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簡(jiǎn)介：JBUSECON201888319–324HTTPS//DOIORG/101007/S115730180892X13EDITORIALVENTURECAPITALANDPRIVATEEQUITYFINANCEASKEYDETERMINANTSOFECONOMICDEVELOPMENTWOLFGANGBREUER1ANDREASPINKWART2,3PUBLISHEDONLINE2FEBRUARY2018?SPRINGERVERLAGGMBHGERMANY,PARTOFSPRINGERNATURE2018FORENTREPRENEURS,STARTUPSANDFASTGROWINGVENTURES,THEPROVISIONOFSUFFICIENTFUNDSTOFOSTERGROWTHISONEOFTHEMOSTIMPORTANTIFNOTTHEKEYFACTOROFSUCCESSWHILEVENTURECAPITALVCISONEOFTHEMOSTRELEVANTSOURCESOFFUNDINGFORNEWVENTURESEG,LIANDZAHRA2012,PRIVATEEQUITYPEFUNDSREPRESENTANATURALFINANCINGSOURCEFORFIRMSPURSUINGCAPITALINTENSIVEANDRISKYINVESTMENTSTRATEGIESVENTURECAPITALENABLESYOUNGFOUNDERSTOTRANSFERTHEFINANCIALRISKINTHECASEOFAFAILUREOFTHEBUSINESSTOTHEVENTURECAPITALFIRMINEXCHANGE,THEFOUNDERSGIVEUPAPARTOFTHEIREQUITYSOTHATTHEYLOSESOMEOFTHEPOSSIBLERETURNSONAPOTENTIALEXITOFTHEIRVENTUREINADDITION,REPRESENTATIVESOFTHEVCFIRMGETCOMPREHENSIVECONTROLRIGHTSASMEMBERSOFTHEBOARDTHEREFORE,GETTINGVENTURECAPITALDOESNOTALWAYSPAYOFFFORTHEENTREPRENEURROSENBUSCHETAL2012HOWEVER,VENTURECAPITALENABLESFOUNDERSTOESTABLISHYOUNGVENTURES,ASWITHOUTITMANYWOULDNOTBEABLETORAISEENOUGHCAPITALINCONTRAST,PEFUNDSTYPICALLYBUYTHEFIRMSEEKINGFORADDITIONALCAPITAL,EG,BYALEVERAGEDBUYOUTSPECIFICALLY,THISINVESTMENTFORM,RESULTINGINHIGHLYLEVEREDFIRMS,HASBEENTHETOPICOFALONGLASTINGANDHEATEDDISCUSSIONCRITICSBELIEVETHATPEPUTSAHEAVYBURDENONFIRMSLIMITINGTHEIRFINANCIALFLEXIBILITYANDLOWERINGTHEIRLONGTERMPROSPECTSEGERNSTETAL2013,WHEREASOTHERSTUDIESSHOWEDTHATFIRMSFINANCEDBYPEFUNDSINCREASEDTHEIRPERFORMANCEDUETOANENHANCEDFINANCIALSCOPEEGCUMMINGETAL2007WOLFGANGBREUERWOLFGANGBREUERBFWRWTHAACHENDEANDREASPINKWARTPINKWARTMWIDENRWDE1DEPARTMENTOFFINANCE,RWTHAACHENUNIVERSITY,TEMPLERGRABEN64,52056AACHEN,GERMANY2CHAIROFINNOVATIONMANAGEMENTANDENTREPRENEURSHIP,HHLLEIPZIGGRADUATESCHOOLOFMANAGEMENT,LEIPZIG,GERMANY3PRESENTADDRESSMINISTRYFORECONOMICAFFAIRS,INNOVATION,DIGITIZATIONANDENERGYOFTHESTATEOFNORTHRHINEWESTPHALIA,BERGERALLEE25,40213DüSSELDORF,GERMANY32113VENTURECAPITALANDPRIVATEEQUITYFINANCEASKEYDETERMINANTSTTYKVOVáSHOWSTHATRECENTRESEARCHINCLUDESACOUPLEOFNEWTOPICSTHATREFLECTTHEDEVELOPMENTSWITHINTHEVCORPEINDUSTRIESFOREXAMPLE,SHEEMPHASIZESANEXPANSIONINTERMSOFREGIONALCOVERAGE,REFLECTINGANINCREASEDINTERESTINREGIONSOUTSIDETHEUS,ESPECIALLYEUROPE,ASWELLASINCROSSBORDERVCANDPEINVESTMENTSTHEAUTHORPOINTSTOEMERGINGRESEARCHINNEWAREAS,SUCHASNEWSOURCESOFENTREPRENEURIALFINANCE,ANDDISCUSSESRESEARCHGAPSFINALLY,SHESUGGESTSANAGENDAFORFUTURERESEARCHONEOFHEROVERALLFIVERECOMMENDATIONSFORFUTURERESEARCHISMOREEVIDENCEFROMOUTSIDETHEUS,BECAUSEDISTINCTDIFFERENCESBETWEENTHECHARACTERISTICSOFTHEUSECONOMYANDTHOSEOFOTHERREGIONSMAYINFLUENCETHEWAYINWHICHTHEVCANDPEINDUSTRYOPERATESALLTHEMORE,THEEDITORSAREPLEASEDTOINTRODUCEINTHEFOLLOWINGNEWRESEARCHTHATDEALSWITHBOTH,VCANDPEACTIVITIESFROMOUTSIDETHEUSANDSOMEOFTHE‘HOT’ANDFUTURERESEARCHTOPICS,WHICHWEREADDRESSEDBYTYKVOVáTHESTARTINGPOINTOFTHEARTICLE“PRIVATEEQUITYGROUPREPUTATIONANDFINANCINGSTRUCTURESINGERMANLEVERAGEDBUYOUTS”LBOSBYRBRAUN,AKACHLEITNER,ELUTZ,ANDFTAPPEINERISTHEWELLKNOWNFACTTHATREPUTATIONISAVALUABLEASSETAMONGTHERESOURCESAVAILABLETOFINANCIALINTERMEDIARIESACCORDINGTOEMPIRICALEVIDENCEFROMTHEUS,THEREPUTATIONOFPRIVATEEQUITYGROUPSISHIGHLYRELEVANTTOTHEFINANCINGSTRUCTURESOFLBOSUSBUYOUTSSPONSOREDBYREPUTABLEPEGROUPSAREFOUNDTOBEFINANCEDWITHMORELEVERAGE,LESSTRADITIONALBANKDEBT,LONGERMATURITIESANDLOWERINTERESTRATESDUETOPECULIARITIESOFTHEGERMANLBOMARKET,THESERESULTSCANNOTNECESSARILYBEGENERALIZEDTOAPPLYEQUALLYTOTHEGERMANCONTEXTINPARTICULAR,INGERMANY,MOSTBUYOUTSAREPRIVATETOPRIVATETRANSACTIONSANDBANKSSTILLHOLDADOMINANTPOSITIONASDEBTPROVIDERSMOREOVER,THEREISLESSINSTITUTIONALDEMANDPRESSUREDUETOTHELESSHETEROGENEOUSGROUPOFINSTITUTIONALINVESTORSINVOLVEDINSYNDICATEDLOANSTHEOBJECTIVEOFTHISARTICLEISHENCETOEXAMINETHEIMPLICATIONSOFTHESEGERMANMARKETPARTICULARITIESANDTHEIRIMPACTONTHEGENERALRELEVANCEOFPESPONSORREPUTATIONINGERMANLBOS,ESPECIALLYWITHRESPECTTOCAPITALSTRUCTURE,INTERESTCOSTSANDTERMSOFLENDERCONTROLINLBOLOANCONTRACTSINGERMANYTHEAUTHORSSHOWTHATWHILEPRIVATEEQUITYSPONSORREPUTATIONISRELATEDTOTHEAMOUNTANDSTRUCTUREOFDEBTUSEDASWELLASTOTHEAMOUNTOFLENDERCONTROLIMPOSED,ITDOESNOTHAVEANIMPACTONINTERESTCOSTSOFGERMANLEVERAGEDLOANSINTHEPAPER“DOESCULTUREAFFECTTHEPERFORMANCEOFPRIVATEEQUITYBUYOUTS”BYBHAMMER,HHINRICHS,ANDBSCHWETZLER,THERELATIONSHIPBETWEENNATIONALCULTUREANDPRIVATEEQUITYPERFORMANCE,ASMEASUREDBYOPERATINGPERFORMANCEOFPORTFOLIOFIRMSANDEXITOUTCOMES,ISEXAMINEDTHISCONNECTIONSHOULDBEIMPORTANTFORATLEASTTHREEREASONSFIRST,OPERATINGPERFORMANCEOFPORTFOLIOCOMPANIESANDEXITDECISIONSAREMATERIALDRIVERSOFPEVALUECREATIONSECOND,VARYINGCULTURALBACKGROUNDSARELIKELYTOAFFECTFINANCIALDECISIONMAKINGINACQUISITIONPROCESSESAND,CONSEQUENTLY,THEPERFORMANCEOFBUYOUTSTHIRD,PEFIRMSSHOULDALSOBEFREQUENTLYEXPOSEDTODISTINCTCULTURALBACKGROUNDSATYPICALFEATURETHATPEFIRMSHAVEINCOMMONISTHEHIGHPOWEREDINCENTIVETOGENERATESIGNIFICANTRETURNSWITHINASHORTPERIODOFTIMEASACONSEQUENCE,SEVERALSTUDIESDESCRIBEPEFIRMSASHAVINGASINGLEMINDEDPERFORMANCEFOCUSTHATISQUITEDIFFERENTFROMTHEMINDSETANDPRACTICESI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簡(jiǎn)介：1中文中文11500字中文譯名針對(duì)意大利非金融企業(yè)的外匯風(fēng)險(xiǎn)和利率風(fēng)險(xiǎn)的管理外文原文名RISKMANAGEMENTFORITALIANNONFINANCIALFIRMSCURRENCYANDINTERESTRATEEXPOSURE外文原文版出處EUROPEANFINANCIALMANAGEMENT,2013,195887–910譯文意大利非金融企業(yè)的匯率和利率風(fēng)險(xiǎn)的風(fēng)險(xiǎn)管理意大利非金融企業(yè)的匯率和利率風(fēng)險(xiǎn)的風(fēng)險(xiǎn)管理摘要本文調(diào)查意大利非金融企業(yè)間的風(fēng)險(xiǎn)管理實(shí)踐。這篇文章的貢獻(xiàn)在于調(diào)查了對(duì)于特定的意大利企業(yè)的衍生品使用情況，通常這類企業(yè)不需要公開披露衍生工具。意大利的特點(diǎn)之一是中小型家庭經(jīng)營的公司占很高的比例。調(diào)查從外匯和公司規(guī)模、地理位置、評(píng)級(jí)、行業(yè),是否進(jìn)入資本市場(chǎng)和教育管理這幾個(gè)方面研究決定外匯和利率衍生品使用的因素。邏輯回歸的結(jié)果表明，意大利非金融公司是否使用衍生品合約，受這幾個(gè)因素明顯影響。關(guān)鍵詞風(fēng)險(xiǎn)管理；衍生品；對(duì)沖；企業(yè)融資1介紹企業(yè)對(duì)金融衍生工具的廣泛使用清楚地表明他們積極參與金融風(fēng)險(xiǎn)管理，應(yīng)對(duì)各種各樣的波動(dòng)，特別是匯率、利率和商品價(jià)格的波動(dòng)。意大利公司使用金融衍生工具不明顯是由于家庭所有企業(yè)的優(yōu)勢(shì)和家庭經(jīng)營企業(yè)這一事實(shí)，通常來說，意大利公司通常不披露這些業(yè)務(wù)。一般來說，歐洲公司在他們的財(cái)務(wù)報(bào)告中提供的使用金融衍生工具的信息很少。測(cè)量它們是獲得這些數(shù)據(jù)的一個(gè)手段。BODNARANDGEBHARDT1998是最早對(duì)衍生品在歐洲公司中的使用提供依據(jù)的。他們調(diào)查了德國公司，同時(shí)與美國類似的企業(yè)比較結(jié)果。在意大利，一個(gè)衍生品使用不容易也不樂意在財(cái)務(wù)報(bào)表上被精確的披露。意大利這個(gè)信息的主要來源是來自監(jiān)管機(jī)構(gòu)REGULATORYAGENCIESFRASCA,2004ROSATI,2004。他們從資產(chǎn)負(fù)債表和銀行的財(cái)務(wù)報(bào)告編譯企業(yè)的衍生品頭寸信息。這個(gè)信息仍然比較普通，關(guān)于衍生品合約的使用程度、態(tài)度和政策方面透露的很少。本文的目的是想糾正這種信息缺乏和研究可能的反應(yīng)模式。以往大部分的研究檢驗(yàn)了提高金融風(fēng)險(xiǎn)管理的經(jīng)濟(jì)價(jià)值動(dòng)機(jī)。MILLERANDMODIGLIANI,1958提出了一組經(jīng)典預(yù)測(cè)模型范例。后續(xù)在文章有拓展如SMITH和STULZ1985，SMITH1995和FENNETAL1996提出對(duì)沖的收益來源于減少現(xiàn)金流的波動(dòng)。這包括減少預(yù)期稅收的累進(jìn)稅；降低債務(wù)代理成本，允許債務(wù)能力的提高和更大的利息稅盾GRAHAMANDSMITH,1999，通過降低財(cái)務(wù)困境的預(yù)期成本和消除資金流以提高現(xiàn)金流，以3有三篇報(bào)告對(duì)美國非金融公司的衍生品工具使用進(jìn)行了廣泛調(diào)查，均來自沃頓調(diào)查。BODNAR1995是所有研究中最先探討衍生品工具的使用的。他們的研究嘗試以美國所有非金融的上市公司作為樣本。他們發(fā)現(xiàn)衍生品工具的使用并不是普遍的，只有不到一半的公司使用衍生品工具并且其中越大的公司使用越常見。他們同樣為這種現(xiàn)象找到了原因。他們接下來基于1996到1998美國的研究為后續(xù)的很多研究提供了標(biāo)準(zhǔn)。早期的研究大部分跟隨沃頓研究，研究美國公司。從90年代中期開始，很多后沃頓時(shí)代的研究著眼于歐洲公司的衍生品使用，關(guān)注衍生品使用的廣泛性、用或不用的原因以及對(duì)不同衍生品工具的偏好，包括風(fēng)險(xiǎn)管理與內(nèi)部控制。BODNAR和GEBHARDT1999完成了沃頓研究在德國的兩個(gè)直接應(yīng)用，2003年完成了對(duì)挪威的應(yīng)用。他們1999年的研究發(fā)現(xiàn)德國公司比美國公司更傾向于使用衍生品合約。ALKEBA¨CK和HAGELIN1999對(duì)比BODNAR1995年的研究結(jié)果，不控制公司規(guī)模的差異與行業(yè)劃分，解釋了瑞典非金融公司對(duì)衍生品的使用。他們的研究發(fā)現(xiàn)瑞典公司明顯對(duì)衍生品認(rèn)知不足。MALLIN2001調(diào)查了英國上市的非金融公司對(duì)衍生品工具的使用，并與BODNAR的結(jié)果進(jìn)行對(duì)比。與其他研究一致，他們發(fā)現(xiàn)越大的英國公司越常用衍生品，但與美國公司相比，英國公司把管理會(huì)計(jì)利潤的波動(dòng)性作為衍生品使用的主要原因。其他獨(dú)立于沃頓研究的對(duì)歐洲公司的研究提出了有趣的觀點(diǎn)。HAKKARAINEN1997在1994年研究芬蘭非金融公司100強(qiáng)的利率風(fēng)險(xiǎn)管理。JALILVAND和SWITZER2000發(fā)現(xiàn)并解釋了加拿大、美國與歐洲風(fēng)險(xiǎn)管理者對(duì)于衍生品使用的相似之處與不同之處。他們的研究表明在加拿大衍生品產(chǎn)品的使用比在美國和歐洲大陸都要普遍。LODERER和PICHLER2000研究瑞士的工業(yè)企業(yè)對(duì)匯率風(fēng)險(xiǎn)的管理實(shí)踐。他們主要結(jié)論是工業(yè)企業(yè)沒有能力去確定自己的風(fēng)險(xiǎn)暴露。FATEMI和GLAUM2000在德國發(fā)起一個(gè)調(diào)查，旨在引出被調(diào)查者對(duì)風(fēng)險(xiǎn)管理中不同目標(biāo)的重要性評(píng)級(jí)的評(píng)價(jià)。PRAMBORG2005比較了瑞典與韓國衍生品工具的使用。結(jié)果揭示了兩國的相似性與差異性。韓國風(fēng)險(xiǎn)管理著更傾向于關(guān)注最小化現(xiàn)金流的波動(dòng)性，二瑞典的則偏好于最小化利潤的波動(dòng)性或保護(hù)資產(chǎn)負(fù)債表的表現(xiàn)。ELMASRY2006調(diào)查了173家倫敦交易所上市公司關(guān)于以下領(lǐng)域的問題衍生品使用、匯率衍生品、利率衍生品、期權(quán)合約及控制與報(bào)告政策。他們的研究肯定了JUDGE2006和MALLIN2001的研究結(jié)果。結(jié)果發(fā)現(xiàn)中心化的風(fēng)險(xiǎn)管理行為極為普遍，同時(shí)對(duì)于使用衍生品的公司，外匯風(fēng)險(xiǎn)是最普遍被使用衍生品來進(jìn)行管理的風(fēng)險(xiǎn)，其次是利率風(fēng)險(xiǎn)。3數(shù)據(jù)這項(xiàng)研究的數(shù)據(jù)來自一個(gè)意大利非金融公司的作者的調(diào)查。這項(xiàng)調(diào)查是基于網(wǎng)絡(luò)的，包括風(fēng)險(xiǎn)管理實(shí)踐和衍生品工具來管理風(fēng)險(xiǎn)的問題。該調(diào)查從2007年9月至2007年1月。作答的公司的匿名性會(huì)受到保擔(dān)保。被調(diào)查的非金融公司從AIDA數(shù)據(jù)庫剔除，由

簡(jiǎn)介：2200英文單詞，英文單詞，13萬英文字符，中文萬英文字符，中文3900字文獻(xiàn)出處文獻(xiàn)出處EZCURRAR,RODRíGUEZPOSEADOESECONOMICGLOBALIZATIONAFFECTREGIONALINEQUALITYACROSSCOUNTRYANALYSISJWORLDDEVELOPMENT,2013,5292103DOESECONOMICGLOBALIZATIONAFFECTREGIONALINEQUALITYACROSSCOUNTRYANALYSISROBERTOEZCURRAANDANDRE′SRODRI′GUEZPOSESUMMARYTHISPAPERINVESTIGATESTHERELATIONSHIPBETWEENECONOMICGLOBALIZATIONANDREGIONALINEQUALITYINAPANELOF47COUNTRIESOVERTHEPERIOD1990–2007,USINGAMEASUREOFGLOBALIZATIONTHATDISTINGUISHESTHEDIFFERENTDIMENSIONSOFECONOMICINTEGRATIONTHERESULTSSHOWTHATTHEREISAPOSITIVEANDSTATISTICALLYSIGNIFICANTASSOCIATIONBETWEENECONOMICGLOBALIZATIONANDTHEMAGNITUDEOFREGIONALDISPARITIESCOUNTRIESWITHAGREATERDEGREEOFECONOMICINTEGRATIONWITHTHERESTOFTHEWORLDTENDTOREGISTERHIGHERLEVELSOFREGIONALINEQUALITYTHISFINDINGISROBUSTTOTHEINCLUSIONOFADDITIONALEXPLANATORYVARIABLESANDTOTHECHOICEOFTHESPECIFICMEASUREUSEDTOQUANTIFYTHERELEVANCEOFSPATIALINEQUALITYWITHINTHESAMPLECOUNTRIESOURANALYSISALSOREVEALSTHATTHESPATIALIMPACTOFECONOMICGLOBALIZATIONISGREATERINLOWANDMIDDLEINCOMECOUNTRIES,WHOSELEVELSOFREGIONALDISPARITIESAREONAVERAGESIGNIFICANTLYHIGHERTHANINHIGHINCOMECOUNTRIESKEYWORDSREGIONALINEQUALITY,ECONOMICGLOBALIZATION1INTRODUCTIONTHETERRITORIALIMPACTOFGLOBALIZATIONREMAINSAHOTLYDEBATEDTOPICEG,BHAGWATI,2004STIGLITZ,2002THEUNPRECEDENTEDLEVELSOFINTEGRATIONHAVESURPASSEDTHEPREVIOUSPEAKREACHEDBEFORETHEFIRSTWORLDWARFINDLAYFRANKELWADE,2004,LABORMARKETSDREHERTOMOHARAFRANKELRUDRA,2005,ORTHEQUALITYOFGOVERNMENTALMARHUBI,2004EZCURRA,2012GLOBALIZATIONALSOHASANIMPORTANTIMPACTONREGIONALINEQUALITYIE,INEQUALITYACROSSTHEVARIOUSREGIONSWITHINACOUNTRYWORLDWIDEEG,RODR′IGUEZPOSE,2012RODR′IGUEZPOSEKANBURZHANGJORDAAN,2008SA′NCHEZREAZARODR′IGUEZPOSE,2002ALSOTENDTOHIGHLIGHTAPOSITIVEASSOCIATIONBETWEENTHEEVOLUTIONOFREGIONALINEQUALITYANDTHERISEINTHEDEGREEOFTRADEOPENNESSTHEINTEGRATIONOFMEXICOINTHEGENERALAGREEMENTONTARIFFANDTRADEGATTANDTHENORTHAMERICANFREETRADEAGREEMENTNAFTACONTRIBUTEDTOTHEDEVELOPMENTOFSTATESBORDERINGTHEUSANDTOFURTHERINDUSTRIALIZATIONINANDAROUNDTHEFORMERECONOMICHUBSOFTHECENTREOFTHECOUNTRY,WHILETHEMOREIMPOVERISHEDSOUTHLANGUISHEDBEHINDINSTARKCONTRASTTOTHENUMBEROFSINGLECOUNTRYCASESTUDIES,THEREAREFEWCROSSCOUNTRYANALYSESTODATEADDRESSINGTHESPATIALIMPLICATIONSOFAGREATERDEGREEOFECONOMICINTEGRATIONINARECENTREVIEWOFTHISLITERATURE,BRU¨LHART2011ONLYIDENTIFIES11CROSSCOUNTRYSTUDIESEXPLORINGTHISISSUETHEMAJORITYOFTHESEPAPERSUSEANINDICATOROFURBANPRIMACYASDEPENDENTVARIABLE,WHICHDOESNOTALLOWTOPROPERLYDISCERNTHEEXTENTTOWHICHCHANGESINTRADEPATTERNSINFLUENCEREGIONALCONVERGENCEORDIVERGENCETRENDSRESEARCHBYRODR′IGUEZPOSEANDGILL2006ANDRODR′IGUEZPOSE2012,BYCONTRAST,TACKLESTHESPATIALCONSEQUENCESOFTRADEOPENNESSHEADONTHESEANALYSESUSEDIFFERENTMEASURESOFSPATIALINEQUALITYINORDERTOQUANTIFYTHERELEVANCEOFREGIONALDISPARITIESWITHINTHESAMPLECOUNTRIESRODR′IGUEZPOSEANDGILL2006FOCUSTHEIRATTENTIONONEIGHTCOUNTRIESBRAZIL,CHINA,GERMANY,INDIA,ITALY,MEXICO,SPAIN,ANDTHEUNITEDSTATESOVERVARIOUSTIMESPANSDURING1970–2000THEAUTHORSCONCLUDETHATTHEREISNOCLEARCUTCONNECTIONBETWEENCHANGESINTHEDEGREEOFTRADEOPENNESSANDREGIONALINEQUALITY,ALTHOUGHTHEASSOCIATIONSEEMSTOBESTRONGERWHENSECTORALSHIFTSINTRADECOMPOSITIONARECONSIDEREDRODR′IGUEZPOSE2012,USINGARANGEOFPANELDATATECHNIQUES,EXAMINESTHISISSUEINASAMPLEOF15DEVELOPEDAND13EMERGINGCOUNTRIESTHROUGHOUTTHEPERIOD1970–2005HISRESULTSSHOWTHATTRADEOPENNESSHASAPOSITIVEANDSTATISTICALLYSIGNIFICANTASSOCIATIONWITHREGIONALINEQUALITYINCOMBINATIONWITHCERTAINCOUNTRYSPECIFICCONDITIONSRODR′IGUEZPOSE2012ALSOFINDSTHATTHESPATIALIMPACTOFINTERNATIONALTRADEISGREATERINLOWANDMIDDLEINCOMECOUNTRIESTHANINHIGHINCOMECOUNTRIESALIMITEDNUMBEROFADDITIONALSTUDIESNOTDEALINGSPECIFICALLYWITHTHESPATIALIMPLICATIONSOFTRADELIBERALIZATIONSINCLUDEAMEASUREOFTHEDEGREEOFTRADEOPENNESSASACONTROLVARIABLEINCROSSCOUNTRYREGRESSIONSWHOSEDEPENDENTVARIABLEISANINDICATOROFWITHINCOUNTRYSPATIALINEQUALITYTHERESULTSOBTAINEDBYTHESESTUDIESARENOTCONCLUSIVESOMEPAPERSREPORTTHAT

簡(jiǎn)介：1中文中文10500字中文譯名資本流動(dòng)性和市場(chǎng)效率基于納斯達(dá)克上市公司的分析外文原文名LIQUIDITYANDMARKETEFFICIENCYANALYSISOFNASDAQFIRMS外文原文版出處GLOBALFINANCEJOURNAL,2010,21262274譯文資本流動(dòng)性和市場(chǎng)效率基于納斯達(dá)克上市公司的分析資本流動(dòng)性和市場(chǎng)效率基于納斯達(dá)克上市公司的分析DENNISYCHUNG,KARELHRAZDIL摘要摘要我們分析納斯達(dá)克所有公司的短期收益可預(yù)測(cè)性，將短期收益可預(yù)測(cè)性作為市場(chǎng)效率一個(gè)逆向指標(biāo)。我們的研究結(jié)果證實(shí)，資本流動(dòng)性的增強(qiáng)促進(jìn)了市場(chǎng)效率的提高，并且加入了新信息變量后，資本流動(dòng)性對(duì)資本市場(chǎng)效率的影響程度更強(qiáng)。在對(duì)資本流動(dòng)性和信息影響加以控制之后，我們發(fā)現(xiàn)只在十六分之一報(bào)價(jià)單位到十進(jìn)制報(bào)價(jià)單位制度的納斯達(dá)克公司的市場(chǎng)效率有所提高。我們進(jìn)一步證明，在交易頻率、數(shù)量和市值的基礎(chǔ)上形成的不同證券投資組合，其市場(chǎng)效率的推論是不統(tǒng)一的。關(guān)鍵詞流動(dòng)性；收益可預(yù)見性；市場(chǎng)效率；納斯達(dá)克1、簡(jiǎn)介、簡(jiǎn)介CHORDIA,ROLL和SUBRAHMANYAM2008年,以下稱為CRS研究了三個(gè)報(bào)價(jià)單位制度的市場(chǎng)效率，并記錄下紐約證交所NYSE上市公司的短期收益可預(yù)見性大幅下降的樣本。論據(jù)是，從以往的訂單流獲得股票收益的短期收益可預(yù)見性是市場(chǎng)效率的一個(gè)逆向指標(biāo)，CRS提供的令人信服的證據(jù)表明，隨著指標(biāo)體量的下降，市場(chǎng)效率變得更加高效。CRS研究的一個(gè)重要意義是，他們的預(yù)測(cè)方法為預(yù)測(cè)信息對(duì)市場(chǎng)效率的影響程度打下了基礎(chǔ)。對(duì)與紐交所相關(guān)的公司的研究也開始出現(xiàn)在文獻(xiàn)中如AKTAS,DEBODT,VISALTANACHOTIYANG,2010。然而，在CRS的研究結(jié)果可以在所有美國公司推廣或應(yīng)用在各種研究設(shè)置之前，需要對(duì)其它更全面的樣本進(jìn)行進(jìn)一步的分析。事實(shí)上，CRS明確表態(tài)說，“未來的調(diào)查應(yīng)該將分析擴(kuò)展到更小公司，其他交易周期，交易所和國家之上”252頁。CRS只是從紐約證券交易所的公司中選擇其研究樣本。他們進(jìn)一步把樣本限制在最大、交易活躍的公司，以盡量減少短時(shí)間間隔設(shè)置的非交易影響。由于紐交所的具體組織和機(jī)構(gòu)特點(diǎn)的原因，所以也不太確定不同交易的特征，如交易規(guī)則，限價(jià)訂單，或打開定價(jià)機(jī)制在資本流動(dòng)性與市場(chǎng)效率中所發(fā)揮作用的程度。本研究的主要目的是把CRS的分析運(yùn)用到在納斯達(dá)克交易的美國公司的大樣本中去，納斯達(dá)克在相似的時(shí)期經(jīng)歷了與紐交所經(jīng)歷的外生變化最小的買賣價(jià)差。我們首先解決在1993年1月1日至1993年6月30日3此導(dǎo)致較低的收益可預(yù)見性和更高的市場(chǎng)效率。在這種情況下，資本的流動(dòng)性是與市場(chǎng)效率呈正相關(guān)關(guān)系。第二，如果市場(chǎng)商未能利用訂單流中的信息和消除收益可預(yù)見性，那么其他市場(chǎng)參與者就有激情來收集訂單流和貿(mào)易方面的新信息。盡管市場(chǎng)商面對(duì)逐漸增加的逆向選擇降低了資本的流動(dòng)性的情況，但隨著更多信息體現(xiàn)在價(jià)格中，市場(chǎng)的效率也就會(huì)更高。在這種情況下，資本的流動(dòng)性與市場(chǎng)效率負(fù)相關(guān)。運(yùn)用紐約證券交易所193家公司紐約證券交易所最大的500家公司在整個(gè)樣本期間的每日交易的短期收益和滯后訂單不平衡測(cè)量數(shù)據(jù)，CRS的研究表明，三個(gè)報(bào)價(jià)單位制度公司的收益可預(yù)見性的大幅下降和資本流動(dòng)性的增強(qiáng)均促使市場(chǎng)效率得到提高。資本流動(dòng)性與市場(chǎng)效率之間的正相關(guān)關(guān)系有力的支持了他們的第一個(gè)假設(shè)和結(jié)論，即資本的高流動(dòng)性促進(jìn)了套利交易，從而降低了收益的可預(yù)見性并提高了市場(chǎng)的效率。通過使用收益方差比率和自相關(guān)性，CRS進(jìn)行了額外的分析，并提供證據(jù)表明，新信息在資本流動(dòng)性方面能更有效地影響價(jià)格。CRS得出這樣的結(jié)論“通過兩個(gè)不同的渠道增加資本流動(dòng)性有助于促進(jìn)市場(chǎng)的效率。首先，來自訂單流的收益可預(yù)測(cè)性在高流動(dòng)性時(shí)期是呈下降趨勢(shì)的，因?yàn)樵诖藭r(shí)期，套利者在吸收訂單方面能夠更好地協(xié)助專家。第二，最低價(jià)格變化的減少允許收集更多的信息，反過來，又通過允許價(jià)格反映基本面的更多信息的方式增加了信息的效率”第266頁。隨著市場(chǎng)新信息的增加，流動(dòng)性和市場(chǎng)效率的動(dòng)態(tài)關(guān)系也很可能會(huì)改變。我們?cè)谘芯恐杏脤?shí)證樣本去解決這個(gè)問題。我們把增加的逆向選擇的時(shí)期作為市場(chǎng)新信息的指標(biāo)，并給出高逆向選擇與流動(dòng)性的積極互動(dòng)可以對(duì)市場(chǎng)效率產(chǎn)生明顯的，積極作用的證據(jù)。我們進(jìn)一步發(fā)現(xiàn)，流動(dòng)性的增強(qiáng)和新信息二者都有助于提高市場(chǎng)效率，同時(shí)也進(jìn)一步印證了CRS的結(jié)論，并驗(yàn)證了收益可預(yù)見性作為市場(chǎng)效率的未來研究設(shè)計(jì)指標(biāo)的作用。當(dāng)他們決定盤中回報(bào)和訂單流時(shí)間間隔的適當(dāng)長(zhǎng)度時(shí)，CRS承認(rèn)了非頻繁交易的問題1,。此外，CRS通過在他們的研究中排除中小股票的方式，繞過罕見的交易問題，并且最終樣本要求是在整個(gè)樣本期間每天都進(jìn)行交易的所有公司。對(duì)于我們的研究，我們囊括了所有納斯達(dá)克公司，我們也研究交易頻率如何影響流動(dòng)性和市場(chǎng)效率之間的關(guān)系，訂單流信息在評(píng)估收益可預(yù)見性時(shí)是否有用和是否可以從一個(gè)5分鐘的間隔到下一個(gè)間隔得到交易信息。22機(jī)制詳情機(jī)制詳情交換的差異特征，如交易規(guī)則，限價(jià)訂單，或打開定價(jià)機(jī)制可以說是在流動(dòng)性與市場(chǎng)效率發(fā)揮作用程度的因素。例如，盡管紐約證券交易所和美國證券交易所是指令驅(qū)動(dòng)的拍賣市場(chǎng)（壟斷和專業(yè)經(jīng)銷商），但納斯達(dá)克NASDAQ是一個(gè)更有競(jìng)爭(zhēng)力，擁有多個(gè)經(jīng)銷商的市場(chǎng)。除了擁有自己的賬戶，專家通過限價(jià)訂單的方式促進(jìn)交易的流動(dòng)性，給紐約證券交易所和美國證券交易所提供了較大的流動(dòng)性的組合，而在納斯達(dá)克上市公司沒有中心極限訂單，經(jīng)銷商在電子屏幕上不斷發(fā)布公司收購，問報(bào)價(jià)。進(jìn)一步，發(fā)布與價(jià)格相關(guān)的新

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