本文研究了债券发行在承销商与发行人合作关系构建过程中的作用。结果显示，第一，债券发行是承销商与上市公司建立合作关系的有效途径。承销商过往的债券承销经验和股票IPO承销经验均能显著提升其参与同一发行人后续股票定向增发业务的概率。第二，曾负责上市公司IPO的承销商，倾向于通过降低债券风险溢价的方式来维持客户关系；相应地，上市公司也乐于选择曾参与过其IPO的承销商来发行债券，以期获得更低的融资成本。第三，依托既有合作关系进行债券发行，可能暗示发行人基本面风险较高：那些借助原有承销关系发行债券的上市公司，其未来出现盈利能力下降的可能性更大，公司股票也更易因业绩下滑而被特殊处理（ST）。综上，本研究为理解证券承销关系在中国资本市场中的角色提供了证据，也为未来相关监管政策的完善提供了参考。
The labor supply and talent structure significantly influence corporate transformation decisions and outcomes,which are closely tied to sustainable economic development.This study,centered on China's unique labor policy,utilizes difference-in-differences analysis to examine the impact of urban settlement threshold changes prompted by China's household registration sys-tem reform.The findings indicate that firms in areas with lower household registration thresholds experience more substantial dig-ital transformation,highlighting the role of R&D personnel employment and investment in this process.This research underscores the importance of optimizing labor mobility policies.It reveals the interplay between talent policies and industrial structure,pro-viding insights for policy-making to enhance labor mobility and digital transformation in firms,contributing to sustainable eco-nomic growth.
财务报告问询函作为重要的一线监管措施,从多个渠道影响着公司财务决策.本文以2015-2021年中国A股上市公司为研究样本,检验财务报告问询函对公司现金持有的影响.研究发现:公司收到财务报告问询函,现金持有水平显著降低.机制检验结果表明,财务报告问询函通过发挥治理效应降低公司的现金持有,同时通过加剧融资约束提高现金持有,且治理效应渠道效果强于融资约束渠道.治理效应具体表现为收函企业投资不足现象得到改善,研发投入以及现金股利支付增加.异质性分析表明财务报告问询函对现金持有的影响在高收函频率、低公司治理水平情形下更明显.财务报告问询函降低现金持有水平的同时,显著提高了企业价值.文章将现金持有动机理论的应用范围拓展到了 一线监管领域,揭示了财务报告问询函对企业现金持有的影响机制,为监管转型背景下的企业财务决策问题研究提供了经验证据.
基于130家新三板挂牌企业2016-2020年的面板数据,匹配城市数字普惠金融发展指标,检验数字普惠金融能否为企业创新提供动能.研究表明:第一,发展数字普惠金融可以有效驱动中小企业创新;第二,这种创新驱动效应的主要传导渠道是通过缓解企业融资困难,激励技术创新;第三,这种创新驱动效应具有异质性,在民营企业、内部治理质量较差公司表现更显著,呈现"扶持效应";在创新层企业表现更显著,呈现"激励效应".
本文以2013-2020年我国A股上市公司为研究样本,验证了管理层讨论与分析(MD&A)超额乐观语调管理的操纵行为"降低"了股价同步性,且在微利公司中更加显著.本文还检验了该结论在微超越与微迎合公司中的稳健性,并通过了整体时间序列检验.在拓展性研究中,发现盈余管理与MD&A超额乐观语调具有互补作用,以更加复杂隐蔽的方式"降低"股价同步性;而财务报告问询函能够抑制这种"蓄意"降低作用,充分验证了非处罚性监管的必要性与有效性.
以2015-2020年A股高端装备制造业上市公司为样本,实证检验了政府补贴、融资约束与资本配置效率之间的关系.研究发现政府补贴缓解高端装备制造业企业的融资约束的同时对资本配置效率存在双向影响:缓解投资不足而加重过度投资;融资约束会加重投资不足而减少过度投资;两者复合"冲抵效应"在投资不足和过度投资层面存在不同;在不同市场化程度及所有权性质的样本中其显著性存在一定差异.研究结论为政府与企业的相关决策提供理论指引.
近些年来,高速发展的数字金融对我国社会经济发展的各方面都产生了不小影响,数字金融能否助力我国高质量发展?本文在深刻理解经济高质量发展内涵的基础上,基于"创新""协调""绿色""开放""共享"新发展理念,构建了经济高质量发展指标,然后借助2011-2017年全国280个地级市的面板数据,并结合地级市层面的数字金融发展指数,探究数字金融对经济高质量发展的影响.研究发现,数字金融的发展可以显著促进高质量发展.从数字金融的结构上看,数字金融的覆盖广度和使用深度对高质量发展产生了显著的促进效应,但数字化程度的效应不显著;从区域上看,数字金融对各地区高质量发展的促进效应为东北最强、中部其次、东部最弱,但对西部地区高质量发展的影响不显著;从高质量发展的各个层面上看,数字金融对经济增长、"创新"、"开放"有显著促进作用,对"共享"有显著的负向影响,对"协调"和"绿色"的影响不显著.本文的研究为我国在数字经济时代促进经济高质量发展提供了有益参考.
本文采用多期DID模型探究外部资本市场开放与企业内部资本市场构建的关系.研究发现:陆港通实施后,外部资本市场会替代企业内部资本市场,两者的作用路径主要源于融资约束的缓解和公司治理效率的提高,且这种作用效果在股票流动性低和分析师跟踪人数高的样本中更显著;进一步研究发现,外部资本市场开放对内部资本市场构建的替代效应最终可以带来公司价值的提升,也主要体现于低股票流动性和高分析师跟踪人数的公司中.上述研究结论对于理解陆港通效应具有一定的参考价值.
本文基于2012-2021年沪深两市上市公司和股票型ETF数据,运用固定效应模型,探究ETF持股对股票流动性的影响机制.研究发现:(1)A股市场上,ETF持股比例增加对股票流动性有显著提升作用;(2)ETF的日内套利活动特别是日内折价套利活动,能够提升股票流动性;(3)ETF持股比例提高,能够提升成分股的投资者情绪,进而改善股票流动性.
本文基于2014-2017年中国流动人口动态监测数据,从制造业与生产性服务业协同集聚水平角度考察我国285个地级市流动人口的迁移意愿.研究发现:两者的协同集聚会促进流动人口向城市迁移,协同集聚水平的影响具有城市规模上的异质性,常住人口规模100万以上城市分样本回归结果表现出更强的显著性;同时高收入、高学历人群的迁移意愿更强,但高房价会削弱意愿.为此,本文提出各地政府应优化产业结构、推动制造业与生产性服务业协同发展等建议.
政府和市场关系是一个随着经济发展动态调整的过程.基于我国1980年-2020年的发展经验表明,政府扩张对资本配置的影响具有门槛效应:当人均GDP小于门槛值时,政府扩张的资本错配效应相对较小,当人均GDP大于门槛值时,政府扩张的资本错配效应急剧放大.但是,政府扩张促进了劳动力的优化配置,而且这种影响不存在门槛效应.新时代,我国需要优化资本在空间区域、行业领域以及不同所有制类型企业之间的配置,着力解决资本流动中的不平衡、不充分问题.
We decompose the bond yield spread into liquidity and default yield spreads, construct fixed effect model, and find that economic policy uncertainty（EPU） decrease bond yield spread in China, specifically, driving the liquidity yield spread, but reducing the default yield spread. Under uncertain environment, bond investors, on the one hand, tend to hold positions to obtain coupon interest, resulting in bond illiquid; on the other hand, pay limited attention to public information, thus bonds’ heterogeneous risks being ignored. Meanwhile, as Chinese government has long being the last savior in the bond market, investors have expectations of favorable policy under uncertain environment, which reduces default yield spread. The effect is more pronounced in bear markets and for state-owned enterprises’ bonds, but the underlying risk will then be released.
Based on the sample data of A-share listed companies from 2010 to 2020, this paper studies the impact of major shareholder hollowing out on corporate control change. The results show that:（1） The higher the degree of major shareholders’ hollowing out, the greater the tendency of company’s change of control rights. The change of control rights caused by stock pledge explosion has a more significant positive relationship with major shareholders’ hollowing out. After a series of robustness tests, the conclusion still holds.（2） The hollowing out of major shareholders will affect the change of control rights by worsening the company’s performance and financing environment and improving the motivation of equity pledge.（3） In private enterprises, companies with low shareholding ratio of institutional investment, low shareholding ratio of senior executives and low proportion of independent directors, hollowing out by major shareholders has a stronger positive relationship with change of control.
The enterprise innovation strategy is subdivided into substantive innovation and strategic innovation,and the mechanism of the effect of innovation strategy on the supply of trade credit is investigated.It is found that:without considering the external financing environment and internal incentive mechanism,innovation strategy positively affects the supply of trade credit through the risk aversion effect of customers;compared with strategic innovation,substantial innovation provides more trade credit to the outside world.Further research shows that both regional financial development and equity incentives for core technical employees can strengthen the signal transmission effect of innovation and significantly weaken the positive relationship between innovation strategies and trade credit supply;Compared with low financial development areas and companies that do not implement equity incentives for core technical employees,equity incentive companies in high financial development areas and core technical employees provide less trade credit when they carry out substantive innovation.The level of regional financial development and equity incentives for core technical employees can significantly reduce the positive relationship between substantive innovation and the supply of trade credit.
Based on the panel data of A-share listed companies in Shanghai and Shenzhen from 2009 to 2018, this paper comprehensively and deeply investigates the impact of social credit on the cost of corporate capital, and further analyzes the interaction between social credit and the implementation of《the Outline of the Social Credit System Construction Plan（2014-2020）》. Through theoretical analysis and empirical test, it is found that the improvement of social credit significantly reduces the cost of debt capital and equity capital. The path analysis shows that the impact of social credit on capital cost is mainly achieved by mitigating the business risk and information risk of enterprises. Further analysis shows that the introduction of《the Outline of Credit Construction》, as the general guideline document for the construction of social credit system, significantly promotes the impact of social credit on capital cost.This paper not only supplements the relevant research on social credit and capital cost, but also has certain enlightenment significance for improving the laws and regulations of credit construction in China and better serving enterprise financing.
Taking transaction events in China’s venture capital market before 2018 as the research object, this paper examines the difference in the impact of foreign characteristics of venture capital institutions on the formation of joint investment partnerships between organizations and the path of action. The empirical test shows that compared with local venture capital institutions, foreign venture capital institutions show more joint investment behavior tendency in the host country market. The conclusion of this paper shows that in emerging market economies with relatively weak formal institutions, the internationalization of venture capital has its own unique development path. Externality may also lead to more co-investment possibilities.
The rapid development of the Internet has born online social and provided a new platform and growth point for the development of philanthropy in China. However, little literature studies the influence of the Internet on individual giving. This paper uses the latest personal donation micro-survey data of the China Family Panel Studies（CFPS） in 2018 to study the influence of Internet social on individual giving behavior. The results show that Internet social has significantly promoted personal donations,primarily through Tencent charity, QingSongChou, and other online crowdfunding platforms. As for the mechanisms, Internet social can improve individual giving by improving interpersonal relationships and expanding social networks. At the same time, excessive Internet social will also bring about adverse effects of reducing the quality of online social networking and individual selfcognition, thereby inhibiting the probability of personal giving and the number of donations. However, on the whole, the total effect of high-frequency Internet social interaction on personal donation behavior is positive. Besides, there is heterogeneity in the influence of Internet socialization on different groups of people. The conclusion of the paper is still robust under the estimation of Instrumental Variable Estimation and Nonlinear Models. In conclusion, this paper empirically verifies the role of Internet social interaction in promoting personal donations in China and provides a reference for the development path of China’s philanthropy under the background of the new era.
Government satisfaction and public service investment are important influencing factors of residents’ well-being. This paper uses the 2018 China Statistical Yearbook, Finance Year Book of China and China Family Panel Studies（CFPS2018） data to analyze the mechanism of government satisfaction and public service investment on residents’ well-being. The results show that government satisfaction and public service investment have a significant role in promoting the improvement of residents’ happiness. At the same time, the improvement of government satisfaction and the increase of public service investment has narrowed the income gap, thereby improving residents’ subjective well-being, but public service To a certain extent, investment will replace the impact of government satisfaction on residents’ well-being.
Whether the “back door” property of convertible bond will make enterprises with equity financing preferences adopt accelerating conversion behavior? Using the data of convertible bonds from 2002 to 2020, the results show that the convertible bond issuers accelerate the conversion through earnings management, and the behavior clearly prefer the early period. In this process, stock price plays an intermediary role. Financial risk and the subscription of major shareholders both have an impact on this behavior. The further verification indicates that the earnings management propulsion is more of an opportunistic implicit motive.The research results provide a certain basis for enterprises to rationally use convertible bonds for financing, investors to optimize conversion decisions, and regulators to guide the healthy development of convertible bonds.
Using the equity incentives plans and mandatory performance forecasts announced by A-share listed companies, this paper analyzes management’s opportunistic behavior in response to equity incentive performance conditions. The paper finds that management makes more pessimistic（less optimistic） performance forecasts in the window period before the announcement of the equity incentive plans, and the design of the equity incentive performance conditions affects management’s opportunistic behavior. When the company uses a single performance target for evaluation, focuses on net profit evaluation, or does not use industry relative indicators, the performance forecast made by the management is more pessimistic（less optimistic）. Further, the paper finds that management’s opportunistic behavior is present for both stock options and restricted stock, and that this behavior increases the likelihood that management will eventually successfully exercise and unlock the options. In addition, perks and effective internal and external governance mechanisms, such as a relatively independent board of directors, analyst follow-up, external audits, and regulatory attention, have a dampening effect on management’s opportunistic behavior.
