The Finance最新文献_第7页

上市国企高管薪酬业绩敏感性结构化解析 Research on Executive Pay Performance Sensitivity Structure of Chinese State-Owned Listed Companies 上市国企高管薪酬业绩敏感性结构化解析 Research on Executive Pay Performance Sensitivity Structure of Chinese State-Owned Listed Companies

The Finance Pub Date : 2016-02-03 DOI: 10.12677/FIN.2016.62008

孙丽, 杨丽萍

{"title":"上市国企高管薪酬业绩敏感性结构化解析 Research on Executive Pay Performance Sensitivity Structure of Chinese State-Owned Listed Companies","authors":"孙丽, 杨丽萍","doi":"10.12677/FIN.2016.62008","DOIUrl":"https://doi.org/10.12677/FIN.2016.62008","url":null,"abstract":"本文以2006~2013年1001家国有上市公司为样本，通过动态面板数据构建多元回归模型对国有企业薪酬业绩敏感性结构化差异进行实证检验，比较了中央控股国有企业和地方控股国有企业在薪酬业绩上的不同表现，及国企高管业绩敏感性在行业上的差异。研究发现：(1) 我国国有上市公司高管薪酬与业绩存在相关性，但其薪酬业绩敏感性显著低于非国有上市公司；(2) 国有上市公司中，央企高管薪酬业绩敏感性显著低于地方国企；(3) 金融行业国有上市公司管理层的薪酬业绩敏感性显著低于其他行业。实证结果有助于明确未来国企薪酬改革政策的指向性，本文据此提出了多层次治理建议，对国企薪酬制度的进一步完善具有参考意义。 In this paper, the sample of the models includes 2561 China’s state-owned listed companies from 2006 to 2013 (including the 1001 state-owned listed companies). By constructing the panel data regression models, this research compares the difference between the executive pay performance sensitivity of central state-owned enterprise and that of local state-owned enterprises, as well as the difference of executive pay performance sensitivity of state-owned financial institutions and state-owned non-financial institutions. The study result shows that: (1) there is a significant cor-relation between the executive pay and company performance of China’s state-owned listed com-panies, but the executive PPS of state-owned listed companies is evidently lower than that of non- state-owned listed companies. (2) Executive PPS of central state-owned companies was significantly lower than that of local state-owned companies. (3) Executive pay performance sensitivity of state-owned financial enterprises was significantly lower than that of state-owned non-financial enterprises. When it comes to policy on executive compensation regulation of state-owned enter-prises, items should also be more targeted. This study offers reference for further optimization for executive performance appraisal system in state-owned companies.","PeriodicalId":251115,"journal":{"name":"The Finance","volume":"28 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2016-02-03","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"122367778","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 0

分数布朗运动环境下的资产配置策略多期收益保证价值的测算 Pricing Multi-Period Return Guarantees Combined with Asset Allocation Strategy under Fractional Brownian Motion 分数布朗运动环境下的资产配置策略多期收益保证价值的测算 Pricing Multi-Period Return Guarantees Combined with Asset Allocation Strategy under Fractional Brownian Motion

The Finance Pub Date : 2016-02-03 DOI: 10.12677/FIN.2016.62007

邓艳莲, 陆允生

引用次数: 0

Feedback effects and endogenous risk in financial markets 金融市场的反馈效应与内生风险

The Finance Pub Date : 2016-02-01 DOI: 10.3917/FINA.372.0039

Lakshithe Wagalath

{"title":"Feedback effects and endogenous risk in financial markets","authors":"Lakshithe Wagalath","doi":"10.3917/FINA.372.0039","DOIUrl":"https://doi.org/10.3917/FINA.372.0039","url":null,"abstract":"This paper studies feedback effects and endogenous risk in financial markets. In order to model those effects in a non parsimonious manner, we propose a general framework of a financial market with multiple assets which takes into account feedback effects from systematic trading by large financial institutions and which is flexible enough to incorporate the impact of any type of trading strategy that can be source of feedback. The model yields tractable formulas linking realized volatilities and correlations to the strategies followed by large financial institutions and the asset liquidities and shows that, in the presence of feedback effects, asset dynamics may deviate significantly from fundamentals and be driven more by the market capitalizations and strategies of large financial institutions. We quantify the price-mediated contagion to other investors generated by feedback effects and give a decomposition of endogenous risk between a volatility component and a correlation component. The results developed in this paper are useful in a risk-management perspective as they provide a flexible framework to better tackle and anticipate liquidity events caused by large trades and also in a systemic risk-management perspective as they enable to quantify price-mediated contagion.","PeriodicalId":251115,"journal":{"name":"The Finance","volume":"5 6","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2016-02-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"120847635","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 0

不同货币政策下我国物价水平的多元回归及Granger因果性分析 The Multiple Regression and Granger Cau-sality Analysis of China’s Price Level under Different Monetary Policy 不同货币政策下我国物价水平的多元回归及Granger因果性分析 The Multiple Regression and Granger Cau-sality Analysis of China’s Price Level under Different Monetary Policy

The Finance Pub Date : 2016-01-15 DOI: 10.12677/FIN.2016.61003

王娇

{"title":"不同货币政策下我国物价水平的多元回归及Granger因果性分析 The Multiple Regression and Granger Cau-sality Analysis of China’s Price Level under Different Monetary Policy","authors":"王娇","doi":"10.12677/FIN.2016.61003","DOIUrl":"https://doi.org/10.12677/FIN.2016.61003","url":null,"abstract":"本文通过对1990~2000年及1998~2013年两阶段时间序列进行多元回归分析，对比了两阶段不同货币政策下稳定物价的效果，并对货币供应量、CDP增长和汇率三个因素与物价进行了Granger因果性分析。研究结果表明两个阶段货币政策对物价的影响效果不同，紧缩性的货币政策应对通胀有较好的效果，而适度宽松的货币政策对拉动经济以及提高人民消费水平的效果较小；除货币政策影响外，第一阶段经济增长对物价的影响不显著，汇率变动对物价有正向作用。第二阶段经济增长与物价呈现正相关关系，而汇率与物价变动方向相反。Granger因果检验结果得货币供应量M2增速、GDP都是CPI的Granger原因，且GDP是M2的Granger原因。 In this paper, through the analysis of the two stages of time series regression in the year between 1990 to 2000 and in the year between 1998 to 2013, we compared the effect of price stability in the two different stages of monetary policy and then made a Granger Causality analysis of money supply, CDP growth, exchange rate and price index. Research results showed that the effect of two stages of monetary policy on the price was different, that was to say the tightening of monetary policy had a good effect against inflation, and the effect of moderate monetary policy on the economy and improving people’s consumption level was smaller; besides the influence of monetary policy, the first phase of economic growth had no marked impact on prices, however the exchange rate had a positive effect on prices. The second phase of economic growth and price presented positive correlation, while the exchange rate and price change were in opposite directions. The results of Granger causality test showed that money supply growth rate, GDP were the Granger cause of CPI, and GDP was the Granger reason of M2.","PeriodicalId":251115,"journal":{"name":"The Finance","volume":"65 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2016-01-15","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"129801739","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 0

上市公司股利政策信息效应研究 Research on Information Effects of China’s Listed Companies’ Dividend Policy 上市公司股利政策信息效应研究 Research on Information Effects of China’s Listed Companies’ Dividend Policy

The Finance Pub Date : 2016-01-15 DOI: 10.12677/FIN.2016.61004

王子豪

引用次数: 0

在金控法下银行购并之策略及个案研究—以台湾中信金控为例 Bank Merger’s Strategy under Financial Holding Companies (FHC) Act—Case Study of CTBC Holding Company in Taiwan 在金控法下银行购并之策略及个案研究—以台湾中信金控为例 Bank Merger’s Strategy under Financial Holding Companies (FHC) Act—Case Study of CTBC Holding Company in Taiwan

The Finance Pub Date : 2016-01-15 DOI: 10.12677/FIN.2016.61005

张冬忆, 陈明丽, 吴萼清

{"title":"在金控法下银行购并之策略及个案研究—以台湾中信金控为例 Bank Merger’s Strategy under Financial Holding Companies (FHC) Act—Case Study of CTBC Holding Company in Taiwan","authors":"张冬忆, 陈明丽, 吴萼清","doi":"10.12677/FIN.2016.61005","DOIUrl":"https://doi.org/10.12677/FIN.2016.61005","url":null,"abstract":"面对国际金融市场的激烈竞争，金融购并的热潮正方兴未艾，2000年全球共有9500个案，购并总值$3.5兆美金。因应世界潮流，2001年台湾通过金融控股公司法，各大金融机构透过不断整合银行、证券和保险业者，成立金融控股公司，期望降低成本以获得财务、经营上的效益，达到股东财富最大化。金融购并是未来金融市场发展的必然趋势，国外购并案例较多且成熟，例如，1998年的花旗银行与旅行家集团高达829亿美元的购并案、2003年的美国银行BOA以417亿美元股权收购弗雷特波士顿银行Fleet Bostton Financial，国外购并案例多数带有策略性考虑，而台湾的银行业因应世界购并潮，为大型化进行的金融业购并，不乏有收购问题银行的购并案，因此，台湾的银行业是否能达1加1大于2的购并综效、增加市占率，值得我们进行研究。本文以个案分析法对台湾个案公司-中信金控的购并过程和结果进行系统分析、探讨，找出金融业购并的决策因素和模式，分析其购并背后的真正意义；为未来可能会面临购并的主并公司和目标公司提供更多的参考。 Facing the fierce competition in international financial markets and the booming of M&A activities, which is worth $3.5 trillion dollars in the global total of 9500 cases in 2000, financial holding companies (FHC) in Taiwan are continually established following the passage of Financial Holding Company law at year 2001. The financial institutions aim to integrate banks, security firms or in-surance companies either to reduce costs, or to obtain the operating benefits for the maximization of shareholders’ wealth. There are more matured and successful merger cases in foreign countries, such as, 1998 the Citigroup-travelers merger and 2003 BOA-Fleet Boston merger. Most of foreign financial merger cases take strategic policy into consideration in way of horizontal or vertical merger. Following the development of M&A, the financial institutions in Taiwan try to find suitable partners for mergers even if the target firm may be a troubled bank. Whether the M&A in Taiwan financial firms could reach their goals deserves further study. This paper applies the merger case analysis of CTBC holding company and tries to find out the determinants in decision-making of merger activities. The results should provide useful information for both acquirers and target companies in consideration of the merger.","PeriodicalId":251115,"journal":{"name":"The Finance","volume":"20 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2016-01-15","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"134645586","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 0

基于养老保险基金的保值增值影响因子研究 Research on the Impact Factor of Preserving and Increasing Value Based on the Endow-ment Insurance Fund 基于养老保险基金的保值增值影响因子研究 Research on the Impact Factor of Preserving and Increasing Value Based on the Endow-ment Insurance Fund

The Finance Pub Date : 2016-01-15 DOI: 10.12677/FIN.2016.61002

刘欢, 孔祥东, 王卫华

引用次数: 0

股权众筹是全民盛宴吗？ Is Equity-Based Crowdfunding a Feast of the Public? 股权众筹是全民盛宴吗？ Is Equity-Based Crowdfunding a Feast of the Public?

The Finance Pub Date : 2016-01-15 DOI: 10.12677/FIN.2016.61001

聂婧, 鞠荣华

引用次数: 2

关于QFII投资羊群效应的实证分析 Empirical Analysis of Herd Behavior forQFII 关于QFII投资羊群效应的实证分析 Empirical Analysis of Herd Behavior forQFII

The Finance Pub Date : 2015-10-09 DOI: 10.12677/FIN.2015.54009

张洋, 金辉

{"title":"关于QFII投资羊群效应的实证分析 Empirical Analysis of Herd Behavior forQFII","authors":"张洋, 金辉","doi":"10.12677/FIN.2015.54009","DOIUrl":"https://doi.org/10.12677/FIN.2015.54009","url":null,"abstract":"以2004年第一季度到2014年第三季度A股市场上的前十大流通股名单中QFII的持股明细数据为样本，采用LSV模型和PCM模型并引进时间维度，通过测量羊群行为度来判断QFII在我国证券市场上是否存在羊群效应。同时，动态地比较不同时期QFII的羊群行为度，分析我国在股市暴涨暴跌时期QFII羊群行为的特征。结果发现，QFII在我国证券市场的投资过程中具有明显的羊群效应，其交易行为不遵循价值投资的理念。在股市暴涨暴跌的时候，其羊群效应会更加显著。在股市暴涨的时候，QFII体现的是买方羊群行为，在股市暴跌的时候，QFII体现的是卖方羊群行为。 Using the holding position details of QFII in the top ten tradable A-share market listed companies as samples from the first quarter of 2004 to the third quarter of 2014, the degrees of herd behavior of QFII are measured by using LSV model and PCM model combined with time dimension to determine whether there exit herd effects in Chinese securities market. In the meantime, to compare QFII herd behavior of different periods dynamically, the QFII herd behavior characteristics are analyzed during the period of the stock market prices soaring and falling. The result shows that QFII has significant herd behaviors in investment process in Chinese securities market, and its trading behavior does not follow the concept of value investing. When the stock market prices soar and fall, the herd behaviors will be more significant. With the stock market booming, QFII reflects a buyer herd behavior; while with the stock market crashing, QFII reflects a seller herd behavior.","PeriodicalId":251115,"journal":{"name":"The Finance","volume":"23 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2015-10-09","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"114270160","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 1

股权集中度、机构投资者与公司绩效—基于我国A股上市公司的实证研究股权集中度、机构投资者与公司绩效—基于我国A股上市公司的实证研究

The Finance Pub Date : 2015-10-09 DOI: 10.12677/FIN.2015.54012

胡敏文

引用次数: 0