Journal of Contemporary Accounting & Economics最新文献

英文中文

The impact of public enforcement on interest conflicts of affiliated analyst: evidence from regulatory reforms in China’s IPO market 公共执法对关联分析师利益冲突的影响：来自中国IPO市场监管改革的证据

IF 2.9 3区管理学 Q2 BUSINESS, FINANCE

Journal of Contemporary Accounting & Economics

Pub Date : 2025-12-18 DOI: 10.1016/j.jcae.2025.100532

Ting Xu , Weimin Gao , Tao Zhang

This study exploits the phased implementation of China’s registration-based IPO reform as a natural experiment to investigate the impact of regulatory enforcement on the conflicts of interest faced by underwriter-affiliated analysts. We find that the transition from an approval-based system to a registration-based system significantly mitigates the incentives for affiliated analysts to issue optimistically biased recommendations. This result remains robust across a battery of sensitivity analyses. Mechanism tests indicate that the reform operates by enhancing the objectivity and relevance of issuer disclosures, thereby increasing the detectability of biased recommendation. Cross-sectional tests show that this disciplining effect is more pronounced when analysts face greater pressure from buy-side clients and high investor sentiment. Furthermore, we document stronger market reactions to affiliated analysts’ recommendations post-reform, suggesting a restoration of investor trust. These findings offer novel insights into the role of public enforcement and disclosure quality in disciplining financial intermediaries within emerging capital markets.

本研究以中国IPO注册制改革的阶段性实施为自然实验，探讨监管执法对承销商关联分析师所面临的利益冲突的影响。我们发现，从基于批准的系统到基于注册的系统的过渡显著减轻了附属分析师发布乐观偏见建议的动机。这一结果在一系列敏感性分析中仍然是可靠的。机制测试表明，改革通过增强发行人披露的客观性和相关性来运作，从而增加了对有偏见推荐的可检测性。横断面测试显示，当分析师面临来自买方客户的更大压力和投资者情绪高涨时，这种约束效应更为明显。此外，我们还发现，改革后，市场对关联分析师的建议反应更强烈，这表明投资者信任得到了恢复。这些发现对公共执法和披露质量在约束新兴资本市场金融中介机构方面的作用提供了新颖的见解。

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引用次数: 0

The impact of judicial independence on the corporate debt financing cost − Empirical evidence from China 司法独立对企业债务融资成本的影响——来自中国的经验证据

IF 2.9 3区管理学 Q2 BUSINESS, FINANCE

Journal of Contemporary Accounting & Economics

Pub Date : 2025-12-15 DOI: 10.1016/j.jcae.2025.100533

Yufei Zhang , Yijun Yu , Yimeng Zhang , Tengjiao He

Debt financing is crucial for firms, particularly in developing countries like China, where the stock market is underdeveloped. Reducing the debt financing costs of enterprises through institutional design is crucial for enterprise development. This paper examines whether the Chinese judicial independence reform, initiated in 2014 and characterized by centralizing financial and personnel management from the city level to the provincial level, can reduce the firm’s debt financing cost. We employ data from A-share listed firms from 2011 to 2022 and find that the judicial independence reform significantly decreases the firm’s debt financing costs. The mechanisms include an improved financial environment, increased accounting conservatism, and decreased default risk. This effect is more pronounced for POEs, firms without political connections, and firms in better legal environments. Overall, our findings demonstrate that strengthening judicial independence is a vital institutional foundation for reducing corporate financing frictions and supporting firm growth.

债务融资对企业至关重要，尤其是在中国等股市不发达的发展中国家。通过制度设计降低企业债务融资成本对企业发展至关重要。本文考察了2014年启动的中国司法独立改革是否能够降低企业的债务融资成本，改革的特点是将财务和人事管理从市级集中到省级。我们采用a股上市公司2011 - 2022年的数据，发现司法独立改革显著降低了公司的债务融资成本。这些机制包括改善金融环境、增加会计稳健性和降低违约风险。这种影响在私募股权公司、没有政治关系的公司和法律环境较好的公司中更为明显。总体而言，我们的研究结果表明，加强司法独立是减少企业融资摩擦和支持企业成长的重要制度基础。

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引用次数: 0

Has scientific progress in accounting slowed down? 会计的科学进步是否放缓了？

IF 2.9 3区管理学 Q2 BUSINESS, FINANCE

Journal of Contemporary Accounting & Economics

Pub Date : 2025-12-08 DOI: 10.1016/j.jcae.2025.100531

Zaher Zantout , Asm Sohel Azad , Kimberly Gleason , Vicente Bicudo de Castro , Deborah Smith

We examine knowledge progression in academic accounting over the past three decades using novel measures of the scientific impact of new research. Among eight reputable accounting journals, we find that the relative scientific impact of new research published in The Accounting Review, Journal of Accounting Research, and Journal of Accounting and Economics declined significantly since the early 2000 s, and new research in the other reputable journals did not counterbalance these major declines. This phenomenon occurred despite the concurrent proliferation of accounting research over this time period. Evidently, the concerns expressed by many prolific researchers have materialized. There is a real need for greater and more urgent introspection by university administrators, doctoral program directors, and journal editors regarding the reasons the high pace of scientific progress achieved in the early part of our study period slowed down significantly by its end.

在过去的三十年中，我们使用新研究的科学影响的新措施来检查学术会计的知识进展。我们发现，在8家知名会计期刊中，《会计评论》、《会计研究期刊》和《会计与经济学期刊》上发表的新研究的相对科学影响自2000年代初以来显著下降，而其他知名期刊上发表的新研究并没有抵消这些重大下降。尽管会计研究在这一时期同时激增，但这种现象还是发生了。显然，许多多产的研究人员所表达的担忧已经成为现实。大学管理者、博士项目主任和期刊编辑确实需要更大、更迫切地反思，为什么在我们研究期的早期取得的高速科学进步在研究期结束时显著放缓。

引用次数: 0

Peer MD&A risk disclosure and analysts’ earnings forecast accuracy: evidence from China 同业并购风险披露与分析师盈利预测准确性：来自中国的证据

IF 2.9 3区管理学 Q2 BUSINESS, FINANCE

Journal of Contemporary Accounting & Economics

Pub Date : 2025-12-01 DOI: 10.1016/j.jcae.2025.100530

Shuai Wang , Ziyao San , Ling Zhou , Minna Yu

In this study, we investigate whether and how risk disclosure in peer firms’ management discussion and analysis (MD&A) influences analyst earnings forecast accuracy. We find that peer MD&A risk disclosure significantly improves forecast accuracy, demonstrating a positive spillover effect. Moreover, the impact of peer MD&A risk disclosure on analysts’ forecast accuracy strengthens with the comparability and reliability of peer firms’ information, while weakens with the disclosure quality of the focal firm. Finally, peer MD&A risk disclosure also reduces stock price crash risk, providing further evidence that it improves information environment of the focal firm.

在本研究中，我们调查了同行公司管理层讨论和分析（MD&；A）中的风险披露是否以及如何影响分析师收益预测的准确性。研究发现，同业MD&；A风险披露显著提高了预测准确性，呈现出正向溢出效应。同行md&a风险披露对分析师预测准确性的影响随着同行信息的可比性和可靠性而增强，而随着焦点公司披露质量的提高而减弱。最后，同业md&a风险披露也降低了股价崩盘风险，进一步证明其改善了焦点公司的信息环境。

引用次数: 0

Asset redeployability and fair value accounting 资产可重新部署性和公允价值会计

IF 2.9 3区管理学 Q2 BUSINESS, FINANCE

Journal of Contemporary Accounting & Economics

Pub Date : 2025-11-26 DOI: 10.1016/j.jcae.2025.100529

Akhilesh Bajaj, Lori N.K. Leonard, Li Sun

Accounting Standards Codification 820 (ASC 820), which addresses fair value measurement, mandates that companies categorize their fair value inputs, both assets and liabilities, into three distinct levels. Level 1 represents inputs derived from highly observable market prices, whereas Level 3 is based on data that is minimally observable. Examining a sample from 2008 to 2020, consisting of more than 30,000 firm-year observations, we identify a significant positive relation between asset redeployability and the use of Level 1 inputs, suggesting that firms with assets that can be easily repurposed tend to prefer these transparent valuation methods. On the other hand, we observe a significant negative relation between asset redeployability and the use of Level 3 inputs, implying that firms with flexible assets are less likely to depend on subjective or obscure valuation techniques. These results emphasize that businesses with more redeployable assets favor market-driven and objective inputs.

会计准则第820号（ASC第820号）解决了公允价值计量问题，要求公司将公允价值输入（包括资产和负债）分为三个不同的层次。第1级代表来自高度可观察的市场价格的输入，而第3级则基于最低限度可观察的数据。研究了2008年至2020年的样本，包括超过30,000个公司年的观察结果，我们发现资产可重新部署性与第一级投入的使用之间存在显著的正相关关系，这表明拥有易于重新利用资产的公司倾向于使用这些透明的估值方法。另一方面，我们观察到资产可重新部署性与第3级投入的使用之间存在显著的负相关关系，这意味着拥有灵活资产的公司不太可能依赖主观或模糊的估值技术。这些结果强调，拥有更多可重新部署资产的企业倾向于市场驱动和客观投入。

引用次数: 0

Alternative data and corporate tax avoidance: Evidence from online sales disclosure in China 另类数据与企业避税：来自中国网络销售信息披露的证据

IF 2.9 3区管理学 Q2 BUSINESS, FINANCE

Journal of Contemporary Accounting & Economics

Pub Date : 2025-11-20 DOI: 10.1016/j.jcae.2025.100526

Shangqun Liu , Qian Li

We examine the impact of releasing alternative data on firm-level tax avoidance. By using the public release of firms’ online sales data in a prominent Chinese financial database as an exogenous shock, we find that corporate tax avoidance significantly decreases with the disclosure of such data. The transmission mechanism reveals that firms covered by online sales data exhibit less intertemporal income shifting and fewer abnormal related-party transactions. Further analyses show that the negative relation between online sales disclosure and corporate tax avoidance is more pronounced for firms with greater tax-planning capacity, higher market competition intensity, a larger proportion of online sales relative to revenue, and for non-state-owned enterprises. These insights provide novel avenues for identifying and mitigating managerial incentives and capabilities to engage in tax avoidance.

我们研究了发布替代数据对公司层面避税的影响。通过将中国知名金融数据库中企业在线销售数据的公开发布作为外生冲击，我们发现企业的避税行为随着这些数据的披露而显著减少。传导机制表明，在线销售数据覆盖的企业表现出较少的跨期收入转移和较少的异常关联方交易。进一步分析表明，对于税收筹划能力较强、市场竞争强度较高、网络销售占收入比重较大的企业，以及非国有企业，网络销售信息披露与企业避税之间的负相关关系更为明显。这些见解为识别和减轻管理动机和从事避税的能力提供了新的途径。

引用次数: 0

Non-English textual analysis with large language models: Analysts’ use of MD&A sentiment in earnings forecasting 大型语言模型的非英语文本分析：分析师在收益预测中使用MD&A情绪

IF 2.9 3区管理学 Q2 BUSINESS, FINANCE

Journal of Contemporary Accounting & Economics

Pub Date : 2025-11-20 DOI: 10.1016/j.jcae.2025.100524

Jaehee Jang, Xiaoying Wu

After a decade of research on the information content of firms’ financial disclosures, do analysts actually use this information? This study investigates whether analysts incorporate information from the Management Discussion and Analysis (MD&A) sections of annual reports into their earnings forecasts. We also explore the effectiveness of Large Language Models (LLMs) for non-English text sentiment analysis, particularly where a traditional dictionary approach is impossible. We demonstrate that LLM-extracted sentiment is robust and mitigates concerns about look-ahead bias inherent in their training data. Analyzing MD&A sections from South Korean firms, we find that positive sentiment is negatively associated with analyst earnings forecast errors, indicating that analysts do incorporate it into their forecasts. However, negative sentiment is positively associated with forecast errors, suggesting incomplete analyst response. Leveraging LLMs for textual sentiment analysis, our findings suggest that analysts partially, but not fully, utilize the textual sentiment of MD&A sections in their earnings forecasts.

在对公司财务披露的信息内容进行了十年的研究之后，分析师们真的会使用这些信息吗？本研究调查了分析师是否将年度报告的管理层讨论和分析（MD&；A）部分的信息纳入其盈利预测。我们还探讨了大型语言模型（llm）在非英语文本情感分析中的有效性，特别是在传统词典方法无法实现的情况下。我们证明了llm提取的情绪是稳健的，并且减轻了对训练数据中固有的前瞻性偏见的担忧。分析韩国公司的MD&；A部分，我们发现积极情绪与分析师收益预测误差负相关，表明分析师确实将其纳入预测。然而，负面情绪与预测误差正相关，表明分析师的反应不完整。利用llm进行文本情感分析，我们的研究结果表明，分析师在其收益预测中部分（但不是全部）利用了MD&；A部分的文本情感。

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引用次数: 0

SEC enforcement and corporate lobbying 证交会执法和企业游说

IF 2.9 3区管理学 Q2 BUSINESS, FINANCE

Journal of Contemporary Accounting & Economics

Pub Date : 2025-11-17 DOI: 10.1016/j.jcae.2025.100525

Daeun Lee

Using data on undisclosed SEC investigations, this study distinguishes between the SEC’s decision to select investigative targets (investigation decision) and its decision to pursue enforcement actions against those firms (enforcement decision). Then, it investigates how corporate lobbying relates to the different stages of the SEC enforcement process. First, this study finds that firms habitually engaged in lobbying activities are more likely to be investigated by the SEC. The association is pronounced for firms that lobby directly with the SEC. However, firms that increase lobbying expenditures, especially toward SEC-relevant committees in Congress, during an ongoing investigation are less likely to face enforcement actions. Further analysis suggests that the SEC is more likely to open investigations against lobbying firms during periods of resource constraints. Overall, the findings have implications for understanding resource allocation and regulatory dynamics within SEC enforcement.

本研究利用未披露的SEC调查数据，区分了SEC选择调查目标的决定（调查决定）和对这些公司采取执法行动的决定（执法决定）。然后，它调查了公司游说与证交会执法过程的不同阶段之间的关系。首先，本研究发现，习惯性地从事游说活动的公司更有可能受到美国证券交易委员会的调查。这种联系对于直接与美国证券交易委员会进行游说的公司来说是明显的。然而，在正在进行的调查中，增加游说支出的公司，特别是对国会中与美国证券交易委员会相关的委员会，不太可能面临执法行动。进一步的分析表明，在资源紧张时期，证交会更有可能对游说公司展开调查。总体而言，研究结果对理解SEC执法中的资源分配和监管动态具有启示意义。

引用次数: 0

How do narcissistic CEOs decide their firms’ debt maturity? An analysis based on the SPIN model 自恋型ceo如何决定公司的债务期限？基于SPIN模型的分析

IF 2.9 3区管理学 Q2 BUSINESS, FINANCE

Journal of Contemporary Accounting & Economics

Pub Date : 2025-11-08 DOI: 10.1016/j.jcae.2025.100516

Ethan Xin Liu , Chenxi Du

CEO narcissism, as a prevalent trait among top leaders, has witnessed burgeoning scholarly attention. However, the CEO narcissism research is dominated by the Upper Echelons Theory and calls on other novel theoretical perspectives. In addition, the association between CEO narcissism and companies’ debt maturity selection remains unexplored. To address the research gaps, this study draws upon the Upper-Echelon Theory and the Status Pursuit in Narcissism (SPIN) model deriving from personality psychology to explore the predictive impact of CEO narcissism on corporate debt maturity and examine the moderating effect of interlocking directors and directors with financial experience on the relationship. The study leverages text analysis to measure narcissism of CEOs in the non-financial listed companies in China, spanning from 2015 to 2022. Regression results demonstrate that CEO narcissism is negatively associated with corporate debt maturity. In addition, the relationship is reinforced by the presence of interlocking directors and directors with financial experience within the board. The study not only introduces the SPIN model to enrich the theoretical lens of CEO narcissism research but also sheds light on the nuanced dynamics of CEO narcissism and its interplay with board governance. In addition, the study provides managerial implications for companies to bolster board governance and counterbalance the potential risk-taking behavior of narcissistic CEOs, thereby ensuring financial stability and risk mitigation.

CEO自恋，作为高层领导者的普遍特征，已经引起了学术界的广泛关注。然而，CEO自恋的研究以上层理论为主导，需要其他新颖的理论视角。此外，CEO自恋与公司债务期限选择之间的关系仍未得到研究。为了弥补研究空白，本研究借鉴人格心理学中的上层阶梯理论和自恋地位追求（SPIN）模型，探讨CEO自恋对公司债务期限的预测影响，并考察连锁董事和具有财务经验的董事对这种关系的调节作用。该研究利用文本分析来衡量2015年至2022年中国非金融上市公司首席执行官的自恋程度。回归结果表明，CEO自恋与公司债务期限呈负相关。此外，联锁董事和董事会中具有财务经验的董事的存在加强了这种关系。本研究不仅引入了SPIN模型，丰富了CEO自恋研究的理论视角，还揭示了CEO自恋的微妙动态及其与董事会治理的相互作用。此外，该研究还为公司加强董事会治理和平衡自恋型ceo潜在的冒险行为提供了管理启示，从而确保财务稳定和风险缓解。

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引用次数: 0

Visiting in the wrong time: Huangli and analysts’ bias 在错误的时间访问：黄力和分析师的偏见

IF 2.9 3区管理学 Q2 BUSINESS, FINANCE

Journal of Contemporary Accounting & Economics

Pub Date : 2025-11-06 DOI: 10.1016/j.jcae.2025.100514

Fang Wang , Yichen Jiang , Zhe Li

We identify a significant correlation between the Chinese calendar (Huangli) during analyst site visits and subsequent earnings forecasts by analysts. After controlling for individual and firm characteristics, when site visits occur on “not suitable for visit” in Huangli, analysts’ forecast optimism exhibits a significant decrease. We further investigate the varying severity of “not suitable for visit” during these visits, finding that “strictly forbidden by Huangli” has a more pronounced effect on analysts’ pessimism than “moderately forbidden by Huangli.” This suggests a cultural influence. Additionally, we consider the forecast horizon to better understand the underlying mechanism. Huangli has a greater impact on analysts when there is a long interval between the forecast date and the actual earnings announcement day, or when religious culture in the analysts’ hometown is prominent, indicating a magnifying effect on forecasting bias. Finally, analysts’ skill may mitigate this bias.

我们发现，在分析师实地考察期间，中国日历（黄历）与分析师随后的盈利预测之间存在显著相关性。在控制了个体特征和企业特征后，当黄黎发生“不适合参观”的实地考察时，分析师的预测乐观度显著下降。我们进一步调查了这些访问中“不适合访问”的不同严重程度，发现“黄力严格禁止”比“黄力适度禁止”对分析师悲观情绪的影响更明显。这表明了文化的影响。此外，我们考虑预测范围，以更好地了解潜在的机制。当预测日期与实际收益公告日之间间隔较长，或者当分析师家乡的宗教文化突出时，黄力对分析师的影响更大，表明黄力对预测偏差有放大效应。最后，分析师的技能可能会减轻这种偏见。

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全部化学•材料生命科学医学物理工程技术环境•农林材料科学地球科学法学管理学化学环境科学与生态学计算机科学教育学经济学农林科学人文科学生物学数学物理与天体物理心理学综合性期刊其他工业工程理学历史学农学文学信息工程

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