上市公司现金流质量分析——以SXZ公司为例

现金流量分析是公司财务分析的重要组成部分,更是上市公司各利益主体尤为关注的分析项目.把现金流量作为一个项目,根据经营活动、投资活动和筹资活动创新性设计现金流量质量分析指标.在理论上构建了深入分析上市公司现金流量质量指标体系,克服了传统现金流量比率不重视投资和筹资现金流量分析的面上局限和深入分析不足的缺点,使其在实践操作上更有针对性.结合样本SXZ公司实际进行具体分析,找出其所面临的问题,提出较有应用性的建议,可促进SXZ公司及其他上市公司现金流量管理更加有效、发展更加持续.     

Challenges and Changes in Gendered Poverty: The Feminization,De-Feminization,and Re-Feminization of Poverty in Latin America

Despite reductions in poverty generally, recent trends in Latin American countries show processes of both de-feminization and re-feminization of poverty. A rise in the numbers of women to men living in income-poor households has occurred despite feminized anti-poverty programs, most notably conditional cash transfers (CCTs), which target resources to women. This paper shows that methodological differences in what, how, and who is the focus of measurement may influence patterns of poverty “feminization.” It also suggests that feminized policy interventions might in themselves be playing a role in the re-feminization of poverty, not least because of data and definitional limitations in the way female-headed households and, relatedly, women’s poverty are understood. The somewhat paradoxical interactions between the feminization of household headship, the feminization of poverty, and the feminization of anti-poverty programs present interesting challenges for redressing gender gaps in poverty within the 2030 Agenda for Sustainable Development.     

上市公司发放现金股利的价值效应——基于委托代理问题视角的实证研究

现金股利发放反映了债权人、股东、管理者之间的利益分配关系,现金股利的价值效应受到委托代理问题的影响。采用2008—2017年沪深A股上市公司作为研究样本,在委托代理理论的分析框架下实证检验我国上市公司发放现金股利的价值效应。研究表明,发放现金股利可能会损害债权人利益,过度债务公司发放现金股利的价值效应较小,而债务不足公司发放现金股利的价值效应较大。基于管理者代理问题视角的研究发现,现金股利可以有效发挥降低管理者代理成本的作用,当管理者代理问题严重时公司发放现金股利的价值效应更大。基于控股股东代理问题视角的实证结果表明,现金股利可以作为替代性的治理机制约束控股股东行为,当控股股东代理问题严重时现金股利具有更高的价值效应。     

A theory of operational cash holding,endogenous financial constraints,and credit rationing

This paper develops a theory of operational cash holding. Liquidity shocks due to delayed payments must be financed using cash or short-term debt. Debt holders provide an irrevocable credit line given a firm's expected insolvency risk, and equity holders select optimum cash holding. The model demonstrates the trade-off between cash holding and investing in fixed assets. Introducing uncertain cash flows leads to precautionary cash holding if debt holders impose financial constraints. Precautionary cash holding, in turn, reduces insolvency risk enhancing access to short-term finance. The theory shows that credit rationing can occur in the absence of market frictions. Using U.S. data from 1998 to 2012, empirical findings suggest that the decline in credit lines has contributed to the increase in cash holding in line with theoretical predictions.     

Managerial Overconfidence,Self-Attribution Bias,and Downwardly Sticky Investment: Evidence from Korea

The extant literature on behavioral corporate finance has explored the effects of overconfidence on investment–cash flow sensitivity (ICS) to explain overinvestment, yet it has overlooked the asymmetric behavior of investments in relation to changes in cash flow levels. This study examines whether investments behave asymmetrically responding to changes in cash flows and, if so, how managerial overconfidence affects asymmetric ICS. Using a sample of KOSPI and KOSDAQ firms in Korea, we find the incidence of downwardly sticky ICS in unconstrained firms. We then find that overconfident managers encourage ICS to be stickier than their rational peers do in unconstrained firms. Finally, we find that managerial overconfidence intensified by self-attribution bias induces ICS to get even stickier, suggesting more explicit evidence of corporate investment distortions. The results of alternative tests using the asymmetric models of Homburg and Nasev (2008) are qualitatively consistent with prior results. Overall, our findings imply a higher incidence of excessive investment commitments driven by overconfident managers.     

CASH TRANSFERS,INTERGENERATIONAL MOBILITY,AND THE PROCESS OF DEVELOPMENT

We examine how cash transfers affect an individual's education investment, intergenerational mobility, and economic growth. We find that providing larger transfer amounts to higher ability children is desirable to foster growth if the economy has relatively low wage inequality.     

Data breaches and corporate liquidity management

This paper investigates the effects of data breach disclosure laws and the subsequent disclosure of data breaches on the cash policies of corporations in the United States. Exploiting a series of natural experiments regarding staggered state-level data breach disclosure laws, we find that the passage of mandatory disclosure laws leads to an increase in cash holdings. Our finding suggests that mandatory data breach disclosure laws increase the risks related to data breaches. Further, we find firms that suffer data breaches adjust their financial policies by holding more cash as well as decreasing external finance and investment.     

Equity valuation: A survey of professional practice

This paper reports the results of a scientific survey of the equity valuation practices of CFA Institute members with equity analysis job responsibilities. Using an instrument designed to minimize biases in prior valuation surveys and sampling a larger group than in previous studies (13,500 investment professionals, resulting in 1,980 valid completed questionnaires), this paper documents professional practices in the selection of equity valuation approaches, including specific model variations and key input preferences. Important differences in practice were observed across geographies and employer firm types.     

Will elders provide for their grandchildren? Unconditional cash transfers and educational expenditures in Bolivia

We take advantage of repeated cross‐sectional household surveys and a sharp discontinuity created by the introduction of an unconditional cash transfer to elders in Bolivia, to evaluate its impact on educational expenditures on children within a household. We find positive and significant impacts of the program at the aggregate level. We also find that the program has stronger effects on indigenous populations as well as on female and rural populations. Our results are robust to a series of falsification tests, survey structure, model specification, and estimation methods.