基于GE矩阵的环保企业技术创新战略选择

在经济全球化进程不断加快和环境问题日益严重的今天,环保企业传统的竞争模式已经被知识技术竞争所取代,技术创新战略在环保企业的发展中成为提升企业核心竞争力、实现企业可持续发展的基础。本文对环保企业在技术创新过程应用GE矩阵确定创新领域和选择创新战略进行了分析,给出了环保企业在面临技术创新的内外部环境变化和市场竞争不断加剧时如何选择最优战略的基本分析方法。并针对中国环保企业的特点提出环保企业技术创新战略的建议。     

Does overcapacity prompt controlling shareholders to play a propping role for listed companies?

A major risk currently facing the Chinese economy is overcapacity, which affects the efficiency of social resource allocation (Xi et al., 2017; Huang et al., 2019). When a company is in crisis, the internal capital market often plays a propping role. This study approached this issue from the perspective of the controlling shareholder and examined whether controlling shareholders provide financial support to enterprises in industries with excess capacity. According to the data for China’s A-share listed companies from 2007 to 2019, companies in industries with excess capacity received more financial support from controlling shareholders compared with those in non-overcapacity industries. Analysis of the mechanism revealed that state-owned enterprises and companies with relatively poor financial status received more financial support from controlling shareholders. This study also examined the economic consequences of such support and found that it is conducive to enhancing enterprise value. This study enriches the literature on overcapacity and internal capital markets by demonstrating that internal capital markets play a propping role for companies facing industry-level crises. This finding has both theoretical value and practical implications related to supply-side reform and capacity reduction.     

创始股东保护问题研究——国美股权与控制权之争对中国公司治理的启示

国美虽在英属维尔京群岛注册,在香港交易及结算所有限公司上市,但仍不失为一家典型的中国式家族企业。国关事件展示了一个失衡的公司治理架构,即管理层可在两权分离的立法模式下实现内部人控制,风险投资人可通过议定投资协议来约束管理层,但创始股东则因受制于一股一权的强制性规范而容易失去对公司的控制权。为维护其创业诉求,建议创始股东除传统控股,还应特别设计公司章程来预留特定董事席位,并约定优先股等保护条款。     

大股东控制:利益冲突与法律调整

随着对公司治理研究的不断深入,学术界更加关注大股东控制对公司治理模式的影响。与现有研究不同,在承接前人的研究成果基础上,本文研究了公司治理模式的转变对企业内利益主体利益关系的影响,探讨了大股东控制对中小股东利益的影响,并重点分析了大股东控制对企业债权人价值的影响。研究认为,大股东控制会加大债权人的风险,提高负债融资的代理成本。最后,文章从法律层面分析了对投资者的保护措施。     

Does insider trading explain price run‐up ahead of takeover announcements?

This study empirically examines the impact of changes in substantial shareholdings ahead of 450 Australian takeover offers between the years 2000 and 2009. Previous studies have attributed a significant proportion of the price run‐up effect in takeover targets to insider‐trading behaviour. This study examines the contribution of a broad range of public information sources that are known to typically generate market anticipation, including the acquisition of toeholds ahead of takeover announcements. Our findings show no significant pre‐bid run‐up for takeover targets after considering these sources. We conclude from these results that previous findings attributing pre‐bid share price run‐up to illegal insider trading may overstate the existence of such conduct.     

“Swimming Ducks Forecast the Coming of Spring”—The predictability of aggregate insider trading on future market returns in the Chinese market

This study systematically examines the ability of aggregate insider trading to predict future market returns in the Chinese A-share market. After controlling for the contrarian investment strategy, aggregate executive(large shareholder)trading conducted over the past six months can predict 66%(72.7%) of market returns twelve months in advance. Aggregate insider trading predicts future market returns very accurately and is stronger for insiders who have a greater information advantage(e.g., executives and controlling shareholders).Corporate governance also affects the predictability of insider trading. The predictability of executive trading is weakest in central state-owned companies,probably because the "quasi-official" status of the executives in those companies effectively curbs their incentives to benefit from insider trading.The predictive power of large shareholder trading in private-owned companies is higher than that in state-owned companies, probably due to their stronger profit motivation and higher involvement in business operations. This study complements the literature by examining an emerging market and investigating how the institutional context and corporate governance affect insider trading.     

上市公司财务管理目标的选择

“股东财富最大化”与“企业价值最大化”分别作为上市公司的财务管理目标,一直深受关注。文章从上市公司的治理结构入手,重点分析我国的国情特别是上市公司的现状,得出股改后的中国选择“企业价值最大化”作为财务管理目标是必然的。     

上市公司股利政策实证研究

笔者认为,影响股利政策的因素有法律方面的,也有公司自身方面的,其中公司自身的资本结构是最主要也是最关键的因素。资产负债率、资产的流动性、负债的内部结构以及公司规模、股权集中度会直接影响到股利分配。本文对此进行了研究与探索。