双向资金占用与上市公司资本投资

关联资金占用不仅是控股股东占用上市公司资源,也有上市公司占用控股集团资金的情况,即双向资金占用。前者是控股股东掏空上市公司的一种手段,而后者可以理解为控股股东支持上市公司的一种方式。资金占用可视为一种融资手段,是内部资本市场资金配置的一种形式。本文研究发现,关联方应收项目(关联方占用上市公司资金)会抑制上市公司的资本投资规模,降低投资—现金流敏感度。而上市公司对关联方的应付项目相当于获得了成本很低的资金,起到补充投资活动现金流的作用,促进了上市公司的资本投资规模,提高了投资—现金流敏感度。     

大股东、法律制度和资本结构决策——来自中国上市公司的经验证据

本文结合中国制度,从理论角度推演大股东、法律制度如何影响资本结构决策,采用中国非金融上市公司截面数据,应用一系列OLS经验检验大股东、法律制度与资本结构决策之间关系.本研究提供的经验证据表明,大股东、法律制度确实影响资本结构决策.具体而言:(1)第一大股东持股比例与债务水平负相关;(2)最终控制人是国有企业的控制股东具有强烈的股权融资偏好,这类公司拥有相对低的债务水平;(3)少数大股东持股集中度与债务水平正相关;(4)第一大股东持股比例和少数大股东持股集中度的交互项与债务水平正相关,表明少数大股东持股集中度的提高能削减第一大股东和债务水平之间的负相关关系;(5)少数大股东持股集中度除以第一大股东持股比例、少数大股东持股集中度减去第一大股东持股比例与债务水平正相关,说明股权制衡能够抑制控制股东机会主义行为,股权制衡的公司具有相对高的债务水平;(6)法律制度对不同期限的债务水平具有不同影响,法律制度环境好的公司具有相对高的短期债务和相对低的长期债务,本文从中国的制度视角对这一现象进行解释;(7)第一大股东与债务水平之间的关系受法律制度环境的影响.     

商业银行经济资本管理

经济资本管理理论是商业银行在新环境中对实践的总结,反映了新环境中商业银行关注重点的变化。经济资本管理对商业银行的经营管理产生了非常重大的冲击,这种冲击范围涉及了经营思想、方式、资产规模和结构、绩效考核等多个方面,对于提高商业银行的风险管理水平,实现资产和负债的合理匹配以及最终的利润最大化目标都将起到至关重要的作用。     

《资本论》与经济哲学

《资本论》既是马克思主义经济著作，也是哲学著作。马克思在阐释资本主义经济运行的过程、特点和规律时，内在地融入了关于人类社会的本质及其规律的历史哲学思想。研究《资本论》中的经济哲学思想，对于当前我国的经济建设具有直接的理论意义和现实意义。     

奖励型众筹模式下考虑银行融资的企业最优运作策略研究

本文研究了企业在奖励型众筹模式下的最优运作策略,同时考虑了众筹融资不足时,企业继续向银行贷款的情况。通过分析众筹项目的运作机制,我们构建了企业在奖励型众筹模式下的决策模型,并研究得到了关于企业研发投入成本,产品生产量及众筹融资目标的最优策略及相关性质。最后,利用Kickstarter众筹平台上的实际数据进行数值实验,本文验证了相关的研究结论。研究表明:1)只有在众筹融资额达到一定阈值的前提下,企业才愿意投入研发成本,此时企业的研发投入成本及产品生产量都将随众筹投资者的需求增大;2)为保证投资者和银行对众筹项目具有投资意愿,同时也为确保众筹成功的项目具有盈利性,存在关于融资目标的可行域,使企业在启动众筹项目时需要将融资目标设置在该可行域内;3)企业通过众筹平台获得的期望融资额不会随融资目标增加,且企业的最优融资目标为融资目标在其可行域中的下界;4)此外,我们通过数值实验还发现最优众筹目标不会随企业的研发效率而增加。     

SHAREHOLDER LIMITED LIABILITY AND MEAN-VARIANCE MODELS OF CAPITAL STRUCTURE*

This paper demonstrates that shareholder limited liability imposes a restriction on corporate borrowing and that failure to incorporate this restriction into the analysis yields the “reductio ad absurdum” argument against mean-variance models of optimal capital structure. With corporate income taxes and costless bankruptcy, the firm's value is a monotonically increasing function of debt as long as the amount of debt does not exceed the upper limit imposed by shareholder limited liability. As a result, the introduction of costly bankruptcy into the mean-variance framework is justified.     

Join to connect? Voluntary involvement,social capital,and socioeconomic inequalities

Access to social capital is stratified by socioeconomic status and has been cross-sectionally linked to involvement in voluntary organizations. Yet, we know little about the origin and interplay of these empirical regularities. Regression analyses on German panel data (SC6-NEPS) reveal that people rich in social capital join organizations more often (selection). Furthermore, joiners access more and higher-status social capital after joining (socializing opportunities). Low-status individuals disproportionally extend their reach towards higher positions through involvement but join less often. Compared to a counterfactual situation in which nobody joins, current involvement patterns marginally reduce some socioeconomic inequalities in access to social capital.     

Concepts,Theory, and Techniques INFLATION,MAINTENANCE OF CAPITAL,AND THE IRR MODEL OF CAPITAL BUDGETING*

Businesses operating under inflationary conditions need capital-budgeting models that help them judge the adequacy of returns on their investments and also allow them to keep capital intact by considering the erosive effects of inflation. The model proposed in this paper computes a modified internal rate of return (IRR); if cash inflows from a project are divided between earnings and recovery of capital, total recovery equals that amount which the capital-budgeting concept adopted by the business specifies (such as the original investment in constant dollars or its replacement cost). Under this model, a project should be accepted only if this computed rate equals or exceeds a hurdle rate that consists of the inflation-free rate of return plus the effect of inflation on such a return. Other modifications to the IRR model suggested in the literature do not completely satisfy the objective of capital budgeting under inflationary conditions.     

股指期货风险及其防范措施刍议

股指期货的风险主要是由于价格波动、非理性投机、杠杆效应和市场机制不健全等原因造成的。为防范股指期货风险,可采取的措施有:建立严密的法规与监管体系;科学合理地设计股指期货合约;完善市场运行机制,建立严密的风险管理制度;加强期货市场与股票现货市场的合作;壮大与完善股指期货的投资主体;加强股指期货宣传以加强风险意识与投资技巧的培养;对国际游资建立适时监控和防范预警制度等。     

Investor preferences for positive social externalities and state-owned enterprises’ facilitated access to capital

State-ownership of commercial companies exists around the world, and it is important to understand its effect on financing and investment decisions. Empirically, firms that are partially state-owned (SOE) usually profit from easier access to capital. We propose a novel explanation for this: investors’ social preferences can affect capital allocation if SOEs are perceived as socially beneficial. In support of this we found that people attribute social benefits more to SOEs than to private firms, and their propensity to invest depends on this attitude. Further, in an incentivized modified stochastic public goods game, participants invested in risky options with positive externalities even when the aggregate of private return and externality was lower than the return of an investment option with only private returns. For the case of the EU, we discuss alternative explanations such as state guarantees and political lending in the light of regulations of state aid. We conclude that even if these regulations prohibit direct or indirect state aid for SOEs, state-ownership can affect capital allocation through investors’ social preferences.