2019年成果简报2

发布时间:2020-04-14

上海财经大学会计与财务研究院

2019年第2期(总第38期)201912

 

一、 重大项目阶段性成果

《简政放权与会计、财务问题研究》

(一)项目基本情况

(1)项目来源:国家教育部人文社会科学重大研究项目

(2)主持人:靳庆鲁

(3)所在单位:上海财经大学会计与财务研究院

(4)预期完成期限:20187—2020.12

(5)项目批准号:18JJD790010

 

(二)项目研究进展情况

课题组基于拟定的研究计划持续推进相关研究工作。目前已在国内权威期刊《会计研究》《南开管理评论》《财务研究》发表论文3篇。

阶段性成果一:社会性负担与公司财务困境动态——基于ST制度的考察(《会计研究》,2018年第11期)

本文基于政治锦标赛的分析框架,以ST制度入点,考察了社会性负担承担(以行业平均收入与平均雇员规模为基础测算公司超额雇员率)对公司未来财务状况的动态影响研究结果表明,社会性负担的承担显著提升了公司未来财务困境(表现为被ST)的概率,因而支持了基于市场竞争的“优胜劣汰效应”。进一步的研究表明,地方政府干预程度显著增强了公司社会性负担与公司未来财务困境的正向关系,但国有产权背景并未显著降低公司社会性负担与公司未来财务困境的正向关系。此外,对于ST公司业已承担的社会性负担形成的预算软约束有助于企业短期实现“摘帽”,但并未从根本上改变公司未来反复出现的财务困境。本文从社会性负担的视角阐释转型经济中政府与企业间的互动关系,对当前深化政府改革,厘清政企关系具有重要的政策含义

阶段性成果二:我国产业政策的制度发展与实证发现——基于企业财务行为视角的研究展望《财务研究》,2019年第1期

近年来,产业政策引起了学术界与实务界的热烈讨论。基于政府与市场关系的视角,本文对产业政策的核心理论、制度背景以及实证发现进行了系统回顾,并在此基础上梳理了研究脉络。最后,本文结合中国的制度特征,提出了产业政策与企业财务行为领域潜在的研究方向。 

阶段性成果三:影响公司高管交易行为内部差异的因素:“信息优势”还是“收入补偿动机”《南开管理评论》,2019年第6期

本文以2003-2017上市公司高管交易为研究对象,采用公司内高管相对薪酬水平作为“信息优势”和“收入补偿动机”的双重代理变量,考察了公司高管交易行为内部差异的可能影响因素。研究发现,高管在公司的薪酬相对水平越高,其交易的主动性越强,买卖股票的超常回报特别是短期回报越高。这一关系并不因信息环境变化而发生改变,表明公司内不同高管买卖股票的主动性和交易回报的差异主要由信息优势决定,而内部薪酬差异引起的收入补偿动机并未产生决定性影响。


《新闻媒体报道与会计、财务问题研究》

(一)项目基本情况

(1)项目来源:国家教育部人文社会科学重大研究项目

(2)主持人:李增泉

(3)所在单位:上海财经大学会计与财务研究院

(4)预期完成期限:2018.1—2020.12

(5)项目批准号:18JJD790011

 

(二)项目研究进展情况

本项目立项后,严格按照项目研究规划开展科学研究,围绕财经媒体报道偏差的制度诱因和经济后果等相关问题开展系列研究分析。针对 “财经报道选择性偏差诱因”,研究团队继续基于媒体报道的供给和需求,对前序的政府行为、客户以及机构投资者三个角度对媒体报道偏差形成的诱因进行了更为深入的研究与探讨。目前项目团队正基于理论框架对媒体报道偏差形成的原因进行了案例和数据分析。团队通过采用数据挖掘和文本分析的技术,基本完成了模块一的数据搜集整理工作。此外,团队将继续在测度媒体报道偏差程度的指标方面进行深入研究与测度。针对 “媒体报道选择性偏差的经济后果”,研究团队着眼于媒体报道对上市公司行为和治理机制的影响展开了系列研究,研究主题包括企业的产品召回、富豪榜信息披露以及分析师个人形象等,形成了一些阶段性研究成果,已有多项成果发表/接收于国内权威会计学期刊《The Accounting Review》《Management Science《会计研究》及《China Journal of Accounting Studies》等。此外还有数篇工作论文正在创作中,部分已完成初稿,准备修改投稿国际权威会计学期刊。

 

阶段性成果一:AnalystsBeauty and PerformanceManagement Science已接收

We study whether sell-side financial analystsphysical attractiveness is associated with their job performance. We find that attractive analysts make more accurate earnings forecasts than less attractive analysts. Moreover, more attractive analysts make stock recommendations that are more informative in the short run and more profitable in the long run. Further analyses reveal that attractive analysts attain their better job performance at least partly through their privileged access to information from firm management. For the sources of the beauty effect, we find that more attractive analysts gain more media exposure, have better connections to institutional investors, and receive more internal support from their employers. Additional evidence suggests that analystsphysical appearance per se at least partly explains our findings. Overall, our study demonstrates that physical attractiveness has a profound impact on the job performance and information access of sell-side financial analysts.

阶段性成果The political economy of laboremployment decisions: Evidence from ChinaManagement Science已接收

In Chinas transitional economy, one of the major objectives of the government is to maintain social stability. We hypothesize that, through state ownership and appointment of executives, Chinese government officials can influence firmslabor-employment decisions by limiting layoffs when firmssales decline. Consistent with this hypothesis, we find that state-owned enterprises (SOEs) have stickier labor costs than non-SOEs, and the presence of politically connected managers makes labor costs even stickier in SOEs while having little effect in non-SOEs. Such effects are stronger in regions with weak market institutions and during time periods when government officials are to be promoted. We also show that the government reciprocates SOEssticky labor policies with subsequent subsidies.

阶段性成果Information dissemination through embedded financial analysts: Evidence from China The Accounting Review已接收

When emerging market firms disclose relationship-based transactions, they face a tradeoff in which greater transparency may help lower their cost of capital at the cost of revealing proprietary information. We find that firms overcome this challenge by relying on analysts within their private networks (i.e., connected analysts) who, through repeated interaction with the firm, can better verify relationship-based transactions. Using Chinese firms, we show that firms with more connected analysts have more accurate consensus forecasts and lower forecast dispersion. When a connected analyst departs and stops covering a firm, the accuracy and informativeness of the unconnected analystsforecasts decrease, suggesting that information spills over from the connected analyst to analysts outside the network. We find a potential mechanism for this information spillover: communication through common institutional clients. The findings suggest that embedded financial analyststhose who share close connections with firms and analystsserve as a channel for disseminating proprietary, hard-to-verify information.

阶段性成果Does the rhetoric always hide bad intention: annual reports tone and stock crash riskChina Journal of Accounting Studies,2018, VOL. 6, NO. 2

In this paper, by examining the relationship between tone and stock crash risk, we investigate whether tone embedded in annual reports transmits information to the market or it is just a way of impressing management. We consider the optimism of tone as the construct of public information received by investors, and the truthfulness of tone as the construct of private information held by the management, respectively. We find that, overall, the optimism of tone in the annual report has no significant impact on stock crash risk in the year following the release of the annual report. However, after taking the truthfulness of tone into account, we find that when the tone is not true, the stock crash risk in the following year will increase if tone becomes more optimistic, indicating that an overly positive tone is likely to be the result of management hiding some bad news or releasing false good news for their self-interest. On the other hand, when the tone in annual reports is true, the positive correlation between tone and crash risk will be significantly suppressed, indicating that positive language expresses managersreal thoughts, without bad intention.

阶段性成果Litigation Risk and Corporate Voluntary Disclosure: Evidence from Two Quasi-Natural ExperimentsEuropean Accounting ReviewVolume 28Issue 5, 2019

We examine the effect of litigation risk on corporate voluntary disclosure using two quasi-natural experiments, which have substantial and opposing impacts on the litigation risk of firms headquartered in the Ninth Circuit. We find that firms in the Ninth Circuit decrease (increase) the quantity and quality of their voluntary disclosure, relative to control firms, when their litigation risk is lowered (elevated). The pre-treatment test shows an indistinguishable trend between treatment and control firms. A battery of robustness checks indicates that our results are not driven by alternative explanations. We hypothesize and find that the impact of litigation risk is more pronounced when firms have bad news and that firms are more likely to preempt bad news through voluntary disclosures when litigation risk is elevated. Overall, results from both experiments suggest that litigation risk causally increases corporate voluntary disclosure.

阶段性成果Minimum Wages and Labor-cost Stickiness:  Evidence from China中国会计与财务研究2019年第21卷第4

In this study, we examine the effect of minimum wages on labour cost stickiness by using a sample of 20,566 firm-year observations from China, which had no minimum wage legislation until 2004. We find that minimum wages are positively associated with labour cost stickiness, suggesting an enhancement effect. The results of further analyses show that the positive effect is mainly driven by the per capita salary stickiness and is more pronounced 1) among firms with lower per capita wages and those located in provinces with higher minimum wage growth and 2) in the post-2008 period, during which Chinas Labour Contract Law was in effect.

阶段性成果高管晋升与企业税负 —来自中国地方国有上市公司的经验证据(会计研究201904

本文选取20032014年中国沪深两市A股地方国有上市公司为样本,实证考察了企业税负承担与高管晋升之间的关系。研究发现,地方国有企业税负承担与高管晋升呈显著正相关关系,即积极的税负承担有助于增加高管晋升概率,存在税负晋升激励效应。进一步研究发现,税负晋升激励效应受企业层级和高管异质性的影响,省属国有企业、高管越年轻、任期越短,税负晋升激励效应越显著。本文从企业税负视角,发现了影响国有企业高管晋升的新证据,为完善国有企业高管考核机制提供有益的借鉴和启示。

阶段性成果环境污染曝光与公司价值——理论机制与实证检验(金融研究201908

环境污染及其治理问题日益被全社会所重视。在此背景下,本文实证考察企业环境污染曝光是否影响公司价值以及影响机制。以发生于2005-2015年间的71起上市公司环境污染曝光事件为样本,本文研究发现:上市公司环境污染事件曝光当天,市值平均下跌1.51%。进一步分析发现:公司在污染事件曝光后,更容易受到政府的环保监管和处罚,且更难获得银行债务融资;并且,环保监管与债务融资的变化与污染事件窗口期公司股票的累计超额报酬率显著相关,表明投资者对于环境污染给公司造成的不利后果具有理性预期并相应地做出了负面反应。此外,2010年政府环保政策趋严后,污染事件曝光后政府监管力度的上升和债务融资的减少都更为明显;在公众环保需求高的地区,污染事件曝光后政府环保监管力度上升更显著。总之,本文的研究表明,环境污染事件曝光会降低公司价值,且政府监管力度上升和债务融资困难是环境污染曝光降低公司价值的两个重要作用机制。本文揭示了环境污染曝光对公司价值的负面影响以及影响的机制和异质性,对于当前的环境治理和经济转型具有较好的政策启示意义。


审计制度变迁与会计信息质量研究》

(一)项目基本情况

1)项目来源:国家教育部人文社科研究项目

2)主持人:薛爽

3)所在单位:上海财经大学会计与财务研究院

4)预期完成期限:2016.11—2020.12

5)项目批准号:16JJD790038

 

(二)项目研究进展情况

本项目立项以来,各项工作按照计划稳步进行。2016-2018年,主要完成以下工作:一是完成国内外文献的搜集和梳理,对现有审计相关研究进行回顾,在此基础上完善研究设计。二是推进制度变化对审计质量影响的研究。并从全新的视角即会计信息可比性的视角研究事务所在做大做强政策下的合并及后续的整合对会计信息质量的影响。三是在上述工作基础上,将事务所层面的研究拓展到团队层面的研究。该研究补充了现有研究的空白。目前为止,发表高质量论文8篇,分别发表在《中国会计与财务研究》,《金融研究》和《会计研究》上,其中,发表在《会计研究》的论文同时被发表在其英文版上。国际顶尖期刊《JOURNAL OF ACCOUNTING & ECONOMICS》发表论文1篇。

      阶段性成果一:Anti-Corruption Policy and Firms’ Three Public Consumptions(《中国会计与财务研究》 2016年 第18卷 第4期)

惩治腐败是本届中国政府力推的重点工作之一。2012 年底开始,中央出台了一系列反腐倡廉政策。本文以此为背景,研究了反腐倡廉政策出台后,上市公司三公消费的变化及其影响因素。实证结果发现,政策出台后,企业三公消费水平显著下降。具体来看,国企三公消费下降幅度大于民企,高管有政治背景的企业(如董事长或总经理有政府部门工作经历,有军人经历以及有共产党员身份等)三公消费下降幅度比其它企业更大。本文的研究表明反腐倡廉政策取得了显著的效果。此外,在市场化进程较好(法律环境较好)的地区,三公消费下降幅度相对较小,这是因为这些地区在反腐政策出台前,三公消费水平就比较低。最后,我们发现反腐政策的有效性与反腐力度正相关,反腐政策力度大的地区,三公消费下降幅度更大。本文的实证结果验证了中国政府反腐倡廉政策在企业层面起到了降低超额三公消费的显著效果。

      阶段性成果二:企业排污的信息价值及其识别——基于钢铁企业空气污染的研究(《金融研究》2017年第1期

与现有排污与企业价值负相关的文献不同,本文以钢铁企业的空气污染为研究对象,实证检验发现,用企业所在城市空气质量衡量的企业排污程度越严重,企业生产情况越好。当季的排污与当季的盈利能力正相关,但在污染当月市场并没有利用空气污染的实时信息来解读其生产情况进而对其当季的业绩进行有效预测。只有季度报告披露时,市场才会根据季报数据做出相应的调整。因此,投资者可以根据空气质量指数构造投资组合以获22.64%-29.52%的年化套利收益。本文的实证结果表明,中国环保的相关法律不够完善与执行力度较差,使得投资者不会将企业排污与环境负债相关联。

      阶段性成果三:会计师事务所合并能提高财务报表的可比性吗?—基于中国上市公司的经验证据(《会计研究》 2017年第3期

以1998—2012年中国A股上市公司数据为样本,本文考察了会计师事务所合并对客户财务报表可比性的影响。研究发现,合并后事务所审计的财务报表可比性显著高于合并前事务所审计的财务报表可比性。进一步的研究还发现,事务所合并后的整合程度会影响合并的效果。合并后事务所对签字会计师重新配置的比例越高,则事务所合并对报表可比性的提升作用越明显。本研究为监管层更全面地评价和改进事务所“做大做强”政策提供实证支持。

阶段性成果四:中国会计与财务研究,2017年12 第19卷 第4期)

In this paper, we investigate whether insider trading conveys useful information to analysts for their earnings forecasts and whether related analysts (affiliated to the brokers who were the underwriters of the company’s IPO or SEO) use their earnings forecasts to cater to insider trading in China. We find that, on the whole, insider trading does not exert significant effect on analysts’ subsequent earnings forecast bias. However, after controlling for the effect of related analysts who may cater to insider trading, we find that when the scale of insider selling is larger, analysts’ earnings forecasts are less optimistic, while the scale of insider purchasing does not significantly affect analysts’ earnings forecast bias. On the other hand, when the scale of insider selling is larger, related analysts’ earnings forecasts are more optimistic. The results indicate that insider selling’s information-conveying effect only exists in unrelated analysts’ forecasts and that insider selling does not convey information to related analysts, who instead have a tendency to cater to insider selling. Further analysis reveals that after controlling for the effect of related analysts, star analysts show a greater ability to absorb the information conveyed by insider selling into their earnings forecasts than other analysts. Meanwhile, compared to related non-star analysts, related star analysts also show a greater tendency to cater to insider selling by making more optimistic earnings forecasts. The tendency of related analysts to cater to insider selling is mainly observed in a subsample of companies from low-marketization provinces. This study not only supplements the literature on insider trading and analysts’ earnings forecasts but also helps us to gain more profound insights into the information-conveying function of insider trading and analysts’ tendency to cater to insider trading in their earnings forecasts.

阶段性成果五:Journal of Accounting and EconomicsVol.65, No.1

Acquirers are motivated to overstate earnings prior to stock-financed acquisitions. We hypothesize that audits help to detect and correct such overstatements. We test this using a difference-in-differences design, which compares audit adjustments to earnings for stock- financed and cash-financed acquirers before versus after the acquisitions. Consistent with our hypothesis, we find larger downward adjustments in the audits immediately before stock-financed acquisitions. Further analysis of regulatory sanctions suggests the down ward adjustments are in fact warranted, rather than auditors being overly conservative. Moreover, modifications in audit reports suggest that downward adjustments do not correct all of the reporting irregularities in audited financial statements.

阶段性成果六:China Journal of Accounting Studies2018, VOL. 6, NO. 1

This study examines whether investors are concerned about textual geographic information in annual reports. Based on a sample of Chinas listed firms, we report the following findings: First, the more low marketisation districts (LMDs) appear in the annual reports, the higher the market return will be. Second, the result is more pronounced in non-state companies. Third, the frequency of LMDs is positively related with Tobin Q and CEOs compensation. Fourth, we are unable to detect any relation between the frequency of high marketisation districts (HMDs) and firm characteristics including short term market reaction, Tobin Q and CEOs compensation. Lastly, frequencies of both LMDs and HMDs are positively related with corporate innovation measured by patents. Taken together, the results show that a company can succeed in a developing area by filling the void of infrastructure. The strategy of expanding business in developing areas does not impair long term innovative activities.

阶段性成果七:China Journal of Accounting Studies2018, VOL. 6, NO. 2,

The supervision and governance of opinion shopping have been an importantissueforacademicsandregulatorsallovertheworld.Taking Chinese A-share listed firms from 2010 to 2016 as our samples and borrowing themethodin Lennox(2000),weinvestigatetheimpact of concentration of the supply chain on audit opinion shopping. The empirical results show that concentration of the supply chain can increase the probability of audit opinion shopping. From the perspective of demand for audit services, supply-chain-driven opinion shopping is more pronounced when the client firm has lower bargaining power; and from the perspective of supply of audit services, supplychain-driven opinion shopping is more pronounced in headquartersto-branch auditor switch than in branch-to-headquarters auditor switch. Furthermore, having a common auditor of client firms in a supply chain can significantly decrease supply-chain-driven opinion shopping. This paper provides evidence of audit opinion shopping from the perspective of the supply chain.

阶段性成果八:供应链集中度与审计意见购买(《会计研究》 2018年08期 

审计意见购买的监管与治理一直是学术界和监管机构所关注的重要问题。本文以2010-2016中国A股上市公司为样本,运用Lennox (2000)的审计意见购买模型,考察了供应链集中度驱动下的审计意见购买及其影响因素。研究发现,供应商-客户集中度越高,公司越可能进行审计意见购买。从审计意见购买动机看,在与供应商或客户议价能力较低的公司中,供应链集中度驱动的审计意见购买行为更显著;从审计意见购买实现的客观条件看,从总所向分所变更时供应链集中度驱动的审计意见购买更易于实现。进一步研究发现,与供应商或客户共享同一审计师能够减少供应链关系压力下的审计意见购买。本文首次从供应链视角研究了审计意见购买的动因及成功实现审计意见购买的影响因素。

阶段性成果:Religion and the Demand for Audit Services: Evidence from China(中国会计与财务研究》 2019 年 3 月 第 21 卷 第 1 期  

Informal institutional arrangements have been a hot topic in recent years. This paper investigates how religion, as an informal institution, affects the auditor choices of Chinese listed firms. Using the number of major Buddhist monasteries and Taoist temples recognised by the State Bureau of Religious Affairs within a certain distance of a listed firm as a proxy for the degree of religions influence, we find that the stronger the influence of religion, the more likely the firm is to choose a high-quality accounting firm and the less likely it is to switch auditors. The stronger the influence of religion, the more likely firms are to employ an experienced signing partner and the higher the audit fees the firm is prepared to pay for this high-quality audit service. As a result of this higher demand for high-quality audit services, the firms subject to higher religious influence report higher-quality accounting information.Our findings contribute to the auditor choice literature from the perspective of religion, and offer empirical evidence to help understand the religious influence on firmsbehaviour in emerging markets.

阶段性成果:管理层自利行为与外部监督——基于信息披露的信号博弈(《中国管理科学》 2019年02期  

 代理理论框架下的企业高层管理者具有普遍的自利倾向,而信息不对称是产生代理问题的重要原因。缓解代理问题的方法不外乎监督,激励和减少信息不对称。现有文献通常分别考察以上三种机制对缓解代理问题的作用,本文则构建了管理层与企业外部监督者之间的信号博弈模型,同时考虑监督、激励和信息披露之间的互动,分析外部监管对高管自利行为的有效监督机制。研究表明:在缺少激励机制的情况下,以信息披露质量为信号的博弈仅存在一个低效率的混合均衡,即无论高管是否存在自利行为,都会选择低的信息披露质量。而在对高管选择高质量的信息披露策略给予一定的奖励时,可以实现分离均衡。由此我们提出新的包含奖励的信息披露激励机制以及在这一机制下外部监管者的最优策略选择。利用金牌董秘的评选及其对外部监管的信号效应,我们为理论模型的结论提供了实证支持。

阶段性成果十一:Comment letters and internal control opinion shopping(《China Journal of Accounting Studies》 Volume 7, 2019 Issue 2 

Taking Chinese A-share listed firms from 2015 to 2017 as our samples, this paper investigates the supervision effect of comment letters on internal control opinion shopping at audit firm level, branch level and signing partner level respectively. The empirical results show that the pressure from comment letters can significantly decrease the probability of internal control opinion shopping at both audit firm level and signing partner level. This supervision effect is more pronounced when there are internal-control-related questions in comment letters or the firms annual auditor is required to give opinions on some questions in comment letters. As for the branch level of audit firms, it is found that the supervision effect of comment letters on internal control opinion shopping is more pronounced in the firms which switch from headquarters to branches. We also find comment letters have spillover effects on firms in the same industry, in the same province or with the same auditors.

阶段性成果十一:Tailoring the Weights of Objective versus Subjective Performance Measures between Top Management and Middle Managers: Evidence from Performance-Based Equity Incentive Plans(《Journal of Management Accounting Research》 已接受 

This study examines the determinants of performance measurement tailoring between top management and middle managers in compensation contracts. Theoretically, while tailoring potentially enhances the informativeness of performance measures for top management and middle managers respectively, it may reduce the incentives for the two parties to coordinate with each other. We expect a firm's decision to tailor performance measurement between top management and middle managers to be driven by this cost-benefit trade-off. Using hand-collected data from performance-based equity incentive plans from Chinese public firms, we find evidence consistent with the predictions derived from our theoretical framework. Specifically, we find that the likelihood that a firm tailors the weights on objective versus subjective performance measures between top and middle managers increases with competition intensity, non-price competition, environmental uncertainty, and CEO power, and decreases with organizational stability and growth opportunity. Furthermore, we find that suboptimal tailoring decisions are associated with higher management turnover.


新股发行制度变革与会计、财务问题研究》

(一)项目基本情况

(1)项目来源:国家教育部人文社会科学重大研究项目

(2)主持人:黄俊

(3)所在单位:上海财经大学会计与财务研究院

(4)预期完成期限:2016.11—2019.12

(5)项目批准号:16JJD790037

项目研究进展情况

本年度基于拟定的研究计划,本课题的研究进入了课题结项阶段,具体开展了如下工作。第一,针对之前投稿国内外期刊的文章,基于审稿人意见,进行修改完善,以提高论文质量,争取早日在国内外期刊发表。第二,对立项以来的研究成果进行梳理,参照课题研究计划查看课题完成进度,并对研究不足的领域进行补充研究。第三,对课题研究成果进行总结,听取国内外学术同仁意见,并进行相关研究内容的充实与完善,以提高课题研究的质量和水平。最后,在上述工作的基础上,进行课题结项报告的撰写,将尽快完成课题结项报告和相关成果的提交,完成课题结项工作。

阶段性成果一:Facial Structure and Achievement Drive: Evidence from Financial Analysts(《Journal of Accounting Research》,Volume57, Issue42019

We use a large pictorial sample of Chinese financial analysts to test the association between facial widthtoheight ratio (fWHR) and performance in men. Financial analysts offer an ideal setting for our investigation because we can objectively track individual analystsbehaviors and performance. We find that highfWHR analysts are more likely to conduct corporate site visits and they exhibit better performance. The positive fWHRperformance association survives a battery of robustness checks and the association is more pronounced for analysts with lower status, for firms with higher uncertainty, and for analysts facing more intense competition. Our results suggest that the dominant trait predicted by fWHR is achievement drive.

阶段性成果二:The impact of accounting standards convergence on Chinese firmsoverseas mergers and acquisitions(《China Journal of Accounting Research》,Volume 12, Issue 3,2019

This paper investigates how accounting standards (AS) convergence influences Chinese firmsoverseas mergers and acquisitions (M&As) and shows that this convergence significantly promotes Chinese firmsoverseas M&As. Specifically, we find that both the probability of success and the value of transactions increases significantly in countries that implemented International Financial Reporting Standards (IFRS) prior to 2007. These results suggest that accounting standards (AS) convergence can improve the comparability of accounting information between China and other countries that have adopted IFRS. Moreover, we find that the impact of accounting standards (AS) convergence on state-owned enterprise (SOE) acquirers is weak. These findings demonstrate that accounting standards (AS) convergence can facilitate Chinese firmsoverseas M&As by improving the comparability of accounting information between China and target countries.

阶段性成果三:The Disincentive Effect of Stars: Evidence From Analyst Coverage(《Journal of Accounting, Auditing and Finance》,online

We hypothesize that when the winning odds are eclipsed by the presence of superstars, tournament participants will choose to bow out of the competition. We use the setting of financial analysts to test this hypothesis. We document that nonstar analysts avoid direct competition with star analysts through their coverage decisions. Moreover, nonstarsreluctance to compete with stars is more pronounced when star analysts are more highly ranked, when winning the tournament carries higher rewards, when institutional ownership is lower, when the firm faces lower uncertainties, and when nonstars are of average ability. In addition, we show that nonstars who avoid direct competitions with stars are more likely to become an Institutional Investor All-star in the future, suggesting that competition avoidance benefits nonstars. Collectively, our results suggest that the presence of superstars discourages others from participating in the tournament.

阶段性成果四:Can Online Annual General Meetings Increase Shareholders’ Participation in Corporate Governance?(《Financial Management》,online

We find that annual shareholder meetings conducted online can significantly increase the participation of shareholders, especially minority shareholders. This finding is more evident when the cost of physically attending the annual meeting is higher, and when the firm’s ownership is more dispersed. We further document significant positive stock returns when firms initiate annual online meetings. We also find that such online meetings help improve corporate governance. Overall, we provide evidence that online shareholder meetings provide shareholders a cost-effective way to participate in governance issues.

阶段性成果五:Bureaucrats as Managers and their Roles in Corporate Diversification(《Journal of Corporate Finance》,online

We examine the diversification choices and financial performance of companies run by former bureaucrats in China. We find that the ex-bureaucrat led companies are involved in more diversified business lines than other firms managed by professionals without such government backgrounds. While former bureaucrats that manage state-owned enterprises (SOEs) tend to operate in unattractive industries, those who manage private firms do businesses in more profitable, faster-growing, and more related industries. The diversification of private firms is helped by additional borrowing capacity brought in by ex-bureaucrat CEOs, while no such financing effect is found in SOEs. The overall diversification performance associated with bureaucrat CEOs is positive in private firms, but not in SOEs. As manifested by the different diversification strategies and outcomes between private firms and SOEs, the government-linked CEOs facilitate transfers of critical business resources that benefit either owners' or governments' goals.

阶段性成果六:Corporate Governance and Resource Allocation Efficiency: Evidence from IPO Regulation in China(《Journal of International Accounting Research》,2018Vol. 17, No. 3

As a requisite to issuing initial public offerings (IPOs), Chinese companies must obtain approval from the China Securities Regulatory Commission (CSRC). Using a sample of Chinese firms that applied for IPOs between 2006 and 2011, we examine the influence of corporate governance on the IPO application process and firmspost-IPO performance. We find that firms with more outside directors, smaller boards, and more balanced ownership among large shareholders are more likely to pass the IPO screening. Along similar lines, controlling shareholder ownership is negatively related to the success of IPO screening. Further analyses show that effective corporate governance plays a more important role when firms engage in more complex operations, and it plays a less important role when firms are politically connected. Finally, we find that firms with better corporate governance enjoy better post-IPO performance, indicating that resource allocation is more efficient when the CSRC values firms' corporate governance.

阶段性成果七:Can Media Coverage Restrain Executive Empire Building and Pursuit of a Quiet Life? Evidence from China(《International Review of Economics and Finance》,201856

Based on the unique institutional background of China's capital market, we study the effects of media coverage on executive empire building and pursuit of a quiet life among publicly listed firms over the period of 2007–2013. Our results suggest that media coverage and executive empire building and pursuit of a quiet life are positively correlated, particularly for state-owned enterprises (SOEs), which is in contrast to conclusions reached in previous studies. We contend that executive empire building and pursuit of a quiet life are not obvious governance violations in China and that the socially and politically desired governmental goals of job creation and labor harmony contribute to the positive correlation. The particularly strong findings among SOEs relative to non-SOEs corroborate our argument because SOEs typically pursue government-desired social goals. Our findings hold implications for improvement of the corporate governance environment in China and provide a useful perspective for the literature on media coverage.

阶段性成果:通才还是专才:CEO的能力 结构和公司创新(《管理世界》,2018年第2期)

专才和通才,谁更适合做公司领导人?本文从公司创新的角度研究这一问题。公司如果利用长期性的保障合约来激励专用性的人力资本,就要放弃有限期的合约对人力资本的重定价功能,两者难以兼顾。本文从中国本土的制度背景出发,从公司的总经理和董事长的工种、行业和地区跨界经历出发,构建了能力结构指数,并发现通才型领导人显著提升了公司的研发费用、专利申请和专利引用。而且,这一结果在公司业务的地理和行业跨界度提升时更为明显。反之,当公司聘请了本行业相关经历的独立董事或者给予高管更高的股份时,通才效应明显削弱。最后,统计结果在基于领导人能力结构变更的准双重差分实验和采用工具变量的两阶段模型中保持稳定。倾向得分匹配的结果揭示,通用型领导人所在的公司平均多申请20%的专利。综合结论暗示,通才领导人基于跨界情境的可复制的成功,更有利于激励创新,这有助于我们理解通用型人才在全球经理人市场中的比例为何稳步上升。

阶段性成果:独立董事人选、履职效率与津贴决定——资产专用性的视角(《管理世界》,2018年第3期)

现有文献关于独立董事津贴和履职效率之间的关系有着不一致的发现,本文给出了新的解释:独立董事人选、履职效率和津贴都受到更为基础的交易特征——资产专用性的影响。我们的理论分析表明:较高的资产专用性与关系型治理方式相匹配,降低了公司对独立董事的需求,但证监会对上市公司聘请独董的刚性要求,使得这些公司更可能只是形式上予以满足。利用2003~2014年的数据,我们发现:(1)资产专用性较高的公司对经验丰富和行业专长的独董需求较低;(2)同一独董任职的多家公司中,其在资产专用性较高企业的履职效率较差;(3)资产专用性较高的公司支付给独董的津贴较低。上述发现支持了新制度经济学中交易特征决定治理合约的思想,独立董事的研究可能需要更为联合而基础的探索。

阶段性成果:卖空机制提高了分析师盈余预测质量吗(《南开管理评论》,2018年第2期)

本文借助中国资本市场推出融资融券制度这一“自然实验”,系统考察了卖空机制的引入对证券分析师盈余预测质量的影响。研究发现,由于卖空机制的引入有助于负面消息更及时地融入股价, 并约束管理层的机会主义行为,从而提高了公司的信息透明度,由此可以降低分析师盈余预测偏差,提高其预测准确性。进一步的研究显示,由于非明星分析师对私有信息的获取较少,因此与明星分析师相比,卖空机制的引入对非明星分析师盈余预测质量的提升作用更明显;而且,在机构投资者持股比例较低的公司,管理层的机会主义行为受到的外部监督制约较小,卖空机制的引入更能改善其信息环境,因而分析师盈余预测质量提升也更明显。

阶段性成果十一:独立董事薪酬与公司治理效率(《金融研究》,2018年第6期

利用2003~2013年上市公司数据,本文基于独立董事薪酬视角对其治理效用的发挥进行了考察。论文研究发现,当独立董事的薪酬过低时,存在激励不足问题,不利于调动独立董事履职的积极性,由此造成公司高管变更与经营业绩间敏感性的降低及公司盈余管理程度的提高。与此相仿,当独立董事的薪酬过高时,存在激励过度问题,削弱了独立董事的独立性,也将导致较低的高管变更与经营业绩的敏感性及更高程度的公司盈余管理。最后,我们对独立董事薪酬影响其治理效用发挥的路径进行了考察,结果显示,过低的薪酬降低了独立董事参加董事会会议的意愿,而过高的薪酬造成独立董事更不会对董事会议案提出异议。

阶段性成果十二:公司选聘关系型独董仅是任人唯亲吗?——基于商业关系维护视角的分析(《财经研究》,2018年08期 )

在我国人情交织的商业背景下,许多公司聘请了与高管存在社会关联的独立董事,由此产生了拖累企业治理效果的担忧。然而,企业聘请这类独立董事仅仅是关系作用下任人唯亲的行为吗?文章通过收集我国上市公司独立董事与董事长或总经理的社会关系数据,2008-2015年上市公司作为研究样本,发现较多地与商业伙伴进行关系型交易的企业更倾向于聘请关系型独董。其原因在于,社会关系带来的信任使关系型独董能够为企业保守交易过程中的商业信息,并且支持企业为稳固商业关系而做出的相关决策。这一现象在企业处于激烈的行业竞争及较差的地区商业环境时更加明显。经济后果分析表明,这类企业聘请关系型独董后进行了更多的专有资产投资,并获得了更快的销售增长。文章研究表明,企业选择关系型独董不仅仅是关系使然,很可能是企业权衡自身特质后的一种理性选择。

阶段性成果十三:关键事项审计报告准则的溢出效应研究(《审计研究》,2018年06期 )

以关键事项审计报告准则颁布前后年度沪深两市A股上市公司为样本,研究利用准则的错层实施方式,基于审计师的外溢效应视角,检验了关键事项审计报告准则对审计师行为及上市公司审计质量的影响。结果显示,与A+H股公司共享审计师的A股上市公司,在关键事项审计报告准则颁布后审计质量显著提升,且这一积极影响主要源自共同审计师而非共同会计师事务所的外溢效应。进一步研究发现,当A股上市公司为非国有性质、注册地位于制度环境较差地区、分析师跟踪人数越多及业务复杂度越高时,上述共同审计师的外溢效应更显著。该研究为关键事项审计报告准则的实施效果及作用范围提供了经验证据,并为投资者及政策制定者提供了可供参考的信息。

阶段性成果十四:言多必失?管理层报告的样板化及其经济后果(《管理科学学报》,2019年03期 )

样板化报告在古今中外都有广泛的运用,但报告者面临两难:一方面,样板化有利于规避披露风险;但另一方面,样板化又不利于传递内部信息.那么,投资者如何评价中国上市公司的报告的样板化程度?以中国上市公司的管理层讨论与分析的文字为样本,用公司t期和t-1期报告的纵向文本相似度以及本公司和其他公司同期的报告的平均横向相似度来衡量样板化的水平,并考察了其经济后果.检验结果表明,纵向样板化的经济后果呈现相机抉择性,当公司财务风险高(亏损、微利或者被出具非标准审计意见),信息效应占优,样板化的报告引发负面的市场评价,而当公司财务风险较低,风险效应占优,样板化的报告则引发市场的好评.另一方面,报告横向样板化则引起了整体的负面评价.在调节效应方面,纵向样板化的经济后果受公司创新、特质信息、董事长权力和停牌次数的影响,横向样板化的经济后果则受到公司独立董事的社会网络位置的影响.综合结果表明,公司管理层讨论与分析的横向样板化,以及在高财务风险条件下的纵向样本化都会因信息披露不足而引起负面的经济后果。

阶段性成果十五:产能过剩、信贷资源挤占及其经济后果的研究(《会计研究》,2019年02期 )

 作为困扰我国经济发展的重要问题之一,产能过剩的治理在当前供给侧结构性改革的背景下显得尤为重要。本文基于信贷配给的视角考察了产能过剩企业对信贷资源的挤占及其经济后果。论文研究发现,产能过剩企业的信贷获取显著降低了非产能过剩企业的信贷资金,即存在挤占效应。进一步的分析显示,产能过剩企业对非产能过剩企业信贷资源的挤占在政府干预越强、金融市场化程度越低地区及货币政策紧缩时期表现得更明显。最后,就经济后果而言,由于产能过剩企业的低效益,其对非产能过剩企业信贷资金的挤占,降低了非产能过剩企业的经营业绩,并对地区经济增长产生阻碍。

阶段性成果十六:官员晋升激励与企业负债——地级市层面的经验分析(《经济管理》,2019年04期 )

政府官员对企业经济行为的影响一直是个重要的研究话题,近年来,我国企业高杠杆的问题引起了理论界和实务界的普遍关心。基于全国234个地级市的数据,本文从动态和静态两个角度考察地方官员晋升激励对上市公司资产负债率的影响。结果表明,官员晋升激励显著影响了企业负债率。从静态负债率来看,官员晋升激励越强,企业负债率水平越高;从负债率动态的调整过程来看,官员晋升激励阻碍了企业负债率的调整速度,并使企业资产负债率偏离目标水平的程度增大。由此形成了企业静态负债率长期偏高的结果,并且上述现象在国有企业和市场化程度较低的地区更加显著。进一步的分析显示,官员晋升激励主要是通过增加企业短期债务比重而影响企业负债率的,且在后果上加大了企业财务风险,使企业更可能陷入财务困境。本文的研究丰富了公司资本结构影响因素的已有文献,提供了政府官员晋升激励如何影响企业经济活动的证据,为解释中国企业债务问题提供了参考和借鉴。

 

二、 公开发表论文

(一)Friends in Need are Friends Indeed: An Analysis of Social Ties between Financial Analysts and Mutual Fund Managers

The Accounting Review》,Volume 94,Issue 1,2019|Zhaoyang Gu(),李增泉,Yong George Yang(),Guangqing Li()

【摘要】We examine how hometown, school, and workplace ties between financial analysts and mutual fund managers affect their business decisions. We show that a fund manager is more likely to hold stocks covered by analysts with whom she is socially connected and that she also makes higher profits from these holdings. Such social tie-related holding returns are higher among more opaque firms. In return, a fund manager tends to cast her star analyst votes in favor of her connected analysts and her fund company is more likely to allocate trading commissions to her connected analystsbrokerages. Additional tests indicate that analysts more actively acquire information (through conducting corporate site visits) and issue more optimistically biased recommendations for stocks held by fund managers with whom they are connected. Overall, our results illustrate the pronounced influence of social networks on the behaviors of analysts and fund managers.

基金We thank the Project of Key Research Institute of Humanities and Social Science in Universities by the Ministry of Education (MOE) of China (No. 13JJD790019), the MOE Project of Humanities and Social Science (No. 13YJA790057), the Program for Innovative Research Team of Shanghai University of Finance and Economics, and the National Natural Science Foundation of China (No. 71372041; No. 71572100). Yong George Yang acknowledges financial support from Rega Technologies Limited.

)Relative Performance Evaluation and the Timing of Earnings Release

Journal of Accounting and Economic,Volume67,Issues2-3,2019 | Guojin Gong(),Laura Yue Li(),阴慧芳

【摘要】Relative performance evaluation (RPE) compensates managers on their relative performance against a peer group. Since observing more peersperformance allows managers to better estimate the performance level required to achieve RPE targets, we conjecture that releasing earnings later than peers facilitates managers to achieve targets by exploiting last-minute reporting discretion. Empirical evidence is consistent with our conjecture. Further, managers tend to select peers that release earnings more timely and delay own firmsearnings releases to be later than peersafter RPE adoption. Our evidence suggests strategic timing of earnings release and discretionary reporting in response to relative performance evaluation.

)Relationship-Based Resource Allocations: Evidence from the Use of Guanxiduring SEOs

《Journal of Financial and Quantitative Analysis》,Vol. 54, No. 3, June 2019 | Paul Brockman(),Michael Firth(),何贤杰,Xinyang Mao(),Oliver Rui()

【摘要】We examine the role of relationship-based resource allocations during the approval process of seasoned equity offerings (SEOs) in the Chinese capital market. Our results show that guanxi-based relationships significantly increase the likelihood of SEO approvals, particularly for suspect SEO applicants with abnormal levels of earnings management (EM), related-party transactions (RPTs), and intercompany loans. More importantly, we find that guanxi-influenced SEO firms have significantly poorer performance in the post-SEO period, which indicates that it results in inefficient resource allocations. Overall, our evidence suggests that relationship-based resource allocations lead to negative spillover effects that impose social welfare losses

基金He(co-corresponding author), he.xianjie@mail.shufe.edu.cn, Shanghai University of Finance and Economics ......He acknowledges the financial support from the National Natural Science Foundation of China (Nos. 71472113, 91746117, and 71272008) and the Ministry of Education Project of Key Research Institute of Humanities and Social Sciences at Universities(No. 14JJD630010).

(四)When Auditors Say ‘No,’ Does the Market Listen?

《European Accounting Review,Volume28,2019 |Shimin Chen(),Bingbing Hu(),Donghui Wu(),赵子夜

【摘要】Previous research on whether the market responds to auditors’ opinions has provided mixed results. We revisit this issue in China, where individual investors who are more likely to neglect value-relevant information dominate the stock market. In addition to going concern opinions (GCOs), China permits modified audit opinions (MAOs) on violations of accounting standards or disclosure rules (GAAP/DISC MAOs), providing an opportunity not available in the literature to enrich the study of audit-opinion pricing. We find that, ceteris paribus, MAO recipients underperform in the future and have a higher incidence of adverse outcomes such as misreporting and stock delisting, and the market reacts negatively to MAOs during the short window around MAO disclosure. Importantly, MAO disclosure is not followed by negative long-term stock returns, suggesting stock price adjustments to MAOs are speedy and unbiased. These findings hold for both GCOs and GAAP/DISC MAOs. Together, our findings support the informativeness of audit opinions and cast doubt on the argument that investors inefficiently price audit opinions due to information-processing bias.

(五)Equity Financial Assets: A Tool for Earnings ManagementA Case Study of a Chinese Corporation

《Abacus-A Journal of Accounting Finance and Business Studies》,Volume55,2019- Issue1 | Yuanyuan Guo(),卢思绮(),Joshua Ronen(),叶建芳

【摘要】With Chinas adoption of principlesbased international accounting standards and its convergence with International Accounting Standard 39 (IAS 39), Chinese companies have discretion under the original Accounting Standards for Enterprises 22 (CAS 22) as to how they account for the initial measurement, sale, and subsequent reclassification of financial assets. We use a Chinese company (Company A) as a case study to illustrate how earnings are managed to exploit this discretion. We document that the company reclassifies its available for sale equity investments as longterm equity investments to decrease the volatility of the companys apparent profits. We also make some predictions regarding how the company will handle its financial assets under the new standard, which is the same as IFRS 9. Our research contributes to the continuous improvement of Chinas accounting standards and has implications for regulators of the capital market.

【基金】JIANFANG YE (jf_ye@mail.shufe.edu.cn) is a professor at the Institute of Accounting and Finance at Shanghai University of Finance and Economics. Professor Ye acknowledges the financial support of the MOE (No:14JJD630005) through the Institute of Accounting and Finance at SUFE.

(六)Financial report readability and stock return synchronicity

《Applied Economics》,Volume 51, 2019 - Issue 4 | Xuelian Bai(),董毅,Nan Hu()

【摘要】In this study, we investigate the impact of firm-specific information-processing cost, proxied by annual report readability, on investorsfirm-specific information usage, proxied by firm stock return synchronicity. We expect that more readable financial reports would reduce firm-specific information-processing costs and, therefore, reduce stock return synchronicity. We propose a new readability measure and demonstrate that, as the readability of annual reports increases, the firms future stock return synchronicity decreases. Furthermore, the effect of report readability on stock return synchronicity is more concentrated on firms with low analyst coverage or institutional ownership. Finally, the impact of readability on stock synchronicity is more concentrated on firms with high information asymmetry, such as firms small in size, with high R&D spending, or with high growth. The benefit of incorporating more firm-specific information (e.g. from a more readable financial report) into stock price is consistent with the SECs continuous attempt to make public company reports easier to comprehend. Managers of publicly listed firms should be aware of such a benefit and make their financial reports more readable by incorporating more tables, especially when their firms face high information asymmetry.

(七)Litigation Risk and Corporate Voluntary Disclosure: Evidence from Two Quasi-Natural Experiments

《Journal European Accounting Review》,Volume 28, 2019 - Issue 5 | 董慧,Zhang Huai()

【摘要】We examine the effect of litigation risk on corporate voluntary disclosure using two quasi-natural experiments, which have substantial and opposing impacts on the litigation risk of firms headquartered in the Ninth Circuit. We find that firms in the Ninth Circuit decrease (increase) the quantity and quality of their voluntary disclosure, relative to control firms, when their litigation risk is lowered (elevated). The pre-treatment test shows an indistinguishable trend between treatment and control firms. A battery of robustness checks indicates that our results are not driven by alternative explanations. We hypothesize and find that the impact of litigation risk is more pronounced when firms have bad news and that firms are more likely to preempt bad news through voluntary disclosures when litigation risk is elevated. Overall, results from both experiments suggest that litigation risk causally increases corporate voluntary disclosure.

基金Dong acknowledges the financial support from the National Natural Science Foundation of China [No.71401095], and the Ministry of Education of P.R. China under the project of Key Research Institute of Humanities and Social Science in University [No.18JJD790011]. Zhang acknowledges the financial support from Singapore Ministry of Education for providing research funding [RG75/16, and RG163/17].

(八)Facial Structure and Achievement Drive: Evidence from Financial Analysts

《Journal of Business Finance & Accounting》,Volume57, Issue42019|何贤杰,阴慧芳,Yachang Zeng(),Huai Zhang(),Hailong Zhao()

【摘要】We use a large pictorial sample of Chinese financial analysts to test the association between facial width‐to‐height ratio (fWHR) and performance in men. Financial analysts offer an ideal setting for our investigation because we can objectively track individual analysts’ behaviors and performance. We find that high‐fWHR analysts are more likely to conduct corporate site visits and they exhibit better performance. The positive fWHR–performance association survives a battery of robustness checks and the association is more pronounced for analysts with lower status, for firms with higher uncertainty, and for analysts facing more intense competition. Our results suggest that the dominant trait predicted by fWHR is achievement drive.

基金We thank Jiahui Fan,Jingyi Wu, Xue Lai for their help in collecting the data. A previous draft of this paper was titled “Achievement drive and analysts’ performance.” He and Yin acknowledge the fi-nancial support from the MOE project of Key Research Institute of Humanities and Social Science in University (No. 16JJD790037).

(九)Managerial academic experience, external monitoring and financial reporting quality

《Journal of Business Finance & Accounting》,Volume46,Issue7-8,2019 | Zhiming Ma(),Kirill NovoselovKaitang Zhou(),Yi Zhou()

【摘要】This study examines the effect of managerial academic experience on firms’ financial reporting quality. Using data from China, we find that firms with top managers possessing academic experience exhibit lower levels of both accrual and real earnings management, along with a lower probability of future restatements. This effect is more pronounced for firms with inefficient external monitoring, suggesting that the higher financial reporting quality is mainly explained by the managers’ intrinsic motivation to report truthfully. The results hold when we use firm fixed‐effect regressions, instrumental variable two‐stage regressions, and a propensity score matching (PSM) approach to mitigate the omitted variable and endogeneity concerns. Our study suggests that academic experience can serve as a source of valuable expertise for corporate executives.

(十)The impact of accounting standards convergence on Chinese firms’ overseas mergers and acquisitions

《China Journal of Accounting Research》,Volume 12, Issue 3,2019| Shuwei Sun(),Hailong Zhao(),何贤杰,Ying Zhang()

【摘要】This paper investigates how accounting standards (AS) convergence influences Chinese firms’ overseas mergers and acquisitions (M&As) and shows that this convergence significantly promotes Chinese firms’ overseas M&As. Specifically, we find that both the probability of success and the value of transactions increases significantly in countries that implemented International Financial Reporting Standards (IFRS) prior to 2007. These results suggest that accounting standards (AS) convergence can improve the comparability of accounting information between China and other countries that have adopted IFRS. Moreover, we find that the impact of accounting standards (AS) convergence on state-owned enterprise (SOE) acquirers is weak. These findings demonstrate that accounting standards (AS) convergence can facilitate Chinese firms’ overseas M&As by improving the comparability of accounting information between China and target countries.

基金We are grateful for the anonymous reviewers’ helpful comments. Shuwei Sun acknowledges financial support from the National Natural Science Foundation of China (No. 71602112) and the Shanghai Educational Development Foundation Morning Project (15CG57). Xianjie He acknowledges financial support from the National Natural Science Foundation of China (Nos. 91746117 and 71572101) and the Ministry of Education (MOE) Key Research Institute of Humanities and Social Sciences at Universities (No. 16JJD790037).

(十一)言多必失?管理层报告的样板化及其经济后果

《管理科学学报》,201903| 赵子夜,杨庆(),杨楠(外)

【摘要】 样板化报告在古今中外都有广泛的运用,但报告者面临两难:一方面,样板化有利于规避披露风险;但另一方面,样板化又不利于传递内部信息.那么,投资者如何评价中国上市公司的报告的样板化程度?以中国上市公司的管理层讨论与分析的文字为样本,用公司t期和t-1期报告的纵向文本相似度以及本公司和其他公司同期的报告的平均横向相似度来衡量样板化的水平,并考察了其经济后果.检验结果表明,纵向样板化的经济后果呈现相机抉择性,当公司财务风险高(亏损、微利或者被出具非标准审计意见),信息效应占优,样板化的报告引发负面的市场评价,而当公司财务风险较低,风险效应占优,样板化的报告则引发市场的好评.另一方面,报告横向样板化则引起了整体的负面评价.在调节效应方面,纵向样板化的经济后果受公司创新、特质信息、董事长权力和停牌次数的影响,横向样板化的经济后果则受到公司独立董事的社会网络位置的影响.综合结果表明,公司管理层讨论与分析的横向样板化,以及在高财务风险条件下的纵向样本化都会因信息披露不足而引起负面的经济后果

【基金】国家自然科学基金重点资助项目(71632006);国家自然科学基金青年基金资助项目(71802178)教育部重点研究基地资助重大项目(16JJD790037);教育部人文社会科学研究项目《公司财务报告的文章策略研究》

(十二)空气质量改善能降低企业劳动力成本吗?

《管理世界》,201906| 沈永建(),于双丽(),蒋德权

【摘要】空气质量是职工的一项重要非货币性收益,与货币薪酬可能形成替代。本文以20052015年我国上市公司为研究样本,利用城市层面的空气质量数据,考察了空气质量与企业劳动力成本的关系。研究发现:空气质量与企业职工薪酬水平显著负相关。职工的维权意识和非劳动力密集特征会加强空气质量与企业职工薪酬的负相关关系。如果企业根据空气质量调整员工薪酬,则有利于未来企业价值的提高。同时,本文也发现在不同产权性质、不同现金持有水平、不同污染程度行业和不同员工谈判能力的公司中,空气质量对于职工薪酬的影响存在显著差异。进一步研究发现,是较差的空气质量在发挥主要作用。最后,本文区分了职工薪酬水平的影响,发现高薪职工和低薪职工对空气质量的要求存有显著差异。综合而言,极端的空气变化会导致样本企业职工平均薪酬有1.421万元的年薪差异,按照此口径粗略测算,样本期间全国所有企业会有23万亿元左右的劳动力成本差异。本文拓展了空气质量对微观企业行为影响的研究领域,丰富了职工薪酬影响因素的理论文献,在企业管理实践中可以为职工激励和成本管理提供实证借鉴,也进一步从劳动力成本角度为绿水青山就是金山银山提供了实证的支持证据。

【基金】教育部人文社科重点研究基地重大项目“国有企业绩效考核有效性研究”(批准号为14JJD630005);国家社会科学基金面上项目“企业盈利水平的地区行业差异与平衡充分发展研究”(批准号为18BGL073)的阶段性成果。

(十三)产能过剩、信贷资源挤占及其经济后果的研究

《会计研究》,201902|黄俊,陈信元,丁竹()

【摘要】 作为困扰我国经济发展的重要问题之一,产能过剩的治理在当前供给侧结构性改革的背景下显得尤为重要。本文基于信贷配给的视角考察了产能过剩企业对信贷资源的挤占及其经济后果。论文研究发现,产能过剩企业的信贷获取显著降低了非产能过剩企业的信贷资金,即存在挤占效应。进一步的分析显示,产能过剩企业对非产能过剩企业信贷资源的挤占在政府干预越强、金融市场化程度越低地区及货币政策紧缩时期表现得更明显。最后,就经济后果而言,由于产能过剩企业的低效益,其对非产能过剩企业信贷资金的挤占,降低了非产能过剩企业的经营业绩,并对地区经济增长产生阻碍。

【基金】 国家自然科学基金项目(71372038,71632006);教育部人文社会科学重点研究基地重大研究项目(16JJD790037);上海财经大学创新团队支持计划的资助

(十四)高管晋升与企业税负 ———来自中国地方国有上市公司的经验证据

《会计研究》,201904| 陈春华(),蒋德权,曹伟()

【摘要】 本文选取2003—2014年中国沪深两市A股地方国有上市公司为样本,实证考察了企业税负承担与高管晋升之间的关系。研究发现,地方国有企业税负承担与高管晋升呈显著正相关关系,即积极的税负承担有助于增加高管晋升概率,存在税负晋升激励效应。进一步研究发现,税负晋升激励效应受企业层级和高管异质性的影响,省属国有企业、高管越年轻、任期越短,税负晋升激励效应越显著。本文从企业税负视角,发现了影响国有企业高管晋升的新证据,为完善国有企业高管考核机制提供有益的借鉴和启示。 

【基金】教育部人文社会科学研究青年基金项目(16YJC79004);教育部人文社会科学重点研究基地重大项目(18JJD790011);国家自然科学基金青年项目(71502130,71702178)

(十五)另类业绩指标披露及其规则的发展和我们的对策——基于京东和苹果案例的研究

《会计研究》,201905| 贾建军(),张为国,王春红()

【摘要】在会计准则规定的业绩指标之外披露另类业绩指标近年来在境外资本市场流行,并已成为各方关注的焦点。本文基于京东公司和苹果公司披露另类业绩指标的案例,结合相关实证文献回顾,研究公司披露此类信息的动机、方法和后果,分析国际上证券监管机构和会计准则制定机构的动向,提出我国的对策。京东是在持续亏损的情况下,通过对当期和未来无现金后果、不反映经营业绩和持续盈利能力指标的调整,披露另类业绩指标,帮助使用者正确评估公司业绩和价值;苹果是由于当时美国会计准则不能正确反映其捆绑销售业务的经济实质,通过调整产品和服务收入及其相关成本在各期的分摊方式披露另类业绩指标,以帮助使用者正确评估公司业绩和价值。缺乏会计准则和信息披露监管规则可能导致另类业绩指标误导信息使用者。国际上证券监管机构正努力建立更有约束力的另类业绩指标披露规则,会计准则制定机构也正考虑将另类业绩指标纳入业绩报告体系,以提升相关信息的质量。我国需要跟踪这方面的发展动向,完善业绩信息方面的会计和披露准则,提高信息披露的可比性和决策有用性。 

(十六)法制环境、研发“粉饰”行为与绩效

《南开管理评论》201902 |王兰芳(),王悦,侯青川

【摘要】本文探讨了法制环境对企业研发粉饰行为的影响及其经济后果。结果发现,在法制环境好的地区,企业会减少研发粉饰行为。研发粉饰行为导致企业实用新型专利增加,而对于创新质量较高的发明专利却没有显著影响,研发粉饰行为带来的是重视数量而非重视质量的创新成果;另外,研发粉饰行为虽然显著提升了短期的财务绩效,但对企业的市场绩效却是显著的负向影响。分组检验发现,研发粉饰行为对企业财务绩效的正向影响和对市场绩效的负向影响都集中在法制环境较差的地区,说明法制环境可以在一定程度上抑制研发粉饰行为,并减少研发粉饰行为对组织绩效的负面影响。

【基金】国家自然科学基金项目(7167210671402086);教育部重点研究基地重大项目(15JJD630008)资助

(十七)房产限购政策有助于实体企业 “脱虚返实” 吗——基于双重差分研究设计

《南开管理评论》,201904|胡宁(),王雪方(),孙莲珂(),靳庆鲁

【摘要】 21世纪以来,中国金融业和房地产业的超额回报使利润渐趋收窄的制造业企业越来越偏离其主营业务,造成企业投资行为脱实向虚,对我国当前供给侧结构改革以及成功跨越中等收入陷阱形成巨大挑战。本文以我国47个城市颁布的房产限购政策作为准自然实验,利用2007-2016212个地级市及9734家制造业上市公司数据,检验房产限购政策能否有效抑制企业投资脱实向虚的趋势。使用双重差分设计的研究结果表明,房产限购政策在抑制企业投资性房地产投资的同时,能够促使企业聚焦主业,增加对实体资产的投资,实现企业投资结构的脱虚返实,上述政策效应在限购政策更加严格的地区更为显著。此外,房产限购政策的实施缓解了企业创新的挤出效应,促进了企业创新投入的增加,提高了创新投入的增长速度。

(十八)影响公司高管交易行为内部差异的因素:“信息优势”还是“收入补偿动机”

《南开管理评论》,201906| 曾庆生,程博()

【摘要】 本文以2007-2013年上市公司高管交易为研究对象,采用公司内高管相对薪酬水平作为信息优势收入补偿动机的双重代理变量,考察了公司高管交易行为内部差异的可能影响因素。研究发现,高管在公司的薪酬相对水平越高,其交易的主动性越强,买卖股票的超常回报特别是短期回报越高。这一关系并不因信息环境变化而发生实质性改变,表明公司内不同高管买卖股票的主动性和交易回报的差异主要由其信息优势决定,而内部薪酬差异引起的收入补偿动机并未产生决定性影响。本文不仅丰富了内部人交易方面的文献,而且有助于证券监管部门明确高管交易的重点监控对象,预防潜在的内幕交易,从而维护市场交易的公平性。

【基金】国家自然科学基金项目(7137203971632006);教育部人文社科重点研究基地重大项目(18JJD790010)资助。

十九环境污染曝光与公司价值——理论机制与实证检验

《金融研究》,201908 | 唐松,施文(),孙安其()

【摘要】环境污染及其治理问题日益被全社会所重视。在此背景下,本文实证考察企业环境污染曝光是否影响公司价值以及影响机制。以发生于2005-2015年间的71起上市公司环境污染曝光事件为样本,本文研究发现:上市公司环境污染事件曝光当天,市值平均下跌1.51%。进一步分析发现:公司在污染事件曝光后,更容易受到政府的环保监管和处罚,且更难获得银行债务融资;并且,环保监管与债务融资的变化与污染事件窗口期公司股票的累计超额报酬率显著相关,表明投资者对于环境污染给公司造成的不利后果具有理性预期并相应地做出了负面反应。此外,2010年政府环保政策趋严后,污染事件曝光后政府监管力度的上升和债务融资的减少都更为明显;在公众环保需求高的地区,污染事件曝光后政府环保监管力度上升更显著。总之,本文的研究表明,环境污染事件曝光会降低公司价值,且政府监管力度上升和债务融资困难是环境污染曝光降低公司价值的两个重要作用机制。本文揭示了环境污染曝光对公司价值的负面影响以及影响的机制和异质性,对于当前的环境治理和经济转型具有较好的政策启示意义。

(二十)管理层自利行为与外部监督——基于信息披露的信号博弈

《中国管理科学》,201902| 孙彤(),薛爽

【摘要】代理理论框架下的企业高层管理者具有普遍的自利倾向,而信息不对称是产生代理问题的重要原因。缓解代理问题的方法不外乎监督,激励和减少信息不对称。现有文献通常分别考察以上三种机制对缓解代理问题的作用,本文则构建了管理层与企业外部监督者之间的信号博弈模型,同时考虑监督、激励和信息披露之间的互动,分析外部监管对高管自利行为的有效监督机制。研究表明:在缺少激励机制的情况下,以信息披露质量为信号的博弈仅存在一个低效率的混合均衡,即无论高管是否存在自利行为,都会选择低的信息披露质量。而在对高管选择高质量的信息披露策略给予一定的奖励时,可以实现分离均衡。由此我们提出新的包含奖励的信息披露激励机制以及在这一机制下外部监管者的最优策略选择。利用金牌董秘的评选及其对外部监管的信号效应,我们为理论模型的结论提供了实证支持。

【基金】国家自然科学基金资助项目(71572102,71872107);教育部人文社会科学重点研究基地重大项目(16JJD790038);上海财经大学创新团队项目(2014110319)

(二十一)Religion and the Demand for Audit Services: Evidence from China

《中国会计与财务研究》,Volume 21, Number 12019 | 胡宁(),薛爽,储溢泉()

【摘要】Informal institutional arrangements have been a hot topic in recent years. This paper investigates how religion, as an informal institution, affects the auditor choices of Chinese listed firms. Using the number of major Buddhist monasteries and Taoist temples recognised by the State Bureau of Religious Affairs within a certain distance of a listed firm as a proxy for the degree of religion’s influence, we find that the stronger the influence of religion, the more likely the firm is to choose a high-quality accounting firm and the less likely it is to switch auditors. The stronger the influence of religion, the more likely firms are to employ an experienced signing partner and the higher the audit fees the firm is prepared to pay for this high-quality audit service. As a result of this higher demand for high-quality audit services, the firms subject to higher religious influence report higher-quality accounting information.Our findings contribute to the auditor choice literature from the perspective of religion, and offer empirical evidence to help understand the religious influence on firms’ behaviour in emerging markets.

【基金】Shuang Xue acknowledges financial support from the National Science Foundation of China (71572102, 71872107), MOE Project of the Key Research Institute of Humanities and Social Sciences at Universities (16JJD790038), and Program for Innovative Research Team of SHUFE (2014110319).

二十二CFO Status and Stock Return Synchronicity 

《中国会计与财务研究》,Volume 21, Number 3 ,2019 | 蒋德权,陈冬华()

【摘要】In the context of the special cultural and institutional background of China, this study analyses the impact on stock return synchronicity of a chief financial officers (CFO) status in the top management team (TMT). This research uses a CFOs rank order in the TMT (as indicated in the annual report) as the measure of CFO status in the TMT. The empirical results are as follows: (1) CFO status has a positive relationship with stock return synchronicity, thereby indicating that firms with high-status CFOs have strong stock return synchronicity; (2) this positive relationship only exists in firms with chief executive officers (CEOs) who lack an accounting or financial background; (3) a high CFO status affects stock return synchronicity by affecting the quality of the accounting information. In summary, this study suggests that a high CFO status promotes a firms stock return synchronicity.

【基金】This paper is sponsored by the National Natural Science Fund (Grant no. 71772085 and 71502130) and the MOE Project of Key Research Institutes of Humanities and Social Sciences in Universities (No. 14JJD630005)

二十三Minimum Wages and Labor-cost Stickiness:  Evidence from China

《中国会计与财务研究》,Volume 21, Number 4 2019 | 唐松,Yiwei Yao(),叶芷薇()

【摘要】In this study, we examine the effect of minimum wages on labour cost stickiness by using a sample of 20,566 firm-year observations from China, which had no minimum wage legislation until 2004. We find that minimum wages are positively associated with labour cost stickiness, suggesting an enhancement effect. The results of further analyses show that the positive effect is mainly driven by the per capita salary stickiness and is more pronounced 1) among firms with lower per capita wages and those located in provinces with higher minimum wage growth and 2) in the post-2008 period, during which Chinas Labour Contract Law was in effect.

【基金】Song Tang acknowledges financial support from the National Natural Science Foundation of China (Approval Nos. 71372042 and 71772114) and the MOE Project for Key Research Institutes of Humanities and Social Science in Universities (Approval No. 18JJD790011)

(二十四)管制下的市场分割与租值耗散* —基于企业集团跨地区经营的视角

《财经研究》,201904| 朱凯,潘怡麟(),张舒怡(),陈信元

【摘要】 地区市场分割对经济效率的影响不容忽视。文章通过分析企业集团的跨地区经营行为,研究了我国地区市场分割形成的管制租值及其耗散过程。管制下的地区市场分割固然增加了企业的交易成本,但如果企业能通过设立异地子公司突破这种管制,就可以在商品市场竞争中获得超额收益。实证结果表明,通过在市场分割程度高的地区设立异地子公司,企业集团能够扩大销售规模、提升毛利率,但需要承担额外的非生产性支出和税负,总体上能够改善经营业绩。进一步研究发现,与国有企业相比,民营企业集团克服市场分割更能提升经营业绩;在竞争程度高的行业中,企业集团克服市场分割更能提升经营业绩。因此,企业的竞争性寻租行为是地区市场分割造成经济效率损失的一条重要路径,消除地方保护主义有助于促进企业和经济的良性发展。

【基金】 国家自然科学基金重点项目(71632006);教育部人文社会科学重点研究基地项目(14JJD630005)

(二十五)官员晋升激励与企业负债——地级市层面的经验分析

《经济管理》,201904| 赵宇(学)

【摘要】 政府官员对企业经济行为的影响一直是个重要的研究话题,近年来,我国企业高杠杆的问题引起了理论界和实务界的普遍关心。基于全国234个地级市的数据,本文从动态和静态两个角度考察地方官员晋升激励对上市公司资产负债率的影响。结果表明,官员晋升激励显著影响了企业负债率。从静态负债率来看,官员晋升激励越强,企业负债率水平越高;从负债率动态的调整过程来看,官员晋升激励阻碍了企业负债率的调整速度,并使企业资产负债率偏离目标水平的程度增大。由此形成了企业静态负债率长期偏高的结果,并且上述现象在国有企业和市场化程度较低的地区更加显著。进一步的分析显示,官员晋升激励主要是通过增加企业短期债务比重而影响企业负债率的,且在后果上加大了企业财务风险,使企业更可能陷入财务困境。本文的研究丰富了公司资本结构影响因素的已有文献,提供了政府官员晋升激励如何影响企业经济活动的证据,为解释中国企业债务问题提供了参考和借鉴。

【基金】国家自然科学基金重点项目“互联网时代企业的财务行为与治理特征”(71632006);教育部人文社会科学重点研究基地重大研究项目新股发行制度变革与会计、财务问题研究(16JJD790037);上海财经大学研究生创新基金项目“晋升激励与企业资本结构”(CXJJ-2017-304)

(二十六)我国产业政策的制度发展与实证发现—基于企业财务行为视角的研究展望

《财经研究》,201901 | 靳庆鲁,宣扬()

【摘要】 近年来,产业政策引起了学术界与实务界的热烈讨论。基于政府与市场关系的视角,本文对产业政策的核心理论、制度背景以及实证发现进行了系统回顾,并在此基础上梳理了研究脉络。最后,本文结合中国的制度特征,提出了产业政策与企业财务行为领域潜在的研究方向。

【基金】 国家自然科学基金项目(71472114,71625002);教育部人文社会科学重点研究基地重大项目(18JJD790010)

二十七控制权变迁中的权力博弈与股权激励设计动机——基于上海家化的案例分析

《财经研究》,201908| 杨慧辉(),潘飞,刘钰莹()

【摘要】 文章通过理论分析和对上海家化的案例研究发现,在控制权重新配置时,被收购企业的控股股东-管理层权力的动态博弈与股权激励的设计动机有一定的内在联系。研究表明,管理层权力主导下的股权激励设计体现福利性;民营控股股东在尚未取得公司实质控制权时,会与管理层形成权力制衡,股权激励设计体现激励性;而民营控股股东在取得公司实质控制权后,容易产生利益侵占动机,使股权激励成为收买高管与之合谋的工具。文章丰富了管理层股权激励在双重股权代理环境下的治理效应研究,也为合理选择股权激励的微观契约要素并完善公司其他治理机制提出了有益的建议。 

【基金】国家社会科学基金一般项目(19BGL069);上海市哲学社会科学规划课(2018BGL004);教育部人文社科重点研究基地重大项目(15JJD630008)

二十八风险资本的声誉机制、增值服务和IPO退出回报

《复旦学报(社会科学版)》,201906| 张广婷(),王悦,李佳娇()

【摘要】科创类企业的轻资产和高风险特征导致其难以从传统的商业银行获得融资,而依赖于风险资本的股权投资。本文基于清科数据库的风险资本投资数据,深入研究了风险资本的声誉机制及其资源配置效率。研究发现:风险资本的资源配置效率主要体现在其声誉机制的约束作用上,投资机构的声誉越高,被投资企业IPO退出的比例越高;有较高声誉的风险资本提供了更好的增值服务,其良好的投后管理提高了被投资企业的资产增值能力;声誉越高的风险资本所投资的企业其上市退出的内含报酬率(IRR)也越高。本文的研究结果表明,风险资本机构的声誉机制作为重要的无形资产,能够帮助企业提高经营效率,获得更好的投资回报,从而为深入认识我国风险资本的作用机制提供了实证依据。最后,亦为完善风险资本的行业监管、促进科创板健康发展提供了建设性意见。 

(二十九)审计师视角的交流方式偏好和交流语言演变:挑战与应对

《中国内部审计》,201902| 饶艳超,赵嘉璐(),陈建勇()

【摘要】科技发展极大改变了人们的交流方式偏好和交流语言,这些变化逐渐渗透到商业环境中,影响人们的业务行为。本文分析了交流方式偏好和语言演变特征以及这种变化对审计师的挑战,探讨了审计师和审计机构应对挑战的主要措施。

(三十)Logit回归模型算法在典当公司信用风险度量中的应用——以A公司为例

《管理会计研究》,201901| 饶艳超,顾浙君()

【摘要】 典当公司作为专门从事发放抵押、质押贷款,以现金货币借贷为主要服务业务并兼任从事抵押商品出售市场的中介组织,是一种非典型的金融机构。当前,典当公司在以互联网金融为代表的小额借贷市场严峻的竞争局面下,为借款人给出接近甚至超出抵押、质押物价值的额度的借款额度,并降低所收的息费率,以此保住自己的市场份额。但这些营销手段大大提高了典当公司所面临的信用风险,也使典当公司对信用风险施行有效的度量和监控的需求更为迫切。本文通过一家较为典型的典当公司(A公司)信用风险度量模型构建的案例,结合典当公司的业务特点、需求和具体案例公司的样本,建立了信用风险度量的逻辑回归模型,并通过交叉验证和实践运用,得到了使用有效的评价。该研究结果可为提供借贷金融服务的典当行业,建立有效的信用风险度量方法提供一定的参考,模型选取的参数可为提供第三方征信服务的公司提供借鉴。

(三十一)六要素在中铁十一局构建管控型财务共享中心的应用

《财务与会计》,201901|饶艳超,顾德军(),叶浩()

【摘要】 随着企业海内外业务规模的不断扩大,企业财务管控的难度和成本不断增加、财务风险逐步攀升,财务共享中心越来越多地成为企业有效解决财务管控难题、实现财务转型的必然选择。本案例以中铁十一局财务共享中心构建应用的六要素(SPORTS)为框架,剖析了其管控型财务共享中心的具体应用。

三十二民营上市公司的股权激励和高管择时行为

《财务研究》,201905| 沈红波(),王悦,田淳()

【摘要】本文以2006-2013年我国A股首次实施股权激励的民营上市公司作为研究对象,采用动态视角全面分析了激励效应,并对股权激励实施过程中髙管的择时行为进行了研究。结果发现:(1)股权激励样本在预案公告的各窗口内均产生了显著为正的超额回报。同时,股权激励与企业绩效显著正相关。回归系数在股权激励实施后的第一年达到最大,之后激励效应逐渐减弱。(2)股权激励并不总是有效的,公司高管存在择时行为,可能会在股权激励实施前一年进行向下的盈余管理,在财务业绩较差时推出股权激励计划。(3)公司高管还倾向于在股价较低时授予期权的激励计划,使得授予公告日后样本股票的累计超额回报显著高于公告前。我们还发现,限制性股票计划的财务激励效果弱于股票期权激励。本文的研究结果表明,虽然股权激励的整体正面效应大于负面效应,但还应该加强股权激励的监督和约束机制,抑制公司高管的择时行为,并对激励方案做出精细化、差异化的设计。

 

 

(上海财经大学会计与财务研究院办公室编印)