摘要
二十世纪九十年代以来,企业再融资后的业绩下滑问题引起了学术界的广泛关注,研究者从盈余管理、自由现金流假说、信息不对称等角度对业绩下滑的原因进行了分析。本文以中国上市公司配股为研究对象,考虑到中国市场背景下企业需要满足政策要求才能顺利融资的特点,沿着配股政策—→企业行为特点—→融资后业绩的思路,试图从政府监管的角度为上市公司再融资后业绩下滑寻求新的解释。
本文将配股事前、事中监管分为盈利要求、时间间隔、产业政策、大股东配股比例、配股比例、治理结构、股利政策、投资政策八个方面,分析了政策对企业相关行为的影响;采用OLS模型、Logistic模型、参数检验分别检验各类行为特征对融资效率的影响。八个方面的结论从企业业绩角度基本支持了政府监管措施的变迁:盈余门槛越高,再融资后业绩下滑越快;产业政策支持的行业发展速度慢,较难通过负债的形式获得急需的资金;配股比例高的企业融资后业绩更差,配股比例大于30%和小于30%的企业业绩存在显著差异;大股东配股可以明显减少企业的业绩下滑,是否采用实物配股对企业的业绩没有显著的影响;无论什么原因造成的资金用途变更,均会造成企业业绩的显著下滑;配股前发放现金股利对配股当年业绩产生正面影响,配股后每一年是否发放现金股利与该年的业绩正相关,且发放股利的企业比不发放股利的企业业绩好;关联交易、大股东资金侵占对企业产生负面影响;融资时间间隔为1年的企业业绩劣于时间间隔为2年、3年的企业业绩。
对配股的事后监管措施的市场反应进行检验的结果表明事后监管没有发挥作用,违规企业具有一定的行为特点,和配股政策要求密不可分。
Underperformance of Seasoned Equity Offering(SEO) has been the attention focus of academic circles from the 90's of twenty centuries and it has been explained by researchers on the basis of Earning management,Free Cash Flow Hypothesis,Asymmetry Information. Considering the fact that listed companies have to meet the governmental rules under market background of China,this article lays research on companies of rights offering and goes down the thread of policie→characters of companies action→performance of SEO,and then tries to find new explanations for underperformance of SEO from the perspective of government supervision.
By partitioning off pre-SEO and pro-SEO regulations to eight aspects:earning demand, interval,industry policy,subscribing rate for dominant stakeholders,issuing rate,corporate governance structure,dividend policy and investment policy,this paper analysis the effect of rules on companies actions and tests those actions' influence on SEO performance by referring to OLS Models,Logistic Models,parameter tests.All of the empirical results support alternation of government regulation policy in view of enterprises performance,that is to say,the higher earning threshold is,the more quickly performance drops.Industries supported by policies have a slow progress and it is hard for them to be financed by credit.Companies with high issue rate have a worse performance.Distinctive differences exist in performance between enterprises with an issue rate of more than 30%and those of fewer than 30%.Underperformance can be lessened if dominant stakeholders subscript shares,while no marked effect concerning shares taken by goods or not has been observed.All investment alternations lead to performance drop no matter what cause it.Cash dividend before rights offering has positive effect on performance of the same year of offering,and cash dividend is positively relative to performance in every year after SEO. Furthermore,those companies that pay cash dividend have better performance.Affiliated business and entrenchment effect by dominant stakeholders have negative effect on corporations. Performance of those re-offerings with an interval of more than 1 year outgoes those with an interval of 1 year.
By testing the market reaction of public enforcement after SEO,the paper comes to the conclusion that enforcement has no effect,and corporations that fall in deregulation act have certain characteristics,which has a close relationship with rules of offerings.
引文
[1]Asquith,P.,Mullins,D.W.,Equity issues and offerings dilution.Journal of Financial Economics,1986,15:61-89.
[2]Armitage,S.,The direct costs of UK rights issues and open offers.European Financial Management,2000,6:57-68
[3]Acemoglu,D.,Johnson,S.,Robinson,J.A.,The colonial origins of comparative development:an empirical investigation.American Economic Review,2001,91:1369-1401
[4]Acemoglu,D.,Johnson,S.,Robinson,J.A.,Reversal of fortunes:geography and institutions in the making of the modern world income distribution.Quarterly Journal of Economics,2002,117:1231-1294
[5]Armitage,S.,The direct costs of UK fights issues and open offers.Journal of Business Finance and Accounting,2002,29:1239-1274
[6]Allen,F.,Qian,J.,Qian,M.J.,Law,finance and economic growth in China.Journal of Financial Economics,2005,77:57-116
[7]Buchanan,.I.,Tullock,G.,"Toward a theory of the rent seeking",Society.1980
[8]Baker,H.,Farrelly,E.,Edleman,B.,A survey of management views on dividend policy.Financial Management,1985,14:78-84
[9]Berglund,T.,Wahlroos,B.,The efficiency of the finish market for rights issues:an application of the Black-Scholes model.Journal of Business Finance & Banking,1985,12:151-164
[10]Bhagat,S.,Frost,P.A.,Issuing costs to existing shareholders in competitive and Negotiated underwritten public utility equity offerings.Journal of Financial Economics,1986,15:233-259
[11]Barclay,MJ.,Litzenberger,R.H.,Announcement effects of new equity issues and the use of intraday price data.Journal of Financial Economics,1988,21:71-99
[12]Beasley,M.,An empirical analysis of the relation between the board of director composition and financial statement fraud.Accounting Review,1996,71:443-465
[13]BOhren,φ.,Eckbo,B.E.,Michalsen,D.,Why undertake rights offerings? Some new evidence.Journal of Financial Economics,1997,46:223-261
[14]Barber,M.,Lyon,N.,Detecting long-run abnormal stock returns:the empirical power and specification of test statistics,Journal of Financial Economics,1997,43:341-372
[15]Bray,A.,Gompers,P.A.,Myth or reality? The long-run underperformance of initial public offerings:evidence from venture and non-venture capital-backed companies.Journal of Finance,1997,52:1791-1821
[16]Bray,A.,Geczy,C.,Gompers,P.A.,Is the abnormal return following equity issuances anomalous? Journal of Financial Economics,2000,56:209-249
[17]Beck,T.,Levine,R.,Loayza,N.,Finance and the sources of growth.Journal of Financial Economics,2000,58:261-300
[18]Bayless,M.,Jay,N.,An examination of the performance of SEOs using a comparison period approach.Journal of Economics and Business,2001,53:359-386
[19]Bhattacharya U.,Hazem D.,The World Price of Insider Trading.Journal of Finance,2002,57:75-108.
[20]Beck,T.,Levine,R.,Industry growth and capital allocation:does having a market-or bank-based system matter? Journal of Financial Economics, 2002,64:147-180.
[21] Bertrand, M., Kramarz, F., Does entry regulation hinder job creation? Evidence form the French retail industry, 3, Quarterly Journal of Economics, 2002,121:1369-1413
[22] Brockman, P., Chung, D.Y., Investor protection and firm liquidity. Journal of Finance, 2003,4: 921-937
[23] Beck, T., Demirguc-Kunt, A., Levine, R., Law and finance: why does legal origin matter. Journal of Comparative Economics, 2003, 31: 653-675
[24] Beck, T., Demirgiic-Kunt, A., Levine, R., Law, endowment and finance. Journal of Financial Economics,2003,70:137-181
[25] Bayless, M., Jay, N., Is the performance of firms following seasoned equity issues anomalous? Journal of Banking & Finance, 2003, 27:1273-1296
[26] Botero, J.C., Djankov, S., La Porta, R., Lopez-de-Silanes, F., Shleifer, A., The regulation of labor. Quarterly Journal of Economics, 2004,4:1339-1382
[27] Barth, J.R., Caprio Jr., G., Levine, R., Bank regulation and supervision: what works bests? Journal of Financial Intermediation, 2004,13: 205-248
[28] Brennan, J., Cao, H., Strong, N., Xu, X.Z., The dynamics of international equity market expectations. Journal of Financial Economics, 2005,77: 257-288
[29] Beck, T., Demirgiic-Kunt, A., Levine, R., Bank supervision and corruption in lending. Journal of Money Economics, 2006,53: 2131-2163
[30] Beck, T., Demirgiic-Kunt, A., Levine, R., The influence of financial and legal institution on firm size. Journal of Banking & Finance, 2006,30: 2995-3015
[31] Brown, P., Gallery, G., Goei, O., Does market misevaluation help explain share market long-run underperformance following a seasoned equity issues. Accounting and Finance, 2006,46:191-219
[32] Buchan, B., English II, P.C., 2007. Law, finance and emerging market returns, Emerging Market Reviews, 2007,5:1-13
[33] Bayless, M., Jay, N., A multi-period of evaluation of returns following seasoned equity offerings. Journal of Economics and Business, 2007,5:1-21
[34] Cai, J., & Loughran, T., 1998. The performance of Japanese seasoned equity offerings, 1971-1992. Pacific-Basin Finance Journal, 1998, 6:395-425.
[35] Cai, J., 1998. The long-run performance following Japanese rights issues. Applied Financial Economics, 1998,8:419-434
[36] Chen, K.C., Yuan, H.Q.,Earning management and capital allocation: evidence from China's accounting-based regulation of rights issues. Accounting Review, 1998, 79:645-665
[37] Claessens, S.,, Djankov, S., Ownership concentration and corporate performance in Czech Republic. Journal of Comparative Economics, 1999, 27: 498-513
[38] Coffee, J., Privatization and corporate governance: the lessons from the securities market failure. Unpublished working paper 158, Columbia Law School, New York. 2000.
[39] Claessens, S.,, Djankov, S., Lang, L.H.P., The separation of ownership and control in East Asia corporations. Journal of Financial Economics, 2000,58, 81-112
[40] Claessens, Stijin, Demirgiic-Kunt, A., Huizinga, H., How do foreign entry affect domestic banking markets. Journal of Banking & Finance, 2001, 25: 891-911
[41] Claessens, S., Djankov, S., Fan, J.P.H., Lang, L.H.P., Disentangling the incentive and entrenchment effects of large shareholders. Journal of Finance, 2000,12:2741-2771
[42] Chu, H.T., Partington, G., Dangers in date adjusting: the case of rights issues and returns. Accounting and Finance,2001,41:143-168
[43]Claessens,Stijin,Luc Laeven,2003.Financial development,Property rights,and growth.Journal of Finance,2003,6:2401-2436
[44]Corwin,A.,The determinants of underpricing for seasoned equity offers.Journal of Finance,2003,11:2249-2279
[45]Carol A.Marquardt,Christine I.Wiedman,The Effect of Earnings Management on the Value Relevance of Accounting Information.Journal of Business Finance & Accounting,2004,31:297-332
[46]Castro,R.,Clementi,G.L.,MacDonald,G.,Investor protection,optimal incentives and economic growth.The Quarterly journal of Economics,2004,August:1131-1175
[47]Chen,G.M.,Firth,M.,Kim,J.B.,IPO under-pricing in China's new stock markets.J.of Multi.Fin.Manag.2004,14:283-302
[48]Clarke,J.,Dunbar,C.,Kahle,K.,The long-run performance of secondary equity issues:a test of the windows of opportunity hypothesis.Journal of Business,2004,77:575-603
[49]Cronqvist,H.,Nilsson,M.,The choice between rights offerings and private equity placements.Journal of Financial Economics,2005,78:375-407
[50]Chen,G.M.,Firth,M.,Gao,D.N.,Rui,M.,Is China's Securities regulatory agency a toothless tiger'? Journal of Accounting and Public Policy,2005,24:451-488
[51]Claessens,Stijin,Luc Laeven,Financial dependence,Banking sector competition and economic growth.Journal of European Economic Association,2005,3:179-207
[52]Cull R.,Xu,L.C.,Institutions,ownership,and finance:the determinants of profit reinvestment among Chinese firms.Journal of Financial Economics,2005,77:117-146
[53]Ching,M.L.,Firth,M.,Rui,M.,The information content of insider trading around seasoned equity offerings..Pacific-Basin Finance Journal,2005,7:1-27
[54]Chen,G.M.,Firth,M.,Gao,D.N.,Rui,M.,Ownership structure,corporate governance,and fraud:evidence from China.Journal of Corporate Finance,2006,12:424-448
[55]Carlson,M.,Fisher,A.,Giammadno,R.,Corporate investment and asset price dynamics:implications for SEO event studies and long-run performance.Journal of Finance,2006,6:1009-1034
[56]Cavalcanti,T.V.,Magalhaes,A.M.,Tavares,J.A.,Institutions and economic development in Brazil.The Quarterly Review of Economies and Finance,2007,1:1-21
[57]Cherkaoui,M.,Ben Ali,D.,The political economy of growth in Morocco.The Quarterly Review of Economics and Finance,2007,46:741-761
[58]Chen,C.,Chen,X.,The information content of fights offerings in China.Research in International Business and Finance,2007,1:1-14
[59]Claessens,Stijin,Sergio,L,Schmukler,International financial integration through equity markets:Which firms from which countries go global? Journal of international Money and Finance,2007,4:1-26
[60]Cheng,S.R.,Shiu,C.Y.,Investor protection and capital structure:International evidence.J.of Multi.Fin.Manag.2007,17,30-44
[61]Chua,C.T.,Eun,C.S.,Lai,S.,Corporate valuation around the world:The effects of governance,growth,and openness.Journal of Banking & Finance,2007,31:35-56
[62]Dhatt,M.S.,Kim,Y.H.,Mukherji,S.,Seasoned equity issues:The Korean experience.Pacific Basin Finance Journal,1996,4:31-43
[63]Dechow,P.M.,Sloan,R.G.,Sweeny,A.P.,Causes and consequences of earning manipulation:an analysis of firms subject to enforcement actions by the SEC. Contemporary Accounting Research, 1998,13:1-36
[64] Darrough, N., Pourjalali, H., Saudagaran, S., Earnings management in Japanese companies. The International Journal of Accounting, 1998,33: 313-334
[65] Daniel, K., D. Hirshleifer, A. Subrahmanyam, A theory of overconfidence, self-attribution, and security market under- and overreactions. Journal of Finance, 1998, 53: 1839-1886
[66] Demirguc-Kunt, A., Maksimovic, V., Law, finance and firm growth. Journal of Finance, 1998,12: 2107-2137
[67] Djankov, S., La Porta, R., Lopez-de-Silanes, F., Shleifer, A., 2002. The regulation of entry. The Quarterly Journal of Economics, 2002,2:1-38
[68] Djankov, S., Murrell, P., Enterprise Restructuring in Transition: A Quantitative Survey. Journal of Economic Literature, 2002,40:739-792
[69] DeFond, M.L., Hung, M., Investor protection and corporate governance: Evidence from worldwide CEO turnover. Journal of Accounting Research, 2004,42:269-312
[70] Deidda, L., Fattouh, B., Banks, Financial markets and growth. Journal of Financial Intermediation, 2008,1:6-36
[71] Demirgiic-Kunt, A., Love, I., Maksimovic, V., Business environment and the incorporation decision. Journal of Banking & Finance, 2006,30: 2967-2993
[72] De Villiers, C. J., Van Staden, C.J., Can less environment disclosure have a legitimizing effect? Evidence from Africa. Accounting, Organization and Society, 2006,31,763-781
[73] Djankov, S., Mcliesh, C., Ramalho, R.M., Regulation and growth. Economic Letters, 2006, 92:395-401
[74] Daouk, H., Lee, M.C., Ng, D., Capital market governance: How do security laws affect market performance? Journal of Corporate Finance, 2006,12: 560-593
[75] Edeward, S., Financial Deepening in Economic Development, New York, Oxford University Press, 1973.
[76] Eckbo, B.E., Masulis, R.W., Adverse selection and the rights offer paradox. Journal of Financial Economics, 1992,32: 293-332.
[77] Eckbo, B. E., Masulis, R. W., Norli, O., Seasoned public offerings: Resolution of the 'new issue puzzle'. Journal of Financial Economics, 2000,56: 251-291
[78] Ergungor, O.E., Market-vs. bank-based financial systems: Do rights and regulations really matter? Journal of Banking & Finance, 2004, 28: 2869-2887
[79] Firth, M., Auditor reputation: The impact of critical reports issued by government inspectors. Rand Journal of Economics, 1990, 21: 374-387
[80] Feroz, E.H., Park, K., Pasterna, V.S., The financial and market effects of the SEC's accounting and auditing enforcement release. Journal of Accounting Research, 1991, 29: 107-142
[81] Fama, E. F., French, K., The cross-section of expected stock returns. Journal of Finance, 1992,47: 427-465
[82] Fama, E. F., French, R., Common risk factors in the returns on stock and bonds. Journal of Financial Economics, 1993,33: 3-56
[83] Ferris, S., Kumar, R., Wolfe, A.G., The effects of SEC-ordered suspensions on returns ,volatility, and trading volume. The Financial Review, 1992, 27: 1-34
[84] Ferris, P., Noronha, G., McInish, T., New equity offerings in Japan: an examination of theory and practice. Journal of International Financial Markets, Institutions and Money, 1997,7:185-200
[85]Fama,E.F.,Market efficiency,long-term returns,and behavioral finance.Journal of Financial Economics,1998,49:283-306
[86]Fama,E.F.,French,R.,Disappearing dividends:changing firm characteristics or lower propensity to pay? Journal of Financial Economics,2001,60:3-43
[87]Friedman,E.,Johnson,S.,Minton,T.,Propping and tunneling.Journal of Comparative Economics,2003,31:732-750
[88]Franklin Allen,Jun Qian,Meijun Qian,Law,finance,and economic growth in China.Journal of Financial Economics,2005,77:57-116
[89]Farinos,E.,Jose Garcia,C.,Ibanez,M.,Is the long-run underperformance of seasoned equity issues irrational? Evidence from Spain.International Review of Financial Analysis,2007,4:367-389
[90]Ferreira,E.,Brooks,D.,Evidence on private equity offerings announcements:strong and weak firms' pooling versus separation.Journal of Economics and Business,2007,59:89-110
[91]Gibson,S.,Safieddine,A.,Sonti,R.,Smart investments by smart money:Evidence from seasoned equity offerings.Journal of Financial Economics,2004,72:581-604
[92]Hughes,P.J.,Signaling by direct disclosure under asymmetric information.Journal of Account-ins and Economics,1986,8:120-142.
[93]Howe,J.S.,Scholarbaum,G..,SEC trading suspensions:Empirical evidence.Journal of Finance and Quantitative Analysis,1986,21:323-333
[94]Healy,M.,Palepu,G.,Earnings and risk changes surrounding primary stock offers,e Journal of Accounting Research,1990,28:25-48
[95]Hietala,P.,The efficiency of the Finnish market for rights issues.Journal of Banking and Finance,1994,18:895-920.
[96]Handley C.,The pricing of underwriting risk in relation to Australian for rights issues.Australian Journal of Management,1995,20:43-72
[97]Hansen,R.S.,The demise of the rights issues.Review of Financial Studies,1988,1:289-309.
[98]Hansen,R.S.,Crutchley,C.,Corporate earnings and financing an empirical analysis.Journal of Business,1990,63:349-371
[99]Hong,H.,Stein,J.,A unified theory of underreaction,momentum trading and overreaction in asset markets.Journal of Finance,1997,54:2143-2184.
[100]Hung T.Chu and Graham Partington,Dangers in data adjustment:the case of rights issues and returns.Accounting and Finance,2001,41:143-168
[101]Hauser,S.,Kraizberg,E.,Dahan,R.,Price behavior and insider trading Around seasoned equity offerings:the case of majority.owned firms.Journal of Corporate Finance,2003,9:183-199
[102]Harris,S.,The long-term performance of UK stocks after making rights issues.Journal of Asset Management,2003,5:308-317
[103]Holmen,M.,Holgfeldt,P.,A law and financial analysis of initial public offerings.Journal of Financial Intermediation,2004,13:324-358
[104]Ho,K.-Y.,Long-horizon abnormal performance following rights issues and placings:Additional evidence from the U.K.market.Review of Financial Economics,2005,14:25-45.
[105]Henderson,B.J.,Jegadeesh,N.,Weisbach,M.S.,World markets for raising new capital.Journal of Financial Economics,2006,82:63-101
[106] Jensen, M.C., Meckling, W.H., Theory of the firm: Managerial behavior, agency costs and ownership structure. Journal of Financial Economics, 1976,3: 305-360
[107] Jones, J., Earnings management during import relief investigations. Journal of Accounting Research, 1991, 29:193-228
[108] Jegadeesh, N., Long-run performance of seasoned equity offerings: Benchmark errors and biases in expectations. Financial Management, 2000,29:5-30
[109] Johnson, S., La Porta, R., Lopez-de-Silanes, F., Shleifer, A., Tunneling. American Economic Review, 2000,90:22-27
[110] Krasker, W.S, Stock price movements in response to stock issues under asymmetric information. Journal of Finance, 1986,41: 93-105
[111] Kothare, M., The effects of equity issues on ownership structure and stock illiquidity: A comparison of rights and public offerings. Journal of Financial Economics, 1997, 43: 131-148
[112] Kothari, S.P., Warner, B., Measured long-horizon security price performance. Journal of Financial Economics, 1997,43: 301-339
[113] Kang, J. -K., Kim, Y. -C., Stulz, R. M., The underreaction hypothesis and the new issue puzzle: Evidence from Japan. Review of Financial Studies, 1999,12: 519-534
[114] Koop, G., Li, K., The valuation of IPO and SEO firms. Journal of Empirical Finance, 2001, 8:375-401
[115] Kabir, R., Roosenboom, P., Can the stock market anticipate future operating performance? Evidence from equity rights issues. Journal of Corporate Finance, 2003,9: 93-113
[116] Kim, A., Shin, H., The Puzzling Increase in the Underpricing of Seasoned Equity Offerings. The Financial Review, 2004,39: 343—365
[117] Kryzanowskia, L., Rubalcavab, A., Valuation effects of domestic and international seasoned equity offerings by Canadian cross-listed firms. J. of Multi. Fin. Manag., 2004, 14:171-186
[118] Keng-Yu Ho, Long-horizon abnormal performance following rights issues and placings: Additional evidence from the U.K. market. Review of Financial Economics, 2005, 14: 25-45
[119] Korkeamaki, T.P., Effects of law on corporate financing practices-international evidence from convertible bond issues. Journal of Corporate Finance, 2005,11: 809-831
[120] Klapper, L., Laeven, L., Rajan, R., Entry regulation as a barrier to entrepreneurship. Journal of Financial Economics, 2006, 82:591-629
[121] Kaplan, S.N., Martel, F., Stromberg, P., How do legal differences and experience affect financial contracts? Journal of Financial intermediation, 2007,16: 273-311
[122] Loughran, T., Ritter, J. R., The new issues puzzle. Journal of Finance, 1995,50: 23-51.
[123] Levis, M., Seasoned equity offerings and the short- and long-term performance of initial public offerings in the UK. European Financial Management, 1995,1(2): 125-146
[124] Loughran, T., Ritter, J. R., The operating performance of firms conducting seasoned equity offerings. Journal of Finance, 1997,52:1823-1850
[125] La Porta, R., Lopez-de-Silanes, F., Shleifer, A., Vishny, R., Legal determinants of external finance. Journal of Finance, 1997a, 52:1131-1150
[126] La Porta, R., Lopez-de-Silanes, F., Shleifer, A., Vishny, R., Trust in large organizations. American Economic Review, 1997b, 87:333-338.
[127] La Porta, R., Lopez-de-Silanes, F., Shleifer, A., Vishny, R., Law and finance. Journal of Political Economy, 1998,106:1113-1155.
[128] Levine, R., Zervos, S., Stock markets, banks and economic growth. American Economic Review, 1998, June: 537-558
[129] Levine, R., Law, finance and economic growth. Journal of Financial Intermediation, 1998, 8:8-35
[130] Lyon, D., Barber, M., Tsai, C.L, Improved methods for tests of long-run abnormal stock returns. Journal of Finance, 1999,2:165-201
[131] La Porta, R., Lopez-de-Silanes, F., Shleifer, A., Corporate ownership around the world. Journal of Finance, 1999,54:471-517
[132] La Porta, R., Lopez-de-Silanes, F., Shleifer, A., Vishny, R., The quality of government. Journal of Law, Economics, and Organization, 1999,15: 222-279
[133] Lang, H., Lundholm, J., Voluntary disclosure and equity offerings: reducing information asymmetry or hyping the stock. Contemporary Accounting Research, 2000,17:632-662
[134] Loughan, T., Ritter, J. R., Uniformly least powerful tests of market efficiency. Journal of Financial Economics, 2000,55:361-390.
[135] La Porta, R., Lopez-de-Silanes, F., Shleifer, A., Vishny, R., Investor protection and corporate governance. Journal of Financial Economics, 2000a, 58:3-28
[136] La Porta, R., Lopez-de-Silanes, F., Shleifer, A., Vishny, R., Agency problems and dividend policy around the world. Journal of Finance, 2000b, 55:1-34.
[137] La Porta, R., Lopez-de-Silanes, F., Shleifer, A., Government ownership of banks. Journal of Finance, 2002a, 57: 265-302.
[138] La Porta, R., Lopez-de-Silanes, F., Shleifer, A., Vishny, R., Investor protection and corporate valuation. Journal of Finance, 2002b, 57:1147-1170
[139] Levine, R., Bank-based or Market-based financial systems: which is better? Journal of Financial Intermediation, 2002,11: 398-428
[140] Lee, M., Lee, P., Taylor, S., Unit initial public offerings: Staged equity or signaling mechanism? Accounting and Finance, 2003,43: 63-85
[141] Larry L. DuCharme, Paul H. Malatesta, Stephan E. Sefcik, Earnings management, stock issues, and shareholder lawsuits. Journal of Financial Economics, 2004,71: 27-49
[142] Loughran, T., Marietta-Westberg, J., Divergence of Opinion Surrounding Extreme Events. European Financial Management, 2005,11:579-601
[143] La Porta, R., Lopez-de-Silanes, F., Shleifer, A., What Works in Securities Laws? Journal of Finance, 2006,1:1-32
[144] Li, X.H., Zhao, X.L., Propensity score method and abnormal performance after seasoned equity offerings. Journal of Empirical Finance, 2006,13: 351-370
[145] Marsh, P., Equity rights issues and the efficiency of the UK stock market. Journal of Finance, 1979,9: 839-862
[146] Marsh, P., Valuation of underwriting agreements for UK rights issues. Journal of Finance, 1980,6: 693-716
[147] Myers, Stewart C, Nicholas S. Majluf., Corporate financing and investment decisions when firms have information that investors do not have. Journal of Financial Economics, 1984,13:187-221.
[148] Mill, M. H., Rock, K., Dividend policy under asymmetric information. Journal of finance, 1985,40:1031-1051
[149] Manjeet S.D., Yong H.K., Sandip M., Seasoned equity issues: The Korean experience. Pacific-Basin Finance Journal, 1986,4: 31-43
[150] Masulis, Ronald W., Ashok N. Korwar, Seasoned equity offerings: An empirical investigation. Journal of Financial Economics, 1986,15: 91-118
[151] McLaughlin, R., Safieddine, A., Vasudevan, K., The operating performance of seasoned equity issuers: Free cash flows and post-issue performance. Financial Management, 1996, 25: 41-53
[152] Macey, J.R., O'Hara, M., The law and economics of Best execution. Journal of Financial Intermediation, 1997,6:188-223
[153] McLaughlin, R., Safieddine, A., Vasudevan, K., The information content of corporate offerings of seasoned securities: an empirical analysis. Financial Management, 1998, 27: 31-45
[154] Marquardt, A., Wiedman, I., Voluntary disclosure, information asymmetry, and insider trading through SEO. Contemporary Accounting Research, 1998,15:507-537
[155] Mitchell, M. L., & Stafford, E., Managerial decisions and long-term stock price performance. Journal of Business, 2000,73:287-320
[156] Morck, R., Yeung, B., Yu, Wayne, The information content of stock markets: why do emerging markets have synchronous stock price movements? Journal of Financial Economics, 2000,58:215-260
[157] Marsden, A., Shareholder wealth effects of rights issues: Evidence from the New Zealand capital market. Pacific-Basin Finance Journal, 2000,8: 419-442
[158] Mathew, G., Long-horizon seasoned equity offerings performance in pacific rim markets. Review of Financial Economics, 2002,11: 317-333
[159] Maritin-Ugedo, F., Equity Rights Issues in Spain: Flotation Costs and Wealth Effects. Journal of Business Finance & Accounting, 2003,11:1277-1304
[160] Marquardt, A., Wiedman, I., The Effect of Earnings Management on the Value Relevanceof Accounting Information. Journal of Business Finance & Accounting, 2004,3:297-332
[161] Megginson, L., Nash, C., Netter, M., Poulsen, B., The Choice of Private Versus Public Capital Markets: Evidence from Privatizations. Journal of Finance, 2004,59:2935-2870
[162] Minogue, M., Apples and oranges: problems in the analysis of comparative regulatory governance. The Quarterly Review of Economics and Finance, 2005,45:195-214
[163] McNulty, J.E., Harper, J.T., Pennathur, A.K., Financial intermediation and the rule of law in the transitional economies of Central and Eastern Europe. The Quarterly Review of Economics and Finance, 2007,47:55-68
[164] Mulherin, J.H., Measuring benefits and costs of regulation: Conceptual issues in security markets. Journal of Corporate Governance, 2007,13: 421-437
[165] North, D., Thomas, R.P., The rise of western world: A new economic theory. Cambridge University Press, 1973
[166] Nourayi, M.N., Stock price response to the SEC'S enforcement actions. Journal of Accounting and Public Policy, 1994,13:333-347
[167] Nenova, T., The value of corporate voting rights and control: A cross-country analysis. Journal of Financial Economics, 2003,68: 325-351
[168] Ngatuni, P., Capstaff, J., Marshall, A., Long-term performance following rights issues and open offers in the UK. Journal of Banking Finance & Accounting, 2006,5:1-32
[169] Prem G. Mathew, Long-horizon seasoned equity offerings performance in Pacific Rim markets. Review of Financial Economics, 2002,11: 317-333
[170] Poitras, G., Short sales restrictions, dilution and the pricing of rights issues on the Singapore Stock Exchange. Pacific-Basin Finance Journal, 2002,10:141-162
[171] Pistor, K., Xu, C., Incomplete Law. Journal of international Law and Politics, 2003, 35:931-1013
[172] Pastor-Llorca, M J., Martin-Ugedo, J.F., Long-run performance of Spanish seasoned equity issues with rights. International Review of Financial Analysis, 2004,13:91-215
[173] Pistor, K., Xu, C, Governing emerging stock markets: legal vs administrative governance. Corporate Governance, 2005,13:5-10
[174] Pierre Jeanneret, Use of the Proceeds and Long-term Performance of French SEO Firms. European Financial Management, 2005,11: 99-122
[175] Ronald I.M, Money and Capital in Economic Development, Washington DC. The Brookings Institution, 1973.
[176] Ritter, J.R., The hot issue market of 1980. Journal of Business, 1984, 57: 215-241.
[177] Ritter, J. R., The long-run performance of initial public offerings. Journal of Finance , 1991, 46: 3-27
[178] Ritter, C., Simar, L., Pitfalls of Normal-Gamma stochastic frontier models. Journal of Productivity Analysis, 1997,8:167-182
[179] Ranjan, S., Earning management and performance of seasoned equity offerings. Journal of Financial Economics, 1998,50:101-122
[180] Reese Jr., W.A., Weisbach, M.S., Protection of minority shareholder interests, cross-listing in the United States, and subsequent equity offerings. Journal of Financial Economics, 2002, 66:65-104
[181] Ranjan D'Mello, Oranee Tawatnuntachai, Devrim Yaman, Why Do Firms Issue Equity after Splitting Stocks? The Financial Review, 2003,38:323—350
[182] Ranjan, R.V., Zingales, L., The great reversal: the politics of financial development in the twentieth century. Journal of Financial Economics, 2003,69: 5-50
[183] Smith, D.B., Stettler, H., Beedles, W., An investigation of the information content of foreign sensitive payment disclosures. Journal of Accounting And Economics, 1984, 6:153-162
[184] Shleifer, A., Vishny, R., Large shareholder and corporate control. The Journal of Political Economy, 1986,94:461-488
[185] Spiess, D. K., Affleck-Graves, J., Underperformance in long-run stock returns following seasoned equity offerings. Journal of Financial Economics, 1995,38: 243-267
[186] Salamudin, N., Ariff, M., Nassir, M., Economic influence on rights issue announcement behavior in Malaysia. Pacific-basin Finance Journal, 1999,7: 405-427
[187] Suzuki, K., Seasoned equity offerings in the UK, usage of funds, method of issue and share price reaction of issuers. Working Paper, London Business School, 2000
[188] Shivakumar, L., Do firms mislead investors by overstating earning before seasoned equity offerings? Journal of Accounting and Economics, 2000,29: 391-371
[189] Stehle, R., Ehrhardt, O., Przyborowsky, R., Long-term stock performance of German initial public offerings and seasoned equity issues. European Financial Management, 2000, 6:173-196
[190] Shleifer, A., Wolfenzon, D., Investor protection and equity markets. Journal of Financial Economics, 2002,66: 3-27
[191] Stulz, R.M., Williamson, R., Culture, openness and finance. Journal of Financial Economics, 2003,70: 313-349
[192] Schultz, P., Pseudo markets timing and the long-run underperformance of IPO'S. Journal of Finance, 2003,3:483-517
[193] Siegel, J., Can foreign firms bond themselves effectively by renting U.S. securities laws? Journal of Financial Economics,2005,75:319-359
[194]Teoh,S.H.,Welch,I.,Wong,T.J.,Earnings management and the long-run market performance of initial public offerings.Journal of Finance,1998a,53:1935-1975
[195]Teoh,S.H.,Welch,I.,Wong,T.J.,Earnings management and the underperformance of seasoned equity offerings.Journal of Financial Economics,1998b,50:63-99
[196]Utrero-Gonzalez,N.,Bank regulation,institutional framework and capital structure:International evidence from industry date.The Quarterly Review of Economics and Finance.Articles in press.2006.
[197]Volpin,P.F.,Governance with poor investor protection from top executive turnover in Italy.Journal of Financial Economics,2002,64:61-90
[198]Watts,L.,Zimmerman,L.,Positive accounting theory:a ten year perspective.Accounting Review,1998,65:131-156
[199]Wurgler,J.,Financial markets and the allocation of capital.Journal of Financial Economics,2002,58:187-214
[200]Wright,J.C.,Shaw,J.R.,Guan Liming,Corporate governance and investor protection:Earning management in U.K.and U.S.,Journal of international Accounting Research,2006,5:25-40
[201]Wang,J.B.,Wei,K.C.,Pruitt,W.,An analysis of the share price and accounting performance of rights offerings in China.Pacific-Basin Finance Journal,2006,14:49-72
[202]Yoon,S.,Miller,G.,Earnings management of seasoned equity offering firms in Korea.The International Journal of Accounting,2002,37:57-78
[203]Yu,Q.,Du,B.,Sun,Q.,Earnings management at rights issue thresholds- evidence from China.Journal of Banking & Finance,2006:1,1-16
[204]保罗·萨缪尔森、威廉·诺德豪斯,《经济学》(第16版),北京华夏出版社,1999
[205]庇古著,邓大松译,《福利经济学》,武汉大学出版社,1999
[206]蔡海洪、吴世农,价值股与成长股不同市场表现的实证研究,《财经科学》,2003(3)
[207]蔡志岳、吴世农,我国上市公司信息披露违规的预警研究-基于财务、市场和治理视角,《管理评论》,2007(1)
[208]陈朝龙,募集资金对上市公司市场拓展能力影响的实证研究,《财经科学》,2004(4)
[209]陈国辉、赵春光,上市公司选择股利政策动因的实证研究,《会计研究》,2000(5)
[210]陈国进、林辉、王磊,公司治理、声誉机制和上市公司违法违规行为分析,《南开管理评论》,2005(8)
[211]陈国进、赵向琴、林辉,上市公司违法违规处罚和投资者利益保护效果,《财经研究》,2005(8)
[212]陈工孟、高宁,我国证券监管有效性的实证研究,《管理世界》,2005(7)
[213]陈晓、陈小悦、刘钊,A股盈余报告的有用性研究,《经济研究》,1998(6)
[214]陈晓,王琨,关联交易,公司治理与国有股改革,《经济研究》,2005(4)
[215]陈小悦、肖星、过晓艳,配股权与上市公司利润操纵,《经济研究》,2000(1)
[216]陈野华 甘煜,证券市场中的信息、自律管理与监管,《财经科学》,2005(1)
[217]丁晨、曹崇延,中国上市公司资本结构行业的实证研究,《运筹与管理》,2005(3)
[218]杜沔、王良成,我国上市公司配股前后业绩变化及其影响因素的实证研究,《管理世界》,2006(3)
[219]傅德伟,监管制度变迁对深圳证券市场效率的影响,《证券市场导报》,2005(8)
[220]高鸿桢、林嘉永,信息不对称资本市场的实证研究,《经济研究》,2005(2)
[221]高雷、何少华、黄志忠,公司治理与掏空,《经济学季刊》,2006(3)
[222]管征、张世坤,不对称信息下的股权再融资方式选择,《财经问题研究》,2004(10)
[223]管征,上市公司配股行为的市场效应,《金融纵横》,2004(9)
[224]郭鹏飞、杨朝军、孙培源,中国上市公司资本结构行业间差异实证研究,《系统工程理论与实践》,2004(5)
[225]O.哈特,《企业、合同与财务结构》,上海三联出版社、上海人民出版社,2006年
[226]何浚,上市公司治理结构的实证分析,《经济研究》,1998(5)
[227]胡延平、陈超,上市公司信息披露违规处罚分析,《南方金融》,2004(2)
[228]黄辉、王志华,资本结构行业差异及其行业差异的实证分析,《财经理论与实践》,2006(1)
[229]黄慧馨、代冰彬,高科技企业经理人持股与公司长期业绩的相关性研究,《经济科学》,2005(3)
[230]黄建新、李春红,中国上市公司配股后投资收益的实证研究,《中国软科学》,2004(5)
[231]黄彦军,中国上市公司信息披露违规影响因素的实证研究,《上海金融学院学报》,2005(2)
[232]黄少安、张岗,中国上市公司股权融资偏好分析《经济研究》,2001(11)
[233]蒋义宏,配股资格线的变迁与ROE分布的变化-中国上市公司“上有政策,下有对策”图解,《经济管理》,2003(2)
[234]R.科斯、A.阿尔钦、D.诺斯等,《财产权利与制度变迁》-产权学派与新制度学派译文集,上海三联书店,1991
[235]理查德·A·波斯纳(著),蒋兆康(译),《法律的经济分析》,中国大百科全书出版社1997
[236]李虎,我国上市公司募集资金投向的逆向选择,《财经研究》,2005(4)
[237]李康、杨兴君、杨雄,配股和增发的相关者利益分析和政策研究,《经济研究》,2003(3)
[238]李礼、王曼舒、齐寅峰,股利政策由谁决定及其选择动因,《金融研究》,2006(1)
[239]李涛,国有股权、经营风险、预算软约束与公司业绩,《经济研究》,2005(7)
[240]李燕妮、杨贵宾,我国上市公司再融资公告效应的实证分析,《金融教学与研究》,2005(3)
[241]李增泉、王志伟、孙铮,2004:掏空与所有权安排,《会计研究》,2004(12)
[242]李增泉,《国家控股与公司治理的有效性》,经济科学出版社,2005
[243]李增泉、余谦、王晓坤,掏空、支持与并购重组,《经济研究》,2005(1)
[244]李卓、宋玉,股利政策、盈余持续性与信号显示,《南开管理评论》,2007(1)
[245]林彬,二元股权结构下的上市公司配股行为研究,《证券市场导报》,2004(4)
[246]陆竞红,上市公司再融资偏好的若干理性思考,《企业经济》,2004(2)
[247]陆建桥,中国亏损上市公司盈余管理实证研究,上海财经大学博士学位论文,1998
[248]陆正飞,叶康涛,中国上市公司股权融资偏好解析,《经济研究》,2004(8)
[249]吕长江、周县华,公司治理结构与股利分配动机,《南开管理评论》,2005(8)
[250]吕长江、王克敏,上市公司股利政策的实证分析,《经济研究》,1999(12)
[251]刘凤委、汗辉、孙铮,股权性质与公司业绩-基于盈余管理基础上的经验分析,《财 经研究》,2005(3)
[252]刘建春,我国上市公司再融资的现状、症结与对策分析,《金融与经济》,2005(9)
[253]刘勤、陆满平、寻晓青、何才元,变更募集资金投向及监管研究,《证券市场导报》,2002(1)
[254]刘少波,戴文慧,我国上市公司募集资金投向变更研究,《经济研究》,2003(2)
[255]刘淑莲、胡燕鸿,中国上市公司现金分红实证研究,《会计研究》,2003(4)
[256]刘天明,上市公司恶意再融资的动机、行为、结果分析与规范建议,《经济问题探索》,2005(12)
[257]刘文军、赵亚娟,中国上市公司派现送股与未来业绩关系的实证研究,《财经论丛》,2005(1)
[258]刘文鹏,上市公司股权再融资行为选择研究,《现代财经》,2002(2)
[259]刘新华,我国中小企业融资理论述评,《经济学家》,2005(2)
[260]刘星、邹超,我国A股上市公司配股定价机制研究,《统计与决策》,2005(4)
[261]梁杰、王文博、姚青云,股权集中度、现金股利变化与未来盈余,《经济论坛》,2005(24)
[262]罗党论、唐清泉,大股东利益输送与投资者保护,《管理科学》,2005(10)
[263]马曙光、黄志忠、薛云奎,股权分置、资金侵占与上市公司现金股利政策,《会计研究》,2005(9)
[264]马曙光、黄志忠、薛云奎,上市公司配股、货币政策与股票价格,《金融研究》,2005(11)
[265]毛志荣,信息披露违规处罚实际效果研究,深交所综合研究所研究报告第54号,2002
[266]平新乔、李自然,中国上市公司再融资资格的确定与虚假信息披露,《经济研究》,2003(2)
[267]钱颖一,市场与法治,《经济社会体制比较》,2000(3)
[268]钱颖一,政府与法治,《比较》,2003(5)
[269]秦茜,《上市公司的关联交易与成因分析》,清华大学硕士论文,2003
[270]任有泉,中国上市公司股利分配行为实证研究,《投资研究》,2005(11)
[271]宋光辉、李沫含,政策制定与中国上市公司再融资趋势,《南方金融》,2005(1)
[272]宋衍蘅,中国上市公司的配股行为与业绩表现研究清华大学博士学位论文,2003
[273]孔小文,上市公司股利政策选择的动因与代理问题分析,《财经问题研究》,2003(6)
[274]孔小文、于笑坤,上市公司股利政策信号传递效应的实证研究,《管理世界》,2003(6)
[275]孙永祥、黄祖辉,上市公司的股权结构与绩效,《经济研究》,1999(12)
[276]孙铮、王跃堂,资源配置与盈余操纵的实证研究,《财经研究》,1999(4)
[277]石柱峰、欧阳令南,高额现金股利、可转换债券融资与市场效率--基于西宁特钢的案例分析,《财经问题研究》,2004(6)
[278]邵晓阳,苏敬勤,于圣睿,竞价制度下股票形成机制研究,《管理科学》,2005(4)
[279]沈洪涛、沈艺峰、杨熠,新股增发:自由现金流量假说还是优序融资假说,《世界经济》,2003(8)
[280]沈艺峰、陈舒予、黄娟娟,投资者法律保护、所有权结构与困境公司高层管理人员变更,《中国工业经济》,2007(1)
[281]沈艺峰、肖珉,证券市场对上市公司配股行为反应的实证研究,《证券市场导报》,2001(3)
[282]沈艺峰、肖珉、黄娟娟,中小投资者法律保护与公司权益资本成本,《经济研究》,2005(6)
[283]谭克,中国上市公司资本结构行业差异的实证研究,《产业经济研究》,2005(3)
[284]汤立斌,信息披露违规上市公司特征的实证分析,《统计研究》,2004(5)
[285]汤胜,中国上市公司股权再融资时机选择行为研究,暨南大学博士论文,2006
[286]唐国正、熊德华、巫和懋,股权分置改革中的投资者保护和投资者理性,《金融研究》,2005(9)
[287]田利辉,国有股权对上市公司绩效影响的U型曲线和政府股东两手论,《经济研究》,2005(10)
[288]万欣荣、郑新、何朝丹,上市公司信息披露违规行为的动因研究,《广东社会科学》,2007(1)
[289]王军伟、陆桂琴,违规上市公司治理结构的实证分析,《统计与决策》,2005(12)
[290]王宁涛,我国上市公司分红配股的行为研究,《财会研究),2005(10)
[291]王乔、章卫东,论我国大股东控制下的股权再融资,《会计研究》,2003(11)
[292]王乔、章卫东,股权结构、股权再融资行为与绩效,《会计研究》,2005(9)
[293]王汀汀,二元结构下的融资行为分析,《经济科学》,2005(5)
[294]王征,上市公司“超能力派现”影响因素的实证研究,《财会通讯》,2005(4)
[295]魏刚,我国上市公司股利分配的实证研究,《经济研究》,1998(6)
[296]魏刚,非对称信息下的股利政策,《经济科学》,2000(2)
[297]魏刚、蒋义宏,中国上市公司股利分配问卷调查报告,《经济科学》,2001(4)
[298]文守逊、杨武,上市公司违规信息披露处罚效果的研究,《重庆大学学报》,2002(11)
[299]吴联生、白云霞,公司价值、资产收购和控制权转移方式,《管理世界》,2004(9)
[300]吴文锋、胡戈游、吴冲锋,芮萌,从长期业绩看设置再发行“门槛”的合理性,《管理世界》,2005(5)
[301]伍利娜、高强、彭燕,中国上市公司异常高派现影响因素研究,《经济科学》,2003(1)
[302]夏立军、方轶强,政府控制、治理环境与公司价值--来自中国证券市场的经验证据,《经济研究》,2005(5)
[303]肖显,《中国上市公司现金股利决策研究》,清华大学经济管理学院,2003
[304]向凯,我国配股上市公司盈余操纵的实证研究,《财会通讯》,2004(10)
[305]徐浩萍,控制股东利润操纵的动机及其监管研究,《财经研究》,2005(2)
[306]阎达五、耿建新、刘文鹏,我国上市公司配股行为的实证研究,《会计研究》,2001(9)
[307]严华麟、苍玉权、严明,中国上市公司红利分配影响因素实证研究,《审计与经济研究》,2003(5)
[308]姚秀琦,对中国上市公司配股融资行为的思考,《财会研究》,2005(8)
[309]杨淑娥、王勇、白革平,我国股利分配政策影响因素的实证分析,《会计研究》,2000(2)
[310]杨如彦、孟辉、魏钢、刘孝红、马顺福,再融资监管的经济环境与经济绩效分析,《证券市场导报》,2001(12)
[311]叶勇、胡陪、何伟,上市公司终极控制权、股权机构及公司绩效,《管理科学》,2005(4)
[312]晏艳阳、陈共荣,净资产收益率、杠杆与配股,《财经理论与实践》,2001(3)
[313]晏艳阳、陈共荣,我国上市公司的资本结构与代理成本问题分析,《会计研究》,2001(9)
[314]余明桂,夏新平,控股股东、代理问题与关联交易:对中国上市公司的实证研究,《南 开管理评论》,2004(6)
[315]于研、檀向球,政策制定与中国上市公司再融资趋势,《统计研究》,2005(1)
[316]原红旗,《上市公司配股行为与经济后果研究》,中国财政经济出版社,2004
[317]原红旗、李海建,配股资金使用与公司业绩,《中国会计评论》,2005(4)
[318]原红旗,股权再融资之“谜”及其理论解释,《会计研究》,2003(5)
[319]袁江英、赵健梅,基于利益相关主体的配股行为分析,《北京交通大学学报》,2005(12)
[320]袁天荣、苏红亮,上市公司超能力派现的实证研究,2004(10)
[321]曾昭武,《上市公司股权再融资》,经济管理出版社,2004
[322]赵宇龙,会计盈余披露的信息含量,《经济研究》,1998(7)
[323]张光荣、曾勇,大股东的支撑行为与隧道行为--基于托普软件的案例研究,《管理世界》,2006(8)
[324]张弘,上市公司违规特征及处罚有效性研究,深交所第八届会员研究成果,2006
[325]张军、郑祖玄、赵涛,中国上市公司资本结构:股权融资偏好、最优资本机构还是过度融资,《世界经济文汇》,2005(6)
[326]张鸣、项小海,上市公司配股资金使用有效性分析,《上海财经大学学报》,2005(2)
[327]张人骥、刘春江,基于政策监管下的新股增发与股市波动研究,《财经研究》,2005(6)
[328]张瑞彬、李树辉,大股东认购与配股公告期的股票价格调整,《证券市场导报》,2001(12)
[329]张为国、翟春燕,上市公司变更募集资金投向动因研究,《会计研究》,2005(7)
[330]张祥建、徐晋,盈余管理.配股融资与上市公司业绩滑坡,《经济科学》,2005(1)
[331]张祥建、郭岚,大股东控制下的股权再融资与盈余操纵研究,《数量经济计量经济研究》,2005(3)
[332]张祥建、徐晋,股权再融资与大股东控制的“隧道”效应,《管理世界》,2005(11)
[333]张兆国、宋丽梦、张庆,我国上市公司资本结构影响股权代理成本的实证分析,《会计研究》,2005(8)
[334]张维迎,《博弈论与信息经济学》,上海三联出版社,2004
[335]张宗新、朱伟骅,证券监管、执法效率与投资者保护,深交所第九届会员研究成果,2006
[336]郑志刚,投资者之间的利益冲突和公司治理机制的整合,《经济研究》,2004(2)
[337]周春生、杨云红、王亚平,中国股票市场交易型的价格操纵研究,《经济研究》,2005(10)
[338]周观君,中国A股市场新股抑价现象的实证研究,《管理科学》,2005(4)
[339]周建波,基本财务信息,盈利质量与未来盈利,《中国会计与财务研究》,2004(3)
[340]周健男:上市公司过度股权融资:经验证据与理论解释,《证券市场导报》,2006(4)
[341]周勤业、刘字,上市公司股权再融资创新的比较和分析,《证券市场导报》,2005(9)
[342]周晓苏、朱德胜,股权结构、财务绩效与现金股利,《当代财经》,2006(5)
[343]朱国民、张人骥、赵春光,关联交易与公司价值--基于我国证券市场的实证证据,《上海立信会计学院学报》,2005(6)
[344]朱武祥、成九雁,股票发行管制政策变化与股票市场高涨萎缩的动态模型,国家社科基金项目(70272120)科研成果,2004
[345]朱武祥,上市公司募集资金投向决策分析,《证券市场导报》,2002(4)
[346]朱武祥、郭洋,行业竞争结构、收益风险特征与资本结构,《改革》,2003(2)