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Non-actual controllers and corporate innovation: Evidence from China 非实际控制人与企业创新:来自中国的证据
IF 3.6 Q2 BUSINESS, FINANCE Pub Date : 2022-09-01 DOI: 10.1016/j.cjar.2022.100253
Shanzhong Du , Lianfu Ma

As the number of “ownerless” enterprises in China’s capital market increases, so does the importance of paying attention to their behavior. From the perspective of enterprises’ control rights allocation, we find that non-actual controllers can inhibit corporate innovation by intensifying agency conflicts, reducing corporate risk-taking and strengthening financing constraints. We also find that a larger proportion of independent directors, higher audit quality, greater managerial ownership and less environmental uncertainty weaken the negative effect of non-actual controllers on corporate innovation. In contrast, multiple large shareholders strengthen the inhibitory effect of non-actual controllers on corporate innovation, but this inhibitory effect comes from over-supervision rather than from collusion. We further divide non-actual controllers into real and hidden types and find that real non-actual controllers still have a significant inhibitory effect on corporate innovation. Finally, we rule out the competitive explanation of equity dispersion, whereby non-actual controllers inhibit corporate innovation. This study enriches the literature on the factors influencing corporate innovation and provides evidence of the adverse impact of non-actual controllers.

随着中国资本市场上“无业主”企业数量的增加,关注其行为的重要性也在增加。从企业控制权配置的角度来看,我们发现非实际控制人通过加剧代理冲突、降低企业风险承担和强化融资约束等方式抑制企业创新。独立董事比例越高、审计质量越高、管理层持股比例越高、环境不确定性越小,非实际控制人对企业创新的负面影响越弱。相反,多个大股东强化了非实际控制人对公司创新的抑制作用,但这种抑制作用来自于过度监管而非串通。我们进一步将非实际控制人分为真实类型和隐藏类型,发现真实非实际控制人对企业创新仍有显著的抑制作用。最后,我们排除了股权分散的竞争性解释,即非实际控制人抑制公司创新。本研究丰富了影响企业创新因素的文献,为非实际控制人的不利影响提供了证据。
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引用次数: 0
Thinking of peace when rich: The effect of industry growth on corporate risk-taking 富时思量和平:产业成长对企业冒险的影响
IF 3.6 Q2 BUSINESS, FINANCE Pub Date : 2022-06-01 DOI: 10.1016/j.cjar.2022.100225
Xiangting Kong , Jinsong Tan , Jingxin Zhang

We investigate the unique role and mechanisms of industry growth in firms’ risk-taking policies. We find that industry growth is negatively associated with corporate risk-taking, consistent with the prospect theory that a high-growth industry gives firms a superior external environment, which may cause them to refrain from corporate risk-taking as in the saying “thinking of peace when rich.” This correlation is stronger for product market leaders, industries encouraged by industry policies and industries that receive more government support. Firms reduce risk-taking through various corporate policies, including long-term, high-value investments, operational efficiency and cash holdings in response to high industry growth. Overall, our results are consistent with industry growth negatively affecting corporate risk-taking.

我们研究了行业增长在企业风险承担政策中的独特作用和机制。我们发现,行业增长与企业风险承担呈负相关,这与前景理论一致,即高增长行业为企业提供了优越的外部环境,这可能导致他们不愿承担企业风险,正如俗话所说的“富时思平和”。对于产品市场领先者、受到行业政策鼓励的行业和获得更多政府支持的行业,这种相关性更强。公司通过各种公司政策来降低风险,包括长期、高价值投资、运营效率和现金持有,以应对行业的高增长。总体而言,我们的结果与行业增长对企业风险承担的负面影响是一致的。
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引用次数: 0
Loan loss provisions and return predictability: A dynamic perspective 贷款损失准备金和回报可预测性:动态视角
IF 3.6 Q2 BUSINESS, FINANCE Pub Date : 2022-06-01 DOI: 10.1016/j.cjar.2022.100224
Phoebe Gao , Chu Yeong Lim , Xiumei Liu , Cheng Colin Zeng

This paper examines the impact of loan loss provisions (LLPs) on return predictability during 1994–2017. We find that on average, LLPs are negatively associated with one year ahead stock returns. This effect is particularly significant during the global financial crisis but much weaker during the Basel II and III periods. Consistent with these findings, a long–short trading strategy based on LLPs generates positive abnormal returns during the Basel II and III periods but negative abnormal returns during the financial crisis. Cross-sectional tests show that this effect is more pronounced among banks with greater information asymmetry. Decomposition of LLPs suggests that these findings are driven mainly by nondiscretionary LLPs. Overall, our results suggest that the relationship between LLPs and future stock returns is not linear but contingent on bank regulations and macroeconomic conditions.

本文研究了1994-2017年期间贷款损失准备金(llp)对收益可预测性的影响。我们发现,平均而言,llp与未来一年的股票回报呈负相关。这种影响在全球金融危机期间尤为显著,但在巴塞尔协议II和III期间则要弱得多。与这些发现一致,基于llp的多空交易策略在巴塞尔协议II和III期间产生正的异常回报,但在金融危机期间产生负的异常回报。横断面测试表明,这种影响在信息不对称程度较高的银行中更为明显。对llp的分解表明,这些发现主要是由非酌情llp驱动的。总体而言,我们的研究结果表明llp与未来股票收益之间的关系不是线性的,而是取决于银行监管和宏观经济条件。
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引用次数: 2
Firm internationalization and cost of equity: Evidence from China 企业国际化与股权成本:来自中国的证据
IF 3.6 Q2 BUSINESS, FINANCE Pub Date : 2022-06-01 DOI: 10.1016/j.cjar.2022.100237
Jianfa Yang , Guilong Cai , Guojian Zheng , Qiankun Gu

This paper examines the relationship between firm internationalization and cost of equity. We find that firms with a higher degree of international operations have a significantly lower cost of equity, which is more pronounced for firms in provinces with a weak institutional environment or firms experiencing intense domestic competition. Our results are robust after adopting a firm fixed effect model, propensity score matching, difference-in-difference regressions and alternative measurements of key variables. Further, international operations help firms to break through their institutional constraints in the domestic market, which reduces the cost of equity and improves resource allocation efficiency in the capital market. Our paper enriches the literature on firm internationalization and the cost of equity from the perspective of emerging markets.

本文研究了企业国际化与股权成本之间的关系。我们发现,国际经营程度较高的公司的股本成本显著较低,这在制度环境较弱的省份或国内竞争激烈的公司中更为明显。在采用固定效应模型、倾向得分匹配、差异回归差分和关键变量的替代测量后,我们的结果是稳健的。此外,国际运营有助于企业突破国内市场的制度约束,从而降低股权成本,提高资本市场的资源配置效率。本文从新兴市场的角度丰富了有关企业国际化和股权成本的文献。
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引用次数: 0
The price of carbon risk: Evidence from China’s bond market 碳风险的价格:来自中国债券市场的证据
IF 3.6 Q2 BUSINESS, FINANCE Pub Date : 2022-06-01 DOI: 10.1016/j.cjar.2022.100245
Yuhui Wu, Yanan Tian

Using a 2009–2019 sample of Chinese bond issuers, we examine the effect of carbon risk on bond financing costs. Relative to low carbon risk issuers, high carbon risk issuers have substantially larger bond credit spreads, mainly because their credit risk is greater and they invest the funds in non-green projects. This positive relationship is more pronounced for issuers with financing constraints, those not making a green transition and those in cities with stringent environmental regulations. We find a reversed effect during the COVID-19 pandemic. However, China’s carbon peak and carbon neutral goals have renewed the focus on carbon risk. Carbon risk also causes bond issuers to scale back production and negatively affects their likelihood of receiving long-term financial support. Our findings suggest that investors consider carbon risk and charge a corresponding risk premium.

本文以2009-2019年中国债券发行人为样本,考察了碳风险对债券融资成本的影响。相对于低碳风险发行人,高碳风险发行人的债券信用利差要大得多,这主要是因为其信用风险更大,并且将资金投资于非绿色项目。对于融资受限、未进行绿色转型以及环境监管严格的城市的发行人来说,这种正相关关系更为明显。在2019冠状病毒病大流行期间,我们发现了相反的效果。然而,中国的碳峰值和碳中和目标重新引起了人们对碳风险的关注。碳风险还导致债券发行人缩减生产,并对其获得长期资金支持的可能性产生负面影响。我们的研究结果表明,投资者考虑碳风险并收取相应的风险溢价。
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引用次数: 5
Political governance in China’s state-owned enterprises 中国国有企业的政治治理
IF 3.6 Q2 BUSINESS, FINANCE Pub Date : 2022-06-01 DOI: 10.1016/j.cjar.2022.100236
Xiankun Jin , Liping Xu , Yu Xin , Ajay Adhikari

State-owned enterprises (SOEs) are both the economic and political bases of the Chinese Communist Party (the Party) and the Chinese state. The overarching principle of SOE reform is to firmly implement the Party’s leadership and the modern enterprise system. This principle creates a political governance system in China’s SOEs—a Party-dominated governance system characterized by Party leadership, state ownership, Party cadre management, Party participation in corporate decision-making, and intra-Party supervision. This survey explains the logic of political governance in China’s SOEs, presents the evolution and current practices of each element of the system, and discusses findings from both academic research and the field.

国有企业是中国共产党和中国国家的经济基础和政治基础。国有企业改革的总方针是坚决贯彻党的领导和现代企业制度。这一原则为中国国有企业创造了一种政治治理体系——一种以党领导、国有制、党干部管理、党参与企业决策和党内监督为特征的党主导的治理体系。本调查解释了中国国有企业政治治理的逻辑,展示了该制度各要素的演变和当前实践,并讨论了学术研究和实地研究的结果。
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引用次数: 20
Administrative division adjustments and stock price comovement: Evidence from the city–county mergers in China 行政区划调整与股价变动:来自中国市县合并的证据
IF 3.6 Q2 BUSINESS, FINANCE Pub Date : 2022-06-01 DOI: 10.1016/j.cjar.2022.100235
Chun Yuan, Chunxiao Geng, Zhe Li, Yu Sheng, Jie Lv

Under the background of Chinese market segmentation, whether government-led administrative division adjustments can promote regional economic integration is a practical issue. Taking interregional firms’ stock price comovement as a micro measurement of regional integration, this paper investigates the regional integration effect of administrative division adjustments, i.e., city–county mergers. We find that stock price comovement between county-level and municipal district-level firms in the merged counties and municipal districts significantly improve after city–county mergers, particularly in regions with a higher degree of market segmentation and lower degree of marketization. We further find that the increase in stock price comovement caused by city–county mergers emerges from the increase in comovement of real activities between firms in the merged counties and municipal districts. Taken together, our results suggest that government-led administrative division adjustments effectively promote regional integration.

在中国市场分割的背景下,政府主导的行政区划调整能否促进区域经济一体化是一个现实问题。本文以区域间企业股价变动作为区域一体化的微观测度,考察了行政区划调整即市县合并的区域一体化效应。研究发现,市县合并后县域企业与市辖区企业的股价变动显著改善,特别是在市场分割程度较高、市场化程度较低的地区。我们进一步发现,市县合并导致的股票价格变动的增加是由合并县和市辖区内企业间实际活动变动的增加引起的。综上所述,我们的研究结果表明,政府主导的行政区划调整有效促进了区域一体化。
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引用次数: 3
Does the social security fund help non-financial enterprises to transform from the virtual to the real? 社会保障基金是否有助于非金融企业由虚向实的转型?
IF 3.6 Q2 BUSINESS, FINANCE Pub Date : 2022-06-01 DOI: 10.1016/j.cjar.2022.100238
Dapeng Tang , Jiamei Wu , Zhibin Chen

At its 19th National Congress, the Communist Party of China vowed to “strengthen the financial sector’s ability to serve the real economy.” However, many studies provide evidence of the opposite trend, a problematic “transition from the real to the virtual,” among Chinese enterprises. Meanwhile, the investment efficiency of China’s Social Security Fund (SSF), a public fund, attracts much attention. In this context, we use A-share listed companies in China from 2009 to 2018 to study the relationship between holding by the SSF and enterprise financialization. We find that SSF holding significantly inhibits financialization and that this effect is non-linear. Mechanism analysis indicates that SSF holding suppresses enterprises’ financialization mainly by improving their governance. Moreover, SSF holding more strongly inhibits small-scale (vs. large-scale), state-owned (vs. non-state-owned), and non-eastern (vs. eastern) enterprises in China. Furthermore, SSF holding can alleviate corporate value impairment caused by financialization. The conclusions enrich theoretical research and provide empirical evidence that may help regulatory authorities to guide investment by enterprises and prevent financial risks.

在中共十九大上,中国共产党誓言要“加强金融服务实体经济的能力”。然而,许多研究提供了相反趋势的证据,中国企业出现了一个有问题的“从真实到虚拟的过渡”。与此同时,中国社会保障基金(SSF)作为一种公共基金的投资效率也备受关注。在此背景下,我们以2009 - 2018年中国a股上市公司为研究对象,研究社保基金控股与企业金融化的关系。我们发现SSF持有显著抑制金融化,且这种影响是非线性的。机制分析表明,SSF控股主要通过改善企业治理来抑制企业金融化。此外,SSF持有对中国小型(相对于大型)、国有(相对于非国有)和非东部(相对于东部)企业的抑制作用更强。此外,SSF控股可以缓解金融化造成的企业价值减值。研究结论丰富了理论研究内容,为监管部门引导企业投资、防范金融风险提供了实证依据。
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引用次数: 2
Directors’ and Officers’ liability insurance and bond credit spreads: Evidence from China 董事和管理人员责任保险与债券信用利差:来自中国的证据
IF 3.6 Q2 BUSINESS, FINANCE Pub Date : 2022-06-01 DOI: 10.1016/j.cjar.2022.100226
Xin Li , Yan Tong , Guoquan Xu

Using hand-collected data on purchases of D&O insurance by Chinese listed firms for the period from 2008 to 2019, we empirically find that D&O insurance negatively associates with credit spreads. The negative relationship still holds after conducting a series of robustness tests and is not driven by the eyeball effect. We also show that D&O insurance can reduce credit spreads via the channels of internal controls, external monitoring, information asymmetry and default risk. Moreover, the negative effect of D&O insurance on credit spreads is more pronounced for non-state-owned firms, those located in regions with a low level of marketization or that employ rating agencies with a bad reputation. Our study complements the literature on the credit spreads and corporate governance.

利用2008年至2019年中国上市公司购买D&O保险的数据,我们实证发现D&O保险与信用利差呈负相关。在进行一系列稳健性检验后,这种负相关关系仍然成立,并不是由眼球效应驱动的。我们还表明,D&O保险可以通过内部控制、外部监控、信息不对称和违约风险等渠道降低信用利差。此外,D&O保险对信用利差的负面影响对于非国有企业、那些位于市场化程度较低地区的企业或聘用声誉不佳的评级机构的企业更为明显。我们的研究补充了有关信用利差和公司治理的文献。
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引用次数: 3
Do supply shocks in the audit partner labor market affect auditor choice? Evidence from a quasi-natural experiment 审计合伙人劳动力市场的供给冲击会影响审计师的选择吗?来自准自然实验的证据
IF 3.6 Q2 BUSINESS, FINANCE Pub Date : 2022-03-01 DOI: 10.1016/j.cjar.2022.100221
Yanming Cao , Zhuoan Feng

We examine whether supply shocks in the audit partner labor market induce clients to switch audit partners. We argue that audit partners in their early careers (i.e., junior partners) charge low audit fees to attract clients, which induces client firms to switch from senior partners to junior partners when there are more junior partners available. Utilizing the Big4 localization policy, we find that Big4 clients are more likely to replace senior auditors with junior auditors to cut costs after the policy. Furthermore, the results are mainly driven by clients who are charged high fees. Our empirical evidence enriches the understanding of auditor choice determinants and informs the ongoing debates surrounding new regulations for Big4 firms in China.

我们考察了审计合伙人劳动力市场的供给冲击是否会导致客户更换审计合伙人。我们认为,早期审计合伙人(即初级合伙人)收取较低的审计费用以吸引客户,当有更多的初级合伙人可用时,这促使客户公司从高级合伙人转向初级合伙人。利用Big4的本地化政策,我们发现在政策实施后,Big4客户更有可能用初级审计师取代高级审计师,以降低成本。此外,业绩主要是由收取高额费用的客户推动的。我们的经验证据丰富了对审计师选择决定因素的理解,并为围绕中国四大会计师事务所新法规的持续辩论提供了信息。
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引用次数: 0
期刊
China Journal of Accounting Research
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