Corporate governance and firm value: Evidence from Chinese state-controlled listed firms

The association between corporate governance and firm value has been extensively studied in Chinese listed firms. Based on the characteristics of their ultimate shareholders, Chinese listed firms can be categorised as(1) central statecontrolled,(2) local state-controlled or(3) non-state-controlled. Some scholars have described Chinese government policy as ‘zhuada fangxiao', thus suggesting that the corporate governance mechanisms(CGMs) of central state-controlled listed firms(SCLFs) are better than those of local state-controlled listed firms. Therefore, this paper specifically examines the influence of CGMs on the value of central SCLFs and local SCLFs. Analysis of 2006 firm-year observations from 2007 to 2009 suggests that the aggregate ownership of other large shareholders and the remuneration of top executives exhibit different effects on firm value in central and local SCLFs. The results also provide evidence that there is no endogenous effect of firm value on the ownership of the largest shareholder in central and local SCLFs.

Is China's agricultural enterprise growing steadily?Evidence from listed agricultural companies

Agricultural enterprises are integral for agricultural modernization,serving as a bridge between scattered small-scale farmers and modern markets.However,agricultural competitiveness is still weak in China.This paper uses the Technique for Order of Preference by Similarity to Ideal Solution(TOPSIS)method to measure the growth performance of China's listed agricultural companies and analyze its influencing factors based on Panel-Corrected Standard Errors(PCSE)to verify whether they are capable of achieving sustainable development.The findings confirm that first,listed Chinese agricultural companies have significantly increased profitability and scale in recent years but are still weak compared to other industries.The growth performance of such enterprises is generally stable,the difference between them is decreasing,and their growth ranking fluctuates greatly,with significant regional and industrial characteristics.Second,technological efficiency,scale,and age are positively related to the growth of listed agricultural companies.The diversification and expansion of business harm the profitability and development of enterprises.Currently,financial support can satisfy the short-term profit-seeking demands of enterprises but is inadequate to improve the ability of enterprises to grow.Third,China's listed agricultural companies need to devise policies through a forward-looking perspective and use them more effectively.Additionally,the transformation opportunities introduced by non agricultural capital into agriculture deserve attention.When agricultural enterprises realize technological progress via modern capital,they understand the importance of utilizing and integrating technological innovation and increase the efficiency of transforming new technology into productivity.Policy orientation should be attentive to the public welfare of these listed companies and take into account the demands of corporate profits to realize the long-term sustainable development of enterprises and regions.

Study on the Relationship Between the Audit Committee of Ipo Firms and the First-Day Stock Earnings

This paper mainly discusses the relationship between the audit committee of IPO firms and the stock returns on the first day of trading on the stock exchange.Using the sample of 21 firms that made an initial public offering in ASX between 2008 and 2010,Regression analysis was used to conclude that the existence of the audit committee of IPO firms and listed on the first day of the stock returns have no significant direct relationships.The result shows that the audit committee has no effect on the earnings of the first day of listing,and the establishment of the audit committee may not be considered before listing.

富豪榜、媒体关注与民营企业慈善捐赠

每年富豪榜的新晋榜单总是吸引着新闻媒体和社会各界的广泛热议,这必然会对上榜富豪的个人生活及其企业的经营活动产生不可忽视的重要影响.本文收集整理了2005年—2017年间“胡润百富榜”上榜富豪及其控制的上市公司名单,实证检验了实际控制人上榜对企业慈善捐赠的影响.在采用基于倾向得分匹配的双重差分模型较好地控制内生性问题后,本文发现,实际控制人上榜的公司在上榜之后相对于实际控制人没有上榜的公司捐赠水平更高,这一结果经一系列稳健性测试后仍然显著成立.机制分析结果表明,媒体关注特别是负面媒体关注在实际控制人上榜和企业慈善捐赠水平上升之间起到了显著的中介作用.进一步横截面差异检验结果显示,实际控制人上榜对企业慈善捐赠的影响在实际控制人上榜名次靠前、实际控制人有政治身份、企业初始产权有“原罪”嫌疑、企业避税程度较高的公司中更加明显.这些结果表明,富豪身份标签给上榜企业家带来了更高的社会责任预期和更强的舆论监督,为强化自身合法性和正当性印象,上榜企业家会更积极地参与慈善捐赠活动.

我国上市公司结构与质量优化研究

股票发行注册制改革是资本市场全局改革和提高上市公司质量的重要举措。本文从上市公司结构与质量变化角度探究了改革的经济后果,发现改革为小规模企业和初创企业提供了更多上市机会,并强化了资本市场对实体经济和科技创新的服务功能,有助于引导社会资金流向实体企业、高科技企业。实证结果表明,改革有助于促进公司成长和创新,尽管伴随着公司投资效率的降低。基于公司行业、规模和信息质量的异质性分析表明,改革对高信息质量公司的质量提升作用更为强烈。改革主要通过缓解融资约束促进公司质量提高,对投资效率的负向影响主要来自公司过度投资行为的加剧。此外,采用注册制上市有助于公司的股票流动性提高和股价同步性降低,但加剧了股价波动。本文验证了股票发行注册制改革在改善上市公司结构与提高上市公司质量方面的积极作用,对完善注册制配套政策、提高资本市场运行效率、促进公司提质增效具有参考与启示意义。

投资者关注带来了创新学习压力吗?——基于创新同群效应视角

本文基于2004—2018年中国上市公司面板数据以及双向固定效应模型,实证研究了上市公司创新绩效的行业同群效应以及个体投资者关注对创新同群效应的影响。研究表明,其一,上市公司创新的行业同群效应显著存在,在一系列稳健性检验以及排除潜在的内生性问题后,上述结论仍然成立。其二,就其产生机制而言,研究发现投资者关注能够显著调节企业创新的行业同群效应的强度,投资者关注对企业管理层会产生创新压力,并且投资者的交流分析起到信息揭示的作用,以上两种作用共同促进了焦点企业向同群企业进行创新学习,增强创新的行业同群效应。本文有助于厘清投资者关注与企业创新及其同群效应的关系,为正确认识企业创新活动提供了一个新的外部视角,也为进一步激发企业创新和实施创新发展战略具有重要启示。

地方融资平台持股上市公司与城投债发行定价

近年来,越来越多的地方融资平台通过持股上市公司的方式来实现自身的产业化转型。本文在债券定价理论的框架下,运用固定效应模型对2007—2021年城投债发行数据进行实证检验,研究发现融资平台持股上市公司显著降低了城投债的发行利差,并且相较于参股上市公司,控股上市公司可以帮助融资平台在更大程度上降低发行利差。机制检验发现,融资平台持股上市公司对城投债发行利差的影响是通过增强自身的造血能力、风险抵御能力和提高媒体监督力度实现的。异质性检验发现,当融资平台公益性职能较强、地方政府救助能力较弱、地区制度环境较差,以及持股公司的财务状况较好、市场竞争地位较高、股利分配较多时,融资平台持股上市公司降低城投债发行利差的作用更为明显。本文从融资平台持股上市公司这一新颖的角度切入,丰富了城投债发行定价和融资平台转型领域的研究,对于我国完善地方政府债务治理、实现国有资本的保值增值也具有政策启示作用。

Can Female Directors Enhance the Value of Private Firms？ Evidence from China＇s Listed Companies

Female directors have become common in private companies. Using data from private listed companies in China＇s A-share stock market from 2000 to 2009, this paper analyzes whether the existence of female directors can enhance firm value. Results show that female directors have a significantly positive impact on firm value. Moreover, female directors promote enterprise value less significantly in regions with better institutional environment, which implies that there is a substitution relationship between female directors and institutional environment. Furthermore, we use 2SLS （two-stage least squares） and LEVOP （lag the explanatory variables one period） to control endogeneity, and the research conclusion remains robust. Our study provides additional empirical evidence for economic consequence of female directors, and expands research on the relationship between board structure and firm value.

Refining the Art of Reforming the Corporate Governance of Chinese State-Controlled Listed Companies： Venture Capital and Adaptive Efficiency

The corporate governance of Chinese state-controlled listed companies （SCLCs） has attracted much scholarly attention. Through reviewing the extant literature in this field, it is clear that the overwhelming majority is theoretically underpinned by the lens of agency costs. Another important perspective, adaptive efficiency, has yet to be equally emphasized by scholars. Reflecting on the experience of American venture capital （VC）, this article puts forth that the corporate governance of SCLCs has weakened the fundraising ability of Chinese domestic VC. Taking account of the positive link of a vibrant VC sector and the enhancement of adaptive efficiency, an obvious conclusion is that the corporate governance of SCLCs has already jeopardized the adaptive efficiency of the Chinese economy. Further, the normative implication of this finding is that the refined art of reforming the corporate governance of SCLCs ought to combine and harmonize agency costs with adaptive efficiency.

Does top executives' US experience matter? Evidence from US-listed Chinese firms

Foreign firms face enormous obstacles in attracting investors and analysts when issuing securities in the United States.We use US-listed Chinese firms as our research sample and find that firms that hire top executives(i.e.,Chief Executive Officer[CEO]or Chief Financial Officer[CFO]) with work experience in the US or educational qualifications from the US attract more US institutional investors and analysts.Further,we find that CFOs' US experience dominates the results.Corroborating our results,we further find that firms with US-experienced CFOs are more likely to hold conference calls and voluntarily issue management forecasts,which suggests that CFOs with a US background are better at communicating with US investors and analysts and acting in alignment with US norms compared with Chinese CFOs.Collectively,our results suggest that hiring a CFO with a US background could facilitate cross-listed foreign firms to lower US investors' and analysts' information disadvantage.

资本市场国际融合与公司审计收费——来自A股纳入MSCI指数的经验证据

近年来,我国资本市场的市场化进程逐步加快,与国际资本市场的融合是其中关键一环。基于A股纳入MSCI指数的外生事件,我们检验了资本市场国际融合对公司审计收费的影响。本文利用2014-2020年我国A股上市公司数据,通过构建动态双重差分模型,研究发现,A股标的公司被纳入MSCI指数后,会计师事务所的审计收费显著下降。进一步分析显示,资本市场国际融合对审计收费的影响在非交叉上市公司、非国有企业和融资融券标的公司中更显著。基于作用机制的分析表明,纳入MSCI指数的A股标的公司,其跟踪的证券分析师增加,机构投资者调研增多,外资持股比例上升,并且内部控制质量提高。研究的结论有助于认识我国资本市场国际融合的经济后果,也为了解公司审计收费的影响因素提供了经验证据。

Testing Operating Performance of Chinese Listed Firms before and after Cross-border M&As: The Role of Entrepreneurial Orientation

At a time when China encourages its firms to go overseas,especially to countries and regions involved in its"Belt and Road Initiative",and sets up a favorable domestic environment for innovation and entrepreneurship,this paper is a first trial looking along both the two dimensions to test whether Chinese firms’operating performance changes after cross-border merger and acquisition(CBM&A)activities,using entrepreneurial orientation(EO)as a moderating factor.The paper combines data from Chinese listed firms’annual reports,Chinese stock market financial statements database and the Zephyr database from 2001 to 2015 to examine how acquirers’operating performance changes after CBM&A activities using EO as a moderating factor.In order to test whether the results are affected by the stock market,this paper also defines abnormal return on equity(ROE)to detect abnormal operating performance.After these,the paper divides the sample into separate industry groups to see whether results will change.The results obtained for the whole sample show that the performance of Chinese listed firms is fluctuant after CBM&As within the sample years.It increases one year after the acquisition but drops two years later and then follows an increasing trend again.The moderating factor of EO is not significant for the sample as a whole.However,after dividing the sample into separate industry groups,it becomes clear that different industries have their own characteristics.EO helps Chinese listed firms to adjust to the post-acquisition situation and even to improve their performance to some extent in the metal mining industry and the business services industry.When ROE is substituted with abnormal ROE,the results do not change much.

数字化升级改造如何推动企业创新:经验证据与机制

基于2007—2020年我国A股上市公司数据,考察企业数字化升级改造对创新的影响。结果显示:在企业进行数字化升级改造之后,创新产出得到显著提升,并且这一结果在各种稳健性检验均成立;实证证据支持了外部互动这一影响机制;企业数字化升级改造对创新的影响存在地区溢出效应,但是并不存在行业溢出效应。因此,应鼓励和支持企业进行数字化升级改造,加强数字基础设施建设。

技术专家型高管与上市企业绿色创新

本研究基于绿色专利数据和企业财务数据,构建2000—2020年A股上市企业的绿色创新数据库,人工识别86457个核心管理者的学历特征数据,通过计量模型探讨上市企业高管技术、学历背景对绿色创新绩效的影响与机制分析。研究结果发现,理、工、农、医学背景的高管从事研发的概率比文、商、法学背景的高管高出一倍。进一步控制核心高管研发背景、学历后,回归结果表明技术专家型高管对绿色创新及其效率依然有正向影响,具体影响渠道有二:研发资金投入和研发人员投入具有中介效应;所有制结构、企业规模和研发人员投入具有调节效应。异质性分析表明,大型企业为技术专家型高管提供了更好的平台,知识与研发结合后的复合型人才能在绿色创新中发挥更大的作用,但我国上市企业当前的绿色创新仍处于初期阶段。本文进一步采用了准自然实验的高管“换届”以及多种PSM方法对潜在的内生性问题进行检验,结果均保持一致。

自由贸易试验区对企业内部薪酬差距的影响

本文将自由贸易试验区政策的实施作为一项准自然试验,并结合2011—2021年中国上市公司微观数据库,运用多期双重差分法,实证检验了自由贸易试验区政策对企业内部薪酬差距的影响。研究发现,自由贸易试验区政策显著缩小了企业内部的薪酬差距,对其进一步分析发现,自由贸易试验区政策通过降低企业融资约束缩小企业内部收入差距。异质性分析的结果表明,自由贸易试验区政策显著缩小了沿海地区企业和非国有企业的内部薪酬差距,对内陆地区企业和国有企业的内部薪酬差距影响不显著。在此基础上,本文提出了缩小企业内部薪酬差距的政策建议,以供参考。

中国亏损上市公司资产减值准备计提行为研究

文章以《企业会计制度》的颁布实施为背景,以2001～2003年亏损的上市公司为研究样本,对影响上市公司资产减值准备计提行为的两大因素———经济因素与盈余管理因素进行了研究。文章的研究得出结论:亏损上市公司资产减值准备的计提在一定程度上反映了公司所在行业和公司自身经营环境的不利变化。在控制经济因素的影响后,文章找到了亏损上市公司存在大清洗行为的证据。

公司治理、声誉机制和上市公司违法违规行为分析

本文首先通过建模分析了公司治理结构在约束上市公司违法违规行为中的作用,然后以我国上市公司在2001-2002年间受处罚事件为样本,用Logit模型检验了公司治理和声誉机制对上市公司违法违规行为的约束作用,发现公司第一大股东集中持股有利于约束违法违规行为,但是声誉机制的作用甚微。此外,以CROA为代表的公司业绩指标与上市公司违法违规概率之间存在显著负相关关系。

核心高管特征与公司成长性关系研究——基于中国沪深两市上市公司数据的经验研究

本文以我国沪深两市2004—2006年的上市公司为样本,从核心高级管理人员的人力资本特征视角,对高管特征与上市公司成长性的关系进行了经验检验。本文发现,在其他条件不变的情况下,上市公司成长性与核心高管的平均年龄、平均任职时间显著相关,而与核心高管平均学历的相关性不显著。进一步的研究还表明,在国有控股公司和非国有控股公司中,核心高管特征与公司成长性的关系具有显著差异。本文的研究有助于深化认知人力资本特征在公司发展过程中的重要地位,对强化核心高管遴选、完善人力资源管理具有积极的借鉴意义。

企业规模与R&D投入关系的实证研究——基于沪市A股制造业上市公司的数据分析

以70家制造业上市公司为研究样本,对公司规模与R&D投入的关系进行了实证检验。研究结果表明,我国制造业上市公司R&D费用强度和R&D人员强度与企业规模都显著负相关,而R&D投入绝对额与企业规模显著正相关;我国制造业上市公司R&D费用强度平均达到了国际上公认的维持生存的水平(2%),但分布不均,低投入状况与高投入状况并存;但从R&D人员投入来看比较理想,大多数公司的R&D人员强度达到了发达国家10%的水平。