China Journal of Accounting Research最新文献

英文中文

Tax avoidance and CEO turnover: evidence from China 避税与CEO离职：来自中国的证据

IF 4 Q2 BUSINESS, FINANCE

China Journal of Accounting Research

Pub Date : 2025-12-15 DOI: 10.1016/j.cjar.2025.100457

Radwan Alkebsee , Ammar Ali Gull , Asad Ali Rind

As the literature documents inconclusive evidence on whether tax avoidance affects CEO turnover, we examine the impact of tax avoidance on forced CEO turnover and the moderating effect of ownership structure, political connections and regional tax enforcement on this relationship. Using data on Chinese listed firms involving 10,653 observations for the 2011–2018 period, we test our hypotheses using logistic regressions. We find that tax avoidance is positively associated with forced CEO turnover, suggesting that tax-avoiding firms are more likely to face leadership crises. Furthermore, the positive association is pronounced for firms that are state-owned, lack political connections or are located in developed regions with active tax enforcement. Our results, which are robust to alternative proxies and endogeneity tests, should interest policymakers and investors as they demonstrate the impact of tax avoidance on corporate governance and leadership.

由于文献中关于避税是否影响CEO离职的证据不确凿，我们研究了避税对强制性CEO离职的影响，以及股权结构、政治关系和地区税收执法对这一关系的调节作用。利用2011-2018年期间涉及10653个观察值的中国上市公司数据，我们使用逻辑回归检验了我们的假设。我们发现，避税与强制CEO离职正相关，这表明避税公司更有可能面临领导危机。此外，对于国有公司、缺乏政治关系或位于税收执法积极的发达地区的公司，这种积极联系是明显的。我们的研究结果对替代代理和内生性检验都是稳健的，应该引起政策制定者和投资者的兴趣，因为它们证明了避税对公司治理和领导力的影响。

引用次数: 0

Science and technology policy and corporate financing: evidence from China’s national industrial technology innovation strategic alliance 科技政策与企业融资：来自中国国家产业技术创新战略联盟的证据

IF 4 Q2 BUSINESS, FINANCE

China Journal of Accounting Research

Pub Date : 2025-10-24 DOI: 10.1016/j.cjar.2025.100450

Shuaiqi Xu, Xin Xu, Zheng Zou

We examine the impact of science and technology policies on corporate initial public offering (IPO) outcomes in the context of pilot implementation of the China Industry Technology Innovation Strategic Alliance (CITISA). We find that CITISA significantly facilitates IPO financing by increasing the probability of IPO success and reducing underpricing. Mechanistically, this policy operates through three main channels: national credit endorsement, alignment with national strategic priorities and signaling of firms’ quality. Compared with other IPO firms, those admitted to CITISA demonstrate superior post-IPO performance, reflected in higher stock performance, analyst ratings, innovation outcomes and market valuation; improved operating results; and more active trading. This study contributes to the literature by underscoring the role of innovation policies in shaping corporate financing outcomes, providing novel evidence that China’s IPO market catalyzes technological innovation.

本文以中国产业技术创新战略联盟试点实施为背景，研究科技政策对企业首次公开募股（IPO）结果的影响。我们发现，通过增加IPO成功的概率和减少低定价，CITISA显著地促进了IPO融资。从机制上讲，这一政策通过三个主要渠道运作：国家信贷认可、与国家战略重点保持一致以及企业质量的信号。与其他IPO公司相比，进入CITISA的公司在IPO后表现优异，体现在股票业绩、分析师评级、创新成果和市场估值方面；改善经营业绩；更活跃的交易。本研究强调了创新政策对企业融资结果的影响，为中国IPO市场催化技术创新提供了新的证据。

引用次数: 0

Strategic fit and trade credit: evidence from China 战略契合与贸易信用：来自中国的证据

IF 4 Q2 BUSINESS, FINANCE

China Journal of Accounting Research

Pub Date : 2025-10-21 DOI: 10.1016/j.cjar.2025.100448

Qianrui Xu , Feng Yang

Given its widespread use, clarifying the influence of strategic fit between firms and customers on firms’ credit decisions is important. Unlike most studies focusing on individual firm characteristics, we examine the impact of strategic fit on firms’ trade credit decisions. Using a sample of Chinese listed firms from 2007 to 2022, we find that the strategic fit between a firm and its customer is positively associated with the firm’s trade credit provision. This effect is strengthened when suppliers operate in highly competitive industries, lack common institutional ownership with customers, distribute few cash dividends and face cash shortages. This reveals that strategic fit can increase suppliers’ willingness and capacity to provide trade credit. We also show that strategic fit facilitates firms’ accounts payable and improves performance. Analyzing different strategies shows that alignment with operational excellence and customer intimacy increases suppliers’ trade credit provision, while alignment with innovation has no effect. Our findings deepen the understanding of the complex relationship between strategic fit and firms’ trade credit decisions.

鉴于其广泛使用，澄清企业与客户之间的战略契合对企业信贷决策的影响是很重要的。与大多数关注企业个体特征的研究不同，我们考察了战略契合对企业贸易信贷决策的影响。利用2007 - 2022年的中国上市公司样本，我们发现企业与客户的战略契合度与企业的贸易信贷提供呈正相关。当供应商在竞争激烈的行业中经营，与客户缺乏共同的机构所有权，很少分配现金股息并面临现金短缺时，这种效应就会得到加强。这表明，战略契合可以提高供应商提供贸易信贷的意愿和能力。我们还表明，战略契合有利于公司应付账款和提高绩效。对不同策略的分析表明，与卓越运营和客户亲密度保持一致会增加供应商的贸易信用供应，而与创新保持一致则没有影响。我们的研究结果加深了对战略契合与企业贸易信贷决策之间复杂关系的理解。

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引用次数: 0

Bank financial technology and the governance of zombie firms 银行金融技术与僵尸企业治理

IF 4 Q2 BUSINESS, FINANCE

China Journal of Accounting Research

Pub Date : 2025-10-21 DOI: 10.1016/j.cjar.2025.100449

Weimin Xie , Junhe Zhang , Hengxin Zhang , Jialu Guo , Kun Jiang

This study empirically examines how bank financial technology (FinTech) affects the governance of zombie firms, using data from China’s A-share listed companies from 2007 to 2023. Bank FinTech adoption is shown to significantly curb firm zombification. This effect is pronounced in technology-oriented and operational risk management-oriented FinTech, whereas no significant effect on customer service-oriented FinTech is observed. Mechanism analysis indicates that bank FinTech inhibits zombie firms through reduced information costs, enhanced banking competition and alleviation of government intervention. Heterogeneity analysis further shows that bank FinTech has a more substantial governance effect on state-owned enterprises, regions with well-developed digital infrastructure and regions with stringent financial regulation. Additionally, bank FinTech alleviates financing constraints on non-zombie firms through credit spillover effects. These findings unveil a financial development-level technological pathway for zombie firm governance, offering theoretical underpinnings and policy implications for leveraging FinTech to enhance economic efficiency.

本研究利用2007年至2023年中国a股上市公司的数据，实证检验了银行金融科技（FinTech）如何影响僵尸企业的治理。银行金融科技的采用被证明可以显著遏制企业僵尸化。这种影响在技术导向和操作风险管理导向的金融科技中表现明显，而在客户导向的金融科技中没有观察到显著的影响。机制分析表明，银行金融科技通过降低信息成本、增强银行业竞争和减轻政府干预来抑制僵尸企业。异质性分析进一步表明，银行金融科技在国有企业、数字基础设施发达地区和金融监管严格地区的治理效果更为显著。此外，银行金融科技通过信贷溢出效应缓解了非僵尸企业的融资约束。这些发现揭示了僵尸企业治理的金融发展水平技术路径，为利用金融科技提高经济效率提供了理论基础和政策启示。

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引用次数: 0

Parent firm dividends, financial pressure transmission and tax avoidance among subsidiaries: Evidence from China 母公司股利、财务压力传导与子公司间避税：来自中国的证据

IF 4 Q2 BUSINESS, FINANCE

China Journal of Accounting Research

Pub Date : 2025-10-07 DOI: 10.1016/j.cjar.2025.100447

Xiao Chen , Ziang Lin , Daosheng Xu

Although business groups are prevalent globally, limited attention is paid to how financial pressure transmission between parent and subsidiary firms elicits tax avoidance. We explore the impact of parent firms’ dividend policy on their subsidiaries’ tax strategy using China’s mandatory dividend policy as a quasi-natural experiment. We find that parent firm dividends elevate tax avoidance among their subsidiaries. Mechanism tests show that parent firms transmit the pressure of paying dividends to their subsidiaries, compelling them to adopt tax avoidance strategies to alleviate the pressure. The effect is more pronounced among subsidiaries facing greater dividend pressure and external financing constraints and operating in weaker corporate governance environments. Finally, subsidiaries engaging in greater tax avoidance subsequently pay higher dividends. Our findings highlight how intra-group financial dynamics influence tax avoidance among subsidiaries and the significance of financial pressure transmission from parent firms to subsidiaries.

尽管商业集团在全球普遍存在，但对母公司和子公司之间的财务压力传递如何引发避税的关注有限。本文以中国强制性股利政策为准自然实验，探讨了母公司股利政策对子公司税收策略的影响。研究发现，母公司的股息增加了子公司之间的避税行为。机制检验表明，母公司将支付股息的压力传递给子公司，迫使子公司采取避税策略来缓解这种压力。在面临更大股息压力和外部融资约束以及在较弱公司治理环境中运营的子公司中，这种影响更为明显。最后，从事更多避税的子公司随后支付更高的股息。我们的研究结果强调了集团内部财务动态如何影响子公司之间的避税，以及母公司向子公司财务压力传递的重要性。

引用次数: 0

Climate risk and adaptive green innovation: evidence from China 气候风险与适应性绿色创新：来自中国的证据

IF 4 Q2 BUSINESS, FINANCE

China Journal of Accounting Research

Pub Date : 2025-10-03 DOI: 10.1016/j.cjar.2025.100446

Xudong Tang , Lin Wang , Lulu Pan

Firms’ adaptation to climate risk is crucial for economic resilience. This paper links 2724 Chinese meteorological stations with A-share listed firms from 2006 to 2020 by geographic proximity. We construct a comprehensive climate risk measure via the entropy method and find that climate risk can promote green invention patent applications at the firm level. Mechanistically, climate risk drives green innovation by strengthening external government environmental regulations and internal corporate environmental responsibility. The effect is stronger in non-polluting industries and when firms receive more attention from social media. This study enhances understanding of firms’ positive adaptation to climate risk and offers new insight into green innovation drivers.

企业对气候风险的适应对经济恢复力至关重要。本文以2006年至2020年中国2724个气象站与a股上市公司的地理距离为研究对象。通过熵值法构建了一个综合的气候风险测度，发现气候风险对企业层面的绿色发明专利申请具有促进作用。在机制上，气候风险通过强化外部政府环境法规和内部企业环境责任驱动绿色创新。这种效应在无污染行业和受到社交媒体更多关注的企业中更为明显。本研究增强了对企业积极适应气候风险的认识，并为绿色创新驱动提供了新的见解。

引用次数: 0

Peer effect of key audit matters disclosure 关键审计事项披露的同行效应

IF 4 Q2 BUSINESS, FINANCE

China Journal of Accounting Research

Pub Date : 2025-09-23 DOI: 10.1016/j.cjar.2025.100445

Hengguang Wu, Xiangyan Shi, Xueman Zhang

Examining Chinese listed companies (2017–2021), we show that key audit matters (KAMs) disclosure exhibits a significant peer effect. We verify a rivalry-based theory of this effect. Audit firms with similar (vs. divergent) resource endowments are more likely to mimic peers’ KAMs disclosure, particularly when auditors face more intense competition and a more uncertain information environment. Material misstatement risks may dampen the peer effect for less economically significant clients and auditors with more industry specialists, suggesting that this effect reflects auditors’ rational cost–benefit trade-off. Finally, the peer effect expands audit market share but reduces KAMs’ communication value. Our findings enrich KAMs disclosure research and provide implications for enhancing audit report reforms and the communicative value of KAMs disclosure.

以2017-2021年中国上市公司为研究对象，我们发现关键审计事项（KAMs）披露表现出显著的同业效应。我们验证了基于竞争的这种效应理论。资源禀赋相似（相对于资源禀赋不同）的审计公司更有可能模仿同行的资产管理信息披露，尤其是当审计师面临更激烈的竞争和更不确定的信息环境时。重大错报风险可能会抑制经济上不太重要的客户和拥有更多行业专家的审计师的同行效应，这表明这种效应反映了审计师的理性成本效益权衡。最后，同伴效应扩大了审计市场份额，但降低了审计机构的传播价值。我们的研究结果丰富了国有资产管理机构的披露研究，并为加强审计报告改革和国有资产管理机构披露的沟通价值提供了启示。

引用次数: 0

Investor sentiment and audit-related human resource input: Evidence from audit-related job postings 投资者情绪与审计相关的人力资源投入：来自审计相关职位的证据

IF 4 Q2 BUSINESS, FINANCE

China Journal of Accounting Research

Pub Date : 2025-09-04 DOI: 10.1016/j.cjar.2025.100443

Zijun Luo , Weidong Xu , Donghui Li , Rui Xu , Meiting Lu

This paper finds that less favorable investor sentiment is associated with a higher level of audit-related job postings, driven by reduced corporate reputation, increased investor attention and greater regulatory pressure. Furthermore, the impact of investor sentiment on audit-related job postings is less pronounced when companies are audited by industry-specialist audit firms and more pronounced when the importance of clients to the audit firm is higher. The main findings remain robust after a series of endogeneity and robustness tests.

本文发现，由于企业声誉下降、投资者关注增加和监管压力加大，投资者情绪越差，与审计相关的职位招聘水平越高。此外，当公司由行业专业审计公司审计时，投资者情绪对审计相关职位招聘的影响不那么明显，而当客户对审计公司的重要性较高时，投资者情绪对审计相关职位招聘的影响则更为明显。经过一系列的内生性和稳健性检验，主要发现仍然是稳健的。

引用次数: 0

The effect of data sharing on supply chain risks: a quasi-natural experiment from China’s public data open platforms 数据共享对供应链风险的影响：来自中国公共数据开放平台的准自然实验

IF 4 Q2 BUSINESS, FINANCE

China Journal of Accounting Research

Pub Date : 2025-09-04 DOI: 10.1016/j.cjar.2025.100444

Jinglu Zhao

Data represent a crucial production factor and information source for firms’ production scheduling and risk management. Exploiting China’s staggered establishment of public data open platforms (PDOPs), I sample Chinese A-share listed firms (2010–2022) and apply a staggered difference-in-differences model to investigate how data sharing impacts firm-level supply chain risk. Supply chain risk decreases significantly following PDOP establishment. Data sharing via PDOPs alleviates the “bullwhip effect” and promotes supply chain diversification, mitigating supply chain risks. In more complex firms, those with more advanced digital innovation, as well as non-state-owned firms, data sharing plays a greater role in alleviating supply chain risks. These findings increase awareness of the significance of data resources and offer practical guidance for enterprises’ supply chain risk management.

数据是企业生产调度和风险管理的重要生产要素和信息来源。利用中国交错建立的公共数据开放平台（pdp），我以中国a股上市公司（2010-2022）为样本，运用交错差分模型研究数据共享如何影响企业层面的供应链风险。建立PDOP后，供应链风险显著降低。通过pdp实现数据共享，缓解了“牛鞭效应”，促进了供应链的多元化，降低了供应链风险。在更复杂的企业、数字创新更先进的企业以及非国有企业中，数据共享在缓解供应链风险方面的作用更大。这些发现提高了对数据资源重要性的认识，为企业供应链风险管理提供了实践指导。

引用次数: 0

Using machine learning to identify audit opinion shopping 利用机器学习识别审计意见购物

IF 1.9 Q2 BUSINESS, FINANCE

China Journal of Accounting Research

Pub Date : 2025-07-28 DOI: 10.1016/j.cjar.2025.100436

Jiamei Wang, Chao Yan

We select a machine learning model to identify audit opinion shopping and analyze the factors driving the model. To this end, we use six models, namely random forest, gradient boosting decision tree, random undersampling boosting, logistic regression (LR), support vector machine and multilayer perceptron. Among them, LR outperforms the other models. Using game theory, we classify 58 features potentially affecting opinion shopping into audit object, audit subject and audit environment categories. LR is used to obtain each category’s importance score. We find that audit object features play a crucial role in audit opinion shopping. We also validate and interpret important features. Finally, we use a model to predict audit collusion. Our paper extends the scope of machine learning to scientifically identify audit collusion risk and reveals important features of audit opinion shopping, which has implications for global audit practice.

我们选择了一个机器学习模型来识别审计意见购买并分析驱动该模型的因素。为此，我们使用了六个模型，即随机森林、梯度增强决策树、随机欠采样增强、逻辑回归（LR）、支持向量机和多层感知器。其中，LR的表现优于其他车型。利用博弈论，我们将58个可能影响意见购买的特征分为审计对象、审计主体和审计环境三类。使用LR来获得每个类别的重要性得分。我们发现，审计对象特征在审计意见购买中起着至关重要的作用。我们还验证和解释重要的特性。最后，我们使用一个模型来预测审计合谋。本文扩展了机器学习的范围，以科学地识别审计合谋风险，并揭示了审计意见购买的重要特征，这对全球审计实践具有重要意义。

引用次数: 0

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