The improvement of legal system,entrepreneur immigration,and corporate cash holdings

This study investigates the relationship between controlling persons' foreign residency rights and the cash holdings of non-state-owned listed firms in China from 2005 to 2018. Our findings indicate that the immigration status of entrepreneurs affects the amount of cash held by their firms, as it reduces legal costs in a weak legal system. This result remains robust under propensity score matching, instrumental variable method, and Heckman two-stage regression. What is more, the improvement of the legal system moderates the impact of entrepreneur immigration on corporate cash holdings, deters their short-sighted tunneling, and motivates them to put more effort into long-term innovation. This study enhances our understanding of the behavioral patterns of immigrant entrepreneurs and contributes to the literature on corporate cash holdings and upper echelons by highlighting the role of the legal system in improving their behavior in emerging markets.     

Effects of cohort size on college premium: Evidence from China's higher education expansion

In this paper, we document the lesser-known heterogeneous trends of college/non-college earnings premium across age groups from 1995 to 2013 in China. Specifically, the college premium in 2013 for the younger group (age 25–34) was about 30 percentage points, similar to the level in 1995, while the college premium in 2013 for the older group (age 45–54) increased to 50 percentage points, nearly double that of 1995. To attribute these divergent trends of the college premium to the changes in the relative size of college workers, we use the model by Card and Lemieux (2001), which incorporates imperfect substitution between similarly educated workers in different age cohorts. Due to the distinctions of these trends in China, our identification is free of the overestimation issue that the existing studies suffer. Our results are similar to those in the U.S., U.K., Canada, and Japan. Holding the age cohort and survey year constant, a one unit increase in log relative size of college workers is associated with about 10 percentage points decrease in college/non-college premium and about 18 percentage points decrease in college/high school premium. We further find that the negative effect is much more substantial among the new entrants (age 25–29) than experienced workers (age 30–54). By this pattern, we demonstrate that the new labor market entrants are more sensitive to their own cohort size and argue that the confounding ability composition effect should not be a serious issue.     

土地市场扭曲如何影响制造业出口产品质量升级*——基于土地市场交易数据和制造业企业数据的实证分析

地方政府“以地谋发展”的策略在促进各地区制造业大规模集聚和出口贸易快速增长的同时，也势必会给企业出口产品质量带来深刻影响。本文综合利用中国土地市场网城市土地交易数据、中国工业企业数据、中国海关进出口产品数据和中国城市面板数据，实证检验了土地市场扭曲对企业出口产品质量升级的影响，并对其内在机制进行了探讨。研究发现：中国城市建设用地配置存在明显的工业偏向性，进而导致工业用地价格被低估，产生工业用地应得收益大于实际价格的反向扭曲问题。这种反向扭曲可通过抑制技术进步、阻碍产业结构高级化、弱化集聚经济效应等机制显著降低制造业企业出口产品质量。土地市场扭曲对企业出口产品质量升级的影响具有明显的异质性特征。具体而言，土地市场扭曲不利于一般贸易企业与混合贸易企业出口产品质量提升，但对加工贸易企业出口产品质量提升具有促进作用。土地市场扭曲对企业出口产品质量升级的抑制作用由东到西依次递增。土地市场扭曲不利于外资企业和国有企业出口产品质量提升，对集体企业及民营企业的影响不显著。     

Improving forecasting performance of realized covariance with extensions of HAR-RCOV model: statistical significance and economic value

Dynamic model selection is likely the best model for covariance matrix forecasting from both the statistical and economic perspectives     

On the asymmetric impact of macro–variables on volatility

We extend the GARCH–MIDAS model to take into account possible different impacts from positive and negative macroeconomic variations on financial market volatility: a Monte Carlo simulation which shows good properties of the estimator with realistic sample sizes. The empirical application is performed on the daily S&P500 volatility dynamics with the U.S. monthly industrial production and national activity index as additional (signed) determinants. We estimate the Relative Marginal Effect of macro variable movements on volatility at different lags. In the out-of-sample analysis, our proposed GARCH–MIDAS model not only statistically outperforms the competing specifications (GARCH, GJR-GARCH and GARCH–MIDAS models), but shows significant utility gains for a mean-variance investor under different risk aversion parameters. Attention to robustness is given by choosing different samples and estimating the model in an international context (six different stock markets).     

Chinese household saving and dependent children: Theory and evidence

This paper examines the impact of family size on household saving. We first study a theoretical life-cycle model that includes finite lifetimes and saving for retirement and in which parents care about the consumption by their dependent children. The model implies a negative relationship between the number of dependent children in the family and the household saving rate. Then, we test the model's implications using new survey data on household finances in China. We use the differential enforcement of the one-child policy across counties to address the possible endogeneity between household saving and fertility decisions in a two-stage least squares Tobit regression. We find that Chinese families with fewer dependent children have significantly higher saving rates. The data yields several additional insights on household saving patterns. Households with college-age children have lower saving rates, and households residing in urban areas have higher saving rates and a lower ratio of education expenditures to income. However, having an additional child reduces saving rates more for households in urban areas than in rural areas. Our regressions also indicate that saving rates vary with age and tend to be higher for households with more workers, higher education, better health, and more assets.     

Exploring the male Chinese tourists’ motivation for commercial sex when travelling overseas: Scale construction and validation

Sex and tourism has long been understudied. Little is known about tourists' motivations for consuming commercial sex while travelling, and even less, if indeed anything, is known about that of Chinese outbound tourists in particular. Based on twenty interviews and two surveys with a sample of 534 male Chinese tourists who had engaged in commercial sex when travelling overseas in the previous 12 months, this study aimed first to explore why male Chinese tourists travelled overseas and purchased commercial sex, and second to construct a comprehensive scale for measuring male tourists’ motivations for overseas commercial sex. With acceptable reliability and validity, the measurement scale yielded in this study consisted of eight motivation dimensions labelled as socialisation, relaxation and escape, travel-related novelty, sexual desire fulfillment/excitement seeking, sex-related learning, sexual mastery, social prestige, and business/pragmatic purpose. Both the theoretical and methodological implications related to the developed scale are also discussed.     

关于发挥国家审计防范金融风险作用的路径研究

防范重大风险攻坚战是2019年经济工作的重要组成部分,而防范重大风险的工作重点是预防和控制金融风险,着力激发微观主体活力,创新和完善宏观调控,促进经济稳增长、防范风险,保持经济运行在合理区间,进一步实现“六个稳”。提升市场信心是赢得这场攻坚战的重要途径。本文旨在分析现阶段国内存在的主要金融风险,从金融审计角度来探索防范控制金融风险的相关路径。     

国家审计与内部审计协同研究

国家审计和内部审计在国家治理和公司治理中,由于各自优势的不同,各自发挥着同样重要的作用。在审计全覆盖的背景下,两者的协同联动是整合审计资源,减少资源重复浪费,提高国家审计效率效果的必然选择。本文以协同理论为基础,通过分析国家审计和内部审计的内涵,从政策角度出发探讨了目前我国协同联动的主要形式以及存在的问题,认为破除技术手段的制约和提升内部审计独立性是实现协同联动的必要基础。     

浅议CPA审计行业专门化问题

随着我国市场经济体制改革的不断完善,CPA审计行业所面临的社会环境也因此而产生了重大的变化。伴随着社会对审计人员的严格要求,审计人员的素质也在不断提高。当然,这对CPA这个行业无疑也产生了深深的影响,同时也对行业的专门化也起到了潜移默化的推动作用。因此在本文中,将会立足于注册会计师审计实务,通过具体分析行业专门化的竞争优势和目前的发展趋势,讨论审计行业专门化可能带来的经济后果,并且与多个上市公司的案例相结合,运用案例分析法、经验总结法、描述分析法等方法合理透彻地剖析出目前CPA审计行业所存在的问题,以及对已经存在的问题作出具体解决方案。