“走出去”战略下中国对外直接投资的母国约束研究

本文以一般性的对外直接投资决定因素为模板,改进OLI折衷模型,引入"母国约束",在总结中国近年来对外直接投资的发展历程及潜在的动因的基础上,构建了中国对外直接投资的母国决定因素的分析框架。然后,结合中国的经济发展水平、开放程度和政策措施,分析了中国对外直接投资的驱动因素及其影响机制,据此设定若干假设并一一进行了验证。同时,从中国的"走出去"战略出发,分析了中国对外投资的政策因素影响。     

从股票错误定价看投资-现金流敏感性

在传统的投资-现金流敏感性研究基础上,本文运用中国上市公司2003-2008年面板数据,考察了盈余管理造成的股票错误定价对公司投资-现金流敏感性的影响.本文的实证结果表明:当股价处于上升通道中时(即投资者看好投资前景时),公司的投资-现金流敏感性较高,并且融资约束对公司的投资-现金流敏感性影响显著,但盈余操纵导致错误定价对公司投资-现金流敏感性影响不大;股指处于下降通道时,通过盈余操纵导致股价高估的公司,往往无法获得外部股权融资,只体现了更高的稳定股价和投资的意愿,因此,此类公司的投资-现金流敏感性较高.本文运用信息不对称理论,结合投资者情绪和管理者行为分析,对研究结果进行了解释并指出了后续研究的方向.     

The evolution of financial constraints

We demonstrate that the severity of financial constraints has declined over time for two reasons: (i) improved access to external funds as evidenced by a decreased reliance on internal cash flows, and (ii) an inward shifting investment frontier with reduced investment opportunities. The decline in financial constraints coincides with the documented diminishing sensitivity of investment to cash flows, yet we show that cash flows remain a determining factor in helping constrained firms overcome restricted access to external capital. There is a flight-to-quality during economic shocks, where the adverse effects following periods of tightened credit are particularly pronounced for smaller firms, with larger firms appearing largely unaffected.     

城镇化背景下中国金融监管政策选择

发展中国家金融管制政策经历了从金融抑制、金融深化到金融约束的转变。本文研究了这三种金融发展理论的理论模式及政策取向,从学理角度探讨了三种模式下城镇化实践的经验和教训,并得出“金融约束型”监管是目前我国金融支持城镇化建设的现实选择这一结论。最后,本文指出了在推动城镇化进程中,“金融约束型”监管模式对政府机构和金融机构的启示。     

资本市场对外开放与企业融资约束——来自沪港通的证据

基于2014年沪港通开通这一外生事件,建立PSM+DID模型考察资本市场对外开放对企业融资约束的影响。研究发现：沪港通开通有效降低了我国企业融资约束,该效应在民营企业、非跨国企业、地方司法效率和市场化发展水平较高的样本中表现更为明显;进一步研究发现,沪港通能通过提高企业信息披露质量和外部监督程度两种渠道来降低企业陷入融资约束困境的概率。沪港通有利于释放企业融资约束,为我国后续资本市场对外开放的系列政策的推行提供重要的实践参考。     

公司治理、债务约束与自由现金流过度投资——基于发电行业上市公司的实证研究

本文以沪深股市的电力上市公司为样本,从公司治理、债务约束机制和自由现金流量相互关系的角度实证分析了电力上市公司的过度投资行为。探讨了公司治理结构、制度环境和债务在抑制过度投资中的作用。研究结论表明：（1）我国电力上市公司存在过度投资行为,但和自由现金流的关联度并不显著;（2）公司治理特征变量与自由现金流量的过度投资行为存在显著负相关关系;（3）债务约束效应在发电行业并没有发挥应有的作用,本文从制度的角度对这一现象进行了解释。     

感知/传输帧结构下基于有效容量的多功率分配策略

传统认知无线网络功率分配时,一般假定主用户（Primary User,PU)状态在一帧内不发生变化,并且未考虑传输时延的问题。在下一代移动网络中,由于主用户活跃程度的提高以及严格的时延要求,上述问题是功率资源分配时亟需考虑的重要方面。针对这种问题,以最大化认知用户可获得的有效容量为目标,采用基于感知/传输帧结构的四状态三功率传输策略,从而满足时延约束要求,且考虑了主用户的活跃程度。建立了系统以及状态转移模型,设计了使用服务质量(Quality of Service,QoS)约束的平均信道有效容量优化函数,采用Lagrangian方法详细分析推导了最佳有效容量的理论近似值,并对影响有效容量的不同因素进行了仿真分析。与传统的传输策略相比,在保证主用户正常通信的前提下,采用所提算法,认知用户的有效容量得到了显著提高。     

A theory of operational cash holding,endogenous financial constraints,and credit rationing

This paper develops a theory of operational cash holding. Liquidity shocks due to delayed payments must be financed using cash or short-term debt. Debt holders provide an irrevocable credit line given a firm's expected insolvency risk, and equity holders select optimum cash holding. The model demonstrates the trade-off between cash holding and investing in fixed assets. Introducing uncertain cash flows leads to precautionary cash holding if debt holders impose financial constraints. Precautionary cash holding, in turn, reduces insolvency risk enhancing access to short-term finance. The theory shows that credit rationing can occur in the absence of market frictions. Using U.S. data from 1998 to 2012, empirical findings suggest that the decline in credit lines has contributed to the increase in cash holding in line with theoretical predictions.     

Did the value premium survive the subprime credit crisis?

We provide evidence that value stocks significantly underperformed growth stocks during the subprime credit crisis, despite a positive value premium before the crisis. The reversal in the value premium concentrates in financially constrained firms, suggesting it was due to the adverse influence of the crisis rather than confounding effects. These findings are robust to alternative financial constraint proxies and asset pricing models. The observation that value stocks are vulnerable to losses during extreme downturns like the crisis is consistent with them being riskier than growth stocks. Our findings have implications for the academic debate on the underlying cause of the value premium and for investors on the profitability of value investing strategies.     

Constraints to cruising across cultures and time

Cruise tourism is permeating the global arena. With companies developing new ships/itineraries for the U.S. and China markets, understanding constraints to cruising for different cultures carries significant value for cruise tourism development. This study adopted longitudinal and cross-cultural approaches to validate constraint measures. Data were collected in the U.S. in 2008 and 2017 and in China in 2017, using the same set of constraint measures across different times and cultures. This multi-dimensional triangulation approach was deemed important for testing the robustness of a measurement scale and is believed to be the first of its type. Findings validate the cruising constraint instrument across time and cultures and provide theoretical and practical implications.