上市公司高管薪酬影响因素的实证研究

本文主要研究我国上市公司高级经理人薪酬水平的影响因素：本文从公司业绩、公司规模、公司所有权结构和董事会构成及其他影响薪酬决定的诸多因素方面提出了假设。实证结果表明：高管薪酬的高低与公司业绩和公司规模有明显的正相关关系；第一大股东控股比例越低，高管薪酬水平越高；独立董事和薪酬委员会的设立对高管薪酬的影响并不显著。     

基于GONE理论的LK公司舞弊动因分析与审计风险防范

继浑水发布做空报告后,LK公司于2020年4月自曝2019年年度审计期间发现相关业务数据巨额造假,引起社会广泛关注.企业战略,尤其是商业模式,已经成为管理层产生财务报表层次重大错报风险的重要诱因.文章以GONE理论作为工具来识别和预判财务舞弊的倾向和风险,解释了企业管理层进行财务舞弊的动因.做空机构基于企业战略层面的潜在风险,有针对性地采取手段并取得了有力证据.注册会计师行业应思考如何发挥职业判断在防范审计风险中的作用,尤其要克服认知偏差对保持职业怀疑的影响,同时应借鉴并改进审计程序,以有效降低审计风险.     

基于战略视角的财务状况质量分析——以SY重工为例

了解和掌握企业的整体状况及发展质量是利益相关者保护其权益的关键,也是市场经济健康发展的必然要求.财务数据一方面能够体现企业进行的经济业务活动,另一方面又能检验企业经济活动的执行情况.因此,有效分析企业财务状况质量对综合评价企业的质量具有重要意义.文章从战略视角出发,参考SY重工2019年财务报告数据,对其发展战略及管理质量进行了评价.     

川渝毗邻地区合作示范区协同发展研究 ———基于哈肯模型的实证分析

摘 要：本文将川渝毗邻地区合作共建区域发展功能平台统称为川渝毗邻地区合作示范区（以下简称“示范区”）,并以此为研究对象,通过泰尔L指数,测度示范区经济发展差异,随后运用哈肯模型、耦合协调和灰色关联度等方法进行协调度分析。研究发现,各示范区经济发展差异较小,经济发展趋同,加剧示范区之间的竞争,削弱协同合作,抑制比较优势的发挥和提升;成渝“双核”对示范区的辐射带动作用不明显,示范区总体与成渝“双核”的差距仍然较大;在示范区协同发展中,经济金融活动发挥着主导作用,经济环境与金融支持协调发展趋势向好,金融支持对示范区协同发展有显著的正向影响。基于此,建议大力发展新型金融业态,为优势产业发展营造良好的金融支持环境;开辟特色金融“试验区”,引入特色金融活水,有针对性地加强各示范区优势产业和特色产业的金融支持,进一步提升比较优势,强化示范区与成渝“双核”的经济联系,为成渝地区双城经济圈高质量发展提供重要支撑。     

The impact of opacity on bank valuation during the global financial crisis: A channel analysis

Prior literature suggests that opacity in the banking industry is mainly caused by a lack of informativeness in the assessment of the quality of bank assets. Examining a sample of bank holding companies in the United States, we find that there is a negative relationship between opacity and bank valuation during the 2007–2009 global financial crisis. We further attempt to identify two potential channels through which opacity negatively affects bank valuation during the financial crisis: a cash flow channel and an expected return channel. We show that one channel flows from bank profitability, measured by return on equity and return on assets, confirming a cash flow channel, whereas an expected return channel, proxied by the implied cost of capital, only works for small banks. Overall, this study sheds light on the relationship between in-transparency and bank value discount during a global recession.     

Sovereign and bank dependence in the eurozone: A multi-scale approach using wavelet-network analysis

This study establishes time–frequency networks of sovereign and bank contagion in the eurozone over the period 2009–2021. By applying discrete wavelet transformation, daily CDS premia of sovereigns and systemically important banks are decomposed into multi-horizon components to specify directed and dependence-weighted networks. Dynamic analysis shows that the network connectivity and the strength of the dependencies are significantly lower after the introduction of the European Banking Union in 2014. While the strength effect is pronounced across all time horizons, the network connectivity only reduces in the short and medium run. This provides evidence that the new regulatory framework promotes financial stability but is more effective in the short and medium horizons. The consideration of the COVID-19 pandemic as a real-life stress test confirms these findings as the strength of the dependencies keeps at significantly lower levels.     

Network based evidence of the financial impact of Covid-19 pandemic

How much the largest worldwide companies, belonging to different sectors of the economy, are suffering from the pandemic? Are economic relations among them changing? In this paper, we address such issues by analyzing the top 50 S&P companies by means of market and textual data. Our work proposes a network analysis model that combines such two types of information to highlight the connections among companies with the purpose of investigating the relationships before and during the pandemic crisis. In doing so, we leverage a large amount of textual data through the employment of a sentiment score which is coupled with standard market data. Our results show that the COVID-19 pandemic has largely affected the US productive system, however differently sector by sector and with more impact during the second wave compared to the first.     

CEO power and annual report reading difficulty

We examine the impact of CEO power on reading difficulty of corporate annual reports. We find that CEO power is positively related to reading difficulty, implying that annual reports of corporations with powerful CEOs are difficult to read and understand. More importantly, we find that the relation between CEO power and reading difficulty is moderated by earnings performance or corporate governance. Additional findings suggest that this relation becomes stronger for firms with lower financial reporting quality or for CEOs with shorter tenure. Our study not only joins the debate on the consequences of powerful CEOs but also uncovers several factors that moderate the relation between CEO power and annual report reading difficulty.     

地方政府债务、金融营商环境与实体企业融资约束

文章基于"财政金融关联"视角,利用2015至2020年省级层面的面板数据,实证检验了地方政府债务、金融营商环境与实体企业融资约束三者间的作用效果.研究结果表明:地方政府债务与企业融资约束存在正向推高关系,而良好的金融营商环境对实体企业融资约束存在负向抑制关系;异质性检验显示,地方政府债务对民营实体企业、中西部实体企业融资约束的推高作用更强;交互效应结果显示,金融营商环境的优化能有效缓解地方政府债务对实体企业融资约束的推高作用.因此,提出改善地区金融营商环境、对差异化企业性质实施优惠帮扶政策以及严控地方政府隐性债务增量是缓解实体企业融资困境,促进地区经济平稳发展的重要措施.     

气候变化对经济金融系统性冲击的物理风险研究

中国作为全球最大的发展中国家,其综合实力伴随着经济、科技的快速发展而不断增强。但我国的极端气候事件趋多趋强,气候风险水平呈上升趋势,影响我国经济社会的发展。金融作为经济运行的核心,在宏观经济中有着举足轻重的作用。为了研究气候变化与经济金融稳定之间的关系,本文对极端气候事件损失体系和区域经济金融稳定性综合体系进行指数合成并构建面板模型探讨气候变化中气温和降水量因素的变动和极端气候事件对区域金融稳定的影响,得出气候变化的物理风险通过极端气候事件对经济发展和金融稳定有负面影响,并根据实证结果提出完善绿色金融市场和优化信息披露制度的政策建议。