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Career concerns, shareholder monitoring and investment efficiency: From the perspective of compensation contract rigidity in Chinese SOEs

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China Journal of accounting Research 2015年第1期8卷 59-73页

作者： Hualin Wan Kai Zhu Xinyuan Chen Lixin accounting Research Institute/School of accounting and Finance Shanghai Lixin University of Commerce Institute of accounting and Finance Shanghai University of Finance and Economics Institute of accounting and Finance/School of Accountancy Shanghai University of Finance and Economics

This paper presents theoretical analysis of how career concerns and shareholder monitoring affect chief executive officer(CEO) agency costs. We investigate investment efficiency prior to CEO retirement based on a sample of Chinese state-owned enterprises(SOEs) during the 1999–2007 period and find that there is a significant decline in investment efficiency prior to CEO retirement, relative to other periods, and that this decline becomes less significant under stronger shareholder supervision. Our research furthers understanding of the significance of SOE incentive and monitoring mechanisms.

关键词： Career concerns Shareholder monitoring Investment

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Is investment-cashflow sensitivity a good measure of financial constraints?

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China Journal of accounting Research 2011年第4期4卷 253-270页

作者： Hualin Wan Kai Zhu School of accounting and Finance Shanghai Lixin University of Commerce School of accounting Shanghai University of Finance and Economics

Since Fazzari et al.(1988),investment-cashflow sensitivity has been one of the most important indicators for testing and measuring the external financial constraints of *** study analyzes the effect of changes in the relative cost of internal and external financing on investment decisions in response to tax ***'s2004 VAT reform decreased companies' effective tax rates,leading to an increase in operating ***,in turn,reduced the internal cost of financing and the value of the tax shield and increased the cost of debt *** study shows that in the case of the VAT reform,investment-cashflow sensitivity increased significantly,whereas cash holdings-cashflow sensitivity and borrowing-slack sensitivity did not significantly *** conclude that investment-cashflow sensitivity is not an effective measure of financial constraints under information asymmetry,but cash-cashflow sensitivity and borrowing-slack sensitivity may be useful alternatives.

关键词： Investment-cashflow sensitivity Financial constrai

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