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ESG performance and cost of debt

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China Journal of Accounting Research 2024年第4期17卷 165-189页

作者： Yongdong Shi Shijie Zheng Pengsong Xiao Hongxian Zhen Tong Wu School of Fintech/School of finance Dongbei University of Finance and EconomicsDalianChina School of Economics and Management Anhui Normal UniversityWuhuChina Bank of Chengde ChengdeChina School of Accounting/China Internal Control Research Center Dongbei University of Finance and EconomicsDalianChina

We analyze China Securities Index Co.,Ltd.(CSI)environmental,social and governance(ESG)scoring data,which incorporate Chinese characteristics,to assess the impact of ESG performance on corporate debt financing *** findings indicate that better CSI ESG scores are correlated with lower debt financing ***,improvements in local environmental execution enhance the effect of CSI ESG scores on debt financing ***,this effect diminishes with increased internal control quality and *** has the greatest impact on reducing debt financing costs,followed by social and environmental *** CSI ESG scores reduce corporate debt financing costs by enhancing debt repayment capacity and reducing information *** consequence analysis confirms that lower financing costs,driven by improved ESG performance,significantly enhance total factor productivity and firm *** ESG scores also significantly impact bank loans but not corporate bond financing.

关键词： CSI ESG performance Debt financing costs Sustainable development Chinese capital market

Innovation,financial permeation,and income inequality:From a dynamicperspective in China

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Journal of Management Science and Engineering 2024年第2期9卷 220-238页

作者： Xianming Sun Shiyi Xiao Ganlin Wang Xiaohang Ren School of finance Zhongnan University of Economics and LawWuhan430073China Innovation and Talent Base for Digital Technology and finance Wuhan430073China School of Business Central South UniversityChangsha410083China

Innovation is a driving force of wealth *** explore its time-varying effect on income inequality,we propose a nonparametric model using the local linear dummy variable estimation(LLDVE)*** on province-level panel data from China spanning from 2006 to 2020,we find that innovation initially reduces income disparity until 2009,then exacerbates it from 2013 to 2016,and alleviates inequality again over *** further verify that financial permeation serves as a catalyst in the inequitable income distribution driven by ***,this moderating effect reverses the relationship between green innovation and income *** suggests that we should enhance the financial service towards all aspects of innovation beyond its support of green innovation.

关键词： Income inequality Innovation Financial permeation Time-varying relationship Local linear dummy variable estimation(LLDVE)

A Degradation Type Adaptive and Deep CNN-Based Image Classification Model for Degraded Images

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工程与科学中的计算机建模(英文) 2024年第1期138卷 459-472页

作者： Huanhua Liu Wei Wang Hanyu Liu Shuheng Yi Yonghao Yu Xunwen Yao School of Information Technology and Management Hunan University of Finance and EconomicsChangsha410205China

Deep Convolutional Neural Networks(CNNs)have achieved high accuracy in image classification tasks,however,most existing models are trained on high-quality images that are not subject to image *** practice,images are often affected by various types of degradation which can significantly impact the performance of *** this work,we investigate the influence of image degradation on three typical image classification CNNs and propose a Degradation Type Adaptive Image Classification Model(DTA-ICM)to improve the existing CNNs’classification accuracy on degraded *** proposed DTA-ICM comprises two key components:a Degradation Type Predictor(DTP)and a Degradation Type Specified Image Classifier(DTS-IC)set,which is trained on existing CNNs for specified types of *** DTP predicts the degradation type of a test image,and the corresponding DTS-IC is then selected to classify the *** evaluate the performance of both the proposed DTP and the DTA-ICMon the Caltech 101 *** experimental results demonstrate that the proposed DTP achieves an average accuracy of 99.70%.Moreover,the proposed DTA-ICM,based on AlexNet,VGG19,and ResNet152,exhibits an average accuracy improvement of 20.63%,18.22%,and 12.9%,respectively,compared with the original CNNs in classifying degraded *** suggests that the proposed DTA-ICM can effectively improve the classification performance of existing CNNs on degraded images,which has important practical implications.

关键词： Image recognition image degradation machine learning deep convolutional neural network

Asymptotic Inference in the Random Coefficient Autoregressive Model with Time-functional Variance Noises

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Acta Mathematicae Applicatae Sinica 2024年第2期40卷 320-346页

作者： En-wen ZHU Zi-wei DENG Han-jun ZHANG Jun CAO Xiao-hui LIU Department of Mathematics and Statistics Changsha University of Science and TechnologyChangsha 410114China School of Mathematics and Computational Science Xiangtan UniversityXiangtan 411105China School of Statistics and Data Science and Key Laboratory of Data Science in Finance and EconomicsJiangxi University of Finance and EconomicsNanchang 330013China

This paper considers the random coefficient autoregressive model with time-functional variance noises,hereafter the RCA-TFV *** first establish the consistency and asymptotic normality of the conditional least squares estimator for the constant *** semiparametric least squares estimator for the variance of the random coefficient and the nonparametric estimator for the variance function are constructed,and their asymptotic results are reported.A simulation study is presented along with an analysis of real data to assess the performance of our method in finite samples.

关键词： random coefficient autoregressive model time-functional variance conditional least squares semiparametric least squares

Does big data tax administration expand bank credit loans?

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China Journal of Accounting Research 2024年第3期17卷 72-88页

作者： Xinwu Li Zixi Ling Zhe Li Liyi Zhu School of Accountancy Central University of finance and Economics Beijing 100081 China

The application of big data technology to global tax management is becoming increasingly *** has been implementing increasingly mature technologies for tax governance using big data systems in recent *** collecting data through web scraping on the earliest implementation times of big data tax administration in various provinces of China,we explore the relationship between big data tax administration and corporate bank credit in emerging *** results show that big data tax administration enhances firms’ability to obtain bank *** tests indicate that big data tax administration improves the quality of corporate information disclosure,facilitating access to bank credit *** find that big data tax administration improves the corporate financing environment,enhancing the efficiency of resource allocation in the credit market.

关键词： Tax Administration with Data Bank Credit Information Quality

Economic Growth Expectation Targets,Elastic Constraints,and High-Quality Economic Development

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Frontiers of Economics in China-Selected Publications from Chinese Universities 2024年第1期19卷 59-90页

作者： QIU Dongyang BAI Yuming School of Economics and finance Chongqing University of TechnologyChongqing 400054China

Based on the panel data of 30 provinces(autonomous regions,municipalities)in China from 2006 to 2019,the empirical study finds that the target values of economic growth expectation can promote high-quality economic development,and there is an inverted U-shaped relationship between elastic target constraints and high-quality economic *** elastic constraints can reduce the investment rate and improve the total factor productivity(TFP),which promotes high-quality economic development,but its mediating effect accounts for a small *** the improvement of the marketization degree,the inhibiting effect of elastic constraints on high-quality economic development *** analysis of the heterogeneity between the new or old normal and the levels of economic development shows that in the future,developed regions should set high target values and low elastic constraints,and underdeveloped regions should set high elastic constraints on the target values of economic growth expectation.

关键词： economic growth expectation targets elastic constraints high-quality economic development

Media coverage and price reactions to earnings news

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China Journal of Accounting Research 2024年第3期17卷 1-24页

作者： Miao Yu Hangsoo Kyung Albert Tsang School of Accountancy Shandong University of Finance and EconomicsChina School of Accounting and finance Hong Kong Polytechnic UniversityChina SUSTech Business School Southern University of Science and TechnologyChina

In this study,we find that relative to firms with less media coverage,stock price sensitivity to positive(negative)earnings surprises in earnings announcements of firms with greater media coverage is stronger(weaker).This asymmetry in the effect of media coverage on stock price sensitivity to positive versus negative earnings surprises suggests that greater media coverage of earnings announcements intensifies stock price reactions to positive earnings surprises but attenuates reactions to negative earnings ***,we find that negative earnings news is less persistent for firms with greater media ***,our findings support the conjecture that greater media coverage increases managers’incentive to avoid future negative news,thereby reducing the persistence of poor financial performance and weakening price reactions to negative earnings news.

关键词： Earnings announcement Asymmetric stock market reactions Media coverage Earnings persistence

Overseas operations and corporate financial asset allocation

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China Journal of Accounting Research 2024年第4期17卷 24-53页

作者： Shangkun Liang Yuhao Niu Sichao Wang Chun Yuan Central University of finance and Economics China Beijing Foreign Studies University China

Using data on Chinese listed companies for 2008-2018,we find that firms participating in overseas operations,proxied by overseas subsidiaries,generally have higher financial asset allocations than other *** the micro level,the effects are more pronounced when the parent company faces serious financing constraints,has no overseas returned executives,has a business that is inconsistent with that of its overseas subsidiaries and has overseas subsidiaries that experience *** the macro level,the effects are more pronounced when overseas operations are in OECD and Belt and Road countries,or in areas with higher economic or political risks and greater investment opportu*** asset allocation helps mitigate cash flow fluctuations and operational risks for multinational *** study advances research on the determinants of financial asset allocation and has implications relevant to the Chinese government’s“Go Global”and Belt and Road strategies and its efforts to realize a developed financial sector to service the Chinese economy.

关键词： Overseas Operations Financial Asset Allocation Overseas Subsidiaries Physical Investment Risk Aversion

How does digital transformation affect corporate accounting employees?

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China Journal of Accounting Research 2024年第4期17卷 143-164页

作者： Yunsen Chen Chen Lu Zhe Li School of Accountancy Central University of finance and Economics Beijing100081 China

The rapid pace of digitalization has given rise to concerns about its influence on job *** findings reveal a substitution effect on accounting *** effect is more evident in private firms,firms with higher levels of digital transformation in their accounting departments,firms in the information technology industry,firms with overconfident managers and firms with a higher-level network *** also has a positive effect on technically skilled and highly educated employees,leading to a decline in the proportion of entry-level *** also document that digitalization contributes to more efficient labor *** study therefore offers insights into how digital transformation can change the labor market for accounting employees.

关键词： Digital Transformation Accounting Employees Substitution Effect