China Journal of Accounting Research最新文献

英文中文

How does the U.S. Entity List affect the narrative information disclosure strategies of Chinese firms? 美国实体清单如何影响中国企业的叙述性信息披露策略？

IF 4 Q2 BUSINESS, FINANCE

China Journal of Accounting Research

Pub Date : 2026-09-01 Epub Date: 2026-03-10 DOI: 10.1016/j.cjar.2026.100477

Jiaxin Lin , Yan Zhao

Against the backdrop of volatile global trade and the expanding U.S. Entity List targeting Chinese enterprises, this study examines how firms adjust their narrative disclosures in response to external trade policy risks, specifically, the strategic choice between opacity and explicitness. Using data from A-share listed companies on the Shanghai and Shenzhen stock exchanges from 2011 to 2024, we find that firms added to the U.S. Entity List exhibit significantly higher textual ambiguity in their narrative disclosures than non-sanctioned firms. This effect is primarily driven by firms’ strategic choice to adopt an obscure disclosure stance. Mechanism analyses reveal that inclusion on the U.S. Entity List triggers negative discussions on Guba and increases negative coverage by the financial media, thereby heightening the firms’ perceived supply chain risks. In turn, this perception drives firms to incorporate more positive forward-looking statements in their Management Discussion and Analysis. Heterogeneity tests indicate that the increase in textual ambiguity is more pronounced among firms facing higher managerial performance pressure, with inferior market positions, greater international exposure or weaker institutional investor oversight. Further analysis of the economic consequences shows that elevated textual ambiguity significantly increases both analyst forecast dispersion and stock price crash risk, thereby impairing the informativeness of the capital market and financial market stability. This study contributes to the literature on the economic consequences of the U.S. Entity List from an information disclosure perspective, elucidates how external risks can lead to corporate textual manipulation and provides valuable empirical insights for improving disclosure regulation within a complex international trade environment.

在全球贸易动荡和美国针对中国企业的实体清单不断扩大的背景下，本研究探讨了企业如何调整其叙事披露以应对外部贸易政策风险，特别是在不透明和明确之间的战略选择。利用2011年至2024年上海和深圳证券交易所a股上市公司的数据，我们发现被列入美国实体名单的公司比未被制裁的公司在其叙事披露中表现出更高的文本模糊性。这种效应主要是由公司采取隐晦披露立场的战略选择所驱动的。机制分析表明，被列入美国实体清单引发了对古巴的负面讨论，增加了金融媒体的负面报道，从而加剧了企业的供应链风险感知。反过来，这种看法促使公司在其管理讨论和分析中纳入更积极的前瞻性陈述。异质性检验表明，在面临较高管理绩效压力、市场地位较低、国际敞口较大或机构投资者监督较弱的公司中，文本模糊性的增加更为明显。对经济后果的进一步分析表明，文本模糊性的提高显著增加了分析师预测的分散性和股价崩溃的风险，从而损害了资本市场的信息量和金融市场的稳定性。本研究从信息披露的角度对美国实体清单的经济后果进行了文献梳理，阐明了外部风险如何导致企业文本操纵，并为在复杂的国际贸易环境下完善披露监管提供了宝贵的实证见解。

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引用次数: 0

Can digital innovation be a new driver of corporate sustainability? 数字化创新能否成为企业可持续发展的新动力？

IF 4 Q2 BUSINESS, FINANCE

China Journal of Accounting Research

Pub Date : 2026-06-01 Epub Date: 2026-01-12 DOI: 10.1016/j.cjar.2025.100466

Qingmei Tan, Yiheng Cui

Digital innovation enables firms to build competitive advantages and achieve sustainability. Based on data from Chinese A-share listed firms from 2014 to 2023, we explore the impact of digital innovation on corporate sustainability and the moderating effect of economic policy uncertainty. We find that digital innovation promotes corporate sustainability, with increasing economic policy uncertainty strengthening this effect. In mechanism tests, this effect occurs by improving management efficiency and mitigating managerial myopia. Heterogeneity analyses indicate that digital innovation has a greater positive effect on sustainability for firms with stronger green transformation capabilities and those facing greater marketization. Analysis of different digital innovation patents shows that utility model and invention patents contribute to corporate sustainability, unlike design patents. These findings highlight the effect of digital innovation on corporate sustainability and offer valuable insights for firms seeking to balance innovation, competitiveness and long-term sustainability.

数字化创新使企业能够建立竞争优势，实现可持续发展。本文基于2014 - 2023年中国a股上市公司数据，探讨了数字创新对企业可持续发展的影响以及经济政策不确定性的调节作用。研究发现，数字创新促进了企业可持续发展，经济政策不确定性的增加强化了这一效应。在机制测试中，这种效应是通过提高管理效率和缓解管理短视来实现的。异质性分析表明，对于绿色转型能力强的企业和市场化程度高的企业，数字创新对可持续发展的正向影响更大。对不同数字创新专利的分析表明，与外观设计专利不同，实用新型和发明专利对企业可持续发展的贡献更大。这些发现突出了数字创新对企业可持续性的影响，并为寻求平衡创新、竞争力和长期可持续性的公司提供了有价值的见解。

引用次数: 0

Corporate culture and supply chain resilience 企业文化与供应链弹性

IF 4 Q2 BUSINESS, FINANCE

China Journal of Accounting Research

Pub Date : 2026-06-01 Epub Date: 2026-02-13 DOI: 10.1016/j.cjar.2026.100469

Fan Feng , Zhiyu Luo , Jiaxu Peng

Traditional cultural institutions may substantially enhance resilience amid escalating economic uncertainty and geopolitical tensions that amplify vulnerabilities in corporate supply chains. We measure firm-level exposure to Confucian influence based on the number of nearby Confucian temples and find robust evidence that firms with greater exposure exhibit higher supply chain resilience. To address endogeneity concerns, we include granular fixed effects, control for additional variables and implement a propensity score matching procedure and an instrumental variable approach. Our results remain qualitatively unchanged. Exploiting two quasi-natural experiments, we further show that Confucian culture has a muted impact on firms located in regions with historical Manchu garrisons or areas exposed to the Taiping Rebellion. Through mechanism analysis, we reveal that Confucian influence is more pronounced among firms with weaker formal or external governance, slower adaptive evolution or a more opaque information environment. Lastly, heterogeneity tests show that the effect of Confucian culture is stronger on firms with a weaker environmental, social and governance orientation; lower exposure to exotic ideologies; more constrained trade credit financing; or a higher operating risk level. Overall, our study identifies corporate culture as a crucial determinant of resilience and underscores the value of harnessing traditional culture to mitigate operational risks and support long-run sustainability.

在不断升级的经济不确定性和地缘政治紧张局势加剧企业供应链脆弱性之际，传统文化制度可能会大大增强企业的抵御能力。我们根据附近孔庙的数量来衡量企业受儒家影响的程度，并发现有力的证据表明，受儒家影响越大的企业表现出更高的供应链弹性。为了解决内生性问题，我们包括颗粒固定效应，控制额外变量，并实施倾向评分匹配程序和工具变量方法。我们的结果在质量上保持不变。利用两个准自然实验，我们进一步表明，儒家文化对位于历史上满族驻军地区或太平天国叛乱地区的公司影响不大。通过机制分析，我们发现在正规或外部治理较弱、适应性进化较慢或信息环境较不透明的企业中，儒家思想的影响更为明显。最后，异质性检验表明，儒家文化对环境导向、社会导向和治理导向较弱的企业的影响更大；较少接触外来意识形态；贸易信贷融资更加受限；或者更高的经营风险等级。总体而言，我们的研究确定了企业文化是弹性的关键决定因素，并强调了利用传统文化来降低运营风险和支持长期可持续性的价值。

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引用次数: 0

IPO audit contingent fees and earnings reversal IPO审计或有费用与收益逆转

IF 4 Q2 BUSINESS, FINANCE

China Journal of Accounting Research

Pub Date : 2026-06-01 Epub Date: 2026-01-12 DOI: 10.1016/j.cjar.2025.100465

Du Yu, Ziwen Sun, Junwei Lu, Laifeng Yang

This study investigates how contingent fees in initial public offering (IPO) audits affect earnings reversals. Using a sample of Chinese firms with IPOs, we find that higher contingent fees are associated with a greater likelihood of post-IPO performance deterioration and worse firm outcomes. This effect is more pronounced among non-state-owned (vs. state-owned) firms and those facing weaker regulatory oversight, lower information quality and higher economic policy uncertainty. Further analysis shows that contingent fees significantly accelerate the IPO process, and that firms are likely to retain the same accounting firm that conducted their IPO audit after going public. We also observe that firms paying higher contingent fees experience worse long-term market performance following their listing. Overall, our results indicate that contingent fees in IPO audits undermine the independence of audits. This study not only contributes to the academic literature on contingent fees in the IPO context but also offers empirical support for regulatory efforts to enhance IPO audit pricing oversight.

本研究探讨首次公开发行（IPO）审计中的或有费用如何影响盈余反转。通过对中国ipo公司的样本分析，我们发现，较高的或有费用与ipo后业绩恶化的可能性和公司业绩恶化有关。这种效应在非国有（相对于国有）企业和那些面临较弱监管、较低信息质量和较高经济政策不确定性的企业中更为明显。进一步的分析表明，或有费用显著加快了IPO进程，而且公司在上市后可能会保留为其进行IPO审计的同一家会计师事务所。我们还观察到，支付较高或有费用的公司在上市后的长期市场表现更差。总体而言，我们的研究结果表明，IPO审计中的或有费用损害了审计的独立性。本研究不仅对IPO背景下或有费用的学术文献有所贡献，也为监管部门加强IPO审计定价监管提供了实证支持。

引用次数: 0

Putting firms in the spotlight: does the mismatch between words and actions or suspicions of greenwashing drive stock risk premiums? 将公司置于聚光灯下：是言行不一致还是对洗绿的怀疑推动了股票风险溢价？

IF 4 Q2 BUSINESS, FINANCE

China Journal of Accounting Research

Pub Date : 2026-06-01 Epub Date: 2026-01-13 DOI: 10.1016/j.cjar.2025.100464

Xiaoying Bai , Zhongqi Wu , Minggui Yu

Prior studies define corporate greenwashing as inconsistent and exaggerated environmental disclosures compared with actual practices. This study explores how the stock market identifies and penalizes greenwashing risks, focusing on mismatches between companies’ words and actions and suspicions of greenwashing. Using data from non-financial Chinese A-share firms that publish CSR reports (2008–2021), we test the stock risk premium effects of greenwashing. The results show that investors demand higher premiums due to greenwashing suspicions, while textual evidence of greenwashing amplifies negative reactions, but does not directly increase premiums. The mechanism analysis reveals that exposure to reputational risk, financial misallocation, and information frictions drive premium increases. Heterogeneity analysis indicates that external pollution shocks, internal financial regulations, and corporate strategies affect the amount of premiums. Moreover, firms mimic their peers’ disclosure formats to reduce their environmental information risks, which triggers a transmission of greenwashing and exacerbates systemic risks. Contrary to the view that heavily polluting firms are major greenwashers, low-polluting firms bear higher greenwashing risk premiums because investors already consider the environmental risks of heavily polluting firms. This study measures the likelihood of greenwashing by integrating its motives, expressions, and behaviors, thus offering policy insights for green finance and corporate environmental disclosure frameworks.

先前的研究将企业“漂绿”定义为与实际做法不一致和夸大的环境披露。本研究探讨了股票市场如何识别和惩罚“漂绿”风险，重点关注公司的言行不匹配和对“漂绿”的怀疑。本文利用发布企业社会责任报告的中国a股非金融公司（2008-2021年）的数据，检验了洗绿效应对股票风险溢价的影响。结果表明，投资者因怀疑“漂绿”而要求更高的保费，而“漂绿”的文本证据放大了负面反应，但没有直接增加保费。机制分析表明，声誉风险暴露、财务配置不当和信息摩擦驱动溢价上升。异质性分析表明，外部污染冲击、内部财务监管和企业战略影响保费金额。此外，企业模仿同行的披露格式来降低环境信息风险，这引发了“洗绿”的传播，加剧了系统性风险。与重污染企业是主要的洗绿者的观点相反，低污染企业承担更高的洗绿风险溢价，因为投资者已经考虑到了重污染企业的环境风险。本研究通过整合其动机、表达和行为来衡量洗绿的可能性，从而为绿色金融和企业环境披露框架提供政策见解。

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引用次数: 0

Merger and acquisition prediction based on deep learning with attention mechanism 基于注意机制的深度学习并购预测

IF 4 Q2 BUSINESS, FINANCE

China Journal of Accounting Research

Pub Date : 2026-03-01 Epub Date: 2026-01-05 DOI: 10.1016/j.cjar.2025.100459

Liangyong Wan, Yongjia Zheng, Xiaoying Xu, Rui Wang

This study proposes a novel attention-based deep neural network (AttDNN) model specifically designed for predicting mergers and acquisitions (M&A). The model extends existing deep learning frameworks by incorporating M&A-specific features, regularization layers, and an attention mechanism that emulates human cognitive processes to structure M&A drivers and improve predictive performance. Empirical results demonstrate that the AttDNN model significantly outperforms traditional algorithms in forecasting M&A outcomes, achieving a 29.2 % improvement in predictive accuracy over conventional deep learning methods. This study provides valuable insights at the intersection of artificial intelligence and financial economics, offering practical implications for financial strategy and corporate M&A decision-making.

本研究提出了一种新的基于注意力的深度神经网络（AttDNN）模型，专门用于预测并购（M& a）。该模型扩展了现有的深度学习框架，结合了M&；A特定的功能、正则化层和一个模仿人类认知过程的注意机制，以构建M&；A驱动程序并提高预测性能。实证结果表明，AttDNN模型在预测M&；A结果方面显著优于传统算法，与传统深度学习方法相比，预测准确率提高了29.2 %。本研究在人工智能与金融经济学的交叉领域提供了有价值的见解，为财务战略和企业并购决策提供了实际意义。

引用次数: 0

Fund cliques and firms’ information environment: information efficiency or noise trading? 基金集团与公司信息环境：信息效率还是噪音交易？

IF 4 Q2 BUSINESS, FINANCE

China Journal of Accounting Research

Pub Date : 2026-03-01 Epub Date: 2026-01-05 DOI: 10.1016/j.cjar.2025.100460

Danglun Luo , Zihe Jiang , Xinxuan Zhuang , Jianmei He

Fund cliques (i.e., mutual funds holding the same stocks) are a common feature of global financial markets, raising the question: How do fund cliques shape firms’ information environment? Do they improve information efficiency or amplify noise trading? Using a sample of Chinese A-share listed companies from 2004 to 2020, we explore the impact of fund cliques on firms’ information environment (measured by stock price synchronicity). Research has found that the increase in the degree of fund clique significantly reduces stock price synchronicity. Our evidence supports the noise trading channel, showing that fund cliques amplify noise trading by reducing the marginal returns of private information acquisition or distorting price signals. Using the unique characteristics of the Chinese market, our paper enriches research on stock price synchronicity and institutional investor behavior, and provides references for emerging capital markets to optimize institutional investor supervision and improve firms’ information environment.

基金集团（即持有相同股票的共同基金）是全球金融市场的一个共同特征，这就提出了一个问题：基金集团如何塑造公司的信息环境？它们是提高了信息效率还是放大了噪音交易？本文以2004 - 2020年中国a股上市公司为样本，探讨基金集团对公司信息环境的影响（以股价同步性衡量）。研究发现，资金派系化程度的提高显著降低了股价同步性。我们的证据支持噪声交易通道，表明基金集团通过降低私人信息获取的边际收益或扭曲价格信号来放大噪声交易。本文利用中国市场的独特特征，丰富了对股价同步性和机构投资者行为的研究，为新兴资本市场优化机构投资者监管和改善企业信息环境提供了参考。

引用次数: 0

Institutional shareholders’ geographical concentration, coordinated governance effects, and ESG rating disagreement 机构股东地域集中、协调治理效应与ESG评级分歧

IF 4 Q2 BUSINESS, FINANCE

China Journal of Accounting Research

Pub Date : 2026-03-01 Epub Date: 2026-01-12 DOI: 10.1016/j.cjar.2025.100462

Libin Qin , Dailing Li , Wen Bo

Drawing on agency theory, this study explores how the geographical distribution of institutional shareholders affects corporate ESG rating disagreements. A higher geographical concentration of institutional shareholders is found to correlate with reduced ESG rating disagreements, as concentration supports coordinated governance and enhances ESG disclosure quality. Heterogeneity analyses show that this effect of geographical concentration is more pronounced in environments with higher competition among institutional shareholders and less media attention toward ESG issues. Analysis of economic consequences indicates that reducing ESG rating disagreements enhances stock liquidity. This study offers important insights regarding how coordinated governance among institutional shareholders can improve corporate ESG performance and optimize governance structures. The findings have practical implications for promoting shareholder collaboration to enhance capital market efficiency and support sustainable development.

本研究运用代理理论，探讨机构股东的地域分布对企业ESG评级分歧的影响。研究发现，机构股东的地理集中度越高，ESG评级分歧就越少，因为机构股东的集中度有助于协调治理，并提高ESG披露质量。异质性分析表明，在机构股东之间竞争加剧、媒体对ESG问题关注较少的环境中，地理集中度的影响更为明显。经济后果分析表明，减少ESG评级分歧可以提高股票流动性。本研究对机构股东之间的协调治理如何提高公司ESG绩效和优化治理结构提供了重要的见解。研究结果对促进股东合作以提高资本市场效率和支持可持续发展具有现实意义。

引用次数: 0

Can government procurement increase the labor share? Evidence from China 政府采购能提高劳动收入占比吗？来自中国的证据

IF 4 Q2 BUSINESS, FINANCE

China Journal of Accounting Research

Pub Date : 2026-03-01 Epub Date: 2026-01-05 DOI: 10.1016/j.cjar.2025.100461

Xiaofeng Liu , Nuo Shi , Gaoliang Tian , Ziyang Zhang

This paper examines the effect of government procurement on the firm-level labor share in China. Using manually collected local government contract data matched with A-share non-financial listed firms from 2015 to 2023, we find that firms receiving government procurement contracts experience increased labor shares. Government procurement enhances business stability and encourages regulatory and non-regulatory compliance, facilitating the allocation of economic gains to labor. This positive effect is primarily driven by non-SOEs and is pronounced among labor-intensive manufacturing firms. We also show that government procurement effectively promotes income equality and improves overall employee welfare. Our findings highlight the redistributive role of government procurement and the importance of contract design that aligns firm incentives with social objectives in emerging markets.

本文考察了中国政府采购对企业层面劳动份额的影响。利用人工采集的2015 - 2023年与a股非金融类上市公司匹配的地方政府采购合同数据，我们发现获得政府采购合同的企业劳动占比增加。政府采购增强了企业稳定性，鼓励监管合规和违规合规，促进了经济收益向劳动力的分配。这种积极影响主要是由非国有企业推动的，在劳动密集型制造企业中表现明显。我们还表明，政府采购有效地促进了收入平等，提高了员工的整体福利。我们的研究结果强调了政府采购的再分配作用，以及在新兴市场中使企业激励与社会目标保持一致的合同设计的重要性。

引用次数: 0

Executives’ poverty experience and internal and external pay disparities: Evidence from China 高管的贫困经历与内部和外部薪酬差距：来自中国的证据

IF 4 Q2 BUSINESS, FINANCE

China Journal of Accounting Research

Pub Date : 2026-03-01 Epub Date: 2026-01-05 DOI: 10.1016/j.cjar.2025.100458

Jin Huang , Dongling Li , Fei Guo

We show that executives’ early-life poverty experiences reduce both internal (executive–employee) and external (executive–peer) corporate pay disparities. Three mechanisms drive this effect: increased risk aversion in poverty-exposed executives, strategic avoidance of negative media coverage to protect reputation and curtailment of excessive executive perks. The results hold under multiple robustness tests. The poverty–equity link intensifies in state-owned enterprises, eastern-region firms, labor-intensive industries, firms with elevated donations, and firms led by executives with advanced degrees. This pay gap reduction primarily stems from restrained executive compensation, particularly when it exceeds industry benchmarks, rather than increased employee wages. These findings advance behavioral agency theory by revealing how leaders’ socioeconomic origins interact with institutional contexts to reshape compensation systems, offering new insights into inequality management.

我们发现，高管早年的贫困经历减少了公司内部（高管-员工）和外部（高管-同事）的薪酬差距。有三种机制推动了这种效应：贫困高管的风险厌恶情绪增强，为保护声誉而战略性地避免媒体的负面报道，以及削减过多的高管津贴。结果在多次稳健性检验下成立。在国有企业、东部地区企业、劳动密集型产业、捐赠额较高的企业以及高管拥有高等学历的企业中，贫困与股权的联系更加紧密。薪酬差距缩小的主要原因是高管薪酬受到限制，尤其是当其薪酬超过行业基准时，而不是员工工资的增加。这些发现通过揭示领导者的社会经济出身如何与制度背景相互作用来重塑薪酬体系，从而推动了行为代理理论的发展，为不平等管理提供了新的见解。

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全部化学•材料生命科学医学物理工程技术环境•农林材料科学地球科学法学管理学化学环境科学与生态学计算机科学教育学经济学农林科学人文科学生物学数学物理与天体物理心理学综合性期刊其他工业工程理学历史学农学文学信息工程

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