云南大健康产业可持续发展路径分析与思考——基于产业投资视角

大健康产业是21世纪最具发展潜力和经济可持续发展带动效用的新兴产业,近年来随着中国的大健康产业的发展,对此产生了多种概念和认知.从产业投资视角对大健康的概念进行研究和归纳分类,梳理大健康产业生态和发展现状,通过统计数据结合实证经验剖析云南大健康产业发展面临的问题.在此基础上,在生物医药、健康服务、健康地产3个具有基础优势的产业领域提出实施路径和发展建议,以提高云南大健康产业的可持续发展能力.     

国有企业如何做好投资项目财务风险管理

作为国有企业经营管理的重要组成部分,财务风险管理对于投资项目经济效益的保障具有积极作用。论文在阐述国有企业投资项目财务风险管理必要性的基础上,就现阶段财务风险管理的问题展开分析,并指出国有企业投资项目财务风险管理的策略。期望能进一步提升财务风险管理质量,确保投资项目资金运行的安全性,进而促进国有企业的进一步发展。     

Short-termism,shareholder payouts and investment in the EU

Investor-driven 'short-termism' is said to harm EU public firms' ability to invest for the long term, prompting calls for the EU to better insulate managers from shareholder pressure. But the evidence offered—rising levels of repurchases and dividends—is incomplete and misleading: it ignores large offsetting equity issuances that move capital from investors to EU firms. We show that, over the last 30 years and the last decade, net shareholder payouts have been moderate and investment and cash balances have increased. In sum, the data provide little basis for the view that short-termism in the EU warrants corporate governance reforms.     

Financial experts on the top management team: Do they reduce investment inefficiency?

We examine the effect of the top management team (TMT) professional finance experience on firm investment efficiency. Top managers with a career background in finance help reduce deviations of investment from the level warranted by firm fundamentals. Reductions in investment inefficiencies are achieved by financial expert managers using project-specific rather than company-wide, discount rates for project evaluation and facilitating debt and equity issuance at lower costs. Greater investment efficiency due to the financial expertise of TMT improves firm performance. We demonstrate that these improvements are driven by the collective expertise of the TMT rather than solely by chief executive officers.     

Corporate investment and stock market valuation

We study the driving forces behind the positive association observed between corporate investment and stock market valuation, and how they interact with managerial equity incentives and informativeness of investment. We build a dynamic model where managers use investment choices to influence investors' opinions about firms' future prospects and increase the market valuation. The incentives to manipulate the valuation processes increase with managerial equity incentives and informativeness of investment. Our empirical findings support the model's predictions that the tendency of using investment to boost market valuation is stronger when managerial stock ownership is high or when earnings quality is low (i.e., there is strong reliance on investment for information).     

Financial openness and profitability premium: Causal evidence from the Shanghai-Hong Kong Stock Connect

This study explores the impact of capital market openness on the profitability premium by using the Shanghai-Hong Kong Stock Connect (SHKSC) programme as an exogenous shock. The empirical results show that (1) we can basically rule out the mispricing mechanism driving the significant profitability premium in China; (2) following SHKSC, the expected stock returns increase more across less profitable firms, and the less profitable firms have more increases in illiquidity, capital structure and information disclosure quality; and (3) the results are still robust after using propensity score matching analysis, deleting the highly volatile periods and conducting a firm-level test with the triple-differencing design.     

The greening effects of regional innovation symbiosis – Evidence from Chinese listed firms

This paper investigates the regional innovation symbiosis effect on firm green innovation. Chinese A-share listed firms from 2012 to 2018 were the sample and the entropy method was used to construct a regional innovation symbiosis index. We found that innovation symbiosis significantly promoted firm-level green innovation, with regional government environment investment playing an intermediary role. Further tests indicated that the effect was more pronounced when firms were in cities that had green industrial parks and in firms that publicly disclosed more environmental information. State-owned firms were found to be more likely to focus on green innovation in higher innovation symbiosis systems.     

Institutional investor horizon and stock price synchronicity: Do product market competition and analyst coverage matter?

This paper provides new insights into the relation between institutional investment horizon and stock price synchronicity and investigates whether this relationship depends on the intensity of product market competition and analyst coverage. Based on a sample of French listed companies, we find that long-term (short-term) institutional investors are associated with lower (higher) stock price synchronicity. The results also show that the negative effect of long-term institutional investors is more accentuated for firms in less competitive markets and with high analyst coverage. An additional analysis shows that the synchronicity reduction effect does not vary during the financial crisis. Overall, these findings suggest that unlike their short-term counterparts, long term investors reduce asymmetric information and help disseminate firm-specific information into stock prices.     

Growth and Nongrowth Capital Investments and Future Performance*

Most studies on the impact of capital expenditure on future performance use the aggregate capital expenditure disclosed in the cash flow statement. In this study, however, we distinguish between growth capital investments (that increase production capacity) from nongrowth capital investments (that only maintain or reduce current capacity). For growth capital investments, we document a negative association with year-ahead performance, which becomes positive in the subsequent year. For nongrowth capital investments, we observe a non-negative association with year-ahead performance. For nongrowth capital investments, we document a positive association, suggesting that the divestment is beneficial. That is, firms are likely disposing of nonproductive assets. Our results suggest that disclosing the nature of capital investments is important to better assess the future impact of a firm's investment decisions.     

国有股权能促进民营企业“脱虚向实”吗？

基于“反向混改”的资源效应与治理效应,以2008—2019年我国沪深A股民营上市公司为样本,分析并实证检验了国有股权对民营企业“脱虚向实”的影响及其机制,形成以下结论：国有股权能促进民营企业“脱虚向实”;机制检验表明,治理效应即降低第二类代理成本与提高分析师关注度是国有股权促进民营企业“脱虚向实”的路径,而非资源效应,表明国有股权主要通过弱化参股企业逐利动机实现“脱虚向实”;异质性分析表明,在内部控制质量低及市场化程度高的样本中,国有股权的积极作用更显著。研究结论对引导民营企业利用国有资本发展实体经济具有借鉴意义。