高管海外经历如何影响企业数字化转型——基于烙印理论的实证研究

在“不敢转”“不愿转”“不会转”的现实困境下,当前研究大多聚焦于数字化转型经济后果层面,就其动因及实施路径的探索尚且不足。本文选取2011-2021年沪深A股上市公司面板数据,基于烙印理论实证研究高管海外经历对企业数字化转型的影响,并深入分析其影响机制。研究发现：“海归”高管有助于企业实施数字化转型战略,并通过缓解融资约束、加大研发投入等路径推动企业数字化转型。研究结果证实了高管海外经历对企业数字化转型产生赋能效应,为数字化转型进程中优化企业高管能力结构提供经验启示。同时,为促进数字经济与传统经济的深度融合,实现企业高质量发展提供有利支撑。     

制造企业数字化转型路径探索——以汽车企业为例

随着信息技术的发展和数字化浪潮的涌现,数字经济已成为全球经济发展的重要驱动力量。汽车制造作为工业制造的重要组成部分,面临着前所未有的转型与挑战。数字化转型为企业带来了降低成本、提高资本使用效率、驱动商业模式创新、促使数据驱动决策、提升客户体验和满意度、提升品牌形象和市场竞争力的机遇。转型也面临安全风险、数据隐私保护、组织变革等方面的挑战。本文以汽车制造企业为研究对象,从汽车制造企业数字化转型现状及动因、汽车制造企业数字化转型路径、汽车制造企业数字化转型的挑战与应对等进行研究,以期为促进汽车制造企业数字化转型提供参考。     

数字化战略驱动企业价值提升的路径研究——以伊利集团公司为例

数字经济时代,企业纷纷将数字化战略融入发展战略,试图通过数字化转型来提升企业价值。采用案例研究法,以伊利集团公司为研究对象,归纳总结数字化战略转型对企业价值的驱动过程,从甄选战略合作伙伴、价值链数字化、强化数字化业务部门职能三方面研究数字化战略对企业价值的驱动作用。     

企业数字化战略承诺与股价崩盘风险

数字化战略承诺刻画了企业数字化建设的决心与责任,是决定其后续行为的底层逻辑。本文选取2009-2018年中国沪深A股上市公司为样本,实证分析企业数字化战略承诺对股价崩盘风险的影响方向与作用机制。研究发现,企业数字化战略承诺能够有效降低股价崩盘风险,该结论在经过一系列稳健性检验后仍成立。作用机制分析表明,企业数字化战略承诺可以通过治理赋能、信息传递两大机制降低股价崩盘风险。进一步研究显示,数字化战略承诺有助于增进企业的实质性转型行为,推动数字化转型落地。从治理视角来看,对于高管超额在职消费较高、战略激进程度较高的企业而言,企业数字化战略承诺降低股价崩盘风险的作用更加明显;从信息视角来看,对于资本市场信息效率较低、媒体关注较少的企业,企业数字化战略承诺能够更为有效地减少股价崩盘风险;从外部环境来看,企业所在地区法律环境较好时,企业数字化战略承诺对股价崩盘风险的抑制作用更为明显。本文揭示了数字化战略承诺的重要价值,为减少金融市场波动、促进经济高质量发展提供了新思路。     

考虑政府补贴的制造业数字化转型演化博弈

数字经济时代，制造业数字化转型是重塑供应链体系、获取竞争优势的战略选择，而政府补贴政策对推进数字化转型至关重要。考虑政府补贴作用，构建了制造业数字化转型的演化博弈模型，并利用Matlab进行数值仿真探究其动因。研究结果表明，直接利润、直接收益系数、协同收益、转换成本及政府补贴力度对制造业数字化转型的策略演化结果有显著影响。其中，更高的直接利润、直接收益系数、协同收益及政府补贴力度是推动制造业进行数字化转型的重要因素；高额的转型成本会降低制造企业实施数字化转型的意愿。     

战略成本动因视角下的企业物流成本分析

从战略成本动因的视角进行分析,才能从源头上帮助企业进行物流成本管理和控制的决策,为此本文借鉴参考成本动因理论研究了企业物流成本组成结构并对其各组成部分的相互关系和相互作用进行了分析。本文认为企业物流成本的战略成本动因包括外部成本动因和内部成本动因,内部成本动因包括投资性成本动因和经营性成本动因两个大类,并且内部成本动因要受到外部成本动因的规定和限制,并且无论是内部成本动因还是外部成本动因其各自组成部分之间也存在着相互交错的关系和作用,因此企业在进行物流成本管理控制决策时必须要对物流成本战略动因的组成结构和相互关系进行具体分析。     

企业数字化转型对投融资期限错配的影响

以2008—2021年中国沪深A股上市公司数据为基础，探究企业数字化转型对投融资期限错配的影响。研究发现，企业数字化转型能够显著抑制投融资期限错配，并产生抑制的同群效应。从融资端看，数字化转型会通过改善信息不对称程度、提高市场正面预期，从而抑制企业投融资期限错配。从投资端看，数字化转型会通过强化内部控制能力、降低非效率投资程度，从而抑制企业投融资期限错配。进一步研究表明，受外部市场环境的影响，数字化转型对投融资期限错配的抑制作用具有非对称性，在产品市场竞争激烈、供应链集中度较高的企业中，上述数字化转型的红利得到了充分释放。     

开放银行背景下的商业银行数字化蝶变

本文全面分析、总结了欧美银行业数字化转型中呈现出的银行业加速开放、商业模式重塑加快、数字化重塑重心由零售端向产业端延伸等趋势和特点。在开放银行背景下,商业银行数字化转型应注重三个方面,即要加强数字化转型的战略聚焦与战略协同,聚焦客户价值、突出细分客户、加强分支行联动;强化数字化转型的组织结构与组织能力,加强变革的队伍建设;提高数字化转型的技术能力和数据能力,阶段性发挥第三方力量。     

保险中介数字化转型的现实挑战及实现路径

数字化转型对保险中介机构提升核心竞争力和高质量发展意义重大。数字经济时代,随着大型保险中介机构及互联网保险中介快速发展、服务平台数量增多及功能完善、多方企业跨界进入保险中介市场,政策、渠道及成本等多种因素驱动着中国保险中介加快数字化转型,同时也面临着风险因素长期存在、数字文化氛围尚未形成、数字化基础差、其他行业企业入场等挑战。在借鉴国际保险中介数字化转型经验基础上,提出了一系列创新思路及对策。     

数字化转型、融资约束与企业全要素生产率

在数字经济浪潮下,数字化转型正促进企业新旧动能转换和效率变革。本文以2013-2020年沪深A股上市公司为研究样本,利用上市公司年报中关键词词频指标衡量企业数字化转型水平,实证检验数字化转型对企业全要素生产率的影响及作用机制。研究结果表明：从总体上看,数字化转型显著提高了企业全要素生产率,而缓解企业融资约束是数字化转型提升企业全要素生产率的重要路径。基于微观企业特征和地区数字金融发展水平的异质性研究发现,对于国有企业、大型企业、非制造业企业和数字金融发展水平较高地区企业而言,数字化转型对全要素生产率的提升作用更强。践行数字中国战略、推动经济高质量发展,应出台相应政策鼓励和支持企业开展数字化转型,大力发展数字普惠金融,强化对中小企业、民营企业等薄弱环节的融资支持;引导企业制定符合自身特征的数字化转型方案,加速推进新兴科技与传统生产方式的有机融合,实现全要素生产率的提升。     

Bayesian Premium Rating with Latent Structure

We propose a fully Bayesian approach to non-life risk premium rating, based on hierarchical models with latent variables for both claim frequency and claim size. Inference is based on the joint posterior distribution and is performed by Markov Chain Monte Carlo. Rather than plug-in point estimates of all unknown parameters, we take into account all sources of uncertainty simultaneously when the model is used to predict claims and estimate risk premiums. Several models are fitted to both a simulated dataset and a small portfolio regarding theft from cars. We show that interaction among latent variables can improve predictions significantly. We also investigate when interaction is not necessary. We compare our results with those obtained under a standard generalized linear model and show through numerical simulation that geographically located and spatially interacting latent variables can successfully compensate for missing covariates. However, when applied to the real portfolio data, the proposed models are not better than standard models due to the lack of spatial structure in the data.     

The development of the group accounts disclosure system in Japan

The Japanese disclosure system of consolidated statements was introduced in 1977 and extensively revised in 1997. The role of the bureaucracy has been significant in these developments and seems to be part of Japan's closed culture. However, other explanations could also be applied. In particular, although Japanese firms opposed such disclosures on the basis of preparation costs, the Japanese government had to modernize the disclosure system, including consolidation, in order to develop the securities market regardless of an individual company's interests.     

Moments of Compound Mixed Poisson Distributions

Recursive formulae are derived for the evaluation of the moments and the descending factorial moments about a point n of mixed Poisson and compound mixed Poisson distributions, in the case where the derivative of the logarithm of the mixing density can be written as a ratio of polynomials. As byproduct, we also obtain recursive formulae for the evaluation of the moments about the origin, central moments, descending and ascending factorial moments of these distributions. Examples are also presented for a number of mixing densities.     

The designing of corporate accounting law in Japan after the Second World War

After the Second World War, during the neutralization of the controlled economy of wartime Japan, a design for a Corporate Accounting Law was elaborated by the Investigation Committee on the Business Accounting System. The Investigation Committee tried to establish not only new business accounting standards but also a central and independent administrative organ of corporate accounting regulation on the basis of the Corporate Accounting Law. The Corporate Accounting Law was expected to lay the legal foundation of the new corporate accounting regulation regime in Japan. Nevertheless, even though the original design of the fundamental accounting law was never realized, it should be considered the starting point for our understanding of external accounting history in post-war Japan.     

The deliberation around accounting techniques: accounting for depreciation and foreign exchange in an Indian jute company, 1870-1900

This paper examines the way two accounting techniques, namely depreciation and foreign exchange, were deliberated on, between 1870 and 1900, in an Indian jute company whose shareholders resided in the UK. The arena for these deliberations was the conflictual relationship between controlling and non-controlling shareholders as to how best to account for depreciation and foreign exchange especially when the particular accountings affected distributional issues such as the dividend decision. The purpose of this paper is to analyse and explain the processes by which a company's accounting practices emerge and develop as a contest between different interests. Accounting framed the parameters of the deliberations and provided the language of power and dissent. The paper uses a rich archive that includes narrative and accounting material.     

Disclosure of government financial information and the cost of local government’s debt financing——Empirical evidence from provincial investment bonds for urban construction

China’s slowing economic growth and rapid urbanization have made local government debt financing a significant issue.This study uses a sample of China’s provinc...     

Pricing Dynamic Insurance Risks Using the Principle of Equivalent Utility

We introduce an expected utility approach to price insurance risks in a dynamic financial market setting. The valuation method is based on comparing the maximal expected utility functions with and without incorporating the insurance product, as in the classical principle of equivalent utility. The pricing mechanism relies heavily on risk preferences and yields two reservation prices - one each for the underwriter and buyer of the contract. The framework is rather general and applies to a number of applications that we extensively analyze.     

Guidelines for Manuscripts Submitted to The China Journal of Accounting Research

正The China Journal of Accounting Research"CJAR"(ISSN 1755-3091)publishes quarterly.It contains peer-reviewed articles and commentaries on accounting,auditing and corporate governance issues that relate to the greater China region.We welcome the submission of both theoretical and empirical research papers pertinent to researchers,regulators and practitioners.Authors should note:1 Submissions must be original     

International harmonization of Japanese accounting standards

Historically, Japanese accounting standards have been quite distinct from International Accounting Standards (IASs) which have been perceived as being modelled on British-American accounting standards. However, in the 1990s, after the publication of E32 in 1989 and the IASC-IOSCO Agreement in 1995, the Business Accounting Deliberation Committee (BADC), the standards-setting body in Japan, has pursued a policy of harmonization with IASs. Accounting standards relating to consolidated financial statements of companies that make cross-border offerings of securities or operate worldwide are being revised drastically. This paper focuses on the development of international accounting harmonization and its impact on Japan.