对《信息披露、收益不透明度与权益资本成本》一文的评论

黄娟娟和肖珉的论文《信息披露、收益不透明度与权益资本成本》(以下简称信文)以1993年至2001年间我国证券市场进行股权再融资的上市公司为样本,考察了我国证券市场上市公司信息披露质量与公司权益资本成本的关系。作者发现,在控制其他一些影响因素之后,上市公司信息披露质量与公司权益资本成本呈显著的负相关关系。而且,上市公司权益资本成本不仅受到前一年     

年报风险披露与权益资本成本

本文从权益资本成本视角探究了中国上市公司年报风险披露的价值相关性及信息性质。基于2007-2014年A股上市公司的研究发现:(1)年报风险披露长度及其变化值越大,公司权益资本成本及其变化值越小,说明披露的风险越多,市场给予的信任越多,因而要求的风险溢价越小,从而支持了风险披露的同质观;(2)风险披露与权益资本成本的负相关关系主要体现在信息环境差、显性风险较小的公司;(3)投资者对增加披露风险信息具有正向市场反应,且投资者异质信念降低,表明风险信息异质性较弱,而信息不对称是风险披露影响权益资本成本的不完全中介;(4)风险披露变化值越大,公司股权再融资的可能性越大、折价率越低,债券利差越小。本文首次检验了我国年报风险披露对权益资本成本的影响,得到与国外文献不一致的结论,丰富了信息披露与资本成本关系相关的文献。     

董事高管责任保险、权益资本成本与上市公司再融资能力

基于公司治理角度,使用2002~2012年沪深引进董事高管责任保险的上市公司为样本,考察了董事高管责任保险、权益资本成本和上市公司再融资能力三者之间的相互关系。研究表明:董事高管责任保险与上市公司的再融资能力负相关,与权益资本成本呈显著正相关关系;权益资本成本在董事高管责任保险和上市公司再融资能力影响机制中发挥中介作用。具体地,投资者因规避责任保险机制庇护下公司高管自利行为可招致的风险,导致上市公司权益资本成本增加,从而降低了公司再融资能力。     

董事高管责任保险、权益资本成本与上市公司再融资能力

基于公司治理角度,使用2002~2012年沪深引进董事高管责任保险的上市公司为样本,考察了董事高管责任保险、权益资本成本和上市公司再融资能力三者之间的相互关系。研究表明：董事高管责任保险与上市公司的再融资能力负相关,与权益资本成本呈显著正相关关系;权益资本成本在董事高管责任保险和上市公司再融资能力影响机制中发挥中介作用。具体地,投资者因规避责任保险机制庇护下公司高管自利行为可招致的风险,导致上市公司权益资本成本增加,从而降低了公司再融资能力。     

市场化进程、自愿性信息披露和权益资本成本

基于市场化进程中政府对企业干预程度的差异,本文研究市场化进程对自愿性信息披露与权益资本成本关系的影响。研究发现,市场化进程对自愿性信息披露与权益资本成本的负相关关系起加强作用;更进一步地,在市场化进程较低的地区,受较强的政府干预的影响,国有上市公司比非国有上市公司自愿性信息披露与权益资本成本的相关关系更弱,相反,在市场化进程较高的地区,政府会减少对企业的干扰,非国有上市公司相比于国有上市公司对这种影响的弹性更大,表现在非国有上市公司比国有上市公司更能通过披露较多的自愿性信息来降低权益资本成本。     

社会责任报告降低了企业权益资本成本吗?——来自中国资本市场的经验证据

本文以上市公司披露社会责任报告的动机为出发点,以权益资本成本为落脚点,探讨社会责任报告对企业权益资本成本的影响及作用机制。研究表明,公司披露社会责任报告有助于降低企业的权益资本成本,并且社会责任报告披露对权益资本成本的影响存在"首次披露"效应;但是对于同样披露了社会责任报告的公司而言,社会责任报告质量的高低对权益资本成本的影响并不显著,机构投资者持股比例对于社会责任报告与权益资本成本的关系也无显著影响。这说明我国投资者已经开始关注社会责任报告信息披露,投资者普遍认为发布社会责任报告传递的是一个有利的信号,但是由于我国企业社会责任报告的质量普遍较低,这些报告给投资者传递的信号并没能降低他们对企业风险的评估。     

股价崩盘风险与权益资本成本——来自中国上市公司的经验证据

本文以沪深两市2008-2012年A股上市公司为研究样本,基于我国特殊制度背景和上市公司实际,实证检验股价崩盘风险对权益资本成本的影响。研究结果表明,股价崩盘风险越大,权益资本成本越大,且这种关系在民营上市公司中更显著。进一步考虑信息披露因素,发现高质量的信息披露并不会显著减弱股价崩盘风险对权益资本成本的负面影响,而机构投资者在一定程度上发挥着资本市场上信息传递的作用,改善信息披露环境,增加信息披露,作为信息披露质量外的一种有效的替代机制,其行为显著降低了股价崩盘风险对权益资本成本的作用。     

高铁时空压缩效应与公司权益资本成本——来自A股上市公司的经验证据

以往文献大多集中于交通基础设施对一国或地区宏观经济的影响,而较少关注其对资本市场的作用。本文基于信息不对称视角,考察了高铁开通改变地理距离的时空约束后如何影响公司权益资本成本。以2007—2018年A股上市公司为样本,本文研究发现,上市公司所在地开通高铁后,由于内外信息不对称程度的降低,公司权益资本成本显著下降。该现象受到一系列公司特征的影响,与多数投资者聚集地距离越远、业务复杂度越高的公司,权益资本成本受高铁开通影响而下降得更明显。进一步的研究表明,高铁开通后公司股票流动性的提升及信息披露质量的提高是影响权益资本成本的重要路径。     

企业社会责任信息披露与权益资本成本

运用理论分析和实证检验的方法从权益资本成本的角度研究我国上市公司企业社会责任信息披露的经济动机.研究发现:上市公司上期权益资本成本越高,本期披露社会责任报告的可能性越大,说明降低权益资本成本是上市公司决定是否披露社会责任报告的重要经济动机;对于首次披露企业社会责任报告的公司,上期权益资本成本越高,本期社会责任信息披露质量越高;但对非首次披露企业社会责任报告的公司来说,披露企业社会责任报告的资本成本动机不显著.     

内部控制信息披露与权益资本成本——基于证券市场的实证研究

本文以2010年深交所1056家上市公司内部控制评价报告作为研究基础,通过定义变量采用描述性统计分析法对样本公司的内部控制信息披露质量进行了量化,并利用多元线性回归以及稳健检验的方法分析内部控制信息披露质量对权益资本成本的影响。结果发现,高质量的内部控制信息披露有利于增强公司内部控制水平,降低权益资本成本,从而发挥资本市场的资源配置作用。     

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.     

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...     

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...     

The case for management history

This article defines the case for treating management history as a discrete subject area, although one closely related to business, accounting, labour, and industrial history. It seeks to concentrate on the nature, process, and practice of management as an activity within the organization, and to argue that it is important that modern British managers understand the intellectual and cultural roots of their profession, since without these they will tend to be swayed by short-term management 'fads'. Within the broad topic there are several identifiable sub-areas for potential exploration, including the comparative historical development of management between different countries, management institutions, managerial careers and labour markets, management structures, management skills, and management thought and theory.     

The life and career of John Spence Ogilvy (1805-71), the first chartered accountant to emigrate to Australia

So far as the available evidence allows, this paper examines the life and career of John Spence Ogilvy, foundation member of the Society of Accountants in Edinburgh in 1854, who emigrated to Melbourne in 1856, but did not play a part in the development of an organized accounting profession in Australia. The paper also attempts to explain the gap of thirty-two years between the formation of the first accounting bodies in Edinburgh and Melbourne.     

Female CFOs and loan contracting: Financial conservatism or gender discrimination? – An empirical test based on collateral clauses

Based on signaling and gender discrimination theory, we examine whether chief financial officer(CFO) gender matters to bank–firm relationships and the designing...     

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...     

The Impact of IFRS Adoption on an Agribusiness Company's Financial Statements

This fictional case is based on a Canadian public company that produces greenhouse vegetables. Focusing on the differences between International Financial Reporting Standards (IFRS) and Canadian Accounting Standards for Private Enterprises (ASPE), this case provides students an opportunity to (1) apply IFRS in a real world setting; (2) prepare and reconcile financial statements under ASPE and IFRS; (3) analyze the impact of IFRS adoption on key financial ratios; and (4) detect and explain differences in financial statements under ASPE and IFRS through common size analysis.