我国财务报告体系的改进:国际趋同下的思考

2006年我国企业会计准则的颁布使我国企业会计准则体系基本实现了与国际财务报告准则体系的趋同。与此同时,我国财务报告体系也日趋完善。然而,我国现行财务报告体系依然存在一些局限性,因此,必须结合经济环境的变化,在重思我国财务报告体系改进的新发展基础上,完善我国财务报告体系。     

私立大专院校会计师选任模式与审计质量之探讨

私立大专院校委托会计师查核签证财务报表已行之多年，会计师选任模式也一再变动，会计师事务所是否提供更好的审计质量不得而知，而且五大会计师事务所在私校审计市场是否维持高审计质量，亦为值得关切的议题。本文以台湾私立大专院校为研究对象，针对“教育部”委托会计师项目查核私立大专院校，并依“教育部”是否补助审计公费将会计师选任模式分为自选（“教育部”补助半数审计公费）、公开招标指派（全数补助）及自选（不补助审计公费）三种选任模式下追行探讨，寻找会计师选任模式与审计质量间的关联性。本研究实证结果发现：（1）五大会计师事务所查核学校的盈余管理程度比非五大查核学校低，意味着高审计质量查核人员的专业能力较强并具有超然独立性，可阻止或降低盈余管理；（2）在2004年度自行遴选（“教育部”不补助审计公费）会计师事务所模式下，依私立大学体系、私立技职体系或私立大专院校三种分类其整体盈余管理程度皆较低，整体审计质量较高。本研究结果为非营利组织及“教育部”在选任会计师或制定相关政策时提供参考。     

内部控制质量与会计稳健性——来自深市A股公司2007—2010年年报的经验证据

本文从会计稳健性产生的根源和过程两方面分析了内部控制质量对会计稳健性的影响.我们以2007-2010年深市A股非金融类上市公司为样本,采用Ball和Shivakumar应计/现金流模型实证检验了内部控制质量与会计稳健性的关系.实证结果表明,公司具有较高的内部控制质量时,管理层机会主义行为受到限制,对预期经济损失“坏消息”及时识别和确认力度增加,会计稳健性增强;后续期间,相对内部控制质量没有变化的公司,内部控制质量提高的公司具有更高的会计稳健性,反之内部控制质量下降的公司则具有更低的会计稳健性,并且这一结论不受管理层盈余管理行为的影响.     

我国上市公司配股盈余管理实证研究

本文对沪市2000～2002年配股上市公司,是否存在盈余管理行为,进行了实证研究,并分析了上市公司为达到配股资格而进行盈余管理的手段,最后提出了规范上市公司盈余管理的对策。     

The impact of supply chain quality management practices and knowledge transfer on organisational performance: an empirical investigation from China

In recent years, both quality management practices (QMP) and knowledge transfer (KT) have been studied extensively from inter-organisational and intra-organisational perspectives. However, to the best of our knowledge, the interaction between QMP and KT in a supply chain and their joint effects on organisational performance have not been addressed fully. The purpose of this paper is to provide insights for improving performance by mapping the relationship between supply chain quality management practices (SCQMP) and KT. A survey of 157 Chinese manufacturing firms is used to test a conceptual model that proposes relationship among SCQMP, KT and organisational performance (including operational performance and innovation performance). Structural equation modelling reveals that internal QMP have significantly positive effect on internal KT, while QMP at supply chain level have highly positive effect on cross-organisational KT. Furthermore, the results show that both internal KT and cross-organisational KT can promote operational and innovation performance, although the influence from internal KT is much more significant than cross-organisational KT for Chinese firms. The findings contribute to theory as well as practice by increasing understanding of how to improve the operational and innovation performance through enhancing SCQMP and KT.     

The impact of public service values on services of general interest reform debates

Abstract

Competing values complicate debates on the reform of public services. Attention for competition and efficiency is balanced by concerns for equity and universality in service delivery. These potential value conflicts are best visible in the reform of services of general interest. Despite debates at the European and the national level, current research on services of general interest has been limited to scholars in law and economics. Citizens' opinion on the guiding principles of service delivery is generally disregarded. In this article, we analyse a number of Eurobarometer surveys dealing with services of general interest, as well as a general survey of citizens' perceptions of the public sector in Belgium. We delineate clusters of citizens' public service delivery value orientations, and show that one-sided or ideology-based reform strategies probably negate many of the continuing dilemmas in public service delivery.     

内部审计质量与盈余管理——来自中国A股制造业上市公司的经验证据

通过对中国A股制造业上市公司2007年至2008年数据的分析,检验了高质量的内部审计质量与低水平的盈余管理间的关系。研究结果表明,内部审计质量与盈余管理抑制之间存在明显的相关性,从而为公司治理对财务报告的重要影响提供了新的经验证据。     

Health insurance reform: The impact of a Medicare buy-in

The steady-state general equilibrium and welfare consequences of a Medicare buy-in program, optional for those aged 55–64, is evaluated in a calibrated life-cycle economy with incomplete markets. Incomplete markets and adverse selection create a potential welfare improving role for health insurance reform. We find that adverse selection eliminates any market for a Medicare buy-in if it is offered as an unsubsidized option to individual private health insurance. The subsidy needed to bring the number of uninsured to less than 5 percent of the target population could be financed by an increase in the labor income tax rate of just 0.03–0.18 percent depending on how the program is implemented.     

Effect of non‐IFRS earnings reporting guidelines on underlying earnings reporting quality: The case of Australian listed firms

This study investigates Australian Securities Exchange (ASX) 200 firms in the post–Australian Securities and Investments Commission (ASIC) period (2011–2014) to examine how listed firms follow the non–International Financial Reporting Standards (IFRS) earnings reporting guidelines issued by ASIC to communicate underlying earnings reporting quality. We find that firms that do not comply with the ASIC guidelines have lower underlying earnings reporting quality than do firms that comply with these guidelines. Firms that do not follow the ASIC guidelines are found to exclude income‐increasing underlying earnings adjustments to make underlying earnings appear more profitable than IFRS earnings when they miss earnings targets or make current losses, and that they report underlying earnings opportunistically by excluding recurring expenses that persist into future operating earnings. Unlike ASIC non‐compliance firms, ASIC compliance firms attempt to act as responsible reporters by reporting underlying earnings in a responsible manner to demonstrate a judicious use of discretion in informing shareholders. Further, we find that underlying earnings reported by non‐compliance firms are less value‐relevant than underlying earnings reported by compliance firms.     

Contingent factors of the coinsurance function of internal capital markets: Evidence from the US nonlife insurance industry

By analyzing intragroup reinsurance activities in the US nonlife insurance sector from 1999 to 2016, we provide evidence that the coinsurance function of internal capital markets is contingent on internal capital providers’ financial resources and the relative sizes of capital receivers within the group. We demonstrate that insurance groups commonly use intragroup reinsurance (a substitute for capital) to support insurers that sustain underwriting losses. Larger insurers are more likely to obtain internal reinsurance if their affiliated insurers hold more financial resources. Our findings show that the financial capabilities of group members providing support affect the feasibility of the coinsurance function through the activities of internal capital markets. Group members with greater influence are more likely to benefit from the coinsurance function.     

The impact of litigation risk on the association between audit quality and auditor size: Evidence from China

We examine whether audit quality varies across different sizes of CPA firms under high or low auditor‐specific litigation risk exposure. We measure audit quality by the issuance of modified audit opinions and the audit fees charged to clients, and we use the organizational form of CPA firms as the proxy for auditors’ litigation risk exposure, where a partnership (limited liability) CPA firm represents a high (low) litigation risk exposure. Built on Choi, Kim, Liu, and Simunic's (2008) theoretical framework, we hypothesize that the litigation risk exposure of CPA firm moderates the association between auditor size and audit quality. Our results show that when the auditor's liability is capped (i.e., registered as a limited liability form of CPA firm), larger size CPA firms are associated with higher audit quality when compared to smaller size CPA firms. However, this positive association between auditor size and audit quality disappears for audit firms that are subject to high litigation risk exposures (i.e., registered as a partnership form of CPA firm). Our research provides new insights on the impact of auditor‐specific litigation risks on the relation between audit quality and auditor size. In particular, we show that only when auditor‐specific litigation risk is limited, do large CPA firms appear to perform higher quality audits than small CPA firms.     

The effects of accounting regulations on stock valuation and volatility: Evidence from the banking industry

Banking regulators and market participants learn from price signals in the stock market (e.g., Flannery, Journal of Money, Credit and Banking 30: 273, 1998). Therefore, the system becomes more secure and developed as stock prices become more informative about banks’ financial conditions. Using a sample that includes major banks from 35 countries, this study investigates how accounting regulations affect bank stock valuation and volatility. The evidence suggests that bank stocks have higher valuation and lower volatility in countries that strictly regulate the quality of external audits and financial statement transparency. This study presents a comprehensive picture of the effects of bank accounting regulations on the stock market.     

The moderating effect of innovation on the relationship between environmental and financial performance: Evidence from high emitters in Australia

This study examines whether environmental-related innovation moderates the association between environmental and financial performance measured respectively as carbon emissions and return on assets (ROA). The sample comprises 119 companies subject to Australia's National Greenhouse Energy Reporting Act (NGER) for the period 2009–2017. The results show that environmental innovation positively moderates the relationship between environmental performance and financial performance. The findings also imply that the impact of environmental innovation in improving environmental performance is observable with a 1-year lag. The results are robust to the alternative financial performance measures of Tobin's Q and Altman's Z score. The findings have important implications for company managers and policymakers and provide useful information on innovation's role in enhancing environmental and financial performance.     

营运能力财务信息的价值相关性分析——来自房地产类上市公司的经验证据

本文以我国2004～2007年房地产类上市公司为样本,分析了营运能力财务信息的价值相关性后发现,营运能力财务信息与股票价格并不存在直接正相关关系,对股票价格的解释力并不显著;营运能力财务信息与会计盈余具有显著正相关关系,并通过影响会计盈余与股票价格具有间接正相关关系。营运能力"较好"的房地产类上市公司会计盈余对股票价格的解释力比营运能力"较差"的房地产类上市公司会计盈余对股票价格的解释力强;营运能力财务信息还通过影响会计账面净资产价值与股票价格具有显著的相关。     

The social impact of advice during disability welfare reform: from social return on investment to evidencing public value through realism and complexity

ABSTRACT

This article illustrates how advice services create diverse public values within welfare reform. It develops a social impact framework using public value, realism, and complexity literature. Starting from a social return on investment study of advice, qualitative interviews are analysed with twenty-two clients, who sought advice for welfare benefits, and had disabilities, or physical or mental health conditions. Integrating these clients’ experiences with wider evidence illustrates how advice services advocated for people’s needs within a complicated (and controversial) welfare system. However, advice services face funding cuts, benefit assessment costs have risen, and welfare reforms have yet to meet their aims.     

The impact of economic uncertainty on the decision of fertility: Evidence from Taiwan

Economic uncertainty has only recently begun to appear in research on the determinants of fertility. Therefore, the purpose of this study is to investigate how economic uncertainty affects the fertility rate in Taiwan. Official county-level panel data from 1998 to 2016 for 20 counties are utilized in DIFF-GMM and SYS-GMM models in dynamic panel regression estimation. The major finding of this study is that higher volatility of household disposable income will reduce the fertility rate. The empirical results support the proposition that economic uncertainty might be an important determinant of fertility decisions, explaining the decline in fertility in Taiwan.     

The impact of the logistics service standardization on firm value: Evidence from China

In 2014, the Standardization Administration of China launched its first pilot project of the logistics service standardization (LSS). We examine whether the staggered adoption of the LSS creates value for shareholders using a difference-in-difference research design. The findings suggest that firms located in LSS cities have higher firm value in terms of Tobin’s Q and stock returns than those of non-LSS cities. In further analysis, we find that the LSS enhances firm value by improving corporate operational efficiency. However, the LSS increases large firms’ market share at the expense of small firms. Overall, our findings advance the literature of logistics system reform and show that such reform creates value for shareholders.     

The impact of ADR activity on stock market liquidity: Evidence from Latin America

This paper examines the impact of ADR activity on liquidity of four major Latin American stock markets. We construct a measure of ADR activity in U.S. markets for a sample of ADRs trading during January 2003–December 2010, which is subsequent to the financial liberalization episodes and currency crises that shocked emerging markets in the 1990s. The sample lists 164 depositary receipt programs (Levels I, II, and III): 16 from Argentina, 81 from Brazil, 19 from Chile, and 48 from Mexico. Using System GMM methods to handle the potential effects from stock market development on economic growth and ADR issuance, we find that higher ADR turnover in U.S. markets has positive effects on domestic market turnover, particularly for issuance of exchange-listed (Levels II and III) ADRs. This positive relationship is not a statistical artifact created by the global financial crisis of 2008.     

The effect of unemployment benefits on re-employment rates: Evidence from the Finnish unemployment insurance reform

In January 2003, the unemployment benefits in Finland were increased for workers with long employment histories. The average benefit increase was 15% for the first 150 days of the unemployment spell. At the same time severance pay system was abolished. In this paper we evaluate the effect of the change in the benefit structure on the duration of unemployment by comparing the changes in the re-employment hazard profiles among the unemployed who were affected by the reform to the changes in a comparison group whose benefit structure remained unchanged. We find that the change in the benefit structure reduced the re-employment hazards by on average 17%. The effect is largest at the beginning of the unemployment spell and disappears after the eligibility period for the increased benefits expires.