Enforcement of Regulations of the People's Republic of China on Disclosure of Government Information and Continual Development of a Group of Basic Human Rights

Introduction 2013 saw the sixth anniversary of the formulation of Regulations of the People＇s Republic of China on Disclosure of Government Information （hereinafter referred to as the Regulations） and the fifth anniversary of their being put into effect. As the Regulations were stipulated and put into force,

Regulations on Open Government Information

On April 24, 2007 the State Council promulgated Regulations of the People＇s Republic of China on Open Governrnent Information （referred to as Regulations below）, which will become effective on May 1, 2008. As the first administrative role of the central government of China that aims to safeguard the public＇s right to know, the Regulations are of great significance in China＇s democratization and its establishment of the role of law.

Environmental Information Governance Reform in the Era of Big Data--From Information Disclosure to Public Service

The development of environmental information governance includes three phases: providing for oneself,information disclosure,and public service. And then China is in the transition and transformation of environmental information disclosure to the environmental information public service. The core of the transformation is public participation,in the whole procedure of environmental information supply decision making,production,and quality supervision and evaluation,etc. The target path of the environmental information governance reform includes five parts: improvement of public satisfaction,optimizing information disclosure,information quality control,integration of information resources,and multiple supply.

On the informationization of accounting information in China： The perspective of accounting information systems and its regulatory framework in the USA

The informationization of accounting information systems has brought many improvements to those systems. This paper highlights some of those significant advances in the informationization of accounting information systems in China. As China has become a major industrial power in the international economy, further improvements for these information systems are critical to the continued successes of China. To additionally improve these systems, China can draw upon the systems from other world economic leaders. With its fully developed capital markets, the United States offers development experience for the external reporting components of a fully integrated information system. This paper discusses a typical integrated information system in the United States and addresses the regulatory milestones that were instrumental in the development of those external components of accounting information systems. Recommendations are presented for improving informationization of systems in China based on U.S. systems＇ responses to those milestones.

Disclosure of government financial information and the cost of local government's debt financing——Empirical evidence from provincial investment bonds for urban construction

China's slowing economic growth and rapid urbanization have made local government debt financing a significant issue.This study uses a sample of China's provincial government data for the 2006–2012 period to examine the effect of the disclosure of financial information by local governments on their debt financing costs.The results show that financial information disclosure is conducive to public supervision and enhances government credibility,leading to a decrease in the cost of debt financing.Furthermore,increased government economic intervention increases the strength of the association between financial information disclosure and the cost of debt financing.Increased government audit prevention function weakens the strength of the association between financial information disclosure and the cost of debt financing.

Weighing the Public Interest in the Disclosure of Government Information

Disclosure of government information involves the interests of the applicant, third parties and the public. Both systems for assessment of the public interest and the lessening importance of the applicant＇s qualifications make public interest the principal driver for disclosure of information. Exemptions to disclosure contain an implicit public interest. In conflicts between opposing interests over disclosure and non-disclosure, public interest is the key to balancing interests. Public interests supporting disclosure are related to such values as the right to know, democracy and public participation, whereas the interests supporting non-disclosure tend to be implicit in the exemptions to disclosure. Multiple interest entities and the two-sidedness of public interest increase the complexity of weighing the interests involved. Full and comprehensive analysis of interests and the exclusion of unrelated considerations are the premise for assessment of interests. Prioritizing the public interest and prioritizing openness are institutional values of the laws on disclosure of information and the fundamental principle for assessing interests.

Inspections and Information Disclosure： Quality Regulations with Incomplete Enforcement

The weak enforcement and monitoring systems employed in China （e.g., insufficient inspection resources and negligible fines for noncompliance） are widely blamed for the growing unrest over food safety in the country. Given this development, we consider a model where quality inspection performed by agencies is a means of disclosing information on product quality. We analyze the price-quality equilibrium scheme and show that a higher probability of inspection leads to lower price premiums attached to qualified products. We further investigate the welfare effect of minimum quality standards and inspection efforts and show that they should be complementary. We finally suggest that a state dependent inspection strategy, such as not inspecting those firms that have previously been found to be noncompliant, will enhance social welfare.

More Government Transparency for Enhanced Human Rights Protection

Since 2007 when Regulations on Government Information Disclosure was adopted, the State Council has issued almost a dozen documents to guide government information disclosure around the country. These documents have gradually expanded the scope of disclosure and recognized the significant role of transparency in promoting the rights to information, participation and supervision, and in building a government that is innovative, impartial and operating under the law. Meanwhile, these documents have, in both theory and practice, exceeded the limit of the Regulations, posing a challenge to increasing government transparency proposed at the Third Plenary Session of the Eighteenth CPC Central Committee.

金融强监管对企业风险承担的影响——来自资管新规的经验证据

在经济下行压力增大、外部环境不确定性有增无减的背景下,我国企业运营正面临着各种挑战,企业风险承担问题尤为突出。选取2011—2021年A股上市公司作为样本,以资管新规的出台作为准自然实验,检验资管新规对企业风险承担水平的影响,探究企业在金融强监管下的风险承担行为。研究发现,资管新规提升了企业的风险承担水平。经济后果检验显示,资管新规主要增加了企业的被动风险承担,加大了企业的破产风险。经调节效应分析得到,企业通过提高信息披露透明度,政府通过改善营商环境、推进资本市场开放,可以缓解在资管新规出台背景下企业风险承担提高而带来的生产经营压力。

供应商企业社会责任信息披露与客户稳定性

稳定的供应链关系对于经济安全平稳运行以及高质量发展意义重大,本文基于供应链关系视角考察了供应商的企业社会责任信息披露对客户稳定性的影响及其作用机理。实证结果发现:供应商企业社会责任信息披露质量与客户稳定性显著正相关,并且该影响在自愿性披露和民营企业样本中更加明显。机制检验表明,供应商企业社会责任信息披露主要通过提升信息透明度及改善公司治理来增强客户稳定性。本文将企业社会责任信息披露的经济后果拓展至供应链关系上,研究结论对供应商企业如何维护客户稳定性促进企业高质量发展具有一定启示意义。

碳信息披露质量、政府补助与绿色技术创新

“双碳”目标是我国高质量发展的必然选择,强化企业碳信息披露有利于推动企业绿色转型,促进经济高质量发展和“双碳”目标实现。本文基于2012—2022年深沪A股重污染行业上市企业面板数据,利用中介效应模型计量检验了碳信息披露质量对企业绿色技术创新的影响以及政府补助的中介效应,分析了内部监督的调节作用,并就不同企业规模及性质的碳信息披露质量对绿色技术创新的影响水平进行异质性分析。研究结果显示:碳信息披露质量对企业绿色技术创新有正向促进作用,且政府补助在其中具有中介效应。良好的内部监督机制能够促进企业绿色技术创新,内部监督程度越高,中介效应越强。异质性分析发现,国有企业的碳信息披露质量和规模较大的企业碳信息披露质量,对于企业绿色技术创新的促进作用更显著。应制定完善的信息披露政策和规范,提高碳信息披露质量;优化政府补助政策,助力企业绿色技术创新;强化内部监督机制,健全碳信息披露监管体系,切实提高碳信息披露质量,助力绿色技术创新。

政府信息公开如何驱动企业绿色创新

基于2013-2021年中国沪深两市A股上市公司的绿色专利申请数据,研究了政府信息公开对企业绿色创新的影响及作用机制。结果发现:政府信息公开能够显著促进当地企业绿色创新,且经过一系列稳健性检验后结论依然成立。中介效应检验结果表明:政府信息公开可以通过提高地方企业的环境信息披露水平、降低地方企业面临的环境不确定性提高绿色创新水平。异质性检验结果表明:与民营企业相比,国有企业在获得资本等资源方面更有优势,政府信息公开对国有企业绿色创新的促进作用更大;融资约束高的企业更难从政府信息公开中获得增量收益,融资约束会抑制政府信息公开与企业绿色创新之间的正向关系。研究丰富了政府信息公开对微观企业绿色创新行为影响的相关研究,同时研究结论能深化地方政府对政府信息公开微观经济效应的认识,进而为地方政府引导企业进行绿色创新提供重要参考。

分行业信息披露监管能否促进企业创新?——基于行业信息披露指引发布的证据

本文以2007—2021年沪深两市A股上市公司为样本,借助沪深交易所相继推出行业信息披露指引这一外生政策,考察分行业信息披露监管与企业创新之间的关系。研究发现,分行业信息披露监管显著提升了企业创新投入与创新产出。机制检验表明,分行业信息披露监管对企业创新的作用机制主要源于其融资效应和治理效应。异质性检验表明,分行业信息披露监管对企业创新的促进效应在非国有企业、高科技行业以及营商环境较差地区的企业更为显著。进一步研究发现,分行业信息披露监管有利于促进企业提升创新效率以及创新增加值。本文结果为分行业信息披露监管的政策评估提供了微观层面的证据,为推动信息披露监管体系建设以及加快实施创新驱动发展战略提供理论及经验支持。

环境数据认证的法治意蕴

环境治理中的国家认证可以简称为环境数据认证,其作为数字时代环境信息制度的重要组成部分,意味着具有环境治理权力的部门对关涉环境治理的人(自然人、法人)、物(自然物、人造物)、行(环境违法行为、环境保护行为)的“身份”确认,其间既包括一定的分类、规则、标准和规范体系,也包括明确认证信息的基本功能、用途和意义,确定基本环境事实同具体环境治理行为之间的关系。而环境数据认证之于环境治理的重要性体现在完善环境信息公开制度、提供信息制度保障、降低环境治理法律成本以及促进环境治理评估合理化等方面。具体至法律制度构建,环境数据认证的完善路径主要包括明确环境数据认证权力的范围与界限、建立认证数据的开放与共享机制以及完善行政相对人的法律救济程序与制度。

分析师对环保信息的关注能提高重污染企业绿色投资吗?

以2012—2022年重污染上市企业为样本,利用文本分析探究分析师对环保信息的关注能否提高重污染企业绿色投资。研究发现,分析师对环保信息的关注能显著提高重污染企业绿色投资水平。机制检验表明,绿色信息披露质量和业绩压力发挥部分中介作用,环境规制发挥正向调节作用。异质性检验发现,分析师对环保信息的关注对国有企业和东部地区企业的促进作用更明显。研究结论为探索企业绿色投资的驱动因素提供了新视角,对推进环境污染防治和实现“双碳”目标具有一定的实践意义。

政府环境信息公开推动绿色发展:理论溯源与实践探讨

随着绿色发展成为时代发展的主旋律,我国政府不断完善环境信息公开理论与实践,但仍存在着信息公开制度不完善、政府尚未与公众形成良性互动、信息公开质量有待提高等问题,亟待完善政府环境信息公开制度、促进政府与公众的双向互动、提高环境信息公开质量,从而协调促进人与环境的关系,达到有效实施环境善治的目标.

高质量发展引领下ESG信息披露的规制优化

ESG理念与高质量发展的内涵高度契合。当前,我国ESG信息披露规制领域存在一些问题,包括政出多门不成体系、披露比率偏低、披露标准不统一、披露内容不全面、“漂绿”现象比较严重等。从ESG信息披露规制的发展趋势及特点来看,各国(地区)对ESG信息披露的规制趋向严格,规制方式多以硬法为主、软法为辅,比例原则得到重视和适用,全球可持续披露准则加速统一。为解决实践中出现的突出问题,与国际标准相接轨,新形势下我国监管机构应当软硬兼施优化ESG信息披露的规制方式、明确ESG信息披露规则的实体内容、采取多元化的监管方式以及引入第三方强制鉴证机制。

中美跨境审计监管:历史演进与未来展望

中美跨境审计监管能否顺利推进,不仅对中国赴美上市企业产生重大影响,也会对全球资本市场、国际经济以及政治关系的稳定产生深远的影响。本文遵循“历史演进—监管分歧—潜在影响—策略应对”的逻辑主线,探究中美跨境审计监管的过去与未来。中美跨境审计监管围绕监管权限、监管范围、监管实施等问题产生一定分歧,分歧的实质不仅在于中概股会计信息质量问题引致的监管需求差异,更源于中美双方在会计审计制度与监管体制、国家主权与国家安全理念等方面存在一定差异。理论上,中美跨境审计监管不仅会对审计质量产生直接影响,也会对会计信息质量和投资者决策产生间接影响;实践中,中美跨境审计监管的有效性和治理效应仍有待验证。为构建完善的中美跨境审计监管体系,不仅监管部门应当设计科学有效的监管运行机制与保障机制,会计师事务所也要完善质量控制体系与档案管理制度,中概股公司更要增强内部治理能力与数据保密意识。

上市公司审计委员会与年报风险信息披露--基于管理层信息操纵视角

上市公司年报风险信息是了解公司经营现状与预测未来发展的重要信息来源,它具有信息增量价值,但容易受到管理层信息操纵的影响。审计委员会作为公司治理的独立机制,对管理层具有内部监督作用。基于此,利用2010—2021年上市公司风险信息披露数据,实证检验了审计委员会对管理层信息操纵的治理作用。研究发现,审计委员会独立性、勤勉性和专业性越强,年报风险信息披露水平越高,且在不同性质市场环境中审计委员会的治理作用存在差异。机制检验结果表明,内部控制发挥了部分中介作用;此外,在内部治理环境较弱与外部监督压力较大时,审计委员会的治理作用更加显著。结论拓展了年报风险信息披露的影响因素研究,并通过构建不同维度的风险信息指标来综合衡量披露水平,证实了审计委员会对管理层信息操纵的治理效应,为审计委员会更好发挥监督效果以及监管部门进一步完善上市公司风险信息披露制度提供了重要支撑。

董事会非正式层级如何影响管理层年报语调操纵?

非正式层级是董事会发挥监督及治理作用的隐性因素,而这一隐性治理机制对于年报文本信息披露的影响及作用机理仍鲜有研究。本文利用2010—2021年沪深A股非金融上市公司数据,在理论分析的基础上实证检验董事会非正式层级对管理层年报文本语调操纵的影响。研究结论表明:更为清晰的非正式层级有助于董事会高效行使治理与监督职能,进而能够对管理层操纵年报文本语调发挥抑制效应;从作用机理上看,抑制效应可能通过协调代理关系、增强披露意愿及扩大资源掌控等作用路径得以实现;此外,从横截面检验结果看,抑制效应因受到来自董事会及企业特质层面的一系列异质性因素影响而呈现出差异化表现。