内部人交易与持续经营审计意见——来自财务困境类上市公司的经验证据

股改完成后内部人交易日益常态化,内部人交易受到监管层和市场各方的关注。为了降低事后被查处的可能性,发生内部人交易的财务困境类上市公司可能会要求审计师签发更好的审计意见。基于2007至2013年上市公司内部人交易数据,研究发现:财务困境类上市公司内部人交易与持续经营审计意见显著负相关;审计师对上市公司经济依赖的程度越高,内部人卖出交易与持续经营审计意见负相关关系越显著。更进一步地,内部人交易与持续经营审计意见负相关的关系主要体现在股权制衡度较低、分析师跟进数量较少以及机构投资者持股比例较低的上市公司,表明上述公司治理机制有效地遏制了财务困境类上市公司发生内部人交易后胁迫审计师签发干净审计报告的行为。     

机构投资者与股权激励：中国证券市场的实证研究

股权激励是公司治理的重要手段之一,2006年初,股权激励机制正式引入中国。本文通过对2006年中引入股权激励的40家上市公司的研究发现,在上市公司宣布股权激励方案之后,机构投资者的持股比例有了明显的上升,即使是引入对照组以控制大盘走势等其他的潜在影响因素之后,这一结果仍然显著存在。上述结果表明机构投资者高度关注公司的股权激励行为。在现行治理环境下,机构投资者更倾向于对公司治理良好的公司进行投资。     

投资者关系管理影响审计师决策吗?——基于A股上市公司投资者关系管理的综合调查

本文利用南京大学联合证监会针对A股上市公司投资者关系管理综合调查获取的特别数据,实证检验和分析了投资者关系管理影响审计师决策(审计意见和审计费用)的效应、机理和调节因素。研究发现,投资者关系管理对审计师出具非标准审计意见的概率产生了显著的负向影响,而对审计费用却没有产生显著影响。进一步的机理分析表明这是由于投资者关系管理虽降低了审计风险,却加大了审计师的工作负荷,造成两者在审计费用的影响效应上相互抵消所致。最后还发现投资者关系管理对审计意见的负向影响在可视性比较低的公司(小公司和低分析师跟踪公司)更加显著。本文研究在理论上扩展了投资者关系管理的研究范式体系,在实践上对指导上市公司开展投资者关系管理活动具有重要的启示价值。     

机构投资者持股对上市公司资本结构影响的机理研究

公司治理对资本结构的优化选择起着至关重要的作用。机构投资者作为股东参与公司治理,通过对管理者的经营决策进行干预,从而影响上市公司资本结构的选择。本文首先界定了机构投资者与资本结构的概念,接着综述了研究现状,最后分析了机构投资者持股对资本结构的影响机理并得出一些结论。     

机构投资者持股对上市公司资本结构影响的机理研究

公司治理对资本结构的优化选择起着至关重要的作用。机构投资者作为股东参与公司治理,通过对管理者的经营决策进行干预,从而影响上市公司资本结构的选择。本文首先界定了机构投资者与资本结构的概念,接着综述了研究现状,最后分析了机构投资者持股对资本结构的影响机理并得出一些结论。     

机构投资者持股对创业板上市公司成长性的影响研究

随着机构投资者在公司治理中发挥越来越重要的作用,其对上市公司的业绩产生了越来越显著的影响。成长性是衡量创业板上市公司业绩的重要指标,本文以285家我国创业板上市公司为样本,研究了机构投资者持股对创业板上市公司成长性的影响。研究结果表明,机构投资者持股比例越高,公司成长性越高。     

集中持股下的独立审计作用:基于债券市场信用评级的分析

本文基于我国债券市场1550家上市公司和非上市公司数据,从债券市场信用评级视角实证检验了独立审计在控股股东集中持股情况下的治理作用,研究发现:控股股东持股比例与高质量审计师选择之间呈倒U型关系,信用评级相应体现出了这种倒U型关系背后的信号传递动机与企业风险评估。选择不同质量的审计师向市场传递了不同的信号,造成审计师选择在信用评级方面的治理作用也存在差异。结果表明,在控股股东集中持股情况下,我国独立审计(尤其是高质量的独立审计)在债券市场仍然发挥了治理功能,能够在一定程度上降低投资者的信息不对称程度,向市场传递信号,从而提高企业的信用评级水平。     

机构投资者、公司治理与上市公司股利政策

本文实证研究了2001—2004年间中国证券市场中机构投资者持股、公司治理与上市公司股利政策之间的关系。针对我国特殊的股权结构制度背景下,现金股利政策的两种理论观点——“自由现金流假说“和“利益输送假说“以及在我国资本市场上呈现的“恶意派现“现象,实证检验了我国机构投资者是否能够发挥治理、监督作用。研究结果发现:在2001—2004年间,机构投资者持股公司的每股现金股利发放水平显著地高于非机构投资者持股的公司,发放现金股利公司的机构投资者的持股比例显著地高于不发放现金股利公司,公司现金股利发放水平成为投资者构建投资组合的重要标准;机构投资者的持股比例不会对上市公司的股利政策产生影响,对于我国上市公司近年来出现的“恶意派现“现象,机构投资者发挥了其监督治理职能,机构投资者持股比例越高,上市公司发生“恶意派现“的可能性越小。     

机构投资者对创业板公司治理及价值表现之影响研究

本文以创业板上市公司和机构投资者为研究对象,研究机构投资者与上市公司治理和价值的双向影响。研究表明,创业板上市公司治理和机构投资者之间是良性循环,即机构投资者能改善上市公司的治理水平和价值表现,同时被改善治理水平和价值的上市公司会吸引更多的机构投资者持股。该研究不仅在理论上对创业板机构投资者的作用进行了肯定,也为我国监管机构如何促进机构投资者的发展提出相应的政策建议。     

机构投资者持股与企业可持续发展：基于公司治理视角的研究

机构投资者能否有效监督并参与公司治理,进而有效促进持股企业的可持续发展,仍是备受关注的议题。基于公司治理的视角,选取2010—2021年3526家A股上市公司的25625个年度观测值,针对机构投资者持股对持股企业可持续发展的影响及其影响路径展开大样本分析。结果表明：机构投资者持股可通过缓解代理问题,优化内部控制,有效发挥公司治理作用,促进持股企业的可持续发展;同时,与压力敏感型机构投资者持股相比,压力抵制型机构投资者持股对持股企业可持续发展的积极影响更为显著,经内生性检验和稳健性检验后,研究结论依然成立。通过进一步分析发现,机构投资者在国有企业和重污染企业持有股份,对其可持续发展的积极影响更为显著。研究结论为有效发挥机构投资者的外部监督作用、促进企业可持续发展提供了来自微观层面的经验证据。     

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     

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.     

Bayesian Risk Management for Equity-Linked Insurance

This paper describes how to apply Markov Chain Monte Carlo (MCMC) techniques to a regime switching model of the stock price process to generate a sample from the joint posterior distribution of the parameters of the model. The MCMC output can be used to generate a sample from the predictive distribution of losses from equity linked contracts, assuming first an actuarial approach to risk management and secondly a financial economics approach. The predictive distribution is used to show the effect of parameter uncertainty on risk management calculations. We also explore model uncertainty by assuming a GARCH model in place of the regime switching model. The results indicate that the financial economics approach to risk management is substantially more robust to parameter uncertainty and model uncertainty than the actuarial approach.     

The historical significance of the revaluation of fixed assets in Japan's state-owned railway system, 1955-6

The Government Railways of Japan (GRJ) established a fixed assets accounting system on the accruals basis after the Second World War. The revaluation of tangible fixed assets was indispensable for GRJ's introduction of depreciation in 1948. GRJ scheduled the revaluation to secure a reasonable depreciation expense, because the company had applied the replacement method to all tangible fixed assets since its foundation in 1869. At the same time, GRJ assumed the balance of the revaluation reserve account to be a means of dealing with possible future accumulated losses.     

Effects of speculation and interest rates in a “carry trade” model of commodity prices

The paper presents and estimates a model of the prices of oil and other storable commodities, a model that can be characterized as reflecting the carry trade. It focuses on speculative factors, here defined as the trade-off between interest rates on the one hand and market participants' expectations of future price changes on the other hand. It goes beyond past research by bringing to bear new data sources: survey data to measure expectations of future changes in commodity prices and options data to measure perceptions of risk. Some evidence is found of a negative effect of interest rates on the demand for inventories and thereby on commodity prices and positive effects of expected future price gains on inventory demand and thereby on today's commodity prices.     

Optimal Dynamic Premium Control in Non-life Insurance. Maximizing Dividend Pay-outs

In this paper we consider the problem of finding optimal dynamic premium policies in non-life insurance. The reserve of a company is modeled using the classical Cramér-Lundberg model with premium rates calculated via the expected value principle. The company controls dynamically the relative safety loading with the possibility of gaining or loosing customers. It distributes dividends according to a 'barrier strategy' and the objective of the company is to find an optimal premium policy and dividend barrier maximizing the expected total, discounted pay-out of dividends. In the case of exponential claim size distributions optimal controls are found on closed form, while for general claim size distributions a numerical scheme for approximations of the optimal control is derived. Based on the idea of De Vylder going back to the 1970s, the paper also investigates the possibilities of approximating the optimal control in the general case by using the closed form solution of an approximating problem with exponential claim size distributions.     

'More a national asset than an investor's paradise': financial management and the British Motor Corporation, 1952-68

This paper undertakes a comparative analysis of financial management in the British motor industry in the 1950s and 1960s. We question whether US ownership automatically implied greater financial control and immunity from capital market pressures and discuss whether the problems BMC/BMH (British Motor Corporation/British Motor Holdings) experienced were symptomatic of the absence of financial imperatives among British management at this time. Finally we widen the agenda to place our findings on financial management into a wider literature dealing more generally with the problems of managerial control and corporate governance within the motor vehicle industry in the 1950s and 1960s.