利率市场化对债务融资成本的影响研究 ——基于东部地区的企业数据

利率市场化改革对提高我国货币政策传导效率有重要意义.本文通过构建复合利率市场化指数,探究利率市场化对企业债务融资成本的影响,并结合所有权属性及企业规模深入研究利率市场化带来的差异化影响.研究发现,一是发达地区企业总体债务融资成本与利率市场化程度负相关,即利率市场化的推进有助于改善企业融资环境;二是国有企业债务融资成本受...     

跨所有制并购、制度环境与民营企业债务融资成本

本文以2010-2015年我国民营上市公司的并购事件为样本,实证检验了民营企业跨所有制并购对其债务融资成本的影响。研究发现,民营企业跨所有制并购能够降低其债务融资成本,这种降低作用在会计信息质量较差的民营企业以及盈利能力较低、担保物较少的民营企业中更为显著;在拓展性研究中发现,制度环境对民营企业跨所有制并购与债务融资成本之间的关系具有调节作用,在市场化程度低的地区和竞争性行业中,民营企业跨所有制并购对债务融资成本的降低作用更为显著。本文从债务融资成本的视角拓展了跨所有制并购对民营企业影响后果的研究文献,为民营企业参与混合所有制改革提供了新的证据和思路。     

放松利率管制、过度负债与债务期限结构

放松利率管制不仅消除了信贷市场摩擦,而且可以通过调整贷款利率水平以实现信贷风险与资金成本之间的匹配,从而对企业资本结构选择产生影响。本文以2000-2015年我国A股非金融类上市公司为研究样本,从企业杠杆选择和债务期限结构两个方面来实证检验放松利率管制如何影响企业资本结构。检验结果发现:放松利率管制不仅显著抑制企业过度负债,加快资本结构调整速度,而且延长企业债务期限。进一步检验还发现,放松利率管制显著抑制企业短贷长投行为,降低企业现金与现金流之间的敏感性。以上问题的研究不仅在理论上证实了放松利率管制影响企业杠杆选择以及资本错配的具体作用机理,而且在实践方面对于我们进一步推进利率市场化进程,完善市场在资源配置中的决定性作用具有重要的政策启示意义。     

媒体报道对权益成本和债务成本的影响及其差异——来自中国上市公司的经验证据

近年来,媒体的公司治理作用引起了越来越多的研究关注。本文以资本成本为着眼点,利用中国沪深A股上市公司2006-2008年的面板数据实证分析了媒体报道水平对降低公司权益成本和债务成本的积极作用。研究结果发现,媒体报道能够显著降低中国上市公司的权益成本和债务成本,即上市公司受到媒体的报道越多,其股权融资或债务融资所需支付的成本就越低。而且,本文进一步发现,媒体报道对上市公司权益成本的影响要显著大于对债务成本的影响。     

企业无形化程度影响债务融资成本吗？——来自中国沪深A股上市公司的经验证据

近年来,企业创新行为和并购交易的蓬勃发展使得企业无形资产和商誉等无形化资产占资产结构的比重日益增长,呈现出无形化态势,引起资本市场的广泛关注。本文以2007-2020年中国沪深A股上市公司为样本,考察企业无形化程度对债务融资成本的影响。研究发现,企业无形化程度与债务融资成本呈U型关系,风险承担水平在企业无形化程度与债务融资成本的U型关系中发挥了中介作用。进一步研究发现,企业无形化资产减值会提高债务融资成本,有效的内部治理在一定程度上能够抑制企业无形化资产减值的不利影响,而外部环境起到的监督作用有限。     

稳健的会计政策让融资变的更难吗?——来自沪深A股上市公司的经验证据

本文基于中国制度环境特点,以2001-2011年沪深A股上市公司为样本,实证检验了会计稳健性债务契约假说的普适性,并结合中国资本市场的制度设计,为会计稳健性作用债务融资路径补充了新的理论分析。研究发现:上市公司会计稳健性越高,获得债务融资越少,股权再融资的概率越低。这是由于企业和银行在信贷决策中主导地位的差异,影响了对会计稳健性作用债务融资的路径,上市公司在银企关系中的强势地位,推动了会计稳健性内部治理改善对债务资金需求的降低。     

金融发展环境、利率市场化与债务融资决策

采用稳健OLS回归方法对利率市场化与债务融资决策关系进行研究显示,较之国有企业,民营企业债务融资决策受利率市场化影响长期借款比例显著降低;较之利率管制时期,在利率市场化时期处于金融环境较好地区企业无论是债务融资成本还是长期借款比例均显著降低;此外,在利率市场化时期企业的长期借款比例与债务融资成本受地区金融发展环境差异的影响减弱。这说明利率市场化改革起到了赋予金融机构竞争手段、改善金融竞争环境以及削弱地区金融环境差异的政策效应。     

金融生态环境、审计意见与债务融资成本

本文旨在研究金融生态环境、审计意见对于上市公司债务融资成本的影响。以2006—2009年1555家中国A股上市公司为样本,实证发现,良好的金融生态环境有助于上市公司获得较低成本的债务融资,民营上市公司承担了比国有上市公司显著更高的债务融资成本,而金融生态环境的改善有助于降低这种信贷融资成本差异。同时,被出具非标审计意见的上市公司相比获得标准审计意见的上市公司具有显著更高的债务融资成本,并且无论是对国有企业抑或民营企业来说,良好的金融生态环境都有助于增强审计意见的风险揭示功能。研究结果表明,在我国良好的金融生态环境以及外部审计监督有助于增强债务融资的市场化定价,提高信贷资源的配置效率。     

转型经济中宏观冲击与公司融资决策——基于资本结构动态调整框架的实证研究

本文探讨经济改革动态背景中的宏观冲击对我国上市公司资本结构调整的影响。企业选择股权债权融资方式时,一方面要权衡债务融资与股权融资的相对成本,另一方面又受到融资资源可获得性的限制。经验证据表明,信贷市场和股权再融资市场上配额性指标和成本性指标的变动,作为外生的宏观冲击,在统计和经济意义上均对企业资本结构的调整具有重要影响。资本结构的调整幅度是信贷规模的增函数,是股权扩容规模、贷款利率、股市收益率的减函数。本文的发现对于宏观经济政策的制定和实施具有现实的政策意义。     

会计稳健性一定降低债券融资成本吗？——来自我国信用债市场的证据

债券市场作为多层次资本市场体系的重要组成,其持续健康发展对于优化市场资源配置功能至关重要。已有文献在研究企业会计信息质量与债务融资成本的关系时,普遍得出会计稳健性可以有效降低债务融资成本的结论。与之不同,本文以2010—2019年我国上市公司在沪深交易所及银行间市场发行的信用债为样本,实证研究发现：债券发行人的会计稳健性越高,其债券发行的信用利差也越高,意味着发债企业的会计稳健性将增加其债券融资成本。进一步研究发现,未来的债券合约重新谈判成本越高,发债企业的会计稳健性对其债券融资成本的不利影响越强,支持了债券合约的重新谈判成本是影响会计稳健性与债券融资成本之间关系的重要因素。上述研究结论深化了学术界对会计稳健性与债务融资成本之间关系的认识,亦为政府监管部门规范债券市场运行以提升会计信息质量在市场资源配置中的作用提供了政策启示。     

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.