Matching Items (15)

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东亚主要证券市场量价因子研究

Description

本文从证券市场中的信息传导,异质交易者行为以及金融科技三个方面,对于证券市场中异象因子的部分成因进行文献综述;进而,本文的实证工作结合最新文献中主流的股票横截面异象构造方法,借助东亚证券市场内相关量价信息进行摩擦因子和动量因子的构造,对于各个市场进行相关异象验证和横截面套利策略分析,为相关的学术研究和实务操作提供参考。

关键词: 动量因子,东亚证券市场,套利策略

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  • 2020

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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

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  • 2020

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公募基金产品在上市公司现金管理选择中的发展研究

Description

企业作为社会经营活动的重要主体,其日常经营管理及决策行为有很大研究价值。上市公司作为各行业优质企业的龙头,其行为决策更值得人们关注和研究。而在企业财务管理中的现金管理事宜上,包括很多上市公司在内的企业决策及行为仍然非常传统。长久以来,企业现金管理等财务管理相关的理财行为并未受到商界和学界的足够重视,以上市公司为代表的优质企业,到底如何开展合适的现金管理成为现实问题。而在当下中国可供企业实际选择进行现金管理的金融产品中,除了传统的存款产品和银行理财之外,实际上以货币市场基金为代表的公募基金产品也是上市公司等企业进行现金管理非常合适的选择。

以货币市场基金为代表的公募基金具有许多特色及优势,其各项交易及持有成本较低,由基金管理公司中专业的基金经理进行投资组合,有利于分散投资,降低风险。同时,货币市场基金等固定收益类的开放式公募基金产品流动性佳,风险较低,交易方便,收益可观。此外,企业投资公募基金产品的收益全额免征企业所得税。所以企业在现金管理中选择货币市场基金等固定收益类的开放式公募基金,既可以进行资产的保值增值,还可以进行合理税收筹划,是众多企业进行现金管理的良好方案之一。本文就将试图研究中国市场中的货币市场基金等公募基金产品在上市企业现金管理选择中的发展演变。

本文以货币市场基金等公募基金产品和中国A股上市公司为主体,分析相关基金产品在中国上市公司现金管理中是如何发展演变的,具有理论创新意义和实际意义。本研究可以为上市公司的现金管理行为决策提供一定帮助,也可以为基金产品的管理人及代销机构提供不同的路径选择参考,获得差异市场竞争优势,提升公司和行业价值

关键词: 公募基金、货币市场基金、企业理财、上市公司、现金管理

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Date Created
  • 2020

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中国多元化公司整体或分拆上市的适用性研究

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多元化公司整体上市和分拆上市的理论与实践在国际市场已经较为成熟,而对于中国A股来说,分拆上市一直受制于政策;2019年以来,随着科创板的开启及A股将迎来的改革,多元化公司分拆上市也将迎来重要机遇。

多年来,学术界对于多元化公司在资本市场方面的研究主要聚焦于估值比较、相关影响因素以及整体上市和者分拆上市的法律、财务、风险等方面。而本文在已有理论基础上,从股权集中度、新兴行业、跨市场上市(A+H)三个方面研究中国多元化公司的整体或者分拆上市的行为选择,研究发现:大股东持股比例更高的公司更倾向于整体上市,新兴行业或者创新性的子公司更可能被分拆上市,跨多个股票市场上市的公司更倾向分拆上市子公司,这与委托代理理论和信息不对称理论的预测一致。

为了让研究更加全面并具实用性,本文加入了对中国平安集团和温氏集团的案例分析,还针对中介投行和研究人员的特定人群进行分析式调研,结果均较好支持了研究结论,使得本文的研究兼具理论创新和实际指导价值。

关键词: 中国多元化公司,整体上市,分拆上市,股权集中度,新兴行业,跨市场上市

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Date Created
  • 2020

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The Probe of Forms of Incentive Mechanisms for Securities Companies

Description

As securities companies occupy an increasingly important position in the national economy, and the most valuable competitive advantage for whom is human resources; therefore, Security Industry practitioners pay close attention

As securities companies occupy an increasingly important position in the national economy, and the most valuable competitive advantage for whom is human resources; therefore, Security Industry practitioners pay close attention to the influences of securities companies' incentive mechanisms regarding to various business types.

This paper finds that asymmetry of information in business models is the motivation of the gaming for all participants, through analyzing the differences of various business models of securities brokerage services. Further, various incentive mechanisms under different circumstances result in diverse strategies of gaming. It varies development paths of securities companies. Therefore, the purpose of the paper is to theoretically deduce the most reasonable and optimal securities companies’ incentive mechanism.

This paper intends to identify the principle component factors influencing securities brokerage services via questionnaire investigations towards 75 branches under the same securities company and 13 different securities companies, respectively. In addition, based on historical data, the paper aim to explain rationales between adjustments of incentive mechanisms and market shares of securities brokerage services.Lastly, combining author’s personal experience of various incentive mechanisms and development tracks in four securities companies that hopefully presents valuable information and clues for deducing the optimal securities company incentive mechanism.

There are two critical agency relationships in securities brokerage services. One is between principals, securities companies, and agents which are directors of branches. The other is between principals, securities companies, and agents which are securities marketers or brokers. Because of such operational setup, information is highly asymmetrical between all parties. It brought prominent problems regarding agency relationship and motivation aspects.

Under the certain circumstances, implementation of Incomplete Contracting Theory with franchising models in securities companies is quite useful. Specifically, for the former relationship between securities companies and marketers, the motivation effects of sub-license franchising are better than bonus compensation structure. Fixed salaries without bonus have the worst stimulating effects in such business model. For the latter relationship between securities companies and directors of branches, the agents focus on long term residual value claim rights, since it coincides with agents’ appraisals, focusing on incremental market shares and profit drawings.

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Date Created
  • 2018

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Research on Talent Cultivation in China 's Universities Based on Supply - Demand Relation of Labor Market

Description

University graduates play a significant role in the labor market of China. Universities continuously supply senior talents and provide a strong guarantee to the country’s development. However, with the enlargement

University graduates play a significant role in the labor market of China. Universities continuously supply senior talents and provide a strong guarantee to the country’s development. However, with the enlargement of the enrollment scale, more and more graduates become unemployed or forced to be employed. Most literatures mainly focus on the unemployed phenomenon or reasons, but had neglected the relationship among the employment, universities and the labor market. This assay is trying to using the supply and demand theory of classical economics to analyze the training direction and model of university from the perspective of the supply and demand of labor market. This assay proposes that universities have to integrate with the demand of the labor market so that to cultivate the talents to meet the social needs.

Firstly, the essay analyzes the relationship between the universities education and the supply and demand labor market by using the view of labor economics, and shows the mainly phenomenon and features of supply-demand imbalance. And then, the writer considered that universities talent cultivation development of China has gone through “absolute shortage”, “relative shortage” and “structural unbalanced” three stages. Thirdly, the survey results confirmed that the talent cultivation in universities does not match the demand of the labor market. On one other hand, over educated is a common phenomenon in the academic education. On the other hand, the graduates are lack of education skills training. Fourthly, the essay analyzes the reasons which lead to the unbalance. The unbalance is not only affected by the macro factors, but also by the micro factors. Fifthly, build up the interaction system model “UPT-LM” for the universities talent cultivation and the labor market, and separately building up the macro interaction system and the micro interaction system to analyze the balance of supply and demand. Based on this, it should strengthen the interaction on the feedback mechanism. At last, strengthening the connection of universities talent cultivation and labor market is a systematic program which needs the corporation from the government, the universities and the labor market.

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Date Created
  • 2017

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Ownership Structure And Executive Compensation Design – An Empirical Study

Description

In accordance with the Principal Agent Theory, Property Right Theory, Incentive Theory, and Human Capital Theory, firms face agency problems due to “separation of ownership and management”, which call for

In accordance with the Principal Agent Theory, Property Right Theory, Incentive Theory, and Human Capital Theory, firms face agency problems due to “separation of ownership and management”, which call for effective corporate governance. Ownership structure is a core element of the corporate governance. The differences in ownership structures thus may result in differential incentives in governance through the selection of senior management and in the design of senior management compensation system. This thesis investigates four firms with four different types of ownership structures: a public listed firm with the controlling interest by the state, a public listed firm with a non-state-owned controlling interest, a public listed firm a family-owned controlling interest, and a Sino-foreign joint venture firm. By using a case study approach, I focus on two dimensions of ownership structure characteristics – ownership diversification and differences in property rights so as to document whether there are systematic differences in governance participation and executive compensation design. Specifically, I focused on whether such differences are reflected in management selection (which is linked to adverse selection and moral hazard problems) and in compensation design (the choices of performance measurements, performance pay, and in stock option or restricted stock). The results are consistent with my expectation – the nature of ownership structure does affect senior management compensation design. Policy implications are discussed accordingly.

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Date Created
  • 2015

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Quantitative Research on the Return of Private Seasoned Equity Offerings: Evidence from China

Description

This paper quantitatively analyses the relation between the return of private

seasoned equity offerings and variables of market and firm characteristics in China Ashare

market. A multiple-factor linear regression model is constructed

This paper quantitatively analyses the relation between the return of private

seasoned equity offerings and variables of market and firm characteristics in China Ashare

market. A multiple-factor linear regression model is constructed to estimate this

relation and the result canhelp investors to determine the future return of private

placement stocks.

In this paper, I first review past theories about private placement stocks, including how

the large shareholder participation, the discount of private offerings, the firm

characteristics, and the investment on firm value will affect the return of private

offerings.

According to the past literature, I propose four main factors that may affect the

return of private placement. They are the large shareholders participation in private

placement; the discount that private placement could offer; the characteristics of the

companies that offer a private placement and the intrinsic value of such companies. I

adopt statistic and correlational analysis to test the impact of each factor. Then,

according to this single-factor analysis, I set up a multiple-factor linear regression model

on private seasoned equity offerings return in Chapter Four.

In the last two chapters, I apply this quantitative model to other fields. I use this

model to testify current financial products of private placement and develop investmen

strategies on stocks with private seasoned equity offerings in secondary market. My

quantitative strategy is useful according to the result of setback test.

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Date Created
  • 2017

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A Study of The Relationship between Brand Positioning and Brand Value

Description

It is important and with significant practical value to study how positioning may help enhance a company’s brand value and improve a company’s profitability. It is especially essential to find

It is important and with significant practical value to study how positioning may help enhance a company’s brand value and improve a company’s profitability. It is especially essential to find suitable solution to help Chinese enterprises appropriately position their brands, evaluate brand value, and adopt suitable positioning strategy.

The purpose of this paper is to clarify the impact of positioning on brand value through several case studies and empirical research, and to establish the relationship between positioning and brand value. At the same time, through determination of research topics and conduction of field studies, the paper ultimately verified the relationship between the internal theoretical prediction and the business management outcomes.

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Date Created
  • 2016

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从资源配置角度研究中国商品期货市场有效性

Description

中国商品期货市场经历30年发展,已初备协调资源分配、对冲经营风险的功能。但受产业自身和期货市场发展的制约,各期货品种市场有效性参差不齐。随着我国经济从增量阶段过渡到存量阶段,期货作为企业的价格管理和风险控制工具的重要性日益凸显,因此研究我国商品期货市场有效性具有非常好的现实意义。

本文开创性的从期货的基本功能——资源配置的角度出发,提出有效市场是指其期货价格能够对本行业社会资源起到合理的调配作用的市场。在内容安排上,本文首先总结了现有国际成熟期货品种的特点并找出能够反映期货对资源配置能力的四个指标假说,分别为期现回归性、利润波动性、库存波动性以及现金流变化,然后通过数学模型证明指标数据和品种成熟度的关联,最后应用该套指标对我国商品市场有效性进行检验。数学方法上,本文先采用Bai-Perron内生多重结构突变模型对时间序列进行突变点检验,然后对断点时间序列分别进行多元回归,并在剔除季节性和周期性后,通过平稳性检验、ARCH效应检验结果来确定相应的Garch模型,并用Garch模型来描述时间序列的波动性。

通过数学验证,我们认为期现回归性、利润波动性、库存波动性以及现金流变化这四个指标可以作为反映期货成熟度的检验指标,用该套方法对国内部分活跃品种检验后发现大连豆粕期货已经具备成熟品种的特征,本文认为豆粕期货市场是有效的;PTA、玉米淀粉期货的四个检验指标在近年来表现出时间序列优化的特点,但因时间较短尚不稳定,可以认为是接近成熟的品种;而螺纹钢和铝期货在多数指标上表现不佳,表明他们对社会资源配置能力较差,因此本文认为螺纹钢和铝期货市场是活跃但非有效的。通过进一步分析,本文认为品种的期现回归性差是制约其资源配置能力发挥的关键因素,而交易标的不明确、

仓单制作难度大、产业参与度低以及期货设计中的其他限制因素又是导致期现回归性差的重要原因。

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Date Created
  • 2019