股价崩盘风险与权益资本成本——来自中国上市公司的经验证据

本文以沪深两市2008-2012年A股上市公司为研究样本,基于我国特殊制度背景和上市公司实际,实证检验股价崩盘风险对权益资本成本的影响。研究结果表明,股价崩盘风险越大,权益资本成本越大,且这种关系在民营上市公司中更显著。进一步考虑信息披露因素,发现高质量的信息披露并不会显著减弱股价崩盘风险对权益资本成本的负面影响,而机构投资者在一定程度上发挥着资本市场上信息传递的作用,改善信息披露环境,增加信息披露,作为信息披露质量外的一种有效的替代机制,其行为显著降低了股价崩盘风险对权益资本成本的作用。     

信息披露、外部监督与资本成本——基于中小企业板的实证分析

本文使用深圳证券交易所中小板上市公司2012-2016年度的样本资料,研究信息披露水平与资本成本的关系,与大部分学者的观点一样,分析表明信息披露水平与资本成本负相关.从外部社会监督的角度来看,新闻媒体的关注、机构投资者、分析师等外部治理因素对公司权益资本成本有重大的制约作用.研究结果表明,分析师、机构投资者以及媒体作为我国资本市场极为重要的社会外部监督力量,能够削弱信息披露水平对企业资本成本的敏感度,也就是说,外部监督力量越强,信息披露水平对权益资本成本的影响越小.     

高铁时空压缩效应与公司权益资本成本——来自A股上市公司的经验证据

以往文献大多集中于交通基础设施对一国或地区宏观经济的影响,而较少关注其对资本市场的作用。本文基于信息不对称视角,考察了高铁开通改变地理距离的时空约束后如何影响公司权益资本成本。以2007—2018年A股上市公司为样本,本文研究发现,上市公司所在地开通高铁后,由于内外信息不对称程度的降低,公司权益资本成本显著下降。该现象受到一系列公司特征的影响,与多数投资者聚集地距离越远、业务复杂度越高的公司,权益资本成本受高铁开通影响而下降得更明显。进一步的研究表明,高铁开通后公司股票流动性的提升及信息披露质量的提高是影响权益资本成本的重要路径。     

对《信息披露、收益不透明度与权益资本成本》一文的评论

黄娟娟和肖珉的论文《信息披露、收益不透明度与权益资本成本》(以下简称信文)以1993年至2001年间我国证券市场进行股权再融资的上市公司为样本,考察了我国证券市场上市公司信息披露质量与公司权益资本成本的关系。作者发现,在控制其他一些影响因素之后,上市公司信息披露质量与公司权益资本成本呈显著的负相关关系。而且,上市公司权益资本成本不仅受到前一年     

企业社会责任信息披露与权益资本成本

运用理论分析和实证检验的方法从权益资本成本的角度研究我国上市公司企业社会责任信息披露的经济动机.研究发现:上市公司上期权益资本成本越高,本期披露社会责任报告的可能性越大,说明降低权益资本成本是上市公司决定是否披露社会责任报告的重要经济动机;对于首次披露企业社会责任报告的公司,上期权益资本成本越高,本期社会责任信息披露质量越高;但对非首次披露企业社会责任报告的公司来说,披露企业社会责任报告的资本成本动机不显著.     

信息披露、收益不透明度与权益资本成本

本文以1993年至2001年间我国证券市场进行股权再融资的上市公司为样本,深入考察我国证券市场上市公司信息披露质量与公司权益资本成本的关系。结果表明,在控制其他一些影响因素之后,上市公司信息披露质量与公司权益资本成本呈显著的负相关关系;对上市公司而言,提高信息披露的质量有助于降低公司的权益资本成本。同时,本文还发现,上市公司权益资本成本不仅受到前一年信息披露质量的影响,还受到前四年信息披露质量的影响。所以,上市公司管理者为了降低公司再融资的权益资本成本,应该持之以恒地致力于保持较高的信息披露质量。     

社会责任报告降低了企业权益资本成本吗?——来自中国资本市场的经验证据

本文以上市公司披露社会责任报告的动机为出发点,以权益资本成本为落脚点,探讨社会责任报告对企业权益资本成本的影响及作用机制。研究表明,公司披露社会责任报告有助于降低企业的权益资本成本,并且社会责任报告披露对权益资本成本的影响存在"首次披露"效应;但是对于同样披露了社会责任报告的公司而言,社会责任报告质量的高低对权益资本成本的影响并不显著,机构投资者持股比例对于社会责任报告与权益资本成本的关系也无显著影响。这说明我国投资者已经开始关注社会责任报告信息披露,投资者普遍认为发布社会责任报告传递的是一个有利的信号,但是由于我国企业社会责任报告的质量普遍较低,这些报告给投资者传递的信号并没能降低他们对企业风险的评估。     

上市公司社会责任信息披露与股权资本成本相关性研究

我国大部分上市公司都以权益融资为获取资金的主要渠道,因此企业都希望股权融资成本可以保持在理想的水平上。随着社会环境的变化及市场投资者素质水平的提高教资者对公司信息披露的要求也从仅仅专注于公司的财务信息到更关注公司社会责任（CSR）履行情况的信息。本文以深市和沪市A股上市公司为样本,检验了公司社会责任信息披露质量与公司股权资本成本的相关关系。实证结果表明啦会责任信息披露的水平提高可以促进股权资本成本的降低。     

年报风险提示信息影响审计意见类型吗?——来自高管任期周期性特征的经验证据

风险提示作为年报典型的非结构化信息,之前较少得到关注与研究,本文采用文本挖掘技术考察了两个问题:(1)风险提示信息是否影响审计意见;(2)高管任期周期性特征如何调节这种影响。研究发现,年报风险提示信息越多,上市公司获得非标审计意见的概率越大,并且高管任期越长,这一关系越显著,但显著性水平会随高管任期的周期性特征呈现倒U型的变化趋势。同时,当高管年龄越小、学历越低时,任期的非线性调节作用更显著。研究表明,风险导向审计模式较好地考虑了风险提示信息的影响,高管任期周期性形成的信息披露战略择机偏好对审计意见类型产生了异质性影响,并且该影响很大程度被高管个人特征所制约。     

可视化年报与会计信息质量:“表里如一”还是“表里不一”?北大核心

资本市场以信息披露为核心的注册制改革,要求上市公司提高信息披露质量,加强与投资者有效沟通。在此背景下,越来越多的上市公司开始发布图文并茂的可视化年报以增进投资者对公司财务报告信息的理解。本文以2017-2020年沪深A股上市公司为样本,从会计信息质量角度检验上市公司发布可视化年报是“表里不一”地仅向投资者进行印象管理,还是“表里如一”地与投资者诚信沟通传递价值信号。结果发现当公司有较高的会计信息质量时更可能发布可视化年报,多种稳健性检验支持该发现。进一步分析表明公司发布可视化年报会增加投资者关注度,据此推测投资者关注度增加可能带来的潜在风险是只有会计信息高质量的公司才勇于发布可视化年报的原因之一。会计信息质量与可视化年报发布的关系在市值管理较好、研发投入较多、业绩表现相对较差的公司中显著。此外,持续发布可视化年报的公司有显著更高的会计信息质量,但发布视频年报的公司会计信息质量并不显著更高。     

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.