中国上市公司控制权私有收益实证研究

控股股东侵害中小股东利益已成为公司治理的核心问题和突出矛盾,攫取控制权私有收益是导致控股股东对中小股东进行剥削的主要动因,因此,控制性股东攫取控制权私有收益与中小股东权益受侵害是一个问题的两个方面,控制权私有收益的规模就成为衡量控股股东对中小股东利益侵害程度的重要指标。本文通过对中国上市公司控股股东的私有收益规模的测度并对其影响因素进行多变量线性回归分析,探讨控股股东对中小股东进行侵害行为的影响因素,在此基础上提出制约我国上市公司控股股东对中小股东侵害行为的建设性意见。实证研究结果表明:中国上市公司控制权私有收益的规模较大,平均占每股净资产的比率达到7.5%,但从时间序列上看,2004年比2003年的水平有所下降,这说明中国的投资环境及对投资者的权益保护有了进一步的改善。     

Price differences between equity classes. Corporate control,foreign ownership or liquidity?

This paper is the first comprehensive study of price differences for dual class equity at the Oslo Stock Exchange. It analyzes the relative importance of corporate control, foreign ownership restrictions and stock market liquidity for the price differences. The Norwegian market has the peculiar feature that in part of the sample period non-voting shares were trading at a premium to voting shares, i.e., what is usually termed the “voting premium” was negative. This result can be rationalized by restrictions on foreign ownership. In the later part of the period, with no regulatory restrictions on foreign ownership, the voting premium is positive, and related to corporate governance and liquidity.     

Accounting information and the valuation of Seasoned Equity Offerings (SEOs)

This study investigates the association between publicly available information disclosed in the SEO prospectus and offer prices of SEOs, as well as the association between this type of publicly available information and stock returns subsequent to an SEO after controlling for self-selection bias. The empirical evidence shows that disclosure of the planned uses of the SEO proceeds reveals value-relevant information which has been incorporated by the underwriters in setting the offer prices. Control for self-selection bias appears necessary to obtain unbiased estimates in the regression model explaining the determinants of offer price in SEOs.     

区域旅游产业品牌竞争力评价指标体系构建研究

区域旅游产业竞争力对区域旅游产业和旅游经济有重要的作用.以产业竞争力理论为基础.考虑旅游产业、区域环境和品牌三个方面的因素,构建了区域旅游产业品牌形成的因素模型.依据模型,从以上三个维度,具体从资源、产业水平和协调、区域硬环境和软环境、品牌的建设、营销、保护和创新等方面建立了旅游产业品牌竞争力的评价指标体系.     

全球私募基金的发展趋势及在中国的前景

私募基金发展已经对全球经济运行和金融市场发展产生了重要影响。本文通过对全球私募基金发展历程、发展特点以及发展趋势的分析,以及对中国私募基金市场发展历史与现状的评价,提出以下观点：在私募基金的演化与国际化扩张进程中,私募基金经营范围的综合化趋势愈加明显;中国私募基金市场仍是一个不对称的畸形市场,市场上尚缺乏真正意义的本土私募股权投资基金。本文同时得出以下结论：由于社会信用环境、法律环境已经趋好,证券市场日趋理性规范发展,中国私募基金市场的“不对称”和“不规范”的色彩将逐步减轻;私募股权投资基金将逐渐成为中国私募基金存在的重要方式。     

An equitable,efficient and implementable scheme to control global carbon dioxide emissions

We design an international scheme to control global externalities in which autonomous regions choose their own emissions levels in anticipation of interregional resource transfers implemented by an international agency. This agency follows a proportional equity principle, which preserves the status-quo ratio of regional welfare levels. We show that it is individually rational for each region to participate in the proposed international scheme and that regional environmental authorities choose policies that fully internalize the global externality. Although based on an admittedly ideal scheme, these results are especially noteworthy in light of the call for various forms of transfers in international agreements such as the Kyoto Protocol. JEL Code: C72 · D62 · D78 · H41 · H77 · Q28     

由库兹涅茨“倒U字”假说引发的思考

西蒙.库兹涅茨的倒U字型理论认为,发展中国家在经济起飞时期往往经历收入差距先扩大,而后随着工业化的推进而逐步缩小的过程。我国正处于全面建设小康社会、加快推进现代化建设的关键阶段。在这一关键阶段,需要坚持“效率优先、兼顾公平”的原则,通过增加国家对教育的投入,完善税收制度,建立社会保障体系等措施,促进我国经济社会的健康协调发展。     

Value Creation and Governance Structure in Reit Mergers

The Umbrella Partnership REIT (UPREIT) structure has become the dominant form of organization for U.S. REITs. We examine the utility of this corporate structure from a new perspective, finding evidence that convertible securities issued by UPREITs in payment for properties acquired from private sellers often function as instruments of corporate control, aligning the interests of new executives acquired in the transaction with those of the purchasing REIT’s shareholders. We also find evidence that these financial arrangements are used to signal information regarding the firm’s future prospects. We use a sample of 53 public–private mergers 1995–2001, in which the acquirer is a publicly traded REIT. We find that wealth effects from central managerial changes are positively related to the degree to which payment takes the form of convertible equity units of UPREIT subsidiaries, and to the minimum lock-up period for those units prior to conversion. The positive effects of longer lock-ups are evidence that financing structure can be used to reduce agency and information costs related to managerial restructuring in public–private mergers.     

产权、决策权与农地产权制度的变革

产权决定决策权的配置,决策权的配置影响产权的经济效率。现阶段我国公有性质且事实上不明晰的农地产权制度,造成了农村集体代理人和国家(政府)的公共决策权对农民私人决策权的严重侵害,进而也影响了农业的经济效率和农业的可持续发展。为了保证农民的充分的私人决策权,必须对公共决策权进行制度性约束,而约束的根本举措就是彻底改革农地产权制度,实行农地私有化。     

证券公司股权激励改革的路径及模式选择

本文认为，激励不足是目前我国证券公司中存在的最大问题。研究表明，证券公司人力资本的所有者拥有证券公司的所有权是一个必然的趋势，WTO过渡期结束后，国内券商必须探索适应市场竞争要求的、与国际接轨的股权激励方式。从我国证券行业发展和外部环境的变化来看，实施股权激励计划是可行的。在激励机制的实际方案设计上，可考虑对管理层主要实行股权激励，对员工实施持股计划。