Onboarding media professionals as independent directors can enhance communication and interaction between a company, its stakeholders, and the media. This study investigates how the presence of media professionals on corporate boards influences information processing by sellside analysts. Using data from A-share firms listed in China during the 2007-2020 period, we find that independent directors with media experience affect analyst information processing negatively, as evidenced by higher forecast errors, excessive optimism, and greater forecast dispersion. We identify a plausible mechanism whereby media-savvy directors increase the frequency and salience of news coverage, potentially altering the allocation and quality of analysts' research efforts. This negative effect is mitigated in firms where institutional or state ownership predominates, suggesting that analysts prioritize firms that attract investor attention. Additional evidence indicates that a sequential relationship exists between news coverage induced by mediasavvy directors and analyst piggybacking.

This paper examines whether companies adjust their borrowing behavior after peer defaults. Once aware of peer defaults, firms have incentives to reduce their borrowing amounts, and banks have incentives to tighten their credit supplies, to prevent potential defaults. Using data from publicly listed firms in China between 2003 and 2018, we find a significant reduction in short-term bank loans by firms in the year after an industry peer default.The reduction in bank loans is more pronounced for firms with stronger reputations and a higher level of market attention, and is weaker for firms with limited borrowing ability, as measured by higher leverage and lower profitability. In addition, the results remain robust after controlling for local credit supply and market sentiment. There is also evidence that firms reduce capital expenditures following a peer default. Collectively, these findings are consistent with the idea that firms actively cut back on borrowing in response to peer defaults. Overall, our findings underscore the importance of improving the transparency and visibility of corporate default information.

We study the impact of transparency on stock price informativeness by using an exogenous change in China: the comply-or-explain dividend regulation. Employing a difference-in-difference (DID) design, we find that increased transparency arising from firm's detailed disclosures regarding their use of funds significantly enhances their stock price informativeness. This effect is stronger for firms with higher information asymmetry and for firms with more-detailed explanations. Additionally, the cumulative abnormal return within a short window is positively related to the level of detail in the explanations.

This study demonstrates the positive role of geographic dispersion in corporate resilience to the COVID-19 pandemic in the context of China. This association is more pronounced when firms are highly dependent on the domestic market, less likely to obtain enough financing, highly apply digital technology, and have low customer concentration. This association is attributable to the following three channels: a diversified portfolio, the maintenance of business relationships, and access to non-local resources. Overall, our findings provide a more nuanced picture of the potential impacts of corporate diversification on corporate resilience.

建设有中国特色的社会主义市场经济体制、实现中国经济高质量发展,需要构建符合中国国情、适应中国现状的自主知识体系.然而,在公司治理这一领域,中国在理论体系的构建上长期落后于实践.中国的现代法人治理体系源于改革开放之初的全面学习、借鉴西方.当时,这种全面借鉴无疑是非常必要的.但随着经济的发展和综合国力的增强,中国企业越来越表现出不同于西方企业的独特特征.

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.

上交所现金分红指引要求现金分红比例低于30％的上市公司在董事会公告中解释原因.以此为背景,本文抓取对此作出解释的上市公司董事会公告中与利润分配有关的段落,检验了市场是否会对上市公司现金分红解释作出反应.研究发现:(1)在全样本中,解释内容越详细,窗口期内的累计超额回报越高;(2)按照现金流水平分组检验发现,只有在现金流充足的上市公司中,市场才会对现金分红解释作出反应;(3)进一步将现金流充足的样本公司按照代理问题严重程度(是否两职合一、管理费用率、大股东占款)分组,结果表明在现金流充足的样本中,代理问题越严重时,现金分红解释对窗口期内累计超额回报的正向影响越强.(4)此外,现金分红解释越详细,下一年公司业绩越好,为"当前解释越详细的公司分红越合理,其留存资金能够为投资者带来更好的收益"提供了证据支持.

本文以我国A股上市公司为研究对象,实证检验了杠杆操纵与盈余管理之间的关系.研究发现,企业杠杆操纵压力越大(或曰杠杆操纵动机越强),其有利于控制账面杠杆率的盈余管理程度越大,且这一效应在非国有企业中更强,表明杠杆操纵动机确实是企业盈余管理的一种特殊动机.本文的研究不仅丰富和拓展了盈余管理动机方面的研究文献,从资产负债表信息出发研究盈余管理动机,揭示了出于杠杆操纵目的进行盈余管理的这种特殊动机;而且提示公司内外部治理主体尤其是投资者关注资产负债表信息质量,尽力甄别可能存在的杠杆操纵,准确认识企业债务风险水平和收益质量.

会计博士生教育是会计人才培养体系的重要组成部分.中国目前的会计博士生教育与新时代社会经济发展对会计人才的需求、教育部和财政部等主管机构对会计人才队伍发展规划以及高校"双一流"建设目标之间,尚存在一定差距.同时,会计博士生和博士生导师对改革当前教育现状的呼声越来越高.文章通过文献总结、问卷调查等方法,探讨并比较中美会计博士生教育现状及面临的问题,并对中国会计博士生教育改革与创新提出对策建议,以期为中国会计博士生教育改革与创新提供启示.

本文利用我国房地产经纪行业两家具有代表性的上市公司(贝壳集团和我爱我家集团)公开披露的信息,就它们的收入确认政策及其财务影响进行比较与分析.研究发现,这两家公司适用的收入准则并无重大差异,但它们的收入确认政策则存在一些显著差异,主要在于合同安排与定价、收入确认要件与时点以及总额或净额列示等方面.两家公司收入确认政策差异很可能反映了其管理层动机的不同.此外,本文也建议财务报表分析者关注上述收入确认政策差异对两家公司新房业务毛利率等方面产生的影响.

关于股东股权质押对会计信息质量的影响,已有研究主要聚焦于利润表信息质量(尤其是盈余信息质量),鲜有研究涉及资产负债表信息质量.本文以我国A股非金融类高杠杆上市公司为研究对象,实证检验了控股股东股权质押对公司杠杆操纵的影响.研究发现,与未有控股股东股权质押的高杠杆公司相比,具有控股股东股权质押的高杠杆公司进行杠杆操纵的可能性更大,且控股股东股权质押比例越高,高杠杆公司杠杆操纵程度越大;以上效应在成长性更差、短期偿债压力更大、媒体关注程度更高和股价崩盘风险更大的高杠杆公司中更为显著.

在减值法下,商誉减值准备的计提酌定性较强,会计稳健性受到了挑战;在摊销法下,按固定年限进行摊销,使得商誉价值难以很好地反映各公司的经济事实.无论是稳健性受到挑战,还是会计反映背离经济事实,都并非准则制定的初衷.基于对商誉会计准则演进与研究发现的回顾与总结,本文认为:相对而言,减值法是一种更优的会计规则,更可能使商誉会计信息反映各企业的经济事实;为了降低商誉减值准备计提的酌定性程度,会计准则制定机构可适时修改和完善相关会计准则的应用指南,就商誉减值测试提出更为明确、具体的指导性意见和判断标准,并在年报附注中充分披露商誉减值测试的程序、方法和依据.

Article history Received: 5 August 2021 Revised: 15 August 2021 Accepted: 20 October 2021 Published Online: 30 October 2021 The real economy is the main body of high-quality development, and the efficiency of capital allocation is an important manifestation of the development of the real economy. Therefore, it is very important to study the efficiency of capital allocation. As a representative of horizontal finance, commercial credit has a significant impact on the improvement of capital allocation efficiency. In view of this, this article combs the literature on commercial credit and capital allocation efficiency from the following aspects: firstly, by studying the literature, combing the literature on the macro-level, micro-level and economic effects of commercial credit; secondly, the measurement method of capital allocation efficiency And the influencing factors are systematically sorted out, and finally sorted out and evaluated the existing literature on the influence of commercial credit on the efficiency of capital allocation.

基于员工持股相关理论,本文考察了员工薪酬竞争力对我国上市公司是否实施员工持股的可能影响.实证结果显示,员工薪酬竞争力越弱,企业越可能实施员工持股;且员工薪酬竞争力越弱,员工持股的锁定期限越长、覆盖人数越多以及员工股比例越高.进一步研究发现,员工薪酬竞争力与实施员工持股可能性的负相关关系,只在外部劳动力市场流动性高和内部人力资源成本较高以及融资约束较为严重的样本中显著.上述研究发现表明,上市公司的员工持股在一定程度上是企业在面临外部劳动力市场流动性压力和内部较高人力资源成本以及融资约束时,缓解员工薪酬竞争力不足的现实途径.本文的研究结论为完善上市公司员工持股制度提供了经验证据支持,同时拓展了员工持股、职工薪酬及收入分配等领域的相关研究文献.

Based on the relevant theories of corporate governance and the special institutional background of Chinese state-owned enterprises (SOEs), this paper systematically reviews the literature on the independence and governance effect of SOE boards. We find that the governance effect of SOE boards is driven by the dual characteristics of SOEs: state involvement in ownership and market incentives. With the state involved in ownership, SOEs adhere to the leadership of the Communist Party of China (CPC), which results in an enhanced governance effect. Under market incentives, SOEs tend to have an optimal board structure that helps mitigate both the shareholder-management agency problem (Type I agency problem) and the controlling shareholder-minority shareholder agency problem (Type II agency problem). In terms of the governance effect of boards, directors appointed by non-controlling shareholders are effective in alleviating Type I and Type II agency problems, and this highlights the importance of mixed-ownership reforms in SOEs. Independent directors, especially those with a professional background, also play a role in improving corporate governance. However, independent directors in SOEs have relatively weak incentives to monitor, which limits their governance effect. This paper shows positive implications for promoting mixed-ownership reforms and improving board governance in SOEs. (C) 2020 Sun Yat-sen University. Production and hosting by Elsevier B.V.

文章以2004-2016年中国沪深A股上市公司为样本,考察审计委员会中的退休独立董事对公司盈余质量的影响.研究发现,审计委员会中的退休独立董事能够显著提高公司盈余质量,在公司治理中发挥积极作用.机制分析表明,审计委员会中的退休独立董事通过投入更多的时间和精力发挥积极作用.进一步考察退休独立董事个人特征后发现,审计委员会中较年轻、高学历、高声誉的退休独立董事提升公司盈余质量的积极作用更显著.

2008年"四万亿"经济刺激计划实施之后,我国企业杠杆水平不断攀升。为了防范金融风险,必须降低过度负债企业的杠杆水平。本文以我国非金融类上市公司为研究对象,实证检验了过度负债与去杠杆之间的关系。研究发现,过度负债企业更可能去杠杆,去杠杆程度也更高,且过度负债程度越高,去杠杆的可能性和程度也越高,但上述关系在国企中表现相对较弱;我国强制去杠杆政策的实施,进一步提高了过度负债的非国企和央企的去杠杆程度。本文的研究拓展和深化了资本结构和"中国式去杠杆"影响因素以及过度负债经济后果方面的文献,也为进一步优化我国结构性去杠杆工作提供了经验证据和政策参考。

<span id="ChDivSummary" name="ChDivSummary" class="abstract-text">供应链风险关系着企业的生产经营,甚至生死存亡。本文通过文本分析研究发现定性的未来供应链风险披露吸引了更多分析师关注,且不同类别供应链风险披露影响程度不同。进一步研究表明企业抗风险能力越强,供应链风险披露对分析师的吸引力越弱;供应链风险披露吸引了更多执业时间长和具有行业专长的分析师。最后,客户风险披露能够降低分析师预测的乐观偏差、提高分析师预测准确度,且分析师关注人数具有部分中介效应。本文研究表明供应链风险披露具有信息含量但也具有分析成本,能够影响分析师关注行为及预测结果。本文研究结论有助于丰富供应链、风险披露和分析师方面文献,并对监管层的披露要求具有一定鉴定作用。</span>

我国上市公司存在利用表外负债、名股实债和会计手段进行杠杆操纵的行为.杠杆操纵会进一步推高公司真实杠杆水平,弱化监管部门对上市公司杠杆水平的监督力度,粉饰去杠杆效果,从而可能导致更大程度的企业财务风险和系统性金融风险.基于此,在扼要总结我国上市公司杠杆操纵手段的基础上,开创性地提出了杠杆操纵的测度方法——XLT-LEVM法,并基于2007年～2017年我国非金融类上市公司样本数据,对我国上市公司杠杆操纵程度进行了测度,也对杠杆操纵诱因进行了实证检验.研究发现,我国上市公司确实存在杠杆操纵行为,公司账面杠杆率越高、融资约束程度越大以及去杠杆压力越强,公司杠杆操纵程度越大.这些研究结论不仅丰富和深化了上市公司杠杆问题方面的研究,更为今后杠杆操纵相关问题的研究提供了理论和方法基础,也为强化我国资本市场监管和优化去杠杆效果评价提供了政策参考.