股权制衡与内部控制有效性——基于2008—2010年酿酒类上市公司的案例分析

基于中国特殊的公司治理环境,早前研究内部控制主要集中在概念框架、影响因素辨析以及公司治理失效案例的研究,然这些研究鲜有将股权制衡作为重要因素之一加以考虑。本文通过对三家酿酒类上市公司的案例分析,从控股(制衡)股东性质、股权制衡效果等角度剖析了提高中国上市公司内部控制有效性的机理路径。研究结果表明:在实际控制人为国有时,引入非国有制衡股东能达到较优的内部控制状态,而引入国有制衡股东仅微弱地优于无制衡股东的高度集中的内部控制状态,且两者并不明显。     

我国农业上市公司终极控制人性质、两权分离度与公司运行特点

本文以2006—2009年我国农业上市公司为研究样本．考察了终极控制人性质与两权分离度与上市公司运行特点的关系。研究发现．国有控制上市公司相对于非国有控制上市公司，相对费用项目偏高，我国农业上市公司的日常运行行为习惯与其终极控制人性质有很大关系，但对两权分离度的敏感程度一般。其中具体的原因和影响，其“浪费”与“掏空”之间的关系值得我们继续深入探讨。     

我国农业上市公司终极控制人性质、两权分离度与公司运行特点

本文以2006-2009年我国农业上市公司为研究样本,考察了终极控制人性质与两权分离度与上市公司运行特点的关系。研究发现,国有控制上市公司相对于非国有控制上市公司,相对费用项目偏高,我国农业上市公司的日常运行行为习惯与其终极控制人性质有很大关系,但对两权分离度的敏感程度一般。其中具体的原因和影响,其浪费与掏空之间的关系值得我们继续深入探讨。     

企业公司治理、金融市场化与股价崩盘风险研究

本文基于我国沪、深两市A股上市公司的数据,从企业内部微观治理和外部宏观环境视角出发,系统研究了终极所有权、金融市场化对股价崩盘风险的影响效应,得出如下研究结论:一是终极控制股东现金流权越高、两权分离度越低,则代理成本与信息不透明度越低,公司股价崩盘风险越小;二是所处地区金融市场化水平越高,公司股价崩盘风险越低;三是金融市场化在终极所有权与股价崩盘风险的影响关系中具有负向调节效应,较高的金融市场化水平能够有效发挥外部治理作用,削弱了两权分离度对公司股价崩盘风险的影响.本文丰富并拓展了对终极所有权、金融市场化与股价崩盘风险影响因素的相关研究,对我国公司治理发展、金融体制改革以及金融风险防范具有重要启示意义.     

机构投资者实地调研能否缓解股价同步性——基于我国A股上市公司的经验证据

本文以2014-2018年我国深圳A股上市公司为样本,实证检验了机构投资者实地调研与股价同步性的关系,并探究了信息披露质量和机构投资者持股比例对此关系的调节作用.研究结果表明,机构投资者实地调研提升了公司的特质信息含量,显著降低了股价同步性.进一步研究发现,机构投资者实地调研对股价同步性的降低作用在信息披露质量较好的公司和机构持股比例较大的公司更为显著.本文的研究不仅拓展了现有关于机构投资者信息中介作用的研究,丰富了关于股价同步性影响因素方面的相关文献,并为监管部门完善上市公司信息披露制度、引导投资者与上市公司深入交流,提供了有益启示.     

公司治理对财务信息质量影响的实证分析

本文以2005-2010年的非金融上市公司为样本,就公司治理对财务信息质量的影响进行实证研究.通过回归检验发现,股权集中度对财务信息质量具有负面影响,股权制衡度对财务信息质量具有正面影响;审计委员会的设立对财务信息质量的提高具有正面显著影响.研究同时发现,没有证据表明两职合一和两权分离会降低财务信息质量;也没有证据表明独立董事比例对财务信息质量具有显著提高作用.这一系列实证结果从公司治理角度为财务信息质量的提高提供了新的证据.     

分析师研究报告负面信息含量与股价同步性

本文基于文本分析法,选取2019-2021年A股上市公司相关数据,实证检验分析师研究报告负面信息含量与股价同步性之间的关系。研究结果表明:(1)分析师研究报告负面信息含量越高越能显著抑制公司的股价同步性;(2)当研究报告由明星分析师分析撰写时,分析师研究报告负面信息含量与股价同步性的负相关关系更加显著;(3)负面信息含量越高,引起投资者关注度越高,真实信息更容易融入股价,从而降低了股价同步性;(4)在公司信息透明度较低时,分析师研究报告负面信息含量对股价同步性的抑制作用越强。本文对了解分析师在资本市场中发挥的作用以及维持资本市场的健康发展具有重要的理论和实践意义。     

股权结构对高管薪酬业绩敏感性的影响研究

本文以沪深两市A股新能源上市公司为研究对象,选取2014-2018年非平衡面板数据,构建多元回归模型,对股权集中度、股权制衡度对高管薪酬业绩敏感性的影响进行研究。结果表明:股权集中度与高管薪酬业绩敏感性显著正相关,股权制衡度与高管薪酬业绩敏感性呈显著负相关。进一步将产权性质区分为国有控股和非国有控股进行实证研究,结果发现:相比国有企业,非国有性质新能源企业中股权结构对高管薪酬业绩敏感性的影响更明显。     

绿色金融能否抑制股价同步性——来自269个地级及以上城市的证据

本文以2011—2021年我国沪深A股4,139家上市公司为研究样本，采用熵值法对269个地级市及4个直辖市的绿色金融发展水平进行测算，实证分析了绿色金融发展水平对股价同步性的影响。研究发现，绿色金融对股价同步性存在显著的抑制作用。机制检验发现，绿色金融的发展会通过提高环境信息披露质量和股票流动性从而降低股价同步性，提高公司股价信息含量。进一步分析发现，数字经济对环境信息披露质量、股票流动性与股价同步性之间的关系起负向调节作用。     

监督,抑或共谋?——我国上市公司股权结构与公司价值的关系研究

本文通过扩展LLSV(2002)的模型,在监督与共谋的视角下分析了大股东之间分享控制权的治理模式对公司价值的影响,并利用2000—2004年间我国上市公司的样本数据进行实证检验。研究发现:(1)股权集中度、股权制衡度与公司价值之间均存在显著的正相关关系;(2)在不同股东性质的公司中,股权制衡的效果存在明显差异,尤其当第一、二大股东均属于非国有性质时,股权制衡难以发挥积极作用。这些研究结果表明其他大股东虽然能够起监督作用,但也可能与控股股东达成共谋以分享控制权收益。     

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...