Corporate governance and market segmentation: evidence from the price difference between Chinese A and H shares

This paper empirically examines whether the price difference between Chinese A shares, which are traded in the domestic market, and their matching H shares, which are traded in the Hong Kong market, can be explained by firms’ corporate governance characteristics. We find that the A- to H-share price premiums are higher for firms in which the controlling shareholders and corporate insiders have greater potential to expropriate wealth from outside investors. This result is robust when we use a variety of corporate governance variables specific to listed Chinese companies to explain the A-share price premiums and when we control for differences between domestic and foreign investors in required returns, degree of speculative trading, liquidity, information, and demand elasticity. Our findings highlight the important role of corporate governance in explaining the price difference in segmented stock markets.     

政府审计与国家经济安全：理论基础和作用路径

在经济全球化的今天,对于我国日益突出的国家经济安全问题,政府审计是否应该发挥作用?如何发挥作用?本文认为,政府审计是我国国家经济安全保障体系的重要组成部分。政府审计在维护国家经济安全方面的作用路径应是针对国家经济安全政策制定与执行开展审计和审计调查,监督国家经济安全政策的贯彻实施;作为国家经济安全预警机制的重要一环,向政策制定部门反馈信息、提供意见和建议,促进政策的调整与完善。     

国际数字贸易监管新发展与新特点

当前,数字贸易的发展已不再局限于电子商务及流通产业,而是将物联网技术和数字技术应用普及于多产业中,我们要以超前的眼光洞察和把握数字经济为全球贸易模式、规则等领域带来的新发展和新特点,从而推动中国大数据产业健康有序快速发展。     

The Paradox of Openness: How Product and Patenting Experience Affect R&D Sourcing in China?

External R&D sourcing may help firms compete in an environment characterized by rapid technological changes. Yet, prior studies have produced conflicting findings on how a firm's technological experience affects the extent to which the firm engages in external R&D sourcing. Although many highlight that firms with extensive technological experience are equipped with more technological knowledge, collaborative skills, and absorptive capacity, encouraging greater levels of external R&D, others suggest the opposite due to potential exchange hazards and partnership conflicts. Adopting an external partner's perspective, the current study reconsiders this “paradox of openness” by analyzing how a focal firm's product experience and patenting experience affect an external partner's tendency to provide external R&D services to the focal firm. Specifically, this study explore how a focal firm's knowledge protectiveness and tacitness embedded in its product and patenting experience influences the external partners' motivation for knowledge transfer. This study predicts that a firm's product experience increases the focal firm's external R&D sourcing because it provides high levels of knowledge tacitness and external openness and can encourage external partners to share and exchange knowledge with the focal firm. In contrast, a firm's patenting experience decreases the focal firm's external R&D sourcing because it denotes knowledge explicitness and protectiveness and may discourage external partners to share and exchange knowledge with the focal firm. This study further predicts that patenting experience has a negative moderating effect on the relationship between product experience and external R&D sourcing. Using a data set of 575 high‐tech firms in China, this study finds support for our predictions. Our findings contribute to the growing literature on the knowledge‐based view and technology entrepreneurship in emerging markets.     

包装设计的信息传递

包装设计(packing design)是以保护产品安全流通、方便储运与消费、促进销售为目的,依据特定产品的性质、形态和流通意图,通过策划定位与构思,以艺术和技术相结合的方式,采用适当的材料、造型、结构、文字、图形、色彩和技术处理等,综合创造新型包装实体的活动过程。包装设计以     

When communication quality is trustworthy? Transactive memory systems and the mediating role of trust in software development teams

While the importance of communication frequency to transactive memory system (TMS) development has well been established, few studies have been done examining the relationship between communication quality and transactive memory systems in software development teams. This study empirically tests the relationships between communication quality and TMS, and the effect of TMS on team effectiveness. We also examine the mediating effect of trust on the link between communication quality and TMS. By investigating 86 software development teams in China, the results suggest that: (1) communication quality has a positive effect on TMS; (2) the link between communication quality and TMS is mediated by benevolence‐ and competence‐based trust; and (3) TMS has a positive impact on team performance. Theoretical and managerial implications of the study findings are discussed.     

Legitimacy and the Value of Early Customers

To overcome resource constraints and achieve exponential growth, a new venture must rely on early customers of its products to communicate value and commitment to others. For this reason, founders of new ventures focus more on early customers as a key element of their founding strategy than on other elements. But when do early customers really add value to new ventures? Scholars have used legitimacy theory to examine the benefits of gaining acceptance and conveying firm quality through conforming to social norms and following similar methods and forms. It has been argued that, independent of the customers of products and services, observable legitimacy characteristics of a new organization function as signals and are used by critical external constituents to infer the quality of the firm. This research, however, sheds little light on the manner in which firm legitimacy influences how potential customers respond to the existence of early customers. The current study therefore proposes that, depending on types of legitimacy (cognitive, regulative, and normative), early customers may have a different impact on subsequent firm performance. While a young firm may reduce information asymmetry that hampers their attractiveness to customers and other external stakeholders via the costly signal of obtaining early customers, the signal fit argument suggests that discrepancy between a signal and the characteristics of the signaler can lead to unreliable quality and lower signaling value. Legitimacy is critical because, when legitimacy is absent, early customers may not serve as an effective signal for the new venture. This study therefore explores the extent to which the signaling effect of early customers depends on these three types of legitimacy. This study employs the Kauffman Firm Survey (KFS) public database, a panel study of 4928 new businesses founded in the United States in 2004. Four surveys (baseline, first follow‐up, second follow‐up, and third follow‐up) were conducted using self‐administered Web survey and computer‐assisted telephone interview methods. In this study, the independent variables include early customers and the three types of legitimacy (cognitive, regulative, and normative) as well as a set of control variables. All independent variables were measured at the founding of the businesses in the KFS baseline survey. Dependent variables in this study include second‐year revenue, third‐year revenue, and fourth‐year revenue as measured in the KFS first, second, and third follow‐up surveys, respectively. The multinomial logistic regression and Heckman sample selection model is used to analyze the data. Results show that early customers are beneficial to new ventures, and the benefits of early customers to firm performance are higher when there is cognitive legitimacy from a capable founding team and regulative legitimacy from paying federal Social Security and Medicare taxes. Surprisingly, while incorporation improves performance for new ventures, the benefit of having early customers relative to not having early customers is lower, not higher, when the firm is incorporated than when the firm is not incorporated. Early customers have the same benefit regardless of the presence of normative legitimacy through the presence of a network with suppliers. This study therefore offers insights into the role of early customers at founding. Early customers can be very useful for founders with significant experience, and it may be a good strategy to seek them out. However, it appears that there are specific conditions under which pursuing early customers may not be an effective strategy. Founders can make strategic decisions not to pursue early customers if there are no anticipated payoffs.     

Preferenced Trading,Quote Competition,and Market Quality: Evidence from Decimalization on the NYSE

We examine the impact of decimalization on preferenced trading in NYSE‐listed stocks and show a significant decline in preferenced trading around decimalization. For the largest NYSE stocks, the total decline is nearly 22%. We also find a negative correlation between the changes in preferenced trading and the changes in quote competition intensity, and a positive correlation between the changes in preferenced trading and the changes in spreads. Consistent with the cream skimming hypothesis, we find that abnormal changes in information asymmetry cost for NYSE trades are positively correlated with the changes in preferenced trading.     

区域性碳强度收敛性分析及对策研究

碳排放的区域差异是当前碳减实践中需要着重考虑的问题.为考察碳减排实践效果,论文对全国及各区域碳强度的收敛性进行系统分析,并进一步研究其对碳减排的影响,以考察节能政策的干预效果,找出碳排放驱动因素,为低碳化发展提供政策建议.研究结果表明:全国碳强度只存在条件β收敛,说明区域间碳强度差异导致各区域在节能政策理解和减排行动方面未达成共识,总体碳减进程受阻;各区域碳强度的收敛状态因区域而异:东北、黄河中游和长江中游地区同时存在σ收敛、绝对β收敛和条件β收敛,西南地区存在σ收敛和绝对β收敛,西北和北部沿海地区只存在条件β收敛,说明区域内部的碳强度差异或在碳战共识下或在政策干预下或在企业减碳行动下会逐步消除并趋向于各自的稳态水平,有利于各区域有条不紊地开展碳减排工作;东部和南部沿海地区3种收敛均不存在,说明两个区域内部的碳强度差异难以消除,节能减排依然任重道远.     

盈余管理、事务所客户资源控制权的归属与审计质量——来自中国证券市场的经验证据

与西方市场仅能观察到事务所变更不同的是,中国资本市场还同时提供了审计师变更的佐证。基于此,本文应用新制度经济学中的资产专有理论,从审计师和事务所两个角度,分析了中国证券市场特有的审计师/事务所变更行为,并结合盈余管理和审计意见进一步分析这种行为的原因和后果。文章通过对比签字审计师离开事务所并带走客户的公司与签字审计师离开事务所没有带走客户的公司后,发现在审计师跳槽之前,公司的盈余管理越强,越会跟随审计师到新的事务所,表明客户资源的控制权归审计师而非事务所所有。并且,我们还发现,这类公司在审计师变更前的审计质量更差。本文的研究丰富了审计理论的研究手段和现有成果,并对于规范审计师行为和提高审计独立性具有积极的理论价值和现实意义。