美名胜过大财：承销商声誉受损冲击的经济后果

承销商声誉在我国资本市场是否发挥作用仍是谜团,本文则首次利用证监会处罚事件作为声誉受损度量,系统地检验承销商声誉机制的有效性。结果发现当承销商声誉受损后：（1）其之前承销的关联公司有显著负向的市场反应;（2）其之后承销的IPO项目过会率显著降低;（3）其在IPO环节的市场份额明显下降、所承销客户再融资时更可能更换承销商。结论支持了＂资本市场诚信数据库＂的建立,对即将推行的强调市场声誉的注册制改革有重要启示。

国有企业混合所有制改革的控制权安排研究——以格力电器为例

国企混改成功的关键在于设计有效合理的控制权安排机制,解决国资、民资、管理层三者的激励相容问题,破除固有机制障碍,激发内生发展动力。本文以格力电器为例,对格力电器混改控制权安排的创新之处进行深入分析,提出国企混改控制权安排的相关建议。此次格力电器混改控制权安排有三大创新:第一,民资背景的战略投资者成为第一大股东,实现国有资本的有序退出。第二,混改后形成无控股股东和实际控制人的治理结构,是分权控制理论在国企混改中的实践范例。第三,在控制权安排设计中赋予管理层较大的控制权激励。本文对其他国企混改的控制权安排有较大的借鉴和推广意义,有利于加快国资监管从管企业到管资本的转变。

Corporate fraud and bank loans:Evidence from china

Receiving punishment from regulators for corporate fraud can affect financing contracts between a firm and its bank,as both the firm's credit risk and information risk increase after punishment By focusing on Chinese firms'borrowing behavior after events of corporate fraud,we find that firms'bank loans after punishment are not only significantly lower,but are also less than those for non-fraudulent firms.In addition,loan interest rates after punishment are not only higher than before,but also higher than those for their non-fraudulent counterparts.In addition,we find that corporate fraud indirectly destabilizes the"performance-bank loan"relationship.Our results suggest that corporate fraud negatively affects a firm's ability to source debt financing,which provides new evidence about the economic consequences of fraud.

Management earnings forecasts and analyst forecasts:Evidence from mandatory disclosure system

Distinct from the literature on the effects that management earnings forecasts(MEFs) properties, such as point, range and qualitative estimations, have on analyst forecasts, this study explores the effects of selective disclosure of MEFs.Under China's mandatory disclosure system, this study proposes that managers issue frequent forecasts to take advantage of opportune changes in predicted earnings. The argument herein is that this selective disclosure of MEFs increases information asymmetry and uncertainty, negatively influencing analyst earnings forecasts. Empirical evidence shows that firms that issue more frequent forecasts and make significant changes in MEFs are less likely to attract an analyst following, which can lead to less accurate analyst forecasts. The results imply that the selective disclosure of MEFs damages information transmission and market efficiency, which can enlighten regulators seeking to further enhance disclosure policies.

Independent directors' board networks and controlling shareholders' tunneling behaviorq

As one of the channels by which board directors build important relationships,board networks can affect the governance role of independent directors. Defining director board networks as their connections based on direct ties they establish when serving on at least one common board, this paper explores the role of the network centrality of independent directors in restraining tunneling behavior by controlling shareholders in the Chinese capital market.Our empirical evidence shows that tunneling behavior by controlling shareholders is negatively related to the network centrality of independent directors and that this relationship is stronger when non-operating fund occupation is used as the measure of tunneling. The results of our study show that board networks can help independent directors to restrain tunneling behavior by large shareholders, which plays a positive role in corporate governance.ó 2013 Production and hosting by Elsevier B.V. on behalf of China Journal of Accounting Research. Founded by Sun Yat-sen University and City University of Hong Kong.

One-step plasmonic welding and photolithographic patterning of silver nanowire network by UV-programable surface atom diffusion

Silver nanowire(AgNW)based transparent electrode(TE)plays a pivotal role in optoelectronics where TE is generally required to have fine pattern and high performance.Despite the rapid technological advances in either welding or patterning of AgNWs,there are few studies that combine the two processes in a simple and practical manner.Here,aiming to fabricate high-performance patterned AgNW TE,we develop a simplified photolithography that enables both plasmonic nanowelding with low-level UV exposure(20 mW/cm^(2))and high-resolution micropatterning without photoresist and etching process by conjugating AgNW with diphenyliodonium nitrate(DPIN)and UV-curable cellulose.The cellulose as a binder can effectively enhance plasmonic heating,adhesion,and stability,while the photosensitive DPIN,capable of modulating surface atom diffusion,can boost the plasmonic welding at AgNW junction and induce patterning in AgNW network with Plateau-Rayleigh instability.The fabricated AgNW TE has high figure of merit of up to 1,000(3.7Ω/sq at 90%transmittance)and minimal pattern size down to 3µm,along with superior robustness.Finally,a flexible smart window with high performance is demonstrated using the patterned and welded AgNW TEs,verifying the applicability of the simplified photolithography technique to optoelectronic devices.

控股股东股权质押后的会计行为选择--激进抑或保守?

控股股东股权质押是近年受到资本市场热捧但学术界尚未深入研究的现象,其中一个重要的待解之谜便是,在股权质押后,企业的会计行为是愈加激进还是愈加保守。本文研究发现:控股股东股权质押后,企业的会计稳健性程度显著降低,这意味着控股股东股权质押使得企业的会计行为更加激进,且该负向关系在非国有控股上市公司中更加显著。进一步地,制度环境(债务压力)显著抑制(加剧)了控股股东股权质押后企业会计行为的激进程度;而股权制衡度和审计监督对此则无显著影响。本文检验可能的作用机制后发现,控股股东股权质押后,公司正向的盈余管理程度和业绩预测乐观程度均显著增强。此外,随着股权质押的解除,企业的会计稳健性程度也出现明显的反转和提升。在利用倾向得分匹配配对、工具变量两阶段回归、双重差分模型等进行稳健性检验后,结果依然成立。本文研究结果意味着控股股东的股权质押行为会显著影响公司的会计行为选择,这不仅为监管机构规范监管股权质押行为提供了重要启示,也响应了中央关于防范金融风险的精神。

Self-assembled monolayer modulated Plateau-Rayleigh instability and enhanced chemical stability of silver nanowire for invisibly patterned,stable transparent electrodes

Patterned silver nanowire(AgNW)networks have been widely used as transparent electrodes in many optoelectrical devices.However,obvious patterning visibility and poor thermostability of AgNW are still limiting its practical application.Herein,we report self-assembled monolayer(SAM)modulated Plateau-Rayleigh instability(PRI)of AgNW,which allows invisible patterning and superior stability of the AgNW network.Two opposite effects of different SAMs on the PRI are identified:the alkanethiol SAMs activate surface atom diffusion while the mercaptobenzoheterocyclic(MBH)SAMs suppress the diffusion.The degradation temperature of the AgNWs can be therefore,for the first time,tuned in the range of 193-381℃,so that the AgNW network can be patterned via PRI with a tiny optical difference between the insulative and conductive regions,i.e.,patterning invisible.Besides,the MBH SAMs provide AgNW with excellent durability under thermal annealing and oxidation,which enhances the maximum heating temperature of the AgNW transparent heater by over 120℃.Beyond the micro-patterning,we consider that the developed SAM strategy can be extended to other metal nanowires for stability improvement and has huge potential in nanoengineering of one-dimensional metal materials.