审计报告改革对权益资本成本的影响研究

传统审计报告的模式化披露无法满足投资者价值信息获取需求,“审计期望差距”问题日益严重。基于2016年12月颁布的新审计报告准则,选取A+H股上市公司为研究对象,考察审计报告改革对上市公司权益资本成本的影响。结果表明,审计报告改革会显著降低权益资本成本。进一步发现,关键审计事项披露数目越多,权益资本成本越低;审计报告改革降低权益资本成本的效应在信息不对称程度高、内部控制水平低、媒体环境差以及代理冲突高的公司中更为明显。这不仅为审计报告改革的经济后果提供了证据,而且对于提高投资者决策效率以及维护资本市场秩序也具有一定的现实意义。     

多重关联下PE/VC持股对公司财务风险影响的传导效应

在资本结构、股权结构及市场价值三类多重关联关系下,研究了我国PE/VC持股对公司财务风险影响的多重传导效应。实证检验表明：我国PE/VC的介入会加剧其持股公司发生财务风险的危机,且在该影响过程中,资本结构波动和市场价值波动会增加公司财务风险,而股权结构波动可抑制公司财务风险发生。同时,股权结构波动的遮掩效应最为显著,资本结构波动次之,而市场价值波动的遮掩效应最弱。此外,这三类潜变量在该影响过程中的多重传导效应存在上市板块差异。     

资本市场开放与公司内部控制质量——基于“沪港通”的证据

以中国“沪港通”交易制度的实施为政策背景,采用多时点双重差分模型,考察资本市场开放对标的公司内部控制质量的影响,研究发现,“沪港通”交易制度的实施显著提升了公司的内部控制质量,在控制其他因素并经过安慰剂检验、去除A+H股影响、改变周期范围等稳健性检验后,结论依然成立。机制检验表明,“沪港通”主要通过内部和外部两种机制对公司内部控制质量产生影响,其中,内部机制是对股价波动性风险控制,外部机制是审计师声誉风险与政府部门监管。     

外资进入对本土企业风险承担的影响：资本逐利还是风险规避

外资自由化作为我国资本市场开放的重要内容,在促进境内外资本要素互联互通的同时,也深刻影响着微观企业行为。以我国2007—2017年A股上市公司作为研究样本,实证检验外资进入对我国本土企业风险承担的影响。研究发现：外资进入能够显著提升企业的风险承担水平。进一步地,外资进入对企业风险承担的促进效应在融资约束严重、股权集中度更高和市场化进程缓慢地区的企业中更加显著。此外,在不同资本市场开放水平,外资进入对企业风险承担的作用存在明显差异。     

国外农村劳动力迁移理论的演变与发展

根据对农村劳动力迁移决策的不同解释,把国外有关劳动力迁移的主要文献分为三类:传统的劳动力迁移理论(包括刘易斯模型、拉尼斯-费景汉模型、托达罗模型)、人力资本劳动力迁移理论和新劳动力迁移理论.目前国内研究劳动力迁移的文献主要以传统劳动力迁移理论和人力资本劳动力迁移理论为研究基础,而对新劳动力迁移理论的借鉴和应用还比较罕见,因此值得我们学习和研究.     

Mortality,Human Capital and Persistent Inequality

Available evidence suggests high intergenerational correlation of economic status and persistent disparities in health status between the rich and the poor. This paper proposes a mechanism linking the two. We introduce health capital into a two-period overlapping generations model. Private health investment improves the probability of surviving from the first period of life to the next and, along with education, enhances an individual’s labor productivity. Poorer parents are of poor health, unable to invest much in reducing mortality risk and improving their human capital. Consequently, they leave less for their progeny. Despite convex preferences and technologies, initial differences in economic and health status may perpetuate across generations when annuities markets are imperfect.Additional support was provided by the National Science Foundation. Additional support was provided by the National Science Foundation.     

Human–capital investment and the wage gap

Summary. According to empirical studies, the wage differential by skills evolved non–monotonically in the past decades although the relative supply of skilled labor steadily increased. The present paper provides a theoretical explanation for this finding. In our setting, technological change intertemporally alters the human–capital investment incentives of heterogeneous individuals. As a consequence of changing incentives, the time path of the relative wage is U–shaped while there is a rise in the share of skilled workers. Received: November 28, 2000; revised version: January 30, 2001     

The Middle Class Consensus and Economic Development

A middle class consensus is defined as a high share of income for the middle class and a low degree of ethnic divisons. The paper links a middle class consensus to resource endowments, along the lines of the provocative thesis of Engerman and Sokoloff (1997 and 2000). This paper exploits this association using tropical resource endowments as instruments for inequality. A higher share of income for the middle class and lower ethnic divisions are associated with higher income and higher growth, as well as with more education, better health, better infrastructure, better economic policies, less political instability, less civil war and ethnic minorities at risk, more social modernization and more democracy.     

Is capital a collusion device?

Summary. We examine how irreversible capital reduces the possibility of a duopoly to sustain implicit collusion by grim strategies, when the product is homogenous and firms compete in quantities. Compared with the case of reversible capital, there are two countervailing effects: Deviation from an existing collusion is less attractive, because capital once installed causes costs forever. But the punishment will also be less severe due to the high capacity the deviating firm can build before punishment starts. The last effect dominates, meaning that the commitment value of capital is negative for all firms. If capital is irreversible, collusion breaks down for realistic magnitudes of interest rates. Received: April 30, 1999; revised version: November 30, 2001     

Economic liberalization and welfare in a model with an informal sector

The paper reexamines the conventional results relating to inflow of foreign capital, removal of protectionism and structural reform programmes, in a small open economy in terms of a two-sector general equilibrium model with an informal sector. The paper shows that in the presence of labour market distortion and a protectionist policy, inflow of foreign capital may be desirable irrespective of the pattern of trade of the economy due to its favourable impact on welfare. But the welfare implications of tariff reductions and/or structural adjustment programmes, such as deregulating the formal sector labour market, depend crucially on the economy's trade pattern. The paper provides an answer to the question as to whether in a developing economy labour market reform and tariff reform should go hand-in-hand or whether one should precede the other for welfare improvement.
JEL classification: F10, F13, F21, O17.