Private Firms’ IPO Issuance Examination Time and Its Economic Consequences

在中国资本市场中，IPO企业从申报上市到最终发行往往要经历漫长的审核过程。以2016年为例，过会的265家企业从申报到上市平均需要862天，其中主板企业887天，中小板企业915天，创业板企业798天，而对于少部分“不幸”的企业而言，审核时间更是长达四五年之久。令人困惑的是，尽管发行审核制度如此严格，新股市场上欺诈发行、业绩变脸、高管集体辞职套现等现象却屡见不鲜，这不禁让人对监管机构审核的有效性提出了质疑。为什么层层严格审核之后，新股乱象依然不止？审核时间长短与这些乱象之间是否存在某种关联？ 本文以2009-2012年上市的647家A股民营企业为研究样本，实证检验了审核时间与上市后表现之间的...Chinese IPO firms have to go through a time-consuming process of examination before listed in the stock market. The average examining time of IPO firms that were approved in 2016 by Chinese Issuance Examination Committee (IEC) is 863 days. To some “unfortunate” IPO firms, this process could take 4 or 5 years. However, after such vigorous examination process, incidents such as IPO fraud scandals, s...学位：会计硕士院系专业：管理学院_会计硕士学号：1842014115064

媒体报道与公司的超额现金持有水平

现金持有水平是公司的一项重要财务决策,时刻关乎企业的生死存亡,然而超额持有的闲置现金却容易被大股东和管理层随意挥霍甚至侵占,滋生严重的代理问题.本研究从代理理论视角出发,深入考察和检验了媒体报道对公司超额现金持有行为的影响.以2004年—2012年中国A股上市公司10 710个公司/年度观察样本为对象,本研究发现,媒体报道水平高的公司,其超额现金持有水平显著更低;同时,发达的制度环境会增强媒体报道对公司超额现金持有水平的边际影响,而激烈的产品市场竞争则会降低媒体报道对超额现金持有水平的边际影响.进一步还发现,公司的超额现金持有行为最终损害了公司的市场价值,而媒体报道能够降低公司持有超额现金对公司价值的负面影响.本研究不仅丰富和拓展了现金持有和媒体报道等领域的相关文献,而且对上市公司的现金持有决策具有重要的启示意义.国家自然科学基金资助项目(71790602;71572160;71503283);;霍英东教育基金会资助项目(161077

Can Board Secretaries Improve the Capital Market Efficiency——Evidence from the Perspective of Stock Price Synchronicity

利用2005~2011年中国A股上市公司8430个年度观察样本数据,从股价同步性视角实证分析了董事会秘书对资本市场效率的经验影响关系。结果发现:(1)与非金牌董秘相比,更加勤勉尽职的金牌董秘显著提高了上市公司的股价同步性;(2)随着证券分析师关注度的提高以及机构投资者持股比例的增加,金牌董秘对股价同步性的正向影响关系逐渐减弱。这些结果表明,董秘能够提升上市公司的信息透明度,进而提升资本市场效率。Using a sample of 8430 firm-year observations on Chinese A-share listed companies during the period of 2005-2011, we have empirically investigated how board secretary impact market efficiency from the perspective of stock price synchronicity.We find that compared with non-top secretaries, the top board secretaries that are more diligent and competent significantly increase listed companies' stock price synchronicity.However, this positive correlation gradually weakens as the analyst coverage and institutional ownership increases.These findings indicate that board secretary can improve listed companies' information transparency, thereby enhancing the market efficiency.国家自然科学基金青年项目(71202061); 面上项目(71572160

Induced Spawning of Cultured Tiger Puffer in Winter and Fall

本文データはCiNiiから複製したものであ

Temporary Splint Using A New Type of Double Metallic Plate : Part. 1 Fundamental studies on adhesive strength

We performed our evaluation in this study using a new type of double metallic plate for the adhesion splint method. The new type of double metalic plate was compared with a conventional mesh veneer plate, testing it for durability. In addition, this plate was considered for satisfactory biocompatibility. Several clinical cases using these plates were conducted. Results were as follows: 1. A new type of double metallic plate and a conventional mesh veneer plate of the same thicknesses were measured for tensile adhesive strength and shear bond strength. The strengths of both were nearly equal. 2. Water-resistance of this plate was satisfactory after long-term observation of immersion and concussion in a physiological saline solution. 3. This plate is composed of an Au-Pd-Ag alloy and was satisfactorily alloy biocompatible. 4. The fact that several periodontal patients had no trouble seemed to be attributable to this plate. Also, after setting these plates in the oral cavity of several patients, the level of plaque control was shown to be satisfactory. These results suggest that the new type of double metallic plate is useful for clinical application

ホンガク コウベ トキワ タンキ ダイガク ニ オケル ダイ53カイ リンショウ ケンサ ギシ コッカ シケン ケッカ ブンセキ ニ ツイテ

We have analyzed results of the 53rd National Examination by the same method as we did in the last year. The examination pass rate of the Kobe Tokiwa College students was 77.4%. This number is better than that of the national average pass rate (74.7%). However, this number is still low relative to the pass rate of the new graduates (88.8%). Therefore, the further discussion on the improvement in pass rates is required. It is essential to raise the percentage of the correct answers in the categories which the Kobe Tokiwa College students find difficult. The examination pass rate is expected to be improved by making students to repeatedly solve the questions of the past five years according to each student level

The Puzzle of Low Price Premium Effect: Evidence from China

本文主要研究低价股的溢价异象,并从行为金融学视角分析指出股票的名义价格幻觉是造成低价股溢价效应的重要原因。基于1999-2014年中国A股上市公司175,736个月度样本数据的实证分析表明,中国资本市场存在显著持续的低价股溢价现象,而且上市公司的散户规模越大,低价股的溢价效应越强,证实了本文的理论观点和预期。与此同时,我们发现机构投资者持股、证券分析师关注、卖空机制等都有利于降低低价股的溢价程度,从而帮助资本市场矫正误定价和资源错配问题。进一步,我们还发现上市公司的管理者还会通过发放股票股利以利用投资者的名义价格幻觉和迎合投资者对低价股的偏好,从而实现市值管理的目的。本文的研究结论对于揭开中国资本市场低价股的溢价之谜和提高资本市场的定价效率都具有重要的实践启示和政策参考。In this paper, we focus on the low price premium effect and suggest nominal price illusion is one of the main causes from behavioral finance perspective. Using a dataset which contains 175,736 firm - month observations of Chinese A - share listed companies from 1999 to 2014, we document that there is indeed a superior performance attached to low price stocks, i. e. , the low price premium effect. What＇ s more, the bigger the size of individual investors, the stronger the low price premium effect, which further supports our theoretical expectation. Meanwhile, we find evidence that institutional ownership, security analyst coverage, and short sales can all significantly alleviate the low price premium effect, thereby contributing to the rectification of mispricing and resource misallocation in capital markets. Furthermore, we find that for the sake of maximizing their firms＇ market value, firm managers would take advantage of investors＇ particularly individual investors＇ nominal price illusion to carter those investors＇ preference for relatively low price stocks through issuing stock dividends. Our findings would give helpful insights for market operations and policy making into revealing the puzzle of low price premium effect and improving pricing efficiency in China.国家自然科学基金项目(71202061和71572160)；福建省高等学校新世纪优秀人才支持计划(2015年)；福建省高校杰出青年科研人才培育计划(2015年)的资助

本地独立董事监督了吗?——基于国有企业高管薪酬视角的考察

利用中国A股国有控股上市公司2005-2013年的7,346个年度观察数据,本文试图从国有企业高管薪酬视角考察本地独立董事(简称\"本地独董\")的监督作用。结果发现,国有控股上市公司董事会中的本地独董越多,其高管的薪酬水平越低,同时高管的薪酬业绩敏感性也越低,而且本地独董对国有企业高管的薪酬业绩敏感性的负向影响在垄断行业和政府补助较多的企业中表现得更强。进一步研究发现,高管的超额薪酬仅与\"运气\"业绩相关,而与\"非运气\"业绩无关,本地独董在降低高管超额薪酬的同时,也降低了超额薪酬与\"运气\"业绩之间的敏感性。这些结果意味着,地理邻近的本地独董具有信息优势,监督能力更强,进而能更有效地约束高管获取超额薪酬的代理行为,同时也约束了高管利用业绩中的\"运气\"成分来为超额薪酬做辩护。国家自然科学基金面上项目(71572160);;重大项目(71790602)的资