股权结构对上市公司并购重组绩效影响的研究——按关联与非关联交易分类

并购重组类型分为关联交易与非关联交易,利用2009—2013年沪深两市主板A股制造业发生并购重组的200家上市公司的非平衡面板数据,研究检验了股权结构对这两种不同并购重组类型的绩效影响。结果表明,在非关联交易中第一大股东的持股比例与并购重组短期绩效呈正相关,与并购重组长期绩效呈负相关,在非关联交易中,股权制衡度与短期并购重组绩效呈正相关与长期绩效呈负相关,在关联与非关联交易中,上市公司的控制人属性与并购重组绩效无相关关系。     

股权结构对股权代理成本的影响——来自中国上市公司的实证检验

股权代理成本可细分为两种:一是股东与经营者之间的利益矛盾而引起第一类股权代理成本;二是控股股东与中小股东之间的利益冲突而引起的第二类股权代理成本。在理论分析和研究假设基础之上,本文建立了两个回归模型来分别检验我国上市公司的股权结构对两类股权代理成本的影响,并提出通过调整和完善上市公司的股权结构来降低其股权代理成本的建议。     

证券分析师关注与上市公司成本黏性*

本文以2002-2014年沪、深A股上市公司为样本,研究了证券分析师关注对成本黏性的影响。研究发现,越多分析师关注的公司,其成本黏性显著越低,并且这种关系受公司内部股权结构和外部市场化水平的影响;在国有企业、第一大股东持股比例较低及市场化水平较低的上市公司中,分析师关注对成本黏性的影响更显著。进一步的研究发现,明星分析师及团队分析师的关注能更好地抑制成本黏性。本文不仅有助于全面认识分析师发挥监督作用的机制和情境,而且有助于深化成本黏性影响因素的研究,对于降低企业的成本黏性以提高资源配置效率具有启示意义。     

股权分置改革对流通股股东补偿问题的研究

股权分置改革是当前我国资本市场的热点问题，实施股权分置改革试点上市公司的股权分置改革方案的出台，更引起了广泛的关注。本文运用量化分析模型对股权分置改革中有关流通股股东的补偿问题进行了研究，得出了补偿的合理性是影响流通股股东对方案认可的重要因素这一结论，并结合实施股权分置改革试点上市公司所推出的具体方案进行了验证。     

品牌经营:旅行社竞争之发展战略

品牌是旅行社竞争力的核心，而我国旅行社目前缺乏品牌经营意识和科学管理，且市场化进程缓慢。因而要通过建立现代企业制度、实行科学管理、提高员工素质等措施来加强旅行社的品牌经营，提高其竞争力。     

Intertemporal Equity and Efficient Allocation of Resources

Competitive paths which are efficient are shown to satisfy a terminal cost minimization condition, thereby providing a continuous-time counterpart to the discrete-time result due to Malinvaud. Using this result, competitive paths which are equitable and efficient are shown to satisfy Hartwick's investment rule, which states that the value of net investment is zero at each date. Our result indicates that Hartwick's rule can help to signal inefficiency of competitive equitable paths. Journal of Economic Literature Classification Numbers: C61, D90, O41.     

The Return Performance of Cubic Market Model: An Application to Emerging Markets

This article studies the performance of the high-order moment capital asset pricing model (CAPM) market models in emerging markets. We apply the cubic market model (4-moment CAPM) to 16 emerging market stock indices ranging from January 2010 to September 2015. Performance of the model is evaluated through the Fama and MacBeth’s two-step regression and through different corrections proposed in the literature, as well as generalized method of moments (GMM) estimation. According to Fama–MacBeth’s procedure, CAPM, the quadratic and cubic market models seem to be insignificant for the analyzed sample; however, the GMM estimation shows that quadratic model is valid for Indian, Polish, and Thai country indices, whereas cubic market model is accurate for Indian country index.     

基于EVA我国上市公司资本结构与经营绩效关系的实证研究

选取了我国沪市制造类,水电煤气供应类,交通运输、仓储类,信息技术类,批发零售类和综合类等六类共648家上市公司,以其2004～2006年连续三年年报数据为依据,基于EVA对其资本结构与经营绩效的关系进行实证分析。研究表明,除水电煤气供应行业外,资本结构与企业绩效为显著负相关关系;企业规模与企业绩效有显著相关关系;股权集中程度与企业绩效无关。     

虚拟品牌社群娱乐价值对品牌忠诚的作用机制研究

笔者采用实验方法,首次就虚拟品牌社群娱乐价值对消费者品牌忠诚的作用机制进行探究,并将品牌社群承诺细分为情感性承诺和算计性承诺两种类型。结果发现:情感性品牌社群承诺在其中起到完全中介的作用。因此企业在实践中应加强虚拟品牌社群的娱乐版块建设,并通过多种方式来强化消费者的情感性品牌社群承诺以促进其品牌忠诚。     

Double Dividend with Involuntary Unemployment: Efficiency and Intergenerational Equity

This paper analyzes the double dividend and distributional issues within an overlapping generations model framework with involuntary unemployment. We characterize the necessary conditions needed to obtain a double dividend, when the revenue of the environmental tax is recycled by a variation of the labor tax rate. We show that an employment dividend may occur without any efficiency dividend and that the young generation is not always harmed by the fiscal reform, even without any intergenerational transfers. Therefore, three dividends (environmental, efficiency and intergenerational equity) can occur simultaneously.