公司多元化战略对资本结构影响的研究——基于面板数据的实证分析

从战略管理和财务理论融合的角度,利用762家上市公司的面板数据对公司多元化战略与资本结构之间的关系进行实证分析,研究发现:公司的债务水平与多元化程度存在显著的正相关关系,并且单一业务型公司的负债水平最低,主导业务型和相关业务型公司的居中,非相关业务型公司的债务水平最高.因此,公司战略的制定与实施应考虑其财务影响;同样,资本结构决策也应该考虑如何与公司战略相配合,以从资本结构决策中获得竞争优势.     

Securitization and the dark side of diversification

Diversification by banks affects the systemic risk of the sector. Importantly, Wagner (2010) shows that linear diversification increases systemic risk. We consider the case of securitization, whereby loan portfolios are sliced into tranches with different seniority levels. We show that tranching offers nonlinear diversification strategies, which can reduce the failure risk of individual institutions beyond the minimum level attainable by linear diversification without increasing systemic risk.     

Transformation in the defence sector: The critical role of performance measurement

This paper presents a longitudinal case study of strategic transformation in a complex organisation – Her Majesty's Naval Base (Clyde). The research identifies nine Critical Success Factors from the change management literature and analyses their position in driving the transformation. Findings suggest that many of the success factors suggested by the literature were not present during the transformation. However the presence of a robust performance management system within the organisation resulted in significant progress towards the strategic goals despite the absence of other factors. This paper demonstrates how strategic change can be accomplished by the use of more operational toolsets such as performance management systems.     

Entrepreneurship and household portfolio choice: Evidence from the China Household Finance Survey

The efficient allocation of household assets is important for household wealth and entrepreneurial activities. However, there is scarce evidence on how entrepreneurial activities influence household financial decisions. We use a simple model to characterize the impact of entrepreneurship on household portfolio choice and the two underlying channels—the diversification effect and the risk substitution effect. We also empirically examine the impact of entrepreneurship using data from the 2013, 2015, and 2017 waves of the China Household Finance Survey (CHFS). The empirical results show that entrepreneurship significantly decreases both household risky market participation and risky asset holding. These findings are robust to alternative measurements of key variables, different model specifications, and Lewbel’s two-stage estimators. This study also verifies the co-existence of both the diversification and risk substitution effects. In particular, the net effect of entrepreneurship on household portfolio choice varies between urban and rural areas due to the different offsetting results between the two effects.     

Economic growth and sector dynamics

This paper analyzes the endogenous determination of sectors in a growing economy. It assumes that there are traditional sectors and modern sectors and economic growth is driven by rising productivity of the modern sectors. It also assumes that individuals are heterogeneous, which leads to increasing marginal opportunity costs in creating new modern sectors. We show that under these main assumptions, economic growth first increases diversification to sectors and then reduces it. We also show that for the equilibrium to be stable and well-behaved, it is required that the modern and traditional sectors should be substitutes and not complements.     

基于价值多元化理念的多重计量模式初探

本文认为,会计计量是对计量客体——事物的价值属性进行货币衡量。价值的内涵在不同视角下意义不同,因此单一会计计量模式不能全面反映事物的价值。由于会计计量过程受多种因素的制约,不同计量条件或假设导致计量结果不同,符合客观性和相关性的会计计量意味着以公允的态度连接计量客体特性、计量过程和计量目的。多重计量就是基于价值的多元化特征而采用多种计量属性来提供会计报表要素的量化信息,满足会计信息使用者多样化的需求。     

Bank valuation in new EU member countries

This paper studies the role of institutional reforms in affecting bank valuation in new European Union (EU) member countries. It takes advantage of the dynamic nature of institutional reforms in transition economies and explores the causal effects of those reforms on banks’ Tobin's Q over the period of 1997–2008. Using a difference-in-difference approach, the paper shows that Tobin's Q increases substantially after these countries reform their legal institutions and liberalize banking. However, it decreases after stock market reforms. After further examination of the interactive relationships between different reforms and bank valuation, it is observed that when the banking reform is well implemented, legal reform can have a stronger impact on banks’ Tobin's Q. On the other hand, banking reform and security market reform has a substitutive relationship. The analysis also suggests that foreign ownership, market power, and asset diversification significantly affect Tobin's Q. These results are robust even after simultaneously controlling for equity risk.     

Future-proofing the farm: On-farm wind turbine development in farm business decision-making

The European Union is committed to increasing the renewable energy produced and consumed within its territory, creating an opportunity and demand for renewable energy production on agricultural land. In this paper, Ajzen's theory of planned behaviour (TPB) is utilised to structure qualitative research on the role of renewable energy production in farm business decision-making, through a case study in North East Scotland. Qualitative interviews were undertaken with 23 farmers who had pursued wind energy production, and a further nine key informants. It is found that farmers undertake wind energy production primarily to ‘future proof’ their farms, increasing the long-term economic viability of their farms through business diversification and profitable capital investment. Although environmental considerations were not the primary consideration in turbine development, respondents recognised the energy dependence of farming and the depletion of world energy resources, including these issues in their rationales. The primary obstacles to turbine development focused around economic risks and transaction costs, which some respondents moderated by reducing turbine size or renting land to developers, thus increasing their ‘perceived behavioural control’. Relationships between intention and behaviour are thus found to be multi-directional. The authors argue that on-farm renewable energy production could lead to increased environmental awareness among farmers (and thus more economically and environmentally sustainable agricultural practices), as well as providing a potential economic boost for local economies, but that these opportunities are at risk of being co-opted by large-scale energy companies, which are better able to negotiate the growing complexities and risks of turbine development.