我国商业上市公司的股权结构与公司业绩——基于市净值指标的实证分析

文章以沪深两市55家商业上市公司为样本,对股权结构与公司业绩的关系进行回归分析。结论表明:商业上市公司国有股比例对公司业绩并没有显著的影响,但法人股比例与公司业绩显著正相关,流通股比例与公司业绩显著负相关。同时,第一大股东持股比例与公司业绩没有显著关系,但前五大股东持股比例与公司业绩显著正相关;另外,第一大股东的控制能力对公司业绩有显著的负面影响。     

劳动争议中的证人证言问题研究

劳动者与用人单位之间的特殊关系,对劳动争议中证人证言的内容、占有、支配、采集和证人态度、证人举证能力以及证据价值、证据效力等有着重要影响;合理地解决劳动争议中有关利害关系证人证言、证人出庭、书证物证的选择适用、用人单位举证责任及证人证言适用排除等问题,对于劳动争议当事人及司法裁判机关依法辨别、采信、运用和认定证人证言是至关重要的。     

An Overview of Russia's Largest Corporations Abroad

SUMMARY

Russian outward foreign direct investments have grown rapidly during the past few years. The natural-resource based companies have been the main drivers of the international growth of the Russian economy. Whereas the leading companies in oil, gas, and metal industries already rank among the top global players, the manufacturing and telecommunication industries are increasingly catching up and seeking for growth outside the Russian borders. The current article seeks to provide an overview of the international activities of the leading Russian companies in several industrial sectors with additional policy conclusions regarding the internationalisation patterns of Russian enterprises.     

后危机时代我国企业雇主品牌建设的建模研究

目前,国内外对雇主品牌建设进行定量分析的研究不多,基于此,本研究以主动、科学的意识,量化定性的因素,探讨企业的雇主品牌建设。文章通过指标确定与模型构建,为企业雇主品牌建设提供理论指导,也为企业人力资源管理、品牌管理、市场营销等企业活动提供决策依据。     

大股东控制与现金持有价值关系的经验研究

本文以沪深两市2005—2010年391家上市公司为样本,检验了大股东控制对中国上市公司现金持有价值的影响。研究发现,第一大股东持股比例与企业价值间是一种近似U型的非线性关系,第一大股东持股比例的临界点为45%。将第一大股东持股比例与现金持有量的交互项引入模型,回归发现,当第一大股东持股比例小于45%时,交互项的系数显著为负,大股东控制的壕沟效应占主导;当第一大股东持股比例超过45%时,交互项的回归结果不显著。没有证据表明第一大股东性质会对企业价值发挥显著影响。     

Compliance Costs for Employers: UK PAYE and National Insurance, 1995–96

This paper, based upon research financed by the Inland Revenue and the Contributions Agency of the DSS, presents calculations of the compliance costs for employers of PAYE and National Insurance in 1995–96. Total costs are estimated to have been of the order of £1.3 billion. The costs are very unequally spread across employers, whether measured per employee or per pound of tax raised. They are particularly high for small new employers. For the largest employers, these costs may be offset by the cash-flow benefits of acting as tax collectors. The composition of labour and other costs is calculated and estimates are made of compliance costs under various payroll ‘technologies’. The main determinants of compliance costs, for an employer, are analysed using weighted least-squares regression analysis. Finally, some policy implications are considered.     

我国家电行业上市公司技术效率分析--基于随机前沿技术的实证研究

本文运用随机前沿分析技术对我国家电行业上市公司的技术效率状况进行了考察,并且就第一大股东持股比例及其所有权性质对上市公司技术效率的影响进行了实证检验及分析。结果发现,我国家电行业上市公司的技术效率水平整体上不高;第一大股东持股比例对上市公司技术效率有显著正向影响,而第一大股东的国有性质抑制了技术效率的提升。     

大股东控制与现金持有量关系的经验研究——基于融资约束背景

以2006~2010年沪深两市的上市公司为样本,在控制了行业因素、年度因素和相关财务变量的基础上,基于融资约束的视角,对大股东行为与上市公司现金持有量的关系进行了实证检验。研究发现,第一大股东持股比例在"30%"点与现金持有量呈显著的倒U型关系,在融资约束企业这种关系更加显著,而在非融资约束企业则不明显;融资约束企业的第一大股东性质为国有时会增加现金持有量,非融资约束企业则不存在这种关系。     

Why Greater Cash Holdings and Short-Term Debt Simultaneously Persist? The Case of Transition Economy

This study observes and explores a puzzle in Chinese firms whereby both cash holdings and short-term debt simultaneously account for more than 20% of total assets for at least two consecutive years over the sample period. This phenomenon conflicts with the principle of corporate value maximization, and is not clearly explained by the classical theories in corporate finance. Based on the implications in the extant literature and discussions of institutional constraints of the transition economy in China, this paper develops four hypotheses that are involved with agency conflicts between the largest shareholders and creditors and the formation of this puzzling financial structure. The empirical analyses suggest that the largest shareholders with tunneling motives seek to hold more cash to serve their private interests and/or the consequent operational deficit of the listed corporations. To the ends, these corporations tend to manage the timing of short term debt financing to increase cash reserves temporarily at the end of year. Essentially, greater cash holdings on the balance sheet of these corporations related with the puzzle become a misleading signal for potential creditors, possibly contributing to the refinancing of short-term debt of these listed firms for the following year. Hence, the puzzling financial structure is connected with the timing of debt financing and adverse selection of creditors. This study enriches the stream of literature on cash holdings and debt maturity, and provides new evidence on the impact of agency problems of the largest shareholders on the association between cash holdings and debt maturity in the context of a transition economy.     

大股东的所有权与企业的投资行为研究

Jensen和Meckling早在1976年就指出股权结构影响企业价值,而这一过程是通过影响投资实现的,但是一直缺乏有说服力的经验结果的支持。本文以2004～2007年1039家上市公司共4156个观察值为研究样本,从第一大股东股权的视角出发,研究了股权结构与公司投资水平之间的关系。研究发现,中国上市公司第一大股东的持股比例与公司的投资支出之间存在“下降-上升-下降”的“倒N”型的非线性关系;进一步研究后发现,持股比例在10％～20％的区间投资水平达到最小值,在60％～70％的区间达到最大值。但是这种“倒N”型的非线性关系只存在于非国家控股的公司,当第一大股东为国家股时,这种非线性关系会变得不显著。本文的研究为治理当前我国企业普遍存在的非效率投资、提升企业价值提供了经验证据。