中国大陆地区合资企业股权结构影响因素的实证研究

依据交易成本理论、谈判力量理论等,使用1993～2005年中国大陆地区合资企业数据,对股权结构的影响因素进行实证研究.结果显示:文化距离、合营期限、投资规模与股权结构正相关;位于沿海城市的合资企业外方持更高的股权比例;相比制造业,服务业领域合资企业外方持更高的股权比例;依据Hofstede文化指数表的5个维度得出结论:5个维度下的文化距离分别与股权结构存在显著相关关系.     

时间偏好不一致下控制权私利与最优股权结构

引入时间偏好不一致，基于实物期权框架构建控制股东谋取私利的动态模型。运用均衡定价方法，得到不同类型控制股东财富价值的显示表达，并在最优股权结构的基础上给出内生化的投资时机、投资规模以及退出时机所满足的代数方程。研究结果表明，时间偏好不一致控制股东持有的最优股权比例大都集中于区间20%-30%，且成熟型控制股东较幼稚型控制股东持有更低的最优股权比例。与无代理冲突情形相比，时间偏好不一致控制股东表现出延迟投资，但投资规模随着时间偏好不一致程度的增大而先增后减。最后，在最优股权结构下分析投资者保护程度对控制股东决策的影响，为公司治理提供新的视角。     

市场风险与违约风险同时存在下的最优资产配置

本文研究了当投资者同时面临市场风险(利率风险)和违约风险时,如何对可违约债券、国债、股票以及银行存款进行最优配置的问题。利用简约化模型来刻画可违约债券的违约风险,并给出其价格的动态方程。通过鞅方法给出了此优化问题的解析解,结果表明:股票的最优投资策略与Merton模型的结果相同;国债的最优投资策略是利率风险溢价的增函数;可违约债券的最优投资策略与跳跃(违约)风险溢价密切相关,只有当可违约债券的跳跃风险溢价大于1,即市场对跳跃风险进行风险补偿时,投资者才会持有可违约债券;否则,投资者对可违约债券的最优投资为零。     

股权结构与公司治理

本文分析了股权结构对公司治理机制发挥作用的影响以及股权结构对公司经营绩效的影响,认为有一定集中度、有相对控股股东并且有其它大股东存在的股权结构总体而言最优,并进而指明了建立我国国有企业有效制衡的股权结构的思路。     

寡头发电商投资阈值与容量选择模型及其分析

发电容量投资不足或过剩都将带来巨大经济与社会损失.论文针对不确定需求下的电力市场,在分析了容量约束下的寡头发电商竞价策略基础上,运用实物期权和博弈论思想,构建了寡头发电投资阈值与容量选择模型,并通过数值仿真给出了投资商的投资阈值与最优投资容量,分析结果表明:1)随投资商数量的增加,投资阈值下降,但最优的投资容量也随之下降;若需求不确定性增大,投资阈值与最优容量则随之增大;2)就整个电力市场而言,在发电商数量比较少时,电力市场效率较低,但电力供给充裕;而在发电商数量较多时,市场效率较高,但电力供给却较为紧张.     

上市公司初始股权结构分析

上市公司发起人对初始股权结构的设计是筹资者与投资者之间的第一次也是非常重要的一次“契约安排”。在价格管制与额度发行背景下,发起人必须在发股收入最大化与持股比例最大化之间有所取舍,不能两者兼得。本文建立了指导发起人在实现自身利益最大化目标下壬响设计初始股权结构的模型,并以此模型计算结果为最优初始股权结构。对上市公司初始股权结构设计现状进行的实证研究,发现实际发起人持股比例远高于最优持股比例,并对“65％现象”进行了新的解释。     

嵌入收益保证股票挂钩票据的最优投资策略

本文从投资机构的视角出发,将发行嵌入收益保证的股票挂钩票据(GELN)的最优投资策略问题转换为收益保证下的最优投资策略问题进行研究.在随机利率框架下,利用随机最优控制的方法得到了最优投资策略的解.结论表明最优投资策略可以分为三部分:投机策略、利率对冲策略、收益保证对冲策略.由于在GELN产品的标准收益结构中设定了收益的上下限,这就相当于投资机构卖出了一个牛市价差期权给投资者,期权价值被反映在最优化问题的目标函数中,所以最优投资策略解中出现了新的期权参数项.     

中国上市公司资本结构影响因素及现状分析

文章首先分析了影响上市公司资本结构的因素主要包含公司规模、盈利能力、非债务税盾、成长力等,在此基础上从资产负债率、债权结构和股权结构三方面分析了中国上市公司资本结构的现状,最后给出相关建议。     

基于二重随机因素的对称双头垄断期权博弈模型

本文在产品市场需求与经营成本二重随机性以及二者具有相关性的条件下,建立了一个对称双头垄断期权博弈分析框架,研究了企业最优战略投资决策问题。在导出企业投资价值函数和最优投资临界值的基础上,着重分析了企业最优投资策略均衡规则及各均衡存在的条件,并就各参数对企业最优投资临界值的影响进行比较静态分析,得出了一些有意义的结论,同时给出了经济解释。     

考虑不同风险偏好的供应链企业创新投资决策模型

在条件风险值度量准则下,建立了考虑不同风险偏好的供应链创新投资决策模型,并在此基础上分别分析了供应商单独投资和联合投资2种情况下供应链的创新投资水平。给出了联合投资时投资分担比例必须满足的区间,确定了供应商主导和制造商主导下的最优投资分担比例。研究表明:制造商喜好风险可以增加市场中的产品数量,提高供应商创新投资水平;供应商可以通过提升技术创新能力,抵消制造商因为风险规避带来的消极影响。当制造商分担供应商的部分创新投资时,供应商的创新投资水平和制造商的产量均得到了提高,并且供应商主导下确定的最优创新投资分担比例大于制造商主导下确定的最优创新投资分担比例。最后用数值分析验证了模型的有效性。     

Organizational structure and success of international joint ventures in emerging economies: the case of Spanish–Moroccan SMEs

One of the most common ways in which SMEs internationalize their business is through the creation of joint ventures; nevertheless, many of these fail. To avoid this risk, it is important to identify the factors that favour the continuity of such enterprises. The aim of this paper is to analyse the factors related to organizational structure that determine the success of international joint ventures between SMEs in emerging economies, taking as the particular area of study the question of joint ventures between Spanish and Moroccan firms, located in Morocco. The research hypotheses were tested using a linear regression model applied to a sample of 210 international joint ventures. The results obtained from a structured survey show that, with respect to the success of the partnership, significant factors include the existence of majority ownership by the foreign partner, management by a local CEO and the effort made by each party to adapt to the management style of the other. This research contributes to the knowledge of the main factors related to the organizational structure of joint ventures that influence the level of success achieved. The value provided by this research lies in the breadth of the sample examined, in its focus on a very common type of partnership between SMEs, on which very little has been previously studied, and in the fact that the results obtained are extensible to other realities, such as partnerships between European companies and those from countries with similar characteristics (located in Africa or in countries where an Arab culture prevails).     

Control mechanisms of their subsidiaries by multinational firms: A multidimensional perspective

Multinational companies use a wide range of mechanisms to keep control over a subsidiary abroad such as the share of capital in the case of international joint ventures, expatriation, active participation in the board of directors, staffing key management positions, training and socialization of employees, technology transfer, and so on. However, only a few empirical studies on the control of international subsidiaries embrace all these dimensions simultaneously and show how they interact. This paper presents the empirical results of a quantitative survey of 316 subsidiaries, international joint ventures and wholly foreign owned enterprises, set up in China by European and Japanese multinationals. The main objective of the survey is to bring out an inductive multidimensional model of control, and to allow a better understanding of complex interaction and balance between the instruments of control of a subsidiary abroad.     

An Analysis of Strategic Determinants,Learning and Decision‐Making in Sino‐British Joint Ventures

This paper examines how partners’ strategic objectives, inputs and competencies affect the learning they achieve in joint ventures and their ability to influence decision‐making in such ventures. Quantitative and qualitative research in 20 Sino‐British joint ventures permits an investigation of these factors for both British and Chinese joint venture partners. Findings indicate that the transfer by British partners of technology and managerial expertise to joint ventures enhances their ability to achieve their strategic objectives by influencing decisions in such ventures. The learning achieved by British partners depends on their commitment of strategic inputs to joint ventures and is therefore associated with their influence. The case of Chinese partners is different, because they look to learn from the knowledge and resource inputs provided by the British partners. They therefore rely more on legal ownership rights to retain an influence over joint venture decision‐making. The achievement of Chinese partners’ strategic objectives depends more critically on the quality of the partnership itself.     

When teams of employees spin-off partnerships: matching-technology, information structure, and the “pure” incubator effect

The successful foundation of entrepreneurial firms comprises a multitude of complementary human tasks. The effect of founders’ human capital on firm success hinges on the information structure that prevails when nascent entrepreneurs are matched in partnerships. Empirically, we assume that rational matching occurs in incubated spin-offs and corporate-sponsored ventures. The human capital structure in such firms significantly differs from that of Greenfield projects. Using coarsened exact matching (CEM), we compute weights to level out these differences in human capital endowments. The impact of corporate support in founding the new firm is positive and increases as CEM-weights are applied to more of our human capital variables.     

The influence of industry structure on the entry mode choice of overseas entrants in manufacturing industries

This study examines the impact of industry structure on the foreign direct investment (FDI) entry mode decisions by multinational enterprises (MNEs) in manufacturing industries. We explore the notion that firms would seek to balance the risks due to industry structural barriers and liabilities of foreignness while seeking entry in international markets. A multinomial logistic regression model is used to test 336 entry decisions from 18 countries entering the United States over the period 1989–1994. Empirical evidence shows that underlying industries' structural characteristics influence a firm's preference for entry mode alternatives such as greenfield investments, acquisitions, and joint ventures. In concentrated and high-growth industries, foreign firms prefer entry by setting up greenfield operations rather than pursuing acquisitions or joint ventures. However, in industries characterized by high gross profits or higher plant scale, the preference is for joint ventures or acquisitions as an entry mode over greenfield operations.     

无形资本VS有形资本:创意产业新企业生存能力的影响因素分析

通过分析金融资本、关系资本和先前经验这三类重要的创业资源对创意产业新企业生存能力的影响,比较了无形资本与有形资本对新企业生存能力影响程度的大小。结果表明,创业者拥有的有形资本对创意产业新企业的生存更加重要,尤其是在新企业成立的初期,避免新企业创立初期现金流局限可能造成的关键员工信心丧失和人员流失,才能保证附着于其上的关系资本和先前经验等无形资本发挥重要作用。     

Internalization and internationalization under competing real options

The theories of internalization and internationalization provide general factors of international market entry but are not precise about its timing. The theory of real options may complement these approaches as it centers the impact of uncertainty on the timing and dimensioning of investment. A panel study of 5379 German entries to 22 countries suggests that, under the moderating influence of competition, the economic uncertainty in a host country has a U-shaped influence on the moment of entry. The results further reveal that uncertainty has a negative effect on the amount of capital at entry. Uncertainty shows no impact on the share in capital at entry, which challenges the view of international joint ventures as real options.     

Decision-making Autonomy in UK International Equity Joint Ventures

This paper investigates approaches to decision making in international joint ventures (IJVs) from the perspectives of the transactions cost and resource‐based theories of the firm. In particular, the concept of autonomy in decision‐making in a sample of UK‐European equity joint ventures is examined. The study adopts a multi‐method personal interview and self‐administered questionnaire approach to examine managerial perceptions of decision‐making and autonomy in the parent firms and the joint venture. The findings show that there are differences in the perception of autonomy between each of the parent firms, and between the parent firms and the IJV management. When we unpack the nature of autonomy in detail, it is found that IJV managers have greater degrees of operational autonomy than strategic autonomy and that decision making by IJV managers takes place within the context of constraints set within the IJV's business plan. This confirms the transaction cost theory which posits that key internal markets (for management, technology and capital) will be under parent control and also supports the resource based view that key capabilities are protected under the business plan established by the parent firms. The influence on IJV autonomy of the moderating variables IJV performance and IJV duration are also examined.     

The General Manager's Perspective On How Factionalism Can Impact the Behaviors and Effectiveness of Top Managers Inside A Shared Management Joint Venture

This research is focused on joint ventures that are operated with a shared management governance structure. It is argued that the effectiveness of top management inside such a joint venture will be significantly determined by the nature of relations between the managers transferred from the different parent firms. Within that context, emphasis is placed on relational factors that can have an important bearing on the quality of decision making inside the joint venture. Data is collected from top executives at seventy-five shared management joint ventures and the results suggest several significant linkages. First, a growing sense of ``us' versus ``them' factionalism between managers from different parent companies is associated with a heightened propensity for the use of power in an impersonal and manipulative way. Second, those attitudes and behaviors undermine the openness of communications and information exchanges between the managers. Third, as those attitudes and behaviors intensify they have increasingly dysfunctional consequences for the development and execution of high quality decisions, and management effectiveness deteriorates. Moreover, interdependence between the managers aggravates this phenomenon because it strengthens the link between negative attitudes and dysfunctional behavior. The implications for joint venture performance are evident.     

中国上市公司动态最优资本结构的理论模型

建立财务经济学"五力模型"理论,研究中国上市公司动态最优资本结构理论模型。研究表明中国上市公司动态资本结构的决定性因素就是其财务风险(价值耗散)的优化。具有动态资本结构的中国上市公司享有财务战略竞争优势,体现在这些企业总体上可以在与市场相同的营业总收入增长率的情况下,能够长期同时实现企业净利润、企业规模和企业经营性现金创造能力的更高累计增长水平;并且具有动态资本结构企业的市场价值与其资本结构呈反比例关系,从而解释了为什么许多优秀的企业长期选择较低负债比率的缘故。采用2002-2011年在我国A股市场上交易的998家上市公司为研究样本,以"带息债务与投入资本比"为资本结构形式,实证研究表明中国上市公司目前的动态资本结构区间为24%-40%,其中理想最优资本结构为30%,然而多数中国上市公司没有合理选择目标资本结构从而影响了企业市场价值的提升。