国企混合所有制能治疗僵尸企业吗？ —— 一个混合所有制类啄序逻辑

本文使用1998-2013年中国工业企业数据库,采用国际前沿方法识别出僵尸企业,然后比较了国企控股、国企参股以及转制民企这三种混合所有制改革策略治疗僵尸国企的效果。实证结果表明:相对于纯国企,混合所有制改革对僵尸国企具有显著的治疗效果;在多种混合所有制改革策略中,转制民企优于国企参股,国企参股优于国企控股,这形成了一种“国企混改类啄序”现象;然而,上述“啄序”现象并非对所有国企都适用,对于那些所处行业垄断程度高、企业政治级别高的国企,单纯民营化导向的混改对僵尸企业治愈的效果较差;最后,混合所有制改革治疗僵尸国企的主要渠道,是降低了国企的期间费用(主要是管理费用)。本文的结果为处置僵尸企业和渐进式改革提供了重要的理论依据。     

Rationalities, domination and accounting control: A case study from a traditional society

Previous studies on management control in less developed countries have mainly concentrated on the state and privatised enterprises. Drawing upon Weber's work [Weber M. The protestant ethic and the spirit of capitalism. New York, NY: Scribner; 1958; Weber M. General economic history. New York, NY: Collier Books; 1961; Weber M. Economy and society: an outline of interpretive sociology (two volumes). New York, NY: Bedminster; 1968; Weber M. Economy and society. Berkeley, CA: University of California Press; 1978] on traditional society, and a Weberian framework developed by [Colignon R, Covaleski M. A Weberian framework in the study of accounting. Accounting, Organiztions and Society 1991;16(2):141–57], this paper seeks to understand ‘private management practices’, including accounting, in a stock exchange listed company (public limited company). The case study evidence indicates that organisational controls are biased to serve the dominant owners or family/sponsors of the company instead of general shareholders. The paper argues that family dominance is facilitated by the external and internal layers within which the company is operating. The greater understanding of traditional societies developed in Weber's works [Weber M. Economy and society. Berkeley, CA: University of California Press; 1978] is very useful in explaining why managers work to serve the family. Domination by family via trusted managers using accounting calculations instead of bureaucracy is highly relevant, as the case study shows. These findings are not dissimilar to those of previous studies conducted in privatised and family-owned companies in Bangladesh and elsewhere. The paper calls for more research on management accounting practices employing Weber's works, especially in traditional societies.     

The Spanish privatisation process: Implications on the performance of divested firms

This paper reviews the main characteristics of the Spanish privatisation and liberalisation processes and their consequences for the performance of privatised firms. Conventional pre- versus post-privatisation comparisons fail to indicate significant improvements in privatised firms' profitability and operating efficiency over a medium-term horizon once industry effects are taken into account. In contrast, they do highlight significant improvements in divested firms' industry-adjusted profitability and efficiency over a long-term horizon. Furthermore, the results of the study suggest that the economic environment may play an important role in the success of privatisation processes, and that profitability and efficiency gains seem to take place in firms operating in competitive markets and in firms that were privatised during periods of macroeconomic growth. Our results also partially support the influence of restructurings before privatisation on firms' performance.     

Split Share Structure Reform,corporate governance,and the foreign share discount puzzle in China

We examine the impact of the Split Share Structure Reform on the well-known foreign share discount puzzle in China. Existing literature confirms that foreign investors are more concerned about insider expropriation because of their information disadvantage relative to domestic investors. The split share structure of the ownership of Chinese listed firms created a conflict of interests between state and private shareholders. Since, before the reform, state shareholders held restricted shares that denied them any wealth effect from share price movements, they had a limited incentive to work with private shareholders to ensure that managers maximized the stock market value of the firm. By abolishing the trading restrictions for state shareholders, this reform has increased the incentive alignment between state and private shareholders, encouraging them to monitor managers. If foreign investors’ concerns over the corporate governance implications of the split share structure at least partly contributed to their discounting of Chinese listed firms, then this discount should be reduced following the reform. Indeed, our evidence confirms this prediction, especially among Chinese listed firms with more state ownership or restricted shares. Our findings imply that this significant institutional reform of the Chinese stock market has benefitted minority investors.     

The impact of state ownership on share price informativeness: The case of the Split Share Structure Reform in China

This study examines the impact of state ownership on share price informativeness using the unique setting of the Split Share Structure Reform in China. This reform abolishes the trading restriction on shares held mainly by state shareholders. In doing so, it renders state shareholders' wealth more sensitive to share price movements and decreases their conflict of interests with private shareholders. This change is expected to strengthen the corporate governance incentives of state shareholders and reduce the information asymmetry in Chinese listed firms. This prediction is confirmed through empirical evidence of increased share price informativeness among firms that are more sensitive to the impact of this reform, i.e. those with more state ownership or restricted shares. These findings imply that this reform benefits the information environment and minority shareholders in the Chinese stock market.     

The Operating Performance of Newly Privatised Firms in Central European Transition Economies

This study examines the operating performance of privatised firms in three Central European Transition Economies between 1990 and 1998. Overall, we find no evidence of a significant improvement in operating performance for the first six years after privatisation. Contrary to the increasing empirical evidence for non‐transition economies, our privatised firms experience no improvement in profitability, capital investments, efficiency, and output, a significant drop in employment, as well as a significant increase in leverage. The most important determinants of the performance changes following privatisation were country effects, timing of the privatisation sales, industry classification, and state ownership after privatisation. Our findings are consistent with the empirical evidence that the transition process proved to be more difficult than expected and that, although necessary, privatisations do not necessarily produce equal efficiency gains in transition economies ( Megginson, 2005 ; Havrylyshyn and McGettigan, 1999 ).     

Economic policy uncertainty and executive turnover

This paper examines whether economic uncertainty increases executive turnover. The negative perception perspective and business change theory suggest that executives are more likely to leave their jobs during periods of corporate distress. However, the additive effects of internal and external risk are thought to prompt firms to carefully consider executive turnover, thereby reducing the likelihood of executive changes. Based on the literature, we propose a check-and-balance hypothesis for the relationship between external uncertainty and executive change, according to which the optimal superposition of the internal and external risks stemming from increased external uncertainty would be to avoid a wave of executive departures. Using a sample of Chinese A-share listed companies from 2010 to 2019 and the China economic policy uncertainty index of Baker et al. (2013), we examine the impact of economic policy uncertainty on executive turnover and our results support the check-and-balance hypothesis. Our findings enhance our understanding of how economic policy uncertainty affects executive turnover, and enrich the literature on corporate risk management and strategic management.     

From Public To Private: Evidence From a Transitional Economy Setting

The literature on public financial management reform has devoted comparatively little attention to the detail and effect of reform process implementation in developing economies. This study contributes to an understanding of this phenomenon by examining the impact of privatisation on a sample of previously state-owned enterprises in Vietnam. Using a detailed, financially focused methodology and drawing on data sourced from audited general purpose financial statements, our analysis suggests evidence of material variation in financial performance and position post-privatisation compared to the position observed immediately prior to privatisation. Specifically, our data suggest that after being privatised, firms generally exhibit reductions in profitability, some degree of improvement in working capital management, an increase in financial leverage accompanied by a higher degree of solvency risk and greater calls on cash resources for the purpose of funding capital expenditure. Our results assist with understanding the impact of privatisation as a reform technique in developing economies, and may help policymakers and managers better target areas of likely risk, during the process of transition from public to private ownership.     

The relationship between business strategy, management control systems and performance: Evidence from China

Over the past two decades, China has emerged as a global economic power, ranking behind only the USA, Japan and Germany. China's continuous global economic power has therefore prompted a surge in interest in understanding Chinese business practices. This paper reports on the results of a survey on the contingent relationship between business strategy, management control systems (MCS) and performance in Chinese Enterprises. The analysis is based on data gathered from 215 enterprises operating within the Xinjiang autonomous region of China. For those firms that were classified as pursuing differentiation strategy, the use of more non-financial based MCS has a positive effect on performance and this finding is consistent with the literature. We also found that for those firms classified as pursuing a low cost strategy, the use of more financial based MCS had a positive effective on performance as suggested in the literature. Our research has implications for understanding management accounting practices in Chinese enterprises.     

The Real and Accrual-based Earnings Management Behaviors: Evidence from the Split Share Structure Reform in China

This paper investigates the earnings management activities in Chinese listed firms and the impact of the split share structure reform (SSSREF). We demonstrate that Chinese listed firms exhibited a long-term positive relationship between real and accrual-based earnings management activities over the 2002–2011 period. This reflects the environment of weak investor protection and lack of effective corporate governance in China. Our results also indicate that the SSSREF in China has not fundamentally improved firms' quality of financial information. This may be because ownership concentration remains high. However, it is of interest that the reform has created an incentive alignment effect exogenously. We find that firms' use of discretionary accruals was constrained, and they have consequently shifted to less detectable and under-scrutinized real earnings activities after the reform. This shift is similar to that seen with the direct regulatory changes in accounting reporting rules on firms' earnings behaviors in developed countries where the investor protection environment is strong. We suggest that firms' shifting between the accrual and real-based earnings methods is an overlooked area for investors to consider in the emerging market context, and may require the attention of regulators.     

财政存款、银行竞争与僵尸企业形成

银行以优惠利率贷款为低质企业“输血”,是企业僵尸化的重要成因。然而,基于中国背景的文献,对银行“输血”动机的研究并不充分,本文从地方财政存款影响银行信贷分配的视角,分析僵尸企业形成的内在机理。首先,通过构建理论模型对银行竞争财政存款及影响企业融资和投资绩效进而僵尸化的逻辑进行刻画,而后依据省份财政存款、银行竞争与微观企业财务数据,对理论推论进行了验证。研究发现,财政存款占当地存款比重越大,企业僵尸化概率越高,并且银行竞争助长了企业僵尸化。此外,基于工具变量估计处理了核心变量的内生性问题,并进行了多种稳健性检验。机制检验表明,财政存款的信贷分配效应,促使企业过度投资,导致经营绩效恶化,进而提高了企业僵尸化概率,银行竞争则会加剧该效应。本文拓展了财政存款的经济效应与僵尸企业形成方面的文献,对于僵尸企业治理有一定参考意义。     

财政存款、银行竞争与僵尸企业形成

银行以优惠利率贷款为低质企业“输血”,是企业僵尸化的重要成因。然而,基于中国背景的文献,对银行“输血”动机的研究并不充分,本文从地方财政存款影响银行信贷分配的视角,分析僵尸企业形成的内在机理。首先,通过构建理论模型对银行竞争财政存款及影响企业融资和投资绩效进而僵尸化的逻辑进行刻画,而后依据省份财政存款、银行竞争与微观企业财务数据,对理论推论进行了验证。研究发现,财政存款占当地存款比重越大,企业僵尸化概率越高,并且银行竞争助长了企业僵尸化。此外,基于工具变量估计处理了核心变量的内生性问题,并进行了多种稳健性检验。机制检验表明,财政存款的信贷分配效应,促使企业过度投资,导致经营绩效恶化,进而提高了企业僵尸化概率,银行竞争则会加剧该效应。本文拓展了财政存款的经济效应与僵尸企业形成方面的文献,对于僵尸企业治理有一定参考意义。     

Earnings management at rights issues thresholds—Evidence from China

Burgstahler and Dichev (BD) (Burgstahler, David, Ilia, Dichev, 1997. Earnings management to avoid earnings decreases and losses. Journal of Accounting and Economics 23(1), 99–126.) and Degorge, Patel, and Zeckhauser (DPZ) (Degeorge, Franscois, Patel, Jayendu, Zeckhauser, Richard, 1999. Earnings management to exceed thresholds. Journal of Business 72(1), 1–33.) examine earnings management among American firms by looking at actual distributions around critical thresholds. Chinese firms must meet minimal ROE requirements if they are to have rights issues. Using a distribution approach, we examine whether Chinese firms manipulate their earnings to meet the regulatory requirements. Our empirical findings indicate that Chinese firms indeed heavily engaged in earnings management to meet the rights issue thresholds during the period 1994–2002. In addition, we show that these firms changed their behavior in response to changes in regulatory requirements. Furthermore, we analyse the pervasiveness of this practice and the means used in earnings management at the relevant ROE thresholds. Our findings have direct policy implications for the China Securities Regulatory Committee (CSRC).     

Ownership structure and real earnings management: Evidence from China

Although ownership structure is fundamental to corporate accounting behaviors, the current literature provides scarce evidence about the governance effect of ownership structure on real earnings management (REM). We seek to address this issue by using a sample of Chinese listed firms which are likely to engage in earnings management during 2003–2014. We find that Chinese firms with more influential largest shareholders are more prone to REM; and that firms with state control and managerial ownership are less likely to engage in REM. We further find that there exists a joint and sequential relationship between REM and accrual-based earnings management in China. Our findings are robust to different variable measurements, samples and regression models. Our study contributes to the research on the relationship between ownership structure and earnings management and contributes to the understanding of REM in emerging economies. Our findings have significant implications for shareholders, analysts and regulators, and are important and relevant given that MSCI decides to include China mainland stocks in its indexes starting 2018.     

Local deficits and local jobs: Can US states stabilize their own economies?

Using a sample of the 48 mainland US states for the period 1973–2009, we study the ability of US states to expand their own state employment through the use of state deficit policies. The analysis allows for the facts that US states are part of a wider monetary and economic union with free factor mobility across all states and that state residents and firms may purchase goods from “neighboring” states. Those purchases may generate economic spillovers across neighbors. Estimates suggest that states can increase their own state employment by increasing their own deficits. There is evidence of spillovers to employment in neighboring states defined by common cyclical patterns among state economies. For large states, aggregate spillovers to its economic neighbors are approximately two-thirds of the large state's job growth. Because of significant spillovers and possible incentives to free-ride, there is a potential case to actively coordinate (i.e., centralize) the management of stabilization policies. Finally, the job effects of a temporary increase in state own deficits persist for at most one to two years, and there is evidence of a negative impact on state jobs when these deficits are scheduled for repayment.     

Do anti-corruption campaigns affect IPO underpricing? Evidence from a central discipline inspection of the CSRC in China

The system of central discipline inspections has become a key anti-corruption governance tool in China since 2013. This paper investigates the impact of a central discipline inspection of the China Securities Regulatory Commission (CSRC) on initial public offering (IPO) underpricing. We find that IPO firms listed during the inspection period exhibit greater IPO underpricing than those listed outside the inspection period. The reason is the increased focus of the CSRC on maintaining capital market stability, which makes it more inclined to approve IPO firms with lower issue prices during the inspection period compared with other periods. We also find that IPO firms listed during the inspection period have better short-term market performance but poorer long-term returns than those listed outside the inspection period. Moreover, the effect of the anti-corruption inspection on IPO underpricing is more pronounced for non-state-owned enterprises, firms with low-quality auditors and firms located in regions with high corruption. Overall, our paper enriches the literature on IPO underpricing and the economic consequences of the central discipline inspection system.     

人民币预期汇率变动与虚假贸易——基于套汇视角的分析

虚假贸易对国内经济秩序造成不良影响,受到了密切关注。本文基于2010—2012年中国大陆到香港的月度出口数据,实证检验了人民币汇率出现单边预期以及资本管制的大背景下,企业出于套汇动机而进行的虚假贸易行为。本文发现远期汇率升值显著促进了产品出口额增加,并且这一现象对于高价值重量比的产品更加明显。异质性分析表明虚假贸易行为更倾向于出现在加工贸易占比较高的行业。2012年汇率改革增大了人民币汇率的波动幅度,增加了企业跨境套利的成本,汇改之后企业的虚假贸易行为得到明显抑制。此外,远期汇率升值同时提高了虚假出口占总出口的比重。本文从一个新的视角研究了我国的虚假贸易问题,并对打击虚假贸易活动提出相关建议。     

Adjustment costs of institutional tax changes from the audit pricing perspective: Empirical evidence from the VAT reform

Institutional changes inevitably impose adjustment costs on firms while also generating benefits. However, empirical evidence regarding the adjustment costs of institutional changes is limited, with much of the focus centered on benefits. Using data on China’s A-share listed companies from 2010 to 2018 and the nation’s staggered adoption of the “business tax to value-added tax reform” (hereafter, “VAT reform”) as a natural experiment, we examine the impact of this reform on a particular corporate cost: audit fees. We find audit fees to be 8.11% higher for VAT reform firms than for non-VAT reform firms. This difference does not exist before or after the reform year. That is, it is only observed in the year of VAT reform implementation. This indicates the existence of an adjustment cost specifically related to the VAT reform. Furthermore, we observe larger fee increases among firms audited by Big 4 international audit firms, firms that require more audit work, firms that are more complex, and firms with weak internal controls. From the audit pricing perspective, we provide evidence of the economic consequences of tax reform. The corporate adjustment costs that arise from institutional changes deserve more attention from decision-makers.     

构建中国上市公司股权结构改革的制度基础

国有股“一股独大”一直被视为中国证券市场诸多问题的根源,但由于对国有股权的功能和作用缺乏清晰的了解,管理层于2001年启动的国有股减持计划遭遇了挫折。对于中国上市公司股权结构改革及其股票市场功能的充分发挥而言,最为短缺的资源依然是制度资源,包括市场秩序、法治建设以及政府管制制度等。因此,在股权分置改革基本完成的情况下,中国股票市场发展更应该重视制度基础建设。     

Economic policy uncertainty and stock price crash risk

This paper studies the impact of economic policy uncertainty on stock price crash risk using data from China. We develop a new index to measure Chinese economic policy uncertainty and find that economic policy uncertainty has a remarkable positive effect on stock price crash risk. However, the effect reverses later. The results also indicate that the positive effect of economic policy uncertainty on stock price crash risk is more prominent for state‐owned enterprises. Moreover, this effect is more prominent for firms with higher information asymmetry and firms with greater disagreement among investors, indicating that economic policy uncertainty affects crash risk through two mechanisms: managers’ concealment of bad news and investors’ heterogeneous beliefs.