Reflections and Improvements on China’s Asset-Backed Securities Information Disclosure System

Asset-backed securities are developed through complex processes such as asset restructuring and credit enhancement.Therefore,the information asymmetry between issuers and investors is greater compared to traditional securities,which imposes higher requirements on information disclosure for asset-backed securities.Asset-backed securities have characteristics such as diversified disclosers,differentiated disclosure content,and specialized risk factors.China has already formulated a series of rules and regulations regarding information disclosure of asset-backed securities.It is imperative to develop specialized laws and regulations for asset-backed securities,encompass original equity holders and credit enhancement agencies as information disclosers,incorporate information such as underlying asset details,cash flow projections,and credit ratings and enhancements into the disclosure content,and improve the legal liability rules to effectively address false disclosures.

Evolution of corporate environmental information disclosure framework of “knowledge and action”: Based on big data background

Cloud accounting is based on the traditional financial work process, the context of big data, and the necessary trend of future corporate accounting development. Its emergence and rapid development will have a fundamental impact on corporate environmental information disclosure. In the big data era of information sharing, companies will have a new understanding of the emergence, balance, and final consideration of social responsibility, and will have new changes in their overall decision-making and information disclosure methods. "Knowing" and "behavior" will be combined on the basis of rational judgment, so that corporate environmental information disclosure is more in line with the overall social development requirements. Based on the background of big data, this article starts with the disclosure of impact factors, footholds, and path choices. It describes the evolution of corporate environmental information disclosure and provides reference suggestions for enterprises to disclose environmental information truthfully and perform social responsibilities.

Analysis on Green Accounting Information Disclosure of Chemical Enterprises Under Low-Carbon Economy

In the current era of low-carbon economy,environmental governance and energy conservation have become major issues,in which chemical enterprises with high pollution and consumption have naturally attracted much attention.The disclosure of green accounting information is indispensable to the continuous development of chemical enterprises and even the whole society.Therefore,based on existing research results,this paper analyzes the existing problems and causes of green accounting information disclosure of chemical enterprises in China under low-carbon economy,and puts forward suggestions for solutions.

Problems and Suggestions of Corporate Green Accounting Information Disclosure Under Low Carbon Economy

With the continuous deepening of the concept of sustainable development in modern society,the accounting requirements of agricultural and animal husbandry enterprises are increasing under the background of low carbon economic growth.In the face of the increasingly prominent environmental issues,it is imperative to focus on the development of green accounting and improve the accounting information disclosure level of agricultural and animal husbandry enterprises on the whole.Through analyzing the issues in green accounting information disclosure of agricultural and animal husbandry enterprises under the low carbon economy,we have a clearer understanding of the green accounting information disclosure of agricultural and animal husbandry enterprises,which is conducive to proposing countermeasures that can improve the level of environmental information disclosure from its roots.

Mandatory information disclosure and innovation:Evidence from the disclosure of operational information

We use a quasi-natural experiment wherein the Shanghai Stock Exchange requires listed companies in certain industries to disclose operational information and a staggered difference-in-differences model to examine the impact of mandatory information disclosure on corporate innovation.We find that companies subject to mandatory operational information disclosure show significantly increased innovation.This effect is pronounced for companies classified as non-state-owned enterprises,facing severe financing constraints and a high degree of shareholder tunneling behavior and in competitive and high-tech industries.Although mandatory operational information disclosure reduces their competitive advantage,companies appear to compensate by increasing innovation.Our study highlights the positive impact of mandatory operational information disclosure,indicating that it contributes to the highquality development of both capital markets and companies.

Interactive information disclosure and non-penalty regulatory review risk

Using monthly data from the Shenzhen Stock Exchange's‘Hudongyi’platform and comment letters from December 2014 to December 2018,this study investigates the influence of interactive information disclosure on non-penalty regulatory review risk.The findings reveal that the richness and activeness of interactive information disclosure are positively associated with regulatory review risk.Moreover,the non-penalty regulatory review is effective as it significantly reduces the probability of receiving a comment letter in the subsequent three periods.The timeliness of interactive information disclosure is negatively associated with regulatory review risks.Additionally,we find that newspaper media coverage partially mediates the relationship between interactive information disclosure and regulatory review risk.For companies with low levels of internal governance,in low-competitive industries,and state-owned companies,the positive relationship between the number of investor questions and regulatory review risk is strengthened.These findings enrich the literature on the determinants of regulatory review risk and the economic consequences of interactive information disclosure in emerging markets.

Relationship between Chief Executive Officer characteristics and corporate environmental information disclosure in Thailand

This study focuses on the influence of Chief Executive Officer(CEO)characteristics on environmental information disclosure(EID)in the annual reports of companies listed on the Stock Exchange of Thailand.A regression analysis method is used to explore the relationship between CEO characteristics and corporate environmental disclosure.Pollution-intensive companies are taken as the samples in this study.Results show that financial expertise,educational level,and tenure of CEOs are positively correlated with corporate EID.By contrast,age or gender of CEOs is insignificantly related to EID.

Labor protection,information disclosure and analyst forecasts:Evidence from China's Labor Contract Law

Labor protection increases employees’stability and strengthens their monitoring role,improving firms’information environment and increasing analysts’earnings forecast accuracy.Using the implementation of China’s Labor Contract Law as a quasi-natural experiment,we find that labor protection significantly improves analyst forecasts.This positive impact is stronger when agency problems are weaker,board independence is greater,corporate reputation is better and industry competition is more intense.Enhanced labor protection significantly reduces firms’business risk and accrual-based earnings management,decreases stock price synchronicity and increases market pricing efficiency.Our findings of significant impacts of China’s Labor Contract Law on analysts’forecasting behaviors offer important guidance for promoting the development of the Chinese capital market and policy making in labor protection.

On the Expansion and Realization of the Right to Environmental Information in Environmental Protection Supervision

As an innovation in the environmental governance system that breaks the traditional hierarchical structure,environmental protection supervision has not only played a significant role in protecting tangible environmental rights but also expanded the basic scope of the right to environmental information—part of procedural environmental rights.In the supervision of environmental protection,the objects of the right to environmental information and the subjects of the obligation to provide environmental information have been both expanded,with the focus shifting from government information to Party information and from administrative organs to Party organs.This vividly demonstrates the Communist Party of China’s concrete efforts to protect human rights in the field of the endeavor to build an ecological civilization.At present,the realization of the right to environmental information in environmental protection supervision still faces problems such as insufficient standards and norms,disordered practice and operation,and lack of liability guarantee.In this context,based on renewing relevant subjects’cognition of the right to know in environmental protection supervision,we should further improve and specify the rule for disclosing information about environmental protection supervision,rationally distribute the obligations for information disclosure in environmental protection supervision,and clarify the accountability rules for violating relevant requirements for information disclosure,so as to promote the overall development of the environmental protection supervision system while guaranteeing the realization of the right to environmental information.

On the “Reasonable” Handling of Personal Information Disclosed According to the Law

The model for protection of personal information dis-closed according to the law has changed from indirect protection to direct protection.The indirect protection model for traditional repu-tation rights and privacy rights was not enough to meet the practical needs of governance.However;due to the ambiguity in the application of the“reasonable”processing requirements,the direct protection model centered on Article 27 of the Personal Information Protection Law also is not enough to effectively respond to practical disputes.The essence of the problem is to resolve the tension between informa-tion circulation and risk control and reshape the legal order for the protection of personal information disclosed according to the law.The determination of“reasonable”should be centered on the scenario theory and holism interpretation and carried out by using the interpre-tation technique of the dynamic system under Article 998 of the Civil Code.With the support of scenario-based discussions and comparative propositions,the crawling and tag extraction of personal information.disclosed according to the law should be considered as reasonable processing;profiling and automated decision-making should not be covered in the scope of reasonable processing,in principle;for behav-iors such as correlation analysis,elements like information subject,identifiability and sensitivity should be comprehensively considered to draw open and inclusive conclusions in individual cases.

Research on Accounting Issues of the Pension Insurance Fund for Urban Employees

Pension insurance is a vital component of China's social security system,ensuring the welfare of the general publie.This study centers on the revenue and expenses of City S's urban employee basic pension insurance fund.It introduces and analyzes the fund's accounting status from four key perspectives:fund raising.expenditure,financial statement system,and accounting information disclosure.The research identifes existing problems in City S's accounting system and conducts in-depth research on these issues.Furthermore,an empirical analysis is conducted on the management of the pension insurance fund.Through this empirical study,the paper aims to offer insights and recommendations for promoting stable and healthy development measures for City S'8 urban employee basic pension insurance fund.

上海市新型冠状病毒肺炎防控策略探讨

根据政府公开发布的数据和相关的媒体报道,分析归纳上海市新型冠状病毒肺炎疫情防控方略,探讨超大城市应对突发传染病的防控经验和策略。上海市通过居家隔离、联防联控、群防群治、信息公开和分级复工等防控措施,成功将新型冠状病毒肺炎患者人数控制在1641人(截至2021年1月24日),占全国累计确诊病例数的1.64%,防控效果显著。上海市有效地控制了疫情蔓延,为超大城市应对突发急性传染病等公共卫生事件提供了极有价值的经验和策略。

‘Isomorp hic’behavior of corporate greenwashing

In the implementation of corporate environmental responsibility,‘greenwashing’is a pseudo-social behavior which is theopposite of‘genuine green’behaviors.With the improvement of the public awareness of environmental protection and the strengthening of the government environmental supervision,more and more enterprises are learning the green behavior adaptively.The frequentoccurrence of greenwashing has become a‘disharmonious’voice in the construction of ecological civilization.Institutional theory holdsthat institutional factors make organizations become more similar in structure and performance due to institutional forces.This paper describes an exploratory research on the law of group behavior in corporate greenwashing,analyzes the isomorphic mechanism of corporate greenwashing based on the institutional theory,and carries out an empirical test by using the data of A-share listed companiesin heavily polluting industries during the period of 2010−2016.The research in this paper shows that corporate greenwashing behavioris significantly affected by neighboring enterprises in the same region,and proves the existence of the‘bandwagon’effect.The results of analysis based on the nature of property rights show that state-owned enterprises have more significant regional isomorphic behaviors,indicating that state-owned enterprises are more inclined to claim legitimacy through the institutional isomorphism of greenwashing.Results of further analysis show that,greenwashing isomorphism does not significantly improve the operating performance of enterprises,but the similarity strengthens the ability of these enterprises to bear risks under an uncertain environment.As such,this provides empirical evidence support for the hypothesis that‘organizational isomorphism is usually for legitimacy rather than efficiency’in the institutional theory.The research in this paper reveals the land-derived characteristic of greenwashing behavior,and provides adecisive reference for policy implication.For the control of greenwashing,the central government should enforce and standardize theenterprise environmental report in terms of institutional arrangement,unify the form and content of disclosure,and improve the credibility and comparability of environmental information disclosure.The local governments need to strengthen the supervision of enterprises within their jurisdiction,as well as the coordination,cooperation and information sharing between departments,increase the punishment of violations,break the legal for enterprises to obtain socialrecognition by greenwashing.Meanwhile,it is necessary for the promotion of‘genuine green’large companies and state owned enterprises as role models.

Customer concentration and management earnings forecast

Customers are one of the key external stakeholders for a company.Using Chinese listed companies’data from 2007 to 2015,this paper examines the impact of customer concentration on information disclosure from the perspective of management earnings forecast.Empirical results show that a more concentrated customer base induces companies to disclose more positive earnings forecast.In addition,the positive association between customer concentration and management earnings forecast is more pronounced with higher economic policy uncertainty.Further analyses reveal that companies issue more positive earnings forecast to reduce the financing risk and protect their relationshipspecific investment.Also,customer concentration reduces the consistency of earnings forecast since the deviation of the forecast performance and the actual performance is greater.This paper enriches the literature on the determinants of management earnings forecast and the effects of stakeholders on corporate financial behaviour.Our findings also provide implications for investors,regulators,and various stakeholders to understand management earnings forecast decisions.

European Court of Human Rights as a Guarantee of Observation the Medical Secrecy

The European Convention on Human Rights proclaims the right of everyone to privacy of information about their state of health,which is a particularly important issue during the COVID-19 pandemic.The aim of the study is to determine the essence of the ECtHR's activity as a guarantee of information culture,highlight the main elements of its activities in this aspect,and analyze the right to medical secrecy in the practice of the European Court of Human Rights.The formal-logical method was used to analyze the norms of the European Convention on Human Rights,determine the content of basic concqts,and systematize the material in order to obtain generalizing conclusions within the framework of the stated problem.The predictive method was used to determine the prospects for the development of legislation aimed at creating a system of effective legal provision for the confidentiality of patient information.The European Court of Human Rights has more than once drew attention to the enormous importance of protecting personal,in particular medical data,so that a person can enjoy his or her right to private and family life with satisfaction.That is why public authorities must ensure the confidentiality of information about the health of individuals.It should not be disclosed or processed without the prior informed consent of the person concerned.There are a lot of cases of unlawful disclosure of information about the patienfs health and liability for unlawful disclosure.

Supplier concentration and analyst forecast bias

This study examines the relationship between analyst forecast dispersion or accuracy and supplier concentration of listed firms in China from 2008 to 2019.Our findings suggest that higher supplier concentration is associated with lower analyst forecast dispersion,which can be attributed to the increased attention from analysts.Moreover,this effect is more pronounced when firms have less bargaining power and higher institutional ownership,indicating a greater reliance on the supply chain.Our study highlights the importance of disclosing supply chain information,which provides insights beyond those of traditional financial information.