Stock transferability,the managerial learning effect and corporate innovation

This paper considers stock halts to study the impact of stock liquidity loss on the managerial learning effect based on stock prices.We examine stock halts’impact on corporate innovation and find that discretionary halts hinder innovation.We also find that discretionary halts reduce information quality and increase financial constraints and agent costs.Cross-sectional tests show that this negative impact is more pronounced in samples with high shareholding ratios by large shareholders,institutional investors and private firms.The results indicate that the loss of non-institutional stock trading rights,represented by discretionary stock halts,affects revelatory price efficiency in the secondary market,hinders managers’learning effect and affects enterprises’production and operation decisions.These findings have policy implications for stock circulation-right protection and Chinese capital-market reform.

Tax credit rating and corporate innovation decisions

The tax credit rating mechanism was formally implemented in 2014.As an important tax collection and management innovation,it has attracted the attention of regulatory authorities and scholars.Different from the literature that directly examines corporate tax compliance,we focus on the impact of tax credit rating implementation on corporate research and development(R&D)investment decisions.Using listed companies’data from 2014 to 2019,we find that companies with higher tax credit ratings invest more in innovation,because the system helps managers identify R&D opportunities,alleviates corporate financing constraints and reduces agency costs.We confirm that tax credit ratings have manifold impacts on corporate information environments and business decisions,with better ratings positively affecting firms’business decisions.This discovery can inform tax policy reform,encourage corporate innovation and construct social credit systems.

商誉、商誉减值与审计师综合决策

商誉及商誉减值具有复杂和难以核实的特征,这决定了它们一直是会计领域的难题。尤其在大规模、高溢价并购浪潮退却后,商誉地雷日益引起监管机构、实务界和学术界的关注。本文旨在考察审计师面对商誉和商誉减值可能采取的风险应对措施。研究发现,审计师综合运用多项审计策略,包括提高审计投入与审计收费、签发非“清洁”审计意见或主动辞聘。此外,机制检验表明商誉及商誉减值显著增加了财务重述带来的审计失败风险和股价崩盘带来的客户经营风险,这可能是影响上述审计决策风险的主要路径。本文为理解审计师在过往实务工作中有无保持对商誉相关风险的敏感度、进而采取有针对性措施提供了直接的经验证据。关于审计策略组合的研究不但有助于我们正确理解审计师的决策过程,而且对当前资本市场的热点话题一商誉的经济后果有所贡献。