我国上市公司股权集中度与公司绩效的理论与实证研究

本文以净资产收益率、主营业务资产收益率及市净率为被解释变量,股权集中度为被解释变量,并使用公司总资产的自然对数代表公司规模、财务杠杆、净利润增长率作为控制变量,从公司治理角度分析股权结构对公司绩效的影响。从农林牧渔业、采掘业、制造业等11个行业中挑选了923家上市公司为样本,分别对样本总体和各行业的数据进行了回归分析。此研究的政策意义在于现阶段上市公司治理结构的改革不应盲目模仿英美模式无视中国的国情,过于强调股权分散。认为只有保持股权的适度集中才有助于我国上市公司的长远发展和整体绩效的提高。     

公司治理对上市公司估值的影响分析

本文在分析公司治理机制的基础上,将影响公司治理的各个因素进行量化,通过构建上市公司估值模型,对公司治理影响估值进行实证分析.本文的结论是,公司治理对上市公司估值的影响很大;治理结构完善的公司,其估值水平相对较高,反之亦反之.     

中美上市公司年度报告披露准则比较研究

本文旨在比较分析中美上市公司年度报告披露准则，为我国修订年报准则提出建议。本文首先比较分析了中美年报准则要求披露的项目内容及其特点，在此基础上，结合我／国年报披露中存在的问题，建议在修订年报准则时借鉴美国制订年报准则的经验，并提出了几点具体改进措施。     

Why Capital Income Taxes Survive in Open Economies: The Role of Multinational Firms

This paper discusses the role of multinational firms and double taxation treaties for corporate income taxation in open economies. We show that it is optimal for a small open economy to levy positive corporate income taxes if multinational firms are taxed according to the full taxation after deduction system or the foreign tax credit system. Positive corporate taxes also occur in the asymmetric case where some countries apply the exemption system and others apply the tax credit system. If all countries apply the exemption system, the optimal corporate income tax is zero. We also show that, under tax competition, corporate income taxes are not necessarily too low from the perspective of the economy as a whole. While the undertaxation result is confirmed for the case of the exemption system, tax rates may also be inefficiently high if the deduction or the credit systems are applied.     

国债税收平滑路径、我国国债与税收关系背景和取向分析

本分析了税收平滑在我国的适用情况，通过我国国债和税收政策的演变和背景，我们认为税收平滑在我国一直没有存在的可能性，因此，当期不能简单地将国债增发和减税作为积极财政政策的两个互为补充手段。我国税收征收空间分析应侧重税收经济效应自身，财政税收政策的调整可平稳过渡为国债税收平滑路径的建立做准备。     

积极财政政策的可持续性分析

本文分别从当前宏观经济形势、我国政府债务风险和公共部门投资的挤出效应三个方面考察了我国积极财政政策的可持续性。认为我国当前的经济形势下 ,积极财政政策的淡出还为时尚早 ;我国单纯的国债风险并不高 ,但是我国政府的综合债务风险却相当大 ,控制我国综合债务风险的关键是控制存量 ;我国公共部门对民间投资的挤出效应不明显 ,当前民间投资不活跃的主要原因是另一种“挤出效应” ,即对民间投资的歧视和限制 ,要改变这种情况的主要方法是改革     

内部审计在中小企业改革中的作用

在国企改革中，发挥审计作用是确保改革成功的一项必要措施，本介绍了审计工作如何介入改革发挥作用。对建筑企业的审计有一定的借鉴意义。     

Diversification, Ownership and Control of Swedish Corporations

We study the short‐ and long‐term valuation effects of Swedish takeovers. Using a sample of 93 bidding firms that acquired 101 targets between 1980 and 1995, we find that diversifying acquisitions lead to a negative market reaction and deterioration of the operating performance of the bidder. Announcement and performance gains in each of the three years following the acquisition occur only when bidders expand their core rather than their peripheral lines of business. Our findings suggest that focused acquisitions lead to greater synergies and operating efficiencies than diversifying acquisitions. Intra‐group acquisitions, however, show that bidders do not realise significant gains whether they adopt diversifying or focusing investment strategies by purchasing firms controlled by the Wallenberg and SHB conglomerate groups. Intra‐group targets realize significant gains regardless bidder's investment strategy. Finally, the evidence does not support the view that intra‐conglomerate acquisitions are associated with expropriation of minority shareholders. However, they appear to enhance the control rights of large shareholders of the bidding firm.     

Stock Index‐linked Debt and Shareholder Value: Evidence from the Paris Bourse

French banks and non‐financial companies issue index‐linked debt whose value at maturity is indexed to the CAC 40 or to a basket of European indices. This paper examines stock announcement effects associated with these bonds on three dates: the date the issuer's General Assembly decides future capital needs, the publication in the journal of the COB (the stock market board), and the issue date. We find the issuance of index‐linked debt has significant positive announcement effects on the issue date, which we attribute to its market‐completion property. In order to examine further whether market completion is at play, we decompose the value of the bond at issue into its straight bond and option values. We determine that the bonds are overvalued again supporting market completion.     

Trade-off Model of Debt Maturity Structure

In this paper, we suggest the trade-off model to explain the choice of debt maturity. This model is based on balancing between risk and reward of using shorter-term loans. Shorter-term loans have cost advantage over, but incur higher refinancing and interest rate risk than longer-term loans. Using the Compustat data, we show that the principal components of financial attributes are financial flexibility and financial strength. Therefore, only firms with greater financial flexibility and financial strength can use proportionately more short-term loans. We also document that financially strong firms take advantage of lower interest rates of short-term debt. They use proportionately more short-term loans when the term premium is high. The results of our study also provide evidence supporting the agency cost hypothesis, which is strongly supported by current literature.