China Journal of Accounting Research最新文献

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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

Acquaintance means booster? Why stable customers matter for firm productivity 熟人意味着助推器？为什么稳定的客户对公司生产力很重要

IF 1.9 Q2 BUSINESS, FINANCE

China Journal of Accounting Research

Pub Date : 2025-07-16 DOI: 10.1016/j.cjar.2025.100435

Yunjiang Geng, Yuelong Wang, Shuaijun Wu

Amid sluggish global growth and rising uncertainties, supply chain stability is vital for sustaining economic production. Although studies examine the impacts of supply chain relationships on firm performance, their effect on total factor productivity (TFP) remains unexplored. Using data from 1559 A-share listed companies in China (2008–2022), this study examines customer stability’s impact on TFP and finds that customer stability enhances TFP by reducing Type I agency costs and improving firm reputation. It also generates significant spillover effects, increasing customer TFP through supply chain finance. This effect is more pronounced for firms in high-tech industries and regions with higher marketization and social trust. These findings offer new insights into enhancing firms’ efficiency through effective supply chain relationship management.

在全球经济增长乏力、不确定性上升的背景下，供应链的稳定对维持经济生产至关重要。虽然研究考察了供应链关系对企业绩效的影响，但它们对全要素生产率（TFP）的影响仍未被探索。本文利用2008-2022年中国1559家a股上市公司的数据，考察了客户稳定性对TFP的影响，发现客户稳定性通过降低第一类代理成本和提高企业声誉来提高TFP。它还产生了显著的溢出效应，通过供应链金融提高了客户全要素生产率。这种效应在高技术产业和市场化程度高、社会信任度高的地区更为明显。这些发现为通过有效的供应链关系管理提高企业效率提供了新的见解。

引用次数: 0

Annual report audit, ESG report assurance and audit quality: Evidence from the same accounting firm 年报审计、ESG报告鉴证与审计质量：来自同一家会计师事务所的证据

IF 1.9 Q2 BUSINESS, FINANCE

China Journal of Accounting Research

Pub Date : 2025-07-05 DOI: 10.1016/j.cjar.2025.100434

Wenwen Li , Ting Li , Hongjun Zhu

This study investigates the impact of an accounting firm’s providing both an annual report audit and environmental, social and governance (ESG) report assurance on its audit quality. We find that when the same accounting firm is responsible for both the annual report audit and ESG report assurance, this does not compromise the accounting firm’s independence. On the contrary, it enhances audit quality through knowledge spillover effects and increased investment in reputational capital. Additional evidence suggests that providing ESG report assurance also prompts the accounting firm to allocate more audit resources, thereby influencing audit quality. In cross-sectional results, consistent with expectations, we find that the knowledge spillover and reputational effects of ESG report assurance are more pronounced for companies with weaker internal controls, non-A + H share companies and companies receiving lower levels of analyst attention. Finally, we document that having the same accounting firm responsible for ESG report assurance and annual report audit increases audit fees and also contributes to enhanced firm value. This study comprehensively highlights the influence of ESG report assurance on audit quality, and its findings offer valuable insights into the economic consequences of ESG report assurance practices.

本研究探讨会计师事务所同时提供年度报告审计和环境、社会和治理（ESG）报告鉴证对其审计质量的影响。我们发现，当同一家会计师事务所同时负责年度报告审计和ESG报告鉴证时，这并不影响会计师事务所的独立性。相反，它通过知识溢出效应和增加声誉资本的投入来提高审计质量。另有证据表明，提供ESG报告鉴证也会促使会计师事务所配置更多的审计资源，从而影响审计质量。在横断面结果中，与预期一致，我们发现ESG报告鉴证的知识溢出效应和声誉效应在内部控制较弱的公司、非a股公司 + 和受分析师关注程度较低的公司中更为明显。最后，我们证明了由同一家会计师事务所负责ESG报告鉴证和年度报告审计会增加审计费用，也有助于提高公司价值。本研究全面强调了ESG报告鉴证对审计质量的影响，其研究结果为ESG报告鉴证实践的经济后果提供了有价值的见解。

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引用次数: 0

Does accountability for illegal operations and investments affect SOEs’ earnings management strategies? Evidence from China 对非法经营和投资的问责是否会影响国企的盈余管理策略？来自中国的证据

IF 1.9 Q2 BUSINESS, FINANCE

China Journal of Accounting Research

Pub Date : 2025-06-10 DOI: 10.1016/j.cjar.2025.100433

Xuena Liu, Jiemei Liu, Lu Pan

Exploiting the Opinions on Establishing an Accountability System for Illegal Operations and Investments in State-owned Enterprises (SOEs) as a quasi-experiment, we find that although accountability for illegal operations and investments (AIOI) effectively reduces accrual-based earnings management, it also prompts SOEs to resort to covert real earnings management tactics, suggesting a transfer effect between them. This effect is more pronounced in SOEs with weaker digital transformation and decentralized decision-making power. Our mechanism analysis reveals that AIOI primarily influences SOEs’ earnings management strategies by improving the external supervision environment and the internal organizational environment. Further analysis of the economic consequences shows that AIOI ultimately enhances the overall value of SOEs.

利用《关于建立国有企业非法经营和投资问责制的意见》作为准实验，我们发现，尽管非法经营和投资问责制有效地减少了基于权责发生制的盈余管理，但它也促使国有企业采取隐蔽的真实盈余管理策略，表明它们之间存在转移效应。这种影响在数字化转型较弱、决策权分散的国有企业中更为明显。我们的机制分析表明，AIOI主要通过改善外部监督环境和内部组织环境影响国有企业的盈余管理策略。进一步的经济后果分析表明，AIOI最终提升了国有企业的整体价值。

引用次数: 0

Fruitless effort? The effects of risk management disclosure specificity on nonprofessional investors’ judgments 徒劳的努力呢?风险管理披露专用性对非专业投资者判断的影响

IF 1.9 Q2 BUSINESS, FINANCE

China Journal of Accounting Research

Pub Date : 2025-06-05 DOI: 10.1016/j.cjar.2025.100432

Xinyan Miao , Shaofei Wang , Yue Wang , Bo Zhou

The widespread use of boilerplate disclosures in financial reporting has led regulators to express concerns about the decision-usefulness of annual reports. We conduct two experiments to determine the effects of risk management disclosure presence and specificity on nonprofessional investors’ judgments. In Experiment 1, we manipulate risk management disclosure at three levels (non-disclosure vs. generic or specific risk management disclosures). Relative to the non-disclosure condition, nonprofessional investors exhibit more favorable investment judgments when provided with a specific risk management disclosure. However, generic disclosure has a negligible influence on nonprofessional investors’ judgments. We find no convincing evidence supporting potential alternative explanations. Experiment 2 confirms this mechanism and provides further evidence that the observed effects are not driven by the lengths of specific disclosures.

在财务报告中广泛使用模板披露，已导致监管机构对年度报告的决策有用性表示担忧。我们通过两个实验来确定风险管理披露存在性和特异性对非专业投资者判断的影响。在实验1中，我们在三个层面上操纵风险管理披露（非披露与一般或特定风险管理披露）。相对于非披露条件，非专业投资者在提供特定风险管理披露时表现出更有利的投资判断。然而，一般披露对非专业投资者判断的影响可以忽略不计。我们找不到令人信服的证据支持可能的其他解释。实验2证实了这一机制，并提供了进一步的证据，表明所观察到的效应不受具体披露时间长短的影响。

引用次数: 0

Ancient notching or tokening as bookkeeping – Evidence from wood slips in China during 217–210 BCE 作为簿记的古代刻痕或标记——来自公元前217-210年中国木条的证据

IF 1.9 Q2 BUSINESS, FINANCE

China Journal of Accounting Research

Pub Date : 2025-06-02 DOI: 10.1016/j.cjar.2025.100431

Min Chen , Li Huang , Oliver Zhen Li , Chunlong Zhang

We examine Qin Dynasty (221 to 207 BCE) wood bookkeeping slips from 217 to 210 BCE unearthed in Hunan province, China. While purely written slips were unearthed before, these slips are unique in that they contain written records of details of transactions as well as notches on their sides that represent the quantities of money or measures of commodities involved. Scholars have speculated that ancient engraving, notching or tokening before the development of written language could be bookkeeping/accounting. We show a form of bookkeeping combining notching with written records that emerged at a point in Chinese history where a region saw a temporary dip in local literacy. Notching reappeared to compensate for the loss in literacy to prevent fraud and reduce bookkeepers’ risk of being accused of fraud. This form of dual-method bookkeeping adds credence to the conjecture that prehistorical, pre-language notching, engraving or tokening was likely bookkeeping/accounting.

我们研究了在中国湖南省出土的秦朝（公元前221年至公元前207年）公元前217年至公元前210年的木记账簿。虽然以前出土过纯文字的纸条，但这些纸条的独特之处在于，它们包含了交易细节的文字记录，以及侧面代表所涉及的货币数量或商品尺寸的缺口。学者们推测，在书面语言发展之前的古代雕刻、刻痕或标记可能是簿记/会计。我们展示了一种结合了刻痕和书面记录的簿记形式，它出现在中国历史上的某个时期，当时一个地区的当地文化水平暂时下降。缺口重新出现，以弥补文盲的损失，以防止欺诈，并降低簿记员被指控欺诈的风险。这种形式的双方法簿记增加了史前，语言之前的刻痕，雕刻或标记可能是簿记/会计的猜测的可信度。

引用次数: 0

Communication media and linguistic concreteness: evidence from firm site visits in China 传播媒介与语言具体性：来自中国企业实地考察的证据

IF 4 Q2 BUSINESS, FINANCE

China Journal of Accounting Research

Pub Date : 2025-05-22 DOI: 10.1016/j.cjar.2025.100422

Songlian Tang, Jiangnan Geng

The digital transformation of communication media has been widely adopted and has reshaped institutional investor interactions. We examine how the linguistic concreteness of investors’ questions adapts to online media and face-to-face communication, using textual analysis of investor–company Q&A transcripts from Chinese listed firms. We find that online media environments induce investors to enhance linguistic precision, to compensate for reduced nonverbal cues and social presence. This mechanism is moderated by sender characteristics, message attributes and response concreteness patterns. Such adjustments counteract media-induced information loss, evidenced by improved analyst forecast accuracy. Our study represents a practical application of Lasswell’s “5W” communication model in the context of corporate information disclosure and expands research on the impact of digital technology on communication media, offering insights into the balance between sender intent and media characteristics.

传播媒体的数字化转型已被广泛采用，并重塑了机构投资者的互动。我们通过对中国上市公司投资者-公司问答文本的文本分析，研究了投资者提问的语言具体性如何适应网络媒体和面对面交流。我们发现，网络媒体环境促使投资者提高语言精确度，以弥补减少的非语言线索和社会存在。该机制由发送者特征、消息属性和响应具体模式调节。这种调整抵消了媒体引起的信息损失，分析师预测准确性的提高就是明证。我们的研究代表了拉斯韦尔“5W”传播模型在企业信息披露背景下的实际应用，并扩展了数字技术对传播媒体影响的研究，为传播者意图和媒体特征之间的平衡提供了见解。

引用次数: 0

Cross-owners and bond issue pricing: coordination or collusion? 交叉持有人与债券发行定价：协调还是共谋？

IF 1.9 Q2 BUSINESS, FINANCE

China Journal of Accounting Research

Pub Date : 2025-04-30 DOI: 10.1016/j.cjar.2025.100421

Shangkun Liang , Sichao Wang , Kaijuan Gao

Using a sample of listed Chinese firms from 2007 to 2020, we investigate the governance implications of cross-ownership in corporate bond markets. We find that cross-ownership significantly reduces bond issuance spreads, suggesting that synergistic governance effects outweigh potential collusion risks. This effect operates through two channels: reducing information asymmetry between shareholders and creditors and lowering firm risk. The effect is stronger when cross-owners hold shares in more peer firms and retain shares longer but weaker for state-owned enterprises, long-term bonds and firms with robust information intermediaries. Our findings contribute to the corporate governance literature by demonstrating how cross-ownership enhances creditor protection, providing insights into optimizing ownership structures for debt financing, particularly in emerging markets with inadequate institutional monitoring.

本文以2007 - 2020年的中国上市公司为样本，研究了交叉持股对公司债券市场治理的影响。我们发现，交叉持股显著降低了债券发行利差，表明协同治理效应大于潜在的共谋风险。这种效应通过两个渠道发挥作用：减少股东与债权人之间的信息不对称，降低企业风险。当交叉所有者持有更多同行公司的股份，并且持股时间更长时，这种效应就会更强，但对于国有企业、长期债券和拥有强大信息中介机构的公司，这种效应就会减弱。我们的研究结果通过展示交叉所有权如何增强债权人保护，为优化债务融资的所有权结构，特别是在机构监督不足的新兴市场，提供了见解，从而为公司治理文献做出了贡献。

引用次数: 0

Green underwriters and carbon information disclosure 绿色承销商与碳信息披露

IF 1.9 Q2 BUSINESS, FINANCE

China Journal of Accounting Research

Pub Date : 2025-04-29 DOI: 10.1016/j.cjar.2025.100420

Yanan Tian , Yuhui Wu , Yun Zhang , Zhilun Zhang

Carbon information disclosure is crucial for combating climate change, but firms often face cost and market constraints that limit their willingness to disclose. We focus on green underwriters as financial intermediaries to examine their influence on corporate carbon information disclosure. We find that green underwriters significantly improve disclosure levels through information and monitoring effects. Cross-sectional analyses reveal that this positive association is more pronounced among firms with close underwriting relationships, high-carbon firms and environmentally friendly firms. Furthermore, we rule out collusion between underwriters and issuers, showing that green underwriters reduce proprietary costs while increasing market share and recognition from green funds. Our research highlights the monitor role of green financial intermediaries in promoting carbon disclosure and introduces new applications for textual analysis in this area.

碳信息披露对于应对气候变化至关重要，但企业往往面临成本和市场约束，限制了它们披露的意愿。本文以绿色承销商作为金融中介，考察其对企业碳信息披露的影响。研究发现，绿色承销商通过信息效应和监督效应显著提高了信息披露水平。横断面分析显示，这种正相关关系在承销关系密切的公司、高碳公司和环境友好型公司中更为明显。此外，我们排除了承销商和发行人之间的勾结，表明绿色承销商在降低专有成本的同时增加了绿色基金的市场份额和认可度。我们的研究强调了绿色金融中介机构在促进碳披露方面的监测作用，并介绍了这一领域文本分析的新应用。

引用次数: 0

Confucianism and corporate awareness of climate change 儒家思想与企业气候变化意识

IF 1.9 Q2 BUSINESS, FINANCE

China Journal of Accounting Research

Pub Date : 2025-04-23 DOI: 10.1016/j.cjar.2025.100417

Bin Li, Yunzhi Lin, Wendai Lv

Drawing on practice theory and Confucian ecological philosophy, this paper explores the relationship between Confucianism and corporate climate change awareness. Using a sample of Chinese A-share listed companies, we find that companies more influenced by Confucianism exhibit stronger climate change awareness. This positive relationship is further strengthened by government environmental governance. Impact channel tests show that Confucianism enhances corporate climate change awareness by promoting humanism, deontology and collectivism. Heterogeneity analysis shows that the positive correlation between Confucianism and climate change awareness persists in both non-carbon-intensive industries and struggling companies. Lastly, economic consequence tests indicate that Confucianism helps reduce corporate carbon emissions by enhancing climate change awareness.

本文借鉴实践论和儒家生态哲学，探讨儒家思想与企业气候变化意识的关系。以中国a股上市公司为样本，我们发现受儒家思想影响越大的公司表现出更强的气候变化意识。政府环境治理进一步加强了这种积极关系。影响通道测试表明，儒家思想通过促进人文主义、义务主义和集体主义来增强企业气候变化意识。异质性分析表明，儒家思想与气候变化意识之间的正相关关系在非碳密集型行业和困难企业中都存在。最后，经济后果测试表明，儒家思想有助于通过提高气候变化意识来减少企业的碳排放。

引用次数: 0

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