管理层持股与公司绩效:一项基于深圳股票市场的实证研究

本文在现有理论和实证分析框架基础上,以在深圳证券交易所上市的331家公司为研究对象,运用非线性回归模型对上市公司管理层持股与经营绩效的相关性进行了实证检验。实证结果表明,公司绩效与管理层持股之间存在三次曲线关系:管理层持股在0%—0·1376%之间时,公司绩效随管理层持股比例的增加而下降;管理层持股在0·1376%—0·7462%之间时,公司绩效随管理层持股比例的增加而上升;管理层持股超过0·7462%时,公司绩效再次随着管理层持股比例的增加而下降。     

Economic progress and skill obsolescence with network effects

Summary. We construct an OLG model with network effects to examine skill obsolescence when individuals can choose technological vintages. In the absence of transfer payments, some regions of the parameter space have unique stationary equilibria, others have unique cyclical equilibria, and others have multiple stationary equilibria. All equilibria are Pareto efficient. However, rat race equilibria can exist in which all agents currently alive prefer a slower rate of progress than occurs in equilibrium. When contemporaneous transfers are allowed, equilibria are unique everywhere, but a cycle still exists, and a rat race can still arise in equilibrium. Allowing intertemporal transfers (debt) ensures that all equilibria are stationary. In the relevant parameter range, the introduction of debt can eliminate cycles and increase the long-run growth rate. No rat race equilibria exist when debt is allowed.Received: 3 January 2002, Revised: 3 June 2004, JEL Classification Numbers: 041, J24, O33. Correspondence to: Ian P. KingEarly versions of this paper were presented at the West Coast Macro Workshop, the Mid-West Macro Meetings, the Canadian Macroeconomics Study Group Meetings, and the Society for Economic Dynamics Meetings. We would like to thank V. V. Chari, Merwan Engineer, Don Ferguson, John Hillas, John Knowles, Dan Peled, Dan Usher, Linda Welling and Julian Wright for helpful comments. We are especially grateful to an anonymous referee for some very useful and substantive comments.     

Redistribution as a selection device

This paper studies the role of the wealth distribution for the market selection of entrepreneurs when agents differ in talent. It argues that the redistribution of initial endowments can increase an economy's surplus because more talented individuals get credit for their risky investment projects. Moreover, the redistribution of initial endowments may lead to a Pareto-improvement although all agents are non-satiable. An agent's entrepreneurial ability is his private information and there is moral hazard in production. I find conditions such that unproductive rich entrepreneurs crowd out productive poor ones on the capital market. Then redistribution of initial endowments may lead to a new equilibrium where market participants are better informed about the entrepreneurs’ ability. The new equilibrium is characterized by (i) the selection of better entrepreneurs, (ii) a higher riskless rate of return on capital, (iii) lower repayments of successful entrepreneurs to their creditors and (iv) the fact that all agents are better off.     

Unemployment Risk, Labour Force Participation and Savings

This paper analyses labour force participation and precautionary savings in the presence of risks of being fired or failing to secure a job offer when out of the labour market. We use a finite horizon framework with two employment states and a stage utility function which is CARA in consumption but non-separable in leisure. The results are that there is precautionary labour force participation: employment risk lowers the reservation wage; generally it also reduces consumption. However due to the non-separability assumption, precautionary savings, as usually defined, may not be positive. We characterize the reservation wage and contrast the results with those in which the stage utility is additive in leisure and consumption. We extend the analysis to study the effects of cyclical variation in employment risk, of stochastic future wage rates, and of adding a third employment state of search.     

The impact of corporate strategy on the capital structure of Australian companies

Research into the capital structure of firms has been the subject of extensive empirical investigation but further progress may be constrained by the conventional paradigm underlying most of this work. This paper seeks to extend the debate by examining the endogenous influence of corporate strategy on financing decisions made by firms. While the theoretical specification of the possible relationship has to be developed further, various models were constructed and company data from Australia, an economy with some notoriety for fairly loose corporate debt management, was used to examine various hypothesized relationships. Our analysis suggests that corporate strategy influences capital structure, particularly for the most diversified firms, and that the emerging relationship is complex. Profit, cash flow, the rate of growth and the level of earnings risk are important additional internal influences on capital structure. The results are reasonably robust and indicate that this focus of enquiry has considerable potential for further resolution of the capital structure puzzle, as well as contributing to the debate on the impact of institutional shareholders on the corporate strategy of the firms in which they invest.     

历史与现在——国际商法的演进对我们的启示

文中对国际商法从古代商法、中世纪商人法到近代商法国内化以及现代商人法的历史演进过程进行研究,并从纵向和横向的角度解读了国际商法的发展带给我们的启示。     

FAMILIES, TIME AND MONEY IN CANADA, GERMANY, SWEDEN, THE UNITED KINGDOM AND THE UNITED STATES

Using microdata from the Luxembourg Income Study, we assess "time crunch" for families with children in Canada, Germany, Sweden, the U.K. and the U.S. Both theory and empirical evidence suggest that both time and money are important inputs to the well-being of parents and children. We present cross-country comparisons of "total available adult hours" under different assumptions about the varying time needs of families of different size. We also present estimates of "time shortages." In all cases, we provide separate estimates for families located at different points in the country income distributions, since being short of both time and money is likely to be particularly problematic. Although paid work hours are highest for high-income families, we nonetheless find significant numbers of lower-income families in which parents work very long hours in the paid labor market; this is particularly the case in the U.S.     

Evidence on corruption as an incentive for foreign direct investment

This paper assesses the relationship between corruption and inward foreign direct investment (FDI). Previous research has presumed that corruption directly enters the cost function of multinationals, suggesting a negative relationship between corruption and FDI. For a sample of 73 developed and less developed countries and the time period 1995–1999, we find a clear positive relationship between corruption and FDI. Corruption is thus a stimulus for FDI.     

Foreign Competition and Wage Inequality

The author argues that increased foreign competition can affect technical choice and skill differentials even when actual imports do not rise significantly. A model is presented of general oligopolistic equilibrium (GOLE) in which a reduction in import barriers (whether technological or policy–imposed) encourages more strategic investment by incumbent firms. The predictions accord with many of the stylized facts: higher skill premia; higher ratios of skilled to unskilled workers employed in all sectors and throughout the economy; little change in import volumes or prices; and rapid technological progress with rather little change in total factor productivity.