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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

Tax Burden,Institutional Environment and Foreign Direct Investment Flow:From the Perspective of Asymmetric International Tax Competition

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China finance and Economic Review 2021年第1期10卷 66-85页

作者： Mengmeng Gao Xiaochuan Liu School of finance and Taxation and Public Administration Shanghai Lixin Institute of Accounting and Finance China Public finance institute Shanghai University of Finance and Economics

The global economic uncertainty is mounting.Governments need to respond with supporting measures for long-term external environment changes as they lower tax burden to attract working capital.Based on the asymmetric tax competition theory,this paper constructs a theoretical model of tax burden,institutional transaction costs and FDI flow.It is found that one country’s strength of institutional environment makes its equilibrium tax rate higher than that of another within certain limits of market size.Based on the data of 199 countries and regions from 2005 to 2018,this paper conducts an empirical analysis,proving that favorable institutional environment narrows the negative impact of tax burden on FDI fl ow.Moreover,it is showed that in small-market,low-income countries and regions,tax burden level has a larger negative impact on foreign direct investment(FDI)when institutional environment produces no positive impact;in large-market,high-income countries,the negative impact of tax burden is relatively weak but the institutional environment shows largely positive impact.This paper contributes some policy recommendations on how to make use of and improve institutional environment to meet challenges and impacts of the international economic climate.

关键词： asymmetric tax competition institutional environment foreign direct investment market scale

The predicted trend of COVID-19 in the United States of America under the policy of “Opening Up America Again”

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Infectious Disease Modelling 2021年第1期6卷 766-781页

作者： Kejia Yan Huqin Yan Rakesh Gupta Department of accounting Finance and EconomicsGriffith UniversityNathanAustralia4111 Xiamen National accounting institute Xiamen361005China

COVID-19 virus has been spreading worldwide for more than a year.At present,the situation of the new crown pneumonia epidemic remains full of tension and uncertainty.It is of concern is that the worst outbreak in the world is in the United States.The total number of confirmed new cases of COVID-19 and the total number of new deaths in the United States have entered their second and third cyclical peaks since the White House announced the“Open America Again”guidelines on April 16,2020,and the start of the US presidential election season in August 2020.This paper combines the generalized exponential model(EXPM)with Chebyshev polynomials to develop a special generalized growth model(GGM)to predict the total number of daily new confirmed cases and the total number of new deaths in the United States for three periods under a 14-day sensitivity regression model.In this paper,the US epidemic is divided into three periods from early January 2020 to early January 2021,and three forecasts are made for the three periods.The first two prediction periods have already occurred and the predictions match well with known results,and the third period predicts that the total number of new confirmed cases of COVID-19 and the total number of new deaths in the United States will fall to a minimum level by next July,when the supply of COVID-19 vaccine has already begun.The results suggest that the“Open America Again”policy and the events of the 2020 US presidential election season have contributed to the worsening of the COVID-19 in the United States.

关键词： COVID-19 The United States of America Policy and forecasting

Address forms in Chinese audit opinions

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China Journal of accounting Research 2014年第4期7卷 247-261页

作者： Ziye Zhao Institute of Accounting and Finance School of Accountancy Shanghai University of Finance and Economics

Although forms of address are widely used in textual and other types of disclosure,empirical evidence of their effects is rare.China provides a unique setting in which to test the economic consequences of the forms of address used in audit reports.From 2003 to 2011,about 60%of auditors surveyed addressed their clients by their real names in audit opinions,while the others used honorifics.Based on a sample of Chinese audit opinions,I report the following findings.First,the announcement of an audit opinion that uses the client’s real name elicits a greater market response than the announcement of an opinion featuring an honorific form of address.Second,the effects of real-name forms of address are stronger in firms with weak board governance.Third,the association between audit fees and audit risk factors,such as loss-making,is stronger in firms that are addressed by their real names in audit reports.I conclude from these findings that the forms of address used in audit opinions may reveal private information on audit quality.The results of this study are consistent with the power-solidarity effect described by sociolinguists.

关键词： Address forms Audit independence Power-solidarity effect Politeness principle

Identifying spreading influence nodes for social networks

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Frontiers of Engineering Management 2022年第4期9卷 520-549页

作者： Yang OU Qiang GUO Jianguo LIU Research Center of Complex Systems Science University of Shanghai for Science and TechnologyShanghai 200093China Institute of Accounting and Finance Shanghai University of Finance and EconomicsShanghai 200433China

The identification of spreading influence nodes in social networks,which studies how to detect important individuals in human society,has attracted increasing attention from physical and computer science,social science and economics communities.The identification algorithms of spreading influence nodes can be used to evaluate the spreading influence,describe the node’s position,and identify interaction centralities.This review summarizes the recent progress about the identification algorithms of spreading influence nodes from the viewpoint of social networks,emphasizing the contributions from physical perspectives and approaches,including the microstructure-based algorithms,community structure-based algorithms,macrostructure-based algorithms,and machine learning-based algorithms.We introduce diffusion models and performance evaluation metrics,and outline future challenges of the identification of spreading influence nodes.

关键词： complex network network science spreading influence machine learning

Earnings management, corporate governance and expense stickiness

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China Journal of accounting Research 2016年第1期9卷 41-58页

作者： Shuang Xue Yun Hong Institute of Accounting and Finance School of Accountancy Shanghai University of Finance and Economics Business School of Hunan University

Cost and expense stickiness is an important issue in accounting and economics research, and the literature has shown that cost stickiness cannot be separated from managers' motivations. In this paper, we examine the effects that earnings management has on expense stickiness. Defining small positive profits or small earnings increases as earnings management, we observe significant expense stickiness in the non-earnings-management sub-sample, compared with the earnings-management sub-sample. When we divide expenses into R&D,advertising and other general expenses, we find that managers control expenses mainly by decreasing general expenses. We further examine corporate governance's effect on expense stickiness. Using factor analysis, we extract eight main factors and find that good corporate governance reduces expense stickiness. Finally, we investigate the interaction effects of earnings management and corporate governance on expense stickiness. The empirical results show that good corporate governance can further reduce cost stickiness,although its effect is not as strong as that of earnings management.

关键词： Earnings management Corporate governance Expense stickiness Interaction effect

Do independent directors play a political role? Evidence from independent directors' death events

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China Journal of accounting Research 2017年第4期10卷 295-316页

作者： Qing Ye Zengquan Li Center for accounting Finance and Institutions Sun Yat-sen University Sun Yat-sen Business School Sun Yat-sen University School of Accountancy and The Institute of Accounting and Finance Shanghai University of Finance and Economics

We propose that independent directors are likely to play a political role in an institutional setting featuring weak investor protection and strong government intervention. Using Chinese data for 2001–2014, we investigate whether the stock price reaction to an independent director's death is related to his or her political connection. We find a stronger negative reaction to the death announcements of politically connected than politically unconnected independent directors. The magnitude of the reaction is positively related to directors' political rank, and cannot be offset by their firms' political capital. However,we document no evidence of politically connected independent directors exhibiting superior monitoring or consulting performance. Additional analyses show that firms are more inclined to appoint a politically connected independent director as a successor if his or her predecessor also had political connections. Our study broadens scholarly understanding of independent directors' role in a non-Anglo-American setting.

关键词： Independent directors Political connections Political role

The effect of corporate culture on firm performance:Evidence from China

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China Journal of accounting Research 2018年第1期11卷 1-19页

作者： Hailin Zhao Haimeng Teng Qiang Wu School of accounting Nanjing University of Finance & Economics Lally School of Management Rensselaer Polytechnic Institute

This study examines whether corporate culture promotion affects firm performance in China in terms of firm market value, firm financial performance and innovation output. We find consistent evidence that corporate culture promotion is negatively related to firm market value, positively related to innovation output and not significantly related to firm financial performance. In addition,the negative effect of corporate culture promotion on firm market value is driven by small firms and firms located in less developed provinces. Furthermore,we find that some specific corporate culture promotions, such as innovation culture promotion and integrity culture promotion, are not related to firm value or financial performance. However, innovation culture promotion is positively associated with innovation output.

关键词： Corporate culture promotion Firm performance China

accounting information quality,governance efficiency and capital investment choice

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China Journal of accounting Research 2016年第4期9卷 251-266页

作者： Jinbu Zhai Yutao Wang School of Public finance Central University of Finance and Economics School of accounting Central University of Finance and Economics

This paper examines the relationship between accounting information quality and capital investment choice from the perspective of accounting information's governance function.Measuring capital investment choice as the correlation of growth of operating income between company and industry,this paper investigates whether and to what extent companies focus on their core business.The results show that the higher the quality of publicly listed firms' accounting information,the stronger that correlation,particularly when the corporate governance of the listed company is poor.The findings imply that accounting information quality can thus optimize the capital investment choice,which complements and strengthens the functioning of corporate governance.Hence,regulators should pay more attention to the market's power to supervise the behavior of listed firms,improve the governance functions of accounting information and increase the efficiency of capital allocation.

关键词： accounting information quality Governance efficiency Capital investment choice

Corporate governance and audit fees:Evidence from companies listed on the Shanghai Stock Exchange

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China Journal of accounting Research 2012年第4期5卷 321-342页

作者： Xingze Wu Research Institute of Accounting and Finance Nanjing University

This study uses data from companies listed on the Shanghai Stock Exchange to investigate the relationship between corporate governance and audit fees. Full sample results reveal a significant negative relationship between corporate governance and audit fees, and subsample results further show that corporate governance's influence on audit fees is affected by corporate growth. The negative relationship between corporate governance and audit fees is economically and statistically significant in sample companies that grew moderately during the sample period, and mixed or insignificant in companies that experienced overly fast or negative growth.

关键词： Corporate governance Audit fees SSE Corporate Gove