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创业板涨跌幅制度改革与股价信息含量

会计与经济研究 2024年第1期38卷 60-81页

作者：杨建发郑国坚蔡贵龙中山大学管理学院广东广州510275

创业板注册制改革对存量股的影响主要在于放宽了存量股的涨跌幅限制。文章基于创业板注册制改革中放宽涨跌幅限制的场景,考察涨跌幅限制放宽能否提升存量股股价信息含量,通过构建双重差分模型研究发现,创业板涨跌幅限制放宽使得存量公... 详细信息

创业板注册制改革对存量股的影响主要在于放宽了存量股的涨跌幅限制。文章基于创业板注册制改革中放宽涨跌幅限制的场景,考察涨跌幅限制放宽能否提升存量股股价信息含量,通过构建双重差分模型研究发现,创业板涨跌幅限制放宽使得存量公司股价同步性显著降低,表明涨跌幅限制放宽有助于提升股价信息含量。进一步研究发现,涨跌幅限制放宽提升股价信息含量的潜在途径在于活跃市场交易和抑制股价操纵行为;当涨跌幅制度改革前公司所处信息环境较差、股票标的存在卖空约束时,涨跌幅限制放宽对股价信息含量的提升效应更为显著。研究丰富了股票市场定价效率的相关文献,为现阶段全面推进注册制改革提供了政策启示。

关键词：注册制改革涨跌幅制度股价信息含量股票市场定价效率创业板

Effects of Thieno[3,2-b]thiophene Number on Narrow-Bandgap Fused-Ring Electron Acceptors

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Chinese Journal of Polymer Science 2022年第8期40卷 914-920,I0008页

作者： Tengfei Li guilong cai Yuze Lin Xinhui Lu Xiaowei Zhan Key Laboratory of Polymer Chemistry and Physics of Ministry of Education School of Materials Science and EngineeringPeking UniversityBeijing100871China Beijing National Laboratory for Molecular Sciences CAS Key Laboratory of Organic SolidsInstitute of ChemistryChinese Academy of SciencesBeijing100190China Department of Physics The Chinese University of Hong KongHong Kong999077China

We synthesize and compare four near-infrared absorbing fused-ring electron acceptors named as nTTIC(n=2,3,4,and 5),based on different number of thieno[3,2-b]thiophene(TT)unit as the electron-donating *** increasing the TT unit,absorption spectrum of the TTIC series red shifts,and the highest occupied molecular orbital(HOMO)upshifts *** is worth noting that 4TTIC and 5TTIC exhibit absorption edges approaching 1100 nm,which is the photoresponse limit of solar cells based on crystal *** the TTIC series acceptors are blended with polymer donor PM6,the binary-blend organic solar cells based on 3TTIC show the best power conversion efficiency(PCE)of 13.1%.In contrast,2TTIC-based devices exhibit relatively lower PCE of 8.32%,mainly caused by the larger energy loss and blue-shifted *** to insufficient driving force of charge separation caused by very high HOMO,4TTIC and 5TTIC show poor PCEs lower than 3%.

关键词： Thieno[3,2-b]thiophene Near-infrared absorption Fused-ring electron acceptor Nonfullerene Organic solar cell

Executive compensation in business groups: Evidence from China

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China Journal of Accounting Research 2016年第1期9卷 25-39页

作者： guilong cai Guojian Zheng Sun Yat-sen Business School Sun Yat-sen University

This paper examines executive compensation in the subsidiaries of business groups in China. Analyzing a sample of China business groups(the so-called"Xi Zu Ji Tuan" in Chinese) from 2003 to 2012, we find convincing evidence of the use of Relative Performance Evaluation(RPE) in the executive compensation of the subsidiaries of business groups. Specifically, when the change in performance of one subsidiary is lower than that of the other subsidiaries,the change in its executive compensation is significantly lower. Further, when the business group is private and the level of marketization is high, the subsidiary's executive compensation is more likely to be influenced by the performance of the other subsidiaries. This research improves our understanding of the decision mechanisms of executive compensation in business groups and enriches the literature on executive compensation and business groups.

关键词： Business group Executive compensation RPE China

Religion and stock price crash risk:Evidence from China

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China Journal of Accounting Research 2016年第3期9卷 235-250页

作者： Wenfei Li guilong cai Sun Yat-sen Business School Sun Yat-sen University

This paper investigates whether religious traditions influence firm-specific crash risk in *** a sample of A-share listed firms from 2003 to 2013,we provide evidence that the more intense the religious environment,the lower the stock price crash risk,implying that religion plays an important role in Chinese corporate ***,we find that(1) religion affects stock price crash risk by reducing earnings management and the management perk problem;(2) different religions have different effects,and Taoism,in particular,is unrelated to crash risk; and(3) the effects of religion are more pronounced with higher quality corporate governance and a stronger legal *** constrains the management agency problem,thus reducing stock price crash risk in *** paper enriches the literature on stock price crash risk and religion,and on new economic geography.

关键词： Religious environment Stock price crash risk Informal institution Corporate governance

Enhancing Photovoltaic Performance of Asymmetric Fused-Ring Electron Acceptor by Expanding Pyrrole to Pyrrolo[3,2-b]pyrrole

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Chinese Journal of Chemistry 2022年第24期40卷 2861-2866页

作者： Zemin Wang guilong cai Peiyao Xue Zesheng Liu Boyu Jia Nan Li Jiayu Wang Xinhui Lu Yuze Lin Guojie Wang Xiaowei Zhan School of Materials Science and Engineering University of Science and Technology BeijingBeijing100083 China Key Laboratory of Polymer Chemistry and Physics of Ministry of Education School of Materials Science and EngineeringPeking UniversityBeijing100871 China Department of Physics The Chinese University of Hong KongNew Territories999077 Hong KongChina Chinese Academy of Sciences Beijing National Laboratory for Molecular SciencesCAS Key Laboratory of Organic SolidsInstitute of ChemistryBeijing100190 China

We propose a strategy to improve performance of unidirectionally extended fused-ring electron acceptors by using pyrrolo[3,2-b]pyrrole to replace pyrrole ring, and design two asymmetric nonfullerene acceptors 1PIC and 2PIC. Replacing pyrrole in 1PIC with pyrrolo[3,2-b]pyrrole remarkably red-shifts absorption peak by 109 nm, elevates the HOMO and LUMO energy levels, and improves electron mobility. The photovoltaic devices based on blend of PM6 donor and 2PIC acceptor exhibit power conversion efficiency as high as 12.6%, which is much higher than that of PM6:1PIC (3.53%), due to more efficient exciton generation and dissociation, faster and more balanced carrier transport and less charge recombination.

关键词： Energy conversion Fused-ring electron acceptor Pyrrolo[3,2-b]pyrrole Asymmetric synthesis Semiconductors

A primary battery for efficient cadmium contamination remediation and electricity generation

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Fundamental Research 2024年第4期4卷 868-881页

作者： Chaowen Chen Jia Zhang guilong Zhang Dongfang Wang Jun Wang Dongqing cai Zhengyan Wu Key Laboratory of High Magnetic Field and Ion Beam Physical Biology Hefei Institutes of Physical ScienceChinese Academy of SciencesHefei 230031China College of Environmental Science and Engineering Donghua UniversityShanghai 201620China School of Pharmacy Binzhou Medical UniversityYanta 264003China Key Laboratoryof Environmental Toxicology and Pollution Control Technology of Anhui Province Hefei Institutes of Physical ScienceChinese Academy of SciencesHefei230031China

In this work,two kinds of primary batteries,both of which included a Zn anode,C rod cathode,copper wire and electrolyte composed of Cd^(2+)-contaminated water or soil,were constructed in the first attempt to both remove Cd^(2+)and generate *** traditional technologies such as electrokinetic remediation with high energy consumption,this technology could realize Cd^(2+)migration to aggregation and solidification and generate energy at the same time through simultaneous galvanic *** passive surface of Zn and C was proven via electrochemical measurements to be porous to maintain the relatively active galvanic reactions for continuous Cd^(2+)***^(2+)RE(removal efficiency)and electricity generation were investigated under different conditions,based on which two empirical models were established to predict them *** soil,KCl was added to desorb Cd^(2+) from soil colloids to promote Cd^(2+) *** systems were also proven to remove Cd^(2+) efficiently when their effects on plants,zebrafish,and the soil bacterial community were *** could be lit for days by utilizing the electricity produced *** work provides a novel,green,and low-cost route to remediate Cd^(2+) contamination and generate electricity simultaneously,which is of extensive practical significance in the environmental and energy fields.

关键词： Primary battery Electrolyte KCl Cd^(2+) removal Electricity production

High-performance all-polymer solar cells enabled by a novel low bandgap non-fully conjugated polymer acceptor

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Science China Chemistry 2021年第8期64卷 1380-1388页

作者： Qunping Fan Ruijie Ma Tao Liu Jianwei Yu Yiqun Xiao Wenyan Su guilong cai Yuxiang Li Wenhong Peng Tao Guo Zhenghui Luo Huiliang Sun Lintao Hou Weiguo Zhu Xinhui Lu Feng Gao Ellen Moons Donghong Yu He Yan Ergang Wang Department of Chemistry and Chemical Engineering Chalmers University of TechnologyGöteborgSE-41296Sweden Department of Chemistry and Hong Kong Branch of Chinese National Engineering Research Center for Tissue Restoration&Reconstruction Hong Kong University of Science and TechnologyKowloonHong Kong999077China Department of Physics Chemistryand Biology(IFM)Linköping UniversityLinköping58183Sweden Department of Physics The Chinese University of Hong KongNew Territories999077Hong KongChina Department of Engineering and Physics Karlstad University65188KarlstadSweden Guangdong Provincial Key Laboratory of Optical Fiber Sensing and Communications Siyuan LaboratoryDepartment of PhysicsJinan UniversityGuangzhou510632China School of Materials Science and Engineering Xi’an University of Science and TechnologyXi’an710054China School of Materials Science and Engineering Jiangsu Key Laboratory of Environmentally Friendly Polymeric MaterialsChangzhou UniversityChangzhou213164China Department of Chemistry and Bioscience Aalborg UniversityDK-9220AalborgDenmark Sino-Danish Center for Education and Research AarhusDK-8000Denmark School of Materials Science and Engineering Zhengzhou UniversityZhengzhou450001China

The non-fully conjugated polymer as a new class of acceptor materials has shown some advantages over its small molecular counterpart when used in photoactive layers for all-polymer solar cells(all-PSCs),despite a low power conversion efficiency(PCE)caused by its narrow absorption ***,a novel non-fully conjugated polymer acceptor PFY-2TS with a low bandgap of~1.40 eV was developed,via polymerizing a largeπ-fused small molecule acceptor(SMA)building block(namely YBO)with a non-conjugated thioalkyl *** with its precursor YBO,PFY-2TS retains a similar low bandgap but a higher LUMO ***,compared with the structural analog of YBO-based fully conjugated polymer acceptor PFY-DTC,PFY-2TS shows a similar absorption spectrum and electron mobility,but significantly different molecular crystallinity and aggregation properties,which results in optimal blend morphology with a polymer donor PBDB-T and physical processes of the device in *** a result,PFY-2TS-based all-PSCs achieved a PCE of 12.31%with a small energy loss of 0.56 eV enabled by the reduced non-radiative energy loss(0.24 eV),which is better than that of 11.08%for the PFY-DTC-based *** work clearly demonstrated that non-fully conjugated polymers as a new class of acceptor materials are very promising for the development of high-performance all-PSCs.

关键词： all-polymer solar cells morphology non-fully conjugated polymer acceptors energy loss power conversion efficiency

Firm internationalization and cost of equity:Evidence from China

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China Journal of Accounting Research 2022年第2期15卷 172-194页

作者： Jianfa Yang guilong cai Guojian Zheng Qiankun Gu School of Business Sun Yat-sen UniversityChina Center for Accounting Finance and InstitutionsSun Yat-sen UniversityChina School of Economics and Management Wuhan UniversityWuhanChina

This paper examines the relationship between firm internationalization and cost of *** find that firms with a higher degree of international operations have a significantly lower cost of equity,which is more pronounced for firms in provinces with a weak institutional environment or firms experiencing intense domestic *** results are robust after adopting a firm fixed effect model,propensity score matching,difference-in-difference regressions and alternative measurements of key ***,international operations help firms to break through their institutional constraints in the domestic market,which reduces the cost of equity and improves resource allocation efficiency in the capital *** paper enriches the literature on firm internationalization and the cost of equity from the perspective of emerging markets.

关键词： Firm internationalization Cost of equity Institutional constraints Industry competition China

基金ESG投资承诺效应——来自公募基金签署PRI的准自然实验

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经济研究 2023年第12期58卷 22-40页

作者：蔡贵龙张亚楠中山大学现代会计与财务研究中心中山大学管理学院 510275 中山大学岭南学院 510275

联合国负责任投资原则(PRI)是国际权威的ESG投资倡议。本文基于中国公募基金签署PRI的准自然实验,研究基金公司做出ESG投资承诺之后是否显著提升了绿色投资水平。研究发现:相对于非PRI基金,基金公司签署PRI之后表现出显著更高的绿色投... 详细信息

联合国负责任投资原则(PRI)是国际权威的ESG投资倡议。本文基于中国公募基金签署PRI的准自然实验,研究基金公司做出ESG投资承诺之后是否显著提升了绿色投资水平。研究发现:相对于非PRI基金,基金公司签署PRI之后表现出显著更高的绿色投资偏好,基金投资组合中关于绿色创新型公司的股票投资金额增长了约440.3亿元,且这一效应在基金投资组合面临更高的环保规制风险和公众环保关注压力时显著更强;当PRI基金公司有更多资产在投资程序中考虑ESG因素,或在权益估值程序中更多考虑环境和社会风险时,旗下基金的绿色投资水平显著更高;进一步地,基金公司签署PRI之后更倾向于招募具有环保背景的基金经理,并吸引了更多长期资金的流入,表明人才机制和资金流入机制是PRI基金提升绿色投资偏好的重要路径。经济效益分析显示,基金公司签署PRI之后显著提升了标的企业的绿色创新能力,基金绿色转型也有助于提升基金业绩。本文研究表明,基金公司签署PRI是一种可信的绿色转型信号,有助于促进企业绿色创新,进而实现基金行业和经济高质量发展的目标。

关键词： ESG投资负责任投资原则绿色基金可持续金融绿色技术创新