融资受限、大股东“圈钱”与再发行募集资金滥用

中国上市公司再发行后业绩恶化与其投资行为不当有关,文章分析了股权结构、大股东圈钱、融资受限等因素对投资不当行为的影响.以1998—2001年配股样本进行实证检验,结果发现再发行前的资金储备程度越高,大股东参与再发行程度越低,募集资金滥用的可能性也越大,而大股东持股比例、股权制衡因素则对资金滥用可能性的影响不显著.这表明由于融资受限引起的资金储备动机和大股东圈钱动机是影响中国上市公司募集资金滥用的主要原因.文中的政策意义在于,再发行审批时应把再发行前的资金储备比例作为一个审批指标,并要求大股东积极参与再发行,以减少上市公司的再发行圈钱行为.     

股权结构会影响筹资决策吗?——来自中国赛格系公司的案例

本文以赛格集团下属的4家上市公司为例对股权结构与筹资决策及其后问题进行了探讨。结果发现 ,股权结构确实影响了上市公司的筹资决策。尽管公司的股权结构可能不会直接影响大股东的投资目的 ,但是由于股权结构的差异可能影响大股东的潜在获利渠道 ,因此 ,会导致其筹资动机、募集资金用途和募集资金使用效果上的不同 ,进而导致其募集资金以后业绩变化的原因和大股东应对方式的不同。     

大股东代理问题与IPO募集资金的使用

本文在单一股东价值模型的基础上,引入第一大股东的代理行为,并对IPO募集资金使用情况的影响因素进行理论分析,进而提出研究假说。用中国股市A股IPO数据对假说进行检验,发现IPO募集资金的使用受到第一大股东代理行为的影响,第一大股东政治级别越高和财务杠杆越小的上市公司的募集资金投入程度显著越低。IPO募集资金的使用也受到股东价值驱动因素的影响,上市后三年平均营业利润率越高的公司,IPO募集资金投入程度显著越高。     

我国上市公司可转债融资选择的实证分析

近年来发行可转债已成为上市公司筹集外部资本的重要融资工具之一。利用Logis- tic回归分析方法检验了公司财务杠杆、成长性、盈利能力、股权结构、公司规模、募集资金规模及行业因素同上市公司在可转债与增发A股选择倾向之间的关系。实证结果发现,可转债融资选择倾向与财务杠杆呈显著负相关,与公司规模呈显著正相关,与公司盈利能力和募集资金规模呈负相关,但显著性水平较低,与公司成长性、第一大股东持股比例以及行业因素无显著相关性。     

股权比例、大股东"掏空"策略与全流通

本文从股票价值的现金股利模型和Ohlson模型出发,得出非流通股价值基本上由现金股利或非法侵占所决定的结论.非流通股股东实现其股权价值最大化的途径有两个派发现金股利和侵占公司资源.单方和多方博弈的结果表明,控股股东持有的股份比例越高,侵占公司资源的可能性越低;在大股东数量少、第一大股东持股比例较低的情况下,大股东可能会合谋侵占公司资源,导致上市公司资源被侵占的程度增大;随着大股东数量的增多,上市公司资源被侵占的可能性和程度都会降低;在股权极其分散(全流通)的条件下,大股东仍有极大的动机侵占上市公司资源,经验结果支持以上的推论.     

融资动机与上市公司投资者关系管理--来自公司网站投资者关系管理的实证发现

为实证检验上市公司融资动机与投资者关系管理的关系,从公司网站这一视角出发,构建上市公司网站投资者关系管理指数.以深圳交易所A股上市公司为样本,研究发现,网站投资者关系管理指数受到了当前融资计划和未来融资动机的影响.当公司在未来年度内获得融资资格的机会较大时,投资动机和圈钱动机都会导致网站投资者关系管理指数的上升;而当公司未来年度内获得融资资格的机会较小时,公司进行网站投资者关系管理的动机则大大弱化.因此上市公司进行投资者关系管理的真正动机并不是出于中小投资者利益考虑,而更多的表现为一种自利行为.     

股票市价、所有权特征与公司投资行为研究——基于股权融资依赖视角

基于行为公司财务理论,构建了股票误定价通过股权融资渠道影响企业投资行为的理论模型.在模型阐释和制度背景分析的基础上,在不同的股权融资依赖度和所有权控制特征下,对股票市价与公司投资行为进行了实证研究.结果表明:股权融资的依赖程度越大,企业投资水平对股票市价的敏感性越高;在相同的股权融资依赖度下,地方政府所辖上市公司的投资规模对股票市价的敏感性大于民营产权控制和中央企业控制的上市公司;股票市价对企业投资行为的影响因不同的所有权控制特征和治理效率而存在差异;监管机构加强对融资需求的评估与公共治理的强化,是抑制地方上市公司股权融资资金配置自利动机的有效途径.     

大股东掏空上市公司的根源及其治理

根据对大股东掏空上市公司行为机理的分析,本文认为国有股“一股独大”的股权结构是造成国有控股股东滥用控制权、掏空上市公司的根本原因。这决定了我们必须在深化国有产权制度改革、减持国有股、完善股权结构,进而改进公司治理机制的基础上,加强制度建设,采取多种措施清欠大股东占款,遏制大股东侵占上市公司资金行为的再发生,实现上市公司质量的全面提高。     

大股东持股对过度投资的影响研究--基于A股民营上市公司的经验研究

本文选取2008-2012年沪深两市A股民营上市公司为研究样本,实证分析了大股东持股比例对公司过度投资行为的影响。研究结果显示,第一大股东持股比例与过度投资存在着先下降后上升的“U”型关系;即随着第一大股东持股比例的不断加大,过度投资水平逐渐降低,然而当第一大股东持股比例达到临界点25.35%之后,随着持股比例的进一步增加,过度投资程度显著增加。     

大股东控制对企业金融化的影响研究

利用2007～2019年中国A股上市公司数据,考察大股东控制对企业金融化的影响。研究发现,大股东持股比例上升有助于抑制企业金融化,支持大股东的“监督效应”和金融化的“投资替代”动机;在管理层持股比例低、盈余管理严重、机构投资者持股比例低及分析师跟踪人数少的情况下,大股东控制对金融化的影响更强,表明大股东确实通过“监督效应”约束了企业金融化。进一步研究发现,大股东持股比例对企业金融化的负向影响,在非国有、经营风险高、融资约束大的企业以及金融市场收益高、金融投资风险大、经济政策不确定性高的环境中更加明显。     

Trust, confidence, procedural fairness, outcome fairness, moral conviction, and the acceptance of GM field experiments

In 2005, Swiss citizens endorsed a moratorium on gene technology, resulting in the prohibition of the commercial cultivation of genetically modified crops and the growth of genetically modified animals until 2013. However, scientific research was not affected by this moratorium, and in 2008, GMO field experiments were conducted that allowed us to examine the factors that influence their acceptance by the public. In this study, trust and confidence items were analyzed using principal component analysis. The analysis revealed the following three factors: "economy/health and environment" (value similarity based trust), "trust and honesty of industry and scientists" (value similarity based trust), and "competence" (confidence). The results of a regression analysis showed that all the three factors significantly influenced the acceptance of GM field experiments. Furthermore, risk communication scholars have suggested that fairness also plays an important role in the acceptance of environmental hazards. We, therefore, included measures for outcome fairness and procedural fairness in our model. However, the impact of fairness may be moderated by moral conviction. That is, fairness may be significant for people for whom GMO is not an important issue, but not for people for whom GMO is an important issue. The regression analysis showed that, in addition to the trust and confidence factors, moral conviction, outcome fairness, and procedural fairness were significant predictors. The results suggest that the influence of procedural fairness is even stronger for persons having high moral convictions compared with persons having low moral convictions.     

Equity, Efficiency, Uncertainty, and the Mitigation of Global Climate Change

Policies to mitigate potential damages from global climate change impose costs on the current generation to provide benefits to future generations. This article examines how comparisons among three stylized policies-business-as-usual, mitigation of climate change, and compensation for climate damages-depend on social preferences with respect to risk and intertemporal equity. Also examined is the opportunity-cost criterion, which asserts that mitigation should not be chosen if its net present value is smaller than that of business-as-usual. Analysis reveals that the discount factor used to evaluate whether mitigation satisfies this criterion depends on preferences regarding risk and intertemporal inequality of consumption, and on the risk of the compensation policy. Risk aversion favors mitigation over business-as-usual. If society is neutral to inequality, risk aversion disfavors compensation, but if society is inequality averse, the effect of risk aversion on preferences between compensation and business-as-usual is ambiguous. Inequality aversion tends to favor business-as-usual over both alternative policies provided that, roughly speaking, the anticipated future improvements in welfare exceed the anticipated climate damages.     

The `Game' of Leadership: Exercise, Games, Sports, and Leadership

The relationship between leadership and sports was analyzed. Peer influence was most important, with that of teachers and parents seeming to have a second-order effect as perceived through peers. Each gender benefitted more in leadership when mentored by their own gender, especially so for women. In work settings, men reported more leadership learning and encouragement than did women. Women experienced more frustration in participating in games and sports in school, the encouragement and continued mentoring being insufficient. Harragan's 1977 thesis that the corporate world and the playing field of sports and high-level policy-making have a male schema was borne out.     

Premature Deaths,Statistical Lives,and Years of Life Lost: Identification,Quantification, and Valuation of Mortality Risks

Mortality effects of exposure to air pollution and other environmental hazards are often described by the estimated number of “premature” or “attributable” deaths and the economic value of a reduction in exposure as the product of an estimate of “statistical lives saved” and a “value per statistical life.” These terms can be misleading because the number of deaths advanced by exposure cannot be determined from mortality data alone, whether from epidemiology or randomized trials (it is not statistically identified). The fraction of deaths “attributed” to exposure is conventionally derived as the hazard fraction (R – 1)/R, where R is the relative risk of mortality between high and low exposure levels. The fraction of deaths advanced by exposure (the “etiologic” fraction) can be substantially larger or smaller: it can be as large as one and as small as 1/e (≈0.37) times the hazard fraction (if the association is causal and zero otherwise). Recent literature reveals misunderstanding about these concepts. Total life years lost in a population due to exposure can be estimated but cannot be disaggregated by age or cause of death. Economic valuation of a change in exposure-related mortality risk to a population is not affected by inability to know the fraction of deaths that are etiologic. When individuals facing larger or smaller changes in mortality risk cannot be identified, the mean change in population hazard is sufficient for valuation; otherwise, the economic value can depend on the distribution of risk reductions.     

Leadership in the digital era: A review of who,what, when,where, and why

Leadership as a social influence process has always involved a complex set of phenomena that demands an interdisciplinary lens. Leadership scholarship has now entered into a digital era. In a digital era, the overall phenomenon is changing, as are the tools through which we study it, demanding a new “lens” through which we view leadership. Yet, this raises the question, to what extent is leadership different in a digital era? In acknowledgement of this trend, a special issue was commissioned at The Leadership Quarterly that sought to stimulate the imagination of leadership scholars and practitioners. In the current work, we begin with a brief review of who, what, when, where and why of digital leadership. We cover leadership in informal contexts (e.g., social media), generalization from face-to-face to virtual contexts, computational modeling, the leveraging of technology (e.g., machine learning; Big Data), as well methodological how-to guides. We then plot a path forward for leadership scholars in the dawn of the digital era.     

Breast implants, Hippocrates, and burden of proof

The author argues that the burden of proof for the safety and efficacy of some medical devices properly lies with the manufacturers of the devices and with the providers who use them. The controversy over breast implants is used as a case for this shift in the burden of proof of safety and effectiveness.     

Comments on globalization, interdisciplinary research, myopia and parochialism, government, convergence, and culture

Globalization presents social scientists with a wide variety of issues and challenges that cut across disciplinary boundaries. Disciplinary boundaries encourage specialization and advances in understanding aspects of social behavior, but specialization also creates barriers to more comprehensive understanding of social behavior such as globalization. Successful interdisciplinary efforts entail gains from trade across disciplinary specializations. The papers in this volume help outline an agenda for interdisciplinary investigation of globalization to knock down disciplinary boundaries and encourage gains from trade that further our understanding of globalization. But much work remains before we see real fruits from such efforts.