Modern information systems enable the collection and analysis of non-traditional information sources, commonly referred to as alternative data. This information is context-rich and has predictive efficacy, making it particularly valuable for investment decisions. However, previous studies have divergent findings on the question of whether alternative data can affect corporate performance. Using the Causal Forest Double Machine Learning model, we analyze approximately 7 million job postings from 1079 Chinese listed companies, including three dimensions: the source, receiver, and content characteristics. Our findings indicate that (i) recruitment data can affect corporate performance, with heterogeneity explaining the inconsistent impacts; (ii) the treatment effect is smaller for enterprises with higher state ownership; (iii) firms in the introduction and growth stages exhibit relatively higher treatment effects, whereas those in the shake-out and decline stages show relatively lower treatment effects. Also, the effects of recruitment positions and salary level are examined.

文章把沪深A股 2015-2021 年的数据作为样本,利用财税[2018]70 号文作为准自然实验,采用双重差分法(DID)实证分析了留抵退税政策对于企业数字化转型的影响及作用机制.研究表明:第一,留抵退税政策通过缓解内外部融资约束能够显著提高企业数字化转型水平,且经过平行趋势检验、安慰剂检验、更换样本和变量等稳健性检验后,结果依旧稳健;第二,企业获得留抵退税政策红利后,通过对人才资源和合作创新等方面的投资促进自身的数字化转型;第三,留抵退税政策效应具有异质性,在东部地区、高竞争度行业以及大型企业的分样本中正向促进效应更明显.

PurposeAn emerging line of research examining the role of numerological superstition in the capital market shows that it has significant impact on investor behavior (Bhattacharya, Kuo, Lin, & Zhao, 2018; Hirshleifer, Jian, & Zhang 2018). However, to the authors’ best knowledge, there is a dearth of evidence on whether numerological superstition affects corporate behavior. This study fills this void by examining the association between investors’ numerological superstition and earnings management using Chinese data.Design/methodology/approachChinese culture views 6 and 8 as lucky numbers. Using Chinese publicly traded firms, the authors examine the relation between investors’ numerological superstition and corporate financial reporting behavior.FindingsThe results suggest that firms reporting lucky earnings-per-share (EPS) numbers ending with 6 or 8 are more likely to engage in earnings management. These firms also raise more capital through seasoned equity offerings in the following year; however, they do not have more capital investments. Instead, their controlling shareholders siphon a significant amount of capital through related party transactions. Overall, the findings suggest that managers collude with controlling shareholders to manage earnings by exploiting the superstitious beliefs of minority shareholders.Originality/valueTo the authors’ best knowledge, there is a dearth of evidence on whether numerological superstition affects corporate behavior. This study fills this void by examining the association between investors’ numerological superstition and earnings management using Chinese data.

This paper analyzes the impact of talent policy on the R&D personnel recruitment and corporate innovation. The research is based on more than 5.8 million online recruitments from listed companies from 2017 to 2018. The study makes five principal findings. Firstly, companies affected by talent policy have significantly increased the number of R&D personnel recruited. Secondly, at the policy level, the incentive effect varies according to different levels of talent policy subsidies and threshold requirements, with more significant effects observed where subsidies are higher and threshold requirements are lower. Thirdly, at the enterprise level, the incentive effect is more significant for high-tech enterprises, better governance companies, and non-state owned enterprises. Fourthly, at the city level, the incentive effect is more significant in cities with better economic development, higher administrative levels, and better scientific research support environments. Finally, after the introduction of talent policy, there have been significant improvements in enterprises' R&D investment, patent output and R&D efficiency. In terms of R&D personnel recruitment, this paper provides micro-level evidence for the influence effect, and identifies specific mechanisms and boundary conditions of talent policy on corporate innovation. It expands the research on the influence effect of government and institutional factors on corporate innovation. In addition, it provides reference for accelerating the building up of a talent-strong country, deepening the implementation of innovation-driven development strategy and realizing economic transformation and upgrading.

互联网为企业传递信息和组织资源提供了极大便利,企业在使用互联网获得相应便利的同时也形成了海量数据.近年来多地税务部门推行互联网大数据治税举措,通过采集和分析互联网上与企业运营相关的第三方大数据,来辅助对企业的税收征管.本文搜集相关数据并通过理论分析和实证检验发现,互联网大数据治税举措能显著提升企业税收遵从度.异质性检验表明,对于那些互联网应用更多、非国有控股、规模更大的企业,以及政策宣传更充分、以往税收征管力度更强的地区,互联网大数据治税举措的影响更加凸显.机制检验表明,抑制收入隐匿和关联交易,是互联网大数据治税举措发挥作用的两个具体渠道.本文研究表明,互联网上形成的大数据可以为税收征管等社会治理的精细化和高效化提供支持,深化了对信息时代背景下税收征管中第三方信息的内涵和作用的认识,为数字时代背景下的现代税收征管体制建设提供了参考.

经济全球化浪潮引起中国数字企业"引进来"和"走出去"的现象加速,以及跨境活动的逐渐增长,使得我们有必要从国际视角来考虑企业税收征管.本文基于这样的角度,选取我国典型数字经济企业进行案例分析,得出目前我国数字企业在所得税方面面临征管难和税务机关面临征管挑战的问题,如纳税主体认定、课税对象判别以及应税所得计算问题.因此,我国应当积极迎接挑战,抓住机遇,实现税收征管的数字化转型.本文从加深税收征管的数字技术应用、加强税收征管的国际合作、加大税务人才的培养力度和加快信息整合共享四个方面给出建议.

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.

近年来多地税务部门运用互联网第三方大数据优化税收征管,这深刻改变了当前的税收征管模式,对企业税负公平问题产生重大影响.文章在理论分析的基础上利用多期双重差分方法进行了实证检验,结果发现互联网大数据治税系统的实施能够有效缓解企业间税负扭曲问题,提升企业间税负公平.这一效果在城市规模大、政策宣传力度大的地区更为凸显.研究表明,将互联网大数据应用于税收征管实践,不仅能够提升总体税收征管水平、抑制企业逃避税行为,而且有助于从结构上推进税收公平、优化税收营商环境.

Purpose The purpose of this study is to examine if the international experience of a family firm’s chairman, second-generation managers and other top managers all have impacts of different strengths using information about Chinese family firms’ international expansion. Design/methodology/approach Matching tactics and dynamic Heckman 2-stage analysis were applied to data on 766 publicly-listed Chinese family businesses covering 2008–2014. Findings The international experience of the chairman, second-generation family managers and other senior managers all were found to correlate with the proportion of a firm’s revenue earned abroad, as well as with the number of its cross-border mergers and acquisitions. The impact of a chairman’s international experience is stronger than the impact of the other two groups when internationalization is measured in terms of the proportion of revenue earned overseas. The second-generation managers’ international experience is the most influential when internationalization is measured in terms of the number of cross-border mergers and acquisitions. Originality/value This paper bridges agency theory with upper echelons theory in the context of the family business. The findings contribute to the scholarly understanding of family business by illuminating the mechanisms through which second-generation managers may influence family firms’ internationalization. They also enrich the knowledge of family firms in China.

互联网技术的发展变革了人类的信息传播模式,同时也深刻影响了企业的信息环境和决策行为.本文采用网络爬虫技术取得2011-2018年A股上市公司的百度指数与股吧发帖数等数据并构建实证模型,旨在研究互联网关注度对于企业税收遵从的影响.实证结果表明,企业税收遵从度与企业受到互联网关注的程度之间呈现显著的正相关性,即企业所受到的更多的互联网关注有助于提升企业税收遵从.同时网络评价越负面、企业所在地的税收征管强度越高,网络关注对企业避税的抑制作用越明显.本文的结果表明,互联网关注可以起到规范企业税务行为、提升企业税收遵从度的作用,充实了企业税收遵从的影响因素以及互联网媒体作用方面的相关文献,并为我国的税收征管实践提供了有效政策参照.

本文基于580多万条上市公司互联网招聘数据,分析了近年来各地出台的人才政策,对企业研发人员招聘和企业创新的影响.研究发现:第一,受到人才政策影响的公司,研发人员招聘数量显著上升;第二,政策类型层面,这一效应随着人才政策补贴力度和门槛要求的不同而变化,补贴力度越大、门槛要求越低,则效果越显著;第三,企业特征层面,对于高新技术企业、公司治理更好的企业以及非国有企业,人才政策的效果更加显著;第四,城市特征层面,经济发展状况越好、行政级别越高、科研配套环境更好的城市,人才政策效果更显著;最后,人才政策出台后,企业的研发投入、专利产出和研发效率也显著提升.本文从研发人员招聘的角度,为人才政策对企业创新的影响效果、具体机制和边界条件提供了微观证据,扩充了政府和制度因素对企业创新的影响效果方面的研究,并为加快建设人才强国、深入实施创新驱动发展战略、实现经济转型升级提供了借鉴.

本文从理论和实证上研究了国有企业混合所有制股权组合模式对企业绩效的影响.首先,构造了一个"国资股东—民资股东—外资股东—经理人"四方参与的完全信息动态博弈模型,推导了混改国有企业不同的股权组合模式与企业绩效的关系.然后,使用1999-2013年中国工业企业数据库,采取前沿的计量经济学方法,发现了如下主要结论:混合所有制改革显著提高了国有企业绩效,采用非国资控股方式进行混改的企业绩效总体上高于国资控股企业,而且新引入的资本中有主导资本类型的企业绩效高于无主导资本类型的企业;在国资控股的情况下,民资主导的企业绩效高于外资主导的企业;在非国资控股的情况下,外资主导的企业绩效高于民资主导的企业.上述国有企业混合所有制改革模式的影响渠道包括提升收入和降低成本两个方面,外资股东在改善出口方面更具优势,民资股东在降低企业的管理费用和用工成本方面更具优势.本文的研究发现将推进混合所有制改革的具体方式与影响效果的相关研究,为国有企业混合所有制改革提供政策借鉴.

This study explores the cost of security regulations in China, where firms are required to meet a certain profitability benchmark before applying for permission to raise more equity via secondary equity offerings (SEOs). Using a difference-in-differences setting, we show that firms affected by the regulation (i.e., firms with high external financing demands (EFD) but profitability lower than the regulatory requirement) significantly underperform their counterparts, while unaffected firms do not. The affected firms' performance decline increases (decreases) when the requirement of profitability is more (less) restricted. Consistently, the three-day cumulative abnormal return (CAR) of firms with high EFD is significantly negative (positive) when the regulation is tightened (loosened). Our study provides evidence on how the cost of regulation affects companies that have growth opportunities.

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.

<span id="ChDivSummary" name="ChDivSummary" class="abstract-text">本文使用1998-2013年中国工业企业数据库,采用国际前沿方法识别出僵尸企业,然后比较了国企控股、国企参股以及转制民企这三种混合所有制改革策略治疗僵尸国企的效果。实证结果表明:相对于纯国企,混合所有制改革对僵尸国企具有显著的治疗效果;在多种混合所有制改革策略中,转制民企优于国企参股,国企参股优于国企控股,这形成了一种"国企混改类啄序"现象;然而,上述"啄序"现象并非对所有国企都适用,对于那些所处行业垄断程度高、企业政治级别高的国企,单纯民营化导向的混改对僵尸企业治愈的效果较差;最后,混合所有制改革治疗僵尸国企的主要渠道,是降低了国企的期间费用（主要是管理费用）。本文的结果为处置僵尸企业和渐进式改革提供了重要的理论依据。</span>

<span id="ChDivSummary" name="ChDivSummary" class="abstract-text">本文从城市行政级别这一全新视角重新解释了城市的生产率水平和资源配置效率。我们发现,行政级别越高的城市,其制造业企业的全要素生产率（TFP）平均水平也越高,但城市级别对TFP的正面影响主要体现在国有企业和外资及港澳台企业,高级别城市民营企业的TFP反而更低;行政级别越高的城市,制造业企业的资源错配程度越严重,并且这一效应集中体现在国有企业和外资及港澳台企业,城市级别对民营企业的资源配置反而具有改善作用。城市级别发挥作用的渠道包括高级别城市的企业政府补贴更多、人才优势更大、融资便利更多、地方税负更小,其中前3个渠道主要体现在国有企业,地方税负主要体现在外资及港澳台企业。本文的研究推进了对城市生产效率的理解,并且从更一般的意义上揭示了行政手段作为资源配置方式的经济意义。</span>

利用中国A股上市公司的股吧发帖数据,用发帖情绪衡量投资者情绪,用帖子阅读量和跟帖评论量衡量情绪传染程度,探究了互联网社交媒体在投资者情绪传染中的作用以及对股价崩盘风险的影响.结果表明:投资者的发帖情绪越乐观,未来股价崩盘风险越高,这种现象源自乐观情绪在股吧的传播扩散,而机构投资者持股会加剧这种效应;社交媒体等互联网技术的发展会助长投资者情绪的蔓延并引起股价崩盘.

互联网技术变革了人类的信息交流模式,股吧等互联网社交媒体为投资者之间的相互交流提供了工具.本文基于网络爬虫的方法搜集的A股股吧发帖数据研究发现,投资者在社交媒体上的信息交流降低了股价同步性;这一作用随新闻媒体报道数量的增加而更强,且在2013年最高法院对互联网虚假诽谤信息进行法律层面的管制后更强.本文表明:社交媒体作为投资者之间的交流工具,可以增进投资者对信息的理解,有助于提高资本市场定价效率.