中国农业生态价值测算及其时空演进——基于调整系数法新思路的分析

目的 随着农业生态价值被越来越多关注,探索从不同思路对其进行测算与分析,对加快促进我国农业高质量发展具有重要的理论价值和现实意义。方法 文章基于调整系数法新思路对中国农业生态价值进行试验性测算,运用包含非期望产出DEA的同比GML指数计算出2012—2018年30个省（市、自治区,不含港澳台和西藏）的农业绿色生产效率,然后将其作为调整系数测算得到各地农业生态总价值和农业生态单位价值,并对其时空演进做了探索性分析。结果 （1）2012—2018年全国农业生态价值持续增长,特别是2016—2018年因农业绿色生产效率提升较快、农业生态价值有较大幅度增长;（2）农业生态总价值高水平集聚区由中东部向多个方向分化,农业生态单位价值高水平聚集区由东南部地区向西北部地区延伸;（3）该过程主要受产值规模、技术进步和绿色发展政策的综合影响。结论 要充分发挥农业绿色生产领先地区的“头雁”作用、高度重视各农业大省的“雁阵”作用,同时从绿色技术与支持政策多个层面发力,促进我国农业绿色高质量发展。     

长三角城市土地稀缺与土地利用效率的交互影响

研究目的:揭示长三角地区城市土地利用效率与土地稀缺的交互影响。研究方法:数据包络分析法(DEA)、方向性环境距离函数和经济计量分析方法。研究结果:(1)研究时段内,长三角地区城市土地利用效率对土地稀缺具有负向冲击累积作用,但土地利用效率对土地稀缺的预测方差贡献度较小,表明城市土地利用效率提升尚未明显缓解土地稀缺;(2)长三角地区城市土地稀缺对考虑非期望产出的土地利用效率带来长期显著负向冲击,土地稀缺对土地利用效率的预测方差贡献度超过50%,表明城市土地稀缺增加对于考虑非期望产出的土地利用效率具有负向作用,但土地稀缺对传统土地利用效率的影响并不明显。研究结论:长三角地区城市土地稀缺的缓解,既要强化建设用地面积管控,提高土地利用强度,盘活闲置用地,也要重视土地利用过程中环境污染"副产品"的管制。     

Earnings Management and the Long-Run Underperformance of Firms Following Convertible Bond Offers

Abstract:  This paper examines whether the long-run underperformance of convertible bond issuers can be explained by earnings management, as reflected in discretionary current accruals around the time of the offer. Consistent with the earnings management hypothesis, we find that convertible issuers who adjust their discretionary current accruals to report higher net income in the issue year will generally experience inferior operating and stock return performance over the five-year post-issue period. Our findings indicate that there is some temporary overvaluation of convertible issuers by the stock market, but that the resultant disappointed investors will subsequently correct their valuation errors. The similarity of our results to those reported within the prior literature on initial public offers (IPOs) and seasoned equity offers (SEOs) suggests that the earnings management hypothesis is not unique to stock offers, but that it actually extends to convertible bond offers.     

Supplier Financing and Earnings Quality

In this paper we investigate the effect of earnings quality on supplier credit in a sample of small and medium‐sized firms. After controlling for other determinants of trade credit, we show that firms whose earnings present lower variability, higher smoothing and predictability, and higher accruals quality have access to more trade credit from suppliers. This association suggests that earnings attributes associated to lower volatility and higher precision with respect to cash flows facilitate access to trade credit.     

股指期货不同推出方式对股票市场的影响

本文构建一个多期理论模型研究股指期货以非预期方式推出的影响。本文比较了它和按确定时间表推出这两种方式对股票现货价格、流动性以及波动性的不同影响。在无其他冲击环境下,我们发现按确定时间表推出期货,市场的流动性与波动性将增加,另外股市会在期货推出后短期下行。而以非预期的方式推出期货对市场的流动性与波动性的影响要低于前一种方式,且股市在期货推出后将短期上行,然后回调。如果管理层的目标是使股指期货推出对市场流动性和波动性冲击最小化,那么选择以非预期的方式推出更为合适。     

投资者情绪、会计应计与超额回报——基于中国上市公司的实证分析

以我国上市公司1999至2007年的数据为样本,从行为金融学中投资者情绪的角度,深刻剖析投资者情绪对基于会计应计投资策略获得超额回报的影响。研究发现:1、持有会计应计比例低公司的股票,在投资者情绪低迷时期获得的超额回报会大于投资者情绪高昂时期;同样的,持有会计应计比例高公司的股票,在投资者情绪高昂时期产生的投资亏损要大于投资者情绪低迷时期;2、机构投资者持股比例小的公司的股价,更容易受投资者情绪的影响,因而,基于会计应计策略的超额回报在不同情绪下的差异要大于机构持股比例大的公司。本文试图从投资者情绪的角度,分析其对"应计异象"的影响,并且进一步证明,机构持股大小会干扰其影响的程度。     

公司治理因素对企业操控性应计项目的影响——从企业契约观和信号假说出发

管理者通过会计政策选择对盈余产生影响,对这一现象存在不同的理论解释。本文结合企业契约方对会计政策选择的要求权和管理者对外传递私人信息的需要,研究盈余的操控性应计部分产生的驱动因素,发现盈余的操控性应计部分和公司治理因素存在显著的相关性;上市公司的控制人不同,操控性应计的影响因素及其影响程度也有所不同。     

盈余管理的计量模型研究综述

目前存在三类盈余管理计量模型：(1)总应计利润模型；(2)具体应计利润模型；(3)盈余及应计利润分布模型。本文对这三类模型进行了分析和研究,指出当前的盈余管理计量模型还存在许多问题,尤其是在研究处于转轨经济时期的中国盈余管理问题时。同时,提出发展一种更有效的计量盈余管理模型仍然是业界重要的工作。     

Audit firm tenure and audit quality: A cross‐European study

Directive 2014/56/EU and Regulation (EU) No. 537/2014, which came into effect in June 2016, introduced the mandatory rotation of audit firms after a maximum period of 10 years with the same client. We conduct a cross‐European study with the aim of assessing whether long audit firm tenures are associated with lower levels of audit quality. The sample for the study is based on the constituents of the Standard & Poor's Europe 350 index for the years between 2009 and 2016, and we utilize three different sets of proxies for audit quality: discretionary accruals, differences between reported earnings and earnings benchmarks, and accounting restatements. The main result of the study finds that companies with more than 10 years of tenure with their auditors do not have a lower audit quality than other firms. In fact, this study provides some evidence of a higher audit quality for these firms. The results are robust to various checks. Therefore, if there does not seem to be a problem of a lack of audit quality associated with long audit firm tenures, the necessity of establishing a maximum tenure, as the new European regulation does, may be questioned.