上海财经大学会计与财务研究院
科 研 成 果 简 报
2020年第1期（总第39期）2020年7月
一、 重大项目阶段性成果
◆《简政放权与会计、财务问题研究》
（一）项目基本情况
（1）项目来源：国家教育部人文社会科学重大研究项目
（2）主持人：靳庆鲁
（3）所在单位：上海财经大学会计与财务研究院
（4）预期完成期限：2018.07—2020.12
（5）项目批准号：18JJD790010
（二）项目研究进展情况
课题组基于拟定的研究计划持续推进相关研究工作。目前已在国内权威期刊《经济学（季刊）》《会计研究》《南开管理评论》《财务研究》《金融研究》《财经研究》发表论文6篇。
阶段性成果一：恒产者恒心：“原罪”嫌疑、产权保护与民营企业绩效（《经济学（季刊）》，2020年03期 ）
本文从产权保护视角考察民营企业家原罪嫌疑对其所经营企业绩效的影响。研究发现:与创业型企业相比,国有转制型民营企业的绩效显著较差;这一现象在产权保护较差地区更为明显。在郎顾之争事件中,国有转制型企业的市场反应显著差于创业型企业;而当最高人民法院宣布再审三起重大产权案件时,其市场反应则显著更好;《物权法》施行后,两类企业绩效差异显著缩小;此外,国有转制型企业更多地通过关联交易转移资源且创新投入较少。
阶段性成果二：事前披露能够降低董监高减持的获利能力吗?——基于中国“减持新规”的实证检验（《金融研究》，2020年第3期）
事前披露能否降低董监高交易的信息优势?中国证监会于2017年5月修订并实施的减持新规首次为上述命题的检验提供了独特的研究场景。通过事件研究法,本文对减持新规颁布前后的董监高减持行为进行研究,考察事前披露减持计划是否会削弱董监高减持时的信息优势。实证结果表明,减持新规实施后董监高减持的短期超常回报显著低于减持新规实施前,这说明事前披露会抑制董监高交易的择时能力。进一步研究发现,当公司信息质量较差、所处地区的市场化程度较低、成长性较高、减持规模较大时,事前披露对董监高减持获利能力的削弱作用更强;减持新规实施对董监高减持超常回报的削弱主要体现在交易日与减持计划披露日间隔短的减持样本中。本文不仅在实证层面上验证了事前披露可以降低董监高交易的信息优势,丰富了内部人交易研究文献,也为我国减持新规的实施效果提供了证据和建议。
阶段性成果三：网络基础设施建设与企业技术知识扩散——来自“宽带中国”战略的准自然实验（《财经研究》，2020年04期 ）
党的十九大报告明确指出要发展数字经济,建设网络强国,抢抓全球新一轮产业竞争制高点,促进实体经济加快转型升级。在此背景下,解答网络基础设施能否以及如何影响微观企业的信息传递和技术知识扩散,具有重要的理论价值和现实意义。文章利用宽带中国战略的准自然实验和2008-2017年上市公司数据进行了实证分析。研究发现,良好的网络基础设施不仅可以促进上市公司向内部子公司的技术知识扩散,还可以促进与外部其他公司的技术合作。前者表现为注册地被选为宽带中国示范城市后,当地上市公司下属子公司的创新水平显著上升,后者则体现为当地上市公司与其他公司的联合创新显著增加。进一步研究表明,当上市公司的技术水平较高,或者子公司的地理位置较分散、网络基础设施较完备时,网络基础设施对公司内部技术知识扩散的积极作用更大;而当上市公司技术水平较高或者所在地区互联网用户较多时,网络基础设施对公司之间技术创新合作的影响更大。可见,加大网络基础设施的建设力度,有利于发挥技术知识的正外部性。
阶段性成果四：我国产业政策的制度发展与实证发现——基于企业财务行为视角的研究展望（《财务研究》，2019年第1期）
近年来,产业政策引起了学术界与实务界的热烈讨论。基于政府与市场关系的视角,本文对产业政策的核心理论、制度背景以及实证发现进行了系统回顾,并在此基础上梳理了研究脉络。最后,本文结合中国的制度特征,提出了产业政策与企业财务行为领域潜在的研究方向。
阶段性成果五：影响公司高管交易行为内部差异的因素：“信息优势”还是“收入补偿动机”（《南开管理评论》，2019年第6期）
本文以2003-2017上市公司高管交易为研究对象，采用公司内高管相对薪酬水平作为“信息优势”和“收入补偿动机”的双重代理变量，考察了公司高管交易行为内部差异的可能影响因素。研究发现，高管在公司的薪酬相对水平越高，其交易的主动性越强，买卖股票的超常回报特别是短期回报越高。这一关系并不因信息环境变化而发生改变，表明公司内不同高管买卖股票的主动性和交易回报的差异主要由信息优势决定，而内部薪酬差异引起的收入补偿动机并未产生决定性影响。
阶段性成果六：社会性负担与公司财务困境动态——基于ST制度的考察（《会计研究》，2018年第11期）
本文基于政治锦标赛的分析框架，以ST制度为切入点，考察了社会性负担的承担（以行业平均收入与平均雇员规模为基础测算公司超额雇员率）对公司未来财务状况的动态影响。研究结果表明，社会性负担的承担显著提升了公司未来财务困境（表现为被ST）的概率，因而支持了基于市场竞争的“优胜劣汰效应”。进一步的研究表明，地方政府干预程度显著增强了公司社会性负担与公司未来财务困境的正向关系，但国有产权背景并未显著降低公司社会性负担与公司未来财务困境的正向关系。此外，对于ST公司，业已承担的社会性负担形成的预算软约束有助于企业短期实现“摘帽”，但并未从根本上改变公司未来反复出现的财务困境。本文从社会性负担的视角阐释了转型经济中政府与企业间的互动关系，对当前深化政府改革，厘清政企关系具有重要的政策含义。
◆《新闻媒体报道与会计、财务问题研究》
（一）项目基本情况
（1）项目来源：国家教育部人文社会科学重大研究项目
（2）主持人：李增泉
（3）所在单位：上海财经大学会计与财务研究院
（4）预期完成期限：2018.1—2020.12
（5）项目批准号：18JJD79001
（二）项目研究进展情况
本项目立项后，严格按照项目研究规划开展科学研究，围绕财经媒体报道偏差的制度诱因和经济后果等相关问题开展系列研究分析。针对“财经报道选择性偏差诱因”，研究团队继续基于媒体报道的供给和需求，对前序的政府行为、客户以及机构投资者三个角度对媒体报道偏差形成的诱因进行了更为深入的研究与探讨。目前项目团队正基于理论框架对媒体报道偏差形成的原因进行了案例和数据分析。团队通过采用数据挖掘和文本分析的技术，基本完成了模块一的数据搜集整理工作。此外，团队将继续在测度媒体报道偏差程度的指标方面进行深入研究与测度。针对“媒体报道选择性偏差的经济后果”，研究团队着眼于媒体报道对上市公司行为和治理机制的影响展开了系列研究，研究主题包括企业的产品召回、富豪榜信息披露以及分析师个人形象等，形成了一些阶段性研究成果，已有多项成果发表/接收于国内外权威会计学期刊《The Accounting Review》《Management Science》《管理世界》《会计研究》及《China Journal of Accounting Studies》等。此外还有数篇工作论文正在创作中，部分已完成初稿，准备修改投稿国际权威会计学期刊。
阶段性成果一：Analysts’Beauty and Performance（《Management Science》，在线发表）
We study whether sell-side financial analysts’ physical attractiveness is associated with their job performance. We find that attractive analysts make more accurate earnings forecasts than less attractive analysts. Moreover, more attractive analysts make stock recommendations that are more informative in the short run and more profitable in the long run. Further analyses reveal that attractive analysts attain their better job performance at least partly through their privileged access to information from firm management. For the sources of the beauty effect, we find that more attractive analysts gain more media exposure, have better connections to institutional investors, and receive more internal support from their employers. Additional evidence suggests that analysts’ physical appearance per se at least partly explains our findings. Overall, our study demonstrates that physical attractiveness has a profound impact on the job performance and information access of sell-side financial analysts.
阶段性成果二：The political economy of labor‐employment decisions: Evidence from China（《Management Science》，在线发表）
In China’s transitional economy, one of the major objectives of the government is to maintain social stability. We hypothesize that, through state ownership and appointment of executives, Chinese government officials can influence firms’ labor-employment decisions by limiting layoffs when firms’ sales decline. Consistent with this hypothesis, we find that state-owned enterprises (SOEs) have stickier labor costs than non-SOEs, and the presence of politically connected managers makes labor costs even stickier in SOEs while having little effect in non-SOEs. Such effects are stronger in regions with weak market institutions and during time periods when government officials are to be promoted. We also show that the government reciprocates SOEs’ sticky labor policies with subsequent subsidies.
阶段性成果三：East, West, Home's Best: Do Local CEOs Behave Less Myopically?（《The Accounting Review》，Volume 95，Issue2, 2020 ）
We test whether CEOs working near their childhood homes are less likely than nonlocal CEOs to make myopic decisions. Place attachment theories suggest that people develop mutual caretaking relationships with their birthplaces. Also, executive labor markets face less information asymmetry about local CEOs, resulting in lower pressure on local CEOs for quick profits. Consistent with the prediction, we find that local CEOs are less likely to cut R&D expenditures for beating analyst forecasts or avoiding earnings decreases. In their last year of office, local CEOs are significantly less likely to cut R&D than nonlocal CEOs. The CEO locality effect is stronger when more local business interests are embedded in the firm and when the residents of the CEO's birth state have stronger local social bonds. Local CEOs' longer horizons are consistently manifested in their other decisions, such as paying more state tax and being more socially responsible in business operation.
阶段性成果四：Information dissemination through embedded financial analysts: Evidence from China （《The Accounting Review》，Volume 95，Issue2, 2020 ）
When emerging market firms disclose relationship-based transactions, they face a tradeoff in which greater transparency may help lower their cost of capital at the cost of revealing proprietary information. We find that firms overcome this challenge by relying on analysts within their private networks (i.e., connected analysts) who, through repeated interaction with the firm, can better verify relationship-based transactions. Using Chinese firms, we show that firms with more connected analysts have more accurate consensus forecasts and lower forecast dispersion. When a connected analyst departs and stops covering a firm, the accuracy and informativeness of the unconnected analysts’ forecasts decrease, suggesting that information spills over from the connected analyst to analysts outside the network. We find a potential mechanism for this information spillover: communication through common institutional clients. The findings suggest that embedded financial analysts—those who share close connections with firms and analysts—serve as a channel for disseminating proprietary, hard-to-verify information.
阶段性成果五：Friends in Need are Friends Indeed: An Analysis of Social Ties between Financial Analysts and Mutual Fund Managers（《The Accounting Review》，Volume 94,Issue 1,2019）
We examine how hometown, school, and workplace ties between financial analysts and mutual fund managers affect their business decisions. We show that a fund manager is more likely to hold stocks covered by analysts with whom she is socially connected and that she also makes higher profits from these holdings. Such social tie-related holding returns are higher among more opaque firms. In return, a fund manager tends to cast her star analyst votes in favor of her connected analysts and her fund company is more likely to allocate trading commissions to her connected analysts’ brokerages. Additional tests indicate that analysts more actively acquire information (through conducting corporate site visits) and issue more optimistically biased recommendations for stocks held by fund managers with whom they are connected. Overall, our results illustrate the pronounced influence of social networks on the behaviors of analysts and fund managers.
阶段性成果六：Litigation Risk and Corporate Voluntary Disclosure: Evidence from Two Quasi-Natural Experiments（《European Accounting Review》，Volume 28，Issue 5, 2019 ）
We examine the effect of litigation risk on corporate voluntary disclosure using two quasi-natural experiments, which have substantial and opposing impacts on the litigation risk of firms headquartered in the Ninth Circuit. We find that firms in the Ninth Circuit decrease (increase) the quantity and quality of their voluntary disclosure, relative to control firms, when their litigation risk is lowered (elevated). The pre-treatment test shows an indistinguishable trend between treatment and control firms. A battery of robustness checks indicates that our results are not driven by alternative explanations. We hypothesize and find that the impact of litigation risk is more pronounced when firms have bad news and that firms are more likely to preempt bad news through voluntary disclosures when litigation risk is elevated. Overall, results from both experiments suggest that litigation risk causally increases corporate voluntary disclosure.
阶段性成果七：Does the rhetoric always hide bad intention: annual report’s tone and stock crash risk（《China Journal of Accounting Studies》，2018, VOL. 6, NO. 2）
In this paper, by examining the relationship between tone and stock crash risk, we investigate whether tone embedded in annual reports transmits information to the market or it is just a way of impressing management. We consider the optimism of tone as the construct of public information received by investors, and the truthfulness of tone as the construct of private information held by the management, respectively. We find that, overall, the optimism of tone in the annual report has no significant impact on stock crash risk in the year following the release of the annual report. However, after taking the truthfulness of tone into account, we find that when the tone is not true, the stock crash risk in the following year will increase if tone becomes more optimistic, indicating that an overly positive tone is likely to be the result of management hiding some bad news or releasing false good news for their self-interest. On the other hand, when the tone in annual reports is true, the positive correlation between tone and crash risk will be significantly suppressed, indicating that positive language expresses managers’ real thoughts, without bad intention.
阶段性成果八：Minimum Wages and Labor-cost Stickiness: Evidence from China（《中国会计与财务研究》，2019年第21卷第4期）
In this study, we examine the effect of minimum wages on labour cost stickiness by using a sample of 20,566 firm-year observations from China, which had no minimum wage legislation until 2004. We find that minimum wages are positively associated with labour cost stickiness, suggesting an enhancement effect. The results of further analyses show that the positive effect is mainly driven by the per capita salary stickiness and is more pronounced 1) among firms with lower per capita wages and those located in provinces with higher minimum wage growth and 2) in the post-2008 period, during which China’s Labour Contract Law was in effect.
阶段性成果九：资本市场信息披露、关系型合约与供需长鞭效应——基于供应链信息外溢的经验证据（《管理世界》，2020年07期）
文章利用手工收集的2007～2016年间7997组客户—供应商均为上市公司的多级供应链条数据,考察客户公司信息披露对供应商生产行为的影响,以及资本市场公共信息环境和私有信息沟通的调节效应。研究发现:(1)客户信息披露质量越高,供应商与其供需波动偏离度的长鞭效应越低;当溯至再上游时,这一外溢效应依然存在,表明客户信息披露具有明显的治理效应;(2)所在行业证券化率越大,或者上下游存在战略采购协议时,客户公司信息披露的治理效应弱化,说明行业层面信息搜寻或交易双方关系型缔结提供了替代性的信息渠道;(3)进一步研究发现,客户采购比例越大,其信息披露的治理效应越强,同行信息搜寻与私有信息沟通的替代效应越弱。控制内生性问题后,以上结论仍然成立。本文为资本市场公共信息披露通过供应链传导到实体经济这一特殊机制提供了经验证据,为完善公共执法和通过责任规则促进私人履约提供了理论依据。
阶段性成果十：高管晋升与企业税负—来自中国地方国有上市公司的经验证据（《会计研究》，2019年04期）
本文选取2003—2014年中国沪深两市A股地方国有上市公司为样本,实证考察了企业税负承担与高管晋升之间的关系。研究发现,地方国有企业税负承担与高管晋升呈显著正相关关系,即积极的税负承担有助于增加高管晋升概率,存在税负晋升激励效应。进一步研究发现,税负晋升激励效应受企业层级和高管异质性的影响,省属国有企业、高管越年轻、任期越短,税负晋升激励效应越显著。本文从企业税负视角,发现了影响国有企业高管晋升的新证据,为完善国有企业高管考核机制提供有益的借鉴和启示。
阶段性成果十一：环境污染曝光与公司价值——理论机制与实证检验（《金融研究》，2019年08期）
环境污染及其治理问题日益被全社会所重视。在此背景下,本文实证考察企业环境污染曝光是否影响公司价值以及影响机制。以发生于2005-2015年间的71起上市公司环境污染曝光事件为样本,本文研究发现:上市公司环境污染事件曝光当天,市值平均下跌1.51%。进一步分析发现:公司在污染事件曝光后,更容易受到政府的环保监管和处罚,且更难获得银行债务融资;并且,环保监管与债务融资的变化与污染事件窗口期公司股票的累计超额报酬率显著相关,表明投资者对于环境污染给公司造成的不利后果具有理性预期并相应地做出了负面反应。此外,2010年政府环保政策趋严后,污染事件曝光后政府监管力度的上升和债务融资的减少都更为明显;在公众环保需求高的地区,污染事件曝光后政府环保监管力度上升更显著。总之,本文的研究表明,环境污染事件曝光会降低公司价值,且政府监管力度上升和债务融资困难是环境污染曝光降低公司价值的两个重要作用机制。本文揭示了环境污染曝光对公司价值的负面影响以及影响的机制和异质性,对于当前的环境治理和经济转型具有较好的政策启示意义。
二、 学术论文
（一）The Effect of Auditing on Promoting Exports: Evidence from Private Firms in Emerging Markets
《Management Science》，Vol. 66, No. 4 ,2020| C. S. Agnes Cheng，孙苇杭，Kangtao Ye，Ning Zhang
【摘要】 We investigate the effect of auditing on promoting exports for private firms in emerging markets. Using a sample of private firms from 125 countries between 2006 and 2015， we show that firms that have their financial statements audited have more exports than firms that do not have their financial statements audited. To infer causality， we employ a regression discontinuity design (RDD). Using the discontinuity around the mandatory financial audit threshold， we find that firms slightly above the threshold have more exports than do firms that are slightly below the threshold. We also exploit the countries with exogenous regulation shocks to the mandatory audits. Using the difference-in-differences (DiD) design， we find that firms that are exempted from mandatory audits have less exports subsequent to the regulation change. Further analyses reveal that the effect of auditing is more pronounced in countries with higher audit quality and for firms with limited alternative information. Our findings suggest that the auditing function promotes exports-an important economic consequence for the global economic development.
（二）East, West, Home’s Best: Do Local CEOs Behave Less Myopically?
《The Accounting Review》，Vol.95, No. 2,2020 | laishufang，李增泉，杨勇
【摘要】 We test whether CEOs working near their childhood homes are less likely than nonlocal CEOs to make myopic decisions. Place attachment theories suggest that people develop mutual caretaking relationships with their birthplaces. Also， executive labor markets face less information asymmetry about local CEOs， resulting in lower pressure on local CEOs for quick profits. Consistent with the prediction， we find that local CEOs are less likely to cut R&D expenditures for beating analyst forecasts or avoiding earnings decreases. In their last year of office， local CEOs are significantly less likely to cut R&D than nonlocal CEOs. The CEO locality effect is stronger when more local business interests are embedded in the firm and when the residents of the CEO's birth state have stronger local social bonds. Local CEOs' longer horizons are consistently manifested in their other decisions， such as paying more state tax and being more socially responsible in business operation.
【基金】We especially thank Professor Ying Cao for her significant input in developing the project in its early stages. Zengquan Li acknowledges the Program for Innovative Research Team of Shanghai University of Finance and Economics， the National Natural Science Foundation of China (No. 71572100，71972124)，and the Project of Key Research Institute of Humanities and Social Science in Universities by the Ministry of Education of China (MOE) (No. 18JJD790011) and 111 Project (B18033).
（三）Institutional shareholders and corporate social responsibility
《Journal of Financial Economics》，135.2020 | Tao Chen，董慧，Chen Lin
【摘要】 This study uses two distinct quasi-natural experiments to examine the effect of institutional shareholders on corporate social responsibility (CSR). We first find that an exogenous increase in institutional holding caused by Russell Index reconstitutions improves portfolio firms’ CSR performance. We then find that firms have lower CSR ratings when shareholders are distracted due to exogenous shocks. Moreover， the effect of institutional ownership is stronger in CSR categories that are financially material. Furthermore， we show that institutional shareholders influence CSR through CSR-related proposals. Overall， our results suggest that institutional shareholders can generate real social impact.
【基金】 We especially thank Professor Ying Cao for her significant input in developing the project in its early stages. Zengquan Li acknowledges the Program for Innovative Research Team of Shanghai University of Finance and Economicsthe National Natural Science Foundation of China (No. 71572100， 71972124)，and the Project of Key Research Institute of Humanities and Social Science in Universities by the Ministry of Education of China (MOE) (No. 18JJD790011) and 111 Project (B18033).
（四）Do political connection disruptions increase labor costs in a government-dominated market? Evidence from publicly listed companies in China
《Journal of Corporate Finance》，Vol62,2020| 魏春燕，Shiyang Hu，Feng Chen
【摘要】 This paper investigates whether the disruption of political connections increases labor costs among Chinese listed firms. Using the Communist Party of China's Rule No. 18 as an exogenous shock that forces firms to lose their politically connected independent directors， we find that the disruption of political connections is associated with an increase in labor costs (both in terms of aggregate labor costs per firm and average labor costs per employee) and an increase in employee turnover. Such increases do not lead to labor productivity improvements， and cannot be attributed to changes in corporate policies or the composition of labor forces after Rule No. 18. We also find that firms with higher unemployment risk and skilled labor risk increase their labor costs to a larger extent. Our results are robust to alternative labor cost measures， controlling for potential confounding events， and alternative political connection channels. Our study shows an unintended labor market consequence increases in labor costs of political connection disruptions for firms that are adversely affected by such disruptions.
（五）The “home bias” of corporate subsidiary locations
《Journal of Corporate Finance》，Vol62,2020| Yunsen Chen，Jianqiao Huang，Sheng Xiao，赵子夜
【摘要】 Analyzing hand-collected data on the corporate subsidiary locations of all publicly listed firms in China， we find that hometown firms， firms headquartered in the hometown of the key political leaders of the province， set up more subsidiaries in their home provinces. This effect is stronger for hometown firms that are non-state owned or without political connections， and more prominent in a political turnover year and the previous year. After a hometown firm sets up more subsidiaries in a key political leader's home province， the firm will enjoy more preferential government policies such as those related to subsidies and taxes. We find evidence consistent with the positive externalities of these subsidiaries for other firms in the cities where they reside， i.e.， local firms. The number of these subsidiaries is also positively associated with the local employment rate. Various causality tests and robustness checks confirm the validity of our results. Our results provide some of the first evidence on the importance of corporate subsidiary locations， showing political geography significantly influences corporate geography.
【基金】The authors thank Zhaoyang Gu， Bin Ke， Guanmin Liao， T. J. Wong， and Tianyu Zhang for helpful suggestions. The authors gratefully acknowledge financial support from the National Natural Science Foundation of China (#71572209 and #71632006)，the MOE Project of Key Research Institute of Humanities and Social Science in University (#16JJD790037)， and the MOE Project of Humanities and Social Sciences (#19YJC630228). Yunsen Chen thanks China's Management Accounting Research & Development Center for funding. All errors are ours.
（六）China’s Convergence with IFRS: Analysis of Dual-listed Companies
《Abacus-A Journal of Accounting Finance and Business Studies》，Vol56，No1，2020| 张为国，叶建芳
【摘要】 This study investigates China's convergence towards International Financial Reporting Standards (IFRS) using generally accepted accounting principles (GAAP) differences data disclosed in AH-share companies' annual reports from 2006 to 2017. We firstly find that 92% of AH-share companies disclosed GAAP differences in 2006， immediately prior to implementation of converged Chinese accounting standards (CAS). This ratio decreased to 88% in 2007， 58% in 2010， and 38% in 2011， respectively. After 2011， less than one third of AH companies disclosed GAAP differences. Secondly， an increasing number of AH companies (35%) have published CAS-based financial statements in Hong Kong from 2014. Thirdly， except for the first few years after 2007， the disclosed GAAP differences have dropped to a very low level; since 2010 the net profit and net assets GAAP differences ratios have been below 0.5%. Fourthly， reduction of the disclosed GAAP differences appears to be the result of efforts by Chinese standard setters and regulators， work related to the International Accounting Standards Board， or changes in China's special socio-economic environment. Distinct from word-by-word comparison between CAS and IFRS， this research shows that China has achieved its original goal， namely an enterprise applying CAS should produce financial statements that are the same as those of an enterprise that applies IFRS. Our findings provide insights regarding China's institutional evolution in terms of the country's IFRS convergence effort， which are useful for further empirical study.
【基金】The authors express their sincere thanks to Xun Fan， Yvonne Kim， You-Shan Lou， Jianqiao Lu， Jie Shen， participants at the Symposia held by the Accounting Society of China and Renmin University of China，and Jie Li's contribution in the process of data collection and analysis. Professor Ye acknowledges the financial support of the MOE (No: 14JJD630005) and NSFC (No. 91746117) through the Institute of Accounting and Finance at SUFE.
（七）Do Managers Choose the Proxy Material Delivery Method Strategically
《Journal of Accounting， Auditing and Finance》，Vol. 35(2)，2020| Yu Cai，Yanhui Jiang，阴慧芳，Huai Zhang
【摘要】 Using hand-collected data for 2007-2008, we show that using the notice-only option to deliver proxy materials is an effective way to influence proxy voting outcomes in favor of the management. Firms performing poorly, firms with high CEO pay, and firms restating earnings are more likely to choose the notice-only option. In the subsequent year, notice-only firms experience lower stock returns and a drop in analysts’ earnings forecasts, consistent with that real economic factors drive the choice of the notice-only option. Overall,our findings suggest that the managers strategically use proxy delivery methods to control the negative impact of bad news.
【基金】The author(s) disclosed receipt of the following financial support for the research, authorship, and/or publication of this article: Yin acknowledges the financial support from the National Natural Science Foundation of China (Grant number: 71302076, 71772110, 71402087), from Shanghai Municipal Education Commission (Grant number: 14CG36), MOE (Ministry of Education) Project of Key Research Institute of Humanities and Social Sciences at Universities (Grant number: 14JJD630005). Zhang acknowledges the financial support from Singapore Ministry of Education (Grant number: RG75/16).
（八）恒产者恒心：“原罪”嫌疑、产权保护与民营企业绩效
《经济学季刊》，2020年03期 | 唐松，温德尔，叶芷薇(学)
【摘要】本文从产权保护视角考察民营企业家原罪嫌疑对其所经营企业绩效的影响。研究发现:与创业型企业相比，国有转制型民营企业的绩效显著较差;这一现象在产权保护较差地区更为明显。在郎顾之争事件中，国有转制型企业的市场反应显著差于创业型企业;而当最高人民法院宣布再审三起重大产权案件时，其市场反应则显著更好;《物权法》施行后，两类企业绩效差异显著缩小;此外，国有转制型企业更多地通过关联交易转移资源且创新投入较少。
【基金】国家自然科学基金面上项目（71372042，71772114）;教育部人文社会科学重点研究基地重大项目(18JJD790010）的资助。
（九）多元化经营复杂度、 股权绝对 集中与资源运营效益
《会计研究》，2020年02期 | 仓勇涛，储一昀，范振宇
【摘要】自从Jensen和Meckling(1976)指出股权激励能缓解股东和管理层之间的代理问题以来，已有很多研究为股权激励的内部治理效应提供了经验证据，但股权激励是否具有外部治理效应，却鲜有研究。基于此，文章研究股权激励能否吸引更多的市场关注，以及外部的市场关注能否激励管理层实现市场预期，从而为股权激励是否具有外部治理效应提供一定的经验证据。基于沪深两市A股上市公司数据的研究发现，与未实施股权激励的公司相比，实施股权激励的公司会吸引更多的市场关注，并且公司实际业绩与市场预期的差距更小;在没有达到市场预期的情形下，与没有实施股权激励的公司相比，实施股权激励公司达不到市场预期的程度更小;股权激励的外部治理作用主要发生在两职分离公司和民营公司，当市场关注度更高时，股权激励在提升公司业绩方面更有效。该结论为股权激励的有效性争论提供了新思路，也为监管部门完善股权激励政策提供了一定的理论基础。
（十）年报问询压力与内部控制意见购买
《会计研究》，2020年05期 | 耀友福，薛爽
【摘要】本文以2015-2017年中国A股上市公司为样本，运用Lennox(2000)的审计意见购买模型，从会计师事务所变更、总分所变更和签字会计师变更三个维度考察年报问询压力对公司内部控制意见购买行为的影响。研究表明，年报问询压力对公司内部控制意见购买行为在事务所维度和签字会计师维度均具有显著的抑制作用，且这一治理作用在问询函具有内控特征或要求审计师发表专项意见的样本中更显著。将会计师事务所变更分为向分所变更和向总所变更后，发现年报问询压力对内部控制意见购买的治理作用在向分所变更的样本中更为显著。进一步检验发现年报问询治理效用具有一定的时效性;年报问询的治理作用对同行业、同省份和共同审计师的公司具有溢出效应。本文的发现对监管机构构建公司内部控制相关的问询机制具有重要意义。
【基金】国家自然科学基金(71572102，71872107) 教育部人文社科重点研究基地重大项目(18JJD790010)的资助。
（十一）分析师留学经历与盈利预测质量
《会计研究》，2020年01期 | 官峰，李颖琦，何开刚
【摘要】 基于2005-2015年期间的分析师预测数据，本文研究发现，相对于非留学分析师，具有海外留学经历的分析师的预测准确性更低，通过分组检验发现，上述结果主要存在于分析师的从业初期和分析师与企业高管之间不具有社会关系时。进一步研究发现，分析师留学越早，时间越长，其预测准确性相对越低。另外，当企业公开信息质量较高时，海外留学分析师与非留学分析师在预测准确性上的差异消失。由此可见，在我国关系型社会中，海外留学归国分析师在认知和获取私有信息方面存在相对劣势，其并没有提供更高质量的盈余预测。本文的研究发现丰富了有关分析师预测质量的研究文献，同时也为当前规范和提高企业信息披露质量的制度改革提供了资本市场的经验证据。
（十二）监管信息披露与债权人定价决策 ———基于沪深交易所年报问询函的证据
《会计研究》，2020年03期 | 胡宁，曹雅楠(学)，周楠(学)，薛爽
【摘要】本文检验交易所监管问询函及其公开披露与否对公司债务资金成本的影响。实证结果发现，交易所监管问询函显著提升了被问询公司的债务资金成本，并且问询函包含问题个数越多、需要第三方出具专业审核意见以及问询内容涉及相关风险事项时，债务资金成本上升程度越大，而当问询函未向市场公开披露时，被问询公司的债务资金成本不会受到影响。横截面测试发现，上市公司所在地市场化水平强化了风险与债务资金成本的正向关系，而国有产权属性、银企关系背景以及集团化经营模式则削弱了风险与债务资金成本的正向关系。本文从信息效应视角补充了监管问询函经济后果的相关研究，也揭示了半强式市场中监管信息公开披露的重要性。
（十三）IPO成长性管理与公司并购——基于创业板上市公司的实证证据
《财经研究》，2020年06期 | 张丽敏(学)，靳庆鲁，张佩佩
【摘要】 文章基于实物期权理论与信息不对称理论，试图厘清创业板上市公司在IPO之前的成长性管理对后续并购活动的影响机制。研究发现，创业板上市公司在IPO之前会进行显著的成长性管理，而之后成长性下滑。为了托住成长性，公司进行了大量的并购，具体表现为IPO成长性管理和IPO之后的并购次数和并购金额显著正相关，且这种关系在临近限售解禁日时更加显著。进一步研究发现，对于实施IPO成长性管理的公司，IPO之后的并购活动有助于托住成长性。文章检验了不同板块上市公司的新股发行定价机制的差异，考察了基于会计行为的成长性管理和基于经营活动的成长性管理之间的联动机制，丰富了有关IPO成长性操纵与公司并购的相关文献。
（十四）证券分析师家乡网络资本的信息效应
《财经研究》，2020年05期 |周国良，孟庆玺(学)，武凯文，李增泉
【摘要】 证券分析师是影响资本市场信息传递和资源配置的重要力量。在公司普遍采用关系型交易的情况下，分析师必须嵌入公司所处的社会关系网络中获取私有信息，进而向市场公开传递。由于中国各个地区间存在经济和文化差异，社会关系网络呈现地区集聚的特征，因此分析师可以通过嵌入公司地域关系网络中，形成社会资本(称为家乡网络资本)，获得信息优势，提高预测准确度。文章基于2006-2016年分析师对A股上市公司的研究报告，研究发现:(1)分析师对家乡所在地公司发布的盈利预测更加准确;(2)在社会关系网络更加复杂和社会资本更加重要的地区，分析师的家乡网络资本的信息优势更大;(3)有家乡网络资本的分析师发布的研究报告产生了更强的短期与长期市场反应。文章的研究丰富了分析师的社会关系网络影响信息传递的相关文献，也为理解中国资本市场信息中介的作用机制提供了经验证据。
（十五）网络基础设施建设与企业技术知识扩散——来自“宽带中国”战略的准自然实验
《财经研究》，2020年04期 |薛成(学)，孟庆玺(学)，何贤杰
【摘要】党的十九大报告明确指出要发展数字经济，建设网络强国，抢抓全球新一轮产业竞争制高点，促进实体经济加快转型升级。在此背景下，解答网络基础设施能否以及如何影响微观企业的信息传递和技术知识扩散，具有重要的理论价值和现实意义。文章利用宽带中国战略的准自然实验和2008-2017年上市公司数据进行了实证分析。研究发现，良好的网络基础设施不仅可以促进上市公司向内部子公司的技术知识扩散，还可以促进与外部其他公司的技术合作。前者表现为注册地被选为宽带中国示范城市后，当地上市公司下属子公司的创新水平显著上升，后者则体现为当地上市公司与其他公司的联合创新显著增加。进一步研究表明，当上市公司的技术水平较高，或者子公司的地理位置较分散、网络基础设施较完备时，网络基础设施对公司内部技术知识扩散的积极作用更大;而当上市公司技术水平较高或者所在地区互联网用户较多时，网络基础设施对公司之间技术创新合作的影响更大。可见，加大网络基础设施的建设力度，有利于发挥技术知识的正外部性。
【基金】国家自然科学基金项目（91746117，71472113）;教育部人文社会科学重点研究基地重大项目（18JJD790010）;上海财经大学研究生创新基金项目(CXJJ-2018-301)
（十六）事前披露能够降低董监高减持的获利能力吗？———基于中国“减持新规”的实证检验
《金融研究》，2020年03期 | 张程(学)，曾庆生，贺惠宇
【摘要】 事前披露能否降低董监高交易的信息优势?中国证监会于2017年5月修订并实施的减持新规首次为上述命题的检验提供了独特的研究场景。通过事件研究法，本文对减持新规颁布前后的董监高减持行为进行研究，考察事前披露减持计划是否会削弱董监高减持时的信息优势。实证结果表明，减持新规实施后董监高减持的短期超常回报显著低于减持新规实施前，这说明事前披露会抑制董监高交易的择时能力。进一步研究发现，当公司信息质量较差、所处地区的市场化程度较低、成长性较高、减持规模较大时，事前披露对董监高减持获利能力的削弱作用更强;减持新规实施对董监高减持超常回报的削弱主要体现在交易日与减持计划披露日间隔短的减持样本中。本文不仅在实证层面上验证了事前披露可以降低董监高交易的信息优势，丰富了内部人交易研究文献，也为我国减持新规的实施效果提供了证据和建议。
【基金】国家自然科学基金项目(71632006、71372039);教育部人文社科重点研究基地重大项目(18JJD790010);上海财经大学中央高校基本科研业务费专项资金资助。
（十七）社会保险征缴机构转换改革、企业养老支出与企业价值
《中国工业经济》，2020年02期 | 沈永建，梁方志，蒋德权，王亮亮
【摘要】近年来，中国人口老龄化问题严重，政府养老压力日益增加，而养老金体制尚不健全，养老金征缴体制改革势在必行。本文以2018年7月社会保险(简称社保)征缴机构改革为契机，采用事件研究法，试图厘清社保征缴机构改革、企业养老支出与企业价值之间的关系。研究发现:①总体而言，社保征缴机构转换这一改革事件对企业价值造成了负面冲击;企业2018年前实际缴费率越低，预期未来补交养老金越多，市场反应越差，未来多补缴1元养老金可以带来约2.76元的市值下降;2018年前已经由税务部门征收养老金地区的企业在事件中股票市场反应更差。②员工激励程度不同以及老龄化程度不同地区的企业，实际缴费率与市场反应的关系有所不同。③拖欠养老金、隐瞒员工人数和按最低基数申报社保这三种逃费方式也对企业价值产生影响。本文深入探讨了社保征缴机构改革对企业价值的影响，丰富了公共产品、社会效率以及员工和公司金融等方面的理论文献，拓展了人口老龄化的微观影响、企业社保支出的经济后果以及政府在养老金领域管制经济后果的研究领域，在实践中可以为当前中国正在进行的社保征缴机构改革提供借鉴。
（十八）数据标准化、量化精益管理与财务指标 管理报告的组装及定制
《财务与会计》，2020年08期 | 饶艳超，张晓光，魏东
【摘要】本文以中国石化的XBRL内部应用为例，从中国石化的对外报表披露、报送和内部管理分析应用需求出发，分享中国石化结合应用XBRL技术进行数据标准化，通过启动财务指标报表体系优化及数据应用项目、设计并应用财务指标体系、建立财务指标管理报告系统等实现财务指标管理报告的格式化组装和灵活定制、满足财务指标管理报告出具与内部管理分析需求的方法及经验总结，为企业会计信息标准化的推进提供参考。
（十九）企业集团的管理层激励与分拆上市——基于腾讯分拆阅文的案例研究
《管理会计研究》，2020年Z1期 |沈红波，王悦，顾舒雯
【摘要】企业所有权和控制权的分离使得所有者必须对管理者进行恰当的激励才能减少自身财富的损失，激励方式包括显性激励和隐性激励两种模式。借助科创板允许高新技术企业和战略性新兴企业的资产分离出来单独上市这一制度背景，本文研究腾讯分拆阅文集团上市对于管理层激励的影响。通过综合运用事件研究法、财务分析法等对分拆上市的动机和经济后果进行研究，对市场的短期反应、母子公司的经营和财务情况深入分析后发现，腾讯分拆阅文上市的主要目的符合管理层激励假说，即阅文集团上市在股权激励、声誉激励和战略选择三方面更好地提高了管理层的积极性。进一步研究发现，民营企业与国有企业的制度不同导致民营企业更适合分拆上市和长期股权激励，而国有企业存在激励不足等问题，更应先施行整体上市和短期现金激励。针对分拆上市的特点，本文提出分拆上市的企业应重点考虑高管的声誉激励，促进管理层与组织目标的一致性。
（二十）股权激励、市场关注与市场预期实现
《上海财经大学学报》，2020年第6期 | 储溢泉，仓勇涛，储一昀
【摘要】 传统的“一股独大”现象在增资扩股、并购重组事件频发的冲击下日渐式微，这背后隐藏何种机理？本文通过实证检验公司多元化经营复杂度、绝对集中的股权结构与资源运营效益之间的关系，对这一问题进行了研究。研究发现，多元化经营复杂程度越高，公司剩余损失越高，资源运营效益越差，尽管股权绝对集中能够降低公司剩余损失，提升资源运营效益，但随着公司多元化经营复杂程度的提高，绝对集中的股权结构反而会刺激公司产生更多的剩余损失，导致公司资源运营效益更差，这意味着多元化经营的复杂性会诱发绝对集中的股权结构产生反公司治理效应。本文发现预示着稀释集中的股权可能是大股东为降低多元化经营中高昂代理成本的一种制度安排。
（上海财经大学会计与财务研究院办公室编印）