Factors influencing corporate governance disclosures: evidence from Alternative Investment Market (AIM) companies in the UK

This study examines the relationship between company and ownership characteristics and the disclosure level of compliance with Quoted Companies Alliance (QCA) recommendations on corporate governance in Alternative Investment Market (AIM) companies. We report clear evidence that compliance increases with company size, board size, the proportion of independent non-executive directors, the presence of turnover revenue, and being formerly listed on the Main Market. However, we find that shell and highly geared AIM companies disclose relatively lower levels of corporate governance than recommended under QCA guidelines. Our findings suggest that market regulators should review the potential impact of the quality of corporate governance in these companies on the future vibrancy of AIM. We find no evidence that ownership structure or the type of Nominated Advisor is related to disclosure of compliance with QCA guidelines. Overall, in a lightly regulated environment such as the AIM market, it seems that companies will ultimately pursue a cost–benefit strategy in voluntarily complying with good corporate governance practice.     

Europe's Second Markets for Small Companies

European stock exchanges have repeatedly opened second markets to list small companies. We explain the motivation for the creation of these second markets, and the reasons why many of them have failed. We find that the average long‐run performance of initial public offerings (IPOs) on second markets is dramatically worse than for main market IPOs. However, the second markets have provided firms with the opportunity to raise funds at the IPO and in follow‐on offerings. The relative success of London's AIM, which is an exchange‐regulated market with minimal regulations, has led other European stock exchanges to establish similar non‐EU regulated second markets. Most of the IPOs on these exchange‐regulated markets are offered exclusively to institutional investors, and are equivalent to private placements. These IPOs, which frequently raise only a few million euros, rarely develop liquid trading.     

数字化交付模型数据整合路径探讨及优化

为了扩大可接纳建模数据范围，降低投标方的准入门槛，提高项目数字化交付可行性，以某公司数字工厂示范项目为研究对象，积极探索数字化交付模型数据的整合路径。在归纳整理项目涉及的模型数据类型的整合要素、关键节点及主要工具的基础上，制定了整合实施路径中的优化方向和步骤，并根据典型问题针对性地提出了改进优化方案。结果表明：1)实现了PDMS,Revit, SolidWorks, CADWorx, 3DS MAX等近10款主流软件在AVEVA AIM平台的整合，为项目的数字化交付工作打下了基础；2)实施整合后，项目模型数据完整度由70%提升至95%以上，减少大量供应商及部分设计单位进行PDMS翻模的工作，有效提升了总体院的数字化交付水平和平台兼容能力；3)精准运用各类插件和接口、灵活使用二、三维转换工具等措施，可以有效解决大量问题、提高整合效率。研究结果可为数字化交付的模型数据整合优化提供解决方案及思路，并为数字化交付及智能工厂的建设工作提供技术支持。