股票更名动因及市场效益的研究——基于海隆软件更名案例

近年来我国A股市场股票更名现象频发,同时自2005年股权分置改革以来股东减持频率大幅增加。已有文献对股票更名与大股东减持的关联度分析不多,本文基于海隆软件股票更名与大股东减持这两件看似无关联的事件进行研究,分析更名后股价大涨及大股东高位减持套现的逻辑关系。本文从更名动因的外部因素和内部因素这两个角度切入分析市场投机性和信息不对称对大股东减持事件的影响。本文主要采用事件研究法,基于更名前后公司股价波动情况,分析股票更名的市场反应;通过对投机指标的分析研究市场投机性,从而探究大股东利用市场投机性减持获利的可能性;分析公司更名时机选择以及风险收益不对称现象以探究股东作为内部人如何利用信息优势减持获利。本文结合已有文献对更名效应、投机现象和内部人交易相关理论,以及中国不健全的资本市场制度环境,对市场监管机构、上市公司和投资者提出了建议。

中国高成长性企业的经理激励机制设计与评价

本文研究了中国投机性资本市场环境下高新技术企业经理的激励机理,通过对经理激励契约进行详细分类,给出了适合中国企业的激励契约模型及相应的数学表达式。

Research on the Relationship Between Financial Redundancy, Financing Constraints and Investment Efficiency in Manufacturing Listed Companies

Investment helps companies achieve innovation. Efficient investments often do more with less. Manufacturing enterprises should pay more attention to the issue of investment efficiency, seize investment opportunities and achieve efficient investment. Due to the continuous increase of borrowing costs in the financial markets, enterprises are getting more and more difficult to raise funds from the outside, so more and more enterprises are turning their attention to the financially redundant resources within the enterprises. Making good use of financially redundant resources will help enterprises solve the financing difficulties and enable them to have sufficient funds for investment activities and lay the foundation for sustainable development.