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Does strengthening large shareholders'cash flow rights reduce their expropriation motivation?Evidence from China's dividend tax reforms

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China Journal of Accounting Research 2021年第4期14卷 7-24页

作者： Hang Liu School of Accountancy Dongbei University of Finance and EconomicsChina

According to classic corporate governance theory,strengthening large shareholders’cash flow rights without changing their control rights should reduce expropriation incentives by better aligning their interests with those of minority shareholders.However,due to the weaker investor protections and low dividend payouts of listed firms in China,large shareholders typically extract private benefits instead of seeking shared benefits through dividends.They therefore care more about control rights than cash flow rights.An empirical study using the exogenous changes of two rounds of dividend tax reductions reveals that strengthening the largest shareholders’cash flow rights leaves their expropriation activities unchanged and firm value does not increase.However,when other shareholders supervise the largest shareholder,expropriation activities ease significantly.

关键词： Corporate governance Dividend tax Expropriation Firm value Large shareholders

The impact of accounting standards convergence on Chinese firms’ overseas mergers and acquisitions

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China Journal of Accounting Research 2019年第3期12卷 231-250页

作者： Shuwei Sun Hailong Zhao Xianjie He Ying Zhang School of Accountancy Shanghai University of International Business and EconomicsChina School of Accountancy Southwestern University of Finance and Economics School of Accountancy Shanghai University of Finance and EconomicsChina Shanghai Chongyang Investment Co. LtdChina

This paper investigates how accounting standards(AS) convergence influences Chinese firms’ overseas mergers and acquisitions(M&As) and shows that this convergence significantly promotes Chinese firms’ overseas M&As.Specifically, we find that both the probability of success and the value of transactions increases significantly in countries that implemented International Financial Reporting Standards(IFRS) prior to 2007.These results suggest that accounting standards(AS) convergence can improve the comparability of accounting information between China and other countries that have adopted IFRS.Moreover, we find that the impact of accounting standards(AS) convergence on state-owned enterprise(SOE) acquirers is weak.These findings demonstrate that accounting standards(AS) convergence can facilitate Chinese firms’ overseas M&As by improving the comparability of accounting information between China and target countries.

关键词： Accounting standards convergence Overseas mergers and acquisitions Comparability of accounting information

How audit effort affects audit quality: An audit process and audit output perspective

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China Journal of Accounting Research 2020年第1期13卷 109-127页

作者： Tusheng Xiao Chunxiao Geng Chun Yuan School of Accountancy Central University of Finance and EconomicsChina

Using a unique dataset of audit days in China from 2006 to 2011,this paper examines the relationship between audit effort and audit quality from the perspective of audit process and audit output.The results show that audit effort significantly increases the probability of audit adjustments,which inhibits positive earnings management and improves the quality of audited financial statements.We also find that audit effort does not have a significant effect on the issuance of modified audit opinions overall,but that a modified audit opinion is more likely to be issued in the absence of an audit adjustment.Furthermore,we find that the impact of audit effort on audit quality is attenuated when clients are more complex and when audit firms are larger.Collectively,our evidence suggests that audit effort plays an important role in improving audit quality by influencing audit process and audit output.Our study extends the literature on the impact of audit effort on audit quality in emerging markets,and the conclusions have important implications for the improvement of China’s audit market efficiency.

关键词： Audit effort Audit adjustment Audit opinion Audit quality

Officials'Foreign Experience and Firms'Exports:Evidence from China

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China & World Economy 2023年第3期31卷 173-204页

作者： Yekun Xu Guangyuan Ma Lijuan Cui Business school Liaoning UniversityChina School of Accountancy Shanghai University of Finance and EconomicsChina school of Economics Zhejiang UniversityChina.

This study examines how the foreign experience of local oficials affects firms'exports in China.Using a matched sample from 2000 to 2012,we found that the foreign experience of municipal Party secretaries had a significant impact on the promotion of firms'exports,especially for private firms.This positive impact was more pronounced when officials went abroad at a younger age,stayed abroad for a longer period,returned to China for a longer time,and had greater promotion incentives.We found that officials'foreign experience helped to mitigate the negative impact of institutional distance and provided firms with better access to export subsidies,both of which could promote exporting.There was also a complementary effect when officials and executives both had foreign experience.Overall,our study provides some insights into the economic outcomes of officials'foreign experience and sheds light on the export performance of Chinese firms.

关键词： firm exports foreign experience institutional distance learning effect local officials

Management earnings forecasts and analyst forecasts:Evidence from mandatory disclosure system

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China Journal of Accounting Research 2015年第2期8卷 133-146页

作者： Yutao Wang Yunsen Chen Juxian Wang School of Accountancy Central University of Finance and Economics

Distinct from the literature on the effects that management earnings forecasts(MEFs) properties, such as point, range and qualitative estimations, have on analyst forecasts, this study explores the effects of selective disclosure of MEFs.Under China's mandatory disclosure system, this study proposes that managers issue frequent forecasts to take advantage of opportune changes in predicted earnings. The argument herein is that this selective disclosure of MEFs increases information asymmetry and uncertainty, negatively influencing analyst earnings forecasts. Empirical evidence shows that firms that issue more frequent forecasts and make significant changes in MEFs are less likely to attract an analyst following, which can lead to less accurate analyst forecasts. The results imply that the selective disclosure of MEFs damages information transmission and market efficiency, which can enlighten regulators seeking to further enhance disclosure policies.

关键词： Management earnings forecasts Selective disclosure

How does smog affect firms' investment behavior? A natural experiment based on a sudden surge in the PM2.5 index

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China Journal of Accounting Research 2017年第4期10卷 359-378页

作者： Jingbo Luo School of Accountancy Jiangxi University of Finance and EconomicsChina

This study examines the effect of environmental regulations on the investment behavior of high-polluting enterprises.Our data are from A-share listed ?rms in China from 2006 to 2014.We use a sudden surge in the PM2.5 index as an exogenous event to conduct a natural experiment.We?nd that after the event with a series of regulatory policies introduced,investment expenditure declines signi?cantly in local state-owned enterprises(SOEs)and non-state-owned enterprises(non-SOEs),whereas investment opportunity declines signi?cantly in non-SOEs compared with SOEs.However,there are no signi?cant changes in central SOEs’investment expenditure and investment opportunity.Further analysis shows that investment expenditure and investment opportunity decline for high-polluting enterprises located in East China but increase for those located in West China.Our study is the?rst to investigate the effect of smog on enterprises’investment behavior.Our?ndings reveal that environmental regulation has in?uence on the investment behavior of enterprises with different property rights and regional differences.

关键词： Smog Investment expenditure Investment opportunity sensitivity Environment supervision Property right

The effect of non-recurring items on analysts' earnings forecasts

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China Journal of Accounting Research 2018年第1期11卷 21-31页

作者： Nan Li Hongtong Su Wanqing Dong Kai Zhu School of Accountancy Shanghai University of Finance Business and Economics School of Accountancy Shanghai University of Finance and Economics China Securities Regulatory Commission Shanghai Commissioner's Office

This article discusses the effects of non-recurring profits and losses on statement users' decision-making processes from the perspective of securities analysts. We examine the relationship between analysts' forecast revisions and firms' non-recurring earnings. We find that 1) non-recurring gains and losses can influence analysts' earnings forecast revision; 2) compared with nonrecurring items resulting from policy changes, analysts are more concerned about those attributed to changes in business scope; 3) if listed companies use non-recurring items to turn losses into gains during earnings management,it will weaken the effects of non-recurring items on analysts' earnings forecast revision. The results suggest that non-recurring items that result from changes in business scope incorporate information that users need for the future operation of the business. This article verifies the information relevance of nonrecurring items and provides evidence for the necessity of non-recurring item disclosure.

关键词： Non-recurring items Earnings forecasts Revisions

Does independent directors' monitoring affect reputation? Evidence from the stock and labor markets

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China Journal of Accounting Research 2018年第2期11卷 91-127页

作者： Jun Du Qingchuan Hou Xuesong Tang Yiwei Yao school of Accounting and Finance The Hong Kong Polytechnic University School of Accountancy Shanghai University of Finance & Economics school of Accounting Southwestern University of Finance and Economics Department of accountancy Hang Seng Management College

Using novel data on independent directors' opinions in China, we investigate the stock and labor market effects prompted by independent directors publicly saying ‘‘no" to major board decisions. We find that the market reacts negatively to modified director opinions, but positively to firms interlocked with the directors who said ‘‘no." We further find substantial turnover and decline in board seats after independent directors issue modified opinions. Overall, we identify a dilemma in China whereby the labor market does not reward vigilant directors for standing up to firm insiders, although investors add a premium to effective board monitoring.

关键词： Does independent directors Evidence from the stock and labor markets

Mandatory IFRS adoption and management forecasts: The impact of enforcement changes

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China Journal of Accounting Research 2019年第1期12卷 33-61页

作者： Zhaoyang Gu Jeff Ng Albert Tsang School of Accountancy CUHK Business SchoolThe Chinese University of Hong Kong Schulich school of Business York University

We examine how concurrent enforcement changes affect the positive relationship between mandatory IFRS adoption and firms’ voluntary disclosure. We show that the increase in the issuance of management forecasts after IFRS adoption is smaller for firms from IFRS-mandating countries with concurrent enforcement changes than for those from countries without such changes. We find no difference in the increase of forecast informativeness between firms from IFRS-mandating countries without concurrent enforcement changes and firms from non-IFRS-mandating countries; however, firms domiciled in IFRS-mandating countries with concurrent enforcement changes exhibit a significantly smaller increase in forecast informativeness. Our findings suggest that better IFRS enforcement distinctly weakens (strengthens) the positive effect of IFRS adoption on voluntary (mandatory) disclosure.

关键词： Management forecasts Voluntary disclosure Mandatory IFRS adoption Changes in enforcement Information environment