The essay delves into the impact of environmental uncertainty on asymmetric mispricing, utilizing the data from listed firms in China spanning from 2007 to 2023. Our analysis reveals that environmental uncertainty amplifies stock mispricing within capital markets, whether upward or downward. Diverging from prior research, we distinguish between upward and downward mispricing and reveal the black box of environmental uncertainty affecting stock mispricing from dual channels. Specifically, environmental uncertainty intensifies upward mispricing through heightened earnings management and exacerbates downward mispricing by boosting investor irrationality. Furthermore, we explore the heterogeneous impact of different media coverage. In the downward mispricing sample, negative media exacerbated the relationship between the two, while positive coverage played a mitigating role. In the upward mispricing sample, only negative reports have a significant impact and mitigate the impact of uncertainty on mispricing. Our research on media heterogeneity once again proves that it is a double-edged sword. Our research indicates that improving the capacity to recognize different mispricing mechanisms in various market directions can greatly boost decision-making efficiency. Meanwhile, it is vital to strengthen professional ethics in media organizations and encourage more objective reporting. These efforts can jointly contribute to improving the efficiency of emerging capital markets.

Promoting the deep integration of the green economy and the digital economy is an important way to achieve sustainable economic development. Based on the sample data of China’s A-share listed companies from 2011 to 2022 and the quasi-natural experiment built by the data trading platform, this study uses the multi-stage difference-in-differences model to empirically test the impact of data elements marketization on the greenwashing behavior of corporations. The results show that the marketization of data elements significantly inhibits the greenwashing behavior of corporations. The mechanism test shows that the inhibitory effect of data elements marketization on corporate greenwashing behavior is mainly realized through the information effect and the green finance effect. The heterogeneity test shows that the marketization degree of data elements has a more significant inhibitory effect on the greenwashing behavior of heavy polluting corporations, high-tech corporations, and corporations with a high degree of digital transformation. The higher the degree of regional marketization is, the lower the intensity of environmental regulation is, and the more effectively the marketization degree of data elements can inhibit the greenwashing behavior of corporations. The research conclusion not only clarifies the institutional efficiency of data element marketization in the field of environmental governance, but also provides decision-making reference with theoretical depth and practical value for government departments to optimize the data element allocation mechanism and improve the environmental governance policy system.

Through the application of network platforms and digital technologies, the digital economy can help enterprises monitor and manage resource use in real time, optimize resource allocation, and improve resource utilization efficiency, thus reducing energy consumption and environmental impact. This paper uses the data of A-share listed enterprises in the Shanghai and Shenzhen stock exchanges from 2012 to 2023 to construct a panel data model and empirically tests the effect and mechanism of the digital economy on the green development of enterprises. The study finds that the digital economy can promote the green development of enterprises and can promote the green development of enterprises by stimulating green technology innovation and enhancing green management innovation. Further tests show that the promotion effect of the digital economy on corporate green development is more prominent in the higher degree of public environmental attention, market competition, executives with digital backgrounds, and enterprises belonging to the digital economy industry. The economic consequences test shows that the digital economy significantly improves corporate green total factor productivity by promoting corporate green development. The research conclusion provides a new idea for the implementation and planning of enterprise green development and provides an important reference for the government to formulate relevant digital economy and environmental protection policies.

This study uses China's stock exchange disclosure guidelines in a quasi-natural experiment to build a difference-in-differences model, examining how industry-specific disclosure regulation affect accounting estimation intensity. The results show these regulations reduce intensity due to better information comparability and stricter auditor oversight. The effect is stronger for firms with weak governance, in less competitive industries, or far from regulators. Tests also find such regulation lowers capital costs. The findings have implications for refining regulatory frameworks and capital market reforms in developing economies.

Air pollution poses a threat to human health and economic development and has attracted worldwide attention. China also faces the problem of excessive air pollutant emissions. We use Chinese A-share listed companies from 2007 to 2020 as samples and explore the impact of air pollution on the accrual anomaly. We find that air pollution alleviates the accrual anomaly caused by the investment growth hypothesis but has no significant effect on that caused by the earnings persistence hypothesis. Furthermore, we explore how air pollution mitigates the anomaly from the perspective of investment strategy adjustments. We find that enterprises reduce the overall growth in investments through a strategy of reducing growth in innovation investments and increasing growth in financial investments without a significant impact on the growth in environmental investments. This finding indicates that air pollution can alleviate the anomaly by sacrificing innovative activities. The key to improving efficiency is to improve system construction, which should not be at the expense of the ecological environment.

Taking the Chinese A-share listed firms (2015-2020) as the research object, this study examines the impact of the presence of multiple majority shareholders(MMS) on the probability of stock exchanges inquiries(PSEI) and its mechanism. We show that the MMS can increase probability of PSEI. The mediating test shows that MMS increases PSEI by reducing the quality of internal control. Besides, a favourable information and legal environment can reduce MMS's impact on PSEI, and independent directors fail to function as supervisors and consultants.

以2012-2020年A股上市公司为样本,考察供应商之间的博弈竞争能否对下游企业的创新活动产生影响.研究发现,供应商竞争促进了企业创新.作用机制分析结果表明,供应商竞争通过缓解企业的经营风险、融资约束以及提高供应商的创新溢出提升了企业创新水平.进一步针对供应商以及企业两个层面的异质性检验发现,当高技术背景的供应商越多、供应商稳定性越高、企业产品市场竞争力越强以及企业披露供应商权益保护信息时,供应商竞争对企业创新的正向推动作用越明显.研究结论丰富了供应链关系的研究视角,为企业完善供应商选择机制、制定差异化供应商战略和提高自身创新能力提供了经验证据.

基于2006—2019年A股上市公司样本,文章考察了非控股大股东退出威胁对审计师风险决策的影响.研究结果表明,非控股大股东退出威胁显著增加了审计师的审计收费和出具非标准无保留意见的概率,且非控股大股东退出威胁对审计师决策的影响在非国有企业、退出威胁可信性高、非"四大"和分析师关注少的企业中更为显著.机制检验发现,审计投入与经营风险在非控股大股东对审计师风险决策的影响中发挥了中介作用.基于非控股大股东性质的拓展检验表明,机构投资者退出威胁对审计师风险决策影响更为显著.研究结论丰富了审计师风险决策影响因素的相关研究,也为非控股大股东在公司治理中的作用提供了新的思路和经验证据.

在企业并购中,采取恰当的支付方式有助于企业优化资源配置,提高市场竞争力.以 2007-2021 年沪深A股上市公司为研究样本,考察并购方现金支付对股票错误定价的影响.研究发现,并购方现金支付有助于缓解企业股价高估;影响机制检验表明,现金支付通过减少代理成本和降低信息不对称缓解了股票错误定价;进一步研究发现,在银行业竞争程度高的地区和跨行业并购样本中,并购方现金支付对股票错误定价的缓解作用更显著.文章拓展了股票错误定价的影响因素研究,对提高资本市场定价效率、防范金融风险有重要的现实意义.

以2007～2019年我国A股制造业上市公司为样本,研究产品市场竞争对公司战略重点的影响.实证结果发现:产品市场竞争会显著影响公司战略重点,产品市场竞争越激烈,公司战略重点越倾向于价值创造以甩脱竞争;产品市场竞争越弱,公司战略重点越倾向于价值获取以迎合竞争.公司市场地位的提升会缓解产品市场竞争对战略重点的影响,相较于高市场地位公司,低市场地位公司的战略重点对产品市场竞争更为敏感.此外,组织惯性小、低于绩效期望、绩效期望落差较大和政府补助水平较低的公司,其战略重点对产品市场竞争更加敏感.本研究有助于投资者识别制造业上市公司的战略重点,提升公司经营性资源的配置效率.

以近年来上市公司频发的并购重组为背景,选取2007-2019年我国沪深A股上市公司为研究样本,实证检验了并购商誉对股票错误定价的影响.研究发现,商誉加剧了并购方的股票错误定价,高商誉的公司股价被严重高估,计提商誉减值能够向投资者传递增量信息,缓解商誉导致的股票错误定价.进一步研究发现,会计稳健性和投资者情绪在并购商誉对股票错误定价的影响中发挥了部分中介作用.商誉对股票错误定价的影响在管理层持股高、分析师跟踪人数多的情况下更为显著,上市公司大股东及管理层存在利用并购商誉导致的股价高估实现高位减持的行为.研究结论有助于投资者对并购商誉正确定价,提高资本市场定价效率.

基于2012～2019年我国A股制造业企业数据,从静态客户集中度及动态客户波动性两个维度,结合地区可持续发展,深入考察客户关系对企业技术创新的影响及其作用机制.研究发现:客户集中度与客户波动性均会弱化企业技术创新,而地区可持续发展水平能够显著缓解客户集中度对企业技术创新的负面影响;通过作用机制分析发现,客户集中度所引致的融资约束水平上升,以及客户波动性所引致的存货周转效率降低,均抑制了企业技术创新.

Enterprises do not exist independently of the external environment, so uncertainty affects their earnings volatility and exacerbates the information asymmetry between internal and external stakeholders. As a major manifestation of capital market mispricing, the accrual anomaly is caused by investors' functional fixation on total surplus under information asymmetry. Against this backdrop, taking A-share listed companies in China from 2007 to 2019 as our research objects, this study explores the impact of environmental uncertainty on the accrual anomaly based on the information asymmetry and investor irrationality perspective. We find that environmental uncertainty enterprises facing exacerbates the accrual anomaly in the Chinese stock market, and internal control quality, state ownership and the media coverage will affect this impact. Furthermore, this study shows that there are three factors playing the mediating role in the effect, accounting information quality, investment growth and the investor attention. The results show that environmental uncertainty exacerbates the accrual anomaly driven by information manipulation, empire building and investor irrationality. Improving investor irrationality behavior and restraining the self-interest behavior of managers can help alleviate the mispricing of accruals caused by information asymmetry in psychology.

本文以2008—2019年A股上市公司为研究样本,实证检验了企业信用评级与股票错误定价之间的关系.研究发现,具有信用评级和高信用评级的公司股票错误定价水平较低;金融脱媒、产权性质与企业战略差异度显著影响信用评级作用的发挥.具体而言,信用评级在金融脱媒程度较高的宏观环境下、产权性质为国有以及战略差异度较大的企业中对股票错误定价的缓解作用更为显著.作用机制分析表明,企业信用评级具有信息效应和监督效应,通过缓解信息不对称和降低盈余管理,修正了股价偏离价值的程度;信用评级等级则是通过提高投资者关注和降低企业融资约束缓解了股票错误定价.研究结论有助于投资者更好地理解信用评级在资本市场发挥的作用,也为信用评级监管提供了理论证据.

本文以2010-2019年中国A股上市公司年度数据为样本,检验了股价变动对企业研发投入的影响及作用机制,以及金融去杠杆对两者的调节作用.研究发现,股价大幅变动与企业研发投入存在负向关系,金融去杠杆缓解了这种不利影响.作用机制检验发现,股价变动一方面加剧了企业的金融化行为,另一方面增加了企业管理层的代理成本,二者共同作用减少了企业的研发投入.结论表明,国家应持续实施金融去杠杆调控,稳定股价变动,促进企业创新行为.

以2010-2018年我国A股上市公司为研究样本,实证检验了 QFII持股对股价延迟的影响.研究发现,QFII持股与股价延迟呈显著负相关关系.截面异质性检验表明,QFII长期持股、增持、维持以及持股国有企业时,对股价延迟的缓解作用更为显著.机制检验发现,QFII持股通过改善上市公司信息披露质量、提高股票流动性进而缓解股价延迟.上述研究结论表明,QFII作为我国资本市场上的重要参与者,在强化公司治理、提高股票市场流动性方面发挥了重要的作用.因此,积极鼓励并引导QFII持股,充分发挥QFII的治理功能,将有助于改善我国上市公司治理与信息环境,提高我国资本市场流动性水平,对提升我国资本市场定价效率、促进资本市场健康发展也大有裨益.

本文以2005-2018年中国A股上市公司为研究样本,检验了会计信息可比性对盈余公告后股价漂移的影响.研究发现,提高会计信息可必性可以缓解长期的股价漂移现象,而对短期股价漂移影响不显著.对比分析显示,分析师跟踪组和环境不确定性较高组,提高会计信息可比性缓解长期股价漂移的效果更为显著.中介效应的检验表明,提高会计信息可比性,可以通过抑制管理者的盈余管理行为和提高投资者认知度两条路径来缓解了股价漂移现象,其中抑制盈余管理发挥了主要作用.

基于2007-2019年我国A股制造业企业数据,从"损失规避"与"机遇预期"两种效应角度,深入考察经济政策不确定性对企业供应链集成的影响及其作用机制.研究发现:经济政策不确定性会阻碍企业供应链集成;经济政策不确定性会引致企业经营风险及融资约束水平上升,进而抑制供应链集成.进一步分析表明,地区金融发展水平能够有效缓解经济政策不确定性对企业供应链集成所造成的负面影响,特别是对于非国有及市场地位较低的企业而言,这种弱化效应更强.

基于我国经济"脱实向虚"的宏观背景,文章研究了微观企业金融资产投资对创新投入的消极影响,以及融资融券制度在其中的作用.以2007-2015年A股上市公司为样本的实证检验发现,金融资产投资阻碍了企业的创新投入.其机制在于,金融资产投资不仅引入了较多的外部风险,而且加剧了创新投入面临的融资约束,进而对创新投入表现为显著的挤出效应.以融资融券制度的实施为契机,进一步研究发现,融资融券业务通过增加上市公司的风险与融资约束,最终加剧了金融资产投资对创新投入的挤出效应.因此,应防止上市公司过度从事金融资产投资,同时对融资融券制度进行优化,促使资本市场更好地服务实体经济.