高管团队背景特征视角下的会计稳健性与投资效率关系研究

本文以2008-2011年沪深A股上市公司为研究对象,区分产权性质,实证检验了会计稳健性对投资效率的影响,以及高管团队背景特征对二者关系的影响。研究发现,会计稳健性会抑制投资过度,加剧投资不足;国有企业的会计稳健性加剧投资不足和抑制投资过度的程度要弱于非国有企业。进一步研究发现,国有企业高管团队的平均年龄、任期异质性、教育背景及其异质性显著影响会计稳健性与非效率投资的关系,非国有企业高管团队的任期及其异质性、教育背景及其异质性显著影响会计稳健性与非效率投资关系。     

高管团队中垂直对特征影响企业捐赠的实证研究

利用2007-2013年沪深两市A股制造行业上市公司的捐赠数据样本,实证检验了高管团队-董事长垂直对人口特征差异对企业捐赠水平的影响.研究结果表明当高管团队与董事长存在性别差异、高管团队平均年龄大于董事长、高管平均学历大于董事长时,企业的捐赠水平更高.但任期垂直对差异和专业背景垂直对差异对企业捐赠的影响却不显著.本文的研究结论在优化企业捐赠决策,完善高管团队构成以及丰富高层梯队理论的研究内容上具有一定的启示意义.     

高管团队特征对企业社会责任的影响——基于农业上市公司的实证研究

将企业社会责任纳入高阶理论分析框架,考察高管团队特征对企业社会责任的影响。基于我国农业上市公司样本的实证研究结果表明:高管团队特征对企业社会责任影响较为显著;高管团队平均薪酬对企业社会责任产生显著正相关影响,而高管团队生产型职能背景和任期异质性对企业社会责任产生显著负相关影响。     

管理者背景特征与会计稳健性——来自中国上市公司的经验证据

本文以2007—2009年深沪两市A股上市公司的数据为研究样本,实证检验了管理者背景特征对会计稳健性的影响。研究结果表明,管理者团队背景特征的平均水平和异质性以及董事长和财务总监的个人背景特征都对会计稳健性有一定的影响。进一步区分国有和非国有上市公司后发现,在这两类不同产权性质的公司中,管理者团队的平均年龄、平均任期、年龄异质性和任期异质性,以及董事长和财务总监的教育背景、年龄和任期对会计稳健性的影响存在一定的差异性。本文的启示意义在于,研究会计稳健性必须考虑管理者背景特征。同时对我们深入理解会计稳健性以及加强管理者团队建设也有一定的指导意义。     

道不同可相为谋：高管团队异质性与企业数字化战略

本文使用2008—2020年沪深A股上市企业数据，基于高层梯队理论与烙印理论交叉融合的理论基础，着眼于企业战略决策的视角，实证分析高管团队异质性对企业数字化的影响及其作用机制。研究结果表明：第一，高管团队异质性程度越高，越能够推动企业数字化战略的实施，其中制度性烙印和经验性烙印的差异在影响企业数字化战略选择时作用更为显著。第二，机制分析表明，具有差异化背景的高管团队会通过提高企业风险承担水平的渠道强化企业数字化转型的战略意愿。第三，高管团队异质性对企业数字化战略的影响在不同规模企业、不同行业和不同地区存在显著的差异性。上述结论的启示：企业应提升高管团队的多元性，充分利用高管的差异化资源优化企业战略决策；企业应重视对数字化人才的培育和引进，系统推进数字化转型战略；政府部门应营造良好的营商环境，鼓励企业开展数字化转型。     

上市公司微利、CEO权力与并购评估质量 ——基于A股上市公司的经验证据

以2007—2019年A股并购重组数据作为研究样本,实证分析了上市公司微利、CEO权力对并购评估质量的影响,并考虑产权性质、评估公司声誉及市场化水平异质性的影响.研究发现:上市公司微利会降低并购评估质量;随着CEO权力的增加,微利上市公司的并购评估质量不断下降;与国有企业相比,CEO权力对微利上市公司并购评估质量的负面影响仅在非国有企业中显著;聘用高声誉资产评估公司能够减轻CEO权力对微利上市公司并购评估质量的负面影响;与低市场化水平相比,高市场化水平能够规范CEO行为,降低CEO权力对微利上市公司并购评估质量的不利影响.     

商业银行董事会异质性、金融创新与财务绩效——基于沪深两市上市银行10年的证据

金融创新是商业银行竞争优势的重要来源。以我国2002—2012年间上市的商业银行为研究样本,基于金融创新中介作用的视角,研究了董事会异质性对商业银行财务绩效的影响。实证研究结果表明:董事会年龄和教育背景异质性对财务绩效具有显著的正向影响,董事会性别、年龄、任期、教育背景异质性与金融创新显著正相关,金融创新部分中介了董事会年龄和教育背景异质性对商业银行财务绩效的影响。这一研究成果一方面可以丰富董事会异质性对财务绩效影响的经验研究成果,另一方面可以为商业银行通过优化董事会成员配置提高金融创新水平提供借鉴。     

管理层权力、高管人力资本激励与企业绩效

合理的高管人力资本激励机制是发挥高管人力资本效用进而提高企业绩效的有效途径。本文通过实证检验管理层权力、高管人力资本激励与企业绩效的关系,结果表明:高管货币薪酬与企业绩效显著正相关,与国有企业相比,非国有企业的相关性更明显;管理层权力削弱了高管货币薪酬对企业绩效的激励作用。国有企业的在职消费与企业绩效显著负相关,但非国有企业其二者之间的相关性并不显著;管理层权力加大了在职消费对企业绩效的负向影响。高管团队内部薪酬差距与企业绩效显著正相关,且非国有企业比国有企业的相关性更明显;管理层权力削弱了高管团队内部薪酬差距对企业绩效的激励作用。     

高管薪酬、团队特征与公司业绩敏感性——来自A股制造业上市公司的经验证据

本文以679家A股制造业上市公司2007～2009年间1946个时间序列的观测值为研究样本,实证检验了高管薪酬、团队特征与公司业绩之间的敏感性。实证结果表明:对制造业上市公司而言,高管薪酬与业绩是同向变化的;高管年龄越大,企业经营的惰性越大;高管的教育水平没有显著影响公司业绩;两职兼任利于管理层制定高薪酬,但是并没有显著提高企业绩效;管理层股权激励并没有显著提高公司业绩,但有助于管理层利用权力获取高额薪酬;财务杠杆成为拉低高管薪酬的反向力,一定程度上既有助于激励管理层实现组织目标,又能限制管理层利用权力从企业获得高薪酬。     

高管团队内部治理与企业资本结构调整——基于非CEO高管独立性的视角

本文以2001-2017年A股上市公司为研究样本,实证检验了高管团队内部治理对企业资本结构的影响。研究发现:当企业负债不足时,高管团队内部治理效应能够显著提高企业(尤其是非国有企业)的负债水平,降低企业实际资本结构与目标资本结构的偏离程度。这种高管团队内部治理效应在第一类委托代理问题比较严重以及非CEO高管监督动机较强的企业中更加显著。作用机制分析表明,高管团队内部治理效应能够通过降低第一类代理成本来降低企业资本结构与目标资本结构的偏离程度。本文的研究结论为改善我国上市公司治理提供了新的思路,对于优化企业融资结构、深化金融供给侧结构性改革具有一定的启示意义。     

Short-sale refinancing and price adjustment speed to bad news: Evidence from a quasi-natural experiment in China

Short selling may accelerate stock price adjustment to negative news. However, the literature provides mixed evidence for this prediction. Using short-sale refinancing and a staggered difference-in-differences (DID) model, this paper explores the effect of short selling on stock price adjustment. Our results show that (1) short-sale refinancing improves the speed of stock price adjustment to negative news. This result holds after we control for endogeneity. (2) The positive relationship between short-sale refinancing and stock price adjustment speed is significant in subsamples of stocks with higher earnings management or lower accuracy of analyst forecasts, indicating that firms with more opaque information are more likely to be targeted by short sellers. In subsamples of stocks with a higher ownership concentration or lower ownership by institutional investors, short selling is more likely to increase the speed of stock price adjustment, indicating that ownership structure may influence negative news mining. (3) As short-sale refinancing exacerbates the absorption of bad news by stock prices, it increases crash risk. This study enriches the research on the economic consequences of short selling and provides empirical evidence supporting regulations on short selling in China.     

Cost accounting standard and cost accounting systems in Japan. Lessons from the past - recovering lost traditions

This paper aims to show two things. The first is how Japanese culture has contributed to the development of Japanese cost accounting history. The second is to reveal the research possibilities of cost accounting history. This paper also reviews the salient features of several important examples of these aspects of cost accounting practice in Japan. It therefore explores, through some practical illustrations, how and why Japanese cost accounting differs from that found in the West.     

Guidelines for Manuscripts Submitted to The China Journal of Accounting Research

【正】The China Journal of Accounting Research‘‘CJAR’’(ISSN 1755-3091)publishes quarterly.It contains peer-reviewed articles and commentaries on accounting,auditin...     

Shared Standard Setting in the Public Interest:A Strong Model

正The last two decades have been a definitive era in the evolution of the accountancy profession.In the wake of major corporate scandals at the turn of the century,an international public debate arose on the need for more effective and well-considered regulation;this debate then reignited during the global financial and sovereign debt crises.     

HOW TO PUT TOGETHER A COMPLETE PACKAGE

正Many Institute members know they cannot rely purely on technical knowledge and business acumen to remain competitive.As soft skills are increasingly important,Jemelyn Yadao finds out how CPAs can maintain     

Guidelines for Manuscripts Submitted to The China Journal of Accounting Research

正The China Journal of Accounting Research"CJAR"(ISSN 1755-3091)publishes quarterly.It contains peer-reviewed articles and commentaries on accounting,auditing and corporate governance issues that relate to the greater China region.We welcome the submission of both theoretical and empirical research papers pertinent to researchers,regulators and practitioners.Authors should note:     

The China puzzle: Opportunities for accounting research

How can China achieve phenomenal economic growth despite what is considered as 'weak' institutions in market-based economies? Xu(2011) provides a framework to u...     

Bayesian Premium Rating with Latent Structure

We propose a fully Bayesian approach to non-life risk premium rating, based on hierarchical models with latent variables for both claim frequency and claim size. Inference is based on the joint posterior distribution and is performed by Markov Chain Monte Carlo. Rather than plug-in point estimates of all unknown parameters, we take into account all sources of uncertainty simultaneously when the model is used to predict claims and estimate risk premiums. Several models are fitted to both a simulated dataset and a small portfolio regarding theft from cars. We show that interaction among latent variables can improve predictions significantly. We also investigate when interaction is not necessary. We compare our results with those obtained under a standard generalized linear model and show through numerical simulation that geographically located and spatially interacting latent variables can successfully compensate for missing covariates. However, when applied to the real portfolio data, the proposed models are not better than standard models due to the lack of spatial structure in the data.     

Aims and Scope

<正>The focus of the China Journal of Accounting Research is to publish theoretical and empirical research papers that use contemporary research methodologies to...     

Income smoothing and the cost of debt

The literature on income smoothing focuses on the effect of earnings smoothing on the equity market.This paper investigates the effect of income smoothing on th...