环境规制对企业绿色投资的门槛效应及异质性研究

本文以2010—2017年我国重污染行业上市公司数据为样本,通过面板门限模型实证研究了行业环境规制强度对于企业绿色投资的门槛效应,同时探究了这一影响在不同规模企业之间的异质性。研究结果显示:环境规制与企业绿色投资之间呈现倒U形的非线性关系。当环境规制小于一个临界值时,它与企业绿色投资之间呈正向关系,当环境规制超过这个临界值时,它与绿色投资之间呈反向关系;进一步分析发现,企业规模在小于第一个临界值时,环境规制对其绿色投资有促进作用,当介于第一个临界值和第二个临界值之间时,环境规制对于企业绿色投资有抑制作用,当大于第二个临界值时,环境规制对于企业绿色投资无显著影响。本文研究结果的启示是:政府在进行环境规制时也应该因企业制宜,同时找到环境规制的有效区间来发挥政策的最优潜力。     

产融结合能否校正企业非效率投资? ——基于金融机构持股实体企业视角

本文选择2011—2019年A股非金融类上市公司作为研究样本,实证检验金融机构持股实体企业的产融结合模式对企业非效率投资的影响.研究发现:金融机构持股不仅能够显著缓解实体企业投资不足,也能够抑制实体企业投资过度;调节效应检验表明,随着企业面临融资约束的增强,金融机构持股缓解企业投资不足的作用越强,当企业承担代理成本增大时,金融机构持股抑制企业投资过度的作用越强.本文厘清了金融机构持股实体企业的产融结合模式对企业非效率投资的影响机理,丰富了产融结合的研究内容.     

企业社会责任与高管变更交互影响研究——基于A股上市公司的经验证据

作为利益相关者的代理人,公司高管变动会影响利益相关者关系以及战略决策与实施,进而影响企业社会责任承担。同时,企业社会责任扮演着向利益相关者传递信号的角色,当高管不能够满足其契约诉求时则面临着较高的被变更风险。本文将高管变更区分为非常规变更和常规变更两类,考察了在不同产权性质上市公司中不同类型高管变更与企业社会责任间的交互影响。研究发现:国企中,当期非常规高管变更显著负向影响当期企业社会责任承担水平,而当期企业社会责任承担水平对当期高管变更影响不显著;非国企中,当期两类高管变更均对当期企业社会责任承担水平产生负向影响,而当期企业社会责任承担水平低会导致当期非常规高管变更。结果表明:企业社会责任与高管变更之间存在一定程度的交互影响。     

高管文化背景与企业债务成本——基于劳模文化的视角

目前,文化对各种经济活动影响的研究日益增加,但有关文化对债务契约的研究才刚刚起步.本文在既有高管文化背景的研究成果基础上,从劳模文化的视角切入,基于精神利益和物质利益动机,考察高管的劳动模范身份对企业债务成本的影响及机理.结果 表明:高管劳模身份有助于降低债务成本.进一步考察融资环境的影响并发现,在市场化程度更高和金融生态环境更好的地区该效应被削弱,表明劳模文化对正式制度规范企业经济运行产生了替代效应.机制检验发现,高管劳模身份通过降低资金供需双方的信息不对称和提供声誉担保来降低债务成本.最后,在排除金融关联和政治关联的影响后,本文发现高管劳模身份对债务成本的降低效应依然显著.     

机构投资者异质性、环境规制与企业环保投资

在建设美丽中国的背景下,机构投资者作为资本市场的重要力量,逐渐重视企业的绿色发展。本文研究了机构投资者异质性对企业环保投资的具体效应及影响机制。研究发现:机构投资者整体持股能够促进企业环保投资,具体而言,压力抵制型机构投资者持股能够显著促进企业环保投资,而压力敏感型机构投资者持股比例对环保投资的影响不显著。进一步分析发现:环境规制会促进压力抵制型机构投资者增加环保投资。本文不仅有利于丰富现有关于机构投资者和环保投资的文献,还对拓展机构投资者队伍、制定环境规制政策以助推绿色发展具有重要的参考价值。     

高管薪酬与企业绩效的相关性研究——基于山东省上市公司的实证分析

本文选取沪A股山东省33家上市公司作为主要研究对象,对公司高管薪酬、高管持股比率和国家(国家法人)持股的整体情况进行了分析,分别从高管薪酬、薪酬差距和高管持股的角度研究了这些因素与企业绩效的相关性,考察了企业规模与高管薪酬以及平均薪酬的相关性.在目前的薪酬体系下,山东省上市公司高管薪酬逐年增长.整体看来,这些公司中国家...     

国有控股公司高管薪酬激励与中小投资者利益保护

利用2007年我国国有控股公司数据,以中小股东利益保护为因变量,以高管现金薪酬、高管持股比例和在职消费为主要考察对象,并选取公司规模和股权制衡结构作为控制变量,检验在不同激励方式下高管薪酬与中小股东利益的相关性,结论表明:国有控股公司高管薪酬主要集中于现金薪酬和在职消费,对中小股东利益侵害较大,而高管持股则可以保护中小投资者利益.     

母子公司董事高管协同与董事高管责任保险——来自企业集团的经验证据

董事高管责任保险在公司治理中的作用及购买动因日益受到重视.本文以沪深两市A股制造业上市公司为样本,对企业集团框架内母子公司董事高管协同与上市公司董事高管责任保险购买行为的关系进行了研究,并考察了委托人与代理人利益目标的一致性和企业集团产权性质在上述关系中的调节作用.研究发现:第一,母子公司董事高管协同对上市公司董事高管责任保险购买行为,具有显著的负向影响;第二,委托人与代理人利益目标的一致性会弱化上述关系,即上市公司管理层持股比例越高、委托人与代理人利益目标的一致性越强,母子公司董事高管协同对上市公司董事高管责任保险购买行为的负向影响越小;第三,从产权性质看,国有企业集团中母子公司董事高管协同对上市公司董事高管责任保险购买行为的负向影响更强.本文在用固定效应模型和PSM方法进行稳健性检验后,以上结论依旧成立.上述研究结论有助于明晰集团框架内上市公司董事高管责任保险的购买动因,可为实践中母子公司治理结构的优化提供参考借鉴.     

监督抑或掏空:纵向兼任高管与企业融资约束

本文以2008—2019年A股上市公司为样本,从融资约束视角考察我国上市公司纵向兼任高管的经济后果.结果显示:当公司存在纵向兼任高管时,其融资约束程度更高;区分不同兼任职务类别发现,与总经理纵向兼任高管相比,董事长纵向兼任高管对融资约束的影响作用更显著,上述结论在内生性检验和稳健性检验后依然成立.影响机制检验发现,纵向兼任高管通过加剧大股东的掏空行为加重了企业融资约束.进一步研究发现,在非国有企业、股权制衡度低和兼任强度高的企业中,纵向兼任高管对融资约束的影响程度更高.文章拓展了纵向兼任高管的公司治理效应研究,是对其经济后果的有益补充,为相关政策制定提供了参考依据.     

监督抑或掏空:纵向兼任高管与企业融资约束

本文以2008—2019年A股上市公司为样本,从融资约束视角考察我国上市公司纵向兼任高管的经济后果.结果显示:当公司存在纵向兼任高管时,其融资约束程度更高;区分不同兼任职务类别发现,与总经理纵向兼任高管相比,董事长纵向兼任高管对融资约束的影响作用更显著,上述结论在内生性检验和稳健性检验后依然成立.影响机制检验发现,纵向兼任高管通过加剧大股东的掏空行为加重了企业融资约束.进一步研究发现,在非国有企业、股权制衡度低和兼任强度高的企业中,纵向兼任高管对融资约束的影响程度更高.文章拓展了纵向兼任高管的公司治理效应研究,是对其经济后果的有益补充,为相关政策制定提供了参考依据.     

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.     

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.     

Commodity financialization and sector ETFs: Evidence from crude oil futures

We investigate the diversification benefits of energy assets in the setting of commodity financialization using data on crude oil futures and Sector ETFs (SPDRs). Correlations between commodities and financial assets increased during the post-Commodity Futures Modernization Act (CFMA)/commodity bull cycle period, resulting in lower benefits of diversification. However, we find that conditional correlations between crude oil futures and sector ETFs meaningfully increased only since the 2008–09 financial crisis. The results therefore suggest that the financial crisis, rather than CFMA regulation, explains changes in the diversification benefits of commodities. Moreover, we find that oil futures returns are less correlated with SPDRs than with the S&P index. Thus, energy futures, and crude oil in particular, offer the potential for diversification benefits in sector-style investing.     

Dutch accounting in Japan 1609-1850: isolation or observation?

The trading station or factory maintained by the Dutch East India Company (VOC) was Japan's sole window on the Western world during most of the Tokugawa period (1600-1868). While many aspects of the factory's role in Dutch/Japanese cultural exchange have been researched little is known in the West of the accounting at the factory. This paper considers the possibility that double-entry bookkeeping employed by the Dutch may have been diffused to the Japanese. The available evidence is synthesized after considering the accounting system in the Dutch factory.