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

公司财务--资本预算和估值
工作论文
2010-10-28 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

Does Enforcement of Intellectual Property Rights Matter in China? Evidence from Financing and Investment Choices in the High Tech Industry

James Ang Florida State UniversityDepartment of Finance
Yingmei Cheng Florida State UniversityDepartment of Finance
Chaopeng Wu Xiamen UniversitySchool of Management

When Bank Loans are Bad News: Evidence from Market Reactions to Loan Announcements under the Risk of Expropriation

Weihua HUANG Maastricht UniversityFinance Group
Shan ZHAO Shanghai University of Finance and EconomicsSchool of Economics

Social Capital, Cultural Biases, and Foreign Investment in High Tech Firms:Evidence from China

James S. Ang Florida State UniversityDepartment of Finance
Yingmei Cheng Florida State UniversityDepartment of Finance
Chaopeng Wu Xiamen UniversitySchool of Management

全流通下的大股东行为模式转变与上市公司绩效

唐宗明 上海交通大学安泰经济与管理学院
潘晨翔 上海交通大学安泰经济与管理学院

政治关系如何影响公司价值:融资约束与产品市场竞争的证据

徐龙炳 上海财经大学金融学院
李科 上海财经大学金融学院


论文摘要

Does Enforcement of Intellectual Property Rights Matter in China? Evidence from Financing and Investment Choices in the High Tech Industry

James Ang Florida State UniversityDepartment of Finance
Yingmei Cheng Florida State UniversityDepartment of Finance
Chaopeng Wu Xiamen UniversitySchool of Management

Financing of and investing in R&D are prone to risks of appropriation by competitors, information asymmetry, and agency problems. Although legal protection of intellectual property (IP) rights at the national level is necessary to encourage investing in R&D, we show that the effective enforcement at the local level is critical. We focus on the impact of provincial level IP rights enforcement on the financing of and investing in R&D, using a unique and rich database of high technology firms. These firms are located in twenty-eight provinces/districts throughout China. The enforcement of IP rights differs at the provincial level, although the firms are under the same set of national and international laws. To identify the causal effect of provincial level IP rights enforcement on firm behavior, we use several approaches to deal with the issues of endogeneity, reverse causality, and simultaneity. Controlling for provincial institutional factors such as economic development, banking system development, legal system performance, and local government corruption, we find that the enforcement of IP rights positively affects firms’ ability to acquire new external debt (including formal and informal financing) and external equity. Firms in provinces with better enforcement of IP rights invest more funding in R&D, generate more innovation patents, and produce more sales from new products. We also find better enforcement of IP rights encourages financing of and investment in R&D in foreign and ethnic joint ventures. The results confirm that enforcement of IP rights matters even in China. Our paper provides firm level evidence that financing of and investing in R&D are the channels that link enforcement of IP rights and economic growth.

When Bank Loans are Bad News: Evidence from Market Reactions to Loan Announcements under the Risk of Expropriation

Weihua HUANG Maastricht UniversityFinance Group
Shan ZHAO Shanghai University of Finance and EconomicsSchool of Economics

In this paper we argue that ine? cient bank loans can reduce the value of borrowing ?rms when the expropriation of minority share- holders by controlling shareholders is a major concern. Using data from Chinese ?nancial market, we ?nd that bank loan announcements generate signi?cantly negative abnormal returns to borrowing ?rms. The share devaluation following loan announcements are concentrated in ?rms that are perceived to be more vulnerable to controlling share- holders?expropriation. In addition, we ?nd weak evidence that bank quality mitigates the negative market reactions.

Social Capital, Cultural Biases, and Foreign Investment in High Tech Firms:Evidence from China

James S. Ang Florida State UniversityDepartment of Finance
Yingmei Cheng Florida State UniversityDepartment of Finance
Chaopeng Wu Xiamen UniversitySchool of Management

We investigate how social capital in both the home and host countries affects foreign direct investment in high tech firms. Difference in the social capital (trustworthiness) among provinces of the host country, China, is shown to matter in foreign companies’ choice of location, ownership type, and investment in R&D. We find that the provinces in China characterized by high levels of social capital attract more foreign investment. We also find that the likelihood of foreign investors establishing joint ventures with local partners increases with the level of social capital prevailing in that area. Foreign high tech firms conduct more R&D investment and hire more R&D personnel in high-social-capital provinces. Moreover, foreign-owned firms located in high-socialcapital areas keep improving their intensity of R&D investments over time. By contrast, in lowsocial- capital areas, foreign high tech firms do not improve and actually diminish their R&D intensity over time. We further show that the social capital in the country of origin (the home country) of a foreign company also affects its investment decisions in China. Cultural difference between the home country and the host country magnifies the foreign company’s weighing of the regional social capital difference in the host country; foreign companies from higher uncertainty avoidance home country prefer to invest in regions with higher social capital in the host country; on the other hand, kinship decreases the need to deal with strangers, and thus reduces the reliance on the provincial social capital.

全流通下的大股东行为模式转变与上市公司绩效

唐宗明 上海交通大学安泰经济与管理学院
潘晨翔 上海交通大学安泰经济与管理学院

本文构建了全流通背景下的大股东行为模型,对大股东行为转变的关键因素进行了分析。运用大股东与其控股上市公司关联交易数据,实证检验了股改后大股东行为转变及其对公司绩效的影响。研究表明,发生关联交易的上市公司交易前具有较高的股权集中度和较低的市盈率,交易后业绩显著提升。与股改前上市公司的关联交易相比,股改后的关联交易并非为获取再融资资格,大股东通过关联交易侵害上市公司利益的行为明显下降。股改后关联交易规模与控股股东持股比例正相关,与交易前上市公司的业绩和市盈率负相关,表明股价收益成为影响大股东行为的重要变量。对上市公司业绩的多元回归分析显示,公司绩效与关联交易规模、交易前大股东持股比例显著正相关。因此,实证结果验证了我们的模型:全流通下大股东行为模式发生了明显转变,即从股改前的侵害上市公司利益转变为股改后支持上市公司发展。

政治关系如何影响公司价值:融资约束与产品市场竞争的证据

徐龙炳 上海财经大学金融学院
李科上海财经大学金融学院

政治关系影响了公司价值,但对于如何影响公司价值还知之甚少。本文从资本结构与产品市场竞争关系的角度检验政治关系如何影响公司价值。本文使用1998-2007年中国上市公司中制造行业的公司数据检验公司政治关系对资本结构与产品市场竞争关系的影响,以及不同融资约束下这种影响的差异。本文发现政治关系提高了产品市场竞争对资本结构的敏感性。在使用两种不同的融资约束划分标准后,本文发现不同融资约束下公司政治关系的价值不同,对于存在融资约束的公司,公司政治关系更深地影响了产品市场竞争对资本结构的敏感性,因此具有更高的价值。本文的证据支持了政治关系有助于公司获取融资资源从而提高公司价值的观点。


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