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Coping strategy of independent directors for job-fulfillment risk under different ownership types and enforced legal environments 不同所有权类型和强制法律环境下独立董事的履职风险应对策略
IF 1.9 Q2 BUSINESS, FINANCE
China Journal of Accounting Research
Pub Date : 2024-10-10 DOI: 10.1016/j.cjar.2024.100392
Yu Xin , Ying Xin , Xinyi Huang , Liping Xu
Ownership type, legal system evolution and their interaction significantly affect the incentives and behaviors of independent directors. We use the 2019 Securities Law revision as an exogenous shock to examine how state-owned enterprises (SOEs) versus non-SOEs and their independent directors respond to variations in regulatory compliance risk. Following the revision, SOEs are more likely to purchase directors’ and officers’ liability insurance to provide job security for independent directors. Non-SOEs are more likely to compensate for independent directors’ fulfillment risk by increasing salaries and their independent directors are more likely to resign to avoid litigation risk. The coping strategies for SOEs, non-SOEs and independent directors are dynamic under different compliance risk stages and are affected by firm-level and director-level characteristics.
所有制类型、法律制度演变及其相互作用会显著影响独立董事的激励和行为。我们利用 2019 年《证券法》修订作为外生冲击，考察国有企业（SOE）与非国有企业（Non-SOE）及其独立董事如何应对监管合规风险的变化。修订后，国有企业更有可能购买董事和高管责任保险，为独立董事提供工作保障。非国有企业更倾向于通过提高薪酬来补偿独立董事的履职风险，而其独立董事则更倾向于辞职以规避诉讼风险。在不同的合规风险阶段，国有企业、非国有企业和独立董事的应对策略是动态的，并受到企业层面和董事层面特征的影响。
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引用次数: 0
How does digital transformation affect corporate accounting employees? 数字化转型如何影响企业会计员工？
IF 1.9 Q2 BUSINESS, FINANCE
China Journal of Accounting Research
Pub Date : 2024-09-28 DOI: 10.1016/j.cjar.2024.100391
Yunsen Chen, Chen Lu, Zhe Li
The rapid pace of digitalization has given rise to concerns about its influence on job roles. Our findings reveal a substitution effect on accounting employees. This 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 infrastructure. Digitalization also has a positive effect on technically skilled and highly educated employees, leading to a decline in the proportion of entry-level employees. We also document that digitalization contributes to more efficient labor investment. Our study therefore offers insights into how digital transformation can change the labor market for accounting employees.
数字化的迅猛发展引发了人们对其对工作角色影响的担忧。我们的研究结果表明，数字化对会计员工产生了替代效应。这种效应在私营企业、会计部门数字化转型水平较高的企业、信息技术行业的企业、管理者过于自信的企业以及网络基础设施水平较高的企业中更为明显。数字化还对技术熟练和受过高等教育的员工产生了积极影响，导致入门级员工比例下降。我们还发现，数字化有助于提高劳动力投资的效率。因此，我们的研究为数字化转型如何改变会计从业人员的劳动力市场提供了启示。
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引用次数: 0
ESG performance and cost of debt 环境、社会和公司治理绩效与债务成本
IF 1.9 Q2 BUSINESS, FINANCE
China Journal of Accounting Research
Pub Date : 2024-09-21 DOI: 10.1016/j.cjar.2024.100390
Yongdong Shi , Shijie Zheng , Pengsong Xiao , Hongxian Zhen , Tong Wu
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 costs. Our findings indicate that better CSI ESG scores are correlated with lower debt financing costs. Additionally, improvements in local environmental execution enhance the effect of CSI ESG scores on debt financing costs. However, this effect diminishes with increased internal control quality and marketization. Governance has the greatest impact on reducing debt financing costs, followed by social and environmental factors. Superior CSI ESG scores reduce corporate debt financing costs by enhancing debt repayment capacity and reducing information asymmetry. Economic consequence analysis confirms that lower financing costs, driven by improved ESG performance, significantly enhance total factor productivity and firm value. CSI ESG scores also significantly impact bank loans but not corporate bond financing.
我们分析了中证指数有限公司（CSI）的环境、社会和治理（ESG）评分数据。(中证指数有限公司（CSI）的环境、社会和治理（ESG）评分数据，评估 ESG 表现对企业债务融资成本的影响。我们的研究结果表明，CSI 环境、社会和治理得分越高，债务融资成本越低。此外，地方环境执行力的提高也会增强 CSI ESG 分数对债务融资成本的影响。然而，随着内部控制质量和市场化程度的提高，这种影响会逐渐减弱。治理对降低债务融资成本的影响最大，其次是社会和环境因素。CSI ESG 分数越高，债务偿还能力越强，信息不对称程度越低，从而降低企业债务融资成本。经济后果分析证实，ESG 表现的改善会降低融资成本，从而显著提高全要素生产率和企业价值。CSI ESG 分数对银行贷款也有显著影响，但对公司债券融资没有影响。
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引用次数: 0
Personal data security and stock crash risk: Evidence from China’s Cybersecurity Law 个人数据安全与股灾风险：来自中国《网络安全法》的证据
IF 1.9 Q2 BUSINESS, FINANCE
China Journal of Accounting Research
Pub Date : 2024-09-18 DOI: 10.1016/j.cjar.2024.100393
Ziwei Song
Using China’s Cybersecurity Law (CSL) as an exogenous shock, I examine how personal data security affects stock crash risk. I find that the stock crash risk of treatment firms (which collect personal data) significantly decreases after the CSL, and such decrease is larger when firms face greater personal data breach risk and have less transparent information environments before the CSL. Furthermore, treatment firms increase their investment in personal data protection after the CSL. Finally, enhanced personal data security increases firm value and promotes firms’ social responsibility to stakeholders. Overall, I provide evidence of the importance of data security for the digital economy from the perspective of capital market stability, which may present implications for data security policy worldwide.
我以中国的《网络安全法》（CSL）作为外生冲击，研究了个人数据安全如何影响股灾风险。我发现，在 CSL 实施后，处理企业（收集个人数据的企业）的股价暴跌风险明显下降，而且当企业在 CSL 实施前面临更大的个人数据泄露风险且信息环境透明度较低时，这种下降幅度更大。此外，实施 CSL 后，受影响企业会增加对个人数据保护的投资。最后，加强个人数据安全可提高企业价值，促进企业对利益相关者承担社会责任。总之，我从资本市场稳定性的角度提供了数据安全对数字经济重要性的证据，这可能会对全球的数据安全政策产生影响。
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引用次数: 0
Economic policy uncertainty and firms’ investments in venture capital funds: Evidence from China 经济政策的不确定性与企业对风险投资基金的投资：来自中国的证据
IF 1.9 Q2 BUSINESS, FINANCE
China Journal of Accounting Research
Pub Date : 2024-09-16 DOI: 10.1016/j.cjar.2024.100389
Liangyong Wan , Xin Sui , Jing Rao , Lai Deng
The latest business practice in the Chinese venture capital (VC) market involves the active participation of non-financial firms, as limited partners, in VC funds. Exploiting a unique hand-collected dataset from China, we find that economic policy uncertainty is positively related to the propensity of firms to participate in VC funds. Cross-sectional tests show that the positive effect of policy uncertainty on the likelihood of participating in VC funds is enhanced by industrial growth opportunities. Furthermore, economic consequence tests show that participating in VC funds is conducive to improving investment efficiency, increasing innovation performance and promoting product diversification. This study advances our understanding of firms’ investment decisions and the VC industry development amid economic policy uncertainty.
中国风险投资（VC）市场的最新商业实践是，非金融企业作为有限合伙人积极参与风险投资基金。利用手工收集的中国独特数据集，我们发现经济政策的不确定性与企业参与风险投资基金的倾向正相关。横截面检验表明，产业增长机会增强了政策不确定性对参与风险投资基金可能性的积极影响。此外，经济后果检验表明，参与风险投资基金有利于提高投资效率、增加创新绩效和促进产品多样化。本研究加深了我们对经济政策不确定性下企业投资决策和风险投资行业发展的理解。
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引用次数: 0
Industrial internet technology, resource reallocation and corporate risk-taking capacity: Evidence from the strategic management perspective 工业互联网技术、资源重新分配和企业风险承担能力：来自战略管理视角的证据
IF 1.9 Q2 BUSINESS, FINANCE
China Journal of Accounting Research
Pub Date : 2024-08-17 DOI: 10.1016/j.cjar.2024.100387
Lili Hui , Huobao Xie
By employing machine learning techniques and the Word2Vec model, we quantify the micro-level implementation of Industrial Internet technology in Chinese manufacturing firms from 2010 to 2022. This provides empirical evidence for understanding how the Industrial Internet technology enhances corporate risk-taking capability. Our study shows that adopting this technology increases risk-taking capacity, mainly through resource reallocation. The information layer empowers improvements in organizational structure, the platform layer optimizes labor resources, and the edge/software layers facilitate the integration of supply chain resources. The effect is more pronounced in firms that are technology- and labor-intensive, particularly in environments of high economic policy uncertainty. In conclusion, the Industrial Internet boosts total factor productivity by fostering increased risk-taking.
通过采用机器学习技术和 Word2Vec 模型，我们量化了 2010 年至 2022 年中国制造业企业在微观层面实施工业互联网技术的情况。这为理解工业互联网技术如何增强企业风险承担能力提供了实证证据。我们的研究表明，采用该技术主要通过资源重新配置提高了企业的风险承担能力。信息层促进了组织结构的改善，平台层优化了劳动力资源，边缘/软件层促进了供应链资源的整合。这种效应在技术和劳动密集型企业中更为明显，尤其是在经济政策不确定性较高的环境中。总之，工业互联网通过促进风险承担的增加来提高全要素生产率。
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引用次数: 0
Voluntary resignation of independent directors and auditor responses: Empirical evidence from Chinese A-share listed firms 独立董事的自愿辞职与审计师的回应：来自中国 A 股上市公司的经验证据
IF 1.9 Q2 BUSINESS, FINANCE
China Journal of Accounting Research
Pub Date : 2024-08-14 DOI: 10.1016/j.cjar.2024.100386
Dongling Li , Yuhong Li , Fei Guo
We examine auditor responses to the voluntary resignation of independent directors. We show that auditors respond by increasing audit fees or rescinding engagement with their clients, but not by increasing their audit effort. Mechanism tests reveal that independent directors’ voluntary resignation leads to increased regulatory sanctions and negative media coverage, these relationships are more pronounced after the New Securities Law. Auditor response strategies follow an order of priority: at an acceptable level of perceived risk, auditors increase audit fees; when perceived risk exceeds this level, auditors will discontinue the client relationship. Auditors associate greater risk with firms that have (vs. have not) experienced consecutive voluntary resignations by independent directors. Mandatory resignation has no such effect.
我们研究了审计师对独立董事自愿辞职的反应。我们发现，审计师会通过增加审计费用或解除与客户的合作关系来应对，但不会通过增加审计工作来应对。机制测试表明，独立董事的自愿辞职会导致监管制裁和媒体负面报道的增加，这些关系在新《证券法》颁布后更为明显。审计师的应对策略遵循优先顺序：在可接受的感知风险水平上，审计师会增加审计费用；当感知风险超过这一水平时，审计师会中断客户关系。审计师认为，有过（与没有）独立董事连续自愿辞职经历的公司风险更大。强制辞职则没有这种影响。
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引用次数: 0
Overseas operations and corporate financial asset allocation 海外业务和企业金融资产配置
IF 1.9 Q2 BUSINESS, FINANCE
China Journal of Accounting Research
Pub Date : 2024-08-12 DOI: 10.1016/j.cjar.2024.100388
Shangkun Liang , Yuhao Niu , Sichao Wang , Chun Yuan
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 firms. At 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 losses. At 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 opportunities. Financial asset allocation helps mitigate cash flow fluctuations and operational risks for multinational firms. This 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.
利用2008-2018年中国上市公司数据，我们发现参与海外经营的企业（以海外子公司为代表）的金融资产配置普遍高于其他企业。从微观层面来看，当母公司面临严重的融资约束、没有海外归国高管、业务与海外子公司不一致以及海外子公司出现亏损时，这种效应会更加明显。从宏观层面来看，如果海外业务位于经合组织国家和 "一带一路 "国家，或者位于经济或政治风险较高、投资机会较多的地区，则影响更为明显。金融资产配置有助于缓解跨国公司的现金流波动和运营风险。本研究推动了对金融资产配置决定因素的研究，并对中国政府的 "走出去 "和 "一带一路 "战略以及努力实现发达金融业服务中国经济具有重要意义。
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引用次数: 0
Media coverage and price reactions to earnings news 盈利新闻的媒体报道和价格反应
IF 1.9 Q2 BUSINESS, FINANCE
China Journal of Accounting Research
Pub Date : 2024-07-18 DOI: 10.1016/j.cjar.2024.100379
Miao Yu , Hangsoo Kyung , Albert Tsang

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 surprises. Moreover, we find that negative earnings news is less persistent for firms with greater media coverage. Overall, 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.

在本研究中，我们发现相对于媒体报道较少的公司，媒体报道较多的公司的盈利公告中的正面（负面）盈利意外对股价的敏感性更强（更弱）。媒体报道对股价对正面与负面盈利意外敏感性影响的这种不对称性表明，盈利公告的媒体报道越多，股价对正面盈利意外的反应就越强烈，但对负面盈利意外的反应就会减弱。此外，我们还发现，对于媒体报道较多的公司而言，负面盈利新闻的持续性较低。总体而言，我们的研究结果支持这样的猜想，即更大的媒体报道会增加管理者避免未来负面新闻的动机，从而降低财务业绩不佳的持续性，削弱股价对负面盈利新闻的反应。
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引用次数: 0
The impact of big data tax administration on corporate ESG—A quasi-natural experiment based on Golden Tax Project III 大数据税收管理对企业 ESG 的影响--基于金税工程 III 的准自然实验
IF 1.9 Q2 BUSINESS, FINANCE
China Journal of Accounting Research
Pub Date : 2024-07-16 DOI: 10.1016/j.cjar.2024.100378
Jingbo Luo, Jiayi Xu

Environmental, social and governance (ESG) practices are pivotal to global sustainability yet face challenges. Based on the implementation of Golden Tax Project III, we find that big data tax administration decreases corporate ESG performance. Mechanism tests indicate that Golden Tax Project III can reduce tax avoidance, cash flow and green innovation, thereby inhibiting ESG through the “taxation effect.” Conversely, the project can reduce agency costs and improve information transparency, thus promoting ESG performance through the “governance effect.” Overall, however, the project inhibits corporate ESG performance. According to further analysis, the negative effect on ESG performance mainly impacts the environmental responsibility (E) element. This paper provides insights relevant to advancing China’s “dual carbon” policy and formulating a “Chinese approach” to global sustainable development.

环境、社会和治理（ESG）实践对全球可持续发展至关重要，但也面临挑战。基于金税三期工程的实施，我们发现大数据税收征管会降低企业的环境、社会和治理绩效。机制测试表明，金税三期工程可以减少避税、现金流和绿色创新，从而通过 "税收效应 "抑制 ESG。相反，该项目可以降低代理成本，提高信息透明度，从而通过 "治理效应 "促进企业的环境、社会和治理绩效。但总体而言，该项目抑制了企业的环境、社会和治理绩效。根据进一步分析，对企业环境、社会和治理绩效的负面影响主要体现在环境责任（E）要素上。本文为推进中国的 "双碳 "政策和制定全球可持续发展的 "中国方案 "提供了启示。
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