董事长-总经理任职经验异质性与技术敏感性对企业技术并购规模的影响

基于高阶理论,以主并企业为A股上市公司的321个技术并购事件为研究对象,通过回归分析探究了董事长和总经理任职经验对技术并购决策的影响机理。研究发现,董事长-总经理任职经验异质性促进企业进行更大交易规模的技术并购。同时,总经理技术敏感性能够强化董事长-总经理任职经验异质性对技术并购规模的正向影响。此外,董事长-总经理合作默契能够进一步强化总经理技术敏感性对董事长-总经理任职经验异质性与技术并购规模的正向调节效应。研究结论在技术并购决策情境下拓展了高阶理论,并可为企业技术并购决策机制优化提供参考。     

What drives the liquidity premium in the Chinese stock market?

This paper examines the dynamics of the liquidity premium in the Chinese stock market by adopting a multivariate decomposition approach to measure the individual contributions of various driving forces of the premium (such as firm size, idiosyncratic volatility, and market liquidity betas). By employing a wide range of liquidity measures, we show that liquidity premium is generally significant in the Chinese stock market. Furthermore, this premium is increasing in recent years starting from 2011; this observation is different from the United States market, in which the premium has declined over the years. Moreover, the multivariate decomposition approach highlights several asset pricing factors as the main driving forces of the premium. Based on the Amihud liquidity measure, the decomposition approach indicates that the size factor contributes 45–65% to the liquidity premium. However, the measure based on turnover suggests that idiosyncratic volatility accounts for at least 60% of the liquidity premium. In contrast, the global market liquidity beta does not significantly contribute to the premium. However, there is some evidence that the local market liquidity beta has become more significant in its impact on the premium during the period from 2011 to 2015. Our results imply that the findings on the liquidity premium in the Chinese stock market could be sensitive to the liquidity measure used and period of analysis.     

中小投资者头寸规模的量化控制

通过对头寸规模量化控制相关理论进行梳理,认为头寸规模量化控制的步骤与方法包含初始头寸规模的确定、头寸规模的调整;头寸规模的确定涉及到的相关参数主要有风险倍数、获胜概率、止损幅度、个股只数,交易频率等,运用的策略有构建交易系统、制定交易计划、在失败中学习等。     

政治关联、事务所规模与审计质量

本文以我国A股上市公司为样本,探讨政治关联、事务所规模与审计质量的关系。研究发现,事务所规模与其审计质量正相关,即规模更大的事务所具有较高的审计质量;政治关联作为我国资本市场上市公司的普遍现象对审计行为具有显著负面影响,有政治关联的上市公司更倾向于选择小规模(非"十大")事务所,无政治关联的上市公司则更倾向于选择大所("十大");具有政治关联的上市公司获得"非标"审计意见的概率低于无政治关联上市公司。     

中国城镇化发展效率和制度创新路径

“新常态”发展阶段国家建设的中心任务已调整为通过产业布局优化调整促进各类要素资源高效集约配置,提高经济发展的整体质量。在这一进程中,城镇化是核心驱动力。针对新型城镇化战略目标,本文通过对中国132个地级以上城市规模分布的对数正态、帕累托、齐普夫分析,比较了东部地区和中西部地区城镇化效率的差异,揭示了影响因素,进而指出落实新型城镇化战略的关键是改革现有制度安排,促进人口充分流动,实现城市规模的最优分布。关键词城镇化城市规模发展效率制度创新     

Plant Size,Nationality, and Ownership Change

This paper asks whether the motivations behind mergers manifest themselves in different ways across small versus large plants, and between foreign- and domestic-owned plants. The sample consists of all the manufacturing plants in Canada between 1973 and 1999 and is divided into size quartiles by industry and grouped into foreign- and domestic-owned producers. We find that characteristics that are postulated to be associated with the type of synergy upon which ownership changes rely are found to be important factors leading to plant ownership changes across most size classes. However, the importance of synergies increases across size classes in domestic plants. Foreign-owned plants are more likely to experience control changes than domestic plants across all size classes. These differences are closely related to the characteristics possessed by foreign plants that offer takeover synergies. There is also evidence of a managerial failure motive for mergers in the foreign sector that is not found in the domestic sector.     

盈利水平、支农服务与风险控制——农商行规模调整的理论分析与实证检验

目前,银行化改制成为农村信用社新一轮改革的主要方向,但改制过程中如何调整经营规模引起了较大争议。在此背景下,本文基于拓展的商业银行最优规模选择模型,深入探讨了农商行在不同目标下规模调整的内在机理,并利用2009-2016年102家农商行的非平衡面板数据和动态面板模型进行了实证检验。结果发现:农商行能够通过规模调整实现盈利水平最大化和经营风险最小化,因此保持适度规模更有利于盈利水平的提升和经营风险的降低;当前农商行规模扩张会导致支农贷款占比减少、支农力度减弱和支农目标偏移,但农商行资产规模与支农服务间存在阈值效应,资产规模超过一定阈值后,支农贷款占比会再次提升;三重目标约束下的测算结果表明,基于当前经营管理水平下,农商行不适合过度扩张规模。