生态损害赔偿制度促进了企业环保投资吗?

以沪深A股重污染行业上市公司为研究样本,实证检验《生态环境损害赔偿制度改革试点方案》的实施对企业环保投资的影响及政治关联的调节效应。结果显示：该制度的出台显著提高了试点地区企业的环保投资水平,且企业政治关联对二者之间的关系具有正向调节作用。在解决了自选择偏差问题以及通过安慰剂检验后,该结论依然成立。进一步分析发现,该制度主要通过提高地方环境规制力度来促进企业环保投资。此外,其促进效应在非国有企业、地方财政环保支出较低及市场化程度较高的地区中更为显著。     

中国企业的市场存活分析:中间品进口重要吗？

本文基于2000—2007年中国工业企业微观数据和海关贸易数据,采用倾向得分匹配与生存分析方法系统研究了中间品进口对企业生存的微观影响。研究发现中间品进口显著延长了企业的经营持续时间。进一步引入中间品质量差异性和贸易方向的研究表明,中间品进口对企业经营持续时间的正向作用与进口中间品的质量水平呈正比,并且中间产品进口对双向贸易企业生存持续期的影响大于单向贸易企业,对加工贸易企业生存持续期的影响大于一般贸易企业。基于中介效应模型的传导机制检验,认为“成本节约效应”和“技术溢出效应”是中间品进口促进企业市场存活的重要渠道。最后,引入行业差异化的检验结果显示,相比于异质性产品行业的企业,中间产品进口对同质性产品行业中企业生存的积极影响更大,而高质量的中间品进口和双向贸易模式可以进一步强化上述作用。     

环境规制、数字普惠金融与企业绿色创新

以中国沪深A股上市企业2011—2019年的微观数据为研究样本,实证探究环境规制、数字金融与企业绿色创新之间的关系及作用机制。研究发现：第一,环境规制对企业绿色创新具有抑制效应,数字普惠金融对企业绿色创新发挥促进作用,且该抑制效应和促进作用在行业、地区、产权性质三方面存在异质性;第二,数字普惠金融在环境规制与企业绿色创新中具有负向调节作用,能够显著缓解环境规制对企业绿色创新的抑制效应,且该调节作用更多集中于东部地区、非国有企业以及重污染企业;第三,在非线性情况下环境规制与企业绿色创新之间存在“U”型关系。     

国家审计能够降低企业碳风险吗？

随着我国“双碳”战略的推行，碳风险已成为约束企业高质量发展的重要因素。作为国家重要监督和治理方式，国家审计能否助力企业降低碳风险？研究发现，国家审计介入后，被审计企业的碳风险水平下降，媒体关注和行业竞争分别起互补作用和替代作用；机制检验表明，国家审计能够通过促进企业绿色技术创新和环境责任履行，从而降低碳风险；异质性分析表明，在环境规制强、制度环境好和政府财政资金充足地区的样本，以及非重污染和非重点监控单位企业中，上述影响更加显著；进一步研究发现，国家审计对企业碳风险的抑制作用具有溢出效应，且有利于改善企业长期绩效。本文对于强化国家审计的碳排放治理效应，缓解企业碳风险，促进企业绿色转型具有一定启示意义。     

高管海外经历对企业投资效率的影响——基于政治关联的调节作用北大核心

基于高阶理论和社会资本理论,以2010-2017年A股民营上市公司为样本,研究高管海外经历对企业投资效率的影响以及政治关联在两者关系中的调节作用。研究结果表明:第一,海外经历是知识转移的重要途径,海归高管在国外积累的专业知识和管理技能有助于提升企业投资效率,这种影响在过度投资企业中表现得更加明显。第二,政治关联的资源效应和信息效应正向调节高管海外经历和企业投资效率之间的关系;对于投资不足企业,政治关联可以缓解企业面临的资源瓶颈,强化高管海外经历的智力资本效应。上述研究结论表明,吸引优秀海归人才对企业提升投资效率、促进长期发展具有显著的正面影响,但这种效应的发挥需要有良好的制度环境和市场环境作为保障。为了增强“人才引进”政策的实施效果,要完善税收、社保、医疗、子女教育等配套政策,为海归人才在国内就业、创业提供有力支持;要完善相关制度,改善企业营商环境,加强政府服务职能建设,为企业提供有力的基础设施保障和政务服务支持。     

僵尸企业、信贷约束与中国出口升级

既有研究普遍认为，中国出口品质的提升速度明显滞后于出口规模的扩张速度，本文尝试从僵尸企业的角度为中国出口升级滞后现象提供可能的解释。利用中国企业级微观数据进行实证研究，本文发现，僵尸企业显著抑制了非僵尸企业(即正常企业)的出口升级。进一步的机制检验表明，僵尸企业明显提高了非僵尸企业的信贷约束程度，而信贷约束的加剧是前者抑制非僵尸企业出口升级的重要渠道，并且这一抑制效应在外部融资依赖度越高的行业越大。本文还从多个维度进行了异质性分析，发现僵尸企业对民营企业、一般贸易企业出口升级的抑制效应相对较大，此外，僵尸企业对非僵尸企业出口升级的抑制效应随着地区制度环境的改善而减弱。本文研究为解释长期以来中国制造业出口升级相对滞后的现象，以及理解中国企业普遍面临的信贷约束问题提供了新的视角。     

出口退税对企业出口技术复杂度的影响

在减税降费的背景下,出口退税能否助力中国出口结构实现转型升级?本文基于2004~2015年中国微观企业和产品层面数据库,考察了出口退税对企业出口技术复杂度的影响。研究结果稳健地表明,出口退税对企业出口技术复杂度产生了显著的积极效应,这一正效应在外资和民营企业、中西部地区企业和直接出口企业中更为显著。出口退税有助于改善企业出口和利润绩效,进而促进企业对新产品的研发创新活动,最终促成企业出口技术复杂度的提升。本文在实证研究的基础上,提出在我国区分不同行业、地区、企业等实施差别出口退税政策的建议。     

人民币汇率、产品质量与企业出口行为——中国制造业企业层面的实证研究北大核心CSSCISSCI

本文旨在考察人民币汇率对企业出口产品质量的影响。通过利用高度细化的工业企业数据库和海关贸易数据库首次从微观层面进行系统的研究,本文发现:(1)人民币升值促进了企业出口产品质量的提升,但是该效应因企业生产率水平、融资约束、所有制和贸易方式的不同而具有显著的异质性。(2)通过对出口贸易进行分解,我们发现人民币升值有利于新进入企业的产品质量提升,但不利于退出企业;人民币升值有利于新进入产品的质量提升,不利于退出产品,并且对持续存在的产品质量提高具有积极影响;此外,相比于内资企业,外资企业的质量提高更快。(3)通过引入生存分析模型的研究表明,人民币升值显著缩短了出口低质量产品的企业的出口持续期,但却可以延长出口高质量产品的企业的出口持续期。     

我国的制度环境对FDI质量影响的区域差异性研究

本文将制度环境和FDI质量参数化,以我国2005—2015年的省级面板数据为样本,运用系统GMM方法实证检验制度环境对FDI质量提升的影响。研究发现,制度环境改善对FDI质量的提升有促进作用,但存在区域差异性,中部地区制度环境对FDI质量提升的促进作用最为明显,东部次之,最后是西部地区。基于此,文章的最后部分为更好地促进我国FDI质量提升提出了建议。     

机构投资者、审计质量与环境绩效一来自中国重污染行业上市企业的经验证据北大核心

本文以2007—2011年我国沪深两市重污染行业上市企业为研究样本,考察审计质量对环境绩效的影响效应。研究发现：审计质量越高,企业环境绩效越好;     

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.     

Disclosure of government financial information and the cost of local government’s debt financing——Empirical evidence from provincial investment bonds for urban construction

China’s slowing economic growth and rapid urbanization have made local government debt financing a significant issue.This study uses a sample of China’s provinc...     

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.