We examine how public enforcement and private enforcement interact to contain self-dealing activities in emerging markets. Using data from China, we find that firms receiving comment letters concerning related party transactions (RPTs) from stock exchanges significantly reduce their RPTs in subsequent years. We further find that (1) the subsequent reduction in RPTs is more pronounced when independent directors have higher career or reputation concerns and (2) independent directors are more likely to dissent or resign if their firms do not significantly reduce RPTs after receiving RPT comment letters, especially if they have high reputation concerns. Our study sheds light on a within-firm mechanism through which public enforcement takes effect. Our empirical findings also illustrate how "sunshine enforcement"-maintaining timely transparency of the enforcement process-can significantly enhance the effectiveness of regulatory programs. L'application publique de la loi par le biais d'administrateurs ind & eacute;pendantsNous examinons comment l'application publique de la loi et l'application priv & eacute;e de la loi interagissent pour contenir les activit & eacute;s d'abus de confiance dans les march & eacute;s & eacute;mergents. En utilisant des donn & eacute;es de Chine, nous constatons que les entreprises qui re & ccedil;oivent des lettres de commentaires concernant les transactions entre parties li & eacute;es (TPL) de la part des bourses r & eacute;duisent de mani & egrave;re significative leurs TPL dans les ann & eacute;es suivantes. Nous constatons en outre que (1) la r & eacute;duction ult & eacute;rieure des TPL est plus prononc & eacute;e lorsque les administrateurs ind & eacute;pendants sont plus pr & eacute;occup & eacute;s par leur carri & egrave;re ou leur r & eacute;putation et (2) les administrateurs ind & eacute;pendants sont plus susceptibles de faire valoir leur dissidence ou de d & eacute;missionner si leur entreprise ne r & eacute;duit pas significativement les TPL apr & egrave;s avoir re & ccedil;u des lettres de commentaires sur les TPL, en particulier s'ils sont tr & egrave;s pr & eacute;occup & eacute;s par leur r & eacute;putation. Notre & eacute;tude met en lumi & egrave;re un m & eacute;canisme interne & agrave; l'entreprise par lequel l'application des r & egrave;gles publiques prend effet. Nos r & eacute;sultats empiriques illustrent & eacute;galement la mani & egrave;re dont << l'application en toute transparence >>, c'est-& agrave;-dire le maintien d'une transparence opportune du processus d'application, peut am & eacute;liorer de mani & egrave;re significative l'efficacit & eacute; des programmes de r & eacute;glementation.

This paper examines whether there is information sharing between mutual funds and their auditors about the auditors' other listed firm clients. Using data from the Chinese market, we find that mutual funds earn higher profits from trading in firms that share the same auditors. The effects are more pronounced when firms have a more opaque information environment and when the audit partners for the fund and the partners for the listed firm share school ties. The evidence is consistent with information flowing from auditors to mutual funds, providing mutual funds with an information advantage in firms that share the same auditors. Our findings are robust to the use of audit-firm mergers and acquisitions (M&As) as exogenous shocks and several other robustness checks. We further find that auditors benefit by charging higher audit fees for mutual fund clients and by improving their audit quality for listed firm clients. Our study provides evidence of bi-directional information sharing between two important market intermediaries.

为了有效控制和降低企业的杠杆率,我国政府不断推进法治化、完善市场化机制以提高资源配置效率,其中最具代表性的是设立专门的破产法庭.本文利用我国各地区设立破产法庭的准自然实验,研究设立破产法庭是否会促使企业资本结构动态调整进而达到去杠杆目标.本文发现,破产法庭设立后企业会加快调整尤其是向下调整资本结构.异质性检验结果显示,上述结果主要出现在政府干预得以有效约束、破产管理人制度较为完善、破产司法效率较高的地区,以及破产风险较高和预算硬约束的企业.

本文研究并购是否有助于化解企业的产能过剩,并讨论其背后的作用机制及其对供给侧结构性改革的政策意义.以2004～2018年作为并购发起方的A股制造业上市公司为样本,并对比并购前上市公司的产能过剩程度和并购后双方公司整体的产能过剩程度,本文发现并购能够降低企业的产能过剩程度,该作用主要表现在质量较高并购、规模较大并购、纵向并购之中,面临更高去产能压力的公司发起的并购之中,以及市场化水平更高的并购之中.中介效应检验发现,并购主要通过提高生产效率、增强产品市场势力两条路径化解企业的产能过剩.本文最后发现,通过化解产能过剩,并购有助于提高企业价值.本文提供了并购化解产能过剩的理论证据,也验证了市场机制去产能的重要性.

本文研究年报问询函这一预防性监管制度能否推动公司去产能,并探究其作用机制和经济后果.研究发现,相比未被问询的公司,被问询的公司收函后产能过剩水平显著下降;该结果在媒体负面报道较多的公司、地方政府治理水平较高的地区中更为明显,表明年报问询函通过降低市场、政府与公司间的信息不对称,强化市场和政府的治理效应,进而有效促使公司去产能.影响机制检验表明,年报问询函主要通过优化资源配置、减少代理问题作用于去产能.经济后果方面,年报问询函会提升被问询公司的生产效率和经营业绩.

Prior research documents that financial capacity could be positively or negatively associated with the demand for audit quality. We re-examine this relation using changes in local real estate prices as exogenous shocks to corporate financial capacity. Using auditor size, auditor industry specialisation, and auditor fees as measures of audit quality, we find robust evidence that an increase (decrease) in financial capacity significantly reduces (increases) the demand for audit quality, and that this relation is more pronounced when firms are more financially constrained, when external monitoring by institutional investors and financial analysts is weaker, and when there is more negative news about real estate price changes. Our study enriches the related literature by describing a more complete and dynamic relationship between audit quality and financial capacity.

Using textual information regarding innovation in the annual reports of Chinese listed firms for the period from 2007 to 2019, we examine how firms alter their innovation activities in response to the tone of peer firms' discussions of innovation in their annual reports ("innovation tone"). We find that a positive innovation tone in peer firms' annual reports results in a significant reduction in R&D investments by the focal firm, especially when such a tone pertains to the future. Our cross-sectional analyses show that peers' innovation tone strongly affects R&D investments when the focal firm operates in a non-high-tech or highly competitive industry, or is readily willing to adjust its innovation strategy. Further investigation shows that the marginal benefits of a focal firm's R&D investments decline when annual peer reports adopt relatively positive innovation tones. Our results enrich the literature on the peer effects of textual information on innovation and have implications for firms' innovation strategies.

从信息溢出的视角出发,本文研究注册制下的首次公开发行是否会因为更充分的信息披露而改善同行其他已上市公司的信息环境,从而降低后者的股价同步性.以2013～2020年上市公司为样本,本文发现注册上市使得同行公司的股价同步性下降,且主要体现在信息环境较差的同行公司之中.在通过机器学习方法识别出注册制招股说明书中的创新文本信息之后,我们发现创新文本信息的占比越高,特别是其中的公司特质信息占比越高、前瞻性信息占比越高,注册制的上述溢出效应越强.机制检验显示,拓宽投资者信息获取渠道和提升同行公司信息披露质量是注册制产生溢出效应的主要途径.在经济后果方面,我们发现注册制的溢出效应具有降低同行公司股权融资成本的作用.本文在溢出效应的角度检验了注册制试点的影响,不仅丰富了注册制相关的研究,还揭示了注册制试点具有提升资本市场整体资源配置效率的重要作用.

Using data from China, this paper investigates the effect of a guarantee network on firms' earnings management. The results suggest that guarantee networks significantly reduce earnings management and this effect is more pronounced under tight monetary policy. Further analyses suggest that guarantee networks reduce earnings management through supervision mechanism rather than financing mechanism and earnings management reduction effect depends on the property ownership and related-party guarantee of the network. Our study provides new insights on the positive effect of guarantee networks in China and contributes to the governance role of guarantee networks.

本文利用"管理层讨论与分析"(MD&A)中的文本信息构造高管宏观认知指标(MMC),研究高管宏观认知是否具有管理者风格效应及其作用机理.研究发现,高管宏观认知具有明显的管理者个体"烙印",会受到管理者个人风格的显著影响,表现为管理者风格效应.进一步研究发现,管理者个人背景特征对高管宏观认知的管理者风格效应具有显著影响,管理者风格效应主要受管理者后天因素的影响.管理者能力与高管宏观认知的管理者风格效应显著正相关.

地方政府对企业并购发挥着支持与引导作用,而财政分权不仅赋予了地方政府引导企业并购的能力,而且会对其引导动机产生影响.基于此,本文研究省级层面财政分权对当地上市公司并购数量及并购绩效的影响.以2004—2018年我国A股上市公司为样本,本文发现当地财政分权程度与企业并购数量正相关,且该影响只存在于国企特别是地方国企之中.同时,本文发现财政分权有助于并购绩效的提高,这意味着地方政府的引导作用对企业并购产生了积极的影响.本文的结论说明财政分权有利于地方政府引导与支持企业并购,从而能够更好地承担在国家治理体系中的职责.

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.

行政审批改革是转变政府职能、调节政府与市场关系的突破口,设立行政审批中心是行政审批改革的集中体现.在中国深化行政审批改革的背景下,文章以A股上市公司为研究对象,从企业并购视角探讨行政审批改革对微观企业行为的影响.研究发现,在行政审批中心设立后,缩短的审批时间和透明化的审批流程降低了制度性交易成本,进而促进当地企业并购行为,且这一正向作用在政府扶持较少、距省会城市较近以及市场化水平较低地区的样本中更显著.进一步研究发现,设立行政审批中心也有助于提升企业并购绩效.

<span id="ChDivSummary" name="ChDivSummary" class="abstract-text">基于2005—2015年我国城市商业银行的样本,本文研究省级地方政府财政压力是否对商业银行信贷资金投向和信贷资源配置效率产生影响。研究发现,地方政府财政压力是影响城市商业银行信贷资源配置的重要因素。具体而言,省级地方政府的财政压力越大,省内城市商业银行投向地方国有经济部门的贷款比率越高。然而,信贷资源更多投向地方国有经济部门的银行有更高的不良贷款率和更差的会计业绩。进一步研究发现,在财政压力大的省份,城市商业银行投向地方国有经济部门的贷款比率越高,则贷款拨备率越低,这表明城市商业银行会通过盈余管理行为来应对监管压力。本文研究结论对商业银行监管以及防范化解金融风险有重要启示。</span>

在国务院大力强调优化兼并重组市场环境的形势下,2014年以来交易所广泛使用的并购问询函制度能否发挥监管作用,成为并购重组服务实体经济能力的重要影响因素.为此,本文研究交易所问询函是否降低并购重组信息不对称进而提升并购绩效.研究结果表明,交易所问询函能够识别并购重组中的潜在风险,表现为信息不对称程度较高、报告书信息披露质量较差的并购重组交易更可能收到问询函.进一步地,被问询样本在收到问询函之后的买卖价差、分析师盈余预测误差以及分析师乐观程度较低.针对具体作用机制,本文采用文本分析法比较修订前后的并购重组报告书,发现新修订报告书中标的方历史信息和前瞻信息的内容均更多,且更详细,表明问询函制度通过改善信息披露缓解了并购交易的信息不对称问题.经济后果方面,本文发现信息披露改善较多的被问询样本重组成功的可能性更大,未来市场业绩也更好.本文研究不仅丰富了问询函经济后果的相关研究,也为问询监管政策缓解并购重组信息不对称提供了理论参考.

<span id="ChDivSummary" name="ChDivSummary" class="abstract-text">可比性的会计信息提供了企业投资决策的参照系、能有效地缓解企业面临的信息不对称问题,也有利于企业与管理层之间签订更为合理的薪酬契约从而缓解代理问题,因此会计信息可比性在企业资源配置中发挥着重要的作用。本文借鉴De Franco等（2011）测度可比性的计量方法,基于2003-2014年上市公司数据,实证检验会计信息可比性对企业投资效率的影响,研究发现会计信息可比性越高,投资效率水平越高;同时,会计信息可比性越高,企业对投资机会的敏感性也越高。进一步研究发现,非国有企业的会计信息可比性改善投资效率的作用更为显著。本文的研究拓展了会计信息质量与企业投资效率的文献,同时提供了会计信息可比性经济后果新的研究证据。</span>

Theory suggests that firm value should include the value of real options; that is, firms have the option to expand more profitable businesses and liquidate less profitable businesses. In a diversified firm, each segment has its own real options. Applying real options theory to a diversified firm at the firm level neglects the value of segment-level options. If investors overlook segment-level options, mispricing will occur. Using data from 1981 to 2013, we find that a hedge portfolio buying diversified firms in the highest decile of the estimated real option value of segments (RVS) and selling those in the lowest RVS decile earns a significant 0.79% size-adjusted monthly return. The hedge returns are more significant for firms whose growth opportunities mainly lie in the more profitable segments. We also find that the predictive power of RVS is stronger for firms with high growth, lower analyst coverage, and stronger corporate governance. Further investigation links improved operating performance to the exercise of segment-level real options.

<span id="ChDivSummary" name="ChDivSummary" class="abstract-text">本文研究了发生控制权转移的无偿划转对国有企业获取政府补贴的影响,研究发现,发生控制权转移的无偿划转,在其后的两年之内,显著获得了更多的政府补贴;进一步研究发现,对于公司治理较好的国有企业而言,发生了无偿划转并且控制权也转移的企业获得更多的政府补贴;此外,获得更多政府补贴的国有企业也为政府解决了更多的就业问题。本文的研究表明,低交易成本的无偿划转能为政府解决就业问题,这在一定程度上补充并完善了以政府为主导的控制权转移理论的效率问题。</span>

<span id="ChDivSummary" name="ChDivSummary" class="abstract-text">本文采用Baker等（2013）开发的"中国经济政策不确定性指数"来衡量和研究中国经济政策不确定性对企业投资以及投资效率的影响。我们发现经济政策不确定性升高导致企业投资显著下降;当采用投资-投资机会敏感性和投资残差计量投资效率时,发现当经济政策不确定性高时,企业投资决策更加考虑经济因素,投资效率随着经济政策不确定性的上升而提高,并且对于那些受政策因素影响大的企业群体这一效应更为明显。本文深化了政策不确定性对企业投资行为的研究。在政策启示上,政府应当界定好政府"有形之手"的边界,以使其回归本职职能,发挥为市场经济保驾护航的作用。</span>