论制度财务学构建

目前为止,公司财务学还是按照基于工程学方法的数理财务学体系建构的,其理论和逻辑缺失导致了财务学理论的贫困化现象,惟一的出路是在数理财务学之外再开辟财务学研究的新路径和新领域,制度财务学的提出和构建就是其中最重要的选择。制度财务学是基于四个基本命题而构建的,在内容上至少涵盖五大板块,即制度视角的公司财务目标结构、内生于公司财务行为的制度结构、具体财务运作中的制度分析、财务网络结构与制度安排及财务伦理研究。     

THE IMPACT OF ACCOUNTING RESEARCH ON FINANCE

This paper assesses the impact of accounting research on finance using citational methods and content analysis. The data are 715 articles published in seven finance journals. In contrast to previous research of the influence of finance research on accounting, the results show relatively little impact of accounting research on finance. The limited impact of accounting on finance is principally provided by four accounting journals and a small group of accounting authors. The impact found is often the result of bridging papers, in which either finance articles have accounting authors, or vice versa. These results suggest a substantial disregard of ostensibly pertinent capital-markets accounting research by finance scholars. The reasons for finance’s disregard of this work, whether for reasons of perceived value, quality, or for other reasons, is unclear. However, it is apparent that accounting capital-markets research is not as influential in finance as might be expected.     

税负归宿问题研究趋势与展望

从西方财政学的视角来看,要确定某项税收的归宿到底有多少,是一个非常复杂和困难的问题,也正因为如此,在西方财政学及公共经济学领域,税负归宿理论的研究一直吸引着众多学者为之付出不懈的努力,本文对西方各大学派的税负归宿（Incidence Tax）思想进行了梳理和总结。在此基础上,对我国近年来的税负归宿理论思想进行分析,通过国内外对比研究,揭示国内研究的局限性,并在此基础上提出研究展望。     

行为金融:理论及其中国实践

2002年诺贝尔经济学奖的颁发无疑确定了行为金融理论在经济学中的重要地位,并对现代金融理论提出了强有力的挑战.本文在综合国内外研究成果的基础上,着重就其主要内容、实践意义以及在我国证券市场上的实证分析等方面对该理论进行了详细深入的论述,并对其研究前景作出了展望.     

Skewed distributions in finance and actuarial science: a review

That the returns on financial assets and insurance claims are not well described by the multivariate normal distribution is generally acknowledged in the literature. This paper presents a review of the use of the skew-normal distribution and its extensions in finance and actuarial science, highlighting known results as well as potential directions for future research. When skewness and kurtosis are present in asset returns, the skew-normal and skew-Student distributions are natural candidates in both theoretical and empirical work. Their parameterization is parsimonious and they are mathematically tractable. In finance, the distributions are interpretable in terms of the efficient markets hypothesis. Furthermore, they lead to theoretical results that are useful for portfolio selection and asset pricing. In actuarial science, the presence of skewness and kurtosis in insurance claims data is the main motivation for using the skew-normal distribution and its extensions. The skew-normal has been used in studies on risk measurement and capital allocation, which are two important research fields in actuarial science. Empirical studies consider the skew-normal distribution because of its flexibility, interpretability, and tractability. This paper comprises four main sections: an overview of skew-normal distributions; a review of skewness in finance, including asset pricing, portfolio selection, time series modeling, and a review of its applications in insurance, in which the use of alternative distribution functions is widespread. The final section summarizes some of the challenges associated with the use of skew-elliptical distributions and points out some directions for future research.     

中国金融发展与经济增长研究综述

金融发展与经济增长的关系是金融发展理论的核心问题,目前,学术界对二者的关系仍存争议.本文首先从理论层面回顾了金融与经济之关系的产生和演变路径,在此基础上,梳理总结了关于金融与经济关系的主要学术观点以及实证研究领域,最后,提出了未来的研究趋势和有待深入研究的问题.     

我国政策性金融转型研究综述

政策性金融在我国作为新兴的边缘学科,国内现有的文献不多,系统的研究更少,其理论研究尚处于不成熟阶段,许多问题如对政策性金融的界定和转型仍处于探讨与争论之中。本文对国内学者关于政策性金融的界定、与开发性金融、商业性金融的关系、转型等方面的研究进行综述,希望能为国内专家学者对我国政策性金融的转型进行进一步的深入研究以及决策者制定有关政策提供参考。     

企业社会责任与财务管理变革——基于利益相关者理论的研究

面对全球性企业社会责任运动的强烈挑战,企业财务管理必将发生相应的变革。这不仅是一个现实选择的问题,而且是一个理论上有待研究并给予明确回答的问题。本文着重运用利益相关者理论,对这一问题进行了探讨,认为企业承担社会责任不是一种简单的利他主义,而是一种既利己也利他的最优抉择;企业财务管理变革必须在财务目标、财务治理、财务政策和财务评价等方面突破"股东至上"逻辑,建立起"利益相关者合作"财务管理模式。     

中国上市公司如何选择融资渠道——基于问卷调查的研究

本文以一项关于中国上市公司财务行为的问卷调查和相关公开市场数据为基础,对问卷调查样本公司的融资行为特征进行了研究。在此基础上,我们结合中国资本市场特殊的制度因素,对样本公司融资行为与公司财务理论描述的差异做出了一定的分析与讨论。由于问卷调查能够直接考察公司决策者在实际融资决策时的考虑因素和动机,属于事前直接证据,从而区别于基于公开市场数据的实证研究所提供的事后间接证据,能够从不同角度检验理论的解释能力,具有重要的理论和实践价值。研究结果表明,样本公司的融资行为在一些方面符合现有公司财务理论的描述,但也存在很多不一致之处。本研究的意义在于:第一,以事前直接证据的方式对上市公司融资行为进行的研究,揭示了在中国特殊的制度环境中上市公司融资行为的动机和影响因素,其中一些动机和影响因素存在着不同于成熟市场经济国家上市公司的特殊性;第二,指出了现有主要以美国制度为背景发展起来的公司财务理论对融资行为的一些经典解释,可能不适用于中国上市公司,对中国上市公司融资行为的解释需要考虑中国特殊的制度因素;第三,为公司财务理论的进一步发展和如何改进中国资本市场监管提供了一些有益的经验证据。     

Natural Language Processing in Accounting,Auditing and Finance: A Synthesis of the Literature with a Roadmap for Future Research

Natural language processing (NLP) is a part of the artificial intelligence domain focused on communication between humans and computers. NLP attempts to address the inherent problem that while human communications are often ambiguous and imprecise, computers require unambiguous and precise messages to enable understanding. The accounting, auditing and finance domains frequently put forth textual documents intended to communicate a wide variety of messages, including, but not limited to, corporate financial performance, management's assessment of current and future firm performance, analysts’ assessments of firm performance, domain standards and regulations as well as evidence of compliance with relevant standards and regulations. NLP applications have been used to mine these documents to obtain insights, make inferences and to create additional methodologies and artefacts to advance knowledge in accounting, auditing and finance. This paper synthesizes the extant literature in NLP in accounting, auditing and finance to establish the state of current knowledge and to identify paths for future research. Copyright © 2016 John Wiley & Sons, Ltd.     

Corporate finance theory: Introduction to special issue

Theoretical research in corporate finance is critical for our understanding of real-world phenomena, for interpreting empirical results, and for deriving policy implications. We discuss the benefits and limitations of research in corporate finance theory and link them to the nine articles in this special issue on “Corporate Finance Theory.” We provide a perspective on the nine articles in this special issue, and outline our perception of how future research may evolve. We also review several themes that emerge out of the articles, which we think deserve more attention from theorists going forward: interactions between financial markets and corporate finance and dynamic models of corporate decisions, such as capital structure and managerial compensation.     

Finance theory: A house without windows

In this paper we aim to build on the existing critical finance literature by exploring how finance theory maintains both its momentum and hegemony. More specifically, by using an example at the core of finance theory (namely, portfolio asset allocation) we illustrate how finance keeps itself artificially alive by taking data from the outside world, often ignoring the rich complexities of the context which has given rise to the data, and using these ‘new facts’ to create puzzles which then lead onto more activity to see how the accepted core can or cannot be extended to incorporate the ‘new facts’. Against this process the paper then shows how the more obvious approach of engaging with the various participants can lead to greater insight and understanding. Given this approach, facts are not just anomalies which need to be explained away but part of the environment which help us to understand the various activities of individuals and organisations. The paper concludes by outlining a research agenda which develops a number of streams of research in critical finance and needs to be addressed in an open manner if traditional finance is to move from being closed and increasingly moribund to a subject which captures the vibrancy and dynamism of financial activities/markets across the globe.     

绿色金融、绿色创新与经济高质量发展

在可持续增长理论的基础上,本文将减排技术内生化,建立带有环境约束并包含金融部门的经济增长模型,解释了绿色金融通过支持绿色创新提升经济增长质量的内在机制。这一理论得到了基于中国省级面板数据中介效应分析的支持。本文为绿色金融的经济学建模提供了新的思路,推进了绿色金融的“功能”理论,论证了绿色金融对经济增长质量影响的“绿色创新渠道”,这意味着绿色金融不限于对少数清洁行业的支持,针对高污染、高能耗行业内部环保技术升级的金融服务也至关重要,是未来绿色金融政策需要关注的问题。     

Future directions in international financial integration research - A crowdsourced perspective

This paper is the result of a crowdsourced effort to surface perspectives on the present and future direction of international finance. The authors are researchers in financial economics who attended the INFINITI 2017 conference in the University of Valencia in June 2017 and who participated in the crowdsourcing via the Overleaf platform. This paper highlights the actual state of scientific knowledge in a multitude of fields in finance and proposes different directions for future research.     

How much finance is in climate finance? A bibliometric review,critiques, and future research directions

This study describes and analyses the research hotspots and evolution trends in climate finance research. Seven literature clusters that elucidate how different perspectives constitute the research landscape in climate finance and two main research hotspots that form the climate finance domain are identified. The empirical results also show that the research priorities of climate finance are still less “finance-based”. In the future, finance scholars should pay more attention to the financial dimension of climate finance. Finally, the research gaps within the existing climate finance literature are identified, and 35 research questions for future research are proposed.     

投资者有限注意对我国股票市场投资者行为的影响研究

随着行为金融学的发展,人们逐渐认识到,投资者注意力成为一种稀缺资源,它增加了信息搜寻成本,对资产定价、投资决策等具有重大影响。根据投资者有限注意,通过将用户关注度作为代理变量,研究用户关注度对于沪深指数波动的影响。研究发现：在重大事件发生时注意力驱动交易对次周收益率产生显著影响;注意力驱动交易的增加会正向地影响当期成交量;同时,投资者注意力的增加会减少未来交易量。     

Peer effects in financial economics: A literature survey

The paper reviews the growing literature on peer effects in finance from theoretical and empirical viewpoints. In particular, we assess the importance of peer behavior on firms’ financial policies, analyze the channels through which they operate, and gauge their magnitude. We particularly review empirical works on herding and peer effects in two subfields of finance: corporate finance and the financial markets. We also discuss the results of many relevant peer-reviewed academic studies and provide research and policy implications. The main conclusion is that peer effects are important in shaping investor and firm decisions. The most critical problem in the peer effect literature is employing an identification strategy to ensure that results are not driven by endogeneity. The paper also discusses ways to address this identification issue and provides a future research agenda.     

经济学中的"理性"思考

从古典经济学出发,全面分析现代经济学,从新古典经济学到博弈论,从行为金融学再到进化博弈理论、新制度经济理论等研究方法,通过分析现代经济学研究方法的演化发展,使我们可以清楚地认识到理性研究在经济学研究方法中从完全理性到弱化理性再到有限理性的不断发展变化。     

审视"行为财务学":由"批判者"到"建设者"

1980年代中期,行为财务学的研究开始兴起,并逐渐取得突破性进展。目前,虽然主流财务学界对行为财务学的接受程度已大大提升,但由“批判者”转换为“建设者”的任务是目前行为财务学面临的最大课题。否则,行为财务学的研究正如它的反对者所言:仅仅是昙花一现的热情。为此,本文试图探寻行为财务学的理论资源;重构行为财务学的实践意义,以此拓展行为财务学的发展空间。     

Financial Globalization,Governance, and the Evolution of the Home Bias

We merge portfolio theories of home bias with corporate finance theories of insider ownership to create the optimal corporate ownership theory of the home bias. The theory has two components: (1) foreign portfolio investors exhibit a large home bias against countries with poor governance because their investment is limited by high optimal ownership by insiders (the “direct effect” of poor governance) and domestic monitoring shareholders (the “indirect effect”) in response to the governance and (2) foreign direct investors from “good governance” countries have a comparative advantage as insider monitors in “poor governance” countries, so that the relative importance of foreign direct investment is negatively related to the quality of governance. Using both country‐level data on U.S. investors' foreign investment allocations and Korean firm‐level data, we find empirical evidence supporting our optimal corporate ownership theory of the home bias.