我国航运上市企业财务杠杆与收益的负相关的面板数据计量回归分析

去杠杆、降风险成为近年来的经济热点问题。本文以A股上市的23家航运企业为研究对象,分析近年来航运企业财务杠杆与收益的关系。通过计量回归模型及stata软件分析发现:航运企业高财务杠杆并没有带来高收益,并且呈现出负相关关系,违背了一般经济规律。通过杜邦分析法,分析其产生的主要原因,并为航运企业合理负债提出对策建议。     

Performance Volatility and Wage Elasticity: An Examination of Listed Chinese A-share Enterprises

The management of future financial risk on the part of managers and changes in firm finances are two of the fundamental reasons for upward and downward rigidity of wages. The proxy variable for firm financial risk is volatility, the past performance of which is among the principal indicators of wage rigidity. In firms whose current performance is on the upswing, the greater the volatility in past performance, the smaller the elasticity ratio and the more acute the upward rigidity; the more stable past performance, the larger the elasticity ratio and the more acute the upward elasticity. In firms in which current performance is declining, greater past performance volatility leads to a larger elasticity ratio and more acute downward rigidity, whereas more stable such performance leads to a smaller elasticity ratio and more acute downward rigidity.     

Examination of the effects of the relationship marketing orientation on the company performance

The research objective is to examine empirically the relationship marketing and its successful implementation in Turkish Beverage Companies. Three scales were used to generate the data. Relationship marketing scale, environmental factors scale and company performance scale. Some of the variables in questionnaire used as control variables that reflect company-specific characters namely, company size, business type and sales volume. First the main effect of relationship marketing orientation on company performance was assessed, and then the moderating effect of environmental factors on the relationship between relationship marketing orientation and company performance was estimated by using multivariate techniques.     

LESSONS FROM THE FINANCIAL CRISIS: THE INTERNATIONAL DIMENSION

The current financial crisis has arisen as a result of entrepreneurial and business error rather than because of inappropriate incentives within the private sector. However, government failure has exacerbated the problem. The case for responding to government failure by greater international co-ordination of banking regulation is weak. The IMF is particularly ill-suited for this job.     

逆向倾斜下的金融监管研究

随着金融创新和资产证券化的迅速发展,以金融市场为导向的直接金融业务量逐年放大,与此相对应,金融结构偏向逆向倾斜,这已经成为发达国家的普遍趋势。次贷危机充分表现出金融逆向倾斜的特征,风险与损失更多地发生在直接金融领域。金融当局不得不放弃自由市场理念,改革金融监管结构,使之与逆向倾斜的金融结构匹配,金融监管由此进入一个逆向倾斜的时代。在逆向倾斜的金融监管下,直接金融被置于严格监管之下,以达到稳定现代金融体系的目的。     

Interactive data and retail investor decision‐making: an experimental study

The results of an experimental study of retail investors' use of eXtensible Business Reporting Language tagged (interactive) data and PDF format for making investment decisions are reported. The main finding is that data format made no difference to participants' ability to locate and integrate information from statement footnotes to improve investment decisions. Interactive data were perceived by participants as quick and ‘accurate’, but it failed to facilitate the identification of the adjustment needed to make the ratios accurate for comparison. An important implication is that regulators and software designers should work to reduce user reliance on the comparability of ratios generated automatically using interactive data.     

地域商会有助于缓解企业融资约束吗?——来自A股民营上市企业的证据

破解民营企业的融资困境是事关新时代我国民营经济高质量发展的重要课题。本文以2008-2017年民营上市企业为研究样本,基于民营企业加入地域商会的研究视角,深入考察这一由政府部门核准成立的社会组织能否以及如何帮助企业缓解融资约束。结果发现,加入地域商会后,民营企业的融资约束程度得到了有效缓解。机制检验显示,地域商会有助于扩展会员企业融资所需的社会网络以及提高企业融资时的议价能力;从具体的融资渠道来看,地域商会的作用主要体现为帮助会员企业获得更多的信贷支持和商业信用。进一步地,对于市场议价能力较弱的小规模企业,面临经营困境的企业,以及所在地区的信用环境遭受冲击的企业,或位于市场化程度较低地区的企业而言,加入地域商会的积极影响更为明显。     

Excessive Volatility is Also a Feature of Individual Level Forecasts

The excessive volatility of prices in financial markets is one of the most pressing puzzles in social science. It has led many to question economic theory, which attributes beneficial effects to markets in the allocation of risks and the aggregation of information. In exploring its causes, we investigated to what extent excessive volatility can be observed at the individual level. Economists claim that securities prices are forecasts of future outcomes. Here, we report on a simple experiment in which participants were rewarded to make the most accurate possible forecast of a canonical financial time series. We discovered excessive volatility in individual-level forecasts, paralleling the finding at the market level. Assuming that participants updated their beliefs based on reinforcement learning, we show that excess volatility emerged because of a combination of three factors. First, we found that submitted forecasts were noisy perturbations of participants’ revealed beliefs. Second, beliefs were updated using a prediction error based on submitted forecast rather than revealed past beliefs. Third, in updating beliefs, participants maladaptively decreased learning speed with prediction risk. Our results reveal formerly undocumented features in individual-level forecasting that may be critical to understand the inherent instability of financial markets and inform regulatory policy.     

国有企业是低效率的吗

近年来我国国有企业的效益明显改善。一些学者认为,国有企业效益的改善主要源于国有企业的垄断地位而不是效率的提高。本文分别考察了竞争性和垄断性行业国有工业企业的效率表现,得出如下结论:在竞争性行业中,国有工业企业与非国有工业企业在财务效率和技术效率上均不存在显著差异;在垄断行业中,国有工业企业具有较高的技术效率,并不断保持着较快的技术进步速率。因此,所有制对于企业微观效率的影响并不显著,近年来我国国有企业经营绩效的改善是以国有企业微观效率的提高为坚实基础的,认为国有企业效率低,利润主要来源于垄断的看法是不符合实际的。     

Corporate financial soundness and its impact on firm performance: implications for corporate debt restructuring in Slovenia

This article studies the extent of corporate leverage and range of excessive debt of Slovenian firms during the recent financial crisis. Half of all firms (of those with some non-zero debt and at least one employee) are found to face an unsustainable debt-to-EBITDA leverage ratio beyond 4, accounting for almost 80% of total outstanding debt. Moreover, a good quarter of all firms experience debt-to-EBITDA ratios exceeding 10 and hold almost half of total aggregate net debt. We then examine how this financial distress affects firm performance in terms of productivity, employment, exports, investment and survival. We find that, while less important during the good times (pre-recession period), lack of firms’ financial soundness during the period of financial distress becomes a critical factor constraining firm performance. The extent of financial leverage and ability to service the outstanding debt are shown to inhibit firms’ productivity growth as well as the dynamics of exports, employment and investment. Micro and small firms are found to suffer relatively more than larger firms from high leverage in terms of export and employment performance during the recession period.