Enterprise capital structure means the various resources, combination and relationships of enterprise raising capital as well as means the short or long debts, shareholders＇ rights and interest, and the proportional ...Enterprise capital structure means the various resources, combination and relationships of enterprise raising capital as well as means the short or long debts, shareholders＇ rights and interest, and the proportional relationships among constituting items. Capitals raised by enterprise from different ways constitute the capital sum. Because of changing enterprise operation, the capital structure is also various and it cannot be in a fixed proportion. Therefore, we need to optimize the capital structure of state-owned enterprises so as to reach the rational resources allocation and make the national economy develop soundly and rapidly. How to optimize it？ This is a big problem that we have to face. Debt-to-equity swap at the moment is only the transition for correcting capital structure of state-owned enterprises. Decreasing stocks owned by state is the inevitable choice for optimizing enterprise stock right.展开更多
The application of behavioural theory to corporate finance is now attracting the attention of theoretical work. However, very little rigorous empirical work has been carried out to analyse the desirability of behaviou...The application of behavioural theory to corporate finance is now attracting the attention of theoretical work. However, very little rigorous empirical work has been carried out to analyse the desirability of behavioural biases in relation to financing decisions. The main results argue that managerial overconfidence provides an alternative determinant of capital structure. However, many questions remain to be explored, related to overconfidence measures and positive/negative effects of managerial overconfidence. Our paper assumes that the combination of financial theory and behavioural theory leads to better explanatory power. We follow two complementary goals. Firstly, we examine the dynamic trade-off model introducing a behavioural perspective. Secondly, we propose extending the pecking order analysis to incorporate overconfidence in Shyam-Sunder and Myers＇s model. We use a sample of Tunisian firms and employ panel-data estimation procedures to account for endogeneity and spurious correlation issues. Our results confirm the assumption that manager confidence is positively related to debt level. Overconfident managers underestimate the probability of financial distress and will choose higher levels of debt than they would if they were ＂rational＂.展开更多
The social structure of accumulation （SSA） theory is one of the important schools of Western Marxist economics, but China＇s theoretical circles do not fully understand its developmental path or its latest research ...The social structure of accumulation （SSA） theory is one of the important schools of Western Marxist economics, but China＇s theoretical circles do not fully understand its developmental path or its latest research findings, This is reflected in the comments about the SSA School in Lu Shoujun＇s paper, ＂Grasping Intermediate-Level Analysis of Contemporary Capitalism： The Evolution of the French Regulation School＇s Theoretical System.＂ We need to give a clearer explanation of the relation between SSA theory and the French Regulation School. In particular, we need to review the major innovations and developments in SSA theory in recent years, including its theoretical analysis of the 2008 financial crisis, of sustainable SSA （SSSA） theory, and of China SSA （CSSA） theory.展开更多
文摘Enterprise capital structure means the various resources, combination and relationships of enterprise raising capital as well as means the short or long debts, shareholders＇ rights and interest, and the proportional relationships among constituting items. Capitals raised by enterprise from different ways constitute the capital sum. Because of changing enterprise operation, the capital structure is also various and it cannot be in a fixed proportion. Therefore, we need to optimize the capital structure of state-owned enterprises so as to reach the rational resources allocation and make the national economy develop soundly and rapidly. How to optimize it？ This is a big problem that we have to face. Debt-to-equity swap at the moment is only the transition for correcting capital structure of state-owned enterprises. Decreasing stocks owned by state is the inevitable choice for optimizing enterprise stock right.
文摘The application of behavioural theory to corporate finance is now attracting the attention of theoretical work. However, very little rigorous empirical work has been carried out to analyse the desirability of behavioural biases in relation to financing decisions. The main results argue that managerial overconfidence provides an alternative determinant of capital structure. However, many questions remain to be explored, related to overconfidence measures and positive/negative effects of managerial overconfidence. Our paper assumes that the combination of financial theory and behavioural theory leads to better explanatory power. We follow two complementary goals. Firstly, we examine the dynamic trade-off model introducing a behavioural perspective. Secondly, we propose extending the pecking order analysis to incorporate overconfidence in Shyam-Sunder and Myers＇s model. We use a sample of Tunisian firms and employ panel-data estimation procedures to account for endogeneity and spurious correlation issues. Our results confirm the assumption that manager confidence is positively related to debt level. Overconfident managers underestimate the probability of financial distress and will choose higher levels of debt than they would if they were ＂rational＂.
基金The author wishes to express his thanks to Professors Zou Keyuan, Liang Zhiping, Zhang Kening, Yang Guohua, Liu Zhiyun, Cai Congyan and He Zhipeng for their valuable advice. This is an achievement of the project supported by National Social Science Foundation （15BFX186） a research product of the ＂2011 Plan＂ of China--Collaborative Innovation Center of Judicial Civilization and a fruit of the MOE Project of Key Research Institute of Humanities and Social Sciences at Universities （16JJD820008）.
文摘The social structure of accumulation （SSA） theory is one of the important schools of Western Marxist economics, but China＇s theoretical circles do not fully understand its developmental path or its latest research findings, This is reflected in the comments about the SSA School in Lu Shoujun＇s paper, ＂Grasping Intermediate-Level Analysis of Contemporary Capitalism： The Evolution of the French Regulation School＇s Theoretical System.＂ We need to give a clearer explanation of the relation between SSA theory and the French Regulation School. In particular, we need to review the major innovations and developments in SSA theory in recent years, including its theoretical analysis of the 2008 financial crisis, of sustainable SSA （SSSA） theory, and of China SSA （CSSA） theory.
