上市公司对外担保行为的股权结构特征解析

我国上市公司对外担保行为在证券市场和金融机构中引发了诸多问题.本文从公司自身角度研究上市公司对外担保的行为.研究发现,公司的控股股东持股比例、流通股比例和国有股比例都会对担保行为的某些特征产生影响,但是控股股东持股比例和流通股比例的影响较为复杂.此外本文还发现,公司的资产规模、负债情况以及盈利能力也会对担保行为产生影响.     

公司债务期限结构与违约风险

在资产风险水平、负债比率等因素一定的情况下,短期债务比例与违约概率呈类U形关系,基于风险规避角度的最优债务期限结构是存在的,并且这一最优短期债务比例与资产风险水平正相关,与负债比率负相关.我国上市公司短期债务比例普遍较高,根据理论预测和实证检验得出,进一步提高短期债务比例将会使公司违约风险继续扩大,进而危及我国的信用体系和金融秩序.     

最佳资本结构、债务期限结构与公司收益的相关性研究

本文选择2003年——2004年非金融类上市公司数据为样本，对我国上市公司的资本结构、债务期限结构与公司收益的相关性进行了实证研究。发现：（1）我国上市公司存在最佳资本结构，在达到最佳资本结构前，每股收益与之正相关，达到最佳资本结构后负相关。（2）短期负债所占比例与公司收益呈显著负相关关系，短期负债所占比例越低，公司收益越高。这为债务期限结构的税收理论提供了证据支持，而与代理理论相悖。（3）资产规模对公司收益有显著影响：资产规模越大，公司收益越高。     

上市公司增发股票与发行公司债券的影响因素分析——基于财务特征角度

本文以2007年8月至2011年12月期间增发股票或发行债券的非金融类A股上市公司为研究对象,借助描述统计和Logistic回归模型分析影响上市公司融资工具选择的因素。结果显示上市公司债务融资倾向与公司规模、盈利能力显著正相关,与非负债税盾、成长性、资产负债率显著负相关,与资产担保价值正相关但不显著。同时,分析表明股权集中度会影响公司融资工具的选择,而管理层持股比例和公司融资工具选择的关系不显著。     

我国上市公司现金持有水平影响因素实证分析

本文以我国上市公司2007-2011年数据为研究对象,运用面板数据的回归分析对我国上市公司现金持有水平影响因素进行分析,实证结果显示:银行负债比例、企业成长性与现金持有水平呈负相关关系,公司规模、财务杠杆、现金流量、现金替代物、流动负债比例、管理费用率、大股东持股比例与现金持有水平呈正相关关系。     

商业银行资金成本分析与转移资金定价措施

资金成本的影响因素主要有经济发展运行状况、银行规模及设备状况、利率风险状况、资产与负债结构状况、资产负债规模及合理的网点规模和成本管理状况等。商业银行内部资金转移定价,要合理分摊费用确保资金价格实用性、根据市场变化调整定价模型和资金价格、建立内部资金转移价格有效性评价制度。     

兖州煤业股份有限公司资金结构优化软件的开发

一、兖州煤业资金结构优化软件的设计思路设计兖州煤业股份有限公司资金结构优化软件的思路是:(1)要分析兖州煤业股份有限公司资金结构现状,包括资产构成状况、负债构成状况。(2)按照一定的资产负债规模进行静态优化。(3)预计到2010年公司发展变化,对资产负债结构进行动态优化。(4)对资产内部各项资产的比例进行优化。(5)对负债内部各项负债的比例进行优化。根据以上思路,兖州煤业股份有限公司资金结构优化软件的框架见下图:二、兖州煤业资金结构优化方法的选定兖州煤业股份有限公司资金结构的优化可分静态情况优化(只考虑公司现有资金状况…     

信贷政策影响民营企业信贷决策的渠道分析

本文在对信贷政策和信贷决策进行细分的基础上系统分析了信贷政策对于民营企业信贷决策的影响渠道。研究发现,信贷政策主要是通过信贷规模来影响民营企业的贷款规模,通过存贷差的利率结构来影响民营企业的贷款结构,而商业银行的资本充足率的提高,不仅不会解决民营企业的贷款难问题,反而可能加剧这一困难。此外,民营企业的规模和经营状况对于其贷款决策具有显著影响,但是发展潜力仅仅能够影响其贷款结构,更重要的是,民营企业的贷款更多属于存贷利差较大的流动性负债,说明其在与商业银行的信贷交易中处于弱势地位,这也是造成民营企业贷款难的根源之一。     

中美服务部门的产业内贸易及其影响因素分析

本文基于1997~2005年的面板数据对中美两国服务部门产业内贸易的水平、结构、变化及其影响因素进行了实证分析。基本结论是:(1)在此期间中美服务部门产业内贸易的总体水平高达0.7957,以MIIT指数(即"边际产业内贸易"指数)衡量的中美服务贸易的增长是产业内贸易型的。(2)分部门看,"客运服务"、"旅游"、"其他运输服务"的产业内贸易水平最高;但"金融服务"、"教育服务"、"商务服务、专业服务和技术服务"、"建筑工程咨询服务"以及"专利权利和特许费"等部门或项目的产业内贸易水平最低;产业内贸易水平上升明显的服务部门较少。(3)同时期的平均产业内贸易指数与MIIT指数正相关,表明对于具有相对较高产业内贸易水平的服务部门来说,其服务贸易的增长也是产业内贸易型的。(4)以人均收入水平差异表示的中美两国需求结构的差异程度与两国服务部门的产业内贸易水平显著负相关;两国的双向FDI规模差异、市场规模差异和经济自由度差异以及两国之间的货物贸易密集度分别与两国服务部门的产业内贸易水平正相关。两国在市场规模以及经济自由化程度方面的差异并未妨碍两国服务部门的产业内贸易。在影响两国服务部门产业内贸易的各因素中,人均收入水平差异和市场规模差异是最重要的两个因素。     

发电企业资本结构影响因素实证分析

电力行业是关系国计民生的重要领域,本文针对我国电力企业资本结构特征,利用该行业2005-2010年59家上市公司的截面数据,建立面板数据模型,对其资本结构影响因素进行了实证研究。结果显示：公司规模、成长性、资产有形性与公司的资本结构显著正相关,盈利能力、非负债税盾和资产流动性与资本结构显著负相关。     

THE INTERNATIONAL DIMENSION OF PRODUCTIVITY AND DEMAND SHOCKS IN THE US ECONOMY

This paper analyzes the cross‐country effects of productivity and demand disturbances in the United States identified with sign restrictions based on standard theory. Productivity gains in US manufacturing increase US consumption and investment vis‐à‐vis foreign countries, resulting in a trade deficit and higher international prices of US goods, despite the rise in their supply. Financial adjustment works via a higher global value of US equities, real dollar appreciation, and an expansion of US gross foreign liabilities as well as assets. Positive demand shocks to US manufacturing also increase investment and cause a real dollar appreciation, but have limited effects on the trade balance and net foreign assets. Our findings emphasize the importance for macroeconomic interdependence of endogenous fluctuations in aggregate demand across countries in response to business cycle shocks.     

银行贷款、商业信用融资及我国上市公司的公司治理

本文讨论了银行贷款以及商业信用融资对我国上市公司公司治理的影响.通过对1995到2000年间上市公司CEO更换的研究,我们得到两个结论:第一,在经营业绩为负的公司中,银行贷款与强制性CEO更换存在负向关系,而商业信用融资与强制性CEO更换存在正向关系;第二,在盈利能力一般的公司中,商业信用融资与强制性CEO更换仍为正向关系,但银行贷款与强制性CEO更换却不存在明显的关系.以上结果表明,商业信用融资在CEO强制性更换中起到了积极的作用,改善了上市公司的公司治理,而银行贷款却没有起到相应的作用,甚至有负面的作用.     

基于随机久期缺口控制的全资产负债优化模型

资产负债管理是银行等金融机构在负债结构和总量一定的前提下,通过对资产进行优化配置,达到资产流动性、盈利性和安全性“三性”之间的平衡。本文基于CIR动态利率期限结构求解随机久期,对包括增量和存量在内的全部资产负债组合的久期缺口进行预留和约束,构建资产负债优化模型控制利率风险。本文的创新与特色有三:一是以控制CIR利率期限结构的随机久期缺口为约束条件建立非线性规划模型、对资产配置进行利率风险免疫,反映了利率随时间的动态变化,突破了Macaulay久期、FW久期等现有研究的利率随时间的变化是固定不变或平行移动的限定条件,使资产配置的利率风险免疫更加符合现实情况。二是建立了包括增量资产负债与存量资产负债的全资产负债优化配置模型,改变了现有资产负债模型大多只考虑增量资产负债、而忽略存量资产负债的弊端。三是以市场利率朝着最不利方向变动时、预留缺口损失后的资本充足率仍满足监管要求为约束条件,保证了在利率不利变动情况下损失仍在可控范围内,在利率有利变动时银行净值增加。     

Investorenreaktionen auf die Fair Value-Bilanzierung von Verbindlichkeiten nach IFRS – eine experimentelle Untersuchung

The fair value-option in IAS 39 allows fair value measurement for liabilities. It is often criticized that a change in a company’s own credit risk affects the value of its liabilities. Therefore it is doubtful whether the fair value-option is in fact useful for investors’ decision making process. Due to a lack of empirical studies concerning the understandability and the decision usefulness of the fair value-option, this paper contains the results of an experimental investigation. We find that investors are misled by fair values for liabilities, though under some circumstances they learn to interpret the financial data correctly. We compare fair value measurement of liabilities with an accounting treatment based on German GAAP.     

LIABILITY AS A CATALYST FOR PRODUCT STEWARDSHIP

Product stewardship is the set of practices related to reducing risks from chemical and process hazards in a company's supply chain. This paper develops an economic framework for evaluating supply chain liability as a driver for adopting product stewardship. Companies that outsource production may face residual liability for damages from use of their products, when liabilities are large enough to exceed supply chain partners' assets. The resulting potential liabilities can be mitigated through product stewardship. This paper shows that extended supply chain liabilities provide incentives for investing in reducing environmental hazards throughout the supply chain.     

The Roles of Bank and Trade Credits: Theoretical Analysis and Empirical Evidence

This study investigates the roles of bank and trade credits in a supply chain with a capital‐constrained retailer facing demand uncertainty. We evaluate the retailer's optimal order quantity and the creditors' optimal credit limits and interest rates in two scenarios. In the single‐credit scenario, we find the retailer prefers trade credit, if the trade credit market is more competitive than the bank credit market; otherwise, the retailer's preference of a specific credit type depends on the risk levels that the retailer would divert trade credit and bank credit to other risky investments. In the dual‐credit scenario, if the bank credit market is more competitive than the trade credit market, the retailer first borrows bank credit prior to trade credit, but then switches to borrowing trade credit prior to bank credit as the retailer's internal capital declines. In contrast, if the trade credit market is more competitive, the retailer borrows only trade credit. We further analytically prove that the two credits are complementary if the retailer's internal capital is substantially low but become substitutable as the internal capital grows, and then empirically validate this prediction based on a panel of 674 firms in China over the period 2001–2007.     

Marketplace platforms as game changers: Internationalization of smaller enterprises

Despite resource constraints, smaller enterprises (SEs) are increasingly participating in international markets and becoming part of the global economy. E-commerce marketplace platforms are propelling this internationalization of SEs by alleviating SEs' resource constraints. However, there is a paucity of research in the nascent area of platform-based internationalization of SEs. Using an abductive inquiry, the study explores how platforms mitigate SEs' resource poverty, provide access to non-location-bound assets, and enable their internationalization. Accordingly, this study enunciates how platform-specific advantages (PSAs) allow for efficient markets through superior economizing of bounded rationality and reliability while assisting SEs with mitigating their liabilities associated with internationalization.     

THE TRADE DISCOUNT DECISION: A MARKOV CHAIN APPROACH*

Economic theory indicates that higher returns are required from investments that have higher risk. Two major reasons for offering trade discounts are to stimulate sales and to speed up cash receipts. Both sales increases and the earlier receipt of cash impact the risk/return characteristics of a firm. This study uses a Markov chain model to demonstrate how alternative trade credit policies impact the risk and required returns of a firm. The amount of risk and return per credit sale is calculated, and the coefficient of variation is used as a risk/return measure per credit sale. The study concludes that trade discounts can have a favorable impact on the risk/return characteristics of a firm, even in the absence of increased sales volume. Other discount decision factors which are either directly or indirectly determined in this paper include: (1) the average number of periods for which an account is outstanding, (2) the probability of collection and bad-debt losses over the average account period, (3) the average speed of payment, and (4) the average amount of cash tied up in accounts receivable.     

Equilibrium Financing in a Distribution Channel with Capital Constraint

There exist capital constraints in many distribution channels. We examine a channel consisting of one manufacturer and one retailer, where the retailer is capital constrained. The retailer may fund its business by borrowing credit either from a competitive bank market or from the manufacturer, provided the latter is willing to lend. When only one credit type (either bank or trade credit) is viable, we show that trade credit financing generally charges a higher wholesale price and thus becomes less attractive than bank credit financing for the retailer. When both bank and trade credits are viable, the unique equilibrium is trade credit financing if production cost is relatively low but is bank credit financing otherwise. We also study the case where both the retailer and the manufacturer are capital constrained and demonstrate that, to improve the overall supply chain efficiency, the bank should finance the manufacturer if production cost is low but finance the retailer otherwise. Our analysis further suggests that the equilibrium region of trade credit financing shrinks as demand variability or the retailer's internal capital level increases.     

供应链库存商业信用协调的研究

本文研究由一个供应商和多个客户构成的以供应商主导的两级供应链,建立了以平均库存成本为目标函数的供应链供需同步库存模型。为了保证合理的收益分配,促进各成员加入供需合作的积极性,在模型中引入了商业信用机制,由供应商给予客户商业信用期而产生的机会成本(或利益)来平衡各成员间的利益。理论分析显示该模型存在最佳订货次数和最佳生产时间间隔,使供应链的总平均库存成本最小。最后利用算例分析和敏感性分析验证了商业信用的有效性。