中国股市小市值组合的界定方法与实证研究

股票市场的规模效应主要指小市值股票能够在市场中获得超额收益的现象。但由于中国股市特殊的股权结构，近年来在国内规模效应研究和风格投资指标中应用了多种未统一的小市值组合界定方法。本文从规模效应的收益特征出发，以实证研究确定中国股市小市值组合的界定方法。研究结果说明，以股票总市值排序后的最小20％家上市公司构建组合，具有最显著的规模效应特征，是最具有风格投资导向价值的划分标准。     

The impact of initial public offering lockup expirations on liquidity: Evidence from Chinese stock market

Previous empirical evidence on the liquidity effect to the lockup expiration is mixed. A sample from Chinese listed firms is adopted and contributes to better understand this effect in emerging markets. The spread and illiquidity significantly increases around lockup expiration in China. Furthermore, the liquidity reaction to firms’ disclosure quality is explicitly related. The results confirm that higher disclosure quality is significantly associated with lower abnormal spread and illiquidity impact. The effect of lockup expiration shares on liquidity proxies differs in firm disclosure quality. Identifying the factors affecting liquidity around such events may help regulators develop policies to provide investors with greater confidence in their investments.     

我国航运业上市公司经营绩效评价

航运业上市公司的经营绩效评价是运用一定的方法,采用特定的指标体系,对其在一定经营期间的经营业绩作出客观、公正、准确的综合分析和评价.根据2009—2011年上市公司年报提供的数据,对我国航运业上市公司的经营业绩从盈利能力、偿债能力、营运能力及发展能力4个方面进行了分析,旨在发现航运业上市公司经营中存在的问题,提出相应对策,促进其改善经营管理水平,增强市场竞争力,提高盈利能力,进而推动航运业健康发展.     

我国上市公司信息披露诚信问题探析

诚信的信息披露是资本市场的基石,是确保建立公平、公开、公正资本市场的基本前提。我国证券市场由于发展迅速,在信息披露方面存在很多不完善的地方,从而造成财务舞弊事件时常发生,引起投资人及社会公众对上市公司的信任危机,严重影响了资本市场的发展。因此,建立完善的诚信信息披露机制是保证资本市场健康发展的有效途径。     

Efficiency Analysis of Listed Power Companies Based on Malmquist Index

This paper improved the known study for technical progress in Malmquist productivity index calculating. In the method, all the possible movements for decision making units (DMUs) are listed, and the condition that several DMUs lie on the productivity frontier is analyzed. The dynamic efficiencies of Chinese listed power companies from 1997 to 2006 were evaluated. The empirical results indicate that the improved method is effective.     

Causality of future and spot grain prices between China and the US: Evidence from soybean and corn markets against the surging import pressure

As the boom of the world grain market phases out, the challenge for Chinese government has gradually moved from retarding grain exports to restraining imports. This study tries to examine the causalities of soybean and corn price movement among the United States (US) future market, Chinese domestic future market and Chinese spot markets. We find that the daily prices of all these three types of grains belong to I(1) series, and there are long-run integrations. Also Chinese soybean future prices adjust more quickly than its spot prices, while Chinese corn future prices adjust slower. This paper finds that the soybean price movement originates from the US future market, then passes through Chinese future market, and finally reaches Chinese spot market, while the corn price movement starts in Chinese spot market, then spreads to the future markets in both China and the US. Finally, this paper also provides some policy implications on how to release the pressure from the grain imports.     

Scale-Free Behavior in Weighted Stock Network

A weighted stock network model of stock market is presented based on the complex network theory. The model is a weighted random network, in which each vertex denotes a stock, and the weight assigned to each edge is the cross-correlation coefficient of returns. Analysis of A shares listed at Shanghai Stock Exchange finds that the influence-strength (IS) follows a power-law distribution with the exponent of 2.58. The empirical analysis results show that there are a few stocks whose price fluctuations can powerfully influence the price dynamics of other stocks in the same market. Further econometric analysis reveals that there are significant differences between the positive IS and the negative IS.     

完善我国资本市场可有效缓解流动性过剩

流动性过剩是我国经济体系面临的一个严峻问题,研究其发生的真正原因和解决途径对我国经济发展具有十分重要的意义。本文重点分析引起我国资本流动性过剩的真正原因是我国资本市场发展的不完善,并提出了发展我国资本市场,尤其是通过发展股票市场和债券市场来吸收我国过多的流动性的建议。     

Performance of price limits: Evidence from cross-listed stocks in China

Previous literature on price limit offers mixed empirical evidence on the effectiveness of price limits. This study complements the literature by providing a quasi-natural experiment to study the performance of price limit. We examine the effectiveness of price limit rule using cross-listed stocks in the Chinese stock markets and Hong Kong stock market. We find that the influence of price limit becomes weaker as limit-hitting stocks are traded more actively. Among stocks with high trading activity, the delay of efficient price discovery, the volatility spillover and the trading interference become statistically insignificant. This challenges the views of price limit critics. Additionally, we find that the effect of price limits on the trading is asymmetric for A-shares in the upward and downward price movements.     

中国干散货海运景气监测及预警指标与模型研究

在简要分析干散货海运市场走势及主要影响因素的基础上,综合运用Delphi法、时差相关分析法、K-L信息量法与经验借鉴法,建立了中国干散货海运市场环境景气监测预警指标体系与中国干散货海运企业景气监测预警指标体系.同时,综合利用t检验、综合评价法、合成指数与扩散指数等方法,分别建立了中国干散货海运市场环境监测示警模型、中国干散货海运市场环境预测示警模型、中国干散货海运企业监测示警模型与中国干散货海运企业预测示警模型.最后,通过历史数据对模型进行了验证,结果表明,中国干散货海运市场环境存在偏冷风险,干散货海运企业流动资金依旧比较紧张,未来将进入一段较长时间的复苏期.     

返程投资企业资本金结汇和使用问题探讨

返程投资的境内境外公司实际控制人相同,其投资的主要目的为境内企业间接境外上市。境外公司在国际资本市场融资返程投资国内,其资金的来源及结汇的使用成为外汇监管的难点。本文通过对典型案例的剖析,探讨如何对国际逐利资本进行有效监管。     

家族企业契约治理及其实证研究

本文研究了利他主义的代理问题，认为利他主义在家族企业的早期阶段起到积极作用，而当家族企业成长到一定规模时却妨碍了企业成长。此时需要引入社会管理资源，建立起契约治理结构。本文对中国家族上市公司进行了实证研究，对这一命题进行证明，并且对董事会规模、独立董事、董事长／总经理两职合一等契约治理变量与公司价值之间的关系进行了研究，表明中国家族上市公司总体处于发展初期，契约治理也发挥了积极作用。对典型家族企业万向的个案剖析也表明，契约治理是家族企业持续成长的基础。     

中介机构声誉与IPO公司“业绩变脸”

着眼于中介机构声誉这一视角,运用2010-2012年在沪深A股上市的非金融企业样本,分析IPO公司上市后业绩下滑现象。研究结果表明,在我国证券市场,IPO公司上市当年存在明显的"业绩变脸"现象;整体而言,承销商声誉机制效应并不显著。承销收入占主营业务收入比重较高的承销商,其承销的公司"业绩变脸"的可能性更大;选择大型会计师事务所与支付较高会计师事务所报酬的IPO公司,"业绩变脸"的可能性更大。     

企业兼并的再认识

本文论述了企业兼并是商品经济条件下的一种必然的企业经济行为,我国政府部门只能在市场机制的基础上对其因势利导。     

我国上市公司IPO抑价分析

对2003～2004年我国深沪两交易所的IPO抑价情况进行统计分析,选择发行市盈率、中签率、流通比、最新收盘价格、每股收益、每股净资产等因素作为IPO抑价率的影响变量进行实证分析,得出2003～2004年我国的股票市场正走向成熟等结论。     

蓝海战略对中国旅游企业未来生存发展的启示

蓝海战略是由欧洲工商管理学院的W.钱.金和勒妮.莫博涅教授提出来的一种崭新的思维方式,它要求企业突破传统的血腥竞争所形成的"红海",拓展新的非竞争性的市场空间,开创"蓝海"。这对于目前我国普遍处于"红海"中的旅游企业来说无疑是一种福音。在分析我国旅游企业存在问题的基础上,结合蓝海战略的思想,提出了旅游企业如何创造需求、开拓新的市场空间,实现可持续发展的途径和方法。     

通用汽车公司中国市场拓展策略及启示

从通用汽车公司在中国的发展历程入手,重点剖析了通用汽车公司迅速拓展中国市场的主要策略,并由此得出企业开拓国际市场的几点启示。     

经济回暖,卡车市场有望柳暗花明——2009年一季度卡车市场深度分析及全年预测

2009年3月,在季节周期和<汽车产业调整和振兴规划>细则正式出台两重因素的刺激带动下,汽车行业产销双双达到110万辆,创历史新高.然而,由于<规划>中的利好政策主要针对乘用车,故3月及一季度商用车市场明显要弱于乘用车.     

我国汽车维修业发展趋势探讨

分析了当今我国汽车维修市场背景，从维修技术、生产管理、经营模式、人才素质方面探讨了汽车维修业未来发展趋势．