政治关联与我国民营上市企业的多元化投资

本文以2010年我国沪深民营上市企业为研究对象,研究民营上市企业的政治关联对民营企业多元化投资的影响.研究发现:1.民营上市企业的政治关联对其多元化程度的影响是显著为正的,当民营上市企业的政治关联划分为代表委员类政治关联、前政府官员类政治关联和政府行业协会类政治关联之后,只有代表委员类政治关联对民营上市企业多元化程度有...     

日本地震保险制度风险管理体系分析

风险管理体系是日本地震保险制度成败的关键。本文首先从风险分散、风险控制和责任准备金提存与管理3个方面对日本地震保险制度风险管理体系的基本框架进行了归纳和总结,然后深入分析了其特点和目前阶段面临的挑战,最后在此基础上得出了对我建立地震保险制度的启示。通过对中国国情的具体分析,认为日本通过在财产保险公司、政府、地震再保险公司之间反复再保险以分散风险的做法比较适合现阶段的中国,而且当务之急是在建立中国的地震再保险公司,由其在微观层面发挥组织者和执行者的作用。     

用寡占反应论评析通用丰田在中国市场的“龙虎斗”

70年代美国学者尼克尔博克在研究美国企业的国际直接投资时发现,在寡占市场中,国际直接投资由竞争者的行为及其相互反应决定。这个理论仍然能很好地解释今天跨国汽车巨头通用、丰田抢占中国市场上的“龙虎斗”。     

Regulatory Optimal Bank Size

This paper presents a study of potential outcomes of bank growth. Banks grow by expanding market presence within the geographic region within which they are domiciled and by expanding presence into other regions via new implantations. Growth leads to improved diversification, but also results in an increase in the risk of catastrophe that a bank’s failure may engender. The conclusion is that there will exist a threshold size of bank at which the rate of growth in its systemic risk exceeds the rate of decline in its risk of insolvency. An empirical study of US bank call report data provides results that are consistent with the theory presented in the first part of the paper.

论澳门经济适度多元化

促进澳门经济适度多元化的政策选择包括:加强监管、规范博彩业发展;旅游业向综合性、多元化发展;构建区域会展平台发展会议展览业;加快零售业规模扩张及产业整合;构建区域性商贸服务平台,发展离岸服务业;以"跨境工业区"为载体推进制造业产业转型。     

Market risks that change domestic diversification benefits

We study the options-implied market risks and correlations to identify factors that affect U.S. stock correlations during 2007–2018. We discover that U.S. stock- and bond-market uncertainty, equity tail risk, European equity risk, and global credit risk are dominant contributors to changing correlations. While correlations rise universally with rising U.S. and European stock-market uncertainty, other market risks show diverging effects on correlations in crisis and non-crisis periods. Rising equity tail risk and global credit risk raise correlations in crisis times. Our results disentangle the risks of stock and bond markets that change the domestic stock diversification benefits.     

International diversification of manufacturing operations: Performance implications and moderating forces

The strategic importance of diversifying international manufacturing for firms with global operations has been extensively documented in a series of studies. There is a lack of studies, however, of the performance implications of strategically spreading manufacturing operations across the globe. In fact, most research on international manufacturing to date has generalized from findings by researchers that examine international diversification at the level of the whole value chain, rather than specifically looking at the performance impact of dispersing production operations. Building on the concept of international manufacturing diversification, we show that its relationship with financial performance is inverted U-shaped, and that this relationship is positively moderated by product diversification and co-location of manufacturing and sales activities in the same geographic market. We place the development of international manufacturing diversification processes in the context of the resource based view and transaction costs economics. Hypotheses are tested using data on 38 firms with home base in 15 countries and car and light truck production activities in 45 countries from 2002 to 2008.     

Market structure and diversification of mutual funds

This study characterizes a systematic relationship between the diversification incentives and the market structure of the mutual funds industry with investors differentiated by their attitude towards risk. With sufficiently low competition the subgame perfect portfolio equilibrium exhibits maximal risk differentiation. With intensified competition intermediate funds, i.e., those attracting investors with intermediate attitudes towards risk, select diversified portfolios. Finally, we offer a general characterization of how imperfect competition between risk-differentiated funds will generate an equilibrium relationship between risk and expected returns.     

高管控制权、资本扩张与企业财务风险——来自国有上市公司的经验证据

本文基于委托代理理论,以2004～2009年的国有上市公司为研究样本,对高管控制权与企业资本扩张行为的关系及其对企业财务风险的影响进行了探讨。实证结果发现:高管控制权与企业的投资扩张及多元化扩张行为存在显著的正相关关系,而且当企业拥有充裕的现金流时,其正相关程度更大。基于联立方程模型的研究结果表明,控制权较强的高管所实施的多元化扩张战略会加大企业陷入财务困境的可能性。     

中国商业银行收入结构多元化对银行风险的影响

不同于以往文献专注于收入结构与银行绩效关系的研究,本文基于资产组合理论关于多元化组合可以分散风险的观点,对我国商业银行收入结构多元化与银行风险变化之间的关系进行研究。首先利用14家商业银行12年的数据建立面板数据模型,分析非利息收入占比提高对银行风险的影响。在此基础上,再根据资产组合理论对银行风险进行进一步的分解,试图更深一步探讨收入结构多元化与银行风险变化之间的关系。结果表明,中国商业银行收入结构多元化与银行风险间的关系并不显著,银行风险的降低主要归因于利息收入波动风险减小,而随着非利息收入占比的提高,非利息收入波动风险反而增加,对总风险的贡献值增加。基于本文的实证结果,在银行风险控制方面对中国商业银行收入结构转型提出了有益的建议。