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An Empirical Study on Budgetary Slack, Operational Efficiency, and Transfer Value

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Frontiers of Business Research in China 2013年第2期7卷 244-267页

作者： jianbo song Dehong Wang School of Business Renmin University of China Beijing 100872 China

Budgetary slack directly impairs a firm＇s budgetary management. Budgetary slack at a firm＇s business unit level makes the firm level budget like a building on sand. However, it is difficult to detect the existence and to evaluate the extent of budgetary slack at＇a firm＇s business unit level. Starting with the five-year historical data of a service delivery center in a U.S. Fortune 500 firm, this research develops a comprekensive approach for probing and assessing the budgetary slack in a firm＇s business units. The approach leverages operational efficiencies and transfer values of business units of a firm＇s internal transfer system. It also contributes to evaluating the rationale of the budget of a firm＇s business unit in the budgetary approval process.

关键词： budgetary slack operational efficiency transfer value utilization,business unit

Customer concentration and management earnings forecast

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Economic and Political Studies 2019年第4期7卷 454-479页

作者： jianbo song Xin Wang Accounting Department School of BusinessRenmin University of ChinaBeijingChina

Customers are one of the key external stakeholders for a com*** Chinese listed companies’data from 2007 to 2015,this paper examines the impact of customer concentration on information disclosure from the perspective of management earnings *** results show that a more concentrated customer base induces companies to disclose more positive earnings *** addition,the positive association between customer concentration and management earnings forecast is more pronounced with higher economic policy *** analyses reveal that companies issue more positive earnings forecast to reduce the financing risk and protect their relationshipspecific ***,customer concentration reduces the consistency of earnings forecast since the deviation of the forecast performance and the actual performance is *** paper enriches the literature on the determinants of management earnings forecast and the effects of stakeholders on corporate financial *** findings also provide implications for investors,regulators,and various stakeholders to understand management earnings forecast decisions.

关键词： Customer concentration management earnings forecast information disclosure economic policy uncertainty stakeholders

Can returnee managers promote CSR performance？ Evidence from China

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Frontiers of Business Research in China 2017年第3期11卷 309-340页

作者： Wen Wen jianbo song School of Business Renmin University of China Beijing China

With growing economic globalization, returnee managers who have obtained education or work experience overseas play a much more crucial role in corporations, especially in emerging economies. Using hand-collected managerial background data from a sample of firms listed on the Shanghai and Shenzhen Stock Exchanges from 2010 to 2014, this paper investigates the impact of returnee managers on corporate social responsibility （CSR） performance. We find that returnee managers can promote CSR performance. Further analyses show that the impact of returnee managers on CSR is more pronounced when managers have a foreign study background compared to managers with foreign work experience. The impact only holds when managers obtained their experience in developed economies. When enterprises face greater information asymmetry, returnee managers are more willing to use CSR as a tool to convey a positive image to stakeholders. CSR can help managers reduce information asymmetry and improve firm value. The results are robust through a series of robustness checks including a propensity score matching （PSM） procedure and a Heckman two-state sample selection model. This paper contributes to growing studies on the economic consequences of returnee managers and advances our understanding of the determinants of CSR at the individual level. The results also have implications for government and enterprises attracting talents with overseas experience.

关键词： Retumee managers Corporate social responsibility Upper echelons theory Stakeholders,Information asymmetry

The Timing of Annual Report Disclosure:Characteristics and Economic Consequences——Evidence from Two Stock Exchanges in China

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Economic and Political Studies 2014年第1期2卷 88-126页

作者： DEHONG WANG jianbo song the School of Business Renmin University of China

This paper analyzes the annual reports(from 1997 to 2011)of firms listed on two stock exchanges in China and reveals four significant characteristics of disclosure *** characteristics have significant economic implications for stock market movement,including positive contributions to stock price,trading volume and abnormal *** thereby demonstrates that the CSRC’s"balanced disclosure"policy has not been working as expected and needs further review and improvement.

关键词： earnings announcement disclosure timing informative content information asymmetry economic consequences

The Renminbi Exchange Rate Reform and the Rebalancing of China's Growth Model

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Economic and Political Studies 2015年第2期3卷 144-169页

作者： jianbo song SEAN MACKINNON songTAO TAN the School of Business Renmin University of China the School of Finance Renmin University of China

This paper posits that a proper way to estimate the Renminbi(RMB) exchange rate is to base the evaluation on the Balassa-Samuelson effect, and that the optimal way to facilitate China's growth model transformation is gradual RMB internationalization and capital account liberalization. Regression estimates show that the gross domestic product per capita growth rate, or the productivity growth rate, has strong explanatory validity when estimating the RMB exchange rate. The findings further assert that, as the growth of gross fixed capital formation slows, and the growth of household consumption speeds up, China's economic growth will be sustained. The RMB exchange rate regime is one in which gradual reforms must yield to interest rates levels and hence should only be revalued conditionally.

关键词： exchange rate UIP capital formation productivity g

Environmental subsidies and companies’environmental investments

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Economic and Political Studies 2021年第4期9卷 477-496页

作者： jianbo song Haiqing Zhang Zihao Su Business School Renmin University of ChinaBeijingChina Management School Harbin Institute of TechnologyHarbinChina

Environmental subsidies are important means for the government to promote companies to fulfil environmental protection *** a text analysis method,this study obtains the data on government subsidies for environmental protection of Ashare listed companies in China from 2007 to *** estimates show that the subsidies received by companies promote their environmental ***,analyst tracking and internal control enhance the positive effect of subsidies on the companies’environmental *** above results are still valid after testing the Heckman two-stage model and the Propensity-Score-Matching and Difference-in-Difference *** paper provides evidential support for the effectiveness of government subsidies and explores feasible ways to improve the efficiency of government subsidies based on the corporate governance channels.

关键词： Environmental subsidies environmental investments analyst tracking internal control

Government Subsidy,Investment and Financing Constraints,and the Formation of Zombie Companies

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China Finance and Economic Review 2019年第3期8卷 40-58页

作者： jianbo song Zihao Su Dehong Wang School of Business Renmin University of China(RBS) 不详 International Business School Beijing Foreign Studies UniversityChina

Zombie companies have serious adverse effects on economic *** relationship between government subsidies and zombie companies is a focus in China’s supply-side structural *** this paper,we classify companies into two categories:investment-constrained companies lacking investment opportunities,and fi nancing-constrained companies with limited sources of *** on data of A-share listed companies from 2007 to 2016,this paper examines the relationship between government subsidies and the zombification of companies subject to different types of *** find that more government subsidies have been allotted to investment-constrained companies than financing-constrained ones;government subsidy is one of the various factors that have contributed to company zombification,but the correlation is only significant for investment-constrained companies;financing subsidy dedicated to expanding corporate financing is more effective in helping investment-constrained companies than government subsidies in general,but neither government subsidies nor financing subsidies are effective in preventing investment-constrained companies from turning into *** the robustness test that controls the endogeneity problem of reverse causality,replaces proxy variables,lags subsidy variables and discusses the zombification of loss-making enterprises,the results are still *** paper provides a heterogeneous perspective to study the connection between government subsidies and the formation of zombie companies,and in view of subsidy mismatch,puts forward recommendations regarding the use of government subsidies.

关键词： zombie company government subsidy financing subsidy investment constraints fi nancing constraints

Does development of financial markets help firm innovation?Evidence from China

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Economic and Political Studies 2018年第2期6卷 194-208页

作者： jianbo song Zihao Su Xiaoqun Nie School of Business Renmin University of ChinaBeijingChina

This paper examines the impact of financial market development on firm R&D *** hand-collected R&D investment data of 221 high-tech firms listed in China’s small and mediumsized board in the period of 2009–2015,we find that equity financing,particularly internal cash flow,is the main source for R&D investment of high-tech *** firms make more use of debt financing than young ones and are faced with less severe financial *** development of financial markets relieves the dependence of R&D investment on internal capital,and the effect is more recognisable in young firms than in mature ***,the constraint of debt financing is not alleviated as much as that of equity financing by financial deepening,which suggests that debt markets still need developing,and more favourable policies are necessary for innovative firms.

关键词： R&D investment financing constraint financial market development

Advanced rare earth tantalate RETaO_(4)(RE=Dy,Gd and Sm) with excellent oxygen/thermal barrier performance

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Journal of Rare Earths 2024年第8期42卷 1595-1603,I0007页

作者： Jun Wang Jianyu Li Chunyu Jiang jianbo song Xing Yang Xiaolong Ma Kailiang Luo Peng Wu Xiaoyu Chong Jing Feng Faculty of Material Science and Engineering Kunming University of Science and TechnologyKunming650093China Shanxi Tianxuan Coating Technology Co. LtdXi'an710000China

Thermal barrier coatings(TBCs) materials with lowered the rmal and oxygen ion conductivity can provide thermal and oxidative protection for high te mperature hot-end components in aero nautical engines and gas turbines,The rare-earth tantalate RETaO_(4)(RE=Dy,Gd and Sm) ceramics with monoclinic(m) phase were successfully synthesized via spark plasma *** vacancies responsible for the thermal and oxygen ion conductivities of RETaO_(4) were demonstrated by atomic-resolution energy dispersive Xray and X-ray photoelectron *** the three samples,DyTaO_(4) has excellent oxygen/thermal barrier *** to the current service thermal barrier coating material ZrO_(2)-8 wt% Y_(2)O_(3)(8 YSZ),DyTaO_(4) has an ultra-low oxygen ion conductivity benefiting from low oxygen vacancy concentration and strong stretching force *** intrinsic thermal conductivity of DyTaO_(4)is 68.2% less than that of 8 ***,the thermal expansion rate curves indicate that the phase transformation does not happen from room te mperature to 1200℃.The above results demonstrate that high-growth rate the rmally grown oxide can be retarded by creating dense DyTaO_(4) coating with lowered thermal and oxygen ion conductivity.

关键词： Thermal barrier coatings Rare earths Oxygen vacancies Thermal conductivity Oxygen ion conductivity