《The influence of institutional investors on myopic R&D investment behavior》述评

机构投资者作为证券市场中的重要力量,越来越受到理论界和实务界的关注。论文对宾夕法尼亚大学沃顿商学院会计学教授布赖恩-布希(Brian Bushee)的论文"The influence of institutional investors on myopic R&D investment behavior"(机构投资者对企业短视研发投资行为的影响,以下简称Bushee(1998))进行评价并提出相关的建议和研究方向。

The Evidence of Institutional Investors' Herd Behavior and the Research on Market Simulation

In the context of vigorously developing China＇s securities market institutional investors in the period of economic transition, this paper does the empirical research on the herd behavior from the view of the interaction between individual and institutional investors. This paper adopts the standard deviation of trading volume the cross-section to measure herd behavior. The results show that no matter what the market is in bull status and bear status, institutional investors perform herd behavior and with the expansion of the shareholding scale in a bull market, the herd behavior is higher, which suggests that the vigorous development of institutional investors has not eliminated herd behavior. This paper further confirms that there is the endogenous volatility in the market based on an artificial stock market. Finally it is demonstrated the herd behavior of institutional investors cause abnormal fluctuations in the market.

Developing institutional repositories network:Taking IR Grid at Chinese Academy of Sciences as an example

This paper introduces the current practice of building a network of institutional repositories(IRs) at Chinese Academy of Sciences(CAS), which is named CAS IR Grid.National Science Library(NSL) of CAS plays a leading role in the construction, promotion and implementation of CAS IR Grid. It aims to promote each institute of CAS to build IR of its own, and finally form the IR network of CAS institutes. NSL's experience is introduced in coordinating and supporting institutes' building of their respective IRs and promoting IR services by adopting collaborative and progressive development strategies. Achievements made during the development of CAS IR Grid are described and challenges for its future development are discussed. The authors aim to provide best practices for developing a network of institutional repositories in research institute settings, which can serve as a practical reference to other institutions engaged in the similar task.

A Review on Determinants Affecting Commercialization of Academic Institution Final Year Projects

Final year project is an important training and assessment component incorporated in many courses of academic institution.The ability to translate ideas,research,and creativity into actual products,services,or businesses shows how successful and impactful people or institutions can be in the wider economy.However,in most of the cases,the outcomes of the final year project usually remain as academic discussion without maximizing their potential to be converted into a commercialized product or services.In this review,theory and applications are discussed to understand how entrepreneurial skills and networking abilities,components of individuals’human capital can impact the commercialisation of final year projects.Furthermore,determinants affecting commercialization of final year projects will also be explored namely:entrepreneurial skills,networking ability,access to resources,institutional support as well as creativity and innovation.

Valuation Effects of US-China Trade Conflict:The Role of Institutional Investors

Employing an event study approach to the US-China trade conflict,we found that this conflict had an overall negative effect on the stock market performance of Chinese listed firms,but firms with institutional investor holdings(IIH)exhibited smaller losses than their counterparts in response to a US presidential memo announcing a trade conflict.We also examined the heterogeneous effects of this conflict on firms.The positive effect of IIH was larger for firms with foreign exposure and firms located in provinces with a higher degree of marketization.Institutional investor holdings helped to reduce firms'cost of refinancing and improved their long-run performance given the same shortterm loss in response to the US presidential announcement during the trade conflict.These findings explain the role of institutional investors in alleviating the effects of the US-China trade conflict and achieving financial stability from a micro-perspective.The results have policy implications for corporate governance and financial market stabilization in response to trade policy uncertainty.

Optimized Artificial Neural Network Techniques to Improve Cybersecurity of Higher Education Institution

Education acts as an important part of economic growth and improvement in human welfare.The educational sectors have transformed a lot in recent days,and Information and Communication Technology(ICT)is an effective part of the education field.Almost every action in university and college,right from the process fromcounselling to admissions and fee deposits has been automated.Attendance records,quiz,evaluation,mark,and grade submissions involved the utilization of the ICT.Therefore,security is essential to accomplish cybersecurity in higher security institutions(HEIs).In this view,this study develops an Automated Outlier Detection for CyberSecurity in Higher Education Institutions(AOD-CSHEI)technique.The AOD-CSHEI technique intends to determine the presence of intrusions or attacks in the HEIs.The AOD-CSHEI technique initially performs data pre-processing in two stages namely data conversion and class labelling.In addition,the Adaptive Synthetic(ADASYN)technique is exploited for the removal of outliers in the data.Besides,the sparrow search algorithm(SSA)with deep neural network(DNN)model is used for the classification of data into the existence or absence of intrusions in the HEIs network.Finally,the SSA is utilized to effectually adjust the hyper parameters of the DNN approach.In order to showcase the enhanced performance of the AOD-CSHEI technique,a set of simulations take place on three benchmark datasets and the results reported the enhanced efficiency of the AOD-CSHEI technique over its compared methods with higher accuracy of 0.9997.

A comparative study on institutional collaboration characteristics in EM and LIS in China

Purpose： This study analyzes the current status of institutional cooperation in economics and management （EM） and library and information science （LIS） in China.Design/methodology/approach： Based on the Chinese Social Science Citation Index （CSSCI） database, we constructed institutional collaboration networks in EM and LIS, and analyzed the collaboration characteristics through social network analysis.Findings： In the development and evolution of the collaboration network of institutions in humanities and social sciences, EM is always at the center. It has extensive cooperation relationships with other fields. The position of LIS has also become centralized, and its interdisciplinary cooperation has increased. For both EM and LIS, we observed ＂small-world＂ and ＂scale-free＂ networks, indicating full communication and mature development in both disciplines. Based on a comparison of two institutions in the two fields, we confirmed the comprehensive development in EM and the extensive information exchange in LIS.Research limitations： We collected data only from humanities and social sciences, but did not consider the connection between EM and natural sciences, or between LIS and natural sciences. In addition, the paper lacks analysis of institutional collaboration at the micro level.Practical implications： The paper provides insights into the institutional cooperation characteristics in EM and LIS in China.Originality/value： The paper offers a new perspective on the characteristics of institutional collaboration in China.

机构投资者持股会助推企业“漂绿”吗--基于重污染企业社会责任报告披露的实证研究

以中国A股上市的455家重污染企业为样本,探究机构投资者与企业“漂绿”的关系。实证结果表明,机构投资者持股比例越高,企业发布社会责任报告的可能性越大,但报告内容披露的完整程度会降低,即机构投资者持股助推企业“漂绿”。机制分析表明,机构投资者持股可以通过提升公司盈利能力,助推企业“漂绿”,但通过降低公司负债水平来抑制企业“漂绿”。进一步分析发现,2016年绿色金融政策发布后,机构投资者持股对企业“漂绿”的助推效果减弱;机构投资者持股对国企“漂绿”行为的助推效果不明显。建议提升对公司绿色治理的监督力度,促使公司减少“漂绿”行为,更好地维护投资者的利益和社会效益。

机构投资者网络团体如何影响企业ESG表现?

近年来,证券市场中的机构投资者扮演着越来越重要的角色,它们可能通过共同持股关系形成网络团体,采取一致行动。基于中国2010—2020年A股上市公司数据,构建了机构投资者网络团体,结合社会网络理论与代理理论,探究网络团体持股对企业ESG表现的影响。研究结果表明:网络团体持股可以有效提升企业ESG表现;网络团体持股能够缓解2类代理问题,通过提升信息透明度以及抑制大股东私利促进了企业ESG表现;在缓解了内生性问题,并进行了稳健性检验后,网络团体持股提升企业ESG表现的结论仍成立。进一步研究的结果表明,网络团体的特征会影响企业的ESG表现,即团体数量更多、规模越大、背景越丰富,持股越稳定,相对力量越强,企业ESG表现越好。研究结论既丰富了机构投资者网络团体的后果研究和企业ESG表现影响因素的研究,也为上市公司、机构投资者和政府提供了一定的实践启示。

Challenges of the Performance Standards of the International Finance Corporation in Financing the African Integrated High-Speed Railway Network and the Way Forward: The Case of Standard Gauge Railway in Tanzania

Financing of the African Integrated High-Speed Railway Network (AIHSRN) through Standard Gauge Railway (SGR) Projects is very expensive. As a result, most of the African countries seek financial supports from the International Financial Institutions (IFIs). However, conditions provided by the IFIs through the Performance Standards (PS) of the International Financial Corporation (IFC) increase cost of the projects and thus, it becomes a burden to most of the African countries. This study aimed to explore the causes of IFC-PS through the SGR Projects that escalate costs and how to address them. The Tanzania SGR Lot 1 Project that covered 205 km from Dar es Salaam to Morogoro was selected as a case study. The methods used for data collection involved literature review, focus group discussions and interviews. The results and findings show a gap between the IFC-PS and the National Laws and Regulations that escalates costs of the projects if funds from the IFIs were to be secured. To bridge the gap, it is recommended that the African countries should engage into negotiations with the IFIs to agree to waive IFC-PS conditions that escalate costs provided they are adequately covered in the national laws and regulations;engagement of locally established national and regional financial institutions;and the responsible government institutions in the African countries should sit together for assessment and review of the IFC-PS against the national laws and regulations.

机构投资者退出威胁能有效抑制高管机会主义减持吗?

本文以2007—2020年中国A股上市公司为研究样本,考察机构投资者退出威胁对高管机会主义减持行为的影响及作用机制。研究发现,机构投资者退出威胁能够有效抑制高管机会主义减持行为,具有显著的治理效应。机构投资者退出威胁有效降低了股价波动和股票错误定价,从而显著抑制了高管机会主义减持。环境不确定性和管理层自利性越强,则机构投资者退出威胁对高管机会主义减持的抑制效应越弱。进一步分析发现,上市公司机构投资者为交易型、发生股权质押以及产权性质为非国有企业时,机构投资者退出威胁对高管机会主义减持的影响更强;而且机构投资者退出威胁治理效应产生了积极的后果,显著抑制了高管减持寻租,提升了企业价值,降低了高管减持时的择机性。

机构投资者退出威胁与企业绿色创新

提高企业绿色创新水平是实现高质量发展的重要途径。基于2010—2020年沪深A股上市公司数据,实证检验机构投资者退出威胁对企业绿色创新的影响。研究发现,机构投资者退出威胁能够推动企业绿色创新;而且,以机构投资者持股比例为门槛变量,机构投资者退出威胁对企业绿色创新的影响存在单门槛效应,当机构投资者持股比例超过门槛值后,退出威胁的正向作用得以显现。进一步的路径分析表明,机构投资者退出威胁能够促使企业加大研发投入、积极履行环境责任。此外,在机构投资者为抗压型、企业为非国有性质或重污染行业的情况下,机构投资者退出威胁的绿色创新赋能效应更显著。

压力还是监督:机构投资者调研与企业金融化

基于2013—2021年深交所A股上市公司面板数据,从监督效应和压力效应两种竞争视角,考察机构投资者调研对企业金融化的影响。结果表明,机构投资者调研对企业金融化具有正向影响。划分金融资产配置结构后发现,机构投资者调研能够促进企业配置“蓄水池”类金融资产,抑制企业配置“投资替代”类金融资产,这说明机构投资者调研对企业金融资产配置具有监督效应。进一步研究发现,融资约束较低、代理成本较高的企业,机构投资者调研对其金融资产配置的监督效应更强;机构投资者调研对金融资产配置的监督效应有助于提高企业全要素生产率。研究结果对有关部门完善投资者关系管理,借助市场手段改善“脱实向虚”问题提供了可行依据。

气候风险与系统性风险传染——来自中国上市金融机构的经验证据

本文基于2011—2021年中国51家上市金融机构的微观数据,构建了金融机构间系统性风险传染网络,并从微观层面实证研究了气候风险对金融机构间系统性风险传染的影响及传导路径。研究发现,气候风险事件下金融机构间的网络关联度更紧密,彼此间的系统性风险传染水平显著提升。气候风险主要通过加大投资者恐慌情绪提升金融机构间的系统性风险传染水平。相较于大型金融机构,气候风险冲击下中小型金融机构的系统性风险输出与风险输入水平更高;经济政策不确定性的提高会进一步加剧气候风险对金融机构的负面冲击;《巴黎协定》的提出会缓解气候物理风险对金融机构间系统性风险传染的负面影响,但在一定程度上会加剧气候转型风险对金融机构间系统性风险传染的负面影响。本文为防范气候相关金融风险与维护金融体系的稳定提供了政策启示和决策参考。

中国油气管网运行关键技术及展望

管道是连接油气产业链上下游的关键纽带,是现代能源体系和现代综合交通体系的重要组成部分。在油气体制深化改革和“碳达峰、碳中和”战略目标下,油气管道正朝着大型化、网络化、多元化的方向发展,为大规模复杂管网的运行管理带来了新的机遇和挑战。基于我国油气管网发展现状,聚焦系统分析、仿真优化、运行监测和新型管道输送4个关键领域,剖析了油气管网运行相关研究的发展动态以及面临的难点,包括管网系统可靠性和韧性评估技术、管网运行仿真和调运优化技术、管道本体监测与修复技术以及氢气、甲醇、液氨、LNG管道输送技术等。针对“全国一张网”新阶段和“多能源互补”新动向,总结了数字孪生、智能调控、智能预警、多网融合等前瞻性技术攻关方向,旨在推动我国油气管网安全、高效、绿色转型。最后,提出展望:现阶段,需要立足我国能源资源禀赋,加快适应新形势下的管网运营模式,发挥油气管网在“全国一张网”发展新阶段下的能源大动脉作用;未来,需要稳步推进多元介质的管网灵活输送,挖掘油气管网在综合立体交通和综合能源系统中的发展潜力。

共同机构投资者会影响公司股份回购吗?

股份回购是公司重要的财务活动,备受资本市场中各利益相关者关注。随着我国共同机构投资者不断增加,其对公司行为的影响越来越大,然而鲜有文献关注共同机构投资者对股份回购的影响。本文以2005-2021年我国A股上市公司为研究样本,利用双向固定效应模型通过实证检验发现,共同机构投资者会抑制公司的股份回购行为,在进行一系列内生性、稳健性检验后,结论依然成立。机制研究表明,共同机构投资者是通过提高市场预期、降低机会主义以及基于公司长期价值而对股份回购产生抑制作用。异质性分析发现,这种影响在管理层持股低和现金资源较差的公司作用更大,并且金融类共同机构投资者的作用更大。本文不仅丰富了共同机构投资者和股份回购的相关研究,也为完善公司治理提供了新的启示。

碳中和目标下的机构投资者持股偏好研究——来自绿色债券的证据

绿色债券是为企业绿色转型以及碳中和相关技术提供资金支持,促进绿色低碳化发展的新型融资工具。本文以企业发行绿色债券作为主动承担碳中和责任的观测指标,分析其对机构投资者持股决策的影响。研究发现:企业发行绿色债券后机构投资者持股比例显著提高,其中长期稳定型机构投资者持股比例变化更为显著;绿色债券“绿色”程度越高,机构投资者持股比例越高,表明碳中和目标下,机构投资者具有一定绿色偏好。机制检验发现,媒体关注和获取战略性资源是企业发行绿色债券以吸引机构投资者的两个重要渠道。横截面分析显示,上述结果在国有企业、信息质量较高、社会责任水平较高样本中更为显著。此外,发行绿色债券还能带来更高的超额回报。本文结论不仅为机构投资者绿色偏好提供了经验证据,还为进一步完善绿色金融体系以助力实现碳中和目标提供了理论参考。

抱团取暖:基金团体与季末股价拉升

公募基金行业的高质量发展对于活跃资本市场、推动中国特色现代资本市场建设具有重要意义。基于2005~2021年主动管理型公募基金的股票持仓明细数据识别基金团体,以基金抱团股在季末前后的股价表现为视角,探究基金团体的期末业绩粉饰行为及其内在行为动机。研究结果表明,基金团体对季度末最后两天的股票超额收益存在显著的拉升作用,该结论在经过一系列稳健性检验后仍然成立,而且,基金团体更偏好于对高流动性、高估值的股票进行季末拉升。机制分析中采用大单净买入压力从订单交易层面验证了基金团体在季度末的股价拉升行为,并通过基金净流量以及处于关键排名位置的基金比例来探究基金团体季末股价拉升的行为动机,发现基金经理更多是出于职业忧虑动机,为了掩饰当期糟糕的业绩而抱团拉升股价。此外,基金团体在经济下行时期显著增加的季末股价拉升行为也从侧面支持了职业忧虑动机。研究结论为健全公募基金行业的监管机制、信息披露制度以及绩效评价体系提供了重要的理论依据和参考价值。

机构投资者长期持股与金融稳定

以2012—2023年所有的股票型基金和混合型基金披露的每半年度股票资产组合为研究对象,考察机构投资者长期持股特征及其作用机制。研究发现:第一,机构投资者长期持股具有较低的业绩敏感性、较低的股价同步性且与未来盈余正相关。第二,在股市异常波动期间的下跌阶段,投资者持股期限与股票价格下跌成反比,即机构投资者持股时间越长(换手率越低),越能缓解股票价格的下跌。这说明机构投资者长期持股能够显著地稳定金融市场。而在反弹阶段,机构投资者持股期限与股票价格反弹成正比,机构投资者持股时间越长(换手率越低),越能促使股票价格的反弹,进而促进公司价值回归。第三,机构投资者长期持股稳定金融的机制在于有效地缓解了市场抛售压力。进一步研究发现,机构投资者长期持股能够降低金融市场波动;具有丰富投资经验的基金经理,有助于机构投资者采取长期持股行为,这对促进机构投资者长期持股具有一定的政策意义。

共同机构所有权与客户集中度

高客户集中度加大了公司经营风险和供需链断裂可能性,这显然不利于“国内国际双循环”发展格局的构建。本文利用2007-2021年中国上市公司数据,从理论和实证上分析了共同机构所有权对公司客户集中度的影响。研究发现,共同机构所有权通过提高公司议价能力和信息透明度来降低过高客户集中度,且其联结程度越高、联盟数量越多,降低效果越明显。进一步分析发现,当企业主要客户出现业绩下滑或经营不善时,共同机构所有权才会发挥协同监督效应以干预企业客户集中度,且该效应的发挥在西部地区公司和非高新技术公司中更显著。本文为降低企业对单一大客户依赖程度、加强政府相关部门在企业客户资源配置优化管理方面的作用提供了政策启示。