We examine the effect of business groups on corporate bond costs. Using a sample of corporate bonds issued by Chinese privately owned firms from 2007 to 2019, we show that business groupaffiliated firms issue bonds at higher yield spreads than independent firms. The results hold after addressing the endogeneity issues of self-selection, selection bias, and financing decisions. We do not find that corporate governance plays a role in mitigating the negative impact of business groups on bond costs. Business groups negatively affect bond costs through tunneling and risk spillover channels, whereas financing advantage is not a transmission channel.

本文利用2007-2019年A股上市公司数据,从直接和间接两方面,检验了中债资信的加入对"发行人付费"模式评级的得分和定价的影响.研究发现,直接效果上,中债资信的加入并未明显影响发行人付费机构给公司的评级得分,表明声誉机制在债券评级市场中并未发挥明显效果;间接效果上,中债资信评级显著影响了发行人付费模式评级的定价功能,起到了交叉认证的作用.在发行人付费模式评级一定的情况下,新增的中债资信评级对信用利差的影响取决于两类评级的差异:与被中债资信评级前相比,当中债资信评级与发行人付费模式评级相差小于等于2个等级时,信用利差明显降低;当评级差异大于等于3个等级时,信用利差明显增加.本文的研究结果对正确认识两类评级的作用具有重要意义,同时也为相关政策制定提供参考.

As China’s capital market reform enters the deep-water zone, strengthening the role of security analysts is an excellent way to alleviate the contradiction between the sharply increased market specialization level and the backward literacy of investors. At the same time, unilateralism is on the rise, and the Chinese government has set the “domestic circulation” development strategy. In this dual context, this paper mainly discusses how the production network reflecting the domestic circulation affects the accuracy of analysts’ earnings forecasts.Based on the earnings forecast of listed companies released by security analysts during 2007-2018 and industry input-output data, this paper explores the impact of production networks on analysts’ earnings forecasts. It is found that the production network has an information spillover effect on analysts’ earnings forecasts. That is, when the industry of analyst-following companies is closely related in the production network, the deviation of the earnings forecast issued by analyst-following companies is lower. After measuring primary and secondary industries by tracking ratio, it is found that the spillover direction is from primary to secondary. The mitigating effect of production network correlation and its spillover effect on the information asymmetry at the industry and firm levels faced by analysts provide a specific explanation for the reduction of forecast bias. In addition, the cross-sectional analysis based on industrial policy shows that the marginal effect of production network correlation on analysts’ forecasts is more obvious in non-key supporting industries. Further analysis shows that the role of production network correlation analyst is effective, which promotes the integration of specific production network information into stock prices and reduces the synchronization between the firm and the market portfolio. After classifying the information hierarchy, it is found that analysts mainly increase the interpretation intensity of information at the industry level.The marginal contribution of this paper lies in that: It enriches the relevant literature on the quality of analysts’ earnings forecasts from the industry perspective, and highlights the importance of industry correlation that may have been neglected in the early stage. Different from the micro-perspectives of suppliers and customers, this paper extends the information spillover of industrial chain to the multi-dimensional production network, and enriches the research on industry association from the perspective of network. On the practical level, from the perspective of the inter-industry input-output that forms the domestic circulation, the emphasis on the role of production network and analysts is of certain practical significance for improving the efficiency of market information and promoting the professional reform.

基于A股上市公司2003-2016年的担保数据,研究担保网络对于企业风险承担的影响,结果显示,担保网络可以显著提升企业风险承担水平,但其受到经济周期波动的调节作用,在经济上行期这种强化作用更加明显.作用机制方面,缓解风险承担代理冲突以及提供必要的债务资源成为担保网络提升企业风险承担水平的具体路径.

The literature shows that economic policy uncertainty affects corporate cash holding. Nevertheless, there is no literature involving the moderating effect of executives’ background and the corresponding economic consequence. China is in the stage of economic transition with weak property rights protection. Therefore, executives’ government working experience helps enterprises to obtain all kinds of benefits. However, different ownership structures may affect the role of executives’ government working experience. Enterprises can establish the connection with the government through controlling shareholders, board of directors and managers. Unlike state owned enterprises, the actual controllers of private owned enterprises are nature persons or non-governmental economic subjects, which are not inherently connected with the government. The government working experience from the board of directors and managers may play a more important role in private owned enterprises. Based on the sample of China listed firms in 1999-2015, the result indicates that when the degree of economic policy uncertainty increases, firms tend to increase their cash holding; the greater the change in the uncertainty is, the greater the change in cash holding is. Executives’ government working experience could mitigate the relation between uncertainty and cash holding in private owned enterprises. Nevertheless, executives’ government working experience could not affect the relation in state owned enterprises. Furthermore, we isolate the part of the impact of economic policy uncertainty and executives’ government working experience on cash holding, and examine how the part of cash holding affects corporate value. We find that cash holding to deal with uncertainty could improve corporate value of the next year; extra cash holding to deal with uncertainty from private owned enterprises whose executives have no government working experience could have a significant positive effect on corporate value. Moreover, our results are robust to different measurement for economic policy uncertainty and cash holding. Our study could provide two suggestions in practice. Firstly, it helps to enhance the understanding of liquidity demand behavior of Chinese enterprises, by providing new evidence for the determinants of cash holding from economic policy uncertainty and executives’ background. Secondly, it helps the government realize that economic policy uncertainty affects the resource allocation of micro-entities, especially private owned enterprises whose executives have no government working experience. In order to strengthen private capital’s confidence in the market, the government should try to maintain the continuity of economic policies and improve their predictability.

<span id="ChDivSummary" name="ChDivSummary" class="abstract-text">以2001—2016年中国A股存在逾期借款的公司为研究对象,从审计师延迟披露信息的视角探讨了审计质量问题。结果发现:与企业公开存在逾期借款的前一年相比,审计师更倾向于在逾期当年出具非标准审计意见和提示逾期风险信息,即存在延迟披露行为;分组检验显示该现象只在借款逾期信息产生负面影响较大的情况下显著; 2006年破产法实施后,审计师延迟披露行为明显减少。这表明在法律风险较低、相关审计准则相对模糊的环境下,审计师并没有及时披露企业的逾期风险信息,降低了审计报告的信息含量,是一种低质量审计的体现。</span>

本文在总结和分析中国资本市场制度背景的基础上,探讨了管制对企业资本结构的影响.以2001-2016年上市公司为研究对象,本文发现:①公司规模、有形资产比重、成长性、盈利性与资本结构的关系符合信贷市场管制,使得银行偏好低风险的预期,这较权衡理论更能解释中国上市公司的资本结构.②权益再融资要求将上市公司划分开来,使得两组公司资本结构具有显著差异,且盈利能力与资本结构的关系在组间也完全相反.③高度管制的资本市场制度下,存在资金盈余的公司倾向于保留内部收益;存在资金短缺的企业,其融资选择受到权益再融资要求、货币政策、产业政策和企业性质等制度因素的限制;整体上,上市公司资本结构的调整速度较低,每年只有5.0％.研究结果表明,资本市场管制增加了企业进行外部融资的交易成本,使得有资金剩余的公司具有较强的预防性动机,而存在资金短缺的公司在融资时又受到资本市场制度的影响,选择权有限.因此,基于自由选择融资方式的资本结构研究在中国可能缺少现实基础.

本文研究发现,地方政府换届当期,与国有企业相比,民营企业会显著提高企业的纳税程度;与内升官员相比,外地调任官员会显著提高企业的纳税程度.进一步研究发现,民营企业在地方政府换届当期提高纳税程度能够为其在换届次年获得更多的政府补贴,但是这种行为弱化了政府补贴的经济效应.实证结果表明,民营企业会利用地方政府换届之机,主动调整纳税行为以迎合新任官员的政绩诉求,从而有利于民营企业在新一轮政治周期中获得资源支持.本文从企业税收层面为地方政府换届对企业行为的影响提供了微观证据,其结论有助于理解企业改变纳税行为的动机及效果.

<span id="ChDivSummary" name="ChDivSummary" class="abstract-text">本调查以2015年2564家A股上市公司作为研究对象,对中国上市公司营运资金管理进行了行业调查、地区调查和专题调查,研究发现:（1）大部分行业营运资金存量增加,总体资金配置依然向投资活动倾斜;（2）经营活动营运资金管理绩效持续恶化,生产渠道营运资金管理应当引起重视;（3）资金回报率整体下滑;（4）短期金融性负债占比有所降低,但仍处于较高财务风险水平;（5）国有控股公司营运资金管理绩效最高,但总资金回报率最低;（6）产融结合明显提高了企业的金融、投资活动的资金回报率,但对经营活动资金回报率的影响不明显。</span>

<span id="ChDivSummary" name="ChDivSummary" class="abstract-text">本调查以2014年2364家A股上市公司作为研究对象,对中国上市公司营运资金管理进行了行业调查、地区调查和专题调查,得到以下结论:（1）上市公司营运资金配置仍以投资活动为主,但有向经营活动倾斜的趋势;（2）短期金融性负债占比仍较高,上市公司整体财务风险较高;（3）从渠道视角看,中国上市公司营运资金管理绩效持续恶化;（4）从要素视角看,中国上市公司营运资金管理水平较为成熟和稳定;（5）战略新兴产业营运资金越来越依赖营运资本,短期性金融负债占比显著下降,企业财务风险下降,其营运资金管理绩效下降,尤其是营销渠道需要格外重视;（6）国有上市公司与民营上市公司相比,经营活动营运资金管理水平更高,对投资活动投入较大,财务风险较大。</span>

以2001～2010年A股上市公司为研究对象,从微观角度研究了信贷歧视对企业盈利能力的影响,并结合我国银行业股份制改革的制度变迁,动态地检验了上述问题.结果发现,银行股份制改革前,信贷歧视使得国有企业的盈利能力与非国有企业逐渐拉近;改革降低了信贷歧视,使得两类企业的盈利能力又渐渐拉开.信贷歧视的降低主要表现为,改革后国企与非国企借款成本和债务期限的差异明显减小,表明股份制改革降低了银行对非国企的歧视程度,对经济发展产生了积极作用.

文章以2001-2012年借款逾期的上市公司为研究对象,从借款数量和借款成本两个角度检验了银行的信贷歧视行为,并以我国2003年底开始的银行股份制改革为背景,探讨了这一改革是否缓解了信贷歧视.研究发现,银行对借款逾期公司存在歧视,借款逾期的非国有企业比国有企业获得的贷款数量较少,贷款成本较高;与改革前相比,改革后借款逾期的非国有企业与国有企业在贷款数量和贷款成本上的差异明显减小,表明银行股份制改革对缓解信贷歧视具有积极作用.

We examine the association between bank loans and accounting conservatism in two different firms(state-owned and non-state-owned) respectively, in order to test whether the phenomenon of bank discrimination still exists after bank lending. Our initial sample consists of all firms with positive bank loan, which listed on the Shanghai and Shenzhen Stock Exchanges for the years 2001 to 2010. Empirical results show that the bank continue to discriminate NSOEs in the process of controlling default risk after lending. Specifically, the bank demand less conservatism for SOEs than NSOEs when they provided credit loans. Further, we find this phenomenon mainly reflected in the years when the central bank tightens the monetary policies.