上市公司股权集中度影响因素实证分析

本文以上市公司数据为样本,采用主成分法、逐步回归、方差分析等多种分析方法对我国上市公司股权集中度影响因素进行了实证分析。结果表明,上市公司股权集中度的主要影响因素为持股主体、行业分布和规模,在此基础上还对我国上市公司的治理提出了建议。     

多元化战略、经济绩效与资本结构——关于上市公司股权融资偏好解释

我国上市公司存在十分强烈的股权融资偏好,学术界一般将其原因归结为股权融资成本偏低。笔者研究则表明,融资成本因素并不能全部解释上市公司股权融资偏好。本文从企业多元化经营战略角度来剖析股权融资偏好。研究发现:企业多元化程度越低负债率越低,企业经济绩效越好;企业有动力降低负债率,采用股权融资。研究还发现,企业多元化战略已经构成融资决策的有效约束,股权融资偏好是上市公司的理性选择。     

我国证券投资基金投资风格实证研究

本文利用我国公开披露的证券投资基金收益率数据,对关于投资风格分析的夏普模型在我国的适用性进行验证分析,得出该模型对我国证券投资基金进行投资风格分析是有效的,是观察、判断管理人投资风格及其变化的一个良好工具的结论,并概括出我国证券投资基金的投资风格特点。     

英国的非公开权益资本和风险投资

英国是欧洲风险投资和非公开权益资本的发源地。在欧洲国家中,英国的风险投资和非公开权益资本起步最早,发展也最快。从1979年算起,英国风险资本投资额和非公开权益资本增长了100多倍。2005年,在欧洲的风险投资市场上,英国的风险资本总额占欧洲风险投资额的40￣50%,在欧洲是当仁不让的“大哥大”,在世界范围内仅次于美国。本篇文章主要介绍了风险投资(VentureCapital,VC)及非公开权益资本(PrivateEquity,PE)的最新概念和从属关系以及英国的风险投资及非公开权益资本的历史、结构、规模、投资趋势、投资阶段、投资领域、地理特征、知名风险企业、投资表现等,以此从数据和分析的角度使中国的风险投资领域及非公开权益资本领域的从业人员以借鉴、启迪的作用。     

The Informational Efficiency of the Equity Market As Compared to the Syndicated Bank Loan Market

The loan market is a hybrid between a public and a private market, comprised of financial institutions with access to private information about borrowing firms. We test whether this is reflected in informationally efficient price formation in the loan market vis-a-vis the equity markets, and reject this private information hypothesis. We also reject a liquidity hypothesis which suggests that equity markets always lead loan markets, despite bank lenders' access to private information, because of greater liquidity in equity markets. We further test, and reject, an asymmetric price reaction hypothesis that states that loan returns are more sensitive to negative information whereas equity returns respond symmetrically to both positive and negative information. We find evidence most consistent with an integrated markets hypothesis that suggests that both the equity and syndicated bank loan markets are highly integrated such that information flows freely across markets. This is particularly true when the equity market makers are also loan syndicate members.      

The consequences to analyst involvement in the IPO process: Evidence surrounding the JOBS Act

The JOBS Act allows certain analysts to be more involved in the IPO process, but does not relax restrictions on analyst compensation structure. We find that these analysts initiate coverage that is more optimistically biased, less accurate, and generates smaller stock market reactions. Investors purchasing shares following these initiations lose over 3% of their investment by the firm's subsequent earnings release. By contrast, issuers, analysts, and investment banks appear to benefit from this increased bias, as optimism is more positively associated with proxies for firm visibility and investment banking revenues when analysts are involved in the IPO process.     

Value relevance of proportionate consolidation versus the equity method: Evidence from Hong Kong

Whether proportionate consolidation (PC) or the equity method (EM) provides more informative financial statements is a controversial issue. This study uses data from listed companies in Hong Kong to investigate the value relevance of the EM compared with PC during 2005–2008 when the local word-for-word equivalent HKAS 31 offered the same options. The results of this study provide evidence that PC does not offer higher value relevance than the EM. PC’s horizontal aggregation of a portion of the operations, assets and liabilities of the jointly controlled entities with those of the venturer is less informative to investors than the EM’s vertical aggregation.     

From talent management to talent optimization

The term ‘talent management’ has been around for quite some time, but definitions abound around the globe, applications are varied and a plethora of measures—mostly tactical—are currently being used. This article addresses how the concept of talent management is of both theoretical and practical value in any industry or geography. How can we know when talent investments have been optimized? What is the talent lifecycle and why is it important? Additionally, the article presents and illustrates the People Equity framework that serves as a global bridge between important individual and business outcomes such as turnover, financial performance, quality, productivity, customer retention, and organizational processes and policies that drive high or low talent optimization.     

Using principles of justice to assess the modal equity of regional transportation plans

While equity has been an important consideration for transportation planning agencies in the U.S. following the passage of Civil Rights Act of 1964 (Title VI specifically) and the subsequent Department of Transportation directives, there is little guidance on how to assess the distribution of benefits generated by transport investment programs. As a result, the distribution of these benefits has received relatively little attention in transportation planning, compared to transport-related burdens. Drawing on philosophies of social justice, we present an equity assessment of the distribution of accessibility in order to define the rate of “access poverty” among the population. We then apply this analysis to regional transportation plan scenarios from the San Francisco Bay Area, focusing on measures of differences between public transit and automobile access. The analysis shows that virtually all neighborhoods suffer from substantial gaps between car and public transport-based accessibility, but that the two proposed transportation investment programs reduce access poverty compared to the “no project” scenario. We also investigate how access and access poverty rates vary by demographic groups and map low-income communities within access impoverished areas, which could be the subject of further focused investments.     

融资渠道与中国区域技术创新

运用2011-2016年中国内地31个省份面板数据，通过固定效应模型检验不同融资渠道对全国以及东中西部地区技术创新的影响。结果表明：①债权融资在整体上对技术创新影响不显著，分地区看，其在东部地区发挥了促进作用，而在中西部地区则起到抑制作用；②从整体及中西部地区看，股权融资对技术创新的影响不显著，且抑制了东部地区技术创新；③对股市板块进行细分后，整体上股权融资中只有创业板股权融资显著促进了技术创新水平提升，主板和中小板的作用均不显著。