机构投资者行为——“用手投票”还是“用脚投票”

在我国资本市场上,机构投资者的公司治理作用日渐明显。由于存在制度障碍和内部人控制,机构投资者利益遭受控股大股东侵占。机构投资者在利益冲突面前的行为选择是,短期内采取"用脚投票"策略,长期内则会积极介入上市公司治理、"用手投票",我国的机构投资者正在从价差创造阶段到价值发现、价值创造阶段过渡。最后提出政策建议。     

机构投资者参与公司治理积极性的分析

在对公司治理和资本市场发展的研究中,机构投资者的作用越来越受到重视.本文基于机构投资者与公司治理间的相关性和国内外已有的研究成果,通过数理模型的一般分析阐释了影响机构投资者参与公司治理积极性的四个因素:持有单个公司的股权比率、资本市场中公司治理结构不完善的概率、所投资公司治理结构的完善程度以及监督成本,并得出了有关的研究结论.最后本文,对机构投资者积极参与我国上市公司治理提出了若干政策建议.     

机构投资者与公司治理

本文从机构投资者的角度出发论述其对公司治理结构产生的影响,系统全面地对比分析了古典———经理主导———机构股东主导的三种公司治理模式。在此基础上,通过借鉴国外资本市场机构投资者参与公司治理的成熟经验并结合中国的现状和国情,阐述了通过发展中国机构投资者来完善上市公司治理结构的理念。     

投资者付费评级机构跟踪能改善股票市场信息质量吗——来自分析师预测的证据

“投资者付费”模式能够提高债券市场信息效率,本文研究了其对股票市场信息质量的影响。本文利用2010年投资者付费评级机构中债资信成立这一外生冲击,以分析师预测度量股票市场信息效率,发现投资者付费评级机构的跟踪降低了分析师预测偏误、分歧度与乐观偏差。上述结论对一系列替换设定稳健。机制上,投资者付费评级机构跟踪提高了企业的信息披露质量,进而影响分析师预测表现。在控制了信用评级质量改善与投资者付费评级机构自有信息等潜在机制后,信息披露质量改善的机制仍然存在。进一步看,分析师跟踪人数并没有减少,分析师预测的公共信息增多,而投资者付费评级提高分析师预测表现的作用在拥有公共信息少的分析师组中更加显著;这意味着信用评级机构向分析师提供了可以利用的公共信息。本文为债券和股票市场的信息传递提供了直接的证据,同时也为政府监管部门加强债券市场基础设施建设、引入双评级制度及提高投资者付费评级跟踪比例来促进股票资本市场与多层次资本市场发展提供了理论支持。     

机构投资者持股介入公司治理研究述评

机构投资者作为一股新生的力量渗入到上市公司的治理中,并对上市公司的绩效产生了一定的影响.本文拟通过国内外文献回顾,探讨国内外学者在机构投资者持股介入上市公司的治理之中并对公司业绩产生影响方面的具体研究,并为我国日益发展壮大的机构投资者队伍在资本市场中的表现提出建议.     

机构投资者稳定资本市场的作用分析

西方国家经验表明,机构投资者能够起到稳定资本市场,改善公司治理的作用。目前在中国这些优点并未充分体现。本文旨在分析影响机构投资者稳定资本市场效果发挥的因素,进而指出机构投资者在中国作用不明显的原因,为机构投资者的发展提出建议。     

机构投资者持股比例与上市公司盈余管理的实证研究

本文分析了机构投资者在完善上市公司治理结构、约束管理层盈余管理中的作用。首先通过管理者与机构投资者的博弈分析发现,当机构持股比例很低时,机构不存在监管意愿,只有当机构持股比例较高时,才会积极地监管盈余管理。其次,以2004-2006年沪深两市的上市公司为样本,通过实证研究发现盈余管理与机构投资者持股之间存在倒U型关系,持股比例13.07%是机构投资者是否有效抑制盈余管理行为的临界值;盈余管理程度与机构股东的数量呈正相关关系,即随着上市公司中机构股东数量的增加,机构的监管效率会下降。     

公平信息披露规则能缓解证券分析师的利益冲突吗

本文从私人信息供给压力角度,研究FD能否缓解分析师利益冲突.发现FD缓解了分析师受到的来自于承销商关系和机构投资者的压力,并且这种作用在高成长性公司与低成长性公司之间,以及竞争性公司与非竞争性公司之间中存在差异.该研究结果表明私人信息供给是利益冲突的来源之一;治理利益冲突,应当确保规则的有效实施,彻底切断私人信息的供给,保障投资者获取信息的公平性,避免私人信息成为上市公司有价值的交换商品.     

国外机构投资者如何参与公司治理

近年来,随着机构投资者积极参与公司经营运作,介入公司治理,使其对公司治理发挥着重要作用。本文从机构投资者类型毫机构投资者参与公司治理的途径、机构投资者对公司绩效的影响以及对资本市场的影响方面,综合了国外学者关于机构投资者在公司治理方面的研究,旨在为我国机构投资者的理论与实务研究提供参考。     

论机构投资者在公司治理中角色的定位及政策建议

在研究公司治理和资本市场发展时,机构投资者的作用越来越受到重视,随着机构投资者所持有公司股份的不断上升,他们开始积极参与公司治理.但是,不同类型的机构投资者所持有公司的股权比例、监督成本以及风险偏好等存在较大的差异,因而他们在公司治理活动中的表现也将截然不同.正是基于此,本文通过对机构投资者积极参与公司治理进行数理模型的一般分析,分析了机构投资者是否积极参与公司治理的条件机构投资者持有公司的股权比例、监督成本、风险偏好.结论表明,上述三个因素的变动影响着机构投资者是否进行监督及其监督的临界值.本文对机构投资者积极参与我国上市公司治理进行了适用性分析,并提出一些政策性建议.     

Der Einfluss der Zinsschranke auf unternehmerische Kapitalstrukturentscheidungen

In principle corporations are free to raise debt capital or equity capital. To protect tax revenues and to increase corporations?? equity ratio Germany has introduced an interest ceiling rule. From a tax planer??s point of view it is not clear whether debt or equity capital is advantageous. On the basis of Miller (J Finance 32:261?C275, 1977) we analyze whether this interest ceiling rule discriminates debt capital against equity capital. We find that investors can be indifferent towards the capital structure with and without considering the interest ceiling rule. This result does not depend on the investors?? percentage of participation or the corporation??s optimal dividend policy. The result depends significantly on the profit, the deductible fraction of EBITDA, the tax rates and when capital gains are realized. The advantage of debt capital normally decreases due to the introduction of this regulation but in some cases even increases. Nevertheless, many investors will prefer debt capital even when the interest ceiling rule applies. This result also arises in the case of external debt financing. Thus, it is an open question whether this regulation leads to higher equity ratios.     

Masquerading in the U.S. Capital Markets: The Dark Side of Maintaining an Institution

This article examines the work of professional service firms (PSFs) in their relationships with public corporations; work that is designed to ensure that investors and potential investors have information that will enable them to participate in the capital markets. Using an institutional theory lens, we view these efforts by PSFs as institutional maintenance work and specifically analyze their work related to policing (i.e., rating), enabling (i.e., tutoring), and embedding and routinizing (i.e., collaborating) that helps to support the capital market as a core institution in society. We illustrate how there is a “dark” side to each of these forms of institutional work that exists because of ongoing conflicts of interest within and between their work practices. This dark side has the unintended consequence of producing often biased information or information unavailable to many. When a crisis brings this bias to light, some repair is introduced but often not enough to alleviate the distortion. Our contribution is, therefore, to shed light on the dark side of institutional maintenance work and to explore why repair is increasingly necessary, but often only partially effective.     

流动性、流动性风险与基金业绩——基于我国开放式基金的实证研究

本文构建了我国资本市场的流动性因子,从基金持有资产的角度度量基金的流动性及其风险,分别考察二者对业绩的影响,并在控制某些基金特征之后,从流动性效应、持续性等方面研究了二者对于业绩的综合影响。实证结果显示,流动性beta是一个有效的流动性风险测度,基金业绩中存在流动性溢价和流动性风险溢价,表明基金的流动性和流动性风险不仅可以预测业绩,还可用于识别基金经理是否具有主动管理能力,从而为投资者决策提供了有效的方法。     

Corporate governance and stakeholder conflict

The stakeholder management literature is dominated by the ‘shareholder value’ and ‘inclusive stakeholder’ views of the corporation. Each views the governance problem in terms of inter-functional conflicts between stakeholder groups, such as between investors and managers or managers and employees, and rests on the assumption of an idealized corporate structure characterized by the separation of ownership from management. Our review of corporate governance and stakeholder conflict shows that such functional-based characterization is too simplistic and fails to account for important intra-functional conflict. Through a comparative review that considers managerial, stakeholder and family systems of governance, we demonstrate that, while the modality of conflict varies by system, substantial intra-functional conflict is endemic to each. We integrate the findings of the agency and comparative stakeholder theories of corporate governance to offer an authority-based framework with three different governance structures that offers complementary insights into stakeholder conflicts. Thus, our study highlights the important, but often neglected, intra-stakeholder type of conflict in various organizations and provides a basis for understanding their various manifestations and consequences under the different systems of governance.     

会计信息质量与公司资本配置效率——来自我国上市公司的经验证据

高质量会计信息能通过改善契约和监督,降低道德风险和逆向选择,从而提高公司资本配置效率,但至今仍未出现针对我国上市公司的经验证据.结合我国新兴加转轨的制度背景,以我国沪深上市公司为研究样本,实证结果表明:会计信息质量与上市公司投资不足和过度显著负相关,其中应计质量和盈余平滑性与上市公司投资不足和过度间的负相关性最为显著.因此,我们应该完善我国上市公司财务报告和披露系统的市场基础设施,如机构投资者和分析师队伍等,进一步进行制度创新以更好发挥会计信息在公司资本配置中的作用.     

The Role of Financial Institutions in the Corporate Governance of Listed Chinese Companies*

This paper explores the role of Chinese financial institutions in the corporate governance of listed companies through interviews with both senior managers of financial institutions and board directors of listed companies. Our results show that, while most securities companies are passive investors, a good proportion of the active mutual funds help their portfolio companies prepare financial forecasts, standardize their operations, raise external funds, strengthen their company image in the capital markets, and sometimes intervene in corporate issues. This limited role can be attributed to a number of factors specific to the Chinese context including highly concentrated state ownership, an immature regulatory environment, inadequate transparency and disclosure of financial information, and weak corporate governance within financial institutions themselves. It could also be affected by several other factors that are considered to cause institutional passivity in developed countries such as conflicts of interest, monitoring costs and lack of expertise.     

Investigating investment decisions in equity crowdfunding: The role of projects' intellectual capital

The study aims to investigate the signalling role played by the intellectual capital of entrepreneurial projects towards crowdfunders. The study argues that information on; the intellectual capital of entrepreneurial projects posted on equity crowdfunding platforms can be perceived by external small investors or crowdfunders as signals of the venture's quality and can induce them to invest. By leveraging on the role of signalling theory in the mitigation of information asymmetries, the study argues that the intellectual capital of projects looking for equity crowdfunding is a powerful signal that positively affects the investment decisions of crowdfunders. Three components of entrepreneurial projects' intellectual capital – human, structural, and relational capital – are considered as factors affecting the success of equity crowdfunding campaigns, measured in terms of funding collected and the number of investors. The findings reveal that relational capital positively affects the investment decisions of equity crowdfunders and thus explains the success of equity crowdfunding campaigns. Factors related to human capital and structural capital have a positive impact on investment decisions, but only to a limited extent. This study provides valid implications for entrepreneurs, platform managers, and policy-makers/authorities.     

Hold or sell? How capital gains taxation affects holding decisions

Investments with exit flexibility require decisions regarding both the investment and holding period. Because selling an investment often leads to taxable capital gains, which crucially depend on the duration of an investment, we investigate the impact of capital gains taxation on exit timing under different tax systems. We observed that capital gains taxation delays exit decisions but loses its decision relevance for very long holdings. Often the optimal exit time, which indicates the maximal present value of future cashflows, cannot be determined analytically. However, we identify the breakeven exit time that guarantees present values exceeding those of an immediate sale. While, after-taxes, an immediate sale is often optimal, long holding periods might also be attractive for investors depending on the degree of income and corporate tax integration. A classic corporate tax system often indicates holdings over more than 100 periods. By contrast, a shareholder relief system indicates the earliest breakeven exit time and thus the highest level of exit timing flexibility. Surprisingly, high retention rates are likely to accelerate sales under a classic corporate system. Additionally, the worst exit time, which should be avoided by investors, differs tremendously across tax systems. For an integrated tax system with full imputation, the worst time is reached earlier than under partial or non-integrated systems. These results could help to predict investors’ behavior regarding changes in capital gains taxation and thus are of interest for both investors and tax policymakers. Furthermore, the results emphasize the need to control for the underlying tax system in cross-country empirical studies.     

The impact of venture capital on investee companies: evidence from Spain

This paper examines the impact of venture capital investors on the financial structure of investee companies and the factors relevant to their capital structure, differentiated according to the investor’s public or private nature. This paper contributes to our understanding of the beneficial effects of such investors in response to the funding needs of SMEs and the decisions taken in this respect. The empirical analysis shows that, on average, these investee companies have a lower level of short-term debt than the average Spanish company. It is suggested that the debt structure is related to the growth opportunities presented, the business sector, the geographic location and the duration of the venture capital participation. These results, which are more significant in the case of companies receiving funds from public investors, highlight the effectiveness of the economic function of venture capital.