Relevance of Differences between Net Income based on IFRS and Domestic Standards for European Firms

Net income adjustments resulting from mandatory 2005 IFRS adoption in Europe are value relevant for financial and non‐financial firms. Differences in relevance of the aggregate adjustment and adjustments related to several IFRS standards, for financial and non‐financial firms and across country groups, suggest differences in domestic standards and institutions affect investors’ assessment of the relevance of IFRS accounting amounts. Despite these differences, except for French/German non‐financial firms, investors view net income measured using IAS 39 Financial Instruments: Recognition and Measurement as more relevant than that measured using domestic standards, which is notable because IAS 39 was highly controversial in Europe.     

国内房地产投资信托基金研究可视化分析

本文利用CiteSpace可视化软件对2004-2018年CNKI中文核心期刊及CSSCI中文社会科学引文数据库中研究房地产投资信托基金(REITs)的相关文献进行分析。通过统计发文量与高频被引文献以及绘制研究群体、机构、关键词等知识图谱,探究国内REITs研究的发展阶段、研究热点,并对研究趋势进行剖析。     

加入工会能缓解农民工的过度劳动吗——来自中国流动人口监测调查的经验证据

已有的工会效应研究忽视了农民工对于融入城市社会的特殊诉求,因而工会影响农民工过度劳动的逻辑有待深化,效应仍需评估,基于此,本文结合2017年中国流动人口动态监测调查数据,系统考察加入工会对新生代农民工过度劳动的影响,并重点剖析社会融入效应在其中发挥的中介作用.研究表明:加入工会能够显著降低新生代农民工的过度劳动水平,纠正潜在的选择性偏误后,结论依然成立;工会对新生代农民工过度劳动的影响呈现异质性.相比于80后农民工,工会对90后农民工过度劳动的缓解作用更大;机制分析证实,工会之所以能缓解新生代农民工的过度劳动,是因为加入工会有助于提升他们的社会融入感.本文是工会效应研究的一次有益探索,有助于丰富工会理论,也为缓解农民工的过度劳动提供政策依据.     

市场冲击、资产配置与债务融资——兼论后疫情阶段制造业复苏背景下的稳杠杆

后疫情阶段,国内外市场需求不振、投资下滑以及新旧动能转换所致的产出下降将继续推升制造业企业的负债规模.为了探索如何在充分尊重市场运行机制和规律的基础上,把握后疫情时期制造业复苏与稳杠杆之间的平衡,本文运用2008-2017年1534家A股制造业上市公司的财务数据,实证检验了市场冲击下资产配置调整对企业负债水平的影响.研究发现,市场冲击对企业负债水平的调节机制具有非对称性.市场剧烈正向冲击下,投资增长促进了企业债务融资扩张行为,对债务资金进入具有强烈诱导作用;而负向冲击下,投资下滑和产能利用率降低对债务的清偿具有明显抑制作用.因此,通过提振有效投资、合理配置资产激发消费需求潜力,引导企业市场预期,实现市场机制与政策机制的有机结合是当前稳杠杆工作的关键.     

Foreign macroeconomic and industry-related information transfers around earnings announcements: Evidence from U.S.-listed non-U.S. firms

This study examines information transfer regarding how investors react to new foreign macroeconomic and industry-related information embedded in foreign firms' earnings releases. Using non-U.S. firms listed in the U.S. as our main setting, we find that U.S. investors react significantly to foreign macroeconomic information and to information generated by the interaction between macroeconomic and industry-related information. We also find that the benefits (costs) of processing earnings reports increase (decrease) both types of information transfers. In addition, we find macroeconomic information transfers in an international cross-listing setting and both types of information transfers in an international non-cross-listing setting.     

Financial Reporting Environments and International Capital Mobility

We examine whether differences in international capital mobility across countries are related to country‐specific differences in financial reporting environments. We hypothesize that countries where financial accounting environments lead to greater disclosure of value‐relevant accounting information are more likely to have higher international capital mobility. The results of empirical tests are consistent with our hypothesis.     

浅析大型体育赛事的物流系统

赛事物流是成功举办大型赛事的重要保证。采用文献资料法、调查访问法对各类大型赛事物流系统进行了研究,阐述了大型赛事物流的概念、特点和组成,并对大型赛事物流系统的规划提出建议。