IPO股利承诺制度与投资者保护——基于一个准自然实验

分红权作为投资者的基本权利,对投资者尤为重要,但一些上市公司的非理性分红行为对投资者的利益造成侵害。为此,证监会于2011年提出IPO股利承诺制度,要求首次公开发行上市的公司在招股说明书中对上市后3年的股利分配做出自愿性承诺。同时,上海证券交易所和深圳证券交易所规定,控股股东在上市前取得的股份在上市后3年内不能自由流通。基于这样的制度背景,以IPO股利承诺制度的推出作为准自然实验,研究IPO股利承诺制度的投资者保护效应及其作用机制,并检验政策的传导路径。选取2006年至2018年A股上市公司作为研究样本,结合IPO股利承诺制度要求披露的、控股股份无法公开流通的两个“3年”特征,将上市不足3年的公司作为实验组,建立双重差分模型展开分析。研究结果表明,IPO股利承诺制度存在两种保护投资者利益的方式,可归纳为增加收益和抑制掏空;该制度显著降低了实验组公司的现金股利水平,是因抑制掏空效应较强所导致的,不代表制度失效;政策效应在国有公司中表现为增加收益,在非国有公司中表现为抑制掏空。进一步检验发现,随着公司上市年龄的增加,政策效应出现衰减,在上市满3年后彻底消失。并且,股利承诺力度与上市后的股利...     

家族成员参与管理对IPO抑价率的影响

本文研究家族成员参与管理对公司IPO抑价率的影响。基于代理理论和信息不对称理论,本文发现,家族参与管理的企业的IPO抑价率显著低于其他民营企业,并且家族成员担任CEO的企业IPO抑价率比非家族成员担任CEO企业的抑价率更低。进一步,我们发现,当家族参与管理企业不存在现金流权和投票权分离时,IPO抑价率更低。本文认为,家族股权与家族管理的结合可靠地向市场揭示了家族参与管理企业内在价值的信息,降低了IPO市场的信息不对称,从而降低了IPO抑价率。     

公司的媒体信息管理行为与IPO定价效率

本文选取2009~2011年间沪深IPO公司为样本,系统地研究了公司的媒体信息管理行为对于IPO一级市场定价和抑价率的影响及其作用路径。在控制了其他影响因素后,我们发现公司的媒体信息管理行为在提高IPO发行价的同时,降低了IPO抑价水平,提高了资本市场的定价效率,公司在上市造势期内的媒体新闻报道每增加1篇,其IPO抑价率平均会降低0.3%左右。进一步,我们发现,媒体关注度对首日换手率无显著影响,表明媒体提高IPO定价效率主要依赖其信息传播作用,而非通过影响投资者情绪来实现。本文研究表明,上市公司能有效借助媒体这一信息传导渠道,适时主动地释放公司定价信息,有效地提高了市场的定价效率。     

董事网络、信息传递与债务融资成本

如何有效缓解借贷双方的信息不对称对降低公司债务融资成本至关重要.在构建公司董事联结网络的基础上,从社会关系网络信息传递功能角度出发,分析董事网络影响债务融资成本的作用机理,进一步探讨在面临融资约束、代理成本以及两者交互作用下董事网络对债务融资成本影响的差异,采用社会网络分析、多元回归分析和二元Logistic回归分析等方法,以2006年至2010年中国沪深A股上市公司为研究对象进行实证分析.研究结果表明,总体上看,中国上市公司董事网络位置对债务融资成本的降低作用不显著;相比于非融资约束公司,存在融资约束时处于董事网络中心位置的公司债务融资成本降幅显著更大,说明信息不对称程度越高的公司更能从董事网络中获益;在融资约束和代理成本的相互制衡下,越处于董事网络中心位置的公司,其债务融资成本越低.董事网络的信息传递功能和治理效应在信息不对称公司的融资能力中扮演重要角色.     

会计稳健性与自由现金流的代理成本:基于公司投资行为的考察

会计稳健性要求及时确认损失的发生、延时确认收益的发生.一般认为会计稳健性较高的公司,信息不对称程度低,具有较高的公司治理水平.本文从公司投资行为视角考察会计稳健性对自由现金流代理成本的影响.通过研究发现:非效率投资在我国企业普遍存在;高的会计稳健性具有抑制非效率投资的作用,并在一定程度上降低了自由现金流的代理成本.但要彻底解决非效率投资问题,仍需进一步规范公司的现金持有政策,并完善公司治理结构.本文的研究也为控制自由现金流的代理成本提供了一种可行性的解决方案.     

相对业绩比较在商业银行分行行长激励问题中的应用

在商业银行分行行长与上级考核者之间存在着信息不对称的问题,分行行长具有信息优势,而上级考核者相对处于信息劣势;信息不对称导致了代理成本和棘轮效应的产生;本文在委托-代理理论的框架下探讨了如何将相对业绩比较引入商业银行分行行长激励合约从而降低代理成本、消除棘轮效应的作用机制和原理.     

股权集中,投资决策与代理成本

通过建立实物期权模型,我们分析了集中股权结构下,股东异质性所导致的控股股东代理冲突对企业投资决策和负债融资代理成本的影响。研究发现,集中股权结构下的控股股东价值最大化动机会导致过度投资的产生,并显著提高负债融资的代理成本,即控股股东的价值侵占行为不仅影响到大小股东间的代理冲突,而且会加重股东与债权人之间的代理冲突。控股股东的持股比例会产生公司治理的正向激励效应,持股比例的增加会降低过度投资程度、增加企业价值和降低负债融资代理成本。而控制权和现金流权的分离则会产生公司治理的负向侵占效应,分离程度的增加会导致更严重的过度投资、更低的企业价值和更高的负债融资代理成本。     

风险资本对企业代理成本的影响：公司治理的视角

  由于信息不对称和不确定性程度更高，通常创业型中小企业的代理成本更严重。风险资本作为创业企业的主要股权投资者，区别于其他类型机构投资者，积极参与被投资企业公司治理，对公司创始人大股东和管理层实施监督和激励，为保护其自身利益，风险资本有能力和动机缓解代理冲突。         基于信息不对称理论和委托代理理论，通过分析风险资本的双重治理角色，从公司治理视角考察风险资本对企业两类代理成本的影响。以2004年至2013年中小板和创业板上市企业为研究样本，形成一个非平衡面板数据。利用多元回归方法中的固定效应模型，检验风险资本利用公司治理机制降低企业代理成本的有效性，并进一步考察家族企业对风险资本影响企业代理成本的调节效应。         研究结果表明，①依据两类代理成本测量，风险资本支持的企业代理成本更低。②风险资本通过持有股份比例和董事会席位比例降低代理成本。③创业家族企业调节风险资本对代理成本的影响，风险资本深度参与非家族企业公司治理，对代理成本的降低作用更加明显。④采取更换代理成本测量指标和区分风险资本与私募股权等方式进行稳健性检验，上述结果依然成立；利用工具变量法、Heckman两阶段和双重差分方法克服潜在的内生性问题，结论保持不变。         基于风险资本投资于创业企业的特点，分析代理成本的表现形式，论证风险资本对企业可能产生的两类代理成本的影响机制，发现风险资本可以有效监督创始人和职业经理人，研究结果对风险资本如何控制代理成本以及上市企业如何优化治理结构具有参考意义。     

机构投资者调研与公司审计意见购买行为:刺激效应还是抑制效应?

公司管理层实施审计意见购买行为及其监管治理是审计学界与监管部门长期关注的重要问题。机构投资者调研作为投资者发掘公司内部信息并缓解信息不对称的一种非正式制度安排,会抑制还是刺激公司实施审计意见购买行为?本文基于我国上市公司的机构投资者调研数据,通过实证研究发现:机构投资者调研会刺激公司实施审计意见购买行为,参与调研机构数量越多、调研频数越高,被调研公司的审计意见购买动机越强,审计意见激进度也越高。进一步分析发现,在机构投资者调研的刺激效应下,公司主要通过选聘“中小”事务所实施审计意见购买,其目的是掩盖公司盈余管理及经营风险的“不利信号”。在缓解内生问题、排除替代性解释、考虑审计轮换制度影响等一系列稳健测试之后,上述结论依然成立。因此,建议会计师事务所应重视由机构投资者调研衍生的客户公司审计风险,市场监管部门应加强公司审计师选聘行为监管,提高机构投资者调研的外部治理效应。     

上市公司债务融资代理成本动态研究

本文基于西方的杠杆治理理论,对中国上市公司的债务融资代理成本进行分阶段和分类型的系统研究.结果表明99年前,总体上上市公司的代理成本随杠杆比率增加而增加,且显著正相关.99年后,随着预算约束日趋强化,代理成本增加幅度有递减趋势.通过结构分析进一步得知上市公司代理成本的变化规律主要是因国有控股公司代理费用不断变化所致,而社会控股公司的代理成本稳中趋降,且弹性较小,国家宏观调控与监管效应习益发挥作用,但西方的杠杆治理在中国仍失效.近年来的国有控股公司代理成本增幅出现小幅上升,可能源于监管效应下滑和股权分置改革所增加的制度转换成本.     

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.     

Job strain and psychotropic drug use among white-collar workers

The main objective of this study was to measure the association between simultaneous exposure to high psychological demand and low decision latitude at work and the use of psychotropic drugs among white-collar workers. A second objective was to determine whether social support at work modified this association. A cross-sectional study was performed that included 2786 workers from the public sector in the Greater Quebec City area. A self-administered questionnaire was used in order to evaluate psychological demand, decision latitude and social support at work. Psychotropic drug use was measured over a period of 2 days. The prevalence of psychotropic drug use among the participants was found to be 3.9%, even though 20.5% were exposed to job strain. The association between job strain and psychotropic drug use, after adjustment for social support at work, age, gender, education, family income, employment status, occupation, stressful life events, cigarette smoking, alcohol consumption and physical activity, was statistically significant (odds ratio: 4.5, 95% CI 1.7?12.2). Social support did not appear to modify this association. The results of this study suggest that job strain might be a determinant of psychotropic drug use among white collar workers. Social support at work does not appear, however, to modify this association.     

Role clarity, work overload and organizational support: multilevel evidence of the importance of support

The present study extended the demands-control-support model used in occupational stress research in two ways. First, it hypothesized that role clarity (i.e. role ambiguity), like control, would moderate the relationship between demands and psychological strain. Second, the study assessed support (from leaders) as a macro characteristic of the work-group environment. Data were drawn from a large study of US army soldiers, the study sample consisting of 1786 lower enlisted male soldiers. The inclusion of support as a work-group characteristic lead to a multilevel test of the model. A three-way multilevel interaction among work demands, role clarity and support was observed. As predicted, the relationship between demands and psychological strain was moderated by role clarity; however, this moderating relationship was found only when work-group support was high.     

Leadership, levels of analysis, and déjà vu: Modest proposals for taxonomy and cladistics coupled with replication and visualization

In the inaugural issue of LQ's Yearly Review of Leadership, Hunt and Dodge (2000, p. 442) note that, “Within the last two decades, one of the crucial developments in organizational research in general, and in leadership research specifically, is the articulation of specific levels of analysis and their implications for theory building, measurement, and observation.” Their original observations are updated by extending the inferential logic of Yammarino, Dionne, Chun and Dansereau (2005) to determine if any increase in the utilization of a level of analysis perspective has occurred in the last five years. The possible evolution of leadership theory and analysis is discussed, especially with reference to Relational Leadership Theory, Leader–Member Exchange, and Individualized Dyadic Theory. Proposals incorporating taxonomic and visualization tools as a means to help bridge the stakeholder gap are also offered.     

Information Frictions in Trade

It is costly to learn about market conditions elsewhere, especially in developing countries. This paper examines how such information frictions affect trade. Using data on regional agricultural trade in the Philippines, I first document a number of observed patterns in trade flows and prices that suggest the presence of information frictions. I then incorporate information frictions into a perfect competition trade model by embedding a process whereby heterogeneous producers engage in a costly sequential search process to determine where to sell their produce. I show that introducing information frictions reconciles the theory with the observed patterns in the data. Structural estimation of the model finds that information frictions are quantitatively important: roughly half the observed regional price dispersion is due to information frictions. Furthermore, incorporating information frictions improves the out‐of‐sample predictive power of the model.     

The Economics of Density: Evidence From the Berlin Wall

This paper develops a quantitative model of internal city structure that features agglomeration and dispersion forces and an arbitrary number of heterogeneous city blocks. The model remains tractable and amenable to empirical analysis because of stochastic shocks to commuting decisions, which yield a gravity equation for commuting flows. To structurally estimate agglomeration and dispersion forces, we use data on thousands of city blocks in Berlin for 1936, 1986, and 2006 and exogenous variation from the city's division and reunification. We estimate substantial and highly localized production and residential externalities. We show that the model with the estimated agglomeration parameters can account both qualitatively and quantitatively for the observed changes in city structure. We show how our quantitative framework can be used to undertake counterfactuals for changes in the organization of economic activity within cities in response, for example, to changes in the transport network.     

Modelling end-of-life product recovery chains - a case study

European Union legislation, and existing national legislation of many European countries, mandates that manufacturers take back and recover their electronic and electrical equipment. If manufacturers are to comply with legislation, models need to be developed for these activities. Whilst infrastructural and technological deficits exist and must be addressed, so too must the organization of recovery, from a business perspective. In this paper, models of resource recovery are presented and a case study described.