替代、互补及互嵌:企业与市场关系的新考察

在现实世界中,企业市场关系呈现出替代、互补及互嵌等多种特征,使得单一的“替代”说或“互补”论均缺乏足够的解释力。本文从交易费用角度将交易关系分为三种类型并指出企业和市场谁更有利于交易费用的节约,主要取决于交易品的特征以及交易本身的具体职能。企业其实是一种通过非人力资本和人力资本、人力资本和人力资本间相互交易以实现生产功能的特殊履约机制。这样就不难理解,只有部分交易可以通过企业与市场间的相互替代来提高效率,而更多的交易则须通过改善企业内部管理或改进市场制度本身来提高其效率。     

市场开放进程中的工业企业集聚与人口城市化——长三角地区人口城市化的动因探析(1984—2002)

在渐进的市场改革和开放进程中,长三角地区以城市人口不断增加为表现的人口城市化进程并没有遵循城市化进程的国际经验,即城市化主要来自工业化的推动,而主要由于工业企业集中、政府干预和市场促进等多种因素的相互作用,人口城市化发展的演进特征则是上述诸多因素共同作用的结果。确切地说,不断增加的工业生产活动并没有对长江三角洲地区的城市化进程发挥明显作用,特别是在城市化加速发展阶段,市场开放进程中不断向市区集聚的工业企业的集聚行为(而非工业化)在很大程度上促进了城市化的快速发展。考察和分析了不同阶段长三角人口城市化发展的不同特征和区域差异。     

公司规模与股票流动性关系研究——上海股市的经验证据

本文以上海股票市场中的股票为研究对象,通过实证研究发现,上市公司规模与其股票流动性之间存在着显著的正相关关系并对此作出相应解释;"流动性补偿"理论可以用来解释中国股市中的"规模效应"。同时,本文还对小规模上市公司股票高换手率与低流动性并存的现象进行合理解释。     

论企业本质、公司治理与财务会计理论的契合:资本保全视角

基于企业本质从价值角度描述为财务资本、人力资本、组织资本与社会资本的一个不完全契约组合,公司治理就是保证这一契约组合有效执行的制度安排,而现代财务会计在理论与实践上更接近于公司治理.本文利用资本保全概念将企业本质、公司治理与财务会计理论整合为一个完整的理论框架.     

The survivorship bias, share price effect, and small firm effect in Canadian markets

After controlling for survivorship bias, we examine the relation between average returns, firm size, and price levels for Canadian stocks during the 1975-1994 period. Our findings indicate that there is a significant inverse share price level effect in Canadian markets. When we compare the results of the overall sample with the groups of surviving firms and delisted stocks, the latter group shows strong performance for large-size, high-priced stocks. Evidence that supports an independent size effect is less clear for Canadian stocks. A small size effect exists only among the higher share price denominations, which suggests a confounded size-price effect. Although the delisted group returns are statistically different from those of the survivor and the overall groups, which implies some evidence of survivorship bias, the difference between the survivor group and the overall group is weak at best.     

Antecedents and consequences of corporate governance reform: the case of Germany

The paper examines the antecedents and consequences of the voluntary adoption of corporate governance reform in firms embedded in a relationship‐based governance system with less protection of minority shareholders. In such locations, ownership structure should be a key determinant of governance reform. Firms with dispersed ownership are likely to face agency problems but may lack sufficient ownership power in the hand of external owners for adoption to occur. Extensive ownership by external parties facilitates adoption but decreases the need and motivation to adopt governance reform. We examined the adoption of stock‐based incentive plans and transparent accounting regulations (e.g., greater disclosure to shareholders) among large German firms (DAX 100) during the late 1990s. We found an inverse ‘U’‐shaped relationship between ownership concentration and governance reform. In addition, we found that firms adopting governance reform were more likely to engage in corporate divestitures and achieve higher levels of market performance than firms not adopting governance reform. Copyright © 2003 John Wiley & Sons, Ltd.     

Characteristics of Earnings-Leading Versus Price-Leading Firms

This study attempts to identify firm characteristics that explain the disparity between the information content of accounting earnings and stock prices. Granger's causality concept was employed to classify sample firms into four groups: price-leading firms, feedback-system firms, earnings-leading firms, and no-causation firms. The feedback-system firms were either combined with the no-causation firms or eliminated entirely to form three sample groups. The entire sample firms then were divided into two classes. The first is for estimation, and the second is for prediction. Results indicate that firm size, capital structure, R-square of regressing prices at time t against earnings at time t – 1, R-square of regressing earnings at time t against prices at time t – 1, and percentage of shares held by institutions are the significant explaining variables. The application of the coefficient estimates to the hold-out sample indicates that 76.2% of the firms can be correctly classified into the corresponding groups. These results were consistent with those from canonical discrimination and other multivariate statistical methods.     

Evidence on the Timing and Determinants of Overfunded Pension Plan Termination

This paper examines the factors associated with the timing of overfunded pension plan termination.     

零售企业规模无边界的理论与实证分析--以沃尔玛为例

企业规模理论在企业战略联盟及企业网络化环境下受到质疑，学术界提出了企业无边界理论．零售企业尤其是沃尔玛的快速扩张又提出了另一种无边界理论。这是两种不同性质的无边界理论。就单个企业的边界来说．生产企业和流通企业存在本质的区别．生产企业的资产专用性和技术跳跃所带来的沉没成本制约了生产企业的规模扩张．而流通企业的资产通用性和技术稳定性使流通企业避免了威廉姆森的企业“复制和有选择性控制的不可能性”命题的局限。本文通过沃尔玛的规模扩张的案例．建立影响企业规模因素的模型并进行实证分析．提出了零售企业规模无边界的命题。     

Corporate Governance and Expected Stock Returns: Evidence from Germany

Recent empirical work shows evidence for higher valuation of firms in countries with a better legal environment. We investigate whether differences in the quality of firm‐level corporate governance also help to explain firm performance in a cross‐section of companies within a single jurisdiction. Constructing a broad corporate governance rating (CGR) for German public firms, we document a positive relationship between governance practices and firm valuation. There is also evidence that expected stock returns are negatively correlated with firm‐level corporate governance, if dividend yields are used as proxies for the cost of capital. An investment strategy that bought high‐CGR firms and shorted low‐CGR firms earned abnormal returns of around 12% on an annual basis during the sample period.