上市公司信息披露方式的未来发展

上网披露实现了信息披露方式质的飞跃，弥补了指定报刊覆盖面不足以及时效性差等问题。未来上市公司信息上网电子化披露将成为上市公司信息披露方式的主流。     

非财务信息披露:文献综述以及未来展望

近年来,国内外理论界和实务界都越来越重视非财务信息的作用,增加非财务信息披露以增强财务报告的有用性已经得到了广泛认同。基于此,本文系统回顾和梳理了国内外有关非财务信息披露的相关研究成果,并展望了该领域的进一步研究方向,希望能够为学者更加深入研究此问题时提供有益的参考,从而有利于我国非财务信息披露准则和指引的制定与实施。     

The Relation Between Voluntary Disclosure and Financial Reporting: Evidence from Synthetic Leases

I investigate how the use and voluntary disclosure of synthetic leases is affected by incentives to defer cash outflows and manage the financial statements by keeping debt off the balance sheet. I find that managers of cash‐constrained firms with incentives to defer cash payments are more likely to finance asset purchases with synthetic leases. The mandated reporting for synthetic leases allows managers to avoid disclosing the financial consequences of these transactions. Managers of firms with incentives to use off‐balance‐sheet financing do not provide transparent disclosure about their synthetic leases. However, managers of cash‐constrained firms, which are less likely to use synthetic leases for financial reporting reasons, do voluntarily disclose the existence and financial consequences of these contracts. Alternative tests around FIN 46 adoption corroborate these findings.     

人民币远期汇率能否合理反映汇率预期——对人民币四大远期汇率市场的比较

远期汇率是市场基于当前的信息,对未来一定时间的即期汇率进行的客观预测,是反映汇率预期的较为合理的替代变量.本文对人民币即期汇率所对应的四大远期市场及其各自形成的远期汇率进行分析比较,选择最能够合理反应人民币汇率预期的远期汇率,结论表明实务中普遍用作预测未来汇率的NDF汇率能够相对合理地反映汇率预期.     

The Effect of Ultimate Ownership on the Disclosure of Environmental Information

This study empirically examines whether environmental information disclosure (EID) is influenced by the characteristics of a firm's ultimate owners. Based on the EID of publicly listed firms in China, we qualitatively measure the quality of EID of each firm and link those quality scores to firm characteristics to understand the determinants of EID. We further link the EID scores to market valuation of the firm through the Ohlson valuation model to understand whether the market appreciates EID. Our results show that EID is more likely for government‐controlled firms, firms with less hierarchy in their ultimate ownership and firms with more discrepancy between voting rights and cash flow rights. Our results also indicate that the stock market appreciates environmental issues and that EID itself, as well as disclosure quality, is associated with a higher market valuation. Our results still hold with the endogeneity issue controlled.     

Public Disclosure of Forward Contracts and Revelation of Proprietary Information

Financial executives of firms engaged in forward contracting have raised concerns that mandated disclosure of those contracts would reveal proprietary information to rival firms. This paper considers the basis for those concerns in the framework of a duopoly in which one privately informed producer enters the forward market prior to production. In choosing its forward position, the firm considers the effects of that position on the forward price and second stage product market competition with its rival. Two regimes are considered: mandated disclosure and no disclosure. Under the former, the contracting firm faces a tension between exploiting its information advantage in the forward market and attempting to influence the production decision of its rival. On average, in equilibrium, the contracting firm gains a first-mover advantage, but at the cost of revealing its private information to its rival and extracting less expected gains from uninformed forward market participants. In contrast, with no disclosure, the contracting firm cannot influence rival firm beliefs, but extracts more expected gains from its private information in both the forward and product markets. On balance, the contracting firm prefers no disclosure. Moreover, parameterizations exist such that the rival also prefers that regime. These findings explain the opposition of respondents to draft proposals of Statement of Financial Standards No. 133.     

The Economics of Disclosure and Financial Reporting Regulation: Evidence and Suggestions for Future Research

This paper discusses the empirical literature on the economic consequences of disclosure and financial reporting regulation, drawing on U.S. and international evidence. Given the policy relevance of research on regulation, we highlight the challenges with (1) quantifying regulatory costs and benefits, (2) measuring disclosure and reporting outcomes, and (3) drawing causal inferences from regulatory studies. Next, we discuss empirical studies that link disclosure and reporting activities to firm‐specific and market‐wide economic outcomes. Understanding these links is important when evaluating regulation. We then synthesize the empirical evidence on the economic effects of disclosure regulation and reporting standards, including the evidence on International Financial Reporting Standards (IFRS) adoption. Several important conclusions emerge. We generally lack evidence on market‐wide effects and externalities from regulation, yet such evidence is central to the economic justification of regulation. Moreover, evidence on causal effects of disclosure and reporting regulation is still relatively rare. We also lack evidence on the real effects of such regulation. These limitations provide many research opportunities. We conclude with several specific suggestions for future research.     

实质性披露还是选择性披露:企业环境表现对环境信息披露质量的影响

环境信息披露是企业向政府、社会公众传递企业履行环境保护责任情况的重要方式。企业公开的环境信息是对企业环境表现的实质性披露还是选择性披露,决定了企业环境信息披露的质量。本文以2012-2016年沪深两市A股重污染行业上市公司为样本,从披露载体和披露方式两个维度衡量环境信息披露质量,探究企业环境表现对环境信息披露质量的影响。实证结果表明:企业环境表现与环境信息定性披露呈负相关,与单独披露程度和定量披露呈正相关;外部环境管制压力相较于内在企业声誉动力对企业环境表现与环境信息披露质量之间的关系具有更显著的促进作用;环境管制的促进作用对国有企业更显著,而提高企业声誉的激励作用对非国有企业更显著。本文进一步研究还发现:高质量的实质性环境信息披露能够降低企业风险,促进企业可持续发展。     

当前三大财经热点与期货市场的关系

当前有三个财经关键词:一是宏观调控,二是商业银行改革;三是石油安全。乍一看,都与期货市场不沾边,深入分析之后,其实可以发现,稳步发展期货市场和这三大财经热点都有着密切的关系。     

The Accrual Effect on Future Earnings

Earnings manipulation has become a widespread practice for US corporations. However, most studies in the literature focus on whether certain incentives would facilitate managers to manipulate earnings and there has been little evidence documenting the consequences of earnings manipulation. This paper fills this gap by examining how current accruals affect future earnings (the accrual effect) and measuring the size of this effect. We find that the aggregate future earnings will decrease by $0.046 and $0.096, respectively, in the next one and three years for a $1 increase of current accruals. Over the very long-term (25 years), 20% of current accruals will reverse. This negative accrual effect is more significant for firms with high price-earnings ratios, high market-to-book ratios and high accruals where earnings management is more likely to occur. We show that incorporating the accrual effect is useful in improving the accuracy of earnings forecasts for these firms. Accordingly, the empirical results are consistent with the notion that earnings management causes the negative relationship between current accruals and future earnings. In addition, this paper shows that one recently developed accrual model has better performance than the popularly cited model in identifying manipulated earnings.     

信息披露质量与公司业绩的关系研究

随着上市公司信息披露的日趋增多,对信息披露状况和披露质量的考察也变得越来越重要.以深圳证券交易所2001～2007年信息披露质量评价结果的上市公司为研究样本,分析信息披露质量与公司业绩的关系,研究结果表明:上市公司的信息披露质量呈上升的趋势;信息披露质量与公司业绩正相关.市场认可信息披露质量高的公司.     

The Effect of Credit Ratings on Disclosure: Evidence from the Recalibration of Moody's Municipal Ratings

This paper examines how credit rating levels affect municipal debt issuers’ disclosure decisions. Using exogenous upgrades in credit rating levels caused by the recalibration of Moody's municipal ratings scale in 2010, we find that upgraded municipalities significantly reduce their disclosure of required continuing financial information, relative to unaffected municipalities. Consistent with a reduction in debtholders’ demand for information driving these results, the reduction in disclosure is greater when municipal bonds are held by investors who relied more on disclosure ex ante. However, we also find that the reduction in disclosure does not manifest when issuers are monitored by underwriters with greater issuer-specific expertise and when issuers are subject to direct regulatory enforcement through the receipt of federal funding. Overall, our results suggest that higher credit rating levels lower investor demand for disclosure in the municipal market, and highlight the role of underwriters and direct regulatory enforcement in maintaining disclosure levels when investor demand is low.     

我国非经常性损益信息披露管制效果研究

本文通过中国证券监督管理委员会的三次非经常性损益的管制规范对比分析得出研究假说:应用1999年、2001年和2004年的非经常性损益管制所披露的非经常性损益逐次增多。同时,采用每股非经常性损益与每股收益的绝对值比率这一指标和378家上市公司1999年至2005年连续7年的样本数据进行研究。通过进行图表分析、配对t检验和稳定性检验,我们找到经验证据支持我们的研究假说,进而支持了中国证券监督管理委员会的三次非经常性损益的管制规范取得了期望的效果。     

抓管理促规范 发挥职能作用——运城市政府采购中心综合科工作纪实

运城市政府采购中心在2004年10月按照《政府采购法》的要求，实现采管彻底分离。中心下设综合科、计划财务科和三个采购科室。综合科的主要职能有：中心文秘、人事、档案、局域网络管理；供应商资质审核并建立供应商库和专家库；后勤保障、发布采购信息；接受供应商的投诉；监督工作人员搞好采购服务。2005年综合科按照“抓管理、促规范”的工作方针，加强制度建设，规范工作程序，强化监督管理，进一步夯实各项基础工作，推动了中心采购工作的规范发展。     

中国商业银行非利息收入对信息披露 质量影响研究

基于绩效和风险两个视角探究商业银行非利息收入对信息披露质量的影响机理,并构建三级、四类、由16项指标构成的商业银行信息披露质量测度体系,以2009-2017年68家中国商业银行为研究样本,运用熵权评价模型计算银行信息披露质量综合评价指数,实证分析商业银行非利息收入与商业银行信息披露质量之间的关系,结果表明：商业银行在发展非利息收入的过程中信息披露质量反而下降,风险视角的解释力度大于绩效视角的解释力度。     

Analyst Firm Coverage and Forecast Accuracy: The Effect of Regulation Fair Disclosure

In this study, we revisit the relationship between analyst firm coverage and forecast accuracy. In contrast to the proposed negative association in Clement (1999) owing to the portfolio complexity effect, we hypothesize an ‘economy‐of‐scale effect’ that is likely to dominate when analysts rely mostly on public information. In support of the latter effect, we find a positive association between firm coverage and forecast accuracy after the enactment of Regulation Fair Disclosure (Reg FD), which substantially reduces the flow of material private information to analysts. Such a result survives a battery of robustness analyses. We further show that, in the post‐Reg FD period, covering more firms increases an analyst's probability of being selected as a star analyst in the subsequent year. Overall, our findings highlight the importance of the information environment in shaping the economic link between an analyst's firm coverage and forecast accuracy.     

The Effect of Regulation Fair Disclosure on the Relevance of Conference Calls to Financial Analysts

This study examines the effect of Regulation Fair Disclosure (FD) on the relevance of company-sponsored conference calls. Measuring relevance by a conference call's ability to improve analyst forecast accuracy and consensus, I find larger improvements in both variables during the period surrounding conference calls in the post-FD era versus the pre-FD era. These findings imply that in the post-FD era relatively more about a firm's upcoming earnings becomes known during conference calls, consistent with FD's success in eliminating selective disclosure.     

企业社会责任信息披露与资本成本的互动关系——基于信息不对称视角的一个分析框架

信息不对称是增加企业资本成本的一个重要因素,企业社会责任信息披露有助于降低信息不对称,从而降低资本成本,但该作用的发挥受制于企业是否真实、适当地进行了社会责任信息披露;而基于较低的资本成本约束,企业社会责任信息披露动机、水平和质量也会受到影响,企业社会责任信息披露与资本成本之间存在互动关系。     

会计信息披露的动因：历史回顾与总结

追溯和研究了公司会计信息披露产生和不断发展的历史，发现公司信息披露与企业产权制度安排的发展和变化是紧密相关的。这一发现从经济和会计的角度很好地解释了会计信息披露产生和不断发展变化的原因，并充分说明了在现代经济环境下公司会计目标选择的依据。