This paper reports an investigation on Chinese companies＇ perception on overseas public listing. The investigation is mainly based on a questionnaire survey. The result shows that Chinese companies overwhelmingly acc...This paper reports an investigation on Chinese companies＇ perception on overseas public listing. The investigation is mainly based on a questionnaire survey. The result shows that Chinese companies overwhelmingly accept overseas listing as a preferred option, which may shed some light on other Chinese companies in their evaluation on seeking overseas public listing as a strategic option to the overseas exchanges in their efforts of wooing the Chinese market.展开更多
This paper presents an in-depth analysis of financially distressed listed companies in China between 1998 and 2002. We compare the predictive power of multiple discriminant analysis （MDA）, logistic regression, and n...This paper presents an in-depth analysis of financially distressed listed companies in China between 1998 and 2002. We compare the predictive power of multiple discriminant analysis （MDA）, logistic regression, and neural network models. We design and implement 126 different forecasting models using different predictive methods, different sample proportions, and different initial independent variables. The aim is to determine which model（s） and variables are best applicable for the short-term prediction of financial distress in China. We find that logistic regression models are superior to multiple discriminant analysis models in terms of prediction accuracy rate, restriction of sample distribution or prediction cost, but the neural network models show promise in their low Type I and Type II errors. The paper also inherently tests the applicability of variables traditionally used for bankruptcy prediction to the purpose of financial distress prediction in China.展开更多
By using the data of the listed companies in Shanghai and Shenzhen stock market---a share market as a sample from 2003 to 2007 to analyze the relationship between corporation performance and top executive alteration, ...By using the data of the listed companies in Shanghai and Shenzhen stock market---a share market as a sample from 2003 to 2007 to analyze the relationship between corporation performance and top executive alteration, different succession modes get different efficiency. The result shows that： The decline of company performance will cause the top executive turnover, and that the possibility of top executive turnover in non-state-owned listed companies is higher than that of the state-owned companies. In the routine turnover sample, the performance level of the internal succession is better than that of the external succession. In the non-routine turnover sample, the results are reversed. For further analysis, the main sources of the improvement for performance are items of below-the-line and non-recurring profit and loss, rather than the company＇s operating revenue.展开更多
The independent director system, as an effective measure to improve the corporation governance structure of China＇ s listed companies, is focused by more and more people at the capital market. In this paper, the prop...The independent director system, as an effective measure to improve the corporation governance structure of China＇ s listed companies, is focused by more and more people at the capital market. In this paper, the proportion of independent directors in the board of directors, and the actual condition, compensation, and duties performing of independent directors are analyzed by taking A-share listed companies in Shanghai Stock Exchange as an example, so that the current implementation situation of the independent director system in China＇ s listed companies is analyzed deeply through the empirical method. Finally, suggestions for its imorovement are orooosed.展开更多
As the most important institutional arrangement in modem corporate, corporate governance is playing an increasingly important role in Chinese market economy, and its effect to auditor change is also being increasingly...As the most important institutional arrangement in modem corporate, corporate governance is playing an increasingly important role in Chinese market economy, and its effect to auditor change is also being increasingly tapped in recent years. This paper summarizes the reason of auditor switching, especially the elements of corporate governance. Then by selecting the A-share listed companies in China as a sample, the authors use statistical test and logistic regression analysis to explore how the 15 factors of corporate governance which are based on the indicators of Nankai University evaluation system affect auditor switching. The results show that the largest proportion of shareholding, the proportion of independent directors, and board meetings which on behalf of the level of corporate governance, have a significant and negative correlation with auditor switching. The results also show that full disclosure, litigation, and arbitration which on behave of the level of corporate governance have a significant positive correlation with auditor switching.展开更多
With the rise of coal price, the proportion of loss-making enterprises shows an upward trend in China＇s coal industry. This paper uses Altman Z-Score model to measure financial risk of 19 listed companies in the coal...With the rise of coal price, the proportion of loss-making enterprises shows an upward trend in China＇s coal industry. This paper uses Altman Z-Score model to measure financial risk of 19 listed companies in the coal industry in A-share market from 1995 to 2007. Empirical results show that Year-Based price index of coal price has a negative correlation with the financial risk but has no significance, and coal chain price has a significant negative correlation with the financial risk. Further research indicates that enterprises increase bad investment, and a lot of debts caused by short-term rise in coal prices. The results also show that the financial risk in the coal industry declines with the rise of GDP growth rate and increases with the rise of inflation rate.展开更多
This paper studies Whether the managerial overconfidence have any impact on the Cost management （Characterized by the degree of the Costs Stickiness ） .Using the ample of the A-share listed companies between 2007-20...This paper studies Whether the managerial overconfidence have any impact on the Cost management （Characterized by the degree of the Costs Stickiness ） .Using the ample of the A-share listed companies between 2007-2011 in China, We document that SG＆A cost stickiness decreases in the degree of overconfidence. The further studies show the negative relation is more significant in the state-owned listed companies,which proved our speculation that the manager will cut expenses avoiding significant decline in performance when the sales decline in the state-owned listed company.展开更多
文摘This paper reports an investigation on Chinese companies＇ perception on overseas public listing. The investigation is mainly based on a questionnaire survey. The result shows that Chinese companies overwhelmingly accept overseas listing as a preferred option, which may shed some light on other Chinese companies in their evaluation on seeking overseas public listing as a strategic option to the overseas exchanges in their efforts of wooing the Chinese market.
文摘This paper presents an in-depth analysis of financially distressed listed companies in China between 1998 and 2002. We compare the predictive power of multiple discriminant analysis （MDA）, logistic regression, and neural network models. We design and implement 126 different forecasting models using different predictive methods, different sample proportions, and different initial independent variables. The aim is to determine which model（s） and variables are best applicable for the short-term prediction of financial distress in China. We find that logistic regression models are superior to multiple discriminant analysis models in terms of prediction accuracy rate, restriction of sample distribution or prediction cost, but the neural network models show promise in their low Type I and Type II errors. The paper also inherently tests the applicability of variables traditionally used for bankruptcy prediction to the purpose of financial distress prediction in China.
文摘By using the data of the listed companies in Shanghai and Shenzhen stock market---a share market as a sample from 2003 to 2007 to analyze the relationship between corporation performance and top executive alteration, different succession modes get different efficiency. The result shows that： The decline of company performance will cause the top executive turnover, and that the possibility of top executive turnover in non-state-owned listed companies is higher than that of the state-owned companies. In the routine turnover sample, the performance level of the internal succession is better than that of the external succession. In the non-routine turnover sample, the results are reversed. For further analysis, the main sources of the improvement for performance are items of below-the-line and non-recurring profit and loss, rather than the company＇s operating revenue.
文摘The independent director system, as an effective measure to improve the corporation governance structure of China＇ s listed companies, is focused by more and more people at the capital market. In this paper, the proportion of independent directors in the board of directors, and the actual condition, compensation, and duties performing of independent directors are analyzed by taking A-share listed companies in Shanghai Stock Exchange as an example, so that the current implementation situation of the independent director system in China＇ s listed companies is analyzed deeply through the empirical method. Finally, suggestions for its imorovement are orooosed.
文摘As the most important institutional arrangement in modem corporate, corporate governance is playing an increasingly important role in Chinese market economy, and its effect to auditor change is also being increasingly tapped in recent years. This paper summarizes the reason of auditor switching, especially the elements of corporate governance. Then by selecting the A-share listed companies in China as a sample, the authors use statistical test and logistic regression analysis to explore how the 15 factors of corporate governance which are based on the indicators of Nankai University evaluation system affect auditor switching. The results show that the largest proportion of shareholding, the proportion of independent directors, and board meetings which on behalf of the level of corporate governance, have a significant and negative correlation with auditor switching. The results also show that full disclosure, litigation, and arbitration which on behave of the level of corporate governance have a significant positive correlation with auditor switching.
文摘With the rise of coal price, the proportion of loss-making enterprises shows an upward trend in China＇s coal industry. This paper uses Altman Z-Score model to measure financial risk of 19 listed companies in the coal industry in A-share market from 1995 to 2007. Empirical results show that Year-Based price index of coal price has a negative correlation with the financial risk but has no significance, and coal chain price has a significant negative correlation with the financial risk. Further research indicates that enterprises increase bad investment, and a lot of debts caused by short-term rise in coal prices. The results also show that the financial risk in the coal industry declines with the rise of GDP growth rate and increases with the rise of inflation rate.
文摘This paper studies Whether the managerial overconfidence have any impact on the Cost management （Characterized by the degree of the Costs Stickiness ） .Using the ample of the A-share listed companies between 2007-2011 in China, We document that SG＆A cost stickiness decreases in the degree of overconfidence. The further studies show the negative relation is more significant in the state-owned listed companies,which proved our speculation that the manager will cut expenses avoiding significant decline in performance when the sales decline in the state-owned listed company.
