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本文利用2006-2014年中国A股上市公司数据,运用双重差分和安慰剂检验,考察卖空对财务重述的影响。研究发现,加入融券标的后,相较于不能被卖空的公司,融券标的公司发生财务重述的可能性显著降低,这种治理作用在金融市场欠发达和治理水平较差的公司更加明显。进一步研究发现,卖空机制可以通过增加激励合约的有效性和吸引分析师跟踪来减少财务重述。最后,使用可操控应计项目和是否报告微利作为盈余质量的代理变量进行稳健性检验,发现上述结论依然成立。因此,放开卖空限制,有助于改善上市公司信息披露质量和完善公司治理结构。 相似文献
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本文以1999—2006年财务重述公司为研究样本,试图回答两个问题:财务重述公司是否在重述前盈余信息质量就比较低?市场是否能够对这一较低的盈余质量做出正确的预期,即市场对盈余质量的认知是否存在系统性偏差?我们的研究结果发现相对于对照样本,重述样本在重述前,盈余的波动性显著偏高,盈余的持续性显著偏低,说明其盈余质量一贯较差。在重述前,市场高估了重述公司应计盈余的持续性,但是在公司重述后,市场对其错误的预期会进行修正。 相似文献
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以2007—2022年A股上市公司为研究对象,实证研究社保基金持股对企业投资效率的影响。结果表明,社保基金持股在抑制企业过度投资的同时缓解了企业投资不足,即社保基金持股能显著提升企业投资效率。机制检验发现,社保基金持股通过减少管理层机会主义行为来抑制企业过度投资;通过降低融资约束来缓解企业投资不足。进一步分析发现,在代理成本较高组和市场化水平较低组,社保基金持股对企业投资效率的提升作用更强。 相似文献
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财务重述公司盈余反应系数研究——基于中国上市公司年报财务重述的经验证据 总被引:1,自引:0,他引:1
GAO(2002)的研究报告指出,投资者对财务报告的信心是证券市场有效运作的重要保证。近年来,财务重述现象在国内外呈现出蔓延局势,国外一系列研究表明财务重述对公司价值产生负面影响,而比短期的市场价值受损更可怕的是投资者对重述公司的信任度大打折扣,对整个资本市场的信心下降。中国上市公司的重述现象也不容乐观,但是对于财务重述经济后果的研究相对较少。因此本文主要考察重述报告对重述公司的盈余反应系数的影响,通过理论分析与数据检验投资者对财务重述公司盈余信息的反应程度,研究发现重述公告使重述公司特别是涉及核心会计指标重述公司盈余反应系数降低。以期通过本文的研究为上市公司敲响警钟,并为监管部门对财务重述行为进行规范监管提供经验证据。 相似文献
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《农村金融研究》2021,(7)
论文采用计量方法和多案例研究法,探究了公司治理结构对财务重述的影响以及财务重述后公司治理结构的变化。从股权结构、董事会和管理层三方面表征公司治理结构的概念,并基于2014-2018年沪深A股上市公司11772个样本的计量分析发现:股权集中度和高管薪酬与财务重述呈显著负相关关系,董事长总经理一肩挑和董事会规模与财务重述之间呈显著的正相关关系。后续基于103家已发生财务重述公司的多案例研究发现:当财务重述发生后,公司内部治理结构也往往进行一些调整,提高股权集中度、减少董事长总经理一肩挑情况、缩小董事会规模、变更高管人员和提升高管薪酬等是一般的应对措施。论文的研究工作对公司治理结构调整、防范财务重述等具有启示作用,同时,也对财务重述和公司治理结构的相关研究提供了新的视角。 相似文献
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机构投资者、信息披露与盈余管理 总被引:1,自引:0,他引:1
本文以反映公司治理效率的信息披露与盈余管理作为关注要点,深入研究了机构投资者持股的治理效果问题.本文研究表明,机构投资者持股公司的盈余管理程度显著低于无机构投资者持股公司,并且盈余管理程度随着机构投资者持股的增加而显著降低.本文还检验了机构投资者持股能否有效提高公司信息披露的质量,发现机构投资者持股公司的信息披露质量显著高于无机构投资者持股公司,而且信息披露质量随着机构投资者持股的增加而提高.本文还发现,机构投资者持股公司信息披露对于盈余管理的监控作用更为显著,并且随着机构投资者持股的增加促进作用更为明显.以上发现意味着目前我国机构投资者已经参与到公司治理中,并在一定程度上发挥了积极的治理作用. 相似文献
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学者型独董普遍存在于中外上市公司董事会中,是公司治理机制的重要组成部分。本文以2005-2015年中国上市公司的数据为研究样本,来考察学者型独董与公司盈余质量之间的影响关系。研究发现,学者型独董对公司盈余质量有着显著的正向影响;学者型独董对民营企业盈余质量的正向影响作用更为明显。进一步检验发现,学者型独董的声誉水平对公司盈余质量有显著的正向影响作用。本文的启示是学者型独董能够有效发挥治理作用,提高公司信息披露质量。 相似文献
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机构投资者持股能提高上市公司会计信息质量吗?——兼论不同类型机构投资者的差异 总被引:1,自引:0,他引:1
本文以2006-2009年深圳A股上市公司为研究样本,实证检验了机构投资者总体以及各类型机构投资者持股对会计信息质量的影响。结果发现,机构投资者总体持股降低了财务报告可靠性,但能提高信息披露透明度。分类来看,证券投资基金、保险公司、社保基金和QFII等持股不影响财务报告可靠性,但能提高信息披露透明度;一般法人持股降低了财务报告可靠性,特别是加大了公司向下盈余管理程度,但不影响信息披露透明度;信托公司持股既不会影响财务报告可靠性,也不会影响信息披露透明度。结果表明,不仅机构投资者总体对上市公司会计信息质量影响的渠道不同,而且不同类型机构投资者对上市公司会计信息质量影响的渠道也存在差异。 相似文献
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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. 相似文献
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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: 相似文献
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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... 相似文献
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《China Journal of Accounting Research》2016,(2):175
<正>The focus of the China Journal of Accounting Research is to publish theoretical and empirical research papers that use contemporary research methodologies to... 相似文献
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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... 相似文献
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Andrew Thomson 《Accounting, Business & Financial History》2001,11(2):99-115
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. 相似文献
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Garry D. Carnegie Robert H. Parker Roy Wigg 《Accounting, Business & Financial History》2000,10(3):371-383
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. 相似文献
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Based on signaling and gender discrimination theory, we examine whether chief financial officer(CFO) gender matters to bank–firm relationships and the designing... 相似文献
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《China Journal of Accounting Research》2016,(2):174
<正>The China Journal of Accounting Research‘‘CJAR’’(ISSN 1755-3091)publishes quarterly.It contains peer-reviewed articles and commentaries on accounting,auditin... 相似文献
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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. 相似文献