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

公司财务--公司治理
工作论文
2009-09-22 第2卷 第7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

Bank Loans with Chinese Characteristics:Some Evidence on Inside Debt in a State-Controlled Banking System

Warren Bailey Cornell UniversityJohnson Graduate School of Management
Wei Huang University of Hawaii at ManoaShidler College of Business
Zhishu Yang Tsinghua UniversitySchool of Economics and Management

Policy Burden, Firm Performance, and Management Turnover

Guanmin Liao Central University of Finance and EconomicsSchool of Accounting
Xin Chen Shanghai Jiao Tong UniversityAntai College of Economics and Management
Xin Jing Renmin University of ChinaBusiness School
Jianfei Sun University of Nevada, RenoCollege of Business Administration

Executive Compensation and the Corporate Spin-off Decision

Yi Feng Ryerson UniversityTed Rogers School of Management
Debarshi K. Nandy York UniversitySchulich School of Business
Yisong S. Tian York UniversitySchulich School of Business

Management Compensation and Turnover in Chinese Business Groups

Wei Yu Chinese University of Hong KongSchool of Accountancy

自由现金流量的代理成本:理论和证据

干胜道 四川大学工商管理学院
胡建平 四川大学工商管理学院


论文摘要

Bank Loans with Chinese Characteristics:Some Evidence on Inside Debt in a State-Controlled Banking System

Warren Bailey Cornell UniversityJohnson Graduate School of Management
Wei Huang University of Hawaii at ManoaShidler College of Business
Zhishu Yang Tsinghua UniversitySchool of Economics and Management

We study financial market contracts and signals in a transitional economy where state-controlled banks may lend to weak firms to avert unemployment and social instability. Our sample of Chinese corporate borrowers reveals that that poorer financial performance and higher managerial expenses increase the likelihood of obtaining a bank loan, and bank loan approval predicts poor subsequent borrower performance. Furthermore, negative event-study responses are observed at bank loan announcements, particularly if the borrower measures poorly on quality and creditworthiness. Our results document the dilemmas that arise in a state-led financial system and the local stock market’s sophistication in interpreting news.

Policy Burden, Firm Performance, and Management Turnover

Guanmin Liao Central University of Finance and EconomicsSchool of Accounting
Xin Chen Shanghai Jiao Tong UniversityAntai College of Economics and Management
Xin Jing Renmin University of ChinaBusiness School
Jianfei Sun University of Nevada, RenoCollege of Business Administration

Lin, Cai, and Li (1998) argue that under information asymmetry, SOE managers can use state-imposed policy burdens as excuses of poor performance and make the State accountable for it. The argument implies that turnover-performance sensitivity of SOEs decreases as policy burdens increase and that such impact depends on the extent of information asymmetry. Accordingly, this paper empirically explores how policy burdens affect top management turnover of Chinese listed firms between 2000 and 2005. We find that high surplus labor significantly reduces the sensitivity of chairman turnover to performance for state-controlled firms, while private firms do not exhibit such a pattern. Furthermore, our results show that high surplus labor reduces the turnover-performance sensitivity more for firms with greater information asymmetry. Overall, we find strong evidence supporting the implications of Lin, Cai, and Li (1998). In addition, we find that chairman turnover of Chinese firms is sensitive to different performance measures for state-controlled firms and private firms.

Executive Compensation and the Corporate Spin-off Decision

Yi Feng Ryerson UniversityTed Rogers School of Management
Debarshi K. Nandy York UniversitySchulich School of Business
Yisong S. Tian York UniversitySchulich School of Business

This study proposes an incentive alignment hypothesis of corporate spin-off activities, in which executive compensation contracts tie the interests of CEOs with those of shareholders and the reduction of agency problems enhances firm value through corporate spin-offs. Consistent with this hypothesis, CEOs with a high level of equitybased compensation are more likely to initiate a spin-off. The announcements of such corporate restructurings are reacted positively by the market. Firms engaging in spin-offs provide greater operating growth in the years following the restructurings compared with their size- and industry-matched control firms. Also consistent with this hypothesis, high incentive CEOs yield more personal gains by selling shares and exercising options following spin-offs.

Management Compensation and Turnover in Chinese Business Groups

Wei Yu Chinese University of Hong KongSchool of Accountancy

Using a sample of listed subsidiaries and their parent companies in China, I study top executive compensation and turnover and their relationship to firm performance in business groups in China. The empirical results support the hypothesis that the pay-performance sensitivity of managerial compensation (CEO turnover) in a listed firm is positively (negatively) related to the accounting performance of its parent company. Using related party transactions to proxy for the correlation between the two firms, I find that management compensation in a listed firm is related to the performance of its parent company if related party transactions exist between them. In addition, I find a stronger relationship between the compensation (turnover) in a listed subsidiary and the performance of its parent company when the percentage of common directors and managers are less than median level. This result indicates that the incentive system can be used to align the interests of managers in the listed firm with that of its parent company when the information asymmetry is high and the parent company can not effectively monitor. Using brand name as a proxy for reputation, I find that management compensation and CEO turnover in group firms are more likely to be sensitive to the performance measures in their parent companies if both use the same brand name.

自由现金流量的代理成本:理论和证据

干胜道 四川大学工商管理学院
胡建平 四川大学工商管理学院

由于管理者与股东的目标函数不一致,当公司存在自由现金流量时,管理者可能会:或超额在职消费、或过度投资、或闲置。因管理者为己谋私利的机会主义行为所造成的股东财富的损失,就是自由现金流量的代理成本。根据美国财务学家Jensen的思想,参考现有研究,本文设计了自由现金流量的度量方法,利用我国775家上市公司的面板数据进行实证检验,结果表明,闲置资金、过度投资和随意性支出都显著地与自由现金流量正相关。自由现金流量越多,就意味着代理成本越高,自由现金流量可以作为代理成本的表征变量,自由现金流量必须予以控制。


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