Customer concentration and loan contract terms

We study pricing and non-pricing features of loan contracts to gauge how the credit market evaluates a firm’s customer-base profile and supply-chain relations. Higher customer concentration increases interest rate spreads and the number of restrictive covenants featured in newly initiated as well as renegotiated bank loans. Customer concentration also abbreviates the maturity of those loans as well as the relationship between firms and their banks. These effects are intensified by customers’ financial distress, the level of relationship-specific investments, and the use of trade credit in customer–supplier relations. Our evidence shows that a deeper exposure to a small set of large customers bears negative consequences for a firm’s relations with its creditors, revealing limits to integration along the supply chain.     

Shareholder Protection,Ownership, and Dividends: Russian Evidence

This article investigates the relation between corporate governance mechanisms and dividend policy in Russian firms. Using a sample of Russian listed firms over the period 1998–2003, we estimate models for dividend pay probability and payout size. We find that there has been a significant increase in dividend payout levels which coincide with improvements in legal shareholder protection. State controlled firms are more frequent dividend payers as compared to other majority owned firms. We also find that dual share firms, in which corporate charters protect minority interests, have a higher dividend pay probability; while firms reporting according to US GAAP, which may be less likely to manipulate earnings, have a lower dividend payout.     

区域经济集中与区域金融稳定的关系——以江苏省为例

采用江苏省13个地级市2002—2013年的相关数据,对区域经济集中与区域金融稳定的关系进行研究,结果表明：区域经济集中与区域金融稳定存在相关性;区域经济集中是区域金融稳定的格兰杰原因,区域经济集中的正向冲击会引起区域金融稳定先反向后正向的变化;随着区域经济集中度的上升,区域金融稳定呈现“先降后升”的U型变化。     

Durability Versus Concentration as an Explanation for Price Inflexibility

We document the extent of price rigidity across United States manufacturing industries in the 1980s and early 1990s and compare rigidity across different phases of the business cycle. We measure price rigidity in three ways – each under four different sets of assumptions. We take an approach that relies on disaggregated data; we look at price patterns for over 4000 individual manufactured commodities. Both durability and seller concentration are found to be important factors explaining differences in price rigidity across industrial product classes. Using our data, we replicate the regression results found in Carlton (1986) that were based on actual transaction prices from the 1960s.     

员工持股计划如何提升内部控制有效性？——基于PSM的实证研究

基于2014年6月中国证监会《关于上市公司实施员工持股计划试点的指导意见》试行的制度背景,以2014—2017年实施员工持股计划的上市公司为研究对象,运用PSM法,实证分析了员工持股计划影响内部控制有效性的机制。研究发现:实施员工持股计划能够显著提升内部控制有效性;内部监督、信息与沟通以及控制活动三要素具有中介作用,员工持股计划主要通过强化内部监督、改进信息与沟通以及优化控制活动来提升内部控制有效性;同时,股权集中度具有调节效应,低股权集中度能够强化员工持股计划对内部控制有效性的促进作用。研究结论为如何通过实施员工持股计划提升内部控制有效性提供了重要的政策启示。     

我国电力行业发电侧市场结构变化实证分析

通过分析我国电力行业厂网分开改革的5年来五大发电集团的数据资料,以装机容量、发电量和销售收入作为市场集中度的衡量基准,对我国目前电力行业发电侧的市场结构进行测算与判定,分析其变动趋势,指出今后我国发电侧市场改革的重点是对优势发电企业的潜在垄断行为进行合理规制。     

大型互联网平台扼杀式并购规制的完善与变革

互联网平台发展壮大的同时垄断问题也引起全世界反垄断执法机构的关注。尽管《反垄断法》的修订回应了公众对数字领域垄断问题的部分关切,但传统事先申报标准无法满足互联网平台反垄断执法需求,且实质性审查制度在新业态下陷入失灵,大量大型平台企业并购初创企业案件长期逃脱反垄断审查。为此,可以通过修正申报标准、完善相关市场界定、重塑反竞争评估、优先适用行为性限制条件以及构建长效监管机制来规制扼杀式并购行为。     

城市群集中与城市群经济增长

文章以拓展的市场区理论为基础,从理论上分析了城市群集中与城市群经济增长之间的关系,并利用中国十一大城市群2000-2014年的面板数据进行实证检验。理论分析结果表明,在城市群集中过程中,城市群有效产出并不会无限增加,最终趋于平稳的增长状态;而且随着城市群规模经济的增加和潜在市场规模扩大,城市群集中度先提高,然后又会出现下降的现象。实证分析表明,中国城市群集中与有效产出增长之间表现为非线性关系,并表现出一定的稳健性。未来中国城市群发展要遵照城市群发展规律。     

场所决策与产业集群中的政府存在

企业进行场所决策形成企业集群,形成企业集群的同类场所间竞争形成产业集群。基于场所内的同质性和高集聚度场所的优质性,企业外部人获得信息费用的节约将导致场所内获得自我强化的集聚经济。场所信息价值的外部性和公共性给出了政府存在的意义,但政府在产业集群中的边界止于其对产业选择的试错能力。     

欧美城市贫困集中研究述评及对我国的启示

从城市地理学、城市规划学和城市社会学的视角,综合评述了欧美国家城市贫困集中的现象,分析了贫困集中所造成的居民收入和就业机会下降、社会隔离及歧视加剧、社会治安环境恶劣、孩子遭受不良影响和公共配套设施短缺等问题,探究了市场、政府、特殊人文因素和产业结构转型等因素对贫困集中的影响。欧美城市经验为我国城市发展提供了有价值的启示,为了减少贫困集中以及由此引发的社会问题,政府应主动进行调控,缩小居民过大的收入差距,避免经济适用房和廉租房住区的集中布局,建设多样化混合社区,以及使公共住房政策由供给导向向需求导向转变。