This study examines the impact of common institutional ownership (CIO) on excessive leverage in Chinese listed firms. The results show that CIO significantly reduces excessive corporate leverage. Mechanism analysis indicates that CIO mitigates excessive leverage by improving equity financing and enhancing corporate governance. This effect is more pronounced in firms with more stable institutional investors and lower analyst coverage, and holds for both state-owned and non-state-owned enterprises. Furthermore, the deleveraging effect of CIO also helps reduce inefficient investment and lower debt default risk.

This paper investigates the impact of financial infrastructure digitalization on corporate cash holdings, utilizing the establishment of the Shanghai Commercial Paper Exchange Corporation Ltd. (SHCPE) in China as a quasi-natural experiment. Using the difference-in-differences (DID) approach, we find that the establishment of the SHCPE leads to a significant increase in corporate cash holdings. Mechanism tests suggest that this effect is driven by the precautionary motive of future investment opportunities and the alleviation of the agency motive for cash holdings. Heterogeneity analyses further reveal that the positive effect is more pronounced for large firms and firms located in regions with a favorable local business environment. Moreover, additional tests indicate that firms' cash holdings converge toward their optimal level, contributing to enhanced firm value. Overall, our study not only provides novel evidence on the real effects of financial infrastructure digitalization, but also offers insights for promoting financial market efficiency and high-quality economic growth in emerging economies.

Stringent financial regulations facilitate high-quality development of enterprises by curbing shadow banking activities. Using 2013-2021 A-share listed companies as our sample, we employ a difference-in-differences model centered on the New Regulations on Asset Management. Results demonstrate that reduced shadow banking activities significantly improve firms' total factor productivity (TFP). This finding remains robust across multiple tests, indicating that diminished risk of shadow banking redirects capital toward productive uses, thereby enhancing TFP. Mechanism analysis reveals three drivers of TFP growth: improved core business efficiency, increased innovation investment, and enhanced information governance. The effect is more pronounced in non-state-owned enterprises and firms with lower ICQ (Internal Control Quality), lower proportion of institutional investor holdings, or poor information disclosure. This study not only evaluates the New Regulations on Asset Management but also demonstrates how financial supply-side reforms reshape corporate resource allocation. It highlights the policy's effectiveness in redirecting firms from speculative pursuits toward substantive economic activities.

This study examines whether and how preventive regulation impacts corporate tax avoidance in China, using the random inspection of accounting information quality (RIAIQ) by the Ministry of Finance (MOF) as a quasi-natural experiment. Our staggered difference-in-differences estimates indicate that improving preventive regulation through the MOF's RIAIQ can inhibit corporate tax avoidance, especially for firms with tax issues, disclosed specific noncompliance amounts, stronger external supervision, lower marketisation level, and middle nominal tax rates. Mechanism tests demonstrate that preventive regulation diminishes corporate tax avoidance activities by mitigating managerial agency conflicts and intergovernmental agency conflicts in the decision-making process. Our findings highlight the governance role of preventive regulation in constraining corporate tax avoidance.

本文以2010-2021年交易所网络互动平台"问答"板块上的互动数据为样本,采用关键词提取技术构建"股利关注"指标,实证检验了中小股东"股利关注"对企业现金股利分配的影响.研究发现,中小股东"股利关注"显著提高了企业现金股利分配水平.机制检验表明,中小股东"股利关注"通过提高企业的公司治理水平,进而促进现金股利分配.异质性检验发现,中小股东"股利关注"对上市公司现金分配的促进作用在机构投资者持股比例低、分析师关注度高、所处行业竞争程度强以及投资者保护水平高的企业中更显著.

How to alleviate the problem of inefficient credit allocation caused by the mismatch of financial resources in China is the focus of attention of relevant policy-making departments as well as the community. Based on the perspective of foreign bank entry,this paper investigates the impact of financial liberalization on the supply of entrusted loans and the mechanism of its effect. An empirical test with data of A-share listed companies from 2006 to 2020,the study found that:the supply of entrusted loans to enterprises significantly decreased after the entry of foreign banks;mechanistic tests suggest that the entry of foreign banks suppresses the supply of entrusted loans through competitive effects and technology spillovers;further research shows that the extent to which foreign bank entry inhibits the supply of entrusted loans is more pronounced during periods of tight monetary policy and among SOEs. The extended test finds that the entry of foreign banks inhibits the scope for entrusted loans,which in turn reduces the financial risks they pose and maintains financial stability. The findings of the study provide empirical evidence on how to seize the opportunities brought by financial liberalization in the new era, promote the optimization and upgrading of China’s financial system, and prevent the financial risks arising from entrusted loans.

僵尸企业是经济结构性改革面临的重大问题,而明晰僵尸企业的形成机理是进行"清"与"防"的重要前提.因此,本文从我国独特的地方官员治理模式出发,探析了晋升激励对企业僵尸化的影响.研究表明,地方官员晋升激励增大了企业僵尸化的概率,表现为事前增加了企业过度投资与政策性负担,使企业丧失盈利能力;事后通过政府补贴、税收优惠等方式使企业"僵而不死".且这一影响在禀赋劣势的企业中更为显著.此外,地方官员越急功近利,企业僵尸化概率越高,而地方官员考核机制的优化可以有效抑制企业僵尸化.本文在明晰企业僵尸化成因的同时,为完善地方政府治理提供了经验证据.

ABSTRACTWith data sampled from listed suppliers and customers in China from 2010 to 2017, the presenting work investigates how corporate social responsibility (CSR) is realised from the perspective of supply chains. Results found that socially responsible customers improved CSR performance of suppliers, revealing a significant CSR spillover effect among supply chains and further suggesting customers’ bargaining power as an important realisation path. In addition, both the CSR sensitivity of customers and the CSR fulfilment ability of suppliers strengthened CSR spillover effect in supply chains. More importantly, suppliers’ CSR performance is positive feedback to customers’ need rather than a publicity stunt to cater to customers. This paper expands current understanding on corporate behavioural coordination from the perspective of supply chains and provides insights for promoting CSR fulfilment in the Chinese scenario.

近年来,如何提高资本市场定价效率、推动资本市场健康发展成为社会各界较为关注的问题.以委托贷款为核心的非正规金融的快速发展,会对资本市场带来哪些影响,值得深究.本文根据2007~2020年委托贷款与资本市场定价效率数据,实证研究委托贷款的发放对资本市场定价效率的影响.研究结果表明,企业发放委托贷款降低了资本市场定价效率.机制检验表明,委托贷款的发放通过降低企业信息透明度来降低资本市场定价效率.当企业发放非关联委托贷款以及投资者情绪高涨时,委托贷款的发放对资本市场定价效率的负向影响更显著,而随着企业内部治理环境的改善以及外部信息中介参与度的提升,委托贷款的发放对资本市场定价效率的负面影响趋于弱化.

以2010-2018年中国A股上市公司为样本,考察企业社会责任对高杠杆成本的影响.结果 表明:企业承担的社会责任越多,公司的高杠杆成本越低;企业社会责任同时抑制了客户、竞争对手及员工驱动的高杠杆成本;企业社会责任通过降低公司与外部利益相关者的信息不对称进而降低高杠杆成本,机构投资者持股促进其正面作用的发挥.

当前,企业间存在共同分析师的现象越来越普遍,由共同分析师形成的社会关系网络能够成为企业间信息传递的渠道,进而影响企业行为决策.以2007～2019年企业及其客户均在A股上市的公司为样本,实证检验共同分析师对企业创新投入的影响及内在机制.研究发现,共同分析师能够提高企业创新投入水平.进一步分析发现,当企业或客户盈余管理水平较高、企业或客户处于市场化程度较低的地区、企业与客户之间的距离较远,以及被明星共同分析师跟踪时,共同分析师对企业创新投入的促进作用更强,且共同分析师对企业创新投入的促进作用有利于提高企业价值.

在全球供应链不断发展的形势下,稳定的供应链关系愈发重要.从审计师风险应对视角探讨客户关系变动是否以及如何影响审计费用.实证结果表明,客户关系变动显著增加了审计费用.机制检验发现,客户关系变动使审计师加大审计投入并感知到更高的审计风险,进而收取更高的审计费用.进一步探究客户关系变动的原因及其对审计费用的影响后发现,客户自身面临财务困境时引发客户关系变动,提高了审计费用;但当企业经济政策不确定性较高时却降低了客户关系变动,从而降低审计费用.基于事务所层面和企业层面的异质性检验还发现,客户关系变动与审计费用的正向关系主要体现在高资质事务所、客户集中度较高和治理水平低的企业中.研究结论为探讨客户关系变动的经济后果提供了新的证据和视角,对当下中国如何进行供应链风险管理具有启示意义.

"十四五"规划要求强化战略性新兴产业前沿技术探索,技术并购具有产业融合创新效应、协同创新效应和双元创新效应,能快速提升企业创新能力.但是技术并购是一项高风险的投资活动,应进行全流程策略分析(并购前的 目标评价、并购中分类管理和并购后的整合分析),知识的相似性、互补性和吸收能力对并购创新绩效具有重要影响,适度的知识相似性、互补性对并购创新绩效具有积极影响,吸收能力越强并购创新绩效越好.成功战略并购的知识积累和发展压力均会导致并购依赖,根据知识基础理论,并购依赖对并购创新绩效具有积极影响,根据成长压力理论,并购依赖对并购创新绩效具有消极影响,两种理论对并购创新绩效的影响具有替代效应和叠加效应.

以2003-2020年沪深A股上市公司为研究样本,考察了客户风险对供应链关系持续性的影响.研究发现:客户风险与供应链关系持续性之间存在显著负相关关系,表明企业存在"风险规避"行为;供应链关系互动程度和供应链关系依存程度会弱化客户风险与供应链关系持续性间的负向关系;机制检验结果表明,供应链风险传染会降低企业与风险客户维系供应链关系的意愿;企业更可能中断与大客户、低销售潜力客户的供应链关系;企业融资约束越高、具有法律背景董事、经济政策不确定性越高、货币政策从紧时期,客户风险与供应链关系持续性的负向关系越显著.

违约是信用风险传染的一种表现形式,现有研究忽视了委托贷款的违约风险.本文利用上市公司委托贷款数据研究发现,委托贷款借入方违约导致贷出方银行借款可得性下降.当贷出方两权分离程度和融资约束较高时,其抵御风险能力较弱,更容易受到风险传染;货币政策从紧时期以及经济政策不确定性较高时期,风险传染更容易发生.进一步研究发现,借入方违约通过提高贷出方的经营风险,降低了贷出方银行借款可得性.本文为企业间风险传染提供了实证证据,对于企业委托贷款决策、银行授信决策和监管部门防控金融创新工具的风险具有一定的启示作用.

ABSTRACT When governments opt for financial repression policies, credit mismatch becomes more prevalent. This may lead some non-financial firms with excessive loans to financialize their operations and undertake shadow banking activities, that is, entrusted loans. Using all listed Chinese firm's financial data and entrusted loans data from 2008 to 2016, this study investigates the impact of credit mismatch on firm's entrusted loans. Results show that, the more credit mismatch, the higher the tendency and the size of firm's entrusted loans. Above the relationship is more significant when under some certain backgrounds, such as a higher degree of government intervention, tighter monetary policy as well as lack of investment opportunities, and state-owned enterprises. Further analysis reveals that a firm's engagement in entrusted loans can harm its main business activities. This study intends to enhance our understanding of the shadow banking activities as means of funds reallocation within China's financial system.

以2008-2020年发行信用债的上市公司为研究对象,以"刚性兑付"打破引起的企业内外部资源配置为视角,检验了债券市场"刚性兑付"打破对发债企业创新水平的影响.实证研究发现:债券市场"刚性兑付"的打破提高了发债企业的创新水平.路径检验发现,债券市场"刚性兑付"的打破降低了企业内部低效多元化和政策性负担,将节约资金用于核心创新研发;并促使市场资金向高评级和高经营效率企业流动,提高高评级和高经营效率企业创新水平.进一步分析发现,对外部融资约束较高的小规模、成长期企业、金融市场化发展程度较低地区以及公司内外部治理水平较低企业创新水平影响更为显著.表明"刚性兑付"打破是地区金融发展的一次市场化改革,弥补了地区融资环境市场化不足的缺陷,激发了创新潜力较高但存在资金约束的成长型中小企业的创新动力.

为了保障天然气管网设施公平开放和安全、稳定、高效运行,国家发展和改革委员会于2021年7月15日发布《天然气管网设施运行调度与应急保供管理办法(试行)(征求意见稿)》(以下简称《办法》).基于《办法》出台的背景和意义,对《办法》进行了系统梳理和解读,指出《办法》从容量申请与分配、合同执行偏差、不平衡管理、不平衡服务、应急保供责任划分与实施、政府监督管理等8个方面提出了新的规范,旨在明确各方的权利、责任和利益.在此基础上,探讨了《办法》发布对新形势下天然气市场运行格局及各参与主体产生的影响,从以下8个方面对完善《办法》提出了建议:①明晰长期容量利用优先项规则;②明晰短期或临时容量分配原则,缩短结果答复时限;③设置容量服务需求计划与合同预定正常偏差范围过渡期;④以管网设施安全状态作为是否必须采取平衡措施的条件;⑤制定不平衡气量借气存气服务管理办法;⑥严格规范应急保供的启动条件;⑦禁止托运商变成容量中介代理;⑧增加运营调度信息的共享与公开.

Using a sample of listed state-owned enterprises in China from 2013 to 2018, this paper focuses on the impacts of compensation regulation policy on the changes of incentive mode for SOE executives. We find that after the policy, the compensation incentive channel for highly-paid executives has been replaced by political promotion as an alternative incentive mechanism. Further analysis shows that ingratiatory behaviour has become the main channel for SOE executives to seek promotion after the policy. Our results provide support for the relationship hypothesis relating to the political promotion of SOE executives, and such effects are more pronounced within younger SOE executives with lower enterprise level and marketisation degree. Finally, we find that the existence of alternative benefit acquisition channels such as equity incentive, perquisite consumption and the degree of mixed ownership reform of SOE has weakened the relationship between compensation regulation and political promotion of SOE executives.

以2010-2018年沪深两市A股全部供应商-客户企业组合为研究对象,检验年报文本信息在供应链上的溢出效应,研究表明,客户前瞻性信息会影响供应商未来经营不确定性,并对供应商投资行为产生影响.具体而言,客户前瞻性信息质量越低,其供应商投资效率越低:当客户前瞻性信息被高估时会造成过度投资,当客户前瞻性信息被低估时会产生投资不足;且在供应链关系重要性越高、供应链关系专有性越强时,客户前瞻性信息质量对供应商投资效率的影响越显著.进一步研究发现,客户所处行业的信息以及私有信息会对客户个体信息形成替代效应,客户所处行业前瞻性信息质量越高、供应链私有信息质量越高时,客户前瞻性信息质量与供应商投资效率相关关系越弱.此外,客户前瞻性信息质量的降低会影响供应商当年及未来盈利能力.研究结论为会计信息通过供应链传导到实体经济这一特殊机制提供了经验证据,为投资者和监管层理解企业非效率投资提供了新视角.