共查询到20条相似文献，搜索用时 46 毫秒
1.
To study on how to choose the optimal capital structure for financial distressed listed firms,the difference of the factors influencing the capital structure and the adjusting procedure between non-distressed firms and distressed firms is analyzed.It shows that the high debt ratio of the distressed firms is significantly related with the proportion of the largest shareholder and the concentration of the share structure.However,the proportion of largest shareholder has little effect on the adjustment of capital structure.Therefore,to solve the problem of distressed firms,it will depend not only on the improvement of corporate governance,but also on the optimization of financial channels. 相似文献
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本文基于企业多元化经营与绩效的相关理论,以2003 -2006年中国农业上市公司公布的年报面板数据为样本,利用多元回归模型和资本与劳动的产出弹性计算全要素生产率的方法,分析了农业上市公司多元化经营与绩效的关系,并对不同类型的多元化模式与公司的生产效率关系进行实证研究。结果表明,对于农业上市公司而言,企业总体多元化水平与业绩呈负相关,且与生产效率呈反方向变动关系。从各年静态对比看,横向多元化企业的生产效率高于纵向多元化企业的生产效率;从发展趋势看,从事横向多元化会降低企业的生产效率,而保持适度的纵向多元化会促进企业生产效率的提高。 相似文献
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The efficiency of the listed companies, to much extent, results in that of the corporate governance, and meanwhile, whether the corporate governance is effective or not depends on the rationality of the share structure, in which large shareholders are always playing an important role. In China it is essential for security market to develop soundly. So there is not too much to emphasize the effects of the listed companies share structure on the efficiency of governance. In this paper using the methods of canonical test and synthetically grading, the authors analyze 139 Chinese listed companies, the samples of our empirical analysis, and draw conclusions that the proper degree of the share's decentralization will lead to the improvement of performance. Furthermore, both over-decentralized share and the other extreme also are propitious to the control of insiders' control and the stimulation of managers. 相似文献
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This paper makes a comprehensive analysis of such problems as industrial structure readjustment and corporate governance in Chongqing's 22 A-type listed companies from 1993 to 1994.Based on present realistic situation and future development need,a set of countermeasures including industrial structural readjustment,modern enterprise system promotion,capital market development and macro policy formulation has been put forward for consideration. 相似文献
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Based on the relevant literatures from domestic and abroad, the paper empirically tests the relationship between corporate diversification and corporate performance. The results show that there is a negative relationship between diversification and performance in Chinese listed companies, but the significance of relationship is different each year. 相似文献
6.
After reviewing the capital structure theories briefly,the paper researches the impact of financial engineering on corporate capital structure .The model analysis shows that financial engineering can decrease the cost of capital, then improve the financing capacity and effect the rate of debt.Executive Stock option improves managerial incentives and is a challenge to capital structure managerial incentives theory. 相似文献
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Taking-over market, the main component of external corporate governance, affects the performance of corporate governance significantly. Through taking-over activities between companies, the market assumes its role in the governance mechanism. This paper analyzes the taking-over market of listed company in China from the view of ownership structure. By looking into the indirect taking-over activities between companies, the authors research the impact of specific ownership structure on the effectiveness of external corporate governance deriving from such activities. It is concluded that innovation of ownership structure is the key for taking-over market to take its role in external corporate governance more effectively. 相似文献
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资本结构与公司绩效关系问题是理论界与实务界研究的热门问题,也是一个财务问题。本文以单位经济增加值来研究资本结构与绩效的关系。选取11家农业上市公司为样本,计算出资产负债率,推出单位经济增加值,对样本公司的截面数据进行线性回归和二次函数回归,并进行相关检验,最终结果说明农业上市公司资本结构存在着最优区间。 相似文献
9.
Based on the samples of 171 listed companies in Shenzhen and Shanghai stock markets, the paper mainly focuses on the relation between the corporate ownership structure and corporate performance. The result shows that there are negative correlation between state ownership and corporate performance, and positive correlation between legal person ownership and corporate value, there are better corporate value in the higher centralized ownership company, and the corporate value will be improved when the biggest shareholder have proper shares. 相似文献
10.
The authors investigate the ownership structures about American stock corporations and think that the successful experiences based on institutional arrangements for the ownership structures of American listed companies and the way to carry out ownership authorities will give some following enlightenments for Chinese stock companies to perfect their ownership structures:Let all kinds of equity ownerships tradable completely,some ownership diffused or concentrated should be determined by market.To decentralize and transform the state-owned ownership through in the competitive industries,and the ownerships should be mainly holded among legal investors,strategic investors, individuals,employees,managers,foreign investors. The following results are realized to develop perfect law and regulate systems with the function enhancing fair competition and make ownership structure,corporate governance mechanism,all markets,corporate performance interact profitably. 相似文献
11.
为了全面和准确地认识影响中国家庭农场成长的各因素及其权重,指导中国政府和家庭农场经营者采取最有效的措施培育和经营家庭农场,笔者首先基于资源基础理论和层次分析理论构建家庭农场成长影响因素的分析模型,然后以上海市松江区家庭农场为实证对象对各个因素进行计算和分析。结果表明：基于资源基础理论和层次分析理论所构建的家庭农场成长影响因素分析模型科学合理;一级因素中物质资本资源是现阶段影响家庭农场成长最主要的因素,其次是组织资本资源,人力资本资源现阶段相对较轻;二级因素中土地资本是影响家庭农场成长最重要的因素,其次是品牌优势、资金资本、基础设施和科学技术,其他因素有一定影响但在家庭农场的起步阶段相对较轻。最后,在该研究成果基础上,从政府和家庭农场经营者2个主体出发提出增加土地流转年限、积极打造品牌优势、拓宽家庭农场融资渠道、完善农业生产基础设施、引进先进科学技术等对策建议。 相似文献
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股权结构研究是公司治理结构研究中的核心问题。选取制造业上市公司2010—2012年3年间数据作为研究样本,以股权结构特征作为解释变量,通过主成分因子分析法构建公司业绩指标,同时以公司规模和年度作为相关控制变量。在创建多元线性回归模型的基础上,对国内上市制造企业当前的股权结构、绩效关系等进行了详细的实证研究,对实证结果提出了政策建议,为股权结构对业绩影响的研究提供参考。 相似文献
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Technological alliance of enterprise is an organization of technology innovation. The proper selection of corporate governance of technological alliance can provide advantage with cost-down, and also it is the decisive factor of success for technological alliance. Based on the comparatively research of the diversity in the structure of corporate ownership and organization, control right distribution, relationship of partners, etc, this paper indicates that the corporate governance of technological alliance is cooperation relationship of the knowledge capital, which makes the base of partner's capability and sharing the control right. The corporate governance of technological alliance is compound of negotiation mechanism, reputation mechanism and trust mechanism. Further analysis of them is also provided. 相似文献
15.
The principal purpose of this study is to investigate the association between the efficiency of value-added by a major components of a firm's resource (human capital,physical capital and structural capital) and corporate performance (profitability).Data consists of 30 firms are drown from computer area.Empirical analysis is conducted with correlation and linear multiple regression analysis.Findings from empirical analysis indicate that association between physical capital and profitability is statistically significant,there is a positive relation between human capital and firm performance,but not statistically significant.Accordingly, we analyse the factors that probably affect the findings. 相似文献
16.
选择38家农业上市公司作为研究对象,运用因子分析法对其2008—2012年度的经营绩效进行综合评价,得出农业上市公司经营绩效的影响因子得分和排名,以及农业上市公司经营绩效的综合得分和排名。根据农业上市公司经营绩效综合评价结果,可以看出中国农业上市公司的综合经营绩效不是很理想,出现“背农”现象。农业上市公司要想改变这种现状,应该通过内部结构调整提高其自身营运能力和成长能力,同时应该提高其应对债务风险的能力。 相似文献
17.
This paper investigates the relationship between ownership structure and corporate performance in Chinese electronic enterprises systematically, using ROA as the dependent variable while ownership concentration and structure as the explanatory variables. The empirical results show that:Chinese electronic enterprises' strength is not balanced and their ownership structure is very concentrated. Each of state ownership,legal person ownership and individual ownership has no significant effect on firm performance. 相似文献
18.
Board of directors is an important component part of corporate governance. As a governance mechanism, we empirically study relationship among the scale of the board of directors, the structure of the board of directors and the duality leadership structure with corporate performance in Chinese public companies. The result shows that the scale of the board of the directors is smaller, the performance is better. With the ownership structure changes better, the structure of the board of the directors will change better and promotes the performance. The duality leadership structure doesn't affect the corporate performance. The fundamental method for the governance effectiveness of the Board is to set up the reasonable ownership structure and the marketing mechanism for occurrences in human. 相似文献
19.
The independent directors` system is regarded as a kind of way to perfect company's administration structure, China Securities Regulatory Commission introduces it into the listed company managing, and offer the great expectations. But the effect of the independent directors` system is not very good. So the game theory is used in this text. The game frame between independent directors and listed company administrative authority is structured and a short time of perfecting independent director's system and long-term tactics to factor influencing independent directors` system are educed through discussing the influence factors one by one. 相似文献
20.
It remains intrinsic defect how to explain reasonable financing behaviors in classical theory of capital structure. This paper gives a capital structure decision-making model with asymmetric information and exchange cost in incomplete market, and opens out mechanism of financing-selection base on adverse selection by Chinese public companies, in more we can explain well phenomena about equity over-financing of Chinese public companies. 相似文献