境外股东异质性、企业性质与公司治理效率——基于中国上市公司的实证检验

依据2014年一直有境外股东持股的沪深 A股上市公司样本数据,考量不同类型外资持股的治理效应进行实证检验。结果表明：境外股东持股能够提升公司治理效率,不同性质的境外投资者对公司治理的影响存在差异。外资基金和非金融类外资股东的治理效应是显著的,QFII未能对上市公司经营者形成有效监督和制约,外资银行、保险、证券公司反而一定程度上加重了上市公司的代理冲突。此外,外资持股在民营企业中的治理效应优于国有企业。     

流动性黑洞下的投资者结构与股票收益率研究

基于投资者在不同流动性状况下的行为,研究他们对股票收益率影响,结果表明:个人股东数和持股比例对收益率具有负向影响,而机构股东数和持股比例对收益率具有正向影响,且在发生流动性黑洞时,两者的影响都得到加强;不同机构投资者对收益率影响方向不同,有些机构投资者在不同流动性状况下对收益率影响方向和强度也不同;个人股权集中度在不同流动性状况下对收益率影响方向并不具有一致性,机构投资者股权集中度越大,收益率越高,且这种影响在发生流动性黑洞时更强烈。     

境外股东持股改善了中国股市的信息环境吗?

本文从公司特质信息含量、证券分析师年关注人次和信息披露质量等三个维度衡量股市信息环境水平,以2006²010年间深沪主板的上市公司为对象,研究境外股东持股水平和中国股市信息环境间的关系。研究显示总体上境外持股的上市公司特质信息含量、证券分析师年关注人次、信息披露质量显著高于非境外持股的公司,且随着境外股东持股水平的增加,上市公司特质信息含量增加、证券分析师年关注人次增加、信息披露质量提高。而且,境外股东持股水平与证券分析师年关注人次和信息披露质量存在倒"U"型关系,而与上市公司特质信息含量呈"U"型关系。     

股市资金面和持股结构对股票流动性的影响 ——基于深市订单深度和买卖价差的实证检验

股市资金面和持股结构能否对个股流动性产生影响?本文基于2015年股市异常波动期间深市上市公司样本,构建固定效应面板模型,实证检验了股市资金面水平和持股结构对个股订单深度和买卖价差的影响,旨在进一步揭示股票市场整体流动性与微观个股流动性间的关系,为监管部门提供政策依据.分析结果表明:第一,股市资金面充裕水平对个股流动性有全局性正向影响,股票市场整体的流动性越高,越有助于提升个股的流动性;第二,持股结构这一异质性因素对个股流动性有负向影响,持股集中度越高、股东数越少,个股的流动性则相对越差,也意味着股价信息含量可能更低.这为管理层掩饰坏消息从而加大股价崩盘风险提供了新的补充解释.本文研究结论有助于理解股票流动性变化的原因,丰富了相关领域研究,并为监管部门制定相关政策、维护市场稳定运行提供了新视角.     

公司名称、投资者认知与公司价值——基于公司名称评价指标体系的行为金融学研究

本文梳理了公司名称影响投资者决策,进而影响公司价值的理论机制,结合我国投资者的思维模式和信息处理习惯,首次构建出一套反映我国投资者信息处理体验的公司名称评价体系,对我国A股1992-2009年间的上市公司名称进行了评分,并通过实证研究发现:简短、通顺、由常见字词组成以及蕴含良好寓意的公司名称更受投资者喜爱,这类公司的股东基数更大,股票流动性更好,投资者对公司的估值更高。公司名称既可以通过影响股票的需求曲线直接影响股票的均衡价格和公司价值,又可以通过影响公司股东基数和股票的流动性水平间接影响公司价值。     

股权结构特征对公司治理的影响

一、国外股权结构特征及公司治理模式 股权结构是指公司股东的构成，包括股东类型及各类股东持股所占比例、股票集中或分散程度、股东稳定性及高层管理者持股比例等。股权结构对公司治理结构有重大影响，它是公司治理结构的基础。股东种类不同、各类股东持股比例不同，以及股票集中程度和流动性不同，导致的股权结构也截然不同。纵观世界各国股权结构与治理结构，虽然在产权多样化、流动性、资本社会化运作与企业制度安排方面基本相同，但在具体的股权结构和控制运行方式上却各具特色，其中美、德、日公司的股权结构与治理模式最具代表性（见表1和表2）。     

股份回购如何影响股票流动性?

上市公司公开市场股份回购行为对股票市场微观运行的影响效应及其作用机制具有重要研究意义。本文从股票流动性的视角出发,使用手工收集的数据,实证检验了公开市场股份回购对股票市场流动性的影响。通过事件研究和回归分析发现,我国上市公司在二级市场实施回购降低了股票流动性。机制检验表明,股票回购提高了逆向选择成本,导致买卖价差扩大,股票流动性下降。进一步研究发现,上市公司的信息披露质量是重要的调节变量,提高上市公司信息披露质量能有效减弱股份回购对股票流动性的负向影响。本文结论有助于理解上市公司公开市场股份回购的微观影响机制,亦对监管部门制定股份回购监管政策具有启发作用。     

股权分置、公司治理与股利分配决策：现金股利还是股票股利？

以2004~2007中国上市公司为样本,应用LOGISTIC回归对-股权分置改革前后我国上市公司股利分配决策进行理论与实证分析。结果表明,股权分置改革后,我国上市公司发放股票股利呈现增多的趋势,第一大股东、第二大股东持股比例越高,以及董事会人数越多,公司越倾向于现金股利分配,但机构投资者持股比例越高,越倾向于发放股票股利。同时,企业成长性强的公司倾向于发放股票股利,而现金流量好的公司往往不发放股票股利,企业规模与股票分配决策无关。     

第一大股东持股与股票市场操纵：加剧还是抑制？

股东治理是股票市场运行的基石。本文以2011—2021年沪深A股非金融上市公司为研究对象,基于股票三秒切片高频交易数据检验了第一大股东持股对股票市场操纵的影响。研究发现,第一大股东持股能够加剧股票市场操纵,缓解内生性问题后结论稳健。影响机制检验表明,第一大股东持股比例增加会加剧大股东掏空效应、降低企业信息透明度、抑制股票流动性,从而促进股票市场操纵行为。进一步分析发现,在非国有企业中,在分析师关注度低、两职合一、独立董事占比低等弱监督制衡机制的环境下,第一大股东持股的影响更加显著。本文建议通过构建适度制衡的股权结构、加大股东监督力度、提升信息披露质量、完善市场操纵监控体系等措施推动我国资本市场高质量发展。     

ETF持股如何影响股票流动性？

本文基于2012-2021年沪深两市上市公司和股票型ETF数据，运用固定效应模型，探究ETF持股对股票流动性的影响机制。研究发现：（1）A股市场上，ETF持股比例增加对股票流动性有显著提升作用；（2）ETF的日内套利活动特别是日内折价套利活动，能够提升股票流动性；（3）ETF持股比例提高，能够提升成分股的投资者情绪，进而改善股票流动性。     

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.     

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.     

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.     

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.