卖空机制、双重治理与公司违规——基于市场化治理视角的实证检验

不同于以往基于制度监管或内部治理视角的研究,本文从市场化治理视角探讨了卖空机制对公司违规行为的影响效应.采用部分可观测Bivariable Probit模型和双重差分模型实证发现,卖空机制显著降低了标的公司的违规倾向,提升了违规稽查概率,且缩短了违规稽查时间.同时,标的公司违规发生年份的融券力度明显增加,这表明卖空者确实具有信息优势且对违规行为更为敏感.机制检验揭示,卖空机制通过治理效率和信息效率两条路径对违规行为发挥双重治理作用,即卖空机制强化了内部治理中大股东和独立董事对违规行为的监督干预,从而抑制了事前违规倾向;同时也增加了资本市场中的分析师关注及违规负面信息传播效率,进而提升了事后违规稽查概率.本文还发现,卖空机制的违规治理效果受到违规监管环境(法制监管、内部控制和行业违规)和标的公司个体特征(公司成长性、市值规模和股价波动性)的调节作用影响.     

一损俱损:违规事件在企业集团内的传染效应研究

本文以企业集团为对象,研究违规事件的传染效应。利用2003-2015年我国上市公司违规样本,本文发现:(1)当公司发生违规行为而被证监会等监管机构进行处罚公告后,违规公司股价显著下跌的同时,同一集团内其他公司的股价也显著下跌,即违规事件在集团内存在传染效应,而这一传染效应主要存在于与信息披露相关的财务违规事件中;(2)进一步的路径检验发现“被传染公司”较低的盈余质量和集团内财务公司的存在能够解释传染效应的发生;(3)分组检验结果表明:集团内的传染效应在地区市场化程度较低、分析师跟踪人数较少、股权集中度较高的公司和国有企业中更为明显。借助违规事件的传染效应研究视角,本文的研究结果有助于进一步认识新兴市场中的企业集团。     

上市公司自愿性业绩预告的行业同群效应研究北大核心CSSCI

本文以2010—2019年我国A股上市公司为样本,实证分析了上市公司自愿性业绩预告的行业同群效应。实证结果表明,A股上市公司的自愿性业绩预告行为存在显著的行业同群效应,即上市公司发布业绩预告的概率和精确度受到同行业其他公司的正向影响。进一步研究表明,规模较小、CEO缺乏经验、分析师关注度低、行业竞争激烈的公司,自愿性业绩预告的同群效应更显著。基于以上分析,本文提出了完善我国上市公司业绩预告制度的建议,包括加强行业协会建设、提高上市公司竞争性、聚焦行业龙头、完善监管部门激励与约束机制等。     

政治关联对民营企业研发投入同群效应的影响与机制研究

研发投入是企业创新能力的重要保障。基于2010-2019年中国A股上市公司数据,本文研究了政治关联对民营企业研发投入同群效应的影响及其内在机制。研究表明：(1)民营企业研发投入存在行业同群效应与地区同群效应;(2)政治关联对民营企业研发投入的行业同群效应和地区同群效应均产生显著抑制作用,且对行业同群效应的抑制作用更强;政治关联的这种抑制作用是通过削弱政府补贴的正向激励机制实现的;(3)大规模民营企业研发投入的行业同群效应更为明显,而小规模民营企业受政治关联的抑制作用则更为显著。本文丰富了企业研发的同群效应及其影响因素的研究视角,研究结论对于民营企业制定科学有效的研发战略,构建“亲”“清”新型的政商关系具有重要的参考价值和启示意义。     

保险治理与公司违规——董事高管责任保险的治理效应研究

公司治理机制被认为是影响公司违规的重要因素,然而董事高管责任保险作为一种重要的外部治理机制,是否会影响公司违规尚未得到充分研究。本文研究发现董事高管责任保险显著降低公司违规概率,符合监督效应假说。经工具变量法、Heckman两阶段模型和倾向得分匹配法稳健性检验,上述结论依然成立。影响机制分析表明,董事高管责任保险显著降低了公司违规倾向,显著增加了违规后被稽查的概率,并降低了上市公司的第一类代理成本。对董事高管责任保险的监督职能做进一步分析发现:(1)董事高管责任保险对上市公司经营违规和领导人违规的监督效应更为显著,但对信息披露违规的治理作用并不显著;(2)董事高管责任保险发挥的监督职能与股权属性和保险机构股东治理存在替代效应,与外部审计师治理和董事长CEO二职分离存在互补效应;(3)分组检验结果表明,董事高管责任保险对公司违规的监督效应在外部监管环境较差或者公司内部信息透明度较高的情况下更加显著。本文既提供了保险合约通过公司治理渠道影响公司违规的证据,同时也表明保险机构通过董事高管责任保险为中国资本市场提供了一种较为有效的公司外部治理机制。     

企业社会责任履行与财务违规——出于“利己”还是“利他”?

以2011—2019年A股上市公司为样本,研究了企业社会责任对财务违规行为的影响。研究发现:企业的社会责任履行度越高,发生财务违规行为的概率越小;企业履行社会责任、减少财务违规行为的动机更多的是出于“利己”而非“利他”;企业社会责任对财务违规的抑制作用在非国有企业中更加显著;企业社会责任对财务违规的抑制作用在分析师关注度较弱时更加显著;企业社会责任能够缓解企业融资约束程度、改善企业内部控制环境,从而降低财务违规行为发生的可能性。     

国企混改治理效果的资本市场证据——基于信息披露违规事件的实证检验

本文从信息披露违规视角探讨国企混改的治理效应并检验其作用机制.研究发现:国企混改有效降低了上市国有企业信息披露违规概率、违规严重程度以及违规频率.机制研究表明,国企混改抑制了信息披露违规动机,但对信息披露违规稽查概率没有显著影响;不同治理情境下,国企混改对信息披露违规的抑制作用存在显著差异.进一步研究发现,党的十八大以后国企混改对信息披露违规行为的抑制作用更显著;混改对虚假记载、推迟披露和一般会计处理不当三类信息披露违规行为均有显著抑制作用;混改有效降低了股票换手率.本研究既为评价国企混改的治理效应提供了资本市场层面证据,也为进一步深化国企混改提供了政策参考.     

独立董事返聘与公司违规:“学习效应”抑或“关系效应”？

本文关注独立董事任期届满后离任、但经过一段“冷却期”后再次被原上市公司返聘的现象(“独立董事返聘”)。本文以2003—2016年沪深两市A股上市公司为样本,研究了独立董事返聘对公司违规的影响究竟是基于“学习效应”的抑制效果还是基于“关系效应”的助长效果。研究发现:(1)对独立董事返聘的公司而言,相对于冷却期,返聘期的公司违规显著更少(纵向对比);(2)返聘的独立董事首任期间,公司违规要显著低于冷却期(纵向对比);(3)相较无独立董事返聘、返聘人数更少的公司,返聘人数更多的公司违规显著更少(横向对比)。研究发现支持了“学习效应”假说,即独立董事返聘抑制了公司违规,并非是规避任期规定的手段。     

香港创业板公司违规特征及市场监管对策

自成立以来,香港创业板发生违规的公司（尤其是民营公司）占相当比例,违规手段和种类多样化,因不受“重视”而致使一些轻微违规演变成了大案要案,上市公司保荐期满后“变脸”的情况时有发生。内地创业板运行后很有可能出现类似情况。内地创业板应该有针对性地加强监管,从建立创业板市场的监管和分离机制、上市公司监管关口和重心前移机制、上市公司及相关人员的违规行为与其利益相联系的奖惩机制、强比对保荐人和上市公司“舍谋”的监管等角度完善现有的监管制度。     

商誉减值的同群效应研究——基于董事网络视角

伴随我国上市公司持续升温的并购重组行为,巨额商誉减值成为影响资本市场稳定的热点问题。本文从上市公司间普遍存在连锁董事这一现象出发,以2007—2020年沪深A股上市公司为样本,从董事网络视角探究企业商誉减值计提行为的同群效应,并进一步研究内外部治理机制对商誉减值计提同群效应的治理效应。研究结果表明：同一董事网络中的企业商誉减值计提行为存在显著的同群效应,这种现象在非国有企业中更为突出;网络中心度高的企业表现出更强的同群效应,信息学习效应是董事网络内商誉减值同群效应的作用机制;大股东治理、高质量内部控制、机构投资者持股和分析师关注等内外部治理机制减弱了商誉减值的同群效应。上述研究结论的政策启示：应加强同群企业商誉减值计提合理性的审查和监督,同时引导企业提高并购决策效率,合理控制并购溢价,从源头上避免商誉“爆雷”问题。     

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.