股权对价博弈模型的研究

股权分置改革对价的核心是确定非流通股股东对流通股股东的补偿.论文通过建立股权对价模型讨论了无时间限制和有时间限制股权分置对价问题.研究显示:流通股和非流通股东对价博弈结果取决于的双方贴现因子的之比.政府的监督和时间限制条件的引入使非流通股股东的成本加大,从而使最终的股权补偿方案只能在一定的范围内实施,补偿范围由是非流通股股东提案成本,博弈次数,惩罚成本确定的函数.     

基于EWA博弈学习模型的股权分置改革对价均衡研究

本文以股权分置改革中以纯送股方式支付对价的936家A股上市公司为样本,从行为博弈的角度,用EWA学习模型研究了其对价均衡的形成机理,并对均衡的形成过程进行了模拟。模拟结果表明EWA学习模型成功捕捉了对价均衡的形成过程,说明股权分置改革对价博弈是一个基于策略学习的博弈过程。对模型参数的分析表明:博弈双方即非流通股股东和流通股股东具有极强的学习能力,但这种学习仅为对过去经验的纯策略学习;同时非流通股股东制定方案时对策略收益赋予较小的权重,说明决策双方博弈地位的不对等在很大程度上决定了不公平对价均衡的形成。     

媒体治理与中小投资者保护

本文考察媒体在股权分置改革及流通股股东分类表决的制度安排下所发挥的治理职能.研究表明,作为宏观治理环境的一个重要组成部分,媒体在股权分置改革中发挥着非常重要的治理作用.在控制其它影响因素的前提下,媒体关注程度越高,治理环境越好,“公司治理溢价”越高,信息环境和信息质量越有保证,非流通股股东的私有利益越小,中小流通股股东所面临的信息风险越低,相应地,其所要求的实际对价也会相对较低.反之,中小流通股股东会向那些媒体关注程度较低公司的非流通股股东要求更高的对价.同时,密集的媒体披露水平可以明显影响甚至强化非流通股持股对实际对价所产生的正向相关关系.分组回归分析的结果表明,这些媒体的公司治理职能仅在中小流通股股东对实际对价高度满意的研究样本中存在.进一步,媒体的这些公司治理职能的发挥主要是通过提高中小流通股股东参与股改投票的热情、进而使其自身意见更有可能在分类表决中得到体现来实现的.     

敖东缩股的多方共赢策略

与送股方式相比,吉林敖东通过缩股实现全流通对二级市场价格的 冲击较小,这种创新是对整个股权分置改革的贡献 被视为不得不冒险推进的由资产监 管者、法人股东、流通股股东参 与博弈的股权分置改革中,吉林 敖东无疑创造了一个多方共赢的局面,作 为第一家采取“缩股加派现”的上市公司, 扯起了股权分置改革中的创新大旗。     

我国证券市场限售股减持的相关分析

<正>所谓减持,就是非流通股股东转化为流通股之后股东对股票进行抛售的行为,限售股减持是我国证券市场进入全流通时代中的必经过程,也是股权分置改革中的一大重要举措。股权分置改革是当前中国资本市场上一项非常重要的制度改革。在中国内地的证券市场上,流通股与非流通股之间存在着"同股不同权,同股不同价"的巨大差异,这严重妨碍了市场的公正公平,也影响到市场上基本的估值体系的准确     

苏宁电器：股权分置闯新路

8月4日,苏宁电器(002024)股权 分置改革方案以95．79％的流通股 赞成获得通过。在股权分置改革 的浪潮里,作为中小企业板解决股权分置的 样本股,苏宁电器解决股权分置的方案代表 着一个重要类别的上市公司,不仅具有象 征意义,其确定过程所遵循的原则和方法 将对其他中小企业板上市公司带来借鉴。 “苏宁式”对价方案     

政府干预、机构持股与公司业绩

为切实保护中小股东利益,股权分置改革是我国二元股权结构的上市公司改革的必然之路,文章研究了股权分置改革前和改革过程中,作为中小股东代表的机构投资者对公司业绩的不同影响。首先从机构持股比例和持股的机构数量两方面研究了机构投资者与公司业绩的关系,发现当机构持股比例较高时,持股机构数目越多,公司绩效越好,而在机构持股比例较低的一组,得到了相反的结论。然后,创造性地研究了股权分置改革与机构持股的交互作用对所持股上市公司绩效的影响,以及股权分置改革前后,国有控股与机构持股的交互作用对上市公司绩效的影响。结果显示,股权分置改革与机构持股的交互作用与公司绩效负相关,而且,股权分置改革过程中国有控股与机构持股的交互作用对公司绩效产生的负面影响大于股改前的。     

证监会发布股权 分置改革试点通知

股权分置改革将按“市场稳定发展、规则公平统一、方案协商选择、流通股东表决、实施分步有序”原则进行。中国证监会将根据上市公司股东的改革意向和保荐机构的推荐．协商确定少量试点公司。临时股东大会就股权分置改革方案做出决议．必须经参加表决的股东所持表决权的三分之二以上通过．并经参加表决的流通股股东所持表决权的三分之二以上通过。非流通股股份取得流通权后．其持有者应当承诺至少在十二个月内不上市交易或者转让；该承诺期期满后。出售数量占该公司股份总数的比例在十二个月内不超过百分之五．在二十四个月内不超过百分之十，在股权分置改革中，必须选择适当时机实行“新老划断”。[编者按]     

股权分置改革下股权结构与公司绩效的实证研究

本文利用192家上市公司3年的面板数据,对股权分置改革下我国上市公司股权结构与公司绩效的相关性进行了实证分析.首先通过因子分析确定公司绩效指标.接着分别从股权构成、股权集中度及股权制衡度3个方面考查股权结构与公司绩效的关系,结果表明,公司绩效与国有股比例、第一大股东持股比例呈显著的U型关系,与流通股比例负相关,与前五大股东持股比例、股权制衡度正相关.     

股权分置改革对于中国上市公司公司治理结构的影响

股权分置是资本市场初期建立的一项具有中国特色的制度.但随着中国资本市场的不断发展和完善,这一制度设计越来越成为束缚中国资本市场的制度瓶颈.尽管这种股权分置现象在我国资本市场中的产生有着特定的、制度背景,但股权分置由于拉制权、所有权不能自由转让,导致同股不同权的存在,造成了不同股东的利益不一致.从而导致公司治理缺乏共同利益基础、不利于上市公司的购并重组等诸多.而股权分置改革将会改变这种现象,为了冲破这一瓶颈束缚,从2005年到2006年,力图解决中国资本市场股权分置问题的改革进行得如火如荼.因此,对股权分置改革对公司治理的影响进行探讨就成为必要了.     

Introduction to Special Section on Sensitivity Analysis and Summary of NCSU/USDA Workshop on Sensitivity Analysis

This guest editorial is a summary of the NCSU/USDA Workshop on Sensitivity Analysis held June 11–12, 2001 at North Carolina State University and sponsored by the U.S. Department of Agriculture's Office of Risk Assessment and Cost Benefit Analysis. The objective of the workshop was to learn across disciplines in identifying, evaluating, and recommending sensitivity analysis methods and practices for application to food‐safety process risk models. The workshop included presentations regarding the Hazard Assessment and Critical Control Points (HACCP) framework used in food‐safety risk assessment, a survey of sensitivity analysis methods, invited white papers on sensitivity analysis, and invited case studies regarding risk assessment of microbial pathogens in food. Based on the sharing of interdisciplinary information represented by the presentations, the workshop participants, divided into breakout sessions, responded to three trigger questions: What are the key criteria for sensitivity analysis methods applied to food‐safety risk assessment? What sensitivity analysis methods are most promising for application to food safety and risk assessment? and What are the key needs for implementation and demonstration of such methods? The workshop produced agreement regarding key criteria for sensitivity analysis methods and the need to use two or more methods to try to obtain robust insights. Recommendations were made regarding a guideline document to assist practitioners in selecting, applying, interpreting, and reporting the results of sensitivity analysis.     

Distinguishing traumatic, vicarious and routine operational stressor exposure and attendant adverse consequences in a sample of police officers

Problems in studying occupational stress within the police service are identified and the paucity of work on operational duties as potential stressors are discussed. The present study reports the results of a factor analysis of operational stressors (N = 601 serving British police officers) that revealed three factors: exposure to death and disaster; violence and injury; sexual crime. These were demonstrated to be reliable scales and were included in logistic regression models together with a range of demographic and psychological variables. Models were applied to men and women separately, which showed there to be different predictors of the likelihood of suffering distress (measured by the General Health Questionnaire, GHQ) in terms of the officer's gender and operational role. Overall the model for women officers was better at predicting psychological distress than that for men. These findings are related to aspects of the police occupational culture. Further discussion is offered that conceptualizes police operational stressors as traumatic, routine and vicarious. Finally, some implications are drawn for the provision of stress intervention in the light of this differentiation.     

Criteria for selecting a production control philosophy

Logistic objectives constitute a compromise between having short leadtimes and a low volume of work in progress on the one hand and a high resource loading and due date obligation on the other. Miscellaneous production planning approaches offered today provide different combinations of logistic objectives for satisfying a manufacturing strategy. To combine the strength of the various approaches into a unified system, a new approach based on a dynamic and distributed production planning methodology is proposed. To customize the approach, various analyses and specifications have to be made and for that reason some important characteristics and criteria for analysing production control philosophies will be given.     

The social construction of the meaning of acute stressors: a qualitative study of the personal accounts of police officers using a stress counselling service

The police profession is one in which acute stressors are encountered more frequently than in other occupations. Using the personal accounts of 35 police officers attending an in-house stress counselling clinic, the aim of the present study was to provide a qualitative examination of how the institutional context of policing influenced the ways in which acute stressors signified to individual police officers experiencing felt distress. Using the framework of Rational Emotive Behaviour Therapy as an analytical tool, it is argued that beliefs contributing to the experience of felt distress are related to the way in which policing as both an identity and an activity is constructed through the police organizational culture. Not only do these constructions influence the ways in which officers perceive themselves and their environments, but they also operate at the collective level to 'normalize' some emotional responses and to 'pathologize' others which, it is argued, could impact upon the outcomes of interventions such as stress counselling.     

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.     

Job stress, job strain, and psychological withdrawal among Dutch university staff: towards a dualprocess model for the effects of occupational stress

This study examined the antecedents of job strain (emotional exhaustion, health complaints) and withdrawal behaviour (e.g. lowered organizational commitment) among a cross-sectional sample of 131 academic staff members of the law department of a large Dutch university. Conservation of resources theory (Hobfoll, 1989) provided the theoretical background for this study. Strains and withdrawal behaviours were expected to be most prominent among those who reported having few resources and/or who reported high job demands. Structural equation modelling revealed that this was indeed the case. As predicted, differential patterns of effects emerged for job demands and job resources. Analysis of the effects of four job-specific stressors revealed that especially the structural aspects of a staff member's teaching task (e.g. the number of students in their classes) contributed strongly to perceived job demands. Theoretical and practical implications of the study are discussed.     

Employees' perceptions of organizational restructuring: the role of social support

Organizational change and restructuring is often perceived as leading to increased occupational stress, impacting negatively on the psychological well-being of employees. This pragmatic study investigates the role of social support and dispositional affect as moderators of role stress post-restructuring for employees in a public utility company. A total of 176 employees, including 37 managers, 60 graded staff and 78 industrial staff completed a self-report questionnaire, approximately 1 year postrestructuring, retrospectively assessing role conflict, ambiguity, overload and positive and negative feedback pre- and post-restructuring. Results suggested that overall role stress increased for managers/ senior officers and graded staff, but not for industrial staff. Social support was linked with lower role stress, more positive feedback and less negative feedback at post-restructuring. For certain role stressors this impact was moderated by dispositional affect, but the effect was not consistent across occupational groups. Positive affect enhanced the effect of manager support in reducing role conflict for graded staff, and the effect of co-worker support in increasing positive feedback and reducing negative feedback for industrial staff. Findings suggest that managers should pay particular attention to support and feedback for employees during periods of chronic occupational stress following organizational restructuring.     

The Danish psychosocial work environment and symptoms of stress: the main, mediating and moderating role of sense of coherence

The aim of this cross-sectional study was to explore the main, mediating and moderating role of sense of coherence (SOC) on stress symptoms and on the association between perceived psychosocial work environment and stress symptoms. The sample includes 2053 Danish employees from 52 workplaces. Hierarchical regression models were applied for each measure of stress. The results strongly supported the presence of a main effect for SOC. People with high levels of SOC experienced fewer stress symptoms. A mediating effect of SOC was also supported. Thus, SOC in part explained the association between work environment and stress symptoms. In addition, some support for a moderating effect of SOC was found, suggesting that people with higher SOC coped more efficiently with work environmental strain that people with lower SOC. Taken together the regression models explained 11-32% of the variance in stress symptoms. The results suggest that measures of individual factors such as SOC should be included in analyses of the effects of work environmental factors on stress and well-being.     

Control at work: a generalized resource factor for the prevention of musculoskeletal symptoms?

During the last two decades two potent groups of predictors for work-related musculoskeletal problems have been identified: physical work load and poor psychosocial working conditions. However, little is known about their combined effects. In this study the buffering effect of control at work with respect to the negative effects of psychological demands and physical work load on musculoskeletal problems is examined. All study variables were sampled from 431 people working in geriatric nursing homes in Germany by means of questionnaires. Main effects and interactions were tested with multiple regression analysis. The results showed that control buffered the effects of high psychological demands, but not of high physical work load; the buffering effect of control was observed only when physical work load was low. The combined effects of demands and physical work load were over-additive. Thus, the power of different predictors for musculoskeletal symptoms depended on the level of other predictors. This suggests that the efficiency of certain strategies for the prevention of musculoskeletal problems is likely to depend on the level of risk factors, with different strategies being appropriate for different levels of risk.