独立董事薪酬与公司治理效率

利用2003～2013年上市公司数据,本文基于独立董事薪酬视角对其治理效用的发挥进行了考察。研究发现,当独立董事的薪酬过低时,存在激励不足问题,不利于调动独立董事履职的积极性,由此造成公司高管变更与经营业绩间敏感性的降低及公司盈余管理程度的提高。与此相仿,当独立董事的薪酬过高时,存在激励过度问题,削弱了独立董事的独立性,也将导致较低的高管变更与经营业绩的敏感性及更高程度的公司盈余管理。最后,我们对独立董事薪酬影响其治理效用发挥的路径进行了考察,结果显示,过低的薪酬降低了独立董事参加董事会会议的意愿,而过高的薪酬造成独立董事更不会对董事会议案提出异议。     

基于Shibor完善我国基准利率的研究

为了克服原有基准利率指标功能的不足,我国新近推出利率指标体系--Shibor,与被视为国际货币市场基准利率的Libor相比较,为了实现基准利率的核心作用,我们还需要在Shibor形成的交易技术层面和市场环境层面不断加以改革和完善.     

上市公司连续两年亏损就应该被“ST”吗?

结合公司运营以及赢利的相关理论 ,本文对我国股市的上市公司股票特殊处理 (ST)政策进行了深入分析。本文提出了一个既能够反映公司赢利能力又可以反映赢利波动率的公司盈亏模型。该模型显示亏损以及连续亏损与否 ,并不直接依赖于公司长期的赢利能力 ,而是直接依赖于一个综合了赢利能力以及赢利波动率的盈亏稳定性指标。结合 1 975— 2 0 0 3年美国上市公司数据的实证检验发现 ,大量具有良好赢利能力的公司 ,可以具有较差的盈亏稳定性。基于以上理论以及实证分析 ,本文对我国股市的特殊处理政策在过去、现在以及未来的现实意义阐述了自己的观点。     

中国上市公司盈余管理的频率与幅度

盈余管理频率和幅度是投资者保护程度在现实经济中的具体体现。然而,已有文献在盈余管理频率或者幅度方面所提供的证据还远远不足以揭示客观事实。本文运用所有研究样本的报告盈余信息,通过假设报告盈余服从混合正态分布,运用参数估计的方法对阈值处的盈余管理频率和幅度进行推断。研究结论表明,中国上市公司从1995年至2003年间都存在为避免报告亏损而进行的盈余管理。1996年、1997年以及2001年至2003年的盈余管理频率和幅度较高,并且2001年至2003年逐年呈上升趋势。2001年至2003年平均有64·4%的亏损公司在阈值0点上进行盈余管理并达到避免报告亏损的目的,平均盈余管理幅度为提高ROA数据0·065。研究还发现2001年至2003年期间的盈余管理更加具有隐蔽性。     

Covid-19 pandemic,a catalyst for aggressive earnings management by banks?

This paper investigates the effects of the Covid-19 pandemic on the financial reporting quality of European banks by examining the occurrence of earnings management specifically income smoothing. Using a sample of listed European banks, we employ panel estimation to compare income smoothing in the pre-pandemic period (2019Q1-2019Q4) and the pandemic period (2020Q1-2021Q4). We find that earnings management has significantly increased during the pandemic years, evidencing how the quality of financial reporting is affected during the crisis period. Our findings further suggest that amid the crisis, governance quality limits the incidence of earnings management and emphasizes how the strength of country-level governance and institutional framework affects the quality of financial reporting. Further analysis shows that though banks are inclined to manage earnings during a crisis, nevertheless, the presence of high-quality audit is a limiting factor on the incidence of earnings management in the face of crisis. Our findings which are relevant to investors, market participants, and regulators among others make a significant contribution to the accounting literature and specifically complement the strand of literature on the discretionary use of loan loss provision for earnings management during crisis.     

衰退企业盈利信息披露战略的实证研究

本文以我国A股市场上遭遇持续性绩效下降而陷入生存危机的制造类衰退企业为样本,运用回归分析方法,研究衰退企业的盈利信息披露战略。研究结果表明,对于衰退企业而言,操纵信息披露的根本目的在于影响与改变关键相关利益者对企业的认知与态度,维持他们对企业的认可与支持,为复苏绩效、摆脱生存危机赢得资源与时间。因此,与其他非衰退困境企业不同的是,业绩亏损与否并不重要,而其所面临的破产风险的大小,现金流的短缺与否以及对外部资源的依赖性,才是决定衰退企业是否采取操纵盈利信息披露时间和透明度的关键性因素。     

盈余管理与公司治理结构的诱因研究

盈余管理的对象是会计信息,而公司治理结构影响会计信息质量,会计信息质量的高低对公司治理结构的完善起到关键作用。盈余管理通过会计政策的选择与公司治理结构产生关系,公司治理结构对盈余管理具有重要影响,这种影响体现在内部治理和外部治理两个方面。     

Do analysts overreact to extreme good news in earnings?

We provide an alternative explanation for the previous finding of analysts’ overreaction to extreme good news in earnings. We show that such finding could be a result of analysts’ rational behavior in the face of high earnings uncertainty rather than their cognitive bias. Extreme earnings performance tends to be associated with higher earnings uncertainty that generally leads to more forecast optimism. Once this effect is accounted for, the univariate result of analysts’ overreaction to extreme good news in earnings is subsumed, leaving only their underreaction in general.

Do Some People Work Harder than Others? Evidence from Real Estate Brokerage

The decision to work and its levels of intensity are estimated for the real estate brokerage industry where workers can set their own hours. A three-stage model of the brokerage labor market is presented with decisions made recursively between full- and part-time status, wage offers and hours worked. The application is to data from a cross-sectional survey of 6,842 real estate licensees in the United States for 1999. Conditional on self-selection, an expected wage for real estate licensees is estimated given skills and personal characteristics. That expected wage enters the supply-side equation for the number of hours worked. The findings indicate that skills such as education, experience and licensee status are related to higher wages, but there is a negative self-selection in wages: part-time workers have higher unmeasured skills. Schooling and experience decreases hours worked, consistent with increasing efficiency. The resulting labor supply elasticity with respect to the wage is 0.24.

Changes in the measurement of fair value: Implications for accounting earnings

With the FASB's issue of staff position papers in 2009 and the relaxation of how fair value standards are applied, there has been a change in the practice of how fair value is measured. Since the FASB staff position papers in 2009, fair value measurement by financial institutions has increasingly relied on managerial assumptions. This study examines the impact of this change on the quality of earnings. Consistent with attribute substitution theory that emphasises reliability over relevance, we find that an apparent increase in managerial discretion in fair value measurement is associated with a higher probability of earnings management and lower earnings informativeness. The results indicate that allowing more managerial discretion in fair value measurement adversely affected the quality of financial reporting. Our study highlights the issue of reliable measurement in the debate among academics and practitioners of increasing the use of fair value accounting.