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Standardization of the strategy translation process, procedural fairness in budgeting and firm performance 战略翻译过程的标准化、预算程序的公平性和企业绩效
IF 3.6 Q1 Economics, Econometrics and Finance Pub Date : 2022-09-01 DOI: 10.1016/j.cjar.2022.100254
Wenxuan Duan , Hezun Li , Jian Sun , Guang Yang

This paper studies the effect of the standardization of the strategy translation process on procedural fairness in budgeting and firm performance. Analysis of 250 valid questionnaires using a structural equation model shows that the strategy translation process (STP) affects firm performance not only directly but also indirectly, through budget participation and procedural fairness in budgeting. This study enriches the literature on the economic consequences of strategic performance measurement systems and expands research on procedural fairness in budgeting and the factors influencing firm performance. This study shows that the standard translation and implementation of strategy will decrease managers’ bias in the target-setting process, thus increasing manager’s sense of fairness in the budget process and ultimately improving firm performance.

本文研究了战略翻译过程的标准化对预算程序公平性和企业绩效的影响。利用结构方程模型对250份有效问卷的分析表明,战略转化过程通过预算参与和预算程序公平对企业绩效既有直接影响,也有间接影响。本研究丰富了关于战略绩效衡量系统的经济后果的文献,扩展了对预算程序公平性和企业绩效影响因素的研究。本研究表明,标准的战略翻译和实施将减少管理者在目标设定过程中的偏见,从而增加管理者在预算过程中的公平感,最终提高企业绩效。
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引用次数: 3
Does an abnormal change in deferred tax assets interfere with analysts’ earnings forecasts? 递延所得税资产的异常变化是否会干扰分析师的盈利预测?
IF 3.6 Q1 Economics, Econometrics and Finance Pub Date : 2022-09-01 DOI: 10.1016/j.cjar.2022.100255
Yujia Xue

In 2007, China adopted the single balance sheet liability method for tax accounting, but its shortcomings have emerged. I sample A-share listed companies from 2007 to 2018 to study whether an abnormal change in deferred tax assets interferes with analysts’ earnings forecasts and find that an abnormal change in deferred tax assets increases the error and divergence of these forecasts. Compared with a negative abnormal change in deferred tax assets, a positive abnormal change has a greater impact on earnings forecasts. Additionally, the level of corporate governance, audit quality and analysts’ professional ability have moderating effects on the correlation between an abnormal change in deferred tax assets and earnings forecasts. However, an abnormal change in deferred tax liabilities does not have a significant impact on that correlation.

2007年,中国采用单一资产负债表负债法进行税务核算,但其缺点已经显现。本文以2007 - 2018年的a股上市公司为样本,研究递延税项资产的异常变化是否会干扰分析师的盈利预测,发现递延税项资产的异常变化会增加预测的误差和偏差。与递延税项资产的负异常变化相比,正异常变化对盈利预测的影响更大。此外,公司治理水平、审计质量和分析师的专业能力对递延税项资产异常变化与盈余预测之间的相关性具有调节作用。然而,递延所得税负债的异常变化对这种相关性没有显著影响。
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引用次数: 3
Labor protection, information disclosure and analyst forecasts: Evidence from China’s Labor Contract Law 劳动保护、信息披露与分析师预测——来自中国《劳动合同法》的证据
IF 3.6 Q1 Economics, Econometrics and Finance Pub Date : 2022-09-01 DOI: 10.1016/j.cjar.2022.100251
Xiaojia Zheng , Yunfei Yang , Yanyan Shen

Labor protection increases employees’ stability and strengthens their monitoring role, improving firms’ information environment and increasing analysts’ earnings forecast accuracy. Using the implementation of China’s Labor Contract Law as a quasi-natural experiment, we find that labor protection significantly improves analyst forecasts. This positive impact is stronger when agency problems are weaker, board independence is greater, corporate reputation is better and industry competition is more intense. Enhanced labor protection significantly reduces firms’ business risk and accrual-based earnings management, decreases stock price synchronicity and increases market pricing efficiency. Our findings of significant impacts of China’s Labor Contract Law on analysts’ forecasting behaviors offer important guidance for promoting the development of the Chinese capital market and policy making in labor protection.

劳动保护增加了员工的稳定性,强化了员工的监督作用,改善了企业的信息环境,提高了分析师盈利预测的准确性。以中国《劳动合同法》的实施为准自然实验,我们发现劳动保护显著提高了分析师的预测。当代理问题越弱、董事会独立性越大、企业声誉越好、行业竞争越激烈时,这种正向影响越强。加强劳动保护显著降低企业经营风险和权责发生制盈余管理,降低股价同步性,提高市场定价效率。中国《劳动合同法》对分析师预测行为的显著影响,对促进中国资本市场的发展和劳动保护政策的制定具有重要的指导意义。
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引用次数: 7
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 Q1 Economics, Econometrics and 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 Q1 Economics, Econometrics and 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 Q1 Economics, Econometrics and 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 Q1 Economics, Econometrics and 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 Q1 Economics, Econometrics and 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 Q1 Economics, Econometrics and 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 Q1 Economics, Econometrics and 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
期刊
China Journal of Accounting Research
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