Do goodwill impairments affect audit opinions? Evidence from China

There has been a steady growth of goodwill impairments in the Chinese stock market since the adoption of the impairment approach in accounting. The influence of goodwill impairments on a firm’s financial position and profitability give reason to doubt its current and future performance. We examine whether auditors, as a crucial external monitor, identify the information risks of goodwill impairments and express their concerns about financial reporting quality in their audit opinions. Using a sample of firms listed on China’s A-share market from 2007 to 2017, we test the association between goodwill impairments and the type of audit opinion received in the same financial period. Our findings are as follows. First, the probability of receiving a modified opinion increases with the amount of goodwill impairments. Second, the positive association between goodwill impairments and modified audit opinions is driven primarily by earnings management risks. Third, this positive association is more salient when auditors are industry experts and there is no auditor–client mismatch. Fourth, auditors are more sensitive to the amount of goodwill impairments than to their mere existence. Overall, we document that auditors perceive goodwill impairments as a signal of information risks and communicate their concerns to investors to avoid litigation.     

高分1号冬小麦解译面积核算方法研究

[目的]以高分1号(GF-1)融合2m卫星遥感影像为基础数据源,结合土地利用现状数据、高分多源遥感影像和地面样方等数据,对冬小麦分类提取中存在的面积误差问题进行研究和分析。[方法]文章以河南省永城市为研究区,在冬小麦提取结果聚类处理基础上,基于线性地物缓冲区数据,采用GIS空间运算实现线性地物面积扣除,接着分析了样方数据和土地利用现状数据再扣除零星地物面积比例上的差异,并采用样方零星地物平均扣除系数对全市各乡镇耕地与非耕地中冬小麦提取面积进行了相关统计和误差分析。[结果]永城市冬小麦最终解译面积11. 29万hm~2,其中线性地物和零星地物扣除面积分别为6 613. 08hm~2和3 875. 22hm~2,占研究区冬小麦解译面积的5. 86%和3. 32%,与统计上报数据相比,其处理前后误差由14. 12%降低至4. 41%,有效地提高冬小麦提取面积精度。[结论]误差来源分析与修正对冬小麦解译面积核算精度具有重要影响,该研究为县级区域尺度下冬小麦面积提取核算提供了思路和借鉴。     

富水砂层盾构接收技术

针对富水砂层盾构接收易发生渗漏、涌砂、安全风险大等问题。在大量工程实践基础上,总结出以控制地下水为重点、坚持预防为主的施工理念,形成端头加固、止水帷幕、环箍注浆及止水装置的富水地层盾构接收技术,牢筑三道止水防线。技术成果在多项依托工程中成功应用,确保了该类地层盾构接收安全和风险可控。     

基于均方差法的郑州市土地综合承载力评价

［目的］开展土地综合承载力评价是科学编制国土空间发展战略的基础。通过构建包含水土资源承载力、经济承载力和生态承载力3个维度土地综合承载力评价指标体系，定量刻画郑州市城市土地综合承载力的特征与轨迹。［方法］运用均方差法，选取2010—2016年郑州市城市土地综合承载力评价指标，分析其土地综合承载力特征。［结果］（1）总体上，郑州市城市土地综合承载力不断增强，水土资源承载力呈现先升—降—升的动态演变特征； 经济承载力持续增长，这源于郑州市土地经济效益的大幅提升； 生态承载力呈现波动性增强的演变特征。（2）郑州市城市土地综合承载力经历了较低—中等—较高发展历程，但土地综合承载力处于低层次的较高阶段，仍有较大提升空间。（3）为提高郑州市城市土地综合承载力，应加快“多规合一”规划的编制，科学划定城市增长边界和“三生”空间，转变城市发展理念，优化发展发展路径，提升城市土地综合承载力水平。［结论］郑州市城市土地综合承载力仍有较大提升空间，应加快建立土地综合承载力扩容的有效机制。     

The Moderating Effects of Status-Consumption Motive and Age in the Relationship between CSR Advertising Appeal Type and Purchase Intentions

The primary purpose of this study was to examine factors that influence the effectiveness of benefit appeal types (i.e., help-other vs. help-self) in Corporate Social Responsibility advertising. To that end, we designed and administered a between-subjects experiment where participants viewed one of the two CSR advertisements crafted with help-self and help-other benefit appeals. Results provided evidence supporting the moderating effects of status-consumption motives and age on purchasing intentions. Additional analysis suggested consumers younger than 48 years old were more likely to be persuaded by a help-other ad appeal when they didn't have strong desires for status consumption. Results were discussed in light of the self-concept theory and value-expressive framework in CSR advertising.     

跨越竞争丛林与范式重构：全球治理改革进程中的疫苗产业创新治理

疫苗作为新冠疫情防控的最关键手段之一，已在各国抗疫中发挥积极影响。疫苗研发、生产、注射意愿以及全球分配的公平性与可及性等一系列问题日益受到世界关注。分析全球治理改革中，疫苗作为一种全球公共产品的创新治理问题，讨论疫苗产业发展特征与创新规律演化，剖析西方国家疫苗产业创新治理困境以及“竞争丛林”逻辑，阐释中国行动方案及对全球治理改革的贡献。最终提出疫苗产业创新治理机制对推动全球治理改革的政策含义。     

Evaluation method of benefits and efficiency of grid investment in China: A case study

The existing evaluation system for power grid investment in China has not combined measures of the investment benefits and investment efficiency very well and it lacks practical reference value. This article proposes an improved evaluation index system of the benefits and efficiency of power grid investment projects. The system divides the evaluation method into indexes. This includes the basic indexes, modification indexes, and appraisal indexes that evaluate the economic and environmental benefits of the investment projects comprehensively. It considers the overall efficiency in terms of the economy, technology, and society. It combines an absolute efficiency evaluation model with a data envelope analysis relative efficiency evaluation model. Finally, the benefits and efficiency of investment of an actual power grid project are evaluated through a case study. The results show the practical value of the proposed efficiency evaluation method for evaluating investment projects in a power grid.     

基于冠层光谱和BP神经网络的水稻叶片氮素浓度估算模型

[目的]快速、准确地诊断水稻叶片氮素营养状况,为水稻氮肥精准管理提供依据。[方法]以江西省农科院8种不同施肥处理的晚稻为研究对象,于主要生育期同步测定了水稻冠层光谱反射率及叶片全氮浓度(Leaf Nitrogen Concentration,LNC),系统分析了原始光谱反射率、一阶微分光谱、"三边"参数以及由350～1 350nm两两波段组合的差值(SD (Rλ1,Rλ2))、比值(SR (Rλ1,Rλ2))及归一化(ND(Rλ1,Rλ2))光谱指数与水稻LNC的相关关系,筛选出敏感参数,并以之为自变量构建了水稻LNC的传统预测模型,另外构建不同指标个数的多元线性与BP神经网络模型,并对模型进行验证。[结果](1)水稻LNC与一阶微分光谱在751nm处的相关性最高(r=0. 822);(2)"三边"参数中的红边面积SDr与LNC的相关性较高(r=0. 687);(3) 750nm附近的红边波段与近红外波段差值组合、550nm附近的绿光波段与近红外波段的比值及归一化差值组合与水稻LNC的相关性较高,以SD (R752,R751)、SR (R534,R1 350)和ND (R534,R1 349)表现最好,相关系数分别为0. 827、-0. 790和0. 788;(4)传统回归模型中以SD(R752,R751)构建的一元线性模型最佳(RC2=0. 665、RV2=0. 750、RMSEV=0. 4%、RPD=2. 034);(5)利用5个指标((R'751、SDr、SD (R752,R751)、SR (R534,R1 350)、ND (R534,R1 349))经逐步回归筛选出的2个指标SD ((R752,R751)和SR (R534,R1 350))构建预测水稻氮素的BP神经网络模型,预测效果最佳,其验证参数值分别为R2=0. 859、RMSEV=0. 302%和RPD=2. 669。[结论]基于单指标构建的传统线性模型计算过程简单但精度略低,而基于2个指标(SD (R752,R751)、SR (R534,R1 350))构建的BP神经网络模型预测精度高于该2指标构建的多元线性模型,表明在指标适合的情况下,BP神经网络对氮素具有较好的预测能力,是一种快速准确估算水稻叶片全氮浓度的方法。     

When Do Qualitative Risk Disclosures Backfire? The Effects of a Mismatch in Hedge Disclosure Formats on Investors' Judgments

Disclosure standards mandate the quantitative disclosure of hedging‐instrument‐related risks but not the disclosure of hedged‐item‐related risks. We examine how a match (mismatch) in formats, caused by making quantitative (qualitative) hedged item disclosures alongside quantitative hedging instrument disclosures, affects investors' integration of information from these two related disclosures. Our first experiment varies the hedged item disclosure format (quantitative or qualitative) and the portion of risk hedged (small or large). We find that when disclosure formats are mismatched, the less comparable nature of the two disclosures caused investors to neglect the offsetting relationship when assessing net risks. As a result, risk and investment judgments were influenced by the more prominent quantitative hedging instrument disclosures. Our second experiment finds that the use of a qualitative debiaser that clarifies the relationship between the two disclosures led to the integration of information and mitigated this effect.     

Economic Impacts of the Possible China–US Trade War

This article uses a multi-country global general equilibrium (GE) model to numerically simulate the effects of possible China–US trade wars. We introduce an endogenous trade imbalance structure with trade cost into the model which helps to explore both tariff and non-tariff trade war effects. Our simulation results show that China will be significantly hurt by the China–US trade war, but negative impacts are affordable. The US can gain under unilateral sanction measures to China, but will lose if China takes retaliation measures. Comparing the effects under mutual trade war, China will lose more than the US. Introducing non-tariff barrier trade wars will intensify the negative effects, and comparatively negative effects to China are larger than to the US. Mexico’s involvement in trade war with the US will strengthen the negative effects and comparatively hurt the US more. Under non-cooperative and cooperative Nash bargaining equilibrium, the US can gain more than China in trade war negotiation, which means the US has stronger bargaining power than China. Additionally, trade wars between China and the US will hurt most countries and the world especially in GDP and manufacturing employment, but benefit their welfare and trade.