文泉会计论坛第73期讲座通知

发布者:系统管理员发布时间:2017-05-24浏览次数:375

讲座内容:Transforming the Management and Governance of Private Family Firms:

The Role of Financial Intermediaries

讲座教师:吴超鹏教授,厦门大学管理学院

讲座时间201761日(周下午330

讲座地点:文泉楼南401大会议室

 

Abstract: We use the theoretical framework of Rajan (2012), to analyze how financial intermediaries, specifically venture capitalists, help to standardize the corporate governance and top management of family firms prior to IPO. We find that VC-backing causes family members to depart more from top management positions. VC-backing also causes family control rights, cash-flow rights, and the separation between them to drop more relative to a benchmark of non-VC-backed family firms. Further, these effects are stronger when VCs have greater bargaining power or board representation. The above changes in management and governance yield correspondingly higher IPO firm valuations and post-IPO operating performance.

Keywords: Family Firms; Corporate Governance; Standardization; IPOs

 

附简历  

吴超鹏,现任厦门大学管理学院教授,博士生导师,副院长。兼任中国管理现代化研究会理事,中国会计学会对外学术交流专业委员会委员,《中国会计与财务研究》China Accounting and Finance Review副主编。2007-2009年受国家公派留学美国Florida State University联合培养博士项目。主要研究领域包括:公司财务、公司治理、风险投资与私募股权、企业创新。近年来,在《Review of Financial Studies》、《Review of Economics and Statistics》、《Journal of Financial and Quantitative Analysis》等国际顶尖学术期刊,以及《经济研究》、《管理世界》等国内一流学术期刊发表高质量学术论文30多篇。主持教育部哲学社会科学研究重大课题攻关项目、国家自然科学基金项目等多项课题。入选教育部新世纪优秀人才支持计划,霍英东青年教师基金,获得教育部高等学校科学研究优秀成果奖、FMA最佳论文奖等多项奖项。

代表性论文如下:

Lily Fang, Josh Lerner, Chaopeng Wu, 2016, “Intellectual Property Rights Protection, Ownership, and Innovation: Evidence from China”, Review of Financial Studies, forthcoming.

James Ang, Yingmei Cheng, Chaopeng Wu, 2015, “Trust, Investment, and Business Contracting”Journal of Financial and Quantitative Analysis, 50(3): 569-595.

James Ang, Yingmei Cheng, Chaopeng Wu, 2014, “Does Enforcement of Intellectual Property Rights Matter in China? Evidence from Financing and Investment Choices in the High Tech Industry”, Review of Economics and Statistics, 96(2): 332-348.

James Ang, Zhiqian Jiang, Chaopeng Wu, 2016, “Good Apples, Bad Apples: Sorting among Chinese Companies Traded in the U.S.”, Journal of Business Ethics, 134(4): 611-629.

Paul Hsu, Chong Wang, Chaopeng Wu, 2013, “Banking Systems, Innovations, Intellectual Property Protections, and Financial Markets: Evidence from China, Journal of Business Research, 66(12), 2390-2396.

吴超鹏,唐菂,2016知识产权保护执法力度、技术创新与企业绩效——来自中国上市公司的证据,《经济研究》第11期,125-139

吴超鹏,郑方镳,杨世杰,2013证券分析师的盈余预测和股票评级是否具有独立性?,《经济学(季刊)》第3期,935-958

吴超鹏,吴世农,程静雅,王璐,2012风险投资对上市公司投融资行为影响的实证研究,《经济研究》第1期,105-119

潘越,吴超鹏,史晓康,2010社会资本、法律保护与IPO盈余管理,《会计研究》第5期,62-67

潘越,戴亦一,吴超鹏,刘建亮,2009社会资本、政治关系与公司投资决策,《经济研究》第11期,82-94

吴超鹏,吴世农,郑方镳,2008管理者行为与连续并购绩效的理论与实证研究,《管理世界》第7期,126-133

吴超鹏,郑方镳,林周勇,李文强,吴世农,2006对价支付影响因素的理论和实证分析,《经济研究》第8期,14-23

吴超鹏,吴世农,2005基于价值创造和公司治理的财务状态分析与预测模型研究,《经济研究》第11期,99-110

吴世农,吴超鹏,2005盈余信息度量、市场反应与投资者框架依赖偏差分析,《经济研究》第2期,54-62