股权激励、契约异质性与实体企业金融化

从股权激励视角切入,利用2008—2019年沪深A股上市公司的经验数据,探究股权激励对企业金融化的影响。研究发现：从整体上看,股权激励会抑制企业金融化。基于微观契约层面,股权激励强度越大,股权激励对企业金融化的抑制程度越大;相较于限制性股票,股票期权对企业金融化的抑制程度更大;只有激励期限较长的股权激励才会抑制企业金融化。作用机制检验表明,股权激励会降低股东与管理层之间的代理成本、缓解融资约束进而抑制企业金融化。研究结论有助于充实和深化股权激励与企业金融化关系研究,也为从公司内部治理层面防范和化解实体经济风险提供证据支持。     

品牌老化问题与对策研究

在竞争激烈的现代国际市场环境中,品牌老化问题越来越受到关注。品牌老化的实质在于品牌资产的流失,品牌老化问题的解决根源是重新建立品牌资产。根据创建品牌资产的相关步骤,品牌老化可以从品牌定位、品牌营销组合、品牌传播等方面进行诊断和改变。     

Causal effects of the United States and Japan on Pacific-Rim stock markets: nonparametric quantile causality approach

This article adopts a nonparametric quantile causality approach to examine the causal effects of the U.S. and Japan stock markets on the stock markets of the Pacific-Rim region. This approach allows us to detect not only nonlinear causalities in conditional return (mean) and conditional volatility (variance) but also the asymmetries of causalities under extreme market conditions (bullish vs. bearish states). Our results provide significant evidence of causality in return and volatility at different points of the conditional distributions of returns, with the greater effects from the U.S. than from Japan. Asymmetric quantile causality patterns are particularly pronounced in the case of Japan.     

管理者过度自信对股权融资成本的影响——基于信息透明度的视角

以2009年和2010年具备股权再融资资格的中国上市公司为研究对象,从信息透明度的角度考察管理者过度自信对股权融资成本的影响。研究发现:管理者过度自信对上市公司的信息透明度和股权融资成本具有负面影响;具体而言,管理者越倾向于过度自信,上市公司的收益平滑度越高,因此收益透明度越低;相比非过度自信管理者所在的企业,过度自信管理者所在企业的股权融资成本更高。     

论我国企业品牌延伸的实施策略

品牌延伸的具体实施策略是影响延伸效果的重要因素，而延伸实施中最常见和有效的措施就是一般营销策略和副品牌策略。对于国内品牌来说，由于自身状况和国内经济环境的影响，延伸实施中还需要更多关注品牌定位的维护、品牌知名度的提升以及延伸领域的选择等重要问题。     

从控制权利益看上市公司融资行为

上市公司(特别是国有控股上市公司)治理结构的主要特征是内部人控制.上市公司的管理层和控股股东的实际控制人共同构成内部人,内部人共同分享控制权利益带来的好处.监管政策的出发点是降低控制权利益,减少内部人(控股股东和管理层)与中小股东、债权人的利益冲突,维护市场的"三公"原则.     

地方国企非效率投资来源选择：债权资金优先还是股权资金优先？

以2001—2009年地方国有上市公司为样本对地方国企非效率投资来源选择进行研究,结果显示：地方国企非效率投资来源选择首先是债权资金,其次才是股权资金;当拥有较多长期贷款时,企业会更倾向使用债权资金代替股权资金,并且这种选择是理性和不可逆的;在产权保护较强和信贷配置市场化程度较低的地区,企业选择债权资金替代股权资金的动机更强;随着政府干预的增强,债权资金对股权资金的替代作用减弱。     

对股权分置改革对价水平影响因素的分析

通过对45家已实施股权分置改革的上市公司对价水平影响因素的分析,发现目前各公司的对价水平趋同,但对价影响因素不同。结合理论分析,建议从统一对价的标准上来稳定股改的预期,这更有利于股市的发展。     

Equity and asset growth among Subchapter S banks

Since 2004, commercial banks in the United States have been allowed to elect Subchapter S (hence Sub-S) status with up to 100 shareholders. That limitation may promote more effective monitoring of bank managers by shareholders which can, in turn, explain previous findings of superior performance among Sub-S banks. The present research focuses on the possibility that the shareholder limitation also constrains opportunities for bank growth, or a slow growth hypothesis for Sub-S banks. Using a differences-in-differences regression approach for a sample of community banks (i.e., less than $1b in assets) from 2004 to 2014, and controlling for initial assets and urban location, it is found that annual growth in real assets and equity was significantly higher among banks that never held Sub-S status than for banks that always held Sub-S status, and that banks switching to Sub-S later grew significantly faster than those that always held Sub-S status. Fixed effects regressions show that switching to Sub-S status significantly reduced equity growth, with asset growth significantly reduced after 2008. In conjunction with earlier findings, the results suggest that the availability of Sub-S status helped to protect and strengthen community banks across a time period including substantial financial turmoil.     

会计信息披露的产权结构研究

本文对会计信息披露的产权结构进行了分析,发现会计信息披露实质是由信息支配权所有者向信息要求权所有者提供会计信息的过程.会计信息要求权的形成是与企业性质分不开的,而会计信息支配权的形成则取决于信息披露过程中的交易费用是否最小化.