This paper investigates the effects of a regulatory change in China of the presentation format for research and development (R D) expense, which mandates public firms to explicitly present R D expense on their income statements. We predict that this regulation will impact nonstate-owned enterprises (non-SOEs), which care about stock market valuation, more than state-owned enterprises (SOEs). We find that non-SOEs report significantly higher R D expense post regulation. Furthermore, the R D increase strengthens for firms facing higher peer pressure to pursue R D and high-tech firms and weakens for firms with higher institutional investment. The positive valuation implication of R D diminishes post regulation, suggesting that investors discount the increase in R D expense. An additional analysis shows that firms’ innovation efficiency decreases post regulation.

We examine firms' underlying motivation for adopting an employee stock ownership plan (ESOP) in the presence of share pledging (SP) by controlling shareholders. Empirical evidence shows that an SP firm is more likely than a non-SP firm to adopt an ESOP. Additional analysis suggests that when a firm has an ESOP (conditional on SP), its total factor productivity does not increase. Instead, it engages in more negative news hoarding than a firm without an ESOP in terms of higher stock price crash risk. Overall, our findings suggest that SP controlling shareholders exploit ESOP as a tool for seeking private benefits.

SYNOPSIS General-purpose financial statements prepared under GAAP are for a consolidated reporting entity—a collection of legal entities that includes the parent and any subsidiaries it controls. This reporting model results in a loss of information about the individual legal entities within the consolidated reporting entity. Our study examines the role of parent-only balance sheet information in assessing the credit risk of the parent when it is a bank holding company. We obtain evidence from three trading platforms: credit default swaps (CDS), outstanding bonds, and new bonds. We find that parent-only leverage is useful for debtholders to assess the parent’s credit risk even after considering consolidated leverage. Moreover, in CDS markets, parent-only leverage is more useful for firms without downstream guarantee than for firms with guarantee and is less useful for firms with a stronger internal capital market. Our study raises the awareness of parent-only financial information for credit risk assessments. Data Availability: All data are available from the identified public sources. JEL Classifications: M2; M4; G3.

[目的/意义]"一带一路"倡议提出十年来,对外投资合作的顶层设计基本完成,基建投资正在逐步向产业投资转型,实现了从理念到行动、从愿景到现实的转化.在日趋复杂的国际环境下,正确认识和把握共建"一带一路"的投资新形势愈加重要.[方法/过程]本文在总结"一带一路"投资取得的实践经验基础上,从企业风险感知的视角,分析对外投资风险的演变和分布情况,为解决共建"一带一路"中出现的问题提供启示.[结果/结论]研究发现,企业在沿线国家面临的政策不确定性增大,战争、恐怖主义与保护主义风险叠加,且部分企业遭受国际舆论压力.未来,工作重点应当夯实互信合作基础,强化海外ESG治理,持续探索更多合作机制,在全面风险管理中提升"一带一路"投资效能.

本文结合本科专业课《投资银行理论与实务》的课程特点,立足中国特色现代资本市场实践,提出基于商业案例的"四位一体"课程思政建设模式.该模式以社会主义核心价值观为引领,以商业案例为核心,从案例研究、案例开发、案例教学、案例比赛四个角度构建"四位一体"的课程思政建设体系,为新商科课程建设和人才培养提供有益借鉴.

After the removal of geographic restrictions on branching in 2006, China's city commercial banks (CCBs) can apply for permission to branch outside their province. This paper shows that CCBs report a higher provision coverage ratio (PCR) before filing an application, thereby making the bank look safer to regulators. Our finding is robust to controlling for possible endogeneity of the branching application decision by employing propensity score matching estimators, and it is confirmed when we consider a quasi-natural experiment of deregulation reversal. Tests of the dynamic effects show evidence of reversals in PCR adjustment after applications. Higher PCR before branching applications cannot be explained by alternative rationales for manipulating loan loss reserves such as fundamental provisions, earnings management, capital management, and market signaling. Window dressers receive more supervisory penalties after filing applications relative to other branching banks. Our finding of window dressing in response to bank branching regulation confirms Goodhart's insight that when a regulatory metric becomes a target, it ceases to be a good measure.

本文分析了地方政府产业政策对城市商业银行贷款行业配置的影响.研究发现,与未受地方政府产业政策支持的行业和企业相比,受地方政府产业政策的行业和企业贷款额度在城市商业银行贷款总计中占比更低,这种影响在商业银行市场集中度较高的地区更显著.这说明,地方政府产业政策对大型商业银行的贷款引导作用,会对城市商业银行的贷款配置产生挤出.进一步研究发现,相比未实施薪酬延付的城市商业银行,已实施薪酬延付的城市商业银行向产业政策支持行业企业发放的贷款更有利于提高银行绩效.本文的研究结论对于评估产业政策的微观经济后果、提高中小银行经营效率,以及进一步深化金融供给侧结构性改革具有启示意义.

How do female directors fare in family firms? Can women gain influence on family boards? Research on board informal hierarchy indicates that female directors, due to perceived role incongruity, may wield less influence than male directors. We posit that the gender-induced informal hierarchy is less salient on family boards. That is because family firms, characterized by their socioemotional wealth-a non-economic goal centered on compassion and relationships, redefine directorship roles to become more congruent with the gender role prescribed for women. In turn, female directors gain influence on family boards. We additionally explore contingencies that further mitigate the gender-induced informal hierarchy, nurturing female-friendly boards. We hypothesize that such boards can unlock the potential of gender diversity by improving firm performance. The analysis of 43,947 directors in publicly listed Chinese firms supports our hypotheses. Overall, we contribute to the literature at the intersection of family business, female leadership, and corporate governance.

We examine whether firms adopt an employee stock ownership plan (ESOP) to motivate employees to maximize shareholder value or rather to serve as a tool for controlling shareholders to exploit minority shareholders by shortchanging them in the presence of share pledging (SP). We show that an SP firm is more likely than a non-SP firm to adopt an ESOP. Additional analysis suggests that: 1) when a firm has an ESOP (conditional on SP), its total factor productivity does not increase, 2) an SP firm with an ESOP engages in more real earnings management in terms of discretionary expenses, more negative news hoarding, and more related-party transactions, 3) when a firm has severe agency problems or the margin call risk is high, it is more likely to adopt an ESOP. Collectively, these findings suggest controlling shareholders exploit ESOPs as a tool to seek private benefits at the expense of other shareholders.

This study examines the relationship between securitization and loan performance using proprietary loan-level data from a Chinese bank. Securitized loans exhibit lower ex-post default rates and prepayment chances compared to the loans retained on the bank’s balance sheet, suggesting no adverse selection or moral hazard within the Chinese securitization market. Our finding is robust to controlling for possible endogeneity of loan selection by employing propensity score matching and instrumental variable estimators. Exploiting the introduction of the New Asset Management Rule as a quasi-natural experiment, which alters banks’ business model and eliminates other options of credit risk transfer except for securitization, we show worse loan performance after the new regulation, in line with deterioration of the bank’s incentive. This unintended consequence of the New Asset Management Rule, aimed at curbing shadow banking activities of banks, highlights the emergence of risk in the securitization sector of the shadow banking.

跨国企业内部何种联结有助于提升海外子公司绩效?本文基于跨国企业的资源——母公司高管海外经历,以资源依赖理论为核心视角,阐释了东道国经历与非东道国经历如何影响海外子公司绩效,并且通过中国A股上市公司2011—2019年的海外子公司数据,实证检验了理论假设.研究发现:(1)高管东道国经历是适用东道国环境的专用资源,母子公司之间紧密的联结有助于促进海外子公司绩效.(2)高管非东道国经历是适用全球环境的通用资源,对海外子公司绩效无显著的促进效应,海外子公司会较少依赖这种通用资源.(3)高管东道国经历使得母公司增加对海外子公司的资源投入,从而促进了海外子公司绩效.(4)异质性分析表明文化距离越大、东道国制度质量越差、海外子公司经营年限越短,母公司高管东道国经历对海外子公司绩效的促进作用越强.本文丰富高管海外经历对企业绩效影响研究的同时,还拓展了跨国企业内部联结关系与海外子公司外来者劣势的相关研究.

基于2008-2019年长期信用债数据,本文实证研究发现:评级分析师任期越长,信用评级越低;较长的分析师任期能够影响评级准确性,降低"未能预测违约"的第Ⅰ类错误,增加"错误违约预警"的第Ⅱ类错误;相比于短分析师任期,长分析师任期能够增强信用评级对信用利差的降低作用.本文还发现,相比于未被投资者付费评级机构评级的债券,投资者付费评级机构评级削弱了评级分析师任期对信用评级的降低作用.

本文采用问卷调查研究方法,对审计报告提供者的会计师事务所和审计报告的主要需求者被审计单位、机构投资者与个人投资者进行了问卷调研,研究发现,约七成调查对象认为我国审计质量在不断提高,但审计报告提供者和需求者之间对现有审计质量的认知存在较大差异.我国注册会计师行业发展也面临相应的问题,具体表现为审计质量与社会公众的审计期望差距较大、注册会计师同业和供需之间市场竞争环境存在矛盾、注册会计师行业数字化建设落后以及注册会计师行业人才供给不足.

本文利用我国注册会计师行业的历史数据,系统研究了我国注册会计师行业发展问题.研究发现,我国注册会计师行业在促进我国社会经济发展过程中发挥了积极作用,做出了显著贡献.与此同时,也存在因不当审计行为招致的行政处罚、诉讼仲裁案件趋于增长和近年来屡屡遭遇声誉危机事件等问题,未来发展也面临行业过度竞争、薪酬竞争力不足、事务所分所管理和质量控制不力、行业数字化转型迟缓等诸多挑战.笔者建议:(1)厘清财务报告的会计责任与审计责任,明确注册会计师法律责任,促成社会各界对注册会计师审计形成合理期望;(2)会计师事务所必须转变发展理念,着力做强做优,严守职业道德底线,完善事务所治理结构,改进分所管理和质量控制,大力推进数字化转型,持续提升审计质量和服务效率;(3)积极而有效地改善注册会计师行业发展环境,尤其是要通过进一步优化审计服务招投标制度,适当降低价格因素在注册会计师选聘中的权重,逐步扭转行业过度竞争局面;(4)通过更为及时和更大力度的监管检查,进一步加强和完善行业监管,对事务所及时进行风险提示.

企业风险投资(CVC)在资本市场上的地位日趋凸显.本文以生态价值网为分析框架,研究了 CVC投资时机选择机制及其价值效应.具体来说,本文以阿里巴巴和腾讯分别选择不同时点投资哔哩哔哩为分析切入点,结合组织生态理论和资源基础理论,建立了以拓展生态位宽度和实现生态位跃迁为目的、以实现高资源赋能为原则的CVC投资时点选择理论机制.研究发现,CVC基于拓宽生态位的目的形成投资意愿,而被投资企业则为实现生态位跃迁而选择接受投资.进一步地,CVC和被投资企业分别倾向于在对方核心资源为自身赋能较高的时点进入投资或接受投资,以推进自身战略目标和资本回报的实现.最终,CVC投资时点的确定是双方投资时点偏好相互匹配的结果.本文不仅具有理论价值,而且对中国资本市场资源配置效率的提高也具有重要的现实指导意义.

Directors’ and officers’ liability insurance (D&O insurance) is one of the most controversial and least understood governance tools. Using manually collected voting data for all director types at Chinese listed firms, we provide the first evidence for the impact of D&O insurance on directors’ voting decisions and the subsequent effects on corporate governance and financial performance. We find that independent directors at firms carrying D&O insurance are more likely to dissent when benchmarked against their peers in the same firm on the same proposal. Our results are robust to endogeneity checks. We identify channels through which the incentive effects of D&O insurance operate. We also find that the positive effect of D&O insurance on independent director dissension is associated with better firm performance and monitoring outcomes, including less litigation and lower claim values, less underinvestment, better internal control quality, and improved CEO pay- and turnover-performance sensitivities.

以中国A股上市公司董事会会议公告中的非赞成意见为样本,研究了市场和企业对不同表述方式的董事非赞成意见的反应.当董事发表非赞成意见时,可能会"直接"地指出议案事项的不足,也可能会"委婉"地对议案事项提出建议.本文发现,相比非国有公司董事的直接型表述非赞成意见,股票市场对国有公司董事的直接型表述非赞成意见的反应更加积极.本文还发现,相比非国有公司,国有公司中的独立董事和非控股股东董事在发表直接型表述的非赞成意见后,离职的可能性更低,更能有效监督议案事项改善.研究结论表明,董事非赞成意见的表述方式存在增量信息,在不同产权性质公司中的治理效果具有显著差异.本文的研究结论有助于更好地理解董事履职行为,对于完善上市公司信息披露制度、提高董事履职能力具有积极的启示作用.

Under the “Belt and Road” Initiative （BRI）, Chinese companies’ “go-global” has gradually become an important strategy for industrial upgrading. However, many “go-global” companies have met the liability of foreignness （LOF）, including legitimacy problems and the threat of exit. How to overcome LOF has become an urgent problem for the overseas subsidiaries of “go-global” companies.We illustrate our arguments through a single case of Chinese multinational subsidiary Taiwenlong Cement Co., Ltd. in Cambodia. This paper studies from the perspective of social network analysis to identify the source of LOF, and discusses the mode of transforming LOF into the asset of foreignness （AOF）. The case company, Taiwenlong Cement Co., Ltd., is a joint venture between a Chinese company and a host-country company. As a representative of the successful transformation of LOF into AOF, this project experienced both the “honeymoon period” and the “setback period” in its construction and operation process and finally gained a foothold in Cambodia after various attempts.Based on the case analysis, we find that under the BRI, LOF of foreign subsidiaries of Chinese companies in countries along the BRI shows dynamic changes. This paper has several contributions: Firstly, under the BRI, the government-enterprise relationship and industrial chain relationship of the host country are important sources of LOF. Secondly, with the development of Chinese companies’ “go global”, the focus of overcoming LOF has gradually shifted from the national level to the industrial level. The key to the transformation of AOF and LOF lies in matching the adequate industry chain network. Finally, the home government support, technology transfer and industrial agglomeration can promote the transformation of LOF into AOF in the industry chain. Therefore, we construct three transformation routes: （1）Multi-agent centralization mode, through which foreigners can use different types of network resources including not only the government, shareholders, industrial partners in the home country, but also the subjects of local network in the host country, to obtain higher network status in a situation where foreigners can afford a high level of LOF.（2）Foreignness centralization mode, in which foreigners can establish a self-centered industrial chain network, occupying an intermediary role in the flows of information and resources in the case that they can dominate the allocation of network resources.（3）Industrial centralization mode, in which foreign companies can build network with a few industrial partners through the scale advantage of industrial clusters under the case of relatively scarce network resources. The conclusions of this paper have positive implications for the promotion of high-quality development of BRI and Chinese private companies to “go global”.

本文利用中国强制披露的上市公司董事投票数据,分析了非控股股东董事的监督动机和监督效果.研究发现,非控股股东董事倾向于对与非控股股东利益联系紧密的董事会议案投非赞成票.并且,持股比例较高的非控股股东派出的董事和未在上市公司领取薪酬的非控股股东董事更倾向于投非赞成票.通过检验非控股股东董事投非赞成票的监督效果,本文发现,非控股股东董事投非赞成票能降低上市公司的代理成本、提高上市公司的经营效率和企业价值.进一步研究发现,非控股股东董事的监督对独立董事履行监督职能具有溢出效应,且这一效应在经营风险较高的公司中,以及当独立董事和非控股股东董事的职业背景相似时更显著.本文的研究对于进一步提高董事会治理效率、深化混合所有制改革和完善中国特色现代企业制度具有积极的启示.

本文对2013—2020年中英文权威期刊中发表的以"一带一路"倡议下的中国对外投资为主题的文献进行综述并对未来研究进行展望.基于对现有"一带一路"倡议下对外投资文献的编码,本文总结出OLI范式、制度、国家距离、关系和第三国五个对外投资影响因素的研究视角,并从母国、东道国和投资主体三方面梳理了对外投资的经济效果.针对现有文献更多基于发达国家对外投资理论,难以很好地解释"一带一路"倡议下对外投资实践的不足,本文提出后续研究应进一步关注"一带一路"倡议下的情境特征,以"五通"为基本框架分析对外投资的影响因素,并从不同层面拓展对于对外投资经济效果的探讨.本文全面总结了现有"一带一路"倡议下中国对外投资相关的高水平研究成果,为后续研究构建和完善发展中国家对外投资理论奠定了文献基础.并且,本文结合"一带一路"具体情境构建了未来研究框架,为推动高质量共建"一带一路"提供了理论依据.