审计师地理距离对客户公司股价信息含量的影响

从地理经济学视角分析审计师的地理区位特征对上市公司股价信息含量的可能影响，利用2004—2013年中国A股上市公司的数据，实证检验了审计师与客户间的地理距离对客户公司股价信息含量的经验影响关系，并进一步考察了证券分析师与审计监督两种中介组织间的交互效应。研究发现：（1）审计师与客户公司间的地理距离越小，客户公司的股价信息含量越低，因为在中国当前经济社会背景下，地理邻近对审计师独立性的消极影响要强于其对审计师专业胜任能力的积极影响，这导致审计师审计质量降低，影响客户公司股价信息含量；（2）证券分析师对客户公司的关注程度越高，审计师的地理邻近性对客户公司股价信息含量的负面影响越弱，表明证券分析师与外部审计之间主要呈现一种相互替代的关系，证券分析师可以作为一种有效的补充监督机制。     

Individual Investors' Attention to Accounting Information: Evidence from Online Financial Communities*

Online financial communities provide a unique opportunity to directly examine individual investors' attention to accounting information on a large scale and in great detail. I analyze accounting-related content in large samples of Yahoo! message board posts and StockTwits and find investors pay attention to a range of accounting information, fixating particularly on earnings, cash, and revenues. Consistent with the expectation that investors react to relevant information events, I find accounting-related discussion elevated around the filings of earnings releases and 8-K reports, but the reaction to periodic reports is confined to small firms. I also find investors expand their acquisition of accounting information and processing efforts in poor information environments. Greater attention to accounting information at earnings releases does not appear to be meaningfully associated with better information processing.     

Contracting and Reporting Conservatism around a Change in Fiduciary Duties*

We exploit an influential 1991 Delaware court ruling to examine simultaneously two types of conservatism that play important roles in resolving creditor–owner agency conflicts: contracting conservatism and reporting conservatism. The ruling expanded managerial fiduciary duties in favor of creditors for Delaware-incorporated firms in the vicinity of insolvency. In those firms, following the ruling, debt contracts are less likely to include conservative adjustments to accounting numbers used for covenant compliance (i.e., contracting conservatism decreases), while public financial reporting becomes more conservative (i.e., reporting conservatism increases). The decrease in contracting conservatism is concentrated in firms that exhibit a greater increase in reporting conservatism, suggesting that reporting conservatism is more cost-effective in resolving agency conflicts. In addition, the substitution effect is more pronounced in firms facing greater business uncertainty and firms with greater board independence.     

Host Country National Employees’ Prosocial Behavior toward Expatriates in Foreign Subsidiaries: A Common Ingroup Identity Model Perspective

Social categorization is predominately assumed to have negative effects on the prosocial behavior of host country national (HCN) employees toward expatriates in foreign subsidiaries. Challenging this assumption, I draw on the common ingroup identity model to propose that dual identity – simultaneous identification with membership in a subgroup and in a superordinate group – reduces HCNs’ intergroup biases and facilitates prosocial behavior. More specifically, I hypothesize that HCNs’ organizational identity has a moderating effect on the positive relationship between HCNs’ expatriate outgroup categorization and dual identity, such that this relationship is weaker when organizational identity is low. Furthermore, I hypothesize that dual identity mediates the relationship between expatriate outgroup categorization and two prosocial behaviors: information sharing and affiliative citizenship behavior. Results from the data collected from 1,290 HCN employees in Japan provide support for these hypotheses and the moderated mediation model.     

分布式电动汽车充电桩信息安全防护技术研究与实现

论文对分布式电动汽车充电桩信息安全防护技术进行研究,分析充电桩信息安全防护技术应用,注重提高防护技术应用可行性与安全性。对分布式电动汽车充电桩通行特点进行分析,探究信息安全防护方案。     

How the Internet Promotes China's Exports: A Firm‐level Perspective

The development of information and communications technology (ICT), particularly the Internet, has reduced trade costs. However, it remains unclear whether these reduced costs are reflected in the “extensive margins” of firms’ exports (which refer to the probability of firms exporting) or the “intensive margins” (which refer to the value of firms’ export). To test this, we used the concepts of information cost and binary margins, an augmented trade model of firm heterogeneity, a two‐stage Heckman estimation, and data from the World Bank Enterprise Survey of Chinese firms in 2012. The results revealed that reduced trade costs from the use of ICT were positively related to extensive margins but that the connection with intensive margins was not significant. The results lead to the conclusion that reduced information costs related to a firm's exporting behavior were primarily reflected in variable trade costs. This study offers theoretical and empirical evidence for China's policies towards the Internet, which are relevant for the export of manufactured goods. The government should encourage the use of ICT to enhance firms’ export opportunities while facing current trade policy uncertainty.     

信息技术产业创新发展的演化复杂路径研究

信息技术产业创新发展的研究具有现实意义。通过文献研究建立信息技术产业创新演化复杂系统研究框架，汇总认知角度的创新层次、产业演化以及演化研究工具和方法等相关研究情况，认为应重视动态、演化和复杂系统的特点，政府介入推动自组织网络的高效率演化和发展，促进网络化学习，避免低端依赖，促进创新效率。创新系统研究应包含认知领域的相关成果，利用演化计算和机器学习方法构建模型，提升对真实行为的模拟仿真和解释能力。     

时空大数据支持的土地储备智能决策体系与应用研究

研究目的:设计土地储备智能决策体系,将土地储备决策环节进行科学化、定量化和模型化,为政府合理开展土地储备提供决策依据。研究方法:遵循科学性、实用性、先进性、开放性原则,以数据为驱动,人工智能为核心,通过基于Hadoop/Spark的大数据处理技术、多源异构数据融合技术、智能决策模型集对多源时空大数据挖掘分析。研究结果:提出了土地储备智能决策体系,研究了一套面向土地储备的决策方法集,实现对现状条件的精准刻画,对土地储备规模、结构、时序等内容的科学决策;在此基础上,研发了智能决策支持平台,将数据资源共享、现状条件评估、智能决策专题等功能集成,构建土地储备智能决策"一张图",并实现平台的自我学习和更新。研究结论:应用于宁波市实例验证,该体系有效地促进了土地储备科学智慧决策,对优化土地资源配置具有参考意义。     

Size and information revelation in securities trading

We examine differences in information content between order submission sizes and trade sizes by U.S. equity traders. Increasing (decreasing) order submission (trade) size is reflective of information. The result suggests that better-informed traders want to trade in a large size, but that they engage in stealth trading practices or break larger orders into smaller sizes in order to conceal information. While prior studies tend to narrowly focus on trade executions at the market-centre level, our findings indicate that order submission size varies significantly from trade size and that both sizes are informative about future prices, albeit in an inverse manner.     

管理层权力与或有事项信息披露——基于环境不确定性的调节效应研究

基于2003—2016年我国A股上市公司的经验数据，以企业表内列报的预计负债金额与表外附注中披露的或有事项频数为考察对象，实证检验了管理层权力对或有事项信息披露的影响。研究发现，管理层权力与表内列报的或有事项信息显著负相关，而与表外披露的或有事项信息显著正相关；进一步发现，随着环境不确定性的增加，管理层权力对企业表内预计负债列报的负向影响显著增强，而对表外或有事项披露的正向影响明显减弱。在当前外部环境瞬息万变、内部治理机制弱化的背景下，管理层可能会利用其控制权操控或有事项信息的披露方式，自我服务偏好明显。