市值管理的综合分析框架:理论与实践

上市公司市值直接关系到公司的生存发展与利益相关者的切身利益,而普遍存在的信息不对称与市场非有效性妨碍了资本市场对上市公司的有效定价,公司亟须通过有效的市值管理实现市值的持续稳定增长。目前学术界尚缺乏对市值管理进行深入而综合的理论分析框架。结合国内外相关理论与中国上市公司市值管理实践,首次提供了一个基于市值管理理论与行为实践的分析框架,并提出可行且重要的研究方向。对上市公司市值管理研究的系统总结,有助于学术界深化对市值管理理论和实践的认识,也为监管层政策制定与资本市场实践活动提供一定的借鉴。

公司战略异质性与股价同步性

文章考察公司战略异质性(公司战略偏离行业常规战略的程度)对股价同步性的影响及作用机制。研究发现,企业战略偏离行业常规战略的程度越大,公司股价同步性越低,表明战略异质性有助于更多公司特质信息融入股价,且上述关系在成长性高、机构投资者持股比例高的企业中更为显著。进一步研究发现,战略异质性通过影响公司经营风险与信息不对称程度作用于股价同步性。

Religion and stock price crash risk:Evidence from China

This paper investigates whether religious traditions influence firm-specific crash risk in China.Using a sample of A-share listed firms from 2003 to 2013,we provide evidence that the more intense the religious environment,the lower the stock price crash risk,implying that religion plays an important role in Chinese corporate governance.Further,we find that(1) religion affects stock price crash risk by reducing earnings management and the management perk problem;(2) different religions have different effects,and Taoism,in particular,is unrelated to crash risk; and(3) the effects of religion are more pronounced with higher quality corporate governance and a stronger legal environment.Religion constrains the management agency problem,thus reducing stock price crash risk in China.Our paper enriches the literature on stock price crash risk and religion,and on new economic geography.

Executive compensation in business groups: Evidence from China

This paper examines executive compensation in the subsidiaries of business groups in China. Analyzing a sample of China business groups(the so-called"Xi Zu Ji Tuan" in Chinese) from 2003 to 2012, we find convincing evidence of the use of Relative Performance Evaluation(RPE) in the executive compensation of the subsidiaries of business groups. Specifically, when the change in performance of one subsidiary is lower than that of the other subsidiaries,the change in its executive compensation is significantly lower. Further, when the business group is private and the level of marketization is high, the subsidiary's executive compensation is more likely to be influenced by the performance of the other subsidiaries. This research improves our understanding of the decision mechanisms of executive compensation in business groups and enriches the literature on executive compensation and business groups.

High-performance all-polymer solar cells enabled by a novel low bandgap non-fully conjugated polymer acceptor

The non-fully conjugated polymer as a new class of acceptor materials has shown some advantages over its small molecular counterpart when used in photoactive layers for all-polymer solar cells(all-PSCs),despite a low power conversion efficiency(PCE)caused by its narrow absorption spectra.Herein,a novel non-fully conjugated polymer acceptor PFY-2TS with a low bandgap of~1.40 eV was developed,via polymerizing a largeπ-fused small molecule acceptor(SMA)building block(namely YBO)with a non-conjugated thioalkyl linkage.Compared with its precursor YBO,PFY-2TS retains a similar low bandgap but a higher LUMO level.Moreover,compared with the structural analog of YBO-based fully conjugated polymer acceptor PFY-DTC,PFY-2TS shows a similar absorption spectrum and electron mobility,but significantly different molecular crystallinity and aggregation properties,which results in optimal blend morphology with a polymer donor PBDB-T and physical processes of the device in all-PSCs.As a result,PFY-2TS-based all-PSCs achieved a PCE of 12.31%with a small energy loss of 0.56 eV enabled by the reduced non-radiative energy loss(0.24 eV),which is better than that of 11.08%for the PFY-DTC-based ones.Our work clearly demonstrated that non-fully conjugated polymers as a new class of acceptor materials are very promising for the development of high-performance all-PSCs.

Enhancing Photovoltaic Performance of Asymmetric Fused-Ring Electron Acceptor by Expanding Pyrrole to Pyrrolo[3,2-b]pyrrole

We propose a strategy to improve performance of unidirectionally extended fused-ring electron acceptors by using pyrrolo[3,2-b]pyrrole to replace pyrrole ring, and design two asymmetric nonfullerene acceptors 1PIC and 2PIC. Replacing pyrrole in 1PIC with pyrrolo[3,2-b]pyrrole remarkably red-shifts absorption peak by 109 nm, elevates the HOMO and LUMO energy levels, and improves electron mobility. The photovoltaic devices based on blend of PM6 donor and 2PIC acceptor exhibit power conversion efficiency as high as 12.6%, which is much higher than that of PM6:1PIC (3.53%), due to more efficient exciton generation and dissociation, faster and more balanced carrier transport and less charge recombination.

Firm internationalization and cost of equity:Evidence from China

This paper examines the relationship between firm internationalization and cost of equity.We find that firms with a higher degree of international operations have a significantly lower cost of equity,which is more pronounced for firms in provinces with a weak institutional environment or firms experiencing intense domestic competition.Our results are robust after adopting a firm fixed effect model,propensity score matching,difference-in-difference regressions and alternative measurements of key variables.Further,international operations help firms to break through their institutional constraints in the domestic market,which reduces the cost of equity and improves resource allocation efficiency in the capital market.Our paper enriches the literature on firm internationalization and the cost of equity from the perspective of emerging markets.

Effects of Thieno[3,2-b]thiophene Number on Narrow-Bandgap Fused-Ring Electron Acceptors

We synthesize and compare four near-infrared absorbing fused-ring electron acceptors named as nTTIC(n=2,3,4,and 5),based on different number of thieno[3,2-b]thiophene(TT)unit as the electron-donating core.With increasing the TT unit,absorption spectrum of the TTIC series red shifts,and the highest occupied molecular orbital(HOMO)upshifts notably.It is worth noting that 4TTIC and 5TTIC exhibit absorption edges approaching 1100 nm,which is the photoresponse limit of solar cells based on crystal silicon.When the TTIC series acceptors are blended with polymer donor PM6,the binary-blend organic solar cells based on 3TTIC show the best power conversion efficiency(PCE)of 13.1%.In contrast,2TTIC-based devices exhibit relatively lower PCE of 8.32%,mainly caused by the larger energy loss and blue-shifted absorption.Due to insufficient driving force of charge separation caused by very high HOMO,4TTIC and 5TTIC show poor PCEs lower than 3%.