产权性质视角下的银行业审计质量与经济利益关系研究——基于偏最小二乘法的估计

以中国2001—2010年A股上市商业银行为研究样本,运用偏最小二乘法,检验不同产权性质的商业银行支付给审计师的经济利益与审计质量的关联性。研究发现:相对于非政府控制的上市银行,政府控制的上市银行支付给审计师的经济利益越大,盈余管理幅度越高;在为政府控制银行提供业务的过程中,银行给予审计师的经济利益过高,导致审计师未能有效地抑制银行的盈余管理行为,审计质量受损,而在为非政府控制的上市银行提供业务情形中,审计质量并未随着经济利益的增加而降低。     

What moves international stock and bond markets?

We study the relation between international mutual fund flows and the different return components of aggregate equity and bond markets. First, we decompose international equity and bond market returns into changes in expectations of future real cash payments, interest rates, exchange rates, and discount rates. News about future cash flows, rather than discount rates, is the main driver of international stock returns. This evidence is in contrast with the typical results reported only for the US. Inflation news instead is the main driver of international bond returns. Next, we turn to the interaction between these return components and international portfolio flows. We find evidence consistent with price pressure, short-term trend chasing, and short-run overreaction in the equity market. We also find that international bond flows to emerging markets are more sensitive to interest rate shocks than equity flows.     

How does news sentiment affect the states of Japanese stock return volatility?

This paper examines the impact of public news sentiment on the volatility states of firm-level returns on the Japanese Stock market. We firstly adopt a novel Markov Regime Switching Long Memory GARCH (MRS-LMGARCH), which is employed to estimate the latent volatility states of intraday stock return. By using the RavenPack Dow Jones News Analytics database, we fit discrete choice models to investigate the impact of news sentiment on changes of volatility states of the constituent stocks in the TOPIX Core 30 Index. Our findings suggest that news occurrence and sentiment, especially those of macro-economic news, are a key factor that significantly drives the volatility state of Japanese stock returns. This provides essential information for traders of the Japanese stock market to optimize their trading strategies and risk management plans to combat volatility.     

How does stock market liberalization influence corporate innovation? Evidence from Stock Connect scheme in China

Using China's Stock Connect program as a quasi-natural experiment, we assess the impact of stock market liberalization on corporate innovation. The baseline result based on a difference-in-differences (DID) estimation suggests that allowing foreign investors to buy domestic stocks has a beneficial effect on Chinese firms' innovative outputs. Specifically, eligible firms affected by the Stock Connect scheme generate more and higher quality patents than other unaffected firms subsequently. Furthermore, we explore potential channels that may explain this beneficial effect in terms of improving corporate governance, reducing information asymmetry, and mitigating financial constraints. In addition, the effect is more pronounced for firms in high-tech industries. However, we find that the influence of stock market liberalization is insignificant in state-owned firms. Besides, the findings are generally robust to different measures of innovation and different methods of estimation. Overall, this paper provides new insights into understanding the positive effect of stock market liberalization in emerging market economies.     

基于人口特征变量的可雇佣型心理契约差异性研究

将可雇佣性与心理契约相结合的研究范式,可以有效地识别出心理契约的内在结构差异性。使用209份有效问卷的实证研究发现:不同年龄和性别员工的可雇佣型心理契约不存在显著差异,但是,不同教育程度和收入水平员工的可雇佣型心理契约存在显著差异。这一研究结论说明了可雇佣型心理契约的特殊性,它有别于心理契约研究的传统结论。同时,该研究结论的实践意义在于,管理者应该根据员工的个体差异,对可雇佣型心理契约进行个性化和差异化管理。     

政府质量、科技创新与绿色GDP——中国省际空间溢出效应及区域差异对比

通过构建嵌入政府质量和科技创新因素的经济增长模型,利用中国30个省份2004~2017年的平衡面板数据,实证检验政府质量、科技创新对绿色GDP发展的影响。研究发现：中国绿色GDP存在显著的空间集聚性及明显的区域差异性。在经济权重矩阵影响下,不同地区的政府效率、市场化程度、公平程度和腐败程度对绿色GDP的影响不同,其中政府效率、公平程度能有效促进经济发展较好地区的绿色GDP增长,却会抑制比较落后地区绿色GDP的增长;市场化程度对大部分地区绿色GDP呈现促进作用;腐败程度对地区绿色GDP增长呈阻碍作用。科技创新对各地区绿色GDP均起到积极的促进作用。因此,提升绿色GDP发展水平不仅需要提高地方政府质量,为绿色GDP发展提供符合实际的政策指导意见,还需激活企业科技创新能力,为绿色GDP发展提供有力科技保障。