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公司治理对企业环境绩效的影响

Description随着中国双碳目标的问世和ESG投资的崛起，绿色低碳经济和可持续发展逐步推进。企业环境绩效越来越重要，但其影响因素是什么？为了回答这一问题，本文结合利益相关者理论、资源依赖理论、高层梯队理论和深口袋理论，以 2015-2019 年沪深 300 成份股企业为研究对象，实证分析了前十大股东持股比例、独立董事比例、CEO 学历、CEO任职经历、四大会计事务所审计以及分析师关注度对企业环境绩效影响的影响。研究结果表明：当企业由四大会计事务所审计、具有高分析师关注度、CEO有重污染行业的任职经历时，其环境绩效更好。进一步研究表明外部治理会吸收其他因素对企业环境绩效的影响。本文为CEO 背景及外部治理因素和企业ESG的关系提供了新证据，帮助投资者和监管层理解企业环境绩效。

ContributorsLim, Kah Ghee (Author) / Zhu, David (Thesis advisor) / Chiu, Tzu-Kuan (Thesis advisor) / Sun, Jianfei (Committee member) / Arizona State University (Publisher)

Created2022

并购对公司品牌价值影响研究 —以美年健康并购慈铭体检为例

Description随着市场环境的日趋激烈，并购已经成为了一种扩大自身规模，增强核心竞争力，实现战略发展目标的重要方式，近年来我国企业之间的并购活动不断增多，形式也逐渐多样，无论是采用横向或纵向，还是多元化的并购，其最终目的都是通过有效的并购行为推动企业快速发展。但由于并购活动十分复杂，一直以来理论界和实务界都关心这样一个问题：企业进行并购究竟是出于何种考虑？最自然的回答便是纷繁复杂的并购活动背后企业真实的并购动机是出于企业自身价值提升：从宏观上讲，公司并购是对社会资源在配置，表现为产业结构升级换代：从微观的公司个体角度讲，建立一个现代企业要求有两个完全不同的机制，即经营管理战略机制和公司交易战略机制，而上市公司的并购行为会促使其经营机制等发生改变。尽管并购这种形式已经被企业家们运用的十分熟练，但由于每个企业所处的市场环境、并购的过程、采用的手段等都有所不同，每一次并购行为都有其自身的特点，对于一些较为典型的并购案例其并购经验值得其他的企业进行参考。本文采用案例分析的模式，首先阐述了并购和品牌价值的概念，并介绍了市场上常见的并购类型以及并购的内部动因和外部动因。通过研究过往案例梳理出品牌价值的影响因素以及并购对品牌认知度的影响。其次，以美年健康并购慈铭体检为例，介绍了美年健康和慈铭体检的基本情况，梳理了美年健康并购慈铭体检的整个过程，对美年健康并购慈铭体检所处的历史时期以及并购动因进行分析。随后，通过财务指标研究法对美年健康并购前后的绩效变化进行分析，主要通过并购前后的市场占有率、盈利能力、运营能力和成长能力四个方面的变化来入手；然后通过分析2014年-2019年美年健康EVA值的变化来分析并购前后美年健康企业价值是否实现增长。接着，通过问卷调查形式来分析消费者对于美年健康的体检业务、体检服务以及并购情况的认知情况，以此来分析消费者眼中美年健康的品牌价值在并购前后的变化。同时通过托宾Q理论来间接评价美年健康并购前后品牌价值变化。最后，本文对美年健康并购慈铭体检这一案例做出总结。根据研究案例自身情况，分析美年健康并购慈铭体检的成功之处，归纳出其中值得借鉴的地方。有助于为其他中国拟通过并购实现品牌价值飞跃的企业提供参考。

ContributorsMiao, Hong (Author) / Pei, Ker-Wei (Thesis advisor) / Chiu, Tzu-Kuan (Thesis advisor) / Zhu, Qigui (Committee member) / Arizona State University (Publisher)

Created2023

混业经营对银行绩效的影响及其作用机制

Description我国金融市场长期以来实行分业经营，但近年我国金融控股公司迅速发展，其体量极其庞大，对金融行业乃至整个经济体系产生系统性影响。随着金融全球化和经济金融化发展，金融业竞争日渐激烈，金融机构间跨行业以及金融集团化经营成为金融市场成熟完善的必然趋势。此外，中美贸易战迫使我国金融业加快开放步伐，意味着国内分业经营的金融机构将面临空前激烈的海外竞争。在内部需求以及外部压力的推动下，亟需提升我国金融机构的竞争力。在促使银行混业经营合规发展的同时，产生了一些问题：混业经营是否可以促进银行的绩效提升？混业经营通过何种渠道来作用于银行绩效？

本文通过案例分析与实证相结合的方式来解答上述问题。在案例分析部分，分别就银行拓展信托业务和保险业务两个方面展开分析，具体来说，在拓展信托业务方面，以浦发银行收购上海信托为案例分析了浦发银行开拓信托业务后对其经营绩效的影响；在拓展保险业务方面，以北京银行并购首创安泰为例，分析银保混业对北京银行带来的协同效应。在实证分析部分，首先，基于相关的理论以及文献提出三个假说：银行实施混业经营战略，可以提高银行的绩效水平；混业经营通过提高银行规模，增强规模经济优势，促进银行的绩效水平较高；混业经营会提高银行势力水平，从而提升银行的绩效水平。其次，建立回归模型来验证上述三个假说，研究了是否混业以及混业经营的程度对银行绩效的影响。最后，构建中介效应模型验证混业经营作用于银行绩效的渠道，本文主要检验了规模、市场势力两个渠道。

综合上述分析，本文认为混业经营会显著正向影响公司业绩，并且银行势力存在显著的中介传导效应，即银行通过混业经营增加了市场势力、提高了规模经济，从而影响了公司业绩。

案例分析结果支持上述结论，即混业经营会带来银行经营绩效的提升，但是同时也可能会带来短期的风险。

银行是否需要采取混业经营需要根据自身的经营情况，不能盲目扩张。业务的拓展需要与自身现有的业务形成互补，才能实现协同发展效应。在拓展业务的同时，需要注意开拓新的业务是否会给自身带来更多的经营风险。

关键词：混业经营；银行绩效；市场竞争；银行势力

ContributorsMiao, Rong (Author) / Shen, Wei (Thesis advisor) / Li, Feng (Thesis advisor) / Chiu, Tzu-Kuan (Committee member) / Shao, Benjamin (Committee member) / Arizona State University (Publisher)

Created2020

The Impact of ESG Performance on Corporate Financing Costs：Based on the Empirical Evidence of Listed Companies in China

Description

In recent years, with the increasing awareness of sustainable development, the ESG performance of enterprises has gradually attracted extensive attention from investors, and has a continuous impact on the long-term stable operation of enterprises. In the new stage of development, whether ESG performance can reduce the cost of corporate debt…

In recent years, with the increasing awareness of sustainable development, the ESG performance of enterprises has gradually attracted extensive attention from investors, and has a continuous impact on the long-term stable operation of enterprises. In the new stage of development, whether ESG performance can reduce the cost of corporate debt financing deserves further study. This paper takes domestic A-share listed non-financial companies with ESG ratings from 2011 to 2021 as samples to empirically study the impact of domestic corporate ESG performance on corporate debt financing costs. The empirical results show that: First, the improvement of ESG performance can effectively reduce the cost of corporate debt financing. Second, the moderating variable analysis shows that corporate transparency, CEO's academic background, and whether the company is in a recession period all have a positive moderating effect on the negative relationship between ESG performance and debt financing costs. However, the moderating effect of internal control and CEO's overseas study background on the relationship between ESG performance and debt financing cost is not significant. The innovation of this paper is that CEO characteristics (whether the CEO has overseas study background and academic background) are innovatively introduced as moderating variables, and further analysis is carried out to further analyze whether CEO characteristics play a moderating role in the relationship between ESG and debt financing costs.Key words: ESG, Corporate Debt Financing Costs, Internal Control , Corporate Transparency , CEO Characteristics

ContributorsAi, Qing (Author) / Zhu, David (Thesis advisor) / Chiu, Tzu-Kuan (Thesis advisor) / Liu, Peng (Committee member) / Arizona State University (Publisher)

Created2024

Research on Supply Chain Finance Based on Manufacturing Industry Cluster ——Supply Chain Turnover and Analysis Based on a Fortune Global 500 Enterprise

Description

Currently, supply chain finance takes various forms such as factoring, pledge financing, and commercial acceptance bills. It has evolved from being predominantly led by commercial banks to spontaneously emerging within the physical industrial chains. It has also gradually integrated innovations in financial technology, resulting in a flourishing landscape. It is…

Currently, supply chain finance takes various forms such as factoring, pledge financing, and commercial acceptance bills. It has evolved from being predominantly led by commercial banks to spontaneously emerging within the physical industrial chains. It has also gradually integrated innovations in financial technology, resulting in a flourishing landscape. It is foreseeable that in China, where indirect financing and debt financing are currently mainstream and there are numerous manufacturing enterprises, supply chain finance will gradually replace the traditional credit model that relies primarily on the creditworthiness of the borrowing entity. This study focuses on supply chain finance within China's manufacturing industry clusters, examining its role in supporting small and medium-sized enterprises (SMEs) and the real economy. Currently, supply chain finance in China is diversified, encompassing products like factoring, inventory financing, and commercial acceptance bills. This research takes the supply chain of a Fortune Global 500 manufacturing company as a case study, analyzing transaction and supply chain finance data from hundreds of companies. The focus is on assessing the impact of supply chain finance products on transaction prices, stability for SMEs, and the cost implications for core enterprises. It also explores who ultimately bears the cost of supply chain finance and how it is transmitted along the supply chain. Through in-depth analysis, the study reveals the potential benefits of supply chain finance in promoting industry chain synergy, reducing transaction costs, and enhancing transaction efficiency. It is observed that while supply chain finance provides liquidity benefits for SMEs, it also significantly impacts the cost structure and competitiveness of core enterprises. The study also notes that in China's financial system, where commercial banks dominate, insensitivity to commodity transactions and prices may limit the depth of integration and effectiveness of supply chain finance. In summary, this research not only provides empirical support for supply chain finance within manufacturing industry clusters but also offers insights for commercial banks and policymakers on optimizing financial products and strategies.

ContributorsZhu, Nan (Author) / Guo, Hong (Thesis advisor) / Chiu, Tzu-Kuan (Thesis advisor) / Yin, Rui (Committee member) / Arizona State University (Publisher)