降低了并购企业的长期财务绩效。研究结论意味着兼并重组政策的颁布对不同所有权性质的企业实施效果不同,中央企业在兼并重组政策颁布后企业并购的概率和数量增多,并购绩效提高;而民营企业和地方国有企业在兼并重组政策颁布后虽然并购的概率和数量增多,但是从质量来看长期财务绩效下降。     

Cash crisis in newly public Internet-based firms: an empirical analysis

This study examines why, even when financial resource constraints are significantly relaxed, some new ventures struggle to survive while others prosper. Using the data of approximately 200 new Internet ventures that went public during the years 1997 through 1999, we propose that the performance of new ventures is a function of pre-initial public offering (IPO) characteristics. We determined that firm-level characteristics, including top management team (TMT), financial position, networks, and location, are related to the performance of struggling new ventures. We found strong evidence of agency relationships, so that a substantial reduction in equity holdings by the entrepreneurial team is a strong signal of impending crisis. Interestingly, similar reductions by venture capital (VC) backers did not serve as a signal of crisis.     

The Politics of Self–Restraint: FDI Subsidies and Japanese Mercantilism

Home governments seek to enhance the international competitiveness of private enterprises not only through export credit, but also through preferential loans for foreign direct investment (FDI). Indeed, contrary to the common image of nation‐states resenting their loss of jurisdiction over the mobile transnational corporation, some governments have become active financiers of multinational investment to serve their industrial policy goals. The uneven use by industrialized states of preferential credit to further MNC expansion challenges the current characterization of home government policy as both homogenous and ineffective for the task of industrial promotion. The world's most active state in FDI finance, Japan, has enjoyed an inordinate degree of freedom to engage in subsidization of MNC investment since no international regime on FDI credit, similar to the OECD arrangement on government export finance, exists. Moreover, Japanese labor has not challenged the legitimacy of state FDI finance. In the absence of international or societal constraints on soft FDI credit, Japanese self‐restraint in FDI subsidization is better explained by the internal budgetary makeup of government financial institutions with a mandate to finance FDI. Treasury bureaucrats concerned with healthy public finances and politicians eager to reward core support groups, have repeatedly competed for control over the budgetary strings on soft FDI finance. This political contest is far from over. This paper, therefore, highlights the political agency behind rules of financial discipline that have so far inhibited Japanese rent‐seeking international economic behavior.     

The Impact of Public Support on SMEs' Outward FDI: Evidence from Italy

This paper evaluates the impact of public financial support to the internationalization of small and medium enterprises. We analyze the growth performance of firms that conducted outward foreign direct investments in the period 1994–2008, comparing firms that benefited from public support (380) with a sample of firms that also internationalized their activity in the same period but without any incentive (508). The econometric results, stemming from a two‐step treatment effect model, reveal that incentives are effective in enhancing firms' performance in terms of domestic turnover and productivity growth, especially when they are targeted at smaller and younger firms. Moreover, the effect of the incentives is enhanced for firms that have accumulated international experience.     

How does economic policy uncertainty affect cross-border M&A: Evidence from Chinese firms

Based on the data of Chinese cross-border mergers and acquisitions in 29 countries from 2008 to 2017, we adopt the index of world economic policy uncertainty constructed by Baker et al. (2016) to empirically test the impact of economic policy uncertainty triggered by financial crisis on the scale and performance of M&A behavior. The main conclusions are as follows: (1) Economic policy uncertainty in host country can significantly reduce the scale of cross-border M&A of Chinese enterprises. (2) The negative impact of economic policy uncertainty is more evident in non-state-owned enterprises. (3) Economic policy uncertainty in the host country has a U-shaped influence on short-term M&A performance of enterprises; (4) Economic policy uncertainty in host country has a negative impact on mid-term M&A performance of enterprises. Our results can provide reference for enterprise investment and home country policy.     

Government Public Policy, Regulatory Intervention, and Their Impact on IPO Underpricing: The Case of Malaysian IPOs

This study examines the impact of government initial public offering (IPO) regulation intending on promoting public policy. The study examines the results of the implementation of a Malaysian government policy in 1976, which mandated that at least 30 percent of any new shares on an IPO offer be sold to the indigenous Bumiputera population or to mutual funds owned by them. The study examined the short-run and long-run underpricing of Malaysian IPOs and found that Malaysian IPOs are highly underpriced compared to IPOs in developing countries, creating a market microstructure effect. It also confirmed that the Malaysian government's regulatory intervention in spite of noble public policy intentions appeared to be the significant factor for the emergence of an average first-day underpricing increase of Malaysian IPOs by 61 percent during the period after the regulatory economic policy was instituted. Furthermore, the study found that this high underpricing persists even for the long run, in contrast to the long-run performance of IPOs in the United States.     

我国2005～2010年不同所有制工业企业效率的度量和比较

采用生产率理论中的DEA-Malmquist指数方法对我国按注册登记的7种所有制工业企业2005~2010年的数据进行分析,测度结果发现样本期间企业的全要素生产率差异微小,且国有企业效率稍高于其他企业,所有制并未构成影响企业效率的主要因素。通过对全要素生产率的拆分发现,生产率变动受外部宏观经济形势的影响较大,表现为在2008~2009年金融危机爆发期间私营企业和外资企业技术变化指数的剧烈波动。国有企业效率的稳步增长与私营企业效率的波动印证了企业生产率的增长与外部融资支持密切正相关。     

Competitive Features in the Provision of Consumer Credit

The sub-prime crisis has rejuvenated a public dialogue about the regulation of financial systems. This paper examines the impact of culture on the regulation of bank entry. Based on data from 53 countries, the paper's empirical estimations are inconsistent with the prediction of ‘public choice theory’, while supporting the ‘social choice view’ that cultural value has significant influence on regulatory policy and bank performance. The estimated structural model also suggests that social context can affect the formulation of cultural values across countries.     

基于资本市场动机视角的应计盈余管理和真实盈余管理研究

现阶段,我国的证券市场基本是由政府管制,影响了我国金融市场的发展。证券企业为了得到健康发展,只能获得IPO的发行许可。从盈余管理出发,结合资本市场动机,两种假设:IPO企业同时实施两种盈余管理方法会提高其股票发行价和与真实盈余管理对企业未来的损害较大,并选取在2007到2012期间沪深两市的699家IPO上市企业样本,通过引入不同变量、创建回归模型、对回归结果分析得出两种盈余管理方式,均有利于企业提高IPO的发行价和真实盈余管理的应用会对IPO公司的长期业绩产生不利的影响。可见,两种盈余方式对于促进IPO企业健康、稳定发展具有重要的历史作用和现实意义。     

以投资替代贸易应对贸易保护主义

金融危机的爆发及其后续影响,使贸易保护主义在全球范围内重新盛行,给我国对外经济带来了不利影响和重大挑战。目前,国际投资环境优良,中国经济持续稳定增长,政府为我国企业对外投资提供了很多优惠政策和条件,我国已经发展了一批在国际市场上具有竞争力的企业,为我国实施以投资替代贸易的战略提供了坚实后盾,以投资替代贸易对我国一些有竞争力的企业来说,具有较强的可行性。为更好地实施对外直接投资战略,需要综合考虑投资的产业选择、区位选择和主体选择。政府应更好地引导企业制定相关投资战略,为企业走出去提供制度支持、资金支持及人才支持;各企业应根据所投资地区的地理及文化特点,考虑所在产业的优势及劣势,利用自身竞争力实施对外直接投资。     

当前世界经济危机下浙江省外贸出口的SWOT分析

2008年,美国次贷危机最终引起世界性的经济危机。在当前世界经济危机下,浙江省要增加出口,必须加快建设公共服务平台,发挥产业集群作用,以增强优势;必须大力扶持企业自主创新,推动品牌建设,以弥补劣势;必须重点发展服务贸易,实施贸易结构转型,以抓住机遇;必须努力改善中小企业生存环境,切实为企业减负,以化解威胁。     

Organizational Virtue and Stakeholder Interdependence: An Empirical Examination of Financial Intermediaries and IPO Firms

Organizational virtue orientation (OVO), an organizational-level construct, refers to the integrated set of beliefs and values that support ethical character traits and virtuous behaviors. To advance the study of organizational virtue, we examine OVO in firms making their initial public offerings (IPOs), with respect to key external stakeholders that serve as financial intermediaries (i.e., venture capital firms and underwriting banks). Drawing on stakeholder and resource dependence theories, we argue that mutual interdependencies occur between financial intermediaries and IPO firms such that venture capital firms’ ownership levels and underwriter reputation are positively associated with the selection of more virtuous IPO firms. We also argue for the moderating relationship of IPO firm age on these main relationships; since IPO firms have more history and information availability, less importance will be placed on OVO in the selection process. In support of our hypotheses, the results of this study suggest the organizational virtue of IPO firms influences the selection decisions of financial intermediaries by reflecting positively on these key stakeholders to improve legitimacy and reputation.     

管理者金融危机经历影响企业金融化水平吗？——基于中国上市公司的实证研究

文章以我国2008—2017年非金融上市公司为样本，结合“烙印理论”，考察了管理者金融危机经历对非金融企业金融化水平的影响，研究发现：管理者的金融危机经历对其所在企业的金融化水平具有显著的正向影响，在一系列的稳健性检验后，该结论依然成立。且该效应在融资约束严重的企业和制度环境较好地区的企业中更加显著，而在金融危机期间遭受财务困境的企业中受到明显抑制。拓展的研究表明，经历过金融危机的管理者持有金融资产的动机并不单一，但获利动机更强烈。最后文章还发现，管理者的获利动机和管理者自信可能是金融危机经历影响企业金融化水平的关键作用机制。文章从企业微观层面拓展了非金融企业金融化水平的影响因素研究，并对企业管理者经历对非金融企业金融化的影响及作用机制研究进行了一定的探索。     

金融危机影响服务外包产业发展的传导机制及我国的对策

金融危机对服务外包产业产生了重要影响,传导机制主要包括需求传导机制、价格传导机制、汇率传导机制、贸易政策传导机制、资金链传导机制、产业链传导机制6个方面。我国服务外包产业受冲击较小,除自身具有多方面比较优势外,在某种程度上也与处于产业发展初级阶段有关。成本优势是现阶段产业竞争力的主要来源,加快发展和提升水平的关键在于实现从成本导向向价值导向的转变。     

Bank credit,public financial incentives,tax financial incentives and export performance during the global financial crisis

This paper investigates the extent to which access to credit, public financial incentives and tax financial incentives affect export performance using the EU-EFIGE/Bruegel-Unicredit data set, covering firms within Austria, France, Germany, Italy, Spain, Hungary and the UK during the 2008 global financial crisis. The results show that firms receiving credit or benefiting from public financial incentives display higher export intensity and export a greater number of product lines compared to those that did not, especially in countries with better access to credit and/or financial incentives during the crisis. Further, firms benefiting from tax financial incentives show a better export performance compared to those that did not, regardless of the degree of access to credit and/or financial incentives in the country in which they operate. In addition, the effect of access to credit and public finance incentives on export performance is found to be size-dependent, while the effect of tax financial incentives is not. We suggest that governments should promote publicly funded financial incentives along with conventional schemes, such as R&D subsidies, to promote exports, particularly during a period of financial crisis.     

Industriepolitik 2.0

Europe is a long-run success model in a mid-life crisis. In the wake of the financial crisis, European growth has been low, unemployment is high and income disparity has increased - developments that have resulted in less support for the European project, manifested in populism and Brexit. The best answer to the current problems is a new strategy based on new drivers of growth and “Beyond GDP” goals, as proposed in the WWWforEurope project. A new industrial policy would be an important part of the new European strategy. It has to be systemic, working in alignment with competition, energy and innovation policy, and it must support social and ecological goals instead of calling for cheap labour or energy as a precondition for success. High ecological standards will lead to a competitive advantage for Europe in technologies that will become all-important if the Paris 2015 goal of decarbonisation is implemented. A European technology lead in low-carbon technologies, energy efficiency and renewables constitutes a core part of a new industrial policy that can help Europe end its mid-life crisis. It should be implemented in a European-wide dialogue with industry and citizens.     

振兴东北地区经济的未来政策选择

本文针对当前东北地区经济存在的主要问题,在对现行国家援助政策及其实施效果进行初步评价的基础上,提出了进一步完善国家振兴东北老工业基地政策的具体建议.作者认为,现行国家援助政策偏重于项目投资,政策适用地域过于"泛化",没有体现分类指导的思想.尽管国家实施的东北老工业基地振兴战略已初见成效,但目前东北地区经济仍面临诸多困难,经济发展中尚存在不少问题,国有企业改革进展缓慢.为此,必须抓好东北老工业基地振兴规划,实行分类指导、区别对待,进一步加大国家财政和金融支持力度,再造信用东北.     

金融危机下我国企业的供应链战略研究

本文针对当前国际性金融危机对我国企业的影响,首先论述了我国企业供应链的特点,然后分析了金融危机下影响我国企业供应链的因素,最后提出了金融危机下我国企业供应链战略转变的措施。文章有助于指导我国企业在金融危机中调整和巩固供应链战略,有助于降低企业的成本,提高企业的竞争力,具有较好的研究价值和实用价值。