中国金融学术研究网
CHINA FINANCIAL RESEARCH NETWORK

公司财务--资本结构
工作论文
2009-06-27 第2卷 第6期

编: 清华大学经管学院金融学教授。

执行主编: 杨之曙清华大学经济管理学院金融学副教授。


本期目录

The Impact of Corruption on State Asset Sales - Evidence from China

Yongxiang Wang Columbia UniversityColumbia Business School
Raymond J. Fisman Columbia UniversityColumbia Business School

Determinants of Financial Distress of ST and PT Companies: A Panel Analysis of Chinese Listed Companies

Dairui Li University of SalfordSalford Business School
Jia Liu University of SalfordSalford Business School

台资企业的资本结构特征、融资偏好及影响因素——基于问卷调查数据的研究

张锦源 复旦大学管理学院
陈华 厦门大学金融系

Country of Origin Effects in Capital Structure Decisions: Evidence from Foreign Direct Investments in China

Dale W. Griffin University of British ColumbiaDivision of Marketing
Kai Li University of British ColumbiaSauder School of Business
Heng Yue Peking UniversityDepartment of Accounting
Longkai Zhao Peking UniversityDepartment of Finance


论文摘要

The Impact of Corruption on State Asset Sales - Evidence from China

Yongxiang Wang Columbia UniversityColumbia Business School
Raymond J. Fisman Columbia UniversityColumbia Business School

We document the under-pricing of state asset sales in China. Because these stakes were in partially privatized firms, there is a credible benchmark - the price of publicly traded shares - to measure the extent of under-pricing. On average, we find that blocks of government shares sell at a discount of more than 70 percent relative to tradable shares. Further, sellers that conceal their state ownership status (likely in order to elude regulatory scrutiny) sell at a further 5 percentage point discount. The impact on subsequent performance is negative - both profitability and investment fall after transfers. We also document patterns in the data consistent with increased tunneling after asset sales.

Determinants of Financial Distress of ST and PT Companies: A Panel Analysis of Chinese Listed Companies

Dairui Li University of SalfordSalford Business School
Jia Liu University of SalfordSalford Business School

Many prior studies have been devoted to financial distress of Chinese listed companies over the last two decades. However, these distressed companies are still failed to find out the exact determinants of financial distress. Therefore, the purposes of this paper are to provide an investigation of financial distressed companies trading on Chinese Stock Exchanges, and to elaborate the determinants of falling into financial distress by using a panel data set containing information on the stock market under Binary Logit Model during the period 1998-2005. The empirical findings present the relationship between 13 independent variables and the probability of financial distress, and particularly analyze the impact of corporate governance on Chinese financial distressed companies. Of these corporate governance variables, agency costs and ownership structure appear to be important factors to affect the probability of financial distress.

台资企业的资本结构特征、融资偏好及影响因素——基于问卷调查数据的研究

张锦源 复旦大学管理学院
陈华厦门大学金融系

本文采用问卷研究方法对大苏州地区的台资企业进行了关于融资行为的问卷调查,获取了第一手的台资企业(研究样本)财务资料。进而,本文基于所获得的调查数据上对台资企业的资本结构、融资偏好及其影响因素进行了详细而深入的研究。研究结果显示:台资企业的负债融资主要是依靠经营性负债和(或)短期性借款;向金融机构借款的比率并不高,且借款形式以短期借款为主;台资企业的融资偏好特征符合优序融资理论,而不符合权衡理论,尤其是,台资企业在进行融资决策时所考虑因素的重要性依次排名(前四位)为:投资项目、财务宽松(或破产风险)、资金成本、股东控制权,与优序融资理论的观点有着“惊人”的一致。另外,基于实证模型的研究结果表明,台资企业的盈利性是唯一显著地影响他们偏好内部资金的因素,而当他们在外部融资时,企业的规模和所持有的可抵押资产等两因素则显著地影响了他们对负债资金和权益资金的选择。

Country of Origin Effects in Capital Structure Decisions: Evidence from Foreign Direct Investments in China

Dale W. Griffin University of British ColumbiaDivision of Marketing
Kai Li University of British ColumbiaSauder School of Business
Heng Yue Peking UniversityDepartment of Accounting
Longkai Zhao Peking UniversityDepartment of Finance

We investigate the role of managers' country of origin in leverage decisions using data on foreign joint ventures in China. By focusing on foreign joint ventures in a single country, we are able to hold constant the financing environment, eliminate the effects of formal institutions in the foreign managers' home country, and consequently reveal the effects of informal institutions such as national culture on corporate finance decisions. Using cultural values of embeddedness, mastery, and uncertainty avoidance to explain country of origin effects, we find that national culture has significant explanatory power in the financial leverage decisions of foreign joint ventures in China. Country-level variation is evident in capital structure and appears to work through choices of firm characteristics, industry affiliation, ownership structure, and region of investment.


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