Why do banks choose to finance with equity?

A majority of U.S. banks between 1973 and 2012 held equity capital significantly beyond the required minimum. We study the risk-return tradeoff in connection with a bank’s capital structure, and identify several new significant market factors that drive the level of equity capital in banks. During normal growth periods, bank leverage is negatively related to a level of competition and loan portfolio diversification, while high bank leverage is associated with low past liquidity. During recessions and expansions, the roles of those factors change following distortions in risk-return tradeoff. In distress, when banks approach regulatory capital requirements, market determinants of book leverage lose their significance; however, leverage does not decrease until a bank is within 1% of the minimal capital threshold.     

Heterogeneity risks and negative externality

Diversified institutions coexist in financial markets with different degrees of exposure and contribution to the systemic risk. Therefore, the identification and regulation of systemically important institutions are of great significance. This paper investigates the negative externality in a model where the heterogeneity risks of institutions interact and alienate the value of each other, with the bankruptcy risk acting as the kernel factor. The market negative externality increases when the bankruptcy risk is high. Furthermore, as an institution with a minimum tail index, the “first domino” dominates the bankruptcy risk of the market. The first domino accumulation and phantasm are prone to cause systemic crises. The market bankruptcy index decreases as the non-first domino participates in the risk sharing. Finally, we empirically study implications of the above findings for adjusting the market structure and managing risks, in the Chinese financial markets.     

The Credit Crisis and De Nova Mimicking in Security Analysis

The failure of the investment community in 2007 to foresee the systematic collapse of the credit default swap market significantly increased the complexity of security analysis and damaged the reputation of the security analyst community in general. submit that in response to the credit crisis, security analysts may have engaged in a de nova form of mimicking by increasing emphasis on general market factors and reducing emphasis on idiosyncratic factors in their valuations, driven by behavioral motives to achieve increased cost efficiency and avoid higher penalties for unfavorable outlier valuations. The result would be increased correlation among security valuations and therefore returns, and diminished benefits of diversification. We test this hypothesis by examining the patterns of security and portfolio returns surrounding the onset of the credit crisis in early 2007 and observe a significant postcrisis increase in the proportion of security and portfolio returns explained by market factors. The findings support the hypothesized shift in emphasis in security analyst valuation techniques, and provide results consistent with the hypothesized behavioral explanations.     

进入房地产行业的多元化方式与提高企业绩效

多元化战略一直是企业管理人员所关注的。本文选取了沪深两地在2001—2008年新进入房地产业的119家上市公司,运用Wilcoxon符号秩和检验和面板分析的方法对比研究它们在进入房地产行业前后的业绩变化。结果显示,这种面向房地产的多元化对企业的绩效是不利的,在进入房地产行业当年和之后1年企业绩效虽然有所下降,但不显著;而在进入之后第2年,企业的业绩有显著的下降。同时,研究也发现在这些实施房地产多元化的公司中,杠杆系数和负债规模是与企业绩效呈显著负相关的。     

企业性质、多元化内部市场与并购绩效

本文以2003年至2007年所有A股上市公司的并购事件为样本,实证分析了我国不同类型企业多元化并购的市场反应。结果发现:我国民营企业多元化并购存在溢价现象,市场反应显著优于相关并购(累计超额收益率高出2.4);我国国有企业(地方国企和中央国企)多元化并购不存在溢价现象,市场反应与相关并购没有显著差异;我国民营企业相对于国有企业更易实施多元化并购。这些研究结果支持多元化的内部市场理论。     

我国上市公司控制权形态及治理规则多样化研究——以银行类上市公司为视角

主流理论认为,我国上市公司股权结构呈现一股独大特别是国有股一股独大的控制权形态,我国上市公司治理理论研究及规则设计多围绕此种股权结构和控制权形态展开。笔者以我国银行类上市公司为视角进行研究,得出我国上市公司已经不能以一股独大型的控制权形态来概括的结论,相应的,公司治理理论及规则制定也应该围绕多样化的股权结构和控制权形态展开。     

政治关联与我国民营上市企业的多元化投资

本文以2010年我国沪深民营上市企业为研究对象,研究民营上市企业的政治关联对民营企业多元化投资的影响.研究发现:1.民营上市企业的政治关联对其多元化程度的影响是显著为正的,当民营上市企业的政治关联划分为代表委员类政治关联、前政府官员类政治关联和政府行业协会类政治关联之后,只有代表委员类政治关联对民营上市企业多元化程度有...     

日本地震保险制度风险管理体系分析

风险管理体系是日本地震保险制度成败的关键。本文首先从风险分散、风险控制和责任准备金提存与管理3个方面对日本地震保险制度风险管理体系的基本框架进行了归纳和总结,然后深入分析了其特点和目前阶段面临的挑战,最后在此基础上得出了对我建立地震保险制度的启示。通过对中国国情的具体分析,认为日本通过在财产保险公司、政府、地震再保险公司之间反复再保险以分散风险的做法比较适合现阶段的中国,而且当务之急是在建立中国的地震再保险公司,由其在微观层面发挥组织者和执行者的作用。     

公共财政框架下的财政风险防范机制研究

本以构建公共财政框架的必要性为背景，论述了公共财政框架下的财政风险，并提出了这种风险的研究对策。     

用寡占反应论评析通用丰田在中国市场的“龙虎斗”

70年代美国学者尼克尔博克在研究美国企业的国际直接投资时发现,在寡占市场中,国际直接投资由竞争者的行为及其相互反应决定。这个理论仍然能很好地解释今天跨国汽车巨头通用、丰田抢占中国市场上的“龙虎斗”。