上市公司内部控制审计 报告自愿披露的经济效果研究 ——基于倾向评分匹配法和双重差分法的分析

本文以2006-2010年间沪深两市A股主板非金融公司为样本,研究了上市公司自愿披露内部控制审计报告对盈余质量和权益资本成本的影响。首先笔者通过倾向评分匹配法为在样本期间内自愿连续披露内部控制审计报告的公司（披露公司）匹配了一组在公司特征上相似的、但在样本期间内没有披露内部控制审计报告的公司（非披露公司）,然后采用双重差分法比较分析了披露公司和非披露公司在盈余质量和权益资本成本上的差异。笔者发现,自愿披露内部控制审计报告的上市公司盈余质量高,权益资本成本低。倾向评分匹配法和双重差分法相结合的分析方法较好地解决了样本选择偏差和内生性问题。本文的研究发现为中国资本市场监管机构从2011年起逐步推行强制披露内部控制信息政策提供了经验证据,同时为公司管理层进行内控信息披露决策提供支持依据。     

Waste disclosure and corporate cash holdings

ABSTRACT

In this paper, we address an important and emerging question: Can firms’ voluntary waste disclosure affect corporate cash holdings? Using a sample of S&P 500 firms, we find strong evidence for a positive relationship between waste disclosure and the cash holding policy of firms. Furthermore, we find that waste disclosure significantly increases cash holdings only for firms with strong corporate governance quality. We also find that the significant relationship between waste disclosure and cash holdings remains unchanged only for firms that operate in environmentally sensitive industries. Our paper provides novel evidence on the role of voluntary waste disclosure as an environmental dimension that influences the cash policy of firms and highlights the little-known issue of waste disclosure as a significant research topic.     

Credit ratings and corporate disclosure behaviour: evidence from regulation fair disclosure in Korea

This article provides evidence that firms with high market expectations disclose more information to investors, utilizing the fair disclosure regulation in Korea to proxy for their disclosure choices. This finding is consistent with the argument that in order to retain their dominant positions, highly evaluated firms are more concerned about the market’s perception of them as providers of timely and detailed disclosure. We also find that the impact of market expectations on disclosure is more pronounced for chaebol firms. Combined with prior research on the relationship between firm performance and voluntary disclosure, we provide important implications for the determinants of corporate disclosure     

Adoption and use of technology with low litigation risk – the case of financial reporting on Twitter by ASX companies

ABSTRACT

Corporate adoption of technology faces challenges such as resource constraints and litigation risk. To investigate if low litigation risk encourages technology adoption and its use, this paper investigates corporate financial reporting on Twitter, a voluntary corporate disclosure practice without obvious litigation risk in Australia. This study reviews 4,540 financial reporting related tweets from 222 ASX listed companies’ Twitter accounts. An examination of tweet sentiment reveals a positive reporting bias, as listed companies are more willing to disclose positive financial reporting information on Twitter. A comparison of corporate financial reporting tweets prior to and after 2013 reveals that use of Twitter for opportunistic voluntary disclosure is gaining popularity, a trend that warrants close attention by regulators in order to protect investors from selective disclosure with reporting bias.     

The determinants of cybersecurity risk disclosure in firms’ financial reporting: Empirical evidence

This paper examines the relationship between cybersecurity risk disclosure and financial reporting deficiencies. Using a difference-in-difference approach based on a large, matched sample of breached and non-breached US firms for the period 2006 to 2016, a differential effect is seen between cybersecurity risk disclosures in pre- and post-Breach financial reporting related to cybersecurity incidents. The association between the cybersecurity risk disclosure and subsequent reported financial deficiencies is positive and significant, providing some evidence for regulators that more firm-specific disclosure may provide increased audit quality, to which the auditor responds by increasing audit effort. The empirical findings suggest that firms with prior cybersecurity risk disclosures are more likely to experience financial reporting deficiencies. The results obtained are robust to a variety of sensitivity checks.     

The managerial response to regulation of financial reporting for segments of a business enterprise

To properly assess the performance and monitor the management of industrially diversified firms, investors and other stakeholders may want companies to report separate financial data for each of their lines of business. In the mid-1970s, following a major increase in diversification of American firms, private and public regulators began requiring firms to disclose financial data for individual industry segments. Company managers, however, were given the authority to determine the degree to which data reported to outsiders was disaggregated. This article examines the managerial response to segmented financial disclosure regulations. Analysis of longitudinal data reveals that the extent of segmentation in reporting has been both low and declining, relative to the true extent of industrial diversification. In 1985, the fraction of companies with more than one reported segment was only 29.7 percent, whereas the fraction of companies operating in more than one line of business (assigned more than one SIC code by Compustat) was 83.5 percent. In 1977, about half of the included companies reported at least two industry segments, and a third reported at least three; by 1987, these fractions had declined to about one-quarter and one-seventh, respectively. A potential explanation of these findings is that managers perceive minimal disclosure of segmented information to be in their own self-interest.     

Information Voluntary Disclosure Made by China＇s Listed Companies： the Status Quo and Its Countermeasure

Voluntary disclosure is one of the major sign of the mature security market. Chinese securities market is in her young age. The quality and way of information disclosure in listed companies is one of major concern for the market. With the development and expansion of the market, the voluntary disclosure has been drawn a great attention by investors. However, in China, the information disclosure is mainly mandatory and only very a few companies are willing to disclose voluntarily. In general, the information voluntary disclosure in China is lacking. This paper discusses the current status, possibility, and problems for the voluntary disclosure based on data from the annual reports prepared by listed companies. Recommendation for the future improvement and fulfillment of the voluntary disclosure are out forward accordingly.     

自愿性信息披露对企业技术创新的影响路径分析

以2013—2020年我国上市公司为研究对象，实证检验自愿性信息披露对企业技术创新的影响效应及作用机制，并考察公司内外部治理因素对这一关系的调节作用。结果发现：①自愿性信息披露显著提升企业技术创新水平；②公司外部治理环境和内部治理机制影响自愿性信息披露与企业技术创新的正向关系，具体而言，市场化进程、非国有产权性质、高管股票激励能够强化自愿性信息披露对企业技术创新的促进作用，而控股股东持股、董事会结构、董事会行为、高管薪酬激励的调节作用不显著；③影响机制实证结果表明，自愿性信息披露能够缓解第一类代理问题和外部融资约束对企业技术创新的抑制作用，从而促进企业技术创新。     

Main banks’ influence on financial reporting quality in Japan

This study investigated main banks’ influence on the quality of accounting firms’ audits and corporate firms’ earnings, focusing on companies on Japan’s Nikkei 500 index. We posed three questions in this research study about main banks’ influence on corporate clients’ earnings management. First, does a weakened main bank relationship influence corporate clients’ financial reporting quality? Second, does Japan’s firewall deregulation influence firms’ earnings quality? Finally, does the relationship between accounting firms and main banks affect client firms’ earnings quality? Our main findings were that main banks are not related to client firms’ earnings management; however, main banks mitigate client firms’ earnings management after firewall deregulation. On the other hand, firewall deregulation does motivate firms to manipulate their earnings management. Finally, using Pong and Kita’s (2006) study as a framework, we found that main banks and client firms using the same accounting firms had no influence on earnings management. Based on these evidences presented, our findings suggest that the quality of corporate clients’ financial reporting changes before and after firewall deregulation.     

The supply of and demand for accounting information

The article analyzes the use of accounting information in Russia. We assess reporting behaviour in the lending process for a sample of Russian companies in the years 1999–2004 and postulate that Russian companies manage their earnings in order to avoid showing losses when applying for bank financing. Once a credit has been granted, companies are predicted to manage earnings because of the bank's monitoring activities. By means of univariate and multivariate analysis we are able to attribute the discontinuity around a zero target in the earnings distribution with firms’ response to the banks’ assessment of accounting performance. This implies that financing considerations affect the reporting incentives of Russian companies.     

中国公众投资者信息需求之探索性研究

公众投资者在获取上市公司信息方面通常处于弱势地位。本文旨在通过问卷调查 ,研究中国公众投资者信息需求的特点 ,对目前信息供给状况的态度 ,以及他们与国外公众投资者在信息需求和决策变量选择上是否存在差异等。研究发现 ,信息的真实性、及时性和充分披露是我国公众投资者认为最重要的质量特征。为此 ,建议通过采取完善与信息披露相关的法律法规、加强监管、严厉处罚等手段 ,促进上市公司及会计师事务所等中介机构披露真实、及时的信息 ;鼓励上市公司更多地作出诸如公司未来收益潜力预测等前瞻性信息的自愿披露。     

Effects of corporate governance on the decision to voluntarily disclose corporate social responsibility reports: evidence from China

This article investigates effects of corporate governance on the decision to voluntarily disclose corporate social responsibility (CSR) reports. By using a unique longitude data set of Chinese publicly traded manufacturing firms from 2010 to 2016, this study finds that ownership structure and board characteristics are significantly associated with firms’ decisions to voluntarily disclose CSR reports. In particular, our study finds that state ownership, institutional ownership, managerial ownership and board size are positively and significantly associated with the decision to voluntarily disclose CSR reports. However, board independence is not related to the decision. We also find CEO duality is negatively and significantly related to the decision. Our findings highlight the role of corporate governance in firms’ transparency by influencing the voluntary disclosure of additional information on firms’ CSR activities.     

上市公司企业社会责任信息披露质量研究——基于沪市2008-2009年年报的分析

本文以沪市844个公司披露的2008和2009年年度报告为对象,采用内容分析法对我国上市公司年报披露的企业社会责任信息状况进行研究。本文认为我国上市公司企业社会责任信息披露总体上处于低水平阶段,政府控制型企业与环境敏感型企业披露社会责任信息的数量均高于非政府控制型企业与环境不敏感企业,强制披露社会责任报告的公司在2009年的表现比2008年要差,但是自愿披露社会责任报告的公司数量呈现出明显的上升趋势。     

Is Voluntary Pollution Abatement in the Absence of a Carrot or Stick Effective? Evidence from Facility Participation in the EPA’s 33/50 Program

We examine whether voluntary pollution abatement programs in which there is no program-specific participation incentive are effective in reducing emissions below what they would have been otherwise. We use data on facility participation in the 33/50 Program and emissions reported to the US EPA’s toxic releases inventory (TRI) between 1991 and 1995 for a sample of facilities whose parent firms committed to the program. By focusing on participation by individual facilities we avoid the influence of firm level incentives under the program. The mandatory disclosure of emissions data to the TRI avoids the potential bias evident in voluntarily disclosed data. We find that while facilities with larger total emissions were more likely to participate, there is no evidence of greater participation by facilities that account for a higher share of a parent firm’s 33/50 emissions. Although emissions of the 33/50 chemicals fell over the years, we find that participation in the program was not associated with the decline in the 33/50 releases generated by these facilities and the reductions seemed to have occurred for reasons unrelated to the program.     

Soft or hard information? A trade-off selection of environmental disclosures by way of peer imitation and geographical distance

With the public pressure increasing, increasingly more number of studies explore how managers respond to outer pressures by using the environmental disclosure tool. However, previous studies ignore systematic research on the condition, duplicity and consequences of environmental disclosures. This article studies how geographical distance and peer imitation influence managers’ selection of soft and hard environmental disclosures and their economic consequences based on cost-benefit trade-off models and empirical data. The results indicate that when public pressure increases sharply, geographical distance has a negative influence on hard environmental disclosures, and peer imitation has a positive influence on soft environmental disclosures. Under the joint effect of two factors, managers tend to disclose soft environmental information more than hard environmental information, which cannot only mitigate potential risks but also ensure good economic consequences. To restrict managers’ opportunistic disclosure behaviour and improve the disclosing level and quality of environmental information, detailed standard norms and heavy punishment measures should be established, and regulating departments should regulate the disclosure behaviour of distanced firms and check the redundancy of soft environmental information to ensure whether the same information is repeatedly disclosed in the annual reports.     

Chinese accounting restatement and the timeliness of annual report

Chinese accounting restatements are mainly disclosed in companies’ annual reports due to unique Chinese institutional background and regulatory setting. China provides the scheduled disclosure system for annual report, which is seldom found in any other countries. The difference between actual filing date and scheduled date as timeliness proxy can better depict how annual report is delayed by sudden events such as restatements. Using manually collected data of accounting restatements from 2004 to 2014, we study the association between Chinese accounting restatement and the timeliness of annual report. The results indicate that with an accounting restatement, a company takes longer to file annual reports than scheduled, suggesting a negative association between Chinese accounting restatements and timeliness of annual reports. We also find that this result is not altered whether CEO/chairman or auditor is the same between misstatement period and restatement period. The results are robust when other timeliness measures are used. When further examining the association between various restatement characteristics and timeliness of annual reports, we find an overall negative association between restatement severity and the timeliness of annual reports. We contribute to the existing accounting restatement literature from international perspective with evidence that restatements delay the timeliness of financial reporting.     

上市公司年度报告自愿披露行为的实证研究

本文以我国上市公司 2 0 0 1年年度报告为研究对象 ,通过构建上市公司年度报告自愿披露模型 ,实证分析了影响我国上市公司自愿披露的若干因素 ,并简要概括出目前我国上市公司自愿披露的行为特征。     

低碳经济模式下环境信息披露的实证研究——以湖南上市公司为例

强化上市公司的环境信息披露责任,强制上市公司履行和承担环境责任,已成为和谐社会建设刻不容缓的任务。本文以湖南省上市公司为样本,采用Logistic模型研究上市公司财务状况对环境信息披露的影响。结论表明：公司盈利能力与环境信息披露正相关,盈利能力越强的公司越倾向于披露环境信息;企业规模与环境信息披露正相关,规模大的公司更有动力披露环境信息,以减少信息不对称产生的代理成本;发展能力、上市公司的负债程度与环境信息披露负相关,但不显著。同时,重污染行业与环境信息披露正相关,重污染行业为向社会传递其主动承担环保责任的信息,环境信息披露比例高于非重污染企业,且披露的环境信息内容丰富。本文对提高环境信息透明度、规范上市公司环境信息披露提出了相应的政策建议。     

The effect of short sale constraints on analyst forecast quality: Evidence from a natural experiment in China

We examine the effect of short selling on analyst forecast quality following the pilot program in China in 2010 that allows short selling for selected companies. We find that reduction in short sale constraints significantly improves analyst forecast quality for these pilot-firms when compared to non-pilot firms. Specifically, analyst forecast errors for pilot firms are smaller and forecast dispersions are narrower. Further, we show that the improvement of analyst forecast quality is more prominent for firms with lower prior price efficiencies and disclosure quality, and in locations with lower institutional development. Our findings suggest that short selling activities serve an important role in facilitating the speed of information incorporation and improving the information environment faced by firms.     

Financing,reputation and information disclosure quality in the Chinese market

In this article, we propose a theoretical model based on the reputation theory and hypothesize a positive relation between the information disclosure quality and the company’s refinancing decision. We collected data from the listed companies, which refinances in Shenzhen main board and SME board during 2006–2012, as a panel sample, and tested the hypothesis empirically. The results indicate that there exists a significant positive correction short-term relation between refinancing decision and the information disclosure quality, but in the long term the relationship between the information disclosure quality and refinancing decision is not significant.