贸易政策不确定性与企业成本粘性北大核心

本文以美国对华“301调查”引致的贸易政策不确定性上升为外生冲击,利用2014-2019年沪深A股上市公司季度数据,考察了贸易政策不确定性对微观企业成本管理决策的影响。研究发现,贸易政策不确定性上升通过影响管理层对调整成本的评估、加剧管理层的短期保盈动机以及对未来经营的悲观预期,显著降低了企业成本粘性。异质性检验表明,这一影响在非国有企业、海外客户占比高的企业、出口美国的企业以及行业竞争程度高的企业中更显著。进一步分析发现,应对贸易政策不确定性上升,管理层主要通过削减人力资源成本而非物力资源成本进行成本调整。此外,贸易政策不确定性上升所导致的成本粘性下降虽然短期内缓解了企业的经营风险,但从长期来看降低了企业资源配置效率。本文的研究拓展了贸易政策不确定性微观经济后果的文献,也有助于深化对宏观环境不确定下企业成本管理决策的认识。     

经济政策不确定性、投资信心与企业估值水平

本文利用2009年至2020年上市公司季度面板数据，实证分析了经济政策不确定性对企业估值水平的影响。研究表明，经济政策不确定性对上市企业的市盈率具有显著的负向影响，主要源自其导致的市场投资信心下降，表现在股票价格的下跌而非企业盈利水平的下滑。进一步分析发现，国有企业和传统行业企业的估值水平比非国有企业和新兴行业企业受政策不确定性的冲击更小，扩大企业规模和海外业务拓展对经济政策不确定性的负面影响具有缓冲作用。     

经济政策不确定性、CEO金融经历与企业金融化

基于Baker等人开发的经济政策不确定性指数,依据沪深两市A股非金融行业上市公司样本数据,考量经济政策不确定性对企业金融化的影响机制以及CEO金融经历所发挥的调节效应.结果表明,经济政策不确定性的上升对企业金融化抑制效应显著,具有金融经历的CEO可以缓解该抑制效应,且非国有企业中更显著;进一步研究发现,CEO过度自信在CEO金融经历的调节效应中发挥部分中介作用.鉴此,政府应优化实施经济政策的方式,改善民间投资环境;企业应合理配置高管团队以发挥烙印机制的最优效应,完善高层管理人员的约束和激励机制;管理者需正确认识自身优势,避免盲目自信导致过度投资.     

经济政策不确定性与企业金融化——基于个体异质性EPU指标的实证研究北大核心CSSCI

本文基于2007—2020年我国非金融类上市公司季度面板数据,通过窗口滚动回归模型测度出体现企业个体异质性特征的经济政策不确定性(EPU)指标,重点考察了经济政策不确定性对企业金融化的影响及其作用路径。研究发现,经济政策不确定性上升显著提升了企业金融资产的比重,且这种影响在市场化程度较高区域、竞争较强行业以及初创公司表现得更明显;进一步的机制分析表明,经济政策不确定性上升加剧了企业与外部的信息不对称程度,由此形成的企业融资抑制效应与实体投资风险放大效应抑制了实体投资,相应提高了企业金融化水平。基于以上研究结论,本文在促进企业实体经济投资、市场环境改善和增强金融服务能力等方面提出了相关政策建议。     

国有资本参股与非国有企业影子银行化

本文以国有资本参股非国有企业为切入点,选取2010-2021年沪深A股上市公司数据进行实证研究,揭示了国有资本参股对非国有企业影子银行化的影响及其潜在的机制。基准回归结果表明,国有资本参股会抑制非国有企业影子银行化。机制分析结果表明,国有资本参股通过给非国有企业带来投资机会发挥资源支持效应,同时对非国有股东形成有效的咨询和监督作用发挥治理效应,从而抑制非国有企业影子银行化。异质性分析结果表明,国有资本参股对非国有企业影子银行化的抑制作用,在规模较小和处于高新技术行业的企业中更为显著。进一步区分国有股东类型发现,存在国家股时,国有资本参股对非国有企业影子银行化的抑制作用更为明显。     

税收优惠与企业绿色创新北大核心

本文基于2010—2018年沪深A股上市公司的微观数据,利用固定资产加速折旧政策这一外生冲击,采用多期双重差分方法,实证分析了税收优惠对企业绿色创新的影响。结果表明,固定资产加速折旧政策显著促进了企业绿色创新,而且该政策没有诱发企业“重数量轻质量”的策略性创新行为。机制分析结果表明,固定资产加速折旧政策通过降低企业税负和提高企业活力的途径,显著促进了企业绿色创新。此外,异质性分析结果表明,固定资产加速折旧政策显著促进了成长期企业绿色创新,而且对国有企业和大规模企业实质性绿色创新有着更大的激励作用。     

减税降费与企业投资传导机制研究:基于资本供给视角

减税降费是我国促进经济平稳发展、实现高质量发展的重要举措。笔者以2010年至2020年沪深A股上市公司数据为样本，实证检验了企业税费负担对企业投资行为的影响及其作用机制。研究发现，税费负担的减轻有助于刺激企业投资增加，且通过内源融资能力、外源融资约束、投资者关注三重机制进行传导，其中提升内源融资能力成为减税降费促进投资的主要作用渠道。进一步基于宏观层面、行业层面以及企业层面进行异质性考察，发现两者的负相关关系在营商环境更差的地区、高新技术企业和非国有企业中更为显著。本文厘清了税费负担对企业微观投资行为的影响，为进一步完善减税降费政策提供了经验证据。     

经济政策不确定性、金融发展与企业创新

基于沪深A股上市公司2012—2018年制造业的面板数据,本文运用固定效应模型和Heckman模型分析在金融发展调节作用下经济政策不确定性对企业创新的影响效果.研究发现:(1)总体上,经济政策不确定性越高越会促使企业加大研发创新的力度,但过度扩张的金融发展会起到负向调节作用;(2)宏观异质性分析发现,过度扩张的金融发展的抑制作用存在于东部地区、劳动密集型产业和资本密集型产业中;(3)进一步分析发现,金融发展对企业创新确实存在倒U形非线性影响,并且只有在股权集中度较低和技术人员占比较高的企业中金融发展的抑制效应才会显著,而在是否"两职合一"企业中却没有显著差异.     

经济政策不确定性对民营企业融资效率的影响

本文以我国946个上市民营企业2011~2017年的数据为样本数据,综合运用Super-SBM模型、多元线性回归和面板门槛回归模型,就经济政策不确定性与我国民营企业融资效率的相关性问题展开研究。实证结果表明,经济政策不确定性的加剧会显著抑制我国民营企业融资效率的提升。宏观层面,扩张性货币政策的实施有助于抵御经济政策不确定性给企业融资效率带来的负面冲击,但相较于经济低速增长时期和货币适度扩张时期,经济政策不确定性对提高企业融资效率的抑制程度在经济高速增长时期和货币高速扩张时期更强。微观层面,企业资产负债率越低、现金流越大、投资机遇越多,其融资效率受经济政策不确定性的负面冲击越小。最后本文从宏观政策和优化企业自身管理两个方面提出了相应的建议。     

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。     

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.