Do goodwill impairments affect audit opinions? Evidence from China

There has been a steady growth of goodwill impairments in the Chinese stock market since the adoption of the impairment approach in accounting. The influence of goodwill impairments on a firm’s financial position and profitability give reason to doubt its current and future performance. We examine whether auditors, as a crucial external monitor, identify the information risks of goodwill impairments and express their concerns about financial reporting quality in their audit opinions. Using a sample of firms listed on China’s A-share market from 2007 to 2017, we test the association between goodwill impairments and the type of audit opinion received in the same financial period. Our findings are as follows. First, the probability of receiving a modified opinion increases with the amount of goodwill impairments. Second, the positive association between goodwill impairments and modified audit opinions is driven primarily by earnings management risks. Third, this positive association is more salient when auditors are industry experts and there is no auditor–client mismatch. Fourth, auditors are more sensitive to the amount of goodwill impairments than to their mere existence. Overall, we document that auditors perceive goodwill impairments as a signal of information risks and communicate their concerns to investors to avoid litigation.     

跨越竞争丛林与范式重构：全球治理改革进程中的疫苗产业创新治理

疫苗作为新冠疫情防控的最关键手段之一，已在各国抗疫中发挥积极影响。疫苗研发、生产、注射意愿以及全球分配的公平性与可及性等一系列问题日益受到世界关注。分析全球治理改革中，疫苗作为一种全球公共产品的创新治理问题，讨论疫苗产业发展特征与创新规律演化，剖析西方国家疫苗产业创新治理困境以及“竞争丛林”逻辑，阐释中国行动方案及对全球治理改革的贡献。最终提出疫苗产业创新治理机制对推动全球治理改革的政策含义。     

When Do Qualitative Risk Disclosures Backfire? The Effects of a Mismatch in Hedge Disclosure Formats on Investors' Judgments

Disclosure standards mandate the quantitative disclosure of hedging‐instrument‐related risks but not the disclosure of hedged‐item‐related risks. We examine how a match (mismatch) in formats, caused by making quantitative (qualitative) hedged item disclosures alongside quantitative hedging instrument disclosures, affects investors' integration of information from these two related disclosures. Our first experiment varies the hedged item disclosure format (quantitative or qualitative) and the portion of risk hedged (small or large). We find that when disclosure formats are mismatched, the less comparable nature of the two disclosures caused investors to neglect the offsetting relationship when assessing net risks. As a result, risk and investment judgments were influenced by the more prominent quantitative hedging instrument disclosures. Our second experiment finds that the use of a qualitative debiaser that clarifies the relationship between the two disclosures led to the integration of information and mitigated this effect.     

知识型员工双重社会网络对企业创新绩效作用机制研究

基于企业基础资源观和组织学习理论，从知识型员工个人和组织社会网络两个方面构建知识型员工双重社会网络影响企业创新绩效的理论模型，分析知识共享、组织学习及资源整合在员工双重社会网络对企业创新绩效影响机制中的作用。结果表明：知识型员工双重社会网络对科技型企业创新绩效的作用路径有3条，资源获取与整合、知识共享与学习及员工动态创新能力分别在其中发挥中介作用；在不同类型组织文化环境中，知识型员工双重社会网络对企业创新绩效的作用特征、作用重点以及作用机制存在显著差异，内部整合维度主要通过知识共享和组织学习影响企业创新绩效，外部适应维度主要通过隐性知识传播和资源整合影响企业创新绩效。     

Economic Impacts of the Possible China–US Trade War

This article uses a multi-country global general equilibrium (GE) model to numerically simulate the effects of possible China–US trade wars. We introduce an endogenous trade imbalance structure with trade cost into the model which helps to explore both tariff and non-tariff trade war effects. Our simulation results show that China will be significantly hurt by the China–US trade war, but negative impacts are affordable. The US can gain under unilateral sanction measures to China, but will lose if China takes retaliation measures. Comparing the effects under mutual trade war, China will lose more than the US. Introducing non-tariff barrier trade wars will intensify the negative effects, and comparatively negative effects to China are larger than to the US. Mexico’s involvement in trade war with the US will strengthen the negative effects and comparatively hurt the US more. Under non-cooperative and cooperative Nash bargaining equilibrium, the US can gain more than China in trade war negotiation, which means the US has stronger bargaining power than China. Additionally, trade wars between China and the US will hurt most countries and the world especially in GDP and manufacturing employment, but benefit their welfare and trade.     

论中小企业对管理胜任力的基本要求和培育途径

文章指出,管理胜任力是企业核心竞争能力的一个重要方面,中小企业的健康成长取决于其竞争能力的提高,竞争能力的关键是提高企业的管理胜任力,文章还分析了中小企业对管理胜任力要求的主要方面。     

简析会计专业学生的职业规划

职业规划是指导个人职业发展的一种重要手段。通过阐述职业规划的意义、会计职业规划与会计考试、个人发展的关系、会计职业规划的方法等，以期引起社会对会计职业规划的重视。     

对陕西省农村社会养老保险供求主体的分析与政府作用研究

陕西是西部的农业大省,农村社会养老保险制度发展缓慢,农村养老保险市场需要寻找供需双方的均衡点,政府作为制度的提供者和政策的制定者,必须在农村社会养老保险制度建立和运营中明确思路,发挥主导作用,以保证陕西省农村养老保险健康、有序地发展。     

研究生就业形势及策略

自1999年研究生大规模扩招以来,毕业生数量激增,研究生“天之骄子”的地位不复存在,如何有效面对就业形势,转变就业观念,提高就业策略是本文探讨的主要内容。     

灌区配套与节水改造的设计体会

伊犁河流域现有灌溉面积678万亩。其中列入国家级大型灌区的有5个,现有灌溉面积为424万亩,在工程建设中的主要设计体会有：制定经济合理的规划设计方案,设计遵循因地制宜、统筹兼顾的原则,建筑物设计新颖别致、运行方便,尽量利用原有结构改建、降低工程造价,因地制宜规划设计渠道,为高寒地区湿陷性黄土地带渠道建设总结经验。