我国上市公司股份回购财富效应的实证分析

股份回购对稳定经济,促进资本市场发展具有积极的作用。固定价格要约收购和公开市场回购是股份回购的主要形式,其中,固定价格要约收购往往具有更大的规模和更精确的要约期。通过建立回购模型,可以研究股东财富在回购中的形成机制、在股份回购中财富效应的组成及其要约回购到期后股票价格的变动趋势。     

On‐Shelf Availability,Retail Performance,and External Audits: A Field Experiment

A potential answer to retailer's shelf out‐of‐stocks (OOS), where the item is in the store but customers cannot find it, is to employ third‐party service providers to execute audits and corrections. However, given the nontrivial cost of executing external audits, it is still necessary to assess whether external audits are capable of reducing shelf‐OOS, whether they can be performed in an economical way, and whether the benefits from the audits translate into higher sales. In an effort to address these questions, we partnered with a product manufacturer and a retail service provider and conducted a field experiment in a national retailer's store set. We used transactional data to detect abnormal operations and respond to possible shelf‐OOS by sending auditors to correct empty shelves and incorrect inventory records. At the conclusion of the experiment, we found that Stock Keeping Units in the treatment group were less likely to have shelf‐OOS and inventory record inaccuracies, and that our intervention had a positive effect on sales. Furthermore, we found that the external audit initiative is economically viable since these improvements required low auditing efforts after a transitional period, and in steady state the cost of running the program is a small fraction of the benefits it generates. We discuss the limitations of our study and the implications of our findings for researchers and practitioners.     

中国近代股票的债券性--再论"官利"制度

中国近代民众在股票投资方面的债券性要求,是近代经济手段同传统经营理念嫁接的结果,其典型表现就是股票的“官利”规定,促使这项制度推广应用的重要原因是近代早期股票市场的巨大风险和官方相关商政的不良影响。晚清与民国时期,虽然渐有改革“官利”之举,但这一陋习终未消除。由此,也折射出培养社会良性投资理念对公司制度建设的重要意义及其艰巨性。     

试论晚清政府的“失信”:从上海股市到“保路运动”

1880年代上海股票风潮导致晚清股市失信,而1898年开始发行的"昭信股票"则又标志着清政府国内公债政策失信。1904年颁行的《公司律》虽然有助于推进资本动员,但却遭到官权不当干涉,从而使法制信用大失。社会对于政府"违法"、"失信"的抨击从《公司律》推行之后就持续不断,时有爆发,并在"保路运动"中达到高潮。晚清政府终因"牺牲信用",从而在革命浪潮中倒台。     

Demand switching criteria for multiple products: An inventory cost analysis

In this paper, we consider the problem of demand switching and show how a firm can take advantage of the risk-pooling effect to gain more profit. We examine the case of three products under various switching criteria; a model based on the heuristic approach is developed to determine the switching paths and the corresponding switching rates that yield the optimal profit. A constrained model with limited amount of the switched demand is also developed. In general, the profit increases as a result of higher profit margin or smaller demand variation and correlation. Our result indicates that the profit does not necessarily increase as the switching rate increases; in some cases the profit may even decrease as a result of demand switching. Numerical examples are also included to illustrate the derived models. The developed analytical approach may help practitioners to gain more insight in demand switching and facilitate inventory related decision-making process as well.     

基金投资组合的事前与事后分析

根据2000年12月31日的沪、深证券市场的基金公告,利用Markowitz有效边界理论,在不允许卖空的市场条件下,对沪、深证券市场中的6个基金的主要股票投资决策分别进行了事前分析与事后分析,进而对基金主要股票投资组合决策的优劣及其在证券市场上的运行业绩进行了评价.     

我国首次公开发行股票的实证研究

国外学者研究发现 :首次公开发行的股票存在发行定价偏低、“热门股市场”和新股长期表现失常等现象。对在深圳证券交易所上市的普通股A股股票和封闭型新基金的实证分析表明 ,我国首次公开发行股票也存在着发行定价偏低和“热门股”现象 ;但其长期表现明显好于市场的整体表现。     

以国有股表决权证券化推动东北老工业基地改造--兼论国有经济新型政企关系构建

推动东北老工业基地改造的关键是,将东北国有上市公司的国有股表决权证券化为类似于股票的国有股表决权证,竟价发行后上市流通交易,与原有流通股一起构成统一的公司控制权市场.改进政府对公司的控制模式,分离主动表决权与被动表决权,制定<国有股被动表决权行使法>,政府只以被动表决权方式行使有关政治、产业政策方面的保留权利;而将资源配置方面的权利售予流通股公众,由流通股东控制公司经营权,调动流通股东促进资源配置的积极性,形成政府依法监管与企业自主经营相结合的新型政企关系.     

我国股票发行管理存在的问题与对策

文章对我国股票发行管理存在的若干问题进行了深入分析 ,指出现行的股票发行管理体制仍然是一种排斥市场机制、强调行政干预的计划管理体制。改进的对策包括 :取消额度管理 ,严格发行审核 ;取消对发行价格的计划控制 ,实行新的定价方式 ;取消发行上市联动机制 ,实行发行与上市脱钩的新模式     

上市公司定向增发的利益输送研究

通过对2006年到2007年定向增发数据研究发现,只向控股股东等关联性股东定向增发的上市公司有压低定向增发价格向大股东利益输送的迹象,而定向增发由于非关联股东的参与,定向增发的价格没有被压低;未发现只向控股股东等关联性股东定向增发的上市公司,通过定向增发向上市公司注入不良资产达到利益输送目的的迹象;发现在定向增发的当年,有极少数上市公司通过现金分红,向大股东进行利益输送。