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Is corporate digital transformation counter-cyclical? 企业数字化转型是逆周期的吗？
IF 1.9 Q2 BUSINESS, FINANCE
China Journal of Accounting Research
Pub Date : 2025-03-01 Epub Date: 2024-10-30 DOI: 10.1016/j.cjar.2024.100401
Shuai Wang , Xi Chen , Qinggang Wang
In this paper, we assess listed companies in China to empirically examine the relationship between economic cycles and corporate digital transformation. We find that enterprises undergo a higher level of digital transformation during business contraction, and digital transformation exerts a counter-cyclical effect, which is significantly stronger in non-state-owned enterprises and enterprises with a high proportion of low-skilled labor and a high growth level, but significantly weaker in enterprises in financial distress. Digital transformation during periods of contraction can enhance financing accessibility, optimize labor structures and improve corporate governance over the subsequent one to three years. This can alleviate the pressure of economic contraction. Our study contributes to the literature on economic cycles and digital transformation and provides insights enabling governments and enterprises to better understand macroeconomic trends, advance digital transformation and promote high-quality economic development.
本文以中国上市公司为研究对象，实证检验经济周期与企业数字化转型之间的关系。我们发现，企业在经营收缩期间的数字化转型水平较高，数字化转型具有逆周期效应，在非国有企业和低技能劳动力比例高、成长性高的企业中，数字化转型的逆周期效应明显更强，而在财务困境的企业中，数字化转型的逆周期效应明显更弱。收缩期间的数字化转型可以在随后的一到三年内提高融资可及性，优化劳动力结构并改善公司治理。这可以缓解经济收缩的压力。我们的研究丰富了经济周期与数字化转型的相关文献，为政府和企业更好地把握宏观经济趋势、推进数字化转型、促进经济高质量发展提供了参考。
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引用次数: 0
How do managers use MD&A disclosures to respond to negative news? 管理者如何利用管理层收购与收购的披露来应对负面新闻？
IF 1.9 Q2 BUSINESS, FINANCE
China Journal of Accounting Research
Pub Date : 2025-03-01 Epub Date: 2025-02-28 DOI: 10.1016/j.cjar.2025.100405
Lingbing Liu, Huixin Geng, Yutong Wang
This study investigates whether and how managers respond to major negative news by increasing the information content of their MD&A disclosures. We predict that major negative news influences managers’ disclosure decisions by increasing legitimacy pressures and reducing opportunities to obscure information. Based on textual similarity data of financial news, we adopt a new measure to identify explosive negative news and find that managers increase the information content of their MD&A disclosures after major negative news. The relationship between major negative news and MD&A information content is stronger for firms held by the Social Security Fund, in industries with more penalties and for firms with higher analyst coverage. After considering endogeneity, particularly omitted variable bias and self-selection bias, and using different measures of the variables, our conclusions remain robust.
本研究探讨管理者是否以及如何通过增加管理层披露的信息内容来应对重大负面新闻。我们预测，重大负面新闻通过增加合法性压力和减少掩盖信息的机会来影响管理者的披露决策。基于财经新闻的文本相似度数据，我们采用了一种新的方法来识别爆炸性负面新闻，发现在重大负面新闻之后，管理者会增加其管理层披露的信息含量。对于社会保障基金持有的公司、处罚力度较大的行业和分析师覆盖率较高的公司，重大负面新闻与md&a信息内容之间的关系更强。在考虑了内生性，特别是忽略变量偏差和自我选择偏差，并使用不同的变量测量方法后，我们的结论仍然是稳健的。
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引用次数: 0
Labor outsourcing and corporate innovation 劳务外包与企业创新
IF 1.9 Q2 BUSINESS, FINANCE
China Journal of Accounting Research
Pub Date : 2025-03-01 DOI: 10.1016/j.cjar.2025.100407
Wenbin Yang , Jiaqi Mou , Li Ji
This study investigates the impact of labor outsourcing on innovation, using manually collected data from Chinese A-share listed companies from 2012 to 2022. The results indicate that labor outsourcing significantly enhances firms’ innovation level. This relationship is primarily driven by improvements in financial flexibility and operational flexibility. Furthermore, we find that this positive relationship is more pronounced for firms facing high financial constraints and economic policy uncertainty, and firms located in regions with low population aging. The findings also suggest that labor outsourcing encourages enterprises to prioritize innovations with low rather than high originality.
本研究采用人工采集的2012 - 2022年中国a股上市公司数据，考察劳动力外包对创新的影响。结果表明，劳务外包显著提高了企业的创新水平。这种关系主要是由财务灵活性和业务灵活性的改善所推动的。此外，我们还发现，对于面临高度财务约束和经济政策不确定性的企业，以及位于低人口老龄化地区的企业，这种正相关关系更为明显。研究结果还表明，劳动力外包鼓励企业优先考虑低独创性而不是高独创性的创新。
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引用次数: 0
The cross-board spillover effect of innovation information: Establishment of the Star Market and Main Board analyst forecasts 创新信息的跨板溢出效应：建立明星市场和主板分析师预测
IF 1.9 Q2 BUSINESS, FINANCE
China Journal of Accounting Research
Pub Date : 2025-03-01 Epub Date: 2024-10-30 DOI: 10.1016/j.cjar.2024.100402
Chengxin Jiang , Bin Liu , Wenjing He
Studies show that innovation information disclosed by listed firms affects the decision of non-listed firms and their stakeholders. This paper explores whether innovation information disclosed within a specific list board (i.e., market) also spills over to other list boards. Based on the establishment of China’s Star Market, we conduct an empirical test from the perspective of analyst forecasts. We find that (1) The accuracy of analyst forecasts of Main Board firms with greater information similarity to Star Market firms is significantly higher than that of Main Board firms with lower information similarity. (2) This effect is significantly stronger in samples with a substantially lower listing threshold for innovation firms, for Main Board firms with stronger innovation characteristics and when market innovation information needs are greater. (3) This affect is enhanced by analysts’ tendency to track Star Market firms with similar information to their tracked Main Board firms. These results enrich research on the spillover effects of innovation information and factors affecting analyst forecasts.
研究表明，上市公司披露的创新信息会影响非上市公司及其利益相关者的决策。本文探讨了在特定上市板（即市场）内披露的创新信息是否也会溢出到其他上市板。基于中国明星市场的建立，我们从分析师预测的角度进行了实证检验。研究发现：(1)与明星市场信息相似度较高的主板公司分析师预测的准确性显著高于信息相似度较低的主板公司。(2)在创新企业上市门槛较低的样本、创新特征较强的主板公司样本和市场创新信息需求较大的样本中，这种效应显著增强。(3)分析师倾向于追踪与主板公司信息相似的明星市场公司，从而增强了这种影响。这些结果丰富了对创新信息溢出效应和分析师预测影响因素的研究。
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引用次数: 0
Returnee CEO and audit fees 海归CEO和审计费用
IF 1.9 Q2 BUSINESS, FINANCE
China Journal of Accounting Research
Pub Date : 2025-03-01 Epub Date: 2024-12-29 DOI: 10.1016/j.cjar.2024.100403
Vincent Tawiah , Hela Borgi , Muhammad Usman , Francis Osei-Tutu
We examine the relationship between returnee chief executive officers (CEOs) and audit fees in China using robust econometric modeling with 25,630 firm-year observations between 2008 and 2020. A returnee CEO is a Chinese CEO who has previously worked or studied outside mainland China. Consistent with the supply-side argument that returnees improve governance and reduce audit risk, having a returnee CEO is negatively associated with audit fees. This relationship is not sensitive to the source of foreign experience. Firms with (vs. without) returnee CEOs pay lower audit fees. This effect is particularly pronounced for state-owned enterprises. Poorly governed, highly complex and risky firms benefit most from returnee CEOs in terms of lower audit fees. Our findings are robust across various tests.
本文利用2008年至2020年间25630家公司的观察数据，采用稳健的计量经济模型研究了海归首席执行官与中国审计费用之间的关系。海归CEO是指曾在中国大陆以外工作或学习的中国CEO。与供应方认为海归能改善治理、降低审计风险的观点一致，聘请海归CEO与审计费用呈负相关。这种关系对外国经验的来源并不敏感。有海归ceo的公司（与没有海归ceo的公司相比）支付的审计费用更低。这种影响在国有企业中尤为明显。管理不善、高度复杂和高风险的公司从海归首席执行官那里获益最多，因为他们的审计费用较低。我们的发现在各种测试中都是可靠的。
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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 : 2024-12-01 Epub 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
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 : 2024-12-01 Epub 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
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 : 2024-12-01 Epub 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
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 : 2024-12-01 Epub 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
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 : 2024-12-01 Epub 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
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