IPO募资双重管制与资源配置——基于自然实验的经验证据北大核心CSCDCSSCI

本文探讨我国首发市场中针对募集资金的两种管制政策的交互效应对资源配置的影响.研究结果发现,募资用途和募资额度管制的交互作用会导致募资不足,从而加大公司上市后融资约束的程度,进而引起投资不足. 2009年放开募资额度管制后,公司的融资约束得到缓解,但持有过量的超募资金又会引发过度投资.进一步研究发现,企业持有的超募资金与其长期绩效呈倒U型关系.本文的研究结论对目前处于酝酿中的IPO注册制的相关政策制定和制度设计具有参考意义.     

IPO 募资双重管制与资源配置——基于自然实验的经验证据

本文探讨我国首发市场中针对募集资金的两种管制政策的交互效应对资源配置的影响.研究结果发现,募资用途和募资额度管制的交互作用会导致募资不足,从而加大公司上市后融资约束的程度,进而引起投资不足. 2009年放开募资额度管制后,公司的融资约束得到缓解,但持有过量的超募资金又会引发过度投资.进一步研究发现,企业持有的超募资金与其长期绩效呈倒U型关系.本文的研究结论对目前处于酝酿中的IPO注册制的相关政策制定和制度设计具有参考意义.     

基于双边减排成本信息不对称的排污权二级交易市场拍卖机制研究

本文构建了一个基于双边减排成本信息不对称的排污权二级交易市场拍卖模型,分析了统一价格、歧视价格及混合拍卖机制下卖方收益、排污权价格波动及排污权供给量差异,在此基础上给出了排污权二级交易市场最优拍卖机制,并进一步讨论了相关参数对最优拍卖机制的影响。结果表明：从收益最大化角度来看,最优的拍卖机制为歧视价格拍卖机制,但考虑到价格波动及排污权供给量等其他因素,排污权二级市场交易应选用混合拍卖机制。风险偏好变化对混合拍卖机制下卖方收益及价格波动的影响存在不确定性,当风险偏好超过某一阈值时,随着风险偏好程度增大,需求隐蔽效应占主导,收益及价格波动增大;相反,当风险偏好小于某一阈值时,随着风险偏好程度增大,竞争效应占主导,收益及价格波动减小。价格变动的供给影响系数对卖方收益的影响随买方参与人数的不同而不同。当买方参与人数较小时,需求隐蔽效应占主导,竞争效应不明显,随着价格变动的供给影响系数增大,混合拍卖机制下卖方的收益不断增加;当买方参与人数较大时,卖方收益同时受到需求隐蔽和竞争效应影响,随着价格变动的供给影响系数增大,收益呈先增大后减小趋势。随着价格变动的供给影响系数增大,价格波动呈先增大后减小趋势。     

基于影子价格的组合双向拍卖交易价格研究

在传统的拍卖方式中,拍卖的最终成交价格是买方或者卖方单方面竞争的结果,难以充分反映竞标组合所包含的市场信息,揭示商品的内在价值,从而为拍卖参与人提供有益的信息.在考察了组合双向拍卖机制中现有的交易价格规则的基础上,通过引入影子价格,提出了一种基于单位组合市场交易剩余最大化原则的市场出清机制,该机制不仅使交易价格反映组合商品的市场价值,而且能改善拍卖市场的微观结构.     

考虑价格上限的发电容量投资模型与分析

运用实物期权理论,将价格上限管制因素纳入发电容量投资决策模型,运用MATIAB软件进行算例分析,探讨市场变量和管制变量发生变化时发电企业的投资行为及其市场均衡效应.结果表明:1)企业对未来需求增长的预期较高时,将延迟投资并在投资时提高装机容量;2)需求波动率比需求增长率对投资决策有更大影响;3)合理的价格上限水平对减缓投资波动有明显效果;4)提高容量电价能够降低投资临界值并增加一次性投资数量,同时也会降低资源配置效率,不利于电源结构优化调整;5)不确定需求条件下,高容量电价和低价格上限的管制政策组合是实现电力市场长期均衡的有效途径.     

转型时期公用产品定价中的多重委托—代理关系研究

本文以公用产品价格不断上涨引起的争论为起点 ,根据新管制经济学的基本模型 ,分析基于信息不对称的条件下 ,政府、管制机构和被管制企业在公用产品价格博弈中的行为选择 ,指出在转型时期政府无法形成一个价格均衡的机制 ,能够兼顾政府、管制机构、被管制的企业与享受公共产品的市民和企事业单位等各个利益集团的利益。所以必须改变原有的管制路径 ,将市场竞争、价格的形成与公共产品经营权的拍卖相结合 ,将原有公用产品经营中事后补贴总成本差额的机制 ,转化为事前最低补贴或最高的上缴利润竞标机制。     

首日价格管制与新股投机:抑制还是助长?

新股首日涨停板制度(首日价格管制)类似于向上熔断机制,目的是为了抑制投资者"炒新"。但理论上,涨停板制度可能抑制新股投机,也可能反向助长投机。本文以2006～2017年的2109家IPO公司为样本,研究发现:首日价格管制导致IPO溢价更高;新股价值不确定性越大,首日价格管制对IPO溢价的影响越大;首日价格管制期间,投资者情绪对IPO溢价的影响更大。此外,首日价格管制还放大了新股上市后的股票换手率和股价波动率,导致新股上市后的股价短期内进一步非理性攀升;但长期来看,新股的换手率和波动率会回归正常水平,新股的股价也会向内在价值回归。最后,本文基于PSM+DID的方法进一步验证了文章的主要结果,结论依然成立。     

股票市场融资管制与公司最优资本结构

资本市场不完美对企业融资和资本结构带来的"供给方效应"日益受到公司金融学术界关注。转轨时期的中国资本市场存在严格证券发行管制与金融创新管制,给企业融资和资本结构带来了供给方约束。本文选取了1993~2007年期间A股市场发生过股权再融资的上市公司为研究对象,研究股票再融资管制政策变更对上市公司资本结构的影响。结果表明,股票再融资管制政策的变更,是影响上市公司资本结构的重要因素;股票市场估值的"市场时机"并不是影响上市公司资本结构的显著因素。     

债券发行的单一价格和多种价格招标的比较

债券的发行一般采用单一价格机制和多种价格机制两种招标形式。为了比较这两类拍卖机制的经济效率,本文通过模拟实验的方法,分析了两类招标机制的效率差异。我们发现,从长期来看,单一价格招标要优于多种价格招标。与此同时,多种价格招标机制作为短期的政策调控手段是可行的,但如果作为一种长期政策则不太合适。     

发行管制条件下的股权再融资市场时机行为及其对资本结构的影响

本文基于A股市场再融资管制环境,检验了A股上市公司股权再融资行为中的市场时机特征及其对资本结构的影响.研究发现,再融资中的市场时机行为显著,表现为两方面:(1)市场高涨时,会有更多的公司申请再融资;(2)申请再融资成功的公司,市场时机适合时融资规模更大.进一步分析发现,无论是申请再融资公司的数量还是再融资规模,市场时机都包括了两部分:一部分是基于股价的时机,另一部分是基于再融资管制政策的时机,后者在配股中约占36%.基于市场时机的更大融资规模导致再融资当年杠杆率下降更多,但由于存在发行价格和规模限制,市场时机对资本结构的 影响短暂.     

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.     

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.     

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.