2018年成果简报2

发布时间:2019-11-07

上海财经大学会计与财务研究院

2018年第2期(总第36期)201812

  

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:2018.7—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。目前已发表论文1篇。

阶段性成果: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

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,已有多项成果发表于国内权威会计学期刊《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:Does the rhetoric always hide bad intention: annual reports tone and stock crash risk(《China 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.

阶段性成果二:Friends in Need are Friends Indeed: An Analysis of Social Ties between Financial Analysts and Mutual Fund Managers(forthcoming in The Accounting Review 2019(03))

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 analysts’ brokerages. 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.


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:反腐倡廉政策与企业三公消费(《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(《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。


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

(二)项目研究进展情况

基于拟定的研究计划,本年度课题组继续推进课题的研究工作,具体概述如下。首先,课题组对我国新股发行制度变迁如何影响公司IPO定价进行了考察。具体包括两个方面的内容:一是,不同新股发行制度下IPO公司的发行价格是否存在差异;二是,新股发行制度变迁对IPO公司首日溢价率的影响。其次,课题组探究了新股发行制度变迁对IPO公司上市后绩效的作用。具体的,我们从两个方面进行了分析,包括公司股票收益和会计业绩。最后,基于上述研究,课题组写作了若干篇工作论文,投稿了国内外学术会议,如2018年麻省理工学院亚洲会计年会和2018年第二届龙马会计与财务研讨会,进行了学术交流,并投稿到本学科国内外期刊,目前已有些论文被接收或发表。


阶段性成果一: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 formerbureaucrats in China. We find that the ex-bureaucrat led companies are involved in more diversifiedbusiness lines than other firms managed by professionals without such governmentbackgrounds. While former bureaucrats that manage state-owned enterprises (SOEs) tend tooperate 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 helpedby additional borrowing capacity brought in by ex-bureaucrat CEOs, while no such financingeffect is found in SOEs. The overall diversification performance associated with bureaucratCEOs is positive in private firms, but not in SOEs. As manifested by the different diversificationstrategies and outcomes between private firms and SOEs, the government-linked CEOs facilitatetransfers of critical business resources that benefit either owners' or governments' goals.

阶段性成果二: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.

阶段性成果三: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 firmscorporate governance.

阶段性成果四: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。

阶段性成果五: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。

阶段性成果六: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。

阶段性成果七: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。

阶段性成果八: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。

阶段性成果九: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。

二、 公开发表论文

(一)Regulatory effects on Analysts′ conflicts of interest in corporate financing activities: Evidence from NASD Rule 2711

Journal of Corporate Finance》,Vol. 48, No. C | Peter F. ChenKirill E. Novoselov,王翼虹

[摘要]:We investigate the effects of NASD Rule 2711 on analysts' conflict of interest in corporate financingactivities. Specifically, we examine the relations (1) between analysts' guidance inearnings forecasts and recommendations and corporate external financing and (2) between externalfinancing and future stock returns during the 1994–2010 period. We find a positive relationof analysts' guidance in earnings forecasts and recommendations (especially long-termgrowth forecast and recommendations) and corporate financing activities, but the relation isweaker in the post-Rule period than in the pre-Rule period. We also find a negative relationbetween corporate external financing and future stock returns, but the relation is weaker inthe post-Rule period. Moreover, the changes of these relations after the implementation ofthe Rule are greater for firms with greater conflicts of interest. Our empirical results suggestthat Rule 2711 has reduced the extent of analysts' conflicts of interest in corporate financingactivities.

[基金]:We thank David Burgstahler, Mingyi Hung, Richard Sloan, ShihengWang,Wayne Yu, Haifeng You, Guochang Zhang, and workshop participants at the Hong KongUniversity of Science and Technology and Shanghai University of Finance and Economics.We acknowledge the financial support by the MOE through the Institute ofAccounting and Finance at SUFE (15JJD630007).

(二)Institutional Shareholders and Corporate Social Responsibility

Journal of Financial Economics》, forthcoming | Tao Chen董慧,Chen Lin

[摘要]Are sustainable investments offered just in name to cater to investor demand, or institutional shareholders have real effects to generate social impact outcomes? Our paper investigates this question using two distinct quasi-natural experiments: 1) exogenous changes in institutional holdings in Russell Index reconstitutions; 2) exogenous shocks to shareholder attention. We find consistent evidence that both higher institutional ownership and more concentrated shareholder attention induce corporate managers to adopt more socially responsible policies. Further, we show that ownerships by index funds, pension funds, and sustainable investment funds are the main forces to drive positive social impact outcomes.

(三)Long-Term Impact of Economic Conditions on AuditorsJudgment

The Accounting Review》,Online | 何贤杰,S.P. KothariTusheng XiaoLuo Zuo

[摘要]We find that economic conditions at the time an auditor enters the labor market have a long-term impact on her judgment and decision making. Specifically, engagement partners who started their career during economic downturns issue audit adjustments more frequently. For the subsample of company-years with no audit adjustments, downturn auditors are more likely to issue a modified audit opinion. In addition, companies audited by downturn auditors are less likely to violate financial reporting and disclosure regulations. Together, our findings suggest that early-career stage is a critical formative period for auditors.

[基金]:Xianjie He acknowledges financial support from the National Natural Science Foundation of China (No. 71472113; No. 91746117; No. 71632006), Shanghai Philosophy and Social Science Foundation (No. 2014BJB007), and the MOE Project of Key Research Institute of Humanities and Social Sciences at Universities (No. 14JJD630010). Tusheng Xiao acknowledges financial support from the National Natural Science Foundation of China (No. 71402197) and the Program for Innovation Research in Central University of Finance and Economics.

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

Journal of Financial and Quantitative Analysis》,Online | Michael Firth何贤杰,Oliver RuiXinyang MaoPaul Brockman

[摘要]We examine the role of relationship-based resource allocations during the approval process of secondary 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, related-party transactions, and inter-company 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]:Xianjie He acknowledges financial support from the National Natural Science Foundation of China (No. 71472113; No. 91746117; No. 71272008) and the MOE Project of Key Research Institute of Humanities and Social Sciences at Universities (No. 14JJD630010). Oliver Rui acknowledges financial support of a China Europe International Business School (CEIBS) research grant and the National Natural Science Foundation of China (No. 71372203). Paul Brockman, Xianjie He, Xinyang Mao and Oliver Rui acknowledge the profound impact Michael Firth had on them both professionally and personally.

(五)The effect of non-recurring items on analysts’ earnings forecasts

China Journal of Accounting Research》,Vol. 11, No. 1 | 李楠(),苏宏通(),董婉沁()朱凯

[摘要]This article discusses the effects of non-recurring profits and losses on statement users’ decision-making processes from the perspective of securities analysts. We examine the relationship between analysts’ forecast revisions and firms’ non-recurring earnings. We find that 1) non-recurring gains and losses can influence analysts’ earnings forecast revision; 2) compared with non-recurring items resulting from policy changes, analysts are more concerned about those attributed to changes in business scope; 3) if listed companies use non-recurring items to turn losses into gains during earnings management, it will weaken the effects of non-recurring items on analysts’ earnings forecast revision. The results suggest that non-recurring items that result from changes in business scope incorporate information that users need for the future operation of the business. This article verifies the information relevance of non-recurring items and provides evidence for the necessity of non-recurring item disclosure.

[基金]:The authors thank the anonymous referees and the editor for their constructive suggestions. Any errors arethe sole responsibility of the authors. This study is supported by the National Natural Science Foundation ofChina (Project No. 71272008 and No. 71632006), Social Sciences Major Issue Research Projects of The Ministryof Education of China (Project No. 11JJD790008 and No. 14JJD630005) and the Subject of ShanghaiEducation Committee (Project No. 2014111143).

(六)Does independent directorsmonitoring affect reputation? Evidence from the stock and labor markets

中国会计与财务研究》,Vol. 11, No. 2 | Jun DU侯青川,Xuesong TANGYiwei YAO

[摘要]Using novel data on independent directors’ opinions in China, we investigate the stock and labor market effects prompted by independent directors publicly saying “no” to major board decisions. We find that the market reacts negatively to modified director opinions, but positively to firms interlocked with the directors who said “no.” We further find substantial turnover and decline in board seats after independent directors issue modified opinions. Overall, we identify a dilemma in China whereby the labor market does not reward vigilant directors for standing up to firm insiders, although investors add a premium to effective board monitoring.

(七)Insider Trading and AnalystsEarnings Forecast Bias in China: Information Conveying or Catered Forecasting?

China Journal of Accounting Research》,Vol. 19, No. 4| 曾庆生,张程(),贺惠宇()

[摘要]: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 a 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 analystsshow 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-marketisation 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.

[基金]:We appreciate the helpful comments and suggestions received from two anonymous referees. QingshengZeng acknowledges financial support from the National Science Foundation of China (Project No. 71372039 and Project No. 71632006) and the MOE project of Key Research Institutes of Humanities andSocial Sciences in Universities (16JJD790038).

(八)Social Connections between Investment Bankersand Issuer Executives, IPO Underpricing, andPost-IPO Performance: Evidence from China

中国会计与财务研究》,Vol. 20, No. 2 | 孙淑伟,何贤杰,胡浔()

[摘要]Using a sample of Chinese firms preparing for an initial public offering (IPO) during the period 2004 to 2012, this paper investigates the effect of social connections between investment bankers and issuer executives (IEs’ connections) on the outcomes of IPOs. On the basis of three-year post-IPO stock returns, we find that IEs’ connections are negatively correlated with IPO underpricing and that firms with socially connected investment bankers outperform those without socially connected investment bankers. We then document the effect of social connections on other IPO outcomes, finding that firms with IEs’ connections have a higher ratio of overfunding, a lower rate of changing investment projects after raising money through a public offering, and higher investment efficiency within three years of the IPO. The cross-sectional analyses show that the effect of IEs’ connections on underpricing and post-IPO performance is more obvious in non-state-owned enterprises (non-SOEs) and areas with a less developed financial environment. The results of this paper help elucidate the impact of relationship-based financial intermediaries on capital market activity and may be relevant for Chinese reform of the IPO system.

[基金]:We gratefully acknowledge the helpful comments received from Gang Hu (editor) and an anonymousreviewer. Shuwei Sun acknowledges financial support from the National Natural Science Foundation ofChina (No.71602112). Xianjie He acknowledges financial support from the National Natural ScienceFoundation of China (No.71472113; No.91746117; No.71272008), the Shanghai Philosophy and SocialScience Foundation (No. 2014BJB007), and the MOE Project of Key Research Institutes of Humanitiesand Social Sciences at Universities project (No.14JJD630010). Xun Hu acknowledges financial supportfrom the Shanghai Pujiang Program (No.13PJC047).

(九)Can Media Coverage Restrain Executive Empire Building and Pursuit of a Quiet Life? Evidence from China(《International Review of Economics and Finance》,201856 | Guo Zhaorui(),Chan Kam C.(),黄俊

[摘要]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.

[基金]:We acknowledge the helpful comments from an anonymous reviewer. Huang acknowledges the financial support from the NationalNatural Science Foundation of China (grant nos. 71372038 and 71632006) and MOE Project for Key Research Institutes of Humanitiesand Social Science in Universities (grant no. 16JJD790037), and the Program for Innovative Research Team of Shanghai University ofFinance and Economics. The usual caveats apply.

(十)Concentration of the supply chain and audit opinion shopping: the case of ChinaChina Journal of Accounting Studies,2018, VOL. 6, NO. 2,|薛爽,耀友福(),王雪方()

[摘要]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.

(十一)State ownership, performance evaluation and tax avoidance

China Journal of Accounting Studies,2018, VOL. 6, NO. 2,|陈信元,林旭(),Wenhong Dingc(),朱凯

[摘要]In 2004, the central and local State-owned Assets Supervision andAdministration Commission (SASAC) announced how to evaluate theperformance of management of state-owned enterprises (SOEs) thatare under its control. This article examines how the different performance evaluation systems in different provinces influence the taxavoidance behaviour of SOEs. We find that only four of them Shanghai, Guangdong, Zhejiang and Fujian adopt after-tax profitas the evaluation index, while all the other provinces use before-taxprofit. We believe that SOEs which use after-tax profit as an evaluationindex have higher incentives to reduce the tax burden than thosewhich use before-tax profit as an evaluation index. Following previousliterature, two measurements of tax avoidance are used in this paper:effective tax rate and book-tax difference. Based on 8426 observationsfrom 2007 to 2015, we have two main conclusions: (1) compared withSOEs that are evaluated using before-tax profit as the evaluation index,SOEs that are evaluated using after-tax profit have lower effective taxrate (ETR) and higher book-tax difference (BTD); (2) compared withSOEs that are evaluated using before-tax profit as the evaluation index,SOEs that are evaluated using after-tax profit have a higher level ofsubstitution between debt financing and tax avoidance.

[基金]:This work was supported by the Key Program of National Natural Science Foundation of China[71632006];National Natural Science Foundation of China [71272008];the Graduate InnovationProgram of Shanghai University of Finance and Economics [2016110919];the MOE Project forKey Research Institutes of Humanities and Social Science in Universities [14JJD630005];theProgram of the Shanghai Municipal Education Commission [2014111143];the MOE Project forKey Research Institutes of Humanities and Social Science in Universities [11JJD790008];

(十二)Does the rhetoric always hide bad intention: annual reports tone and stock crash risk

China Journal of Accounting Studies,2018, VOL. 6, NO. 2,|周波,曾庆生,张程()

[摘要]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 fifind that, overall, the optimism of tone in the annual report has no signifificant 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 fifind 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 signifificantly suppressed, indicating that positive language expresses managersreal thoughts, without bad intention.

[基金]:We appreciate helpful comments from anonymous reviewers and acknowledge financial support from the National Natural Science Foundation of China (Project Nos. 71372039; 71632006;71402089; 71402087), the MOE Project of Key Research Institutes of Humanities and Social Sciences in Universities (18JJD790011), and the Special Funds for the Fundamental Scientific Research of Shanghai University of Finance and Economics.

(十三)Corporate Governance and Resource Allocation Efficiency: Evidence from IPO Regulation in China

《Journal of International Accounting Research》,2018Vol. 17, No. 3 |陈信元,黄俊,Li Xu,Zhang Tianshu

[摘要]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 firmscorporate governance.

[基金]:We are grateful for helpful comments from two anonymous referees, Joanna L. Y. Ho (editor), Zhenyu Wu, and the seminar participants at Shanghai University of International Business and Economics. Professor Chen thanks the National Natural Science Foundation of China (No. 71632006). Professor Huang thanks the National Natural Science Foundation of China (No. 71372038) and the MOE Project for Key Research Institutes of Humanities and Social Science in Universities (No. 16JJD790037). Professor Zhang thanks the Shanghai Philosophy and Social Science Foundation (2017BGL009). The paper has benefifited from the fifinancial support of Hong Kong GRF Grant No. HKU 17500915, received by Professor Li. Tianshu Zhang is the corresponding author.

(十四)Firm-specific corporate governance and analystsearnings forecast characteristics Evidence from Asian stock markets

《International Journal of Accounting & Information Management》,2018Vol. 26, No. 3 |Minna Yu,王延明

[摘要]Purpose The purpose of this paper is to examine the impact of corporate governance on the capital market participantsabilities to forecast future performance, as measured by the properties of analystsearnings forecasts in Asian stock markets. Design/methodology/approach This paper hypothesizes that higher corporate governance is associated with lower forecast errors, lower forecast dispersion and lower forecast revision volatility. Findings These predictions are supported with a sample of companies across eleven Asian economies over 2004-2012. The results of this paper suggest that corporate governance plays a signifificant role in the predictability of fifirms future performance and, therefore, improves the fifinancial environment in Asian stock markets. Furthermore, the impact of corporate governance on analystsforecast properties is more pronounced in countries with strong investor protection.Research/limitations/implications The authors acknowledge the following limitations of this paper. First, the results of this paper may be subject to omitted-variable bias and endogeneity issue.The authors have used control variables in the regressions to reduce the omitted variable bias. The authors have run lead-lag regressions to address causality issue. Second, CLSA corporate governance scores are collected for largest companies in each jurisdiction. Therefore, the sample is biased towards the largest companies in those jurisdictions and may not be representative of the average fifirm in the Asia. Originality/value The results of this paper speak to the benefifit of having strong corporate governance in terms of reducing the information asymmetry between investors and corporate management.

(十五)合谋与胁迫:作为经济主体的媒体行为——基于新闻敲诈曝光的事件研究

《管理科学学报》,2018年第3 | 金宇超()靳庆鲁,严青蕾()

[摘要]:利用21世纪报系新闻敲诈案的曝光为准自然实验,本文研究媒体作为经济主体,可能存在与公司进行合谋,或中立的监督,抑或利用影响力对公司进行威胁等一系列自利行为。根据曝光日前的新闻报道,本文将公司分为与媒体“利益相关”组,被媒体“利益攫取”组以及对照组。本文发现,市场在得知媒体的自利行为后,下调了“利益相关”公司组的评价,也对“利益攫取”组的判断进行了一定程度的上调。表现为曝光日“利益相关”(“利益攫取”)公司组平均为负(正)的市场反应。另外,在被媒体“利益攫取”的公司中,事件媒体所在地公司具有相对较小的事件日正向反应,甚至为负向反应,这说明被媒体威胁后,当地公司更可能妥协并与媒体“合作”。

[基金]国家自然科学基金资助项目(71272012;71472114;71625002);教育部人文社会科学重点研究基地重大项目(15JJD630007上海财经大学创型团队支持计划资助项目。

(十六)网络新媒体信息披露的经济后果研究——基于股价同步性的视角

管理科学学报》,2018年第6 | 何贤杰,王孝钰,孙淑伟,朱红军

[摘要]近年来,微博等网络新媒体的出现对公众信息的传播方式和及时性产生了重大的影响,尤其在资本市场中,这些网络新媒体丰富了上市公司发布信息的内容,增加了投资者获取信息的渠道,在一定程度上促进了证券市场的定价效率。文章通过手工搜集并逐条阅读上市公司在新浪微博上发布的信息,从股价同步性的视角对上市公司披露的微博信息内容的经济后果进行了考察。研究结果显示,微博信息中经营活动及策略信息占比越高的公司的股价同步性越低,并且这个结果在考虑内生性影响后依旧存在。文章还发现,聘请十大会计事务所、信息透明度越高以及分析师跟踪人数越多的公司,其微博有用信息降低股价同步性作用更强。这些结果说明,投资者并非接受所有微博信息并做出反应,只有当公司透明度较高、发布信息质量较高,并且微博信息内容具有价值的情况下,公司层面信息才能通过微博有效传递给投资者,从而影响资本市场。

[基金]:国家自然科学基金资助项目(71472113;91746117;71572101;71602112);上海市哲学社会科学规划课题资助项目(2014BJB007);上海财经大学创型团队项目以及教育部人文社会科学重点研究基地重大资助(14JJD630010)。

(十七)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 | 赵子夜,杨庆,陈坚波()

[摘要]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。综合结论可得,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。

[基金]:本文受到国家自然科学基金(编号:71632006;项目名称:互联网时代企业的财务行为与治理特征)、上海财经大学会计与财务研究院(编号:12JJD790033)的教育部人文社会科学重点研究基地重大项目(16JJD790037)以及杭州市哲学社会科学规划课题成果(Z18JC042)的资助。

(十八)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| 许楠,刘浩,蔡伟成()

[摘要]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。

[基金]:国家自然科学基金资助项目(71272012;71472114;71625002) 教育部人文社会科学重点研究基地重大项目(15JJD630007)上海财经大学创新团队支持计划资助项目

(十九)税负抑制了公司投资么?

财经研究》,20183| 林旭(),苏宏通()朱凯,陈信元

[摘要]文章分析了税负对公司投资决策的影响。与民营控股股东不同,作为国有企业的最终股东,政府不仅可以获得与股权投资相关的收益,而且可以获得独占性的税收,独占性的税收收入越高,政府控股的私有收益越大。因此,国有企业在投资决策时不仅考虑税后现金流量,而且会关注相关的预期税负,这提高了国有企业的投资−预期税负敏感性;政府对税收的需求越大,国有企业的投资−预期税负敏感性越高。实证结果表明:(1)与民营控股上市公司相比,国有控股上市公司的投资与预期税负之间的负相关关系更弱;(2)随着注册地基础设施投资回报率的增加,国有控股上市公司的投资与预期税负之间的负相关性显著下降。因此,最大化税收收入也是国有企业投资决策的重要考虑因素。文章为我国股权结构在公司财务决策中的作用提供了新的研究视角。

[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);国家自然科学基金项目“国有企业绩效考核体系:改革及其经济后果”(71272008);教育部人文社会科学重点研究基地资助项目(11JJD79000814JJD630005);上海市教育委员会课题(2014111143);上海财经大学研究生创新基金项目(CXJJ-2016-303)。

(二十)产业政策中的资金配置:市场力量与政府扶持

财经研究》,20184| 金宇超(),施文()唐松,靳庆鲁

[摘要]产业政策具有重要的国家战略意义,如何有效引导经济资源流向政策支持产业,是产业政策发挥成效的关键。现有相关研究未深入考察经济资源在扶持行业之间及行业内部配置的规律,而且没有综合探讨不同资金配置的关联。文章考察了市场力量与政府扶持两种机制如何引导产业政策下的资金配置。研究发现,产业政策支持的企业获得了更多的债务融资和政府补助。其中,债务融资更多地流向了成长行业中规模较大的企业,政府补助使成长行业中的小规模企业和成熟行业中的大规模企业受益更多。研究结果表明,市场看重企业的增长机会,政府补助则会顾及当前成长性较弱而相对不受市场青睐的企业,对产业政策下的市场化资金配置起到了补充作用。文章的研究为如何协调市场机制和政府扶持两种力量提供了一定的借鉴。

[基金]:国家自然科学基金项目(71625002,71472114,71272012,71772114,71372042);教育部人文社会科学重点研究基地重大项目“放松卖空管制与公司代理问题研究”(15JJD630007;上海财经大学创新团队支持计划“转型经济中的会计与财务管理问题研究”

(二十一)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 | 黄俊,黄超,位豪强(),王敏

[摘要]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。

[基金]:本文受国家自然科学基金项目(71632006、71372038)、教育部人文社会科学重点研究基地重大研究项目(16JJD790037资助

(二十二)文化距离与中国企业海外并购价值创造

财贸经济》,2018年第6| 孙淑伟,何贤杰,王晨

[摘要]近些年,我国企业进行海外并购的数量和规模呈现显著增长。海外并购不同于本土并购,企业在“走出去”时要面临文化距离上的挑战。那么,文化距离对我国企业进行海外并购的价值创造存在何种影响,该问题是财务学、管理学和社会学交叉研究的领域。本文以1995—2014年我国上市公司进行的221起海外并购事件为样本,系统分析与检验了文化距离对海外并购价值创造的影响及其传导路径。实证结果表明,中国与并购目标所在国之间的文化距离越大,海外并购为中国上市公司所创造的价值就越低;进一步的研究显示,文化距离影响价值创造存在完全的生产效率路径,部分的研发产出路径和部分的税收路径。此外,研究结果还显示,如果上市公司聘请了海外背景高管、有成功进行海外并购的经验以及同行业并购,则能减轻文化距离对海外并购价值创造的负面影响。本文的结论打开了文化距离影响海外并购价值创造的“黑箱”,并从实证上给出缓解文化距离负面影响的应对机制,为中国企业进行海外并购如何应对文化距离提供了实践指导。

(二十三)决策权配置与公司价值——基于企业集团的经验证据

管理世界》,2018年第12| 潘怡麟()朱凯,陈信元

[摘要]本文检验了决策权配置对企业经营效率和市场价值的影响。一方面,集权管理能够统筹协调企业资源,发挥内部市场作用,提高现有资源管理效率;另一方面,在不确定性较高的投资决策过程中,分权管理可以结合决策权与专有知识,而集权管理者在缺乏知识的情况下可能过度投资。以母公司支付的职工薪酬比例为集团集权程度的度量指标,本文检验了决策权配置的经济后果。实证结果显示,企业集团的集权管理在显著提升现有资源管理效率的同时,增加了过度投资。路径分析结果表明,管理效率和过度投资是决策权配置影响公司价值的重要途径。本文的研究结果对企业确立适当的决策权配置具有重要意义。

[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)和“国有企业绩效考核体系:改革及其经济后果”(71272008)的阶段性成果;教育部人文社会科学重点研究基地项目(14JJD630005);上海市教育委员会课题(2014111143)的资助

(二十四)年报语调与内部人交易:“表里如一”还是“口是心非”?

管理世界》,2018年第9| 曾庆生,周波,张程(),陈信元

[摘要]基于中国A股非金融公司2007~2014年年报语调的文本分析,本文研究了年报语调与年报披露后的内部人交易行为之间的关系。研究发现,年报语调越积极,公司高管在年报公布后一段期间内的卖出股票规模越大,净买入股票规模越小,表明公司高管编制年报时存在口是心非的操纵嫌疑。进一步研究发现,年报披露后中期市场表现差、信息透明度低、非国有控股的公司高管交易与年报语调的反向关系分别显著强于年报披露后中期市场表现好、信息透明度高、国有控股的公司;而公司盈余管理程度、交易者职位(是否核心高管)对年报语调与高管交易关系的影响不显著。此外,年报语调越积极,高管亲属卖出股票的规模也越大,但未发现公司重要股东交易与年报语调相关。上述结果表明,中国上市公司年报存在语调管理行为,年报语调成为除会计报表以外另一种可以被内部人管理或操纵的信息。

[基金]: 国家自然科学基金项目(71372039、71632006、71402089)的阶段性成果;教育部人文社科重点研究基地重大项目(15JJD630007);上海财经大学中央高校基本科研业务费专项资金资助

(二十五)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》,201808| 黄俊,丁竹(),位豪强()

[摘要]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。

[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)

(二十六)财政预算软约束、棘轮效应与政府会计治理效能

会计研究》,2018年第10| 章贵桥,李增泉

[摘要]现阶段我国政府预算编制与执行过程中普遍存在的棘轮效应和财政预算软约束,导致财政预算利益相关者中的理性经济人的逆向选择行为,造成财政资源配置不均衡和资源浪费等不良后果。本文分析指出,棘轮效应和财政预算软约束是政府产权流通过程中产生的外部溢出效应,根源在于用于监督政府行为的信息缺失。政府会计作为反映政府行为的重要信息系统,可为政府部门之间的相互监督提供信息来源,有效利用政府会计信息可以增强财政预算投资效益,健全政府财政预算绩治机制,合理增加地方财政收入,并有利于财政预算管理行政法制化建设等,从而可以用于抑制棘轮效应和削弱财政预算软约束的负面影响,助力经济与社会的良性发展。

(二十七)管理层过度自信、产权性质与并购商誉

会计研究》,2018年第6| 李丹蒙,叶建芳,卢思绮(),曾森

[摘要]本文以沪深两市20072015年度的上市公司为研究样本,实证研究了管理层的过度自信与企业并购商誉之间的关系。研究结果发现,管理层的过度自信程度越高,公司当年新增的并购商誉越多。本文考虑了产权性质对上述研究的调节效应,发现相比于非国有控股公司,国有控股公司中管理层的过度自信对并购商誉的影响较弱。进一步研究发现,公司当年新增的并购商誉虽然对并购后1年公司业绩有正向影响,但该影响主要来自于管理非过度自信的上市公司。本文的研究结果对企业并购、管理层过度乐观以及商誉等领域的研究文献做出了有益的补充,为有关部门制定企业并购重组的政策法规和商誉的会计核算与披露政策提供了经验证据作为参考。

[基金]:国家自然科学基金青年项目(71502060);中央高校基本科研业务费专项资金(WN1323008);教育部人文社会科学重点研究基地重大项目(13JJD790019);教育部重大研究项目(14JJD630005)

(二十八)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| 胡宁(),靳庆鲁

[摘要]在政治锦标赛激励下,各级政府有强烈动机将社会性负担内化于企业的日常经营。本文以ST制度为切入点,考察公司承担的社会性负担对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面临财务困境(表现为被ST)的概率,表现出市场竞争下的优胜劣汰效应。进一步的研究表明,基于社会性负担形成的预算软约束有助于ST公司在短期内实现摘帽,但加剧了未来财务困境反复的可能(表现为反复被ST)。本文利用ST制度场景,从社会性负担的视角阐释了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启示。

[基金]: 国家自然科学基金项目(71472114; 71625002);上海财经大学创新团队支持计划;教育部人文社会科学重点研究基地重大项目(简政放权与公司会计及财务问题研究)的资助。

(二十九)供应链集中度与审计意见购买

会计研究》,2018年第6| 薛爽,耀友福(),王雪方()

【摘要】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。

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

  

  

    

(上海财经大学会计与财务研究院办公室编印)

  

  

  

报送:国家教育部社政司、上海财经大学校(党)办、科研处

抄送:上海财经大学会计学院