承销商变更对股权再融资的影响:理论与实证

从理论和实证两方面,研究上市公司股权再融资(SEO)时是否更换承销商的决策问题以及承销商变更对上市公司资本市场表现的影响.理论模型表明,当承销商和发行公司之间存在较为严重的信息不对称,即在首次公开发行(IPO)时,不同资产质量的公司都能获得高声誉承销商承销;而当发行公司和承销商对彼此状况了解更为深入,即SEO时,高声誉承销商能识别不同公司的资产质量,出于对自身声誉的维护,不再承销低资产质量的公司,此时低资产质量的公司只能选择低声誉的承销商.实证结果与理论模型相符合,实证发现:相对于质量好的公司,质量差的公司在SEO时被迫更换承销商的概率更高.更换组公司与未更换组公司在IPO时雇佣的承销商声誉没有显著差别,而更换组公司在SEO时雇佣的承销商声誉明显较差.进一步探究承销商变更对公司市场表现的影响时,发现相较于更换了IPO承销商的公司,未更换承销商的公司在SEO时能够获取更低的折扣率和更高的长期股票回报率,这一结果在多种测试下都是稳健的.     

券商声誉、制度环境与 IPO 公司盈余管理

基于成熟资本市场的研究表明，高声誉券商会抑制 IPO 公司的盈余管理． 本文以 2001 － 2011 年处于中国制度环境下的 IPO 公司为样本，重新考察了券商声誉与 IPO 公司盈余管理之间的关系． 研究发现，券商声誉越高，其所承销 IPO 公司的盈余管理程度也就越高，但券商声誉与 IPO 公司盈余管理程度之间的正向关系只有在投资者法律保护较差的地区才显著． 进一步的研究还发现，高声誉券商纵容或协助 IPO 公司盈余管理的重要动因在于获取更高的经济收益． 尽管高声誉券商确实能够降低 IPO 公司的抑价率，但这是通过提高 IPO 公司盈余管理程度的途径来实现的． 本文的结论表明，要使我国资本市场中的券商声誉机制发挥作用，还需要大力提高券商机会主义行为所面临的法律风险．     

审计费用、高管政治关联与盈余管理

基于2010—2021年中国沪深A股上市公司为研究样本,考察审计费用对企业盈余管理的影响及作用机制。研究发现,审计费用越高,上市公司进行应计盈余管理和真实盈余管理的程度越低;与高管无政治关联的公司相比,高管具有政治关联的企业进行应计盈余管理和真实盈余管理的程度更高。异质性分析表明,高管政治关联削弱审计费用对企业真实盈余管理的抑制作用,但并未削弱其对应计盈余管理的抑制作用;与国有企业相比,民营企业提高审计费用可以更显著地抑制其进行应计盈余管理和真实盈余管理;此外,相对于非“四大”会计师事务所,国际“四大”会计师事务所通过收取较高的审计费用,对企业盈余管理行为的抑制作用更强。机制分析显示,审计费用主要通过提升审计质量来抑制企业盈余管理。文章探讨了中国资本市场外部审计与政治关联的博弈结果,为优化企业资本配置效率提供理论依据。     

盈余管理与审计关系实证研究综述

近年来,由于上市公司利用盈余管理来操纵利润而导致公司利益相关者受害的事件屡见不鲜,因而对盈余管理与审计关系的研究越来越多。本文主要从盈余管理与注册会计师和审计的意见关系、盈余管理与会计师事务所的关系、盈余管理与其他审计业务之间的关系三方面进行回顾,并提出了今后还需继续研究的问题。     

审计师的行业专业水平对盈利信息质量的约束作用研究

对于约束企业盈余管理的行为,审计师的行业专业水平(auditors’industryexpertise,下文简称为AIE)是一个有效的机制。本文以2004年聘用了十大会计师事务所①的上市公司为样本,检验了AIE和盈余管理的关系。实证表明:AIE与盈余管理之间呈现出反向关系。相对于聘用不具有AIE的事务所的公司而言,聘用具有AIE的事务所的公司进行利润操纵的范围会更小。所以,公司对十大会计师事务所的选择有助于提高盈利信息质量的可靠性。     

盈余管理、公司债券融资成本与首次信用评级

公司盈利能力显著影响公司的信用评级,进而影响公司债券融资成本的大小,故发债公司存在基于评级的盈余管理动机。选取2007年至2012年发行公司债券且具有信用评级的A股非金融类上市公司为研究样本,采用事件研究法检验发债公司获得首次评级之前盈余管理的分布状况,运用OLS和oprobit回归模型验证盈余管理、公司债券融资成本与首次信用评级之间的关系。研究结果表明,发债公司在获得首次信用评级前,正向的盈余管理程度持续上升,评级后出现持续下调甚至为负的现象;控制公司正常应计利润后,发行公司的盈余管理程度与首次信用评级之间正相关,且主体信用评级表现显著,说明评级机构的决策受发债公司盈余管理行为的影响;另外,债券收益率与信用评级负相关,而考虑盈余管理与评级之间交互项的影响时,市场参与者面对公司的盈余管理行为将要求更高的收益率加以补偿,公司的盈余管理行为减弱了评级对债券收益率的影响。     

风险资本持股对中小板上市公司IPO盈余管理的影响

本文以中小板上市公司为对象,基于2003年至2009年数据,利用修正Jones模型对IPO盈余管理程度及VC持股的影响进行检验,发现IPO盈余管理现象不显著,也就是中小企业没有明显利用盈余管理提高上市可能性;其次,作为中小企业上市前的重要投资者,VC的参股并没有明显改变中小企业IPO盈余管理,即VC参股没有明显改变中小企业IPO逆向选择成本。明显有别于国外研究,本文研究结果不支持VC的监督或者逐名会导致中小企业盈余管理减轻或加重的观点。     

会计专业独董的兼职席位、事务所经历与真实盈余管理

 自独立董事制度确立以来，理论界和实务界都非常关注独立董事个体特征在完善公司治理中扮演的重要角色。鉴于独立董事多席位的现象在中国资本市场中普遍存在，以及具有事务所经历的专业人士已成为上市公司选聘会计专业独董的重要来源，考察会计专业独董的兼职席位和事务所经历特征在公司治理中的作用具有重要的理论价值和现实意义。        以2009年至2014年中国A股上市公司为研究样本，采用STATA软件以及控制行业和年度固定效应的OLS回归分析方法，结合独立董事的声誉假说，探讨会计专业独董的兼职席位、事务所经历会计专业独董的兼职席位与企业真实盈余管理行为之间的关系。在此基础上，进一步分析产权性质、股权集中度和事务所关联等因素对上述关系的影响。        实证结果表明，会计专业独董兼职席位数越多，其所在公司的真实盈余管理程度越低，当具有事务所经历的会计专业独董兼职席位越多时，公司真实盈余管理程度进一步降低；进一步分析还发现，当公司产权性质为非国有企业、股权集中度较低以及事务所经历会计专业独董与公司所聘任的主审会计师事务所不存在关联关系时，事务所经历会计专业独董的兼职席位对真实盈余管理行为的抑制作用更加明显。        研究结论不仅验证了独立董事的声誉假说，还发现产权性质、股权集中度和事务所关联等因素会影响会计专业独董有效履职，拓展了独立董事个体特征和真实盈余管理的相关经验研究；同时，研究结论还为监管层完善监管机制、上市公司会计专业独董的选聘和主审会计师事务所的聘用提供决策参考依据。     

如虎添翼抑或燕巢危幕:承销商、大客户与公司债发行定价

本文探讨大客户在公司债发行定价中的作用以及承销商的调节效应。研究发现:第一大客户销售占比与公司债发行价差显著正相关,这一结论即使在控制内生性后依然成立,说明大客户对公司债发行定价具有风险效应。这种效应主要体现在承销商市场排名较低、承销费率较高、非承销团承销、承销商分类评级较低以及承销商不同时承销IPO组,说明承销商声誉能抑制大客户对公司债发行定价的风险效应。进一步分析表明:第一大客户非政府背景、与企业不在同一省份以及关系不稳定,债券无担保、信用评级较低以及筹资用于偿还债务,货币政策紧缩与经济增长较慢时,大客户对公司债发行定价的风险效应更强。本研究有助于丰富客户与债券定价文献。     

承销商值得信任吗——来自创业板的证据

本文基于信息不对称理论,运用剩余收益评估模型控制IPO公司的内在价值,对我国创业板IPO过程中承销商的定价效率进行了实证研究.结果表明,在我国证券市场效率不高的背景下,不完善的声誉机制无法约束承销商的机会主义行为,导致承销商第三方认证功能弱化,发行价格偏离内在价值,不能有效降低发行人和投资者的信息不对称程度.承销商的机会主义行为造成发行人和承销商的利益趋同.在发行价格与抑价程度不存在显著关系的情况下,配合承销商的机会主义行为采取高报价策略争取配售份额是询价投资者的占优选择.     

Power,authority and legitimacy

Management, human resources, organization, control, leadership, etc., all seem to be just so many euphemisms for power, and this suggests a discourse of management and organization that calls things by their proper name. This paper on the contrary stresses the need to resolve the concept of ‘power’ itself into more differentiated notions, and proposes that clarification may be derived from distinctions once explicit in the vocabulary of Classical antiquity, but lost in modern European languages. It argues that nothing but confusion in thinking about organizations, management and legitimation can result from the failure to recognize that the phenomena this vocabulary identifies and distinguishes are irreducibly different.     

The moderating role of social support in Karasek's job strain model

This paper examines whether social support is a boundary-determining criterion in the job strain model of Karasek (1979). The particular focus is the extent to which different sources of social support, work overload and task control influence job satisfaction, depersonalization and supervisor assessments of work performance. Hypotheses are tested using prospective survey data from 80 clerical staff in a university setting. Results revealed 3-way interactions among levels of support (supervisor, co-worker, non-work), perceived task control and work overload on levels of work performance and employee adjustment (self-report). After controlling for levels of negative affect in all analyses, there was evidence that high levels of supervisor support mitigated against the negative effects of high strain jobs on levels of job satisfaction and reduced reported levels of depersonalization. Moreover, high levels of non-work support and co-worker support also mitigated against the negative effects of high strain jobs on levels of work performance. The results are discussed in terms of the importance of social support networks both at, and beyond, the work context.     

Job insecurity, coping resources and personality dispositions in occupational strain

This paper presents research on the relationships between the work-related stressor of perceived job insecurity and various indicators of occupational strain, taking into account employees' personality dispositions (trait negative and positive affectivity) and coping resources. Respondents were 222 Australian public servants surveyed during organizational restructuring that involved downsizing and threat to job certainty. The research was formulated within an adaptation of Osipow, Doty, and Spokane's (1985) framework of stress-strain-coping that included the possible direct as well as moderating effects of personality dispositions in reporting occupational strain (Parkes, 1990). Findings from hierarchical regression analyses indicate consistent significant independent effects of personality dispositions, coping resources and perceived job insecurity on various indicators of strain. There was also support for the moderating roles of negative affectivity and self-care in the relation between perceived job insecurity and physical strain. Implications for the role of dispositional factors, especially negative affectivity, and the utility of various coping resources in accounting for occupational strain in times of threatened job security are discussed.     

Dermal Uptake of 18 Dilute Aqueous Chemicals: In Vivo Disappearance‐Method Measures Greatly Exceed In Vitro‐Based Predictions

Average rates of total dermal uptake (K_up) from short‐term (e.g., bathing) contact with dilute aqueous organic chemicals (DAOCs) are typically estimated from steady‐state in vitro diffusion‐cell measures of chemical permeability (K_p) through skin into receptor solution. Widely used (“PCR‐vitro”) methods estimate K_up by applying diffusion theory to increase K_p predictions made by a physico‐chemical regression (PCR) model that was fit to a large set of K_p measures. Here, K_up predictions for 18 DAOCs made by three PCR‐vitro models (EPA, NIOSH, and MH) were compared to previous in vivo measures obtained by methods unlikely to underestimate K_up. A new PCR model fit to all 18 measures is accurate to within approximately threefold (r = 0.91, p < 10^?5), but the PCR‐vitro predictions (r > 0.63) all tend to underestimate the K_up measures by mean factors (UF, and p value for testing UF = 1) of 10 (EPA, p < 10^?6), 11 (NIOSH, p < 10^?8), and 6.2 (MH, p = 0.018). For all three PCR‐vitro models, log(UF) correlates negatively with molecular weight (r² = 0.31 to 0.84, p = 0.017 to < 10^?6) but not with log(vapor pressure) as an additional predictor (p > 0.05), so vapor pressure appears not to explain the significant in vivo/PCR‐vitro discrepancy. Until this discrepancy is explained, careful in vivo measures of K_up should be obtained for more chemicals, the expanded in vivo database should be compared to in vitro‐based predictions, and in vivo data should be considered in assessing aqueous dermal exposure and its uncertainty.     

Systems Resilience for Multihazard Environments: Definition,Metrics, and Valuation for Decision Making

The United Nations Office for Disaster Risk Reduction reported that the 2011 natural disasters, including the earthquake and tsunami that struck Japan, resulted in $366 billion in direct damages and 29,782 fatalities worldwide. Storms and floods accounted for up to 70% of the 302 natural disasters worldwide in 2011, with earthquakes producing the greatest number of fatalities. Average annual losses in the United States amount to about $55 billion. Enhancing community and system resilience could lead to massive savings through risk reduction and expeditious recovery. The rational management of such reduction and recovery is facilitated by an appropriate definition of resilience and associated metrics. In this article, a resilience definition is provided that meets a set of requirements with clear relationships to the metrics of the relevant abstract notions of reliability and risk. Those metrics also meet logically consistent requirements drawn from measure theory, and provide a sound basis for the development of effective decision‐making tools for multihazard environments. Improving the resiliency of a system to meet target levels requires the examination of system enhancement alternatives in economic terms, within a decision‐making framework. Relevant decision analysis methods would typically require the examination of resilience based on its valuation by society at large. The article provides methods for valuation and benefit‐cost analysis based on concepts from risk analysis and management.     

Defining Spirituality of Work

There is a current surge of writings on spirituality and related topics. For instance, Woodward (1997) has pointed out that since Thomas Moore's publication of Care of the Soul in 1994 there have been nearly 800books published with the word soul in the title. These run all the way from Chicken Soup for theWoman's Soul (Canfield et al., 1996) to A Guide to Liberating YourSoul (Barrett, 1995). Spirituality of work is a big part of this surge. Definitionsof spirituality of work seem to vary widely. Bowman (1998, p. 8) in his `reviewof the phenomenon of spirituality of work' found `Definitions of the term spirituality in the context of the Spirituality of Work troublesome and particularly subjective. Many writers do not even attempt definitions.' The purpose of this article is to review the concept of spirituality of work in its historical and current use and to propose a comprehensive definition.     

A new lease for life? The return of vitalism in management and organization studies

This paper starts from a growing interest in the concept of concern, lived experience or “inhabiting” as part of the so-called “affective turn”. My main argument is that the notion of concern cannot be thought or understood without the concept of life. The concept of life, however, is somewhat of a taboo topic in the social sciences. I hold, nevertheless, that in order to reflect on their assumptions and to define concern for their own studies, scholars need to think about life and make a choice regarding the various approaches that can be taken. I therefore present and compare four vitalist approaches: romanticism and Lebensphilosophie, vitalism as ethos and pathos, neuroecosociality as well as vitalism as becoming.     

Consequences of work-family conflict on employee well-being over time

The effects of work-family conflict on the well-being of a diverse sample of 342 non-professional employees from the greater Los Angeles area were examined. Data were collected at two points in time, and a rigorous research design was employed. The effects of self-report bias were considered by controlling for social desirability bias, and by collecting two sources of data (i.e. self-reports and co-workers reports). The results revealed that work-family conflict predicted employee well-being over and above social desirability bias. In addition, analyses were consistent when both self-reports and co-workers reports were utilized. Finally, work-family conflict was a longitudinal predictor of employee's positive well-being. Both cross-sectional and longitudinal analyses were consistent across self-reports and co-worker reports.     

Policy Goals for Health and Safety

Health management and safety regulation are separate disciplines but share the aim to extend expectancy of life in good health. The need to improve cost-effectiveness calls for their co-ordinated management according to a unified rationale. Three guiding principles of accountability, demonstrable net benefit and a uniform measure of performance, have been laid out in Canada by the Joint Committee on Health and Safety. They call for open accounting in terms of (health-related quality-adjusted) life expectancy. The principles are utilitarian in format but, it is argued, inequity is naturally diminished in the process of optimizing cost-effectiveness through maximum marginal returns. Comments are made on practical implementation. The need for public consent in practice calls for two additional principles reflecting fair procedure and sovereignty of the citizens. It is concluded that public health and safety measures should be surveyed, documented for cost-effectiveness and prioritized for improvement.