Given the importance of research resource allocation within brokerage firms, we examine key factors that influence the issuance of individual versus team analyst reports. Using a comprehensive sample of analyst reports from China for the 2008-2021 period, we find that this decision is influenced by (1) the brokerage firm's client interests, whereby firms held by the brokerage firm's mutual fund clients and firms that are the brokerage firm's underwriting clients receive more team than individual reports from the brokerage firm, and (2) the nature of corporate events, whereby routine events receive more team reports and nonroutine events receive more individual reports. Additional analyses suggest that analysts' personal traits and analyst team characteristics also affect the decision. Our findings further the understanding of the factors that affect the organization and resource allocation of sell-side equity research.

A significant number of regional brokerage firms in China are owned by their respective local governments. We use this context to examine how local government affiliation affects brokerage firms' research activities. Using a sample of analyst reports from 2013 to 2021, we find that analysts working at local government-affiliated brokerage firms are more likely to cover firms within the local government's jurisdiction than non-affiliated analysts. Local government-affiliated analysts enjoy an information advantage, as evidenced by the issuance of more accurate earnings forecasts for local firms, compared to those of non-affiliated analysts. The effect is stronger for local firms with lower information quality. Additionally, local government-affiliated analysts show more optimism in stock recommendations, but not in earnings forecasts, for local firms, compared to non-affiliated analysts. The effect is more pronounced for local firms that receive more local government subsidies, operate in regions with greater local government intervention or during the COVID-19 pandemic and the National Congress conferences, and require more capital market support. The results of this study advance our understanding of the key determinants of analyst performance and provide new evidence in the debate on the role of government intervention in financial institutions.

Stock forums are expected to complement individual investors' sophistication via collective wisdom, thus triggering extreme market reactions through uniform scattered opinions. This paper investigates whether stock forums improve corporate governance and decrease earnings management among firms. We found that increased posts, views and comments in a stock forum raise firms' potential costs for obfuscating corporate performance and constrain their upward earnings management. Stock forum discussion tends to increase the likelihood of and the penalties for earnings management detection. By decomposing the cost of earnings management into tangible and regulatory costs, we find that the stock forum governance effect is more pronounced in firms with higher managerial ownership and higher regulatory risk. Social media is a complement and intensifier of traditional mass media. Firms with broader media coverage are more sensitive to the stock forum governance effect. Our results are robust after considering the likelihood that executives will account for stock forum discussion in their reporting decisions.

A typical feature of business-government relationships in China is that many Chinese firms have politically connected managers or board members; thus, these firms have greater access to privileges and resources in the domestic market. In this context, we examine how this domestic political connection affects firms' greenfield investments. We first present a simple heterogeneous firm framework by incorporating political connections and contract enforcement into a monopolistic model. The theoretical proposition shows that the negative effect of political connections on a firm's probability of conducting outward foreign direct investment (FDI) is more pronounced in sectors that are more reliant on contract enforcement. Using merged Chinese listed company data and the fDi Markets database from 2004 to 2017, we empirically test and provide solid support for the theory that more connected firms are less likely to conduct greenfield investments in sectors with higher degrees of contract intensity. In addition, the negative effect is found to be more pronounced for state-owned firms, those with higher productivity, and those in which the firm's chairman is also the firm's chief executive officer (CEO); however, the effect decreases for the years after 2013, which is when a nationwide anticorruption campaign was initiated.

党的第十九届五中全会提出要加快构建以国内大循环为主体、国际国内双循环相互促进的新发展格局.在新发展格局下,一方面要深化供给侧结构性改革,实现资源要素最优配置,提升经济增长质量和数量;另一方面要扩大开放,推动科技创新和产业结构转型升级,实现国民经济高质量发展.

在正式制度尚不健全的资本市场背景下,中国创业投资行业仍经历了数十年的高速发展,促进了大量实体经济创新,这背后的原因和机制是什么呢?本文从创业投资促进企业创新产出的作用机理出发,实证检验了关系网络作为非正式制度补充创业投资领域正式制度缺失的作用和机制.以2018年前接受联合投资的A股上市公司为样本,本文发现联合投资主体间由于过往合作经历、共同求学和工作经历建立起的关系网络充当了缓解代理冲突的非正式制度,有效补偿了正式制度缺失时可能产生的短视行为,进而促进了这类创业投资在刺激企业创新中发挥的作用.研究表明,过往合作经历和共同校友关系嵌入下的联合投资企业创新效率更高,表现为专利数量的提升.机制检验表明,关系网络嵌入在联合投资团队代理冲突较强、自身失败容忍度较低的情况下能对创新发挥更大的促进作用.基于企业绩效-CEO变更敏感度的分析显示,关系网络嵌入确实增加了联合投资团队的失败容忍度水平.进一步研究表明,在正式制度发展薄弱的背景下,在创业投资机构更追求财务收益的前提下,关系网络嵌入对联合投资企业创新的正向作用更为明显,且在创业投资关系网络下,企业整体呈现出更高的风险承担后果,表现为被投企业会计收益率的变动率和股票收益率的变动率更高.此外,本文还通过一系列稳健性检验排除了内生性问题,以及本文结果可能存在的其他解读.本文的结论表明创业投资关系网络作为非正式制度组织形式,可以在正式制度缺失的新兴市场中发挥补偿作用.

With the development of economic globalization, culture is a key factor supporting the sustainability of foreign direct investment (FDI), especially for multinational enterprises. This paper takes the Chinese capital market as a sample and, combined with interviews with managers of international joint-venture securities (IJVS), finds that the culture of participants formed in developed and emerging capital market has a significant impact on the performance of IJVS. Using the degree of price fluctuation to measure the risk culture of each capital market, this paper observes that the risk culture in the Chinese capital market is significantly stronger than that of developed countries. This paper also finds that the stronger the risk culture IJVS shareholders have, the better they can adapt to the environment of the Chinese capital market and the better the performance they can achieve. Furthermore, risk culture distance, calculated by the risk culture differences between foreign shareholders and Chinese capital market, are significantly negatively correlated with IJVS performance and efficiency.

<span id="ChDivSummary" name="ChDivSummary" class="abstract-text">互联网极大地提升了信息传播效率,但虚假信息也通过互联网得到扩散。我国对互联网信息环境的整治和监管走在世界前列,基于2013年"转发500条可判刑"这一互联网信息环境整治举措,本文研究发现,这一政策出台后,公司股吧交流越活跃,则公司正向盈余管理行为越少。而且这一效应主要表现在那些股吧发帖更关注财会信息、受这一政策影响更大,以及潜在盈余管理动机更强的公司。进一步研究发现整治政策后社交媒体发挥公司治理作用的渠道主要是资本市场惩戒和引致监管风险。本文的结果表明,加强对互联网信息环境的整治有助于股吧等互联网社交媒体形成一种"用嘴投票"的公司治理作用,丰富了公司治理在互联网时代的内涵,充实了媒体作用与媒体监管方面的相关文献,为加强互联网内容建设、建立网络综合治理体系提供了借鉴。</span>

<span id="ChDivSummary" name="ChDivSummary" class="abstract-text">本文从企业供应链客户风险的角度,研究了大客户集中度对企业投资效率的影响。研究结果表明客户集中度高会使得企业面临大客户依赖风险,管理层决策会趋于保守进而公司投资效率降低,主要表现为投资不足的程度和概率加大。进一步研究发现当公司失去大客户的风险较低（如大客户为关联企业或重复购买客户）、大客户财务困境风险较小（如上市公司客户的比例较大）或者公司自身议价能力较强（如企业在同行业中市场份额高）时,客户集中度对企业投资不足的正向影响得以缓解。我们发现上述结果并非由于大客户存在使得上市公司面临融资约束所致,反而这类企业为了规避客户集中风险,预防性地持有更多现金;此外,上述结果也并非由于企业缺乏投资机会所致,该结果无论在投资机会多或者少的样本组中均成立。本文为系统性理解大客户集中度对企业运营产生的影响提供了启示。</span>

本文研究了投资者"股吧"讨论这种"用嘴投票"机制能否发挥治理作用进而促进管理层进行自愿性业绩预告.用上市公司股吧中的发帖量、阅读量和评论量来衡量投资者"用嘴投票"的参与程度,研究发现投资者"用嘴投票"参与度越高,管理层进行盈余预测自愿性披露的概率越大,且更愿意及时披露业绩下滑等坏消息.进一步研究发现,投资者"用嘴投票"是通过对股价产生影响、引发监管层关注和招致媒体报道这三个渠道对管理层产生预警进而发挥治理作用.且这一治理机制在管理层受到互联网信息影响可能性越大、公司中小股东户数越多以及论坛的讨论内容越负面时更为显著.

互联网极大地提升了信息传播效率,但虚假信息也通过互联网得到扩散.我国对互联网信息环境的整治和监管走在世界前列,基于2013年“转发500条可判刑”这一互联网信息环境整治举措,本文研究发现,这一政策出台后,公司股吧交流越活跃,则公司正向盈余管理行为越少.而且这一效应主要表现在那些股吧发帖更关注财会信息、受这一政策影响更大,以及潜在盈余管理动机更强的公司.进一步研究发现整治政策后社交媒体发挥公司治理作用的渠道主要是资本市场惩戒和引致监管风险.本文的结果表明,加强对互联网信息环境的整治有助于股吧等互联网社交媒体形成一种“用嘴投票”的公司治理作用,丰富了公司治理在互联网时代的内涵,充实了媒体作用与媒体监管方面的相关文献,为加强互联网内容建设、建立网络综合治理体系提供了借鉴.

改革开放以来,中国经济进入了新常态,金融业经历了前所未有的繁荣,经济呈现出了金融化的趋势,同时存在产能过剩、成本上升、实体经济利润缩小等问题.中国经济"脱实向虚"趋势凸显.中国制造业进入转型升级的关键阶段,本文从制造业企业资产结构的视角出发,探究制造业企业金融化行为的动因,通过分析金融资产在资产总和的占比进而探究企业金融化的程度,对促进企业创新发展和产业的转型升级具有积极意义.

高校基金会在吸纳高额捐赠方面有着突出表现,由此也形成了公众对高校基金会认知的偏差.文章就此着重论述了高校基金会所具有的公共关系和品牌传播基因,其既是提升高校社会声誉和公众形象的重要载体,也是高校基金会自身发展的重要职能,在筹款、提升竞争力、培育捐赠文化方面具有重要作用.文章结合实际,就如何开展高校基金会品牌传播工作提出了具体的策略建议.

捐赠收入日渐成为美国研究型大学的重要资金来源,这不断倒逼美国研究型大学改进自身筹款策略,优化筹款模式.筹款模式是在筹款战略框架下对人力、物力、校友等筹款资源的具体安排,主要回答“如何筹款”问题,核心是大学与院系在筹款上的分工与合作.二战后,美国研究型大学筹款模式大致可分为“中心化”“去中心化”“混合”三个典型发展阶段.筹款模式的选择与调适,也受到了大学治理结构、大学规模与财务管理模式等诸多方面的综合影响.对美国研究型大学筹款模式的回顾与梳理,有助于完善我国高校的筹资体系,充分调动院系筹款积极性,提高高等教育多元化筹资水平,助力“双一流”建设进程.

[目的/意义]文章应用价值链理论和协同论对商务网络信息生态链的价值进行理论维度剖析,创建了其概念模型,进一步深化和挖掘了其研究深度,丰富和拓展了其理论研究体系.[方法/过程]以跨学科的视角出发,交叉应用并汲取了马克思主义哲学、生态经济学、生态管理学和信息生态学等多门学科知识,深入剖析商务网络信息生态链价值的内涵、属性以及维度.利用过程管理理论研究了商务网络信息生态链价值创造的逻辑并构建了结构模型,借鉴价值链理论和协同理论等相关理论的研究方法,构建了商务网络信息生态链价值的概念模型.[结果/结论]商务网络信息生态链是一条价值增值链,依靠链上各个要素之间的内部协同机制,最终实现了价值的增值和价值创造.

[目的/意义]文章深入分析了商务网络信息生态链价值网络,对其价值模型进行构建,不仅丰富了其价值创造相关理论体系,更对商务网站的实际运营提供参考.[方法/过程]利用理论与实证结合的方法,分析了商务网络信息生态链价值模型的形成过程和演化过程,并构建了商务网络信息生态链价值模型,然后利用UCINET对其进行验证.[结果/结论]商务网络信息生态链价值模型是一个非线性复杂网络,且逐渐演化为众多以某个商务网站为核心的小价值星系.

[Purpose/Significance] The impact and challenge of the development of the great data age, which is to build up the intelligence service system of the modern think tank, to improve the level of intelligence service in the tank, and to provide a guide to the overall development of our nation's think tank.[Method/Process] Based on the perspective of synergetic theory, this article analyzed the four aspects of traditional user needs analysis, data processing methods, service models, and think tanks in the context of big data, and concluded that modern think tank service operations should be co-ordinated with modern science and technology and innovative service models. [ Result/Conclusion] Finally, this paper constructed a service innovation service system for think tanks based on synergy theory. Through this service system, think tanks could not only meet the growing needs of users, but also form a relationship between users and think tanks to monitor mutual benefit, and this would promote the overall development of our think tanks.

本文用2007 ～ 2012年所有A股上市公司披露的前五大客户数据,检验了客户资源是否影响企业的贷款能力.结果发现,客户集中度越高的公司银行贷款的规模越大、期限也越长;当优质客户(上市公司和国有企业)的比例越高时,这种现象越明显;但以上关系只在遭受“信贷歧视”的民营企业中成立.上述结果表明,大客户(尤其是优质客户)能够以自身声誉为企业提供收入保障和实力认证,在银行看来对企业价值判断的正向作用大于其潜在的经营风险和利益侵占带来的负向作用,进而供应链资源能够帮助银行进行信贷决策判断,缓解民营企业融资约束.

[Purpose/significance]Information resources have become a strategic resource for enterprises. It is of practical significance to explore resource integration to enhance core competitiveness and ensure sustainable development of enterprises.[Method/process]Based on the perspective of the impact of big data on enterprise information construction, this paper analyzes the motivation of information resource integration, and studies the information resource integration process and the formation mechanism of value.[Result/conclusion]Through the integration of information resources, enterprises can enhance their informatization ability as well as value creation ability, and enhance their competitive advantages.