Benefits of Downward Earnings Management and Political Connection: Evidence from Government Subsidy and Market Pricing

This paper examines the role of downward earnings management and political connection on the receipt of government subsidies and market pricing of subsidies. Using subsidies data hand-collected from Chinese listed firms over the period 2004–2014, the results show a significantly positive association between downward earnings management and the receipt of government subsidies. The results also reveal that a firm's political connection is conducive to securing subsidies for poor performers, but not for good performers. Market pricing analyses demonstrate that share markets value subsidies positively in general, but the effect is ameliorated in firms conducting downward earnings management. No discernible difference is found between the market pricing of subsidies received by firms with political connections and those without.     

An international study of internal audit function quality

We investigate organisational and environmental factors that influence firms’ incentives to develop high-quality internal audit functions (IAFs) by using a unique international sample formed by matching proprietary data from a global internal auditor survey with public data obtained from Worldscope. Concerning organisational factors, we find that a positive relationship exists between IAF quality and firm complexity and confirm that complex firms have a higher demand for monitoring and advising and, therefore, a greater need for formal controls. In addition, IAF quality is positively related to board monitoring and audit committee diligence but negatively associated with CEO power, which suggests that IAF quality is influenced by other key players in corporate governance. Regarding environmental factors, we document that IAF quality is positively associated with industry competition, which implies that a firm’s incentive for a high-quality IAF is enhanced when confronted with greater environmental uncertainty. Furthermore, IAF quality has a significantly positive relationship with our self-constructed index of IAF requirements included in national corporate governance codes, which indicates that strong home-country corporate governance codes play a role in fostering IAF development.     

分工、交易费用与内部市场化管理——一个新古典分析框架

信息时代,现代企业的外部环境发生了很大的变化,企业内部市场化管理的兴起要求在理论上予以说明.通过考察现代企业理论关于企业与市场关系的各种观点,我们从交易费用入手建立了一个能够包容替代、互补、互嵌关系的新古典分析框架,从而说明企业内部市场化管理的界限,指出只要企业与市场的某种结合形式能够表现出更高的相对效率时,企业内部市场化的管理方式就会被采用.     

中国海外耕地投资的区位特征及其影响因素*——基于2000—2016年土地矩阵网络数据

［目的］分析中国海外耕地投资的区位特征及其影响因素,以促进我国海外耕地投资的合理布局,提高农业投资效率。［方法］以2000—2016年中国137宗海外耕地投资项目及其所涉及的35个东道国作为研究样本,运用Spearman相关分析方法,分别以耕地投资面积和耕地投资项目数量作因变量,研究其与各影响因素的相关关系,并用对应分析法进一步探究各东道国的相对优势。［结果］（1）我国海外耕地投资区域集中在东南亚且由周边国家向外扩展,被投资耕地用途多样,投资规模自2004年开始急剧上升,近年来呈下降趋势。（2）我国海外耕地投资以效率寻求型和市场寻求型为主,倾向于资源丰富、与我国距离较近、制度相似、经济关系良好但发展水平不高的国家。（3）根据各地区的比较优势,亚洲国家适合效率寻求型和市场寻求型的企业投资,欧洲和美洲国家适合资源寻求型和战略资产寻求型的企业投资,非洲国家适合资源寻求型、效率寻求型和市场寻求型的企业投资。［结论］中国农业企业应结合企业投资目标和各地区的比较优势,合理选择投资区位,适时转变投资策略与模式,积极防范海外耕地投资过程中的自然风险、政治环境风险和道德风险等,以提高投资效果。     

Validating the international tourist role scale

This study was designed to validate the international tourist role scale and the three dimensions it revealed. The purpose of this attitudinal scale was to measure the tourist role typology. United States adult outbound tourists flying with 11 major airlines returned useful questionnaires. This study validated the role scale as a reliable one that properly identified three conceptual dimensions of international tourist typology and successfully provided measures of tourists’ novelty-seeking preferences on the three dimensions. The study demonstrated, however, that the scale would measure the novelty-seeking preferences of international tourists more effectively if it were supplemented by other measures.     

信息不对称条件下经济组织监管方式的分析:对我国公立医院改革模式的讨论

随着我国由计划经济体制向社会主义市场经济体制的过渡,仍然会有一定数量的国有医院要由国家直接控制经营。并需要相应的治理结构来规范其运行。本文的结果表明,在经济学理论上,公立医院的经营目的决定了产权改革既不是提高其经营绩效的充分条件,也不是必要条件。我们的理论分析否定了“产权优先”的改革观点,而为进一步完善公立医院治理结构的改革步骤提供了理论支持,并给出一定改革措施建议。另外,本文在理论上首次提出了非对称信息企业内部的“信息悖论”问题。这个广泛的结论不仅对于医院的改革是成立的,对于其他具有相同信息特征的企业都有理论意义。     

中国农村人口迁移模型探索——一个对"民工荒"现象新的解释

本文构造了一个理论模型,得出了人口流动均衡条件,从而对“民工荒”现象做出了新的解释。本文的结论是迁移成本和就业概率决定了迁移人口的规模;农村工业部门的发展不仅分担城市就业压力,还缩小农民流动规模;农产品价格波动表示的农业剩余波动使得劳动力无限供给神话提前破灭,但并不意味着二元经济的终结。     

影响西部农村劳动力转移因素的实证分析

本文在时间序列数据严重不足的情况下,运用西部省（市、自治区）2004年截面数据．对2003年西部农村劳动力的转移比重与城乡二元经济结构、农村经济结构、人力资本状况等影响因素的相关性进行了实证分析,并就户籍制度、农用土地制度等深层影响因素作了简要说明。     

技术创新、企业创新与社会创新

文章通过案例分析发现创新应该包括许多维度,如单纯意义上的技术创新、组织创新、经营方式与理念创新、企业制度创新、商业模式创新、企业关系创新、公共关系及整合能力创新等。而且创新分成多个层次,从技术创新到企业创新,再到整个经济体系的社会创新。     

二代征信系统接入机构非现场监管的路径分析

征信系统接入机构持续扩大,传统的现场检查方式存在程序固定、事后监督、覆盖面小等缺点,亟需进行监管方式改革,开展非现场监管,实现风险端口前移.从指标体系设计、数据收集、评估方法、结果应用等角度分析征信非现场监管存在的难点,梳理国内外相关部门非现场监管的经验做法.在此基础上,提出了征信非现场监管的路径:选取内控机制、信息报...