中国碳金融理论研究的最新进展

碳金融是环境金融在低碳领域的创新,是推动低碳经济发展的关键.气候经济学、环境金融学、企业社会责任和外部性理论等都为碳金融的产生提供了理论依据.现阶段学者们对碳金融的研究主要集中在碳金融的源起研究、碳金融的特殊属性研究、碳金融的动力机制研究、碳金融的国际博弈研究和碳金融的适应性研究五大方面,并已取得一些重大进展,但是仍存...     

Discretionary Accounting Choices: A Debt covenants Based Signalling Approach

This paper seeks to explain the discretionary accounting choices made by managers in a world characterised by asymmetric information between managers and investors. It considers a firm whose capital structure consists of both debt and equity, a manager who protects the interests of the firm's existing shareholders, and a financial market. The manager is committed to engage in an investment opportunity and needs to raise some equity to finance it. He is furthermore endowed with some private information about his firm's future earnings. The paper shows how, under certain conditions, the manager may credibly communicate his private information to investors through his accounting choices. In this equilibrium, the selection of balance sheet strengthening and income increasing accounting choices signals unfavourable information while the use of balance-sheet weakening and income- decreasing accounting choices signals favourable private information. The latter firms should thus experience positive abnormal returns around the announcement dates of their accounting choices.     

Capitalized customer acquisition costs and earnings quality: A case study of PhotoWorks,Inc

This case examines issues related to accounting method choice, earnings management, and earnings quality. Specifically, the case examines a company (PhotoWorks, Inc.) that chose the less conservative approach of capitalizing and then amortizing a certain type of advertising expenditure rather than expensing the costs as incurred. The primary purpose of this case is to illustrate the role of judgment in accounting method choice and how it provides potential opportunities for earnings management. The case also allows students to explore the multi-dimensional nature of financial reporting decisions and to develop a greater appreciation for how their accounting coursework relates to important “real-world” issues. After completing this case, students should be able to do the following: (1) describe factors that are involved in accounting method choice and support the appropriateness of an accounting method choice based on a search of the accounting standards; (2) understand and evaluate the effects of accounting method choice on the financial statements; (3) describe the conflicting motivations managers face when deciding on financial accounting methods versus tax accounting methods; (4) explain what is meant by earnings management, factors that motivate managers to manage earnings, methods they can use to manage earnings, and how earnings management affects earnings quality; and (5) describe the role of auditors in analyzing a company’s accounting method choices and in assessing the quality of a company’s earnings.     

Decoupled earnings: An institutional perspective of the consequences of maximizing shareholder value

Recent accounting scandals have brought focus on the role of management in financial statement manipulation. This focus on micro-behavior does not capture the complexities of earnings management. Taking an institutional rather than agency theory approach, earnings management is posited as a decoupled behavior. A behavior that results from not only agency-based motivations of self-interests, but also regulative, normative, and cultural-cognitive legitimacy pressures. Conformity to the central logic of “maximizing shareholder value” found in the “US financial market” institutional field provides the context in which to explore earnings management as a decoupled behavior. Insights for earnings management include the blending of agency and institutional theory perspectives to gain a more complete understanding of the behavior and the positing of a continuum of earnings management conducive to this merger. Institutional theory benefits from exploring the nesting in multiple institutional fields.     

On the intertemporal value relevance of conventional financial accounting in Australia

This paper examines whether the relevance of conventional (earnings focused) accounting information for valuation has declined in Australia over a recent period of 28 years. Motivation is provided by the anecdotal concerns of financial analysts, accounting regulators, and a cluster of US centric academic research papers that conclude that the relevance of financial accounting (and earnings in particular) has declined over time. After controlling for nonlinearities and stock price inefficiencies, we find that the value relevance of core accounting earnings has not declined. A possible exception is found for small stocks. We also observe that net book values are relatively less important in Australia when compared to the USA. Our results are informative for investors who require feedback on valuation issues and the International Accounting Standards Board regulators in any further moves towards a balance sheet focus.     

The association between qualitative management earnings forecasts and discretionary accounting in the Netherlands

This paper examines whether there is an association between discretionary accounting and the accuracy of long-run forecasts of annual earnings disclosed voluntarily by Dutch companies in the directors’ report. In particular, investigations were made of the consistency in the sign and direction of discretionary accounting techniques and qualitative earnings forecasts. Long-run forecasts are defined, for the purposes of this paper, as forecasts made at least seven months before the year-end. Although not mandatory, qualitative forecasts are released by well over 60% of the listed companies in the Netherlands. Empirical results indicate that there is consistency in the sign and direction of qualitative earnings forecasts and discretionary accounting. After adopting discretionary accounting, the forecast errors are reduced if the company can reach the management earnings forecast (target). In the event that reserves are insufficient to accomplish this goal, managers choose their next best option and take an earnings bath in order to maximize reserves available for future use. By partitioning the sample in various sub-sets it is shown that earnings management and forecast errors occur most in the extreme ranges of financial performance. Overall, the study shows that management engages in discretionary accounting to present results in line with the disclosed qualitative earnings forecasts in their directors’ reports. Whilst discretionary accounting may clearly improve the consistency of companies’ earnings forecasts released via the directors’ reports and the actual earnings, managers’ earnings forecasts are sometimes disclosed in anticipation of planned discretionary accounting actions.     

How fair-value accounting can influence firm hedging

The potential influence of accounting regulations on hedging strategies and the use of financial derivatives is a research topic that has attracted little attention in both the finance and the accounting literature. However, recent surveys suggest that company hedging can be substantially influenced by the accounting for financial instruments. In this study, we illustrate not only why but also how the accounting regulations may affect hedging behavior. We find that under mark-to-market accounting, most firms concerned with earnings smoothness adopt myopic hedging strategies relative to the benchmark, cash flow hedging. The specific influence of the accounting regulations depends on market and firm-specific characteristics, but, in general, the firms dramatically reduce the extent of hedging addressing price risk in future accounting periods. We illustrate that the change in hedging behavior significantly dampens the increase in earnings volatility stemming from fair value accounting of derivatives. However, the adjusted hedging strategies may substantially increase the firms’ cash flow volatility.     

Value relevance of analyst earnings forecasts in emerging markets

Even though research in accounting and finance has extensively examined the role of financial analysts in developed economies, this issue has not been thoroughly examined in an emerging market setting. In this paper, I examine whether, following a market opening, analyst forecast accuracy and the market's reliance on analyst forecasts increase with time. Accuracy is expected to increase over time as analysts exert more effort and gain valuable forecasting experience. Results indicate that time is positively related to analyst forecast accuracy after controlling for a number of other firm and country characteristics. Second, I posit that time should also be related to the market's propensity to use analyst forecasts to form earnings expectations. As markets open and investors become more sophisticated, the reliance on analyst forecasts should also increase. Results are consistent with this expectation. In particular, I find that in the first sub-period earnings expectations based on random walk exhibit greater relative information content than earnings expectations based on analyst forecasts. This pattern is reversed in the third sub-period where analyst forecast errors better explain returns. Incremental information content tests produce similar results. Future research should further investigate the relation between financial analysts and other important market characteristics in emerging economies.     

Model-based earnings forecasts vs. financial analysts' earnings forecasts

Existing accounting-based forecasting models of earnings either do not fully consider information that is contained in stock prices or use an ad hoc specification that is not based on rigorous valuation theory. In this paper, we develop an earnings forecasting model built on the theoretical linkages between future earnings and stock prices as well as a number of accounting fundamental variables. We find that our model-based forecasts of earnings are in general less biased and more accurate than both existing model-based forecasts and analysts' consensus forecasts, at both shorter and longer horizons. We also show that the accuracy of both model-based forecasts and financial analysts' forecasts depend on firm-specific characteristics such as firm size and industry membership.     

经济转轨时期民间金融发展问题研究

近年来,民间金融已成为我国金融体系中不可或缺的组成部分。在我国经济转轨时期,扩张的民间金融与正规金融形成了互补效应,在一定程度上缓解了民营中小企业融资难的局面,对促进经济与金融的发展,发挥着积极的作用。但是,民间金融的合法化发展存在一些制约因素。必须摒弃与市场经济体制相悖的、束缚民间金融发展的理念、制度和规则,通过一定的政策措施,鼓励引导民间金融健康发展。     

Accounting, Truth and Communication: The Case of a Bank Failure

There have been many papers admonishing accounting researchers to abandon traditional approaches to research and to embrace a particular social theory or philosophy, such as those of Braverman, Foucault or Habermas. Few empirical studies, however followed this advice. This paper employs Habermas' theory of communicative action and, more specifically, his notion of the four validity claims implicit in any speech act in an empirical analysis of the financial reporting and auditing of the Canadian Commercial Bank. Any speech act involves a double structure of speech which combines the communication of propositional content with that of interpersonal relations. Consequently, any analysis of financial reporting and auditing must necessarily involve the double structure of speech and, therefore, the perspective of the four validity claims: comprehensibility, truth, truthfulness and rightness. This paper provides an analysis of financial reporting and auditing of the Canadian Commercial Bank. It shows that the four validity claims were violated. This analysis of one case is then used to make observations about public accounting in general.     

金融发展与江苏省海洋经济增长关系的实证研究

本文以江苏省为研究对象,围绕金融发展与江苏省海洋经济增长关系这一问题,检验了江苏省沿海三市的存贷款总额和保险行业保费收入与江苏海洋经济增长之间的关系.研究发现,海洋经济的增长离不开金融有力的支持,但江苏沿海三市金融发展水平有限,金融对海洋经济的促进作用微弱.因此,江苏海洋经济发展应该考虑到金融发展,完善金融机构和创新金融产品是目前江苏海洋经济增长最紧迫的任务.     

基于演化博弈的消费金融资产证券化与激励型监管关系研究

2020年11月央行与银保监会联合印发《网络小额贷款业务管理暂行办法(征求意见稿)》对消费金融资产证券化规模做出明确限制,如何有效治理消费金融公司的违规行为成为金融监管领域的核心议题。本文基于演化博弈理论,将激励机制纳入分析框架,研究消费金融公司与监管机构在动态博弈中的策略选择并借助理论建模分析二者演化博弈均衡问题。研究结果表明:消费金融公司与监管机构策略选择的外部性,隐含了演化稳定策略的存在性;消费金融公司与监管机构的利益不一致,使得博弈系统可能存在不稳定状态;博弈系统是否存在稳定组合策略取决于监管成本与社会损失的相对大小以及违规发行超额获利与违规处罚和合规激励之和的相对大小。     

我国发展碳金融的路径选择

当前,低碳金融在低碳经济发展过程中的作用日益显著,我国作为世界第二大碳排放国,碳金融的发展则刚刚起步,面临诸多问题和挑战。如何结合我国国情促进碳金融的发展,已经成为当前经济发展中亟待解决的问题。在借鉴国外碳金融发展经验的基础上,深入分析了我国碳金融发展存在的主要问题,提出发展我国碳金融的基本路径和具有针对性的相关政策建议。     

Earnings conservatism and audit committee financial expertise

Using an Australian sample of 494 firm‐year observations, this study finds that accounting financial expertise is the primary type of expertise that influences earnings conservatism, rather than nonaccounting financial expertise. The association between accounting financial expertise and conservatism holds only when the accounting financial expert(s) on audit committees is (are) independent. Overall, results suggest that audit committee accounting financial expertise is important in recognising the asymmetrical timeliness of losses. Findings provide a better understanding of the dynamics between audit committee financial expertise and earnings conservatism and demonstrate the importance of accounting financial expertise in improving financial reporting quality.     

Does the midpoint of range earnings forecasts represent managers’ expectations?

The accounting literature has used the midpoint of range forecasts in various research settings, assuming that the midpoint is the best proxy for managers’ earnings expectations revealed in range forecasts. We argue that given managers’ asymmetric loss functions regarding earnings surprises, managers are unlikely to place their true earnings expectations at the midpoint of range forecasts. We predict that managers’ true expectations are close to the upper bound of range forecasts. We find evidence consistent with these predictions in 1996–2010, especially in the recent decade. Despite their role as sophisticated information intermediaries, analysts barely unravel the pessimistic bias that managers embed in range forecasts. Furthermore, we find that the upper bound rather than the midpoint better represents investors’ interpretation of managers’ expectations in recent times. Our study cautions researchers to refine their research designs that use management range forecasts and sheds light on the role of financial analysts in the earnings expectations game.     

上市公司财务报告目的评估价值相关性研究——来自A股市场的经验证据

公允价值在会计准则中的广泛运用引致了以财务报告为目的的评估业务需求。本文选取了2004~2008年上市公司为研究样本,检验了以财务报告为目的的资产评估总体价值相关性以及基于资产减值测试的评估价值的市场反应。研究结果表明,新会计准则实施后的价值相关性显著提高,而资产减值的计提受投资者的关注度则有所减弱。这说明以财务报告为目的的评估有效地提高了会计信息的质量和信息含量,并在一定程度上抑制了滥用公允价值进行盈余管理的行为。从长远来看,深化经济的市场化程度,努力构建一个完整、统一、开放、充分竞争的市场,实现评估界与会计审计界的良性互动,同时加强会计监管及行业自律并对滥用公允价值及虚假评估行为予以严惩,仍是未来一段时期的重中之重。     

总部经济对中国货币政策传导渠道影响机制研究

总部经济是当前我国经济发展过程中出现的一种新型形态,对金融运行以及货币政策传导机制产生了重要影响。在计量分析得到我国货币政策传导以信贷为主要渠道的基础上,通过加入总部经济冲击的金融市场博弈模型,本文分析了总部经济对信贷渠道的影响机制。辅以在实际调研中发现总部经济影响银行信贷渠道发挥作用的若干特征事实,本文认为,总部经济通过强有力的融资能力、资金集中管理能力以及较强的利率议价能力降低了对银行信贷的依赖,削弱了银行信贷渠道的传导效率,针对这种现象,本文提出了相关建议。     

The economic determinants of the market reaction to proposed mandatory accounting changes in the oil and gas industry: A cross-sectional analysis

This paper examines the economic reasons for the observed negative abnormal common stock performance of firms whose reported earnings and stockholders' equity were negatively affected by the proposed elimination of full cost accounting in the oil and gas industry. Four explanations of the market effects of this mandatory accounting change are examined: (1) naive investor theory, (2) modified naive investor theory, (3) contracting cost theory, and (4) estimation risk theory. These hypotheses are developed in detail and used to generate variables for a cross-sectional model which explains observed return behavior. The effect of the accounting change on total stockholder's equity, the existence of financial contracts denominated in terms of accounting numbers and, to a lesser extent, firm size are shown to be important explanatory variables. The importance of these variables is consistent with both the contracting cost and estimation risk theories.