• 详情 An Empirical Assessment of Empirical Corporate Finance
    We empirically evaluate 20 prominent contributions to a broad range of areas in the empirical corporate finance literature. We assemble the necessary data and then apply a single, simple econometric method, the connected-groups approach of Abowd, Karmarz, and Margolis (1999), to appraise the extent to which prevailing empirical specifications explain variation of the dependent variable, differ in composition of fit arising from various classes of independent variables, and exhibit resistance to omitted variable bias and other endogeneity problems. In particular, we identify and estimate the role of observed and unobserved firm- and manager-specific characteristics in determining primary features of corporate governance, financial policy, payout policy, investment policy, and performance. Observed firm characteristics do best in explaining market leverage and CEO pay level and worst for takeover defenses and outcomes. Observed manager characteristics have relatively high power to explain CEO contract design and low power for firm focus and investment policy. Estimated specifications without firm and manager fixed effects do poorly in explaining variation in CEO duality, corporate control variables, and capital expenditures, and best in explaining executive pay level, board size, market leverage, corporate cash holdings, and firm risk. Including manager and firm fixed effects, along with firm and manager observables, delivers the best fit for dividend payout, the propensity to adopt antitakeover defenses, firm risk, board size, and firm focus. In terms of source, unobserved manager attributes deliver a high proportion of explained variation in the dependent variable for executive wealth-performance sensitivity, board independence, board size, and sensitivity of expected executive compensation to firm risk. In contrast, unobserved firm attributes provide a high proportion of variation explained for dividend payout, antitakeover defenses, book and market leverage, and corporate cash holdings. In part, these results suggest where empiricists could look for better proxies for what current theory identifies as important and where theorists could focus in building new models that encompass economic forces not contained in existing models. Finally, we assess the relevance of omitted variables and endogeneity for conventional empirical designs in the various subfields. Including manager and firm fixed effects significantly alters inference on primary explanatory variables in 17 of the 20 representative subfield specifications.
  • 详情 我国医保管理理念和机制创新研究
    加强和创新社会管理是我国进入新时期新阶段面临的迫切课题。医保管理作为社会管理中的一个重点和难点领域,在现阶段还存在不少突出矛盾和问题。本文以医疗保障领域的社会化管理创新为出发点,通过对当前医保管理中“散、乱、假”等症结的实证剖析,指出医保管理缺乏创新,在管理理念和管理手段上落后,不适应现实需要的发展。为此,本文建议应着眼于社会管理创新,树立“大医保”的管理理念,通过运用现代信息技术手段,努力构造“大医保”的管理架构和信息网络平台,探索以“大医保”管理路径解决现代医保管理中的诸多难题。
  • 详情 Productivity, Restructuring, and the Gains from Takeovers
    Little is known about the underlying sources of gains from takeovers. Using plant-level data from the U.S. Census Bureau, I show that one source of gains is increased productivity of capital and labor in target plants. In particular, acquirers significantly reduce investments, wages, and employment in target plants, though output is unchanged relative to comparable plants. Acquirers also aggressively shut down target plants, especially those that are inefficient. Moreover, these changes help explain the merging firms' announcement returns. The total announcement returns to the combined firm are driven by improvements in target firm's productivity, rather than cutbacks in wages and employment. Also, targets with greater post-takeover productivity improvements receive higher offer premiums from acquirers. These results provide some of the first empirical evidence on the direct relation between productivity, labor, and stock returns in the context of takeovers.
  • 详情 私募股权、天使资本与创业板市场IPO抑价
    论文对我国创业板市场的上市前股权投资者进行了界定和区分,然后采用手工整理数据考察了私募股权资本和天使资本对创业板公司的投资行为,重点研究了两种资本对IPO抑价率的不同影响。研究发现,目前我国的私募股权资本往往投资于高估值行业且入股的企业资质较差,不能发挥认证作用,导致其持股的公司有更高的IPO抑价率。相反,天使资本投资往往投资于资质较好的企业,并且愿意投资负债率较高的企业,其持股对IPO抑价率并无显著影响。在此基础上,本文对创业企业审慎选择融资来源、私募股权投资机构进行理性投资、以及监管部门加强行业引导等方面提出了建议。
  • 详情 市场化进程、产权性质与绿色信贷
    本文基于中国资本市场的经验数据,并考虑了产权性质和市场化程度差异的影响,深入研究了我国商业银行贷款决策与环境信息披露的关系。结果发现,环保企业能获取更优惠的银行信贷,即绿色信贷是客观存在的,但其效果仅表现在环境信息披露不过度及市场化进程高的地区的情形下。上述研究发现对于构建和完善我国商业银行的绿色信贷机制建设,实现其可持续发展具有重要意义。
  • 详情 盈余波动与盈余可预测性——基于中国资本市场的经验证据
    本文运用盈余自回归模型,通过盈余持续性和预测误差检验是否盈余波动能改善盈余可预测性,并结合盈余波动的成因和组成进一步分析盈余波动对盈余可预测性的影响,研究发现盈余波动性主要源于应计项目的波动,盈余的持续性和盈余可预测性的准确性主要取决于盈余和应计项目的波动性,长期的预测检验也得出相同的结论,而控制观察当期盈余的情况下,盈余和应计项目的波动性的与盈余可预测性持续性和盈余可预测性的准确性之间的负向关系也存在,但组间差异性有所降低,此外盈余与应计的观察期的期望值的分组检验结果表明应计项目的期望值含有盈余可预测性信息更多
  • 详情 真实盈余管理经济后果研究——基于中国资本市场的经验证据
    本文对真实盈余管理的经济后果实证检验,发现我国上市公司进行真实盈余管理活动会同时导致其后期会计业绩与现金流业绩“滑坡”,且现金流业绩“滑坡”的期限要长于会计业绩的期限,表明真实盈余管理对现金流的影响更为深远。具体来说,异常现金流对会计业绩与现金流业绩的影响最为显著,异常生产成本和异常费用对会计业绩的影响不显著,但对现金流业绩的影响显著,本文的研究结论不仅丰富了真实盈余管理的研究文献,也为提高会计信息质量和完善资本市场监管提供了经验证据。
  • 详情 基于真实交易盈余管理的股权制衡治理效应研究
    公司治理中的一些因素会对公司管理层进行应计盈余管理起到限制作用,其是否也会影响公司管理层进行真实交易盈余管理尚未有充足的证据。因此,本文就股权制衡这一治理结构安排与公司管理层进行的真实交易盈余管理程度进行实证检验,发现股权制衡能在一定程度上有效地降低管理层在产品成本方面的真实交易盈余管理和整体调节利润的操纵程度。本文对股权制衡会抑制真实交易盈余管理研究结论提供了新的解释,为进一步认识股权制衡的公司治理功效提供了支持性证据。
  • 详情 因子分析和聚类分析在银行选址中的应用——以建设银行衡水分行为例
    摘要: 本文通过定性和定量相结合的方法,对商业银行网点布局选址进行考察,试图寻找网点布局优化方案和途径。基本过程是:选取10项影响因素指标,对建设银行衡水分行市区16个网点进行因子分析和聚类分析,在分析的基础上得出结论。研究结果表明:两种分类方法都能作为判定网点布局效果质量的依据,因子分析通过将网点的选择指标归纳为营销因子、竞争因子、地理因子和经济因子等4个综合变量,为商业银行优化网点资源配置提供了科学的方法和依据。
  • 详情 Mathematical Analysis on Innovation of Address Selection of Commercial Bank Outlets
    Abstract: Mathematical analysis has been introduced into the analysis and decision of commercial bank outlets, by which ten index of influencing factors are selected to establish the analysis of outlets distribution and decision-making model; Hengshui Branch of Chinese Construction Bank in Hebei is taken as a sample, in which the factor analysis and cluster analysis are employed for the research and analysis, therefore, a breakthrough has been achieved in the thought of commercial banks and approaches of analysis and decision-making. The research in the paper shows that the mathematical analysis can completely provide scientific data for the distribution of commercial bank outlets; the division will provide evidence for analysis and decision-making of commercial bank, such as marking factor, competitive factor, geography factor and economic factor, which has provided scientific methods and evidence for the optimized resource distribution of commercial banks.