检索结果-南通市图书馆

ownership balance, supervisory efficiency of independent directors and the quality of management earnings forecasts

在线全文

维普期刊数据库

学校读者我要写书评

暂无评论

China Journal of Accounting Research 2013年第2期6卷 113-132页

作者： Yunling Song Xinwei Ji Chi-Wen Jevons Lee School of Management Zhejiang University North Industrial Company Freeman School of Business Tulane University

In the Chinese securities market, with its characteristics of influence through personal relationships(Guanxi) and underdeveloped standards of law and enforcement, can independent directors play the supervisory role expected by securities regulators? In this study we use the degree of precision and accuracy in corporate earnings forecasts as proxies for the quality of information disclosure by listed companies and examine the supervisory efficiency of independent directors with respect to information disclosure. Using data from 2007to 2009, we find that in the absence of ownership balance, independent directors have a significant positive effect on the accuracy of management *** addition, the personal backgrounds of independent directors have specific effects on management earnings forecasts. Directors with certified public accountant(CPA) expertise significantly improve the precision of management forecasts. However, directors with industrial expertise significantly reduce the precision of management forecasts. In other words, having directors with CPA expertise improves the independence of boards, but having independent directors with industrial expertise has the opposite effect.

关键词： Independent directors ownership balance Forecast p

State ownership and firm performance: Empirical evidence from Chinese listed companies

在线全文

维普期刊数据库

学校读者我要写书评

暂无评论

China Journal of Accounting Research 2013年第2期6卷 75-87页

作者： Mei Yu Birmingham City University

While the relationship between state ownership and firm performance has been widely researched, the empirical evidence has provided mixed results. This study applies panel data regression techniques to 10,639 firm-year observations of nonfinancial Chinese listed firms during 2003–2010 to examine the relationship between state ownership and firm performance. The results show that state ownership has a U-shaped relationship with firm performance. The Split Share Structure Reform in2005–2006 played a positive role in enhancing the relationship between state ownership and firm profitability ratios. Although state ownership decreased significantly after 2006, it remains high in strategically important industry sectors such as the oil, natural gas and mining sector and the publishing, broadcasting and media sector. The findings reveal that a higher level of state ownership is superior to a dispersed ownership structure due to the benefits of government support and political connections. The Split Share Structure Reform made previously nontradable shares legally tradable, improving corporate governance and reducing the negative effect of non-tradable state shares.

关键词： State ownership Firm performance Split Share Struc

How Firms’ownership Structure Impacts Online Peer-to-Peer Lending Performance in China

在线全文

维普期刊数据库

学校读者我要写书评

暂无评论

Frontiers of Economics in China-Selected Publications from Chinese Universities 2020年第1期15卷 70-102页

作者： Guangying Xie College of Economics and Management Zhoukou Normal UniversityZhoukou 466001China

A dramatic surge in online peer-to-peer(P2P)lending emerged in China,where(under conditions of credit deficiency)it took only three years for the size of the P2P lending market in China to reach four times that of the United States and ten times that of the United *** literature indicates that ownership structure is an important factor that influences P2P lending firms’performance,while research on the underlying mechanisms remain *** study analyzes the data of P2P lending companies between June 2016 and March *** results demonstrate that although ownership structure has minimal direct effect on the turnover volume and number of lenders and borrowers,it moderates the effects of firm age,interest rate,and loan term on firm *** results enrich the property theory and shed light on how P2P lending firms with different ownership structures could succeed when there is institutional deficiency.

关键词： online peer-to-peer(P2P)lending firm performance ownership structure credit deficiency microfinance institutional entrepreneurship

Government ownership and the capital structure of firms:Analysis of an institutional context from China

在线全文

维普期刊数据库

学校读者我要写书评

暂无评论

China Journal of Accounting Research 2018年第3期11卷 171-185页

作者： Xiaohong Huang Rezaul Kabir Lingling Zhang University of Twente

Emerging economies provide interesting scenarios for examining how institutional context influences the financing behavior of firms. In this study, we examine the capital structure of Chinese listed firms following the SplitShare Structure Reform of 2005. This reform allowed a reduction of government ownership by making government shares tradable. We find that the impact of government ownership on leverage is dependent on whether the government is the largest shareholder in a firm and whether the government ownership is through a parent state-owned enterprise. In addition, we document that the largest non-government shareholder positively influences ***, our results reveal that the largest controlling shareholder, either government or non-government, has a significant impact on the capital structure of Chinese firms.

关键词： Capital structure Leverage ownership Government ownership China

Are state ownership and auditors' locality determinants of asset write-downs? Evidence from China

在线全文

维普期刊数据库

学校读者我要写书评

暂无评论

China Journal of Accounting Research 2018年第4期11卷 385-405页

作者： Pauline W.Y.Wong Department of Accountancy Hang Seng Management College

After issuing the 1998 Accounting Standards, Chinese regulators implemented additional regulations in 2001 governing write-downs of impaired assets and required assessment of recoverable amounts for four additional asset categories. As the recoverable value cannot be obtained objectively, management can discretionally assess the magnitude of write-downs to affect bottom-line profit. This study used 7258 firm-year observations in China from 1998 to2005 to examine whether the percentage of asset write-downs by statecontrolled firms differs from non-state-controlled firms, conditional upon more conservative financial reporting rules, and investigate whether local auditors support managerial decisions on asset write-downs. The empirical findings support the tendency of state-controlled ownerships to have lower asset write-downs. Local auditors also support managerial decisions on asset write-downs, especially when the companies are controlled by local governments.

关键词： Earnings management Impairments State ownership Auditor locality Political influence

Re-examination of the effect of ownership structure on financial reporting: Evidence from share pledges in China

在线全文

维普期刊数据库

学校读者我要写书评

暂无评论

China Journal of Accounting Research 2016年第2期9卷 137-152页

作者： Zhizhong Huang Qingmei Xue Business School Nanjing University

In this paper, we present evidence that firms with concentrated ownership manage earnings when their large shareholders have an incentive to do *** large shareholders of Chinese public firms often pledge their shares for loans. Before the split share reform in 2006, loan terms were based on the book value of the firm. Since then, the share price has become critical for share pledged loans. We postulate that the reform triggered large shareholders' incentive to influence financial reports. Using a sample of non-state-owned enterprises, we test the effect of share pledges on earnings smoothing and how this effect changes after the reform. Our results suggest that share pledging firms smooth their earnings more than other firms, but these results are only found after the split share reform. Accordingly, our results provide more direct evidence on the effect of ownership concentration on financial reporting.

关键词： ownership concentration Share pledges Earnings smoothing Split share reform

Employee stock ownership plan and stock price crash risk

在线全文

维普期刊数据库

学校读者我要写书评

暂无评论

Frontiers of Business Research in China 2019年第3期13卷 251-283页

作者： Yan Li Bao Sun Shangyao Yu Business School Renmin University of ChinaBeijing 100872China Business School Beijing Technology and Business UniversityBeijing 100048China

This paper examines whether the announcement of an employee stock ownership plan(ESOP)affects stock price crash risk and the mechanism by which the ESOP may influence crash risk,using a sample of Chinese A-share firms from the period 2014 to *** provide evidenee that an ESOP announcement is significantly and negatively related to a firm's stock price crash *** ESOP announcement sends positive signals to the market that insiders are optimistic about a firmzs future value,which helps enhance investor confidence,resist the pressure for a fire sale caused by negative information disclosure,and reduce stock price crash *** research shows that larger-scale,lower-priced and non-leveraged ESOPs are more helpful in reducing crash *** paper sheds lights on the impact of ESOPs in a volatile market environ *** also contributes to firms' implementatio n of ESOPs and the development of the legal system in capital markets.

关键词： Employee stock ownership plan(ESOP) Crash risk Market situation Signaling effect Leveraged ESOP China

Impact of ownership Types on R＆D Intensity and Innovation Performance--Evidence from Transitional China

在线全文

维普期刊数据库

学校读者我要写书评

暂无评论

Frontiers of Business Research in China 2017年第1期11卷 101-137页

作者： Da Teng Jingtao Yi Coventry Business School Coventry University Coventry CVI 5FB UK School of Business Renmin University of China Beijing 100872 China

This paper examines the effects of ownership types on firms＇ R＆D intensity and innovation performance, using a sample of 357,857 Chinese firms from 2005-2007. This study finds considerable divergence among Chinese domestic enterprises in terms of R＆D intensity and innovation performance. Firms owned by the central government are the key drivers for firms＇ R＆D activities, while local government, private and foreign ownerships are negatively related to both R＆D intensity and innovation performance. Significant divergence within government ownership category and argues that China＇s institutional changes generate varied government ownership groups with different levels of resource endowment, which in turn influence firms＇ R＆D activities.

关键词： ownership R&D intensity innovation performance institutional changes China

Corporate Governance, ownership and Financial Distress of Publicly Listed Companies in China

在线全文

维普期刊数据库

学校读者我要写书评

暂无评论

Petroleum Science 2004年第1期1卷 90-96页

作者： WangZhen LiuLi ChenChao SchoolofBusinessAdministration UniversityofPetroleumBeijing102249China GuanghuaSchoolofManagement PekingUniversityBeijing100871China CollegeofBusinessandEconomics CaliforniaStateUniversityNorthridgeCA91330-8379U.S.A

This paper examines the effects of internal control mechanisms on the financial distress of publicly listed companies in China. Using t-test and Logistic regression analysis, we investigated the following aspects: ownership by top managers and the CEO, the number of directors, the percentage of inside directors, CEO duality, and ownership concentration. The empirical tests indicate a lower probability of financial distress when ownership by top managers and that by the CEO are higher. The evidence also shows that a combination of two parts, the CEO and the chairman of the board, may influence the internal control system of a publicly listed companies.

关键词： Financial distress corporate governance ownership