Beyond Tax Avoidance: Offshore Firms’ Institutional Environment and Financial Reporting Quality*

We explore how firms’ operations in Offshore Financial Centers (OFCs) through subsidiaries or affiliates affect the quality of financial reporting. Using a unique and large sample of firms that have headquarters in the 15 countries with the strictest legal regimes and have subsidiaries or affiliates in OFCs, we find that such firms exhibit lower financial reporting quality than comparable firms without OFC operations. We also find that as OFC characteristics become more prevalent, firms are more likely to engage in both accrual‐based and real earnings management. More importantly, after disentangling OFC characteristics into the opportunity for tax avoidance, regulation arbitrage and secrecy policies, we find that beyond tax avoidance, regulation arbitrage and the secrecy policies of OFCs significantly affect financial reporting quality. The causal effect of OFC operations is supported by the analysis of financial reporting quality when firms set up OFC operations. Our findings are robust to various additional tests addressing potential endogeneity issues. We conclude that the assessment of a firm's institutional environment must encompass the registration status of its subsidiaries or affiliates as well as its own.     

新疆油气资源税改革全国推广的借鉴意义

已经运行半年多的新疆油气资源税改革使油气企业的税负增加,地方财政增收效应显著,初显税改的目标定位。但在试点中暴露出来的计税依据不规范、综合减征率递减以及内外资企业税负不统一的问题,亟需在全面推开资源税改革方案时予以综合考虑,除此之外,还应适当提高现行税率,处理好资源税收入在各级政府间的分配,并在现行体制下同步推进资源税费改革,以此设计具体的改革方案和路径。     

基于电子舌传感技术评价不同市售啤酒滋味品质

应用电子舌传感技术和多元统计学方法相结合的手段,本研究对市售6个啤酒品牌下15个样品的滋味品质特征进行综合评价分析。结果表明,评价啤酒品质的8种滋味指标可以划分为三大类,其中第一主成分由酸味、鲜味和鲜味的回味组成;第二主成分由苦味和苦味的回味组成;第三主成分由咸味、涩味和涩味的回味构成。因子分析发现综合得分排名前三的啤酒样品分别为C_1、F_1和E_1。与此同时,通过聚类分析可以将15个不同品牌与类型的啤酒样品按照滋味品质的差异情况分为5类,与现有啤酒市场行情相符。研究说明电子舌传感技术在啤酒品牌区分、品质口感判定和市场分析中具有巨大的应用潜力。     

Inter-firm collaboration in new product development in Chinese pharmaceutical companies

High-tech firms increasingly rely on inter-firm collaboration (IFC) in new product development (NPD). While there is a growing research interest in exploring the economic rationale of IFC through the transaction cost economics (TCE) and the resource synergy of IFC through the resource-based view of the firm (RBV), little attention has been given to the institution-based view (IBV) that also has important implications for firms’ choice of IFC. In particular, how national institutional environment affects IFC in the NPD process remains under-researched. This study aims to contribute to the literature by extending our understanding of the role of IFC in firms’ NPD process, taking into account transactional, resource, and institutional factors. Based on a case study of two firms: a state-owned and a private pharmaceutical firm in China, our research identifies three key forms of IFC, which are dynamic at different stages of NPD and contingent upon an array of institutional, resource, and transactional rationales underpinning firms’ choice of different forms of IFC. Our study is the first one that investigates the role of IFC in the NPD process bringing together the IBV, RBV, and TCE perspectives.     

区域休闲农业旅游开发的风险评价——以浙江省为例

风险是区域休闲农业旅游开发不可回避与亟待探究的问题。为深化区域休闲农业旅游开发风险的认识与实践,研究以休闲农业旅游开发较为成熟的典型地浙江省为案例,运用数据包络与因子分析方法,在对区域休闲农业旅游开发当前效率与未来潜力进行评价与分析的基础上,借助合图法以效率与潜力为聚类指标,通过两者比较对浙江省休闲农业旅游开发风险进行整体分析和评价,并将其划分为休闲农业旅游低风险积极开发、较低风险适宜开发、一般风险适度开发和较高风险整合开发等4类区域。最后,总结浙江省休闲农业旅游开发风险特征为:(1)开发风险与区域经济发展水平和区位优势条件存在明显的相关关系;(2)区域间经济社会相关联系程度影响开发风险分布方向;(3)开发水平在空间上存在较强的收敛性特征,并从中提炼出明确区域休闲农业旅游开发方向、营造良好区域交流与合作环境和构建区域休闲农业旅游开发风险协同管理机制等开发风险规避策略。     

从绿诺国际财务事件看海外借壳上市公司的会计和审计问题

借壳上市是中国公司海外上市的一种方式,然而近年来中国公司频频出现的财务问题引发了SEC对中国赴美借壳上市公司展开大规模调查。文章结合绿诺公司财务事件对中国公司海外借壳上市过程中出现的会计和审计问题进行了探讨,并分别从上市公司和监管机构的层面提出了相应建议。     

浅谈基层党支部在企业安全工作中的优势与作用

本文从党支部书记的角度,阐述作为基层党支部与本单位安全生产之间的关系,结合石油化工行业安全生产的特性,有效地发挥支部优势,引导员工通过开展一系列安全活动,不断提高员工安全意识和安全技能,将支部日常工作较好的融入企业安全生产,减少安全事故,杜绝危害发生,从而为企业生产、经营与发展保驾护航。     

Individual and Institutional Investors’ Response to Earnings Reported by Conservative and Non‐Conservative Firms: Evidence from Chinese Financial Markets

In this study, we document that there are significant differences in individual and institutional investors’ perception and interpretation of information based on accounting conservatism, as reflected by their trading behavior in the Chinese financial market. Our findings show that institutional investors, who are more sophisticated and have better skills, engage in higher purchases of equities of firms that use high accounting conservatism compared to the firms that use low/no accounting conservatism. Institutional investors’ equity purchases are even higher if these firms are associated with higher growth opportunities. On the other hand, individual investors are attracted more by the attention‐grabbing events and are motivated to purchase equities of firms that either do not use accounting conservatism or use low accounting conservatism, and their purchases are even higher when the firms report positive earnings surprises. Additionally, we find that abnormal returns are higher for the firms using high accounting conservatism and have experienced higher purchases by institutional investors.     

关于山区公路常规桥梁的设计探讨

由于山区复杂特殊的地质地貌,给山区公路桥梁的设计和施工带来更多困难。本文从山区公路桥梁的特点出发,探讨山区公路常规桥梁的设计问题,为具体设计提供一定的理论参考。