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
2010-07-15 第3卷 第4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

Privatization and corporatization as endogenous choices in Chinese corporate reform

Ming Liu the Chinese University of Hong KongDepartment of Finance
Baozhu Zhang State University of New York-Buffalo (SUNY)Department of Economics
Yong Yin the Chinese University of Hong KongDepartment of Finance

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

Dale Griffin University of British ColumbiaSauder School of Business
Kai Li University of British ColumbiaSauder School of Business
Heng Yue Peking UniversityGuanghua School of Management
Longkai Zhao Peking UniversityGuanghua School of Management

“系族企业”内部资本市场有效率吗?——基于中国“系族企业”的实证检验

邵军 上海立信会计学院会计与财务学院
刘志远 南开大学商学院


论文摘要

Privatization and corporatization as endogenous choices in Chinese corporate reform

Ming Liu the Chinese University of Hong KongDepartment of Finance
Baozhu Zhang State University of New York-Buffalo (SUNY)Department of Economics
Yong Yin the Chinese University of Hong KongDepartment of Finance

We investigate the choice problem in the massive Chinese restructuring campaign that has been described as “grasping the large and letting go of the small,” in which a third of the million or so Chinese state-owned enterprises were either corporatized or privatized. Corporatization differs from privatization in the Chinese context, as in the former case the state remains a large shareholder, whereas in the latter case it has little or no ownership. Using a panel of provincial level statistics, we show that greater local employment pressure, less local fiscal pressure, and a more corrupt local business environment all lead to a lesser likelihood that privatization will be chosen over corporatization. Privatization is found to yield consistent efficiency gains over corporatization in terms of employment and firm profitability. Our evidence is supportive of the theoretical framework of Boycko, Shleifer, and Vishny (1996), who model privatization as an endogenous decision in which politicians trade off employment pressure against public fiscal interest.

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

Dale Griffin University of British ColumbiaSauder School of Business
Kai Li University of British ColumbiaSauder School of Business
Heng Yue Peking UniversityGuanghua School of Management
Longkai Zhao Peking UniversityGuanghua School of Management

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.

“系族企业”内部资本市场有效率吗?——基于中国“系族企业”的实证检验

邵军上海立信会计学院会计与财务学院
刘志远 南开大学商学院

本文以2002-2007年我国“系族企业”所涉及的280家/年的上市成员企业为研究样本,通过对其内部资本市场效率进行的实证检验,我们发现:从总体上看,市场化环境好的地区,其内部资本市场是有效率的。相比于非国有的系族企业,国有系族的内部资本市场是无效率的。即使是在金融业市场化程度高的地区,国有系族企业的内部资本市场也是无效率的。而国有系族企业内部,由地方政府控制的系族企业的内部资本市场是无效率的。


      中国金融研究学术网(China Financial Research Network)发表金融研究工作论文和已发表论文的摘要。
      
      如果您如希望按期收到最新的金融研究工作论文和已发表论文的摘要,请访问http://www.cfrn.com.cn,注册即可。
      
      您如果想要发表您的工作论文或已发表论文的摘要,请访问http://www.cfrn.com.cn,注册,登录,然后上传。
      
      中国金融研究学术网不拥有所发表的工作论文和已发表论文摘要的版权。读者可以免费浏览和下载。      
	  
      如果您有任何问题,请联系我们。通过E-Mail发送至:cfrn@sem.tsinghua.edu.cn。或者通过邮寄方式,寄送至:清华大学经济管理学院中国金融研究中心。邮编:100084。
      

Copyright @ 2008 China Center for Financial Research,Tsinghua University. All Rights Reserved.
版权所有 清华大学中国金融研究中心