Do goodwill impairments affect audit opinions? Evidence from China

There has been a steady growth of goodwill impairments in the Chinese stock market since the adoption of the impairment approach in accounting. The influence of goodwill impairments on a firm’s financial position and profitability give reason to doubt its current and future performance. We examine whether auditors, as a crucial external monitor, identify the information risks of goodwill impairments and express their concerns about financial reporting quality in their audit opinions. Using a sample of firms listed on China’s A-share market from 2007 to 2017, we test the association between goodwill impairments and the type of audit opinion received in the same financial period. Our findings are as follows. First, the probability of receiving a modified opinion increases with the amount of goodwill impairments. Second, the positive association between goodwill impairments and modified audit opinions is driven primarily by earnings management risks. Third, this positive association is more salient when auditors are industry experts and there is no auditor–client mismatch. Fourth, auditors are more sensitive to the amount of goodwill impairments than to their mere existence. Overall, we document that auditors perceive goodwill impairments as a signal of information risks and communicate their concerns to investors to avoid litigation.     

Stochastic Payments per Claim Incurred

We propose a Bayesian model to quantify the uncertainty associated with the payments per claim incurred (PPCI) algorithm. Based on the PPCI algorithm, two submodels are proposed for the number of reported claims run-off triangle and the PPCI run-off triangle, respectively. The model for the claims amount is then derived from the two submodels under the assumption of independence between the number of incurred claims and the PPCI. The joint likelihood of the number of reported claims and claims amount is derived. The posterior distribution of parameters is estimated via the Hamiltonian Monte Carlo (HMC) sampling approach. The Bayesian estimator, the process variance, the estimation variance, and the predictive distribution of unpaid claims are also studied. The proposed model and the HMC inference engine are applied to to an empirical claims dataset of the WorkSafe Victoria to estimate the unpaid claims of the doctor benefit. The Bayesian modeling procedure is further refined by including a preliminary generalized linear model analysis. The results are compared with those in a PwC report. An alternative model is compared with the proposed model based on various information criteria.     

How Owners Matter? An Examination of Ownership Type in Corporate Disaster Relief Giving

Little research has investigated the effect of ownership identity (or type) and corporate philanthropy experience on giving. In this research, relying on legitimacy theory, we first assess the effect of ownership identity on corporate philanthropy (CP) in the context of the 2008 earthquake in China. Then we explore moderation effects of firms' prior CP experience and size as proxies for perceived legitimacy on owners' efforts at increasing giving and legitimacy. We find that state and CEO ownership are deterrents, while non‐SOE and institutional ownership enhances giving probability and amount. In addition, there is evidence that firm size and prior CP weaken the effects of institutional ownership on CP. This study provides a complete assessment of owner behaviour. Copyright © 2018 ASAC. Published by John Wiley & Sons, Ltd.     

Idiosyncratic Information,Moral Hazard,and the Cost of Capital

This paper examines the effects of idiosyncratic accounting information on a firm's cost of capital. By embedding a moral hazard problem into a multifirm asset‐pricing model, I show that moral hazard distorts the sharing of idiosyncratic risk but does not affect the sharing of systematic risk in the economy. A firm‐level improvement in idiosyncratic information reduces the firm's cost of capital even though it does not affect the implied cost of capital inferred from publicly traded shares. Moreover, an economy‐level improvement in idiosyncratic information reduces the risk premium for idiosyncratic risk but increases the risk premium for systematic risk, resulting in an ambiguous net effect on the firm's cost of capital. These results provide alternative explanations for the mixed empirical evidence on the relation between information quality and the cost of capital.     

创新生态系统视角下价值共创如何影响企业创新绩效——一个有调节的中介模型

以创新生态系统为视角，引入创新资源互动与生态系统规范机制为中介变量和调节变量，探究价值共创如何影响企业创新绩效。基于307家企业样本数据，运用结构方程模型、Bootstrap和层级回归方法对数据进行分析。研究发现：创新生态系统中，价值共创不完全直接影响企业创新绩效；创新资源互动部分中介价值共创对企业创新绩效的影响；生态系统规范机制部分正向调节价值共创对创新资源互动的影响。最后提出，创新生态系统调控方与企业要差异化地制定提升创新绩效的实施方案，营造活跃的创新资源互动氛围，形成并完善系统内生态规范机制。     

The influencing factors of satisfaction and lending intention in online lending investment: an empirical study based on the Chinese market

This paper develops a platform‐based influencing factors model which considers value perception, risk prevention measure, non‐default experience, trust and incentive gap, to better examine the impact of platforms on investors’ satisfaction and lending intention based on the Chinese market. The results reveal that the first four factors positively influence the satisfaction of the investors, while the incentive gap has a negative impact, and there is a positive association between investors’ satisfaction and lending intention. Some specific features of China’s online lending market are identified, which provides valuable insights for online lending platforms and the government.     

知识型员工双重社会网络对企业创新绩效作用机制研究

基于企业基础资源观和组织学习理论，从知识型员工个人和组织社会网络两个方面构建知识型员工双重社会网络影响企业创新绩效的理论模型，分析知识共享、组织学习及资源整合在员工双重社会网络对企业创新绩效影响机制中的作用。结果表明：知识型员工双重社会网络对科技型企业创新绩效的作用路径有3条，资源获取与整合、知识共享与学习及员工动态创新能力分别在其中发挥中介作用；在不同类型组织文化环境中，知识型员工双重社会网络对企业创新绩效的作用特征、作用重点以及作用机制存在显著差异，内部整合维度主要通过知识共享和组织学习影响企业创新绩效，外部适应维度主要通过隐性知识传播和资源整合影响企业创新绩效。     

邱少云和他守望的城

当今日重庆记者来到邱少云烈士纪念馆时,见到了很多小朋友的身影. 作为铜梁人,逯娟对此情形早已习惯.带孩子到邱少云烈士纪念馆缅怀英烈一直是铜梁人的传统,她自己从小就喜欢到邱少云烈士纪念馆.     

大片里的小心机空姐教你如何美美地上镜

入职重庆航空前,王秋丹是一名兼职模特,她爱拍照也特别会拍照.在她的微信朋友圈里,她有时化身邻家女孩在树荫下喝茶看书,有时变身异域少女载歌载舞……不管什么造型,照片里的她看起来总是美美的,特别上镜. 如何拍出这样美美的"大片"?王秋丹说除了选好环境、打扮漂亮之外,肢体语言也很重要,这里有一些小技巧.     

协作型企业供应链管理

供应链管理作为一种新型的企业关系管理模式在现代市场竞争中为企业生存与发展提供了一种工具。本文针对协作型企业供应链管理进行了研究。协作型企业供应链由于其业务联系上的紧密性与其他供应链有所不同，在生产计划制定上强调生产计划的一致性与协调性，核心企业与供应企业在生产计划制定方面的信息共享；在销售管理上强调企业与销售商集成式管理。