关系型交易对审计费用的影响——基于经营风险理论视角

关系型交易模式可能会在议价能力、关系专用性投资成本转换等方面加剧上市公司的经营风险,进而影响审计费用。已有研究主要集中于关系型交易对审计行为的影响,鲜有文献关注其中的作用机制。本文基于经营风险理论视角,选取2008~2017年沪深A股制造业上市公司的相关数据,实证分析了关系型交易对审计费用的影响,结果表明:关系型交易显著加剧了企业经营风险的集聚,进而提升审计费用,即经营风险在关系型交易对审计费用的影响中起到了中介作用。进一步研究,在区分了产权性质以及耐用品特征后,实证结果显示关系型交易与审计费用的正相关关系在非国有企业以及耐用品行业的企业中较为显著,为审计师进行合理审计定价提供了经验证据支持。     

金融生态环境、股价波动同步性与上市企业融资约束

我国股票市场股价波动同步性是否正向地反映了股价的信息吸收效率?本文将股价波动同步性作为衡量信息不对称的指标,以2003~2006年我国上市企业为样本,检验在不同金融生态环境下股价波动同步性对企业融资约束的影响。研究发现在交易噪声广泛存在的我国股票市场,股价波动同步性与上市企业融资约束呈负相关关系,且对那些处于发达金融生态环境中的企业而言,这一负相关关系表现得更为明显。研究表明在控制企业规模等因素后,股价包含更多的市场和行业信息本身正向地反映了股价的信息吸收效率,而发达的金融生态环境有助于提高股价对市场和行业信息的吸收。     

交叉上市提高了我国A股市场股价信息含量了吗?

利用2010—2019年我国A股上市公司数据,实证检验了交叉上市对我国资本市场股价信息含量的影响.研究发现,交叉上市有利于提高我国资本市场股价信息含量,降低股价同步性,该结论在采用Heckman两阶段回归模型以及相关稳健性测试后仍然成立.截面异质性检验发现,交叉上市对股价信息含量的影响在国有企业、会计信息质量较低、有研报关注的上市公司中更为显著.机制检验发现,交叉上市通过提高资本市场股票流动性、投资者关注度进而提高了股价信息含量.研究结论丰富了交叉上市的经济后果,为促进我国资本市场健康发展提供经验借鉴.     

信息透明度、机构投资者与股价同步性北大核心CSSCISSCI

本文运用中国股票市场的数据,研究了股价同步性与信息透明度之间的关系,以及机构投资者持股比例对这种关系的影响。研究结果发现,公司信息透明度越低,股价同步性越低;股价同步性与信息透明度的正向关系随着机构投资者持股比例的提高而减弱。研究结果表明,在中国股票市场上,股价同步性正向地反映股票市场信息效率,而机构投资者能够提高股票市场的定价效率。研究结果揭示了中国股票市场的信息效率特征,也提供了股价同步性正向地反映股票市场信息效率的直接证据。     

环境信息披露能缓解资产误定价吗

本文以2009—2020年我国A股上市企业为研究对象,将资本市场长期存在的异象——资产误定价作为切入点,研究环境信息披露能否对资本市场运转产生积极效应。研究发现:环境信息披露能缓解资产误定价,且缓解作用随披露质量的提高而增强;这种缓解作用通过提高企业信息透明度、降低投资者非理性程度来实现。进一步分析表明,环境信息披露可有效降低股价高估,但对纠正股价低估的作用不佳;环境信息披露与资产误定价的负相关关系受企业内部特征和外部监督环境的共同影响,重污染行业、环境规制和分析师关注会强化两者的负向关系,而国有企业产权性质则会弱化两者的负向关系。本文既拓展了环境信息披露与资产误定价的相关研究,也为引导资本市场绿色发展提供了现实启示。     

业务复杂度、独立董事行业专长与股价同步性

中国上市公司在是否聘用行业专家型独立董事方面具有自主裁量权,这为考察董事会专业背景的治理后果提供了契机。本文从信息透明度角度出发,分析行业专家对复杂经营环境下特质信息释放效率的影响,并提供了下述经验证据:行业专家型独立董事削弱了业务复杂度和股价同步性之间的正相关关系;进一步的检验表明,当行业专家具有政治关系时,其对业务复杂度和股价同步性的调节效应被显著削弱。综合结果表明,行业专家因其对公司业务实质的理解和背负的业内专家声誉,有利于复杂经营环境下特质信息的释放,但具有政治关系行业专家的特质信息效应显著削弱,这可能体现了公司聘入的非监督动机。结论为中国公司董事会专业背景和监督效应的关系提供了证据。     

投资者关注与市场反应——来自中国证券交易所交易公开信息的自然实验

涨停的股票能否被交易公开信息披露取决于收益率排名中的随机因素,与股票的基本面特征无关。本文利用这一机制设计自然实验检验了投资者关注对股价的影响。实证结果显示交易公开信息披露使股票受到投资者更多的关注,增加了小额资金的净流入,减少了大额资金的净流入和股价的短期收益率,抑制了股价短期波动率,同时降低了股价在长期发生反转的可能性。频繁登上交易公开信息的知名营业部买入的股票受到更多关注,相应的市场反应也更加显著。进一步的研究表明监管性信息披露引发的投资者关注通过降低市场信息不对称抑制了股价反转。     

员工外部薪酬差距与股价崩盘风险

本文基于2008年至2018年信息传输、软件和信息技术服务业上市公司的经验数据,研究发现非国有企业员工外部薪酬差距与股价崩盘风险显著正相关。进一步研究发现,员工外部薪酬差距与股价崩盘风险的显著关系只存在于业绩中等的企业。本文的结论有助于扩展关于股价崩盘风险影响因素的研究,为防范股价崩盘风险和制定合理的员工薪酬政策提供经验数据支持。     

卖空限制、意见分歧收敛与信息披露的股价效应——来自A股市场的经验证据

本文从盈余公告对投资者意见分歧影响的角度,解释A股市场年报公告期间的股价反应,在为意见分歧资产定价理论提供经验证据的同时,也为A股市场信息披露股价效应的研究提供一个全新的思路。研究发现,公告前投资者意见分歧程度与股票在公告日附近的超额收益负相关,证明上市公司年报会降低投资者的意见分歧,导致公告前因卖空限制和意见分歧而被高估的股价在公告日附近向其基础价值靠拢。此外,本文还发现上述股价反应在正式公告日前的几个交易日就已出现,证明A股市场存在年报信息提前泄露的情况。进一步研究显示,意见分歧与公告日附近股票超额收益的负相关关系随着机构持股比例和行业集中度的提高而逐渐增强。     

社会责任信息披露与股价崩盘风险--基于信息效应与声誉保险效应的路径分析北大核心CSSCISSCI

本文从企业信息不对称和投资者情绪两个角度探讨了企业股价崩盘风险的形成机理,并以2009-2014年沪深A股上市公司为样本,分别从社会责任信息披露的信息效应和声誉保险效应两条路径考察了对股价崩盘风险的影响。研究发现,社会责任信息披露与未来股价崩盘风险显著负相关,说明企业披露社会责任信息降低了未来股价崩盘风险。对影响路径的分析发现,社会责任信息同时通过信息效应和声誉保险效应降低股价崩盘风险,但声誉保险效应占据主导地位。在通过一系列稳健性检验后,以上结论仍成立。拓展分析表明,自愿社会责任信息披露相对于应规披露,对股价崩盘风险的约束作用更强,且上述关系在企业违规这一特定情境下仍成立。本文不仅丰富了企业股价崩盘风险形成机理的理解和分析范式,为股价崩盘风险的预防提供了新的经验支持,对于深入理解社会责任信息披露的经济后果也具有重要的理论与现实意义。     

Moving from Private to Public Ownership: Selling Out to Public Firms versus Initial Public Offerings

We study two alternative means to move assets from private to public ownership: through the acquisition of private companies by firms that are public (sellouts) or through initial public share offerings (IPOs). We consider firm-specific characteristics for 1,074 IPO and 735 sellout firms to identify differences in growth, capital constraints, and asymmetric information between the two types of transactions. Our results suggest that firms move to public ownership through an IPO when they have greater growth opportunities and face more capital constraints. We provide a better understanding of the firm-specific characteristics that lead firms to go public.     

Does board gender diversity improve the informativeness of stock prices?

We show that stock prices of firms with gender-diverse boards reflect more firm-specific information after controlling for corporate governance, earnings quality, institutional ownership and acquisition activity. Further, we show that the relationship is stronger for firms with weak corporate governance suggesting that gender-diverse boards could act as a substitute mechanism for corporate governance that would be otherwise weak. The results are robust to alternative specifications of informativeness and gender diversity and to sensitivity tests controlling for time-invariant firm characteristics and alternative measures of stock price informativeness. We also find that gender diversity improves stock price informativeness through the mechanism of increased public disclosure in large firms and by encouraging private information collection in small firms.     

Do private firm valuations contain incremental information content over routine analyst valuations?

In this study, we seek to investigate whether private expert valuations commissioned for specific transactions outside the exchange contain incremental information content over public analyst valuations published routinely by investment houses. First, we find that public valuations are based to a larger extent on financial statements and market quotes, whereas private valuations tend to be based on other, non-public information. Second, we show that investors’ response to both public and private valuations is cautious in the short-run as well as in the long-run. Third, we provide evidence that despite the fact that private valuations have the advantage of time, human resources, and better access to non-public information, they do not provide different results than those obtained from public valuations. We conclude that while private valuations may be captured as more accurate and reliable, their superiority over public valuations is questionable at best.     

An analysis of private versus public firm valuations and the contribution of financial experts

This study investigates differences in expert valuations of private versus public firms conducted for transactions outside the exchange. First, we provide evidence for extreme reliance of the experts on private firms' reported earnings, despite a possible manipulation of these earnings. In contrast, experts valuing public firms seem to rely on other, non-financial statement information sources, even if the quality of pre-acquisition earnings is higher in these firms. Second, we present evidence that the contribution of experts to investors in private firms is questionable at best. Our findings indicate that a private firm valuation performed by a potential investor based on available information provides results similar to those of the expert. Third, we show that inconclusive results regarding the existence of a discount in private firm valuations may be explained by experts' compliance with the interests of the commissioner of the valuation. This finding provides at least a partial explanation for the private company discount, one that adds to prior standard explanations (e.g., liquidity) offered in the finance literature.     

Uncertainty triggers overreaction: evidence from corporate takeovers

Behavioural finance models suggest that under uncertainty, investors overweight their private information and overreact to it. We test this theoretical prediction in an M&A framework. We find that under high information uncertainty, when investors are more likely to possess firm-specific information, acquiring firms generate highly positive and significant gains following the announcement of private stock and private cash acquisitions (positive news) while the market heavily punishes public stock (negative news) deals. On the other hand, under conditions of low information uncertainty, when investors do not possess private information, the market reaction is complete (i.e. zero abnormal returns) irrespective of the type of acquisition. Overall, we provide empirical evidence that shows that information uncertainty plays a significant role in explaining short-run acquirer abnormal returns.     

The importance of IRS monitoring to debt pricing in private firms

We examine the link between Internal Revenue Service (IRS) monitoring and yield spreads on private firms’ 144A bond issues. After controlling for security-specific and other firm-specific determinants, we provide evidence that debt financing is cheaper when the probability of a face-to-face IRS audit is higher. Consistent with another prediction, we find that IRS oversight has a stronger impact on bond pricing for private firms with high ownership concentration, which suffer worse agency problems between controlling shareholders and outside investors. Collectively, our research implies that IRS monitoring plays a valuable corporate governance role by reducing information asymmetry evident in borrowing costs.     

行业协会与中小企业关系型融资——以温州异地商会为例

与市场交易型融资相比,关系型融资是属于含有某种社会网络因素的准市场交易。行业协会（商会）由于具有信息提供和内部治理等特殊优势,能有效地克服有限理性和机会主义带来的信息不对称问题,从而为中小企业融资提供一种新的模式。文章以温州异地商会为研究对象,分析温州异地商会推进中小企业关系型融资的作用机理和运作模式,其实践经验具有一定的借鉴意义。     

Does accounting conservatism improve the corporate information environment?

This study investigates whether and how accounting conservatism improves the corporate information environment. We argue that conservatism facilitates the flow of firm-specific information from corporate insiders to outsiders and leads to a high-quality information environment. Using the Basu (1997) model to capture the extent of accounting conservatism and firm-specific return variation to proxy for the quality of information environment, we find that conservatism is positively associated with the improvement of the corporate information environment in our sample of 43 countries. We also find that the information role of conservatism is more pronounced in countries with weaker protection of private property rights, suggesting that conservatism substitutes for legal institutions in ensuring the quality of information environment.     

WHAT MOTIVATES GOING PRIVATE?: AN ANALYSIS OF AUSTRALIAN FIRMS

We investigate going private transactions in Australia between 1988 and 1991. Approximately ten percent of all takeovers during this period are instances of going private. In contrast to studies of similar transactions in the United States, we find no direct evidence to support a free cash flow explanation for going private, although going private is frequently preceded by the threat of a takeover offer. However, the free cash flow explanation for going private may not be applicable in Pacific Basin countries where exchange-traded investment activity is in relatively high growth sectors and foreign ownership accounts for a large part of those investment sectors where managerial abuse of free cash flow has been alleged.     

Shaking hands with common foes: Clique premium and information diffusion in private equity networks

The fastest growing segment of private equity deals is secondary buyouts (SBOs) sales from one private equity (PE) firm to another. We operationalize a novel FactSet database to map the network structures of secondary buyouts between PE firms. We offer three contributions. First, after controlling for economic covariates, we find that PE firms are almost three times more likely to transact if they share a partner, that is both firms belong to the same clique. Second, we find that the profitability of such transactions is unambiguously higher relative to the baseline only if these are the result of repeated interaction between firms belonging to the same cliques. In other words, a clique premium exists under repeated interaction. Third, we provide evidence that the economic incentive at the core of clique premium may be related to access to information. In fact, we show that information related to transactions diffuses through the network, with 23% and 16% of the information going one and two steps beyond transacting parties, respectively.