Environment Restricts and Policy Choice in International Harmonization of Accounting Standards and Effect Evaluation——Evidence from the Non-monetary Transaction

The paper tests accounting earnings quality of the non-monetary transaction standard before and after the revision, and comes to the conclusion that the standard revision under domestic conditions which restricts the use of fair value and does not recognize exchange revenues effectively prevents the company from managing earnings to improve earnings quality. The earnings management of the public companies has become more difficult, and earnings quality has been improved. But the earnings management of the public company does not decrease, some public companies make earnings management by other ways, The researcher provides direct evidence in explaining environment restricts have a role in accounting internationalization, explaining the difficulties of standard-making.

R&D会计政策选择对R&D投入水平的影响

以我国新会计准则实施后2007—2012年年报披露R&D数据的3 640家上市公司为样本,从R&D资本化与费用化会计政策选择的视角检验R&D会计政策选择对企业R&D投入水平的影响作用。研究结果表明:无论在哪种情况下(总样本检验和五组分样本检验),R&D会计政策选择均与R&D投入水平呈正相关关系。由此说明,企业选择将R&D投入资本化处理有利于提升R&D的投入水平,促进企业的技术创新;相反,企业选择将R&D投入费用化处理则不会。

The "Three Party" Predicament and Strategy Research of Enterprises' R&D Expenditure Tax Motivation Policy Implementation

In the age of information economy, the deduction policy of enterprises' R&D expenditure plays an important role in encouraging technology company to innovate and promoting the technology. However, with the deepening of policy implementation, the main subjects, science and technology department, tax department, and technology company, are having some problems, which has a negative impact on the implementation of the deduction policy.This paper reorganizes the main policy of enterprises' R&D expenditure deduction and analyses the reality that "three party" are facing, then gives some advice to the regulation of R&D expenditure deduction policy.

Global Planted Forest Development: Opportunities,Challenges and Policy Choices

In recent decades, there has seen a dramatic expansion of global planted forest area and their great impact on human life. It is reported in Forest Resource Assessment 2010 that the current area of global planted forests is about 264 million ha, representing only 7% of the total forest area but able to meet the two thirds of the global demand for logs. Planted forests can not only provide timber, fiber, fuel and non-wood forest products, but also contribute to carbon sequestration, restoration of degraded land, landscape rehabilitation and watershed protection. Besides, planted forests can also provide the recreation and amusement for people. In such sense, in the coming decades, planted forests, driven by various factors such as social- economic conditions, market, consumers' demand and new technologies, will have good opportunities for development, and will also increase their contribution to achieving the series of development objectives worldwide. In the meanwhile, the development of planted forests is also constrained by the factors like policies, laws, regulations, technologies and funds, and therefore faced with the challenges in terms of eco- environment preservation, economic development and protection of community interests. Based on the long- term monitoring and research of planted forest development as well as the field study of planted forests abroad, the paper identified the opportunities and challenges in the development of global planted forests through such methods as the SWOT, policy analysis and the others, and proposed the policy choices for promoting the sustainable development of planted forests: 1) There is a need to further understand the functions of planted forests and the importance of the degraded land restoration; 2) A good institutional guarantee and investment environment should be created for the planted forest development; 3) The advanced concepts and methods in terms of the planted forests management should be actively promoted and applied; 4) There is a need to put more focus on environment management and social responsibility; 5) The intensive management of planted forests needs to rely on science and technology support; 6) The international cooperation should be strengthened to jointly facilitate the sustainable development of planted forests.

Key Factors Affecting Farmers’ Choice of Corn Reduction under the China’s New Agriculture Policy in the ‘Liandaowan’ Areas, Northeast China

Farmers are the main land managers, and their production decisions crucially affect crop outputs and farmland preservation.Understanding the motivations and factors underlying farmers’ decision making is a fundamental to implementation polices of government.This study analyzed factors that influence farmers’ choice of corn reduction under the China’s new agriculture policy in the ‘Liandaowan’ areas of Northeast China.This study collected data from 106 randomly selected households in 34 villages in ‘Liandaowan’ areas of Northeast China using a semi-structured questionnaire.Results showed that the Chinese corn structural adjustment plan confronted with many constraints, and most of farmers insist on planting corn.Drought and low accumulated temperature, no suitable substitution crop, farmers’ preferences, farmers’ education and age, relatively high comparative benefit of corn, the availability of machinery and technical assistance, subsidies and low family incomes all influence farmers’ choice of corn substitution.Based on our experimental results, we derived important policy implications for promoting corn structural adjustment incorporate increase crop diversity, promote soybean and corn rotation, provide adequate agricultural extension services, and increase the corn substitution subsidies and improve farmers’ income.

R&D资本化与费用化政策选择的影响因素研究

以2007-2010年年报披露研发投入数据的沪深A股上市公司1071个观测值为样本,从R&D投入会计处理方法选择的角度分析企业进行R&D资本化与费用化政策选择的影响因素。研究结果表明:新会计准则对R&D投入会计报告的变革有一定的积极意义,R&D资本化与费用化的选择受到了企业特征的影响。研发强度大、盈利水平低、规模较小、负债水平高、股权分散、研发投入不稳定且处于扭亏临界和高技术行业的公司倾向于选择将R&D资本化,而那些规模较大,盈利水平高、负债率低、股权相对集中、研发投入稳定的企业则倾向于将R&D费用化。另外,R&D资本化与费用化的选择与其系统风险、成长性和收益平滑动机没有显著关系。

政府补助、R&D会计政策选择与企业价值

以2010-2014年年报披露R&D相关信息的8427家上市公司为样本,从调节效应的视角,运用经典股票价格模型和拆分后的股票价格模型进行分层回归,实证检验政府补助对R&D会计政策选择与企业市场价值之间关系的影响。结果显示,R&D会计政策选择具有价值相关性,政府补助又正向调节R&D会计政策选择与企业市场价值之间的关系,同时也正向调节资本化R&D投入及费用化R&D投入与企业市场价值之间的关系。结果说明,企业管理层将R&D投入进行资本化会计处理增加了企业的市场价值,而政府补助又加强了R&D资本化选择的这种价值相关性。

R&D会计政策选择对企业价值的影响

以新会计准则实施后2007-2012年年报披露R&D投入的3640家上市公司为样本,从R&D资本化与费用化会计政策选择的视角,分别检验了R&D资本化与费用化会计政策选择对企业财务价值和市场价值的影响。研究结果表明:R&D会计政策选择对企业的财务价值和市场价值产生完全相反的作用,R&D会计政策选择与财务价值负相关,与市场价值正相关。企业选择将R&D投入资本化能够增加市场价值,但不会增加财务价值;相反,企业选择将R&D投入费用化则能够增加财务价值,不会增加市场价值。由此推断,企业R&D投入资本化与费用化的会计政策选择是对企业财务价值和市场价值权衡的结果。

Talent Policy,R&D Personnel Recruitment and Corporate Innovation

This paper analyzes the impact of talent policy on the R&D personnel recruitment and corporate innovation.The research is based on more than 5.8 million online recruitments from listed companies from 2017 to 2018.The study makes five principal findings.Firstly,companies affected by talent policy have significantly increased the number of R&D personnel recruited.Secondly,at the policy level,the incentive effect varies according to different levels of talent policy subsidies and threshold requirements,with more significant effects observed where subsidies are higher and threshold requirements are lower.Thirdly,at the enterprise level,the incentive effect is more significant for high-tech enterprises,better-governance companies,and non-state-owned enterprises.Fourthly,at the city level,the incentive effect is more significant in cities with better economic development,higher administrative levels,and better scientific research support environments.Finally,after the introduction of talent policy,there have been significant improvements in enterprises'R&D investment,patent output and R&D efficiency.In terms of R&D personnel recruitment,this paper provides micro-level evidence for the influence effect,and identifies specific mechanisms and boundary conditions of talent policy on corporate innovation.It expands the research on the influence effect of government and institutional factors on corporate innovation.In addition,it provides reference for accelerating the building up of a talent-strong country,deepening the implementation of innovation-driven development strategy and realizing economic transformation and upgrading.

Structural Deceleration,Financial Expansion and Policy Selection:China's Economic Prospects for 2014

China's economic performance in 2013 has verified that China's economic slowdown is structural rather than cyclical.Current economic growth has been driven primarily by investment in infrastructure and real estate sector.Consumption is sluggish and exports recovery is unsustainable.Financial expansion is a major instrument in offsetting the deceleration of China's economic growth in 2013.But structural root cause of slowdown remains.According to cash flow statement,balance sheet and cross-border capital flow,risks of China's financial system are accumulating under the backdrop of financial expansion.Financial system should play its role of resource allocation and refrain from stimulating demand.Future policy choice will shift from short-term macro policy to institutional reform,including political reform,reform of supply mechanism,balancing between macro-stability policy and structural transition,and reform of financial system.

Economic Policy Uncertainty,Heterogeneity of Executives and Enterprise Innovation

This study analyzes how economic policy uncertainty affects corporate innovation,and the moderating effects of executive heterogeneity.A threephase dynamic investment and financing model is first built to analyze the mechanism.Empirical analysis confirms that the increase in the degree of economic policy uncertainty promotes enterprise innovation.Further results show that this promotion effect is more significant in enterprises with male executives,low educational level,no financial experience and political background.Moreover,the positive impact is only found in enterprises with moderate executive ability,and the overconfidence of senior executives plays a positive regulating role in it.

Trade Interests in Foreign Policy of the Global South

In this research work, the author focuses on the analysis of the trade interests in foreign policy of the Global South. What indicates the importance and innovativeness of the research is the presentation of the new models of the foreign trade policy and trade interests of Global South. First of all, it must underline that in the new theoretical terms in the demand for trade policy very important is factor specificity. The low specificity of factors means that factor returns are equalized throughout a region＇s economy. Moreover, some factors are stuck in their present uses; therefore, factor returns are not equalized throughout a region＇s economy, but are industry specific. The main objective of the research task is to give a comprehensive analysis of the models of foreign trade policy, trade interests indicated by export orientation and import sensitivity, protectionistic pressures in different political system and different types of authoritarian regimes of Global South, the level of protectionistic pressures, the rise of qualitatively new politics in North-South relations like bilateral tendencies. It should be stressed that free trade in itself is not responsible for economic growth, but more significant are the determining macroeconomic stability and increasing investment of Global South.

Can the Super-deduction of R&D Expenses BoostR&DInvestment?

The super-deduction of research and development(R&D)expenses is at the core of the policy to stimulate enterprise innovation in China.This paper identifies whether firms are supported by the super-deduction policies for R&D expenses and uses the diferencein-diferences method to investigate the impact of the policies on R&D investment.The results show that changes in policy in 2013 significantly increased the R&D investment of firms engaging in key state-supported technologies.Policy changes in 2016 significantly increased the R&D investment of firms engaging in non-key-state-supported technologies.Enterprises not only invested all their tax incentives in R&D activities but also increased their investment in self-raised funds.The super-deduction policy had different impacts on different industries,firms with different boards,and firms with diferent ownership.The policy significantly affected the manufacturing and construction industries,the Small and Medium Enterprise Board,and non-state-owned enterprises.Through a mechanism analysis,we found that the policy significantly reduced the user cost of R&D and increased the net cash flow of enterprises,which could raise a firm's R&D investment.It is necessary to increase policy support,expand the scope of super-deductible expenses,and increase the super-deduction rate based on industry classification according to the sensitivity of different industries to the policy.

EU Real-World Evidence Supports New Drug Research and Development Decisions and Its Implications for China

Objective To analyze the application of EU real-world evidence in the decision-making of new drug research and development(R&D),and to provide policy recommendations for China’s government to make new drug R&D decisions.Methods The relevant policy documents of the EU on the development of new drugs and other domestic and foreign literature on the real-world evidence were analyzed to obtain the role and application of the current EU real-world evidence in the implementation of new drug development policies.Results and Conclusion At present,the EU is carrying out the national synchronous scientific advisory policy,urging the formation of a European innovation framework,and providing decision-making for new drug R&D selection and program design based on real-world evidence.It is recommended that China build a real-world medical database and design a new drug screening platform to help companies,scientific research institutions assess target drugs.In addition,a national scientific advisory platform should be set up to integrate scientific research strength and provide technical support for new drug R&D institutions.

Reliability of R&D capitalization: Evidence from ex post impairment in China

Unlike prior studies that investigate research and development(R&D)accounting as a dichotomous choice between capitalizing vs.expensing, this study identifies low-reliability R&D capitalization by the occurrence of ex post impairment of capitalized R&D costs.I find that low-reliability capitalization is associated with higher discretionary accruals but fails to signal future innovation, whereas normal capitalization without subsequent impairment lacks earnings aggressiveness and predicts future innovation positively, compared to expensing firms.Next, this study shows that Big 4 and industry specialist auditors improve reliability by notably decreasing the likelihood of lowreliability R&D capitalization.The results remain robust after controlling for R&D investment intensity and potential endogeneity in the capitalization decision.Additional tests show that managers strategically time the recognition of impairment for big-bath and earnings-smoothing purposes, and that analyst coverage does not help differentiate between low-reliability and normal R&D capitalization.Collectively, this paper increases our understanding of R&D accounting and auditing and contributes to the debate on the reliability of R&D capitalization.

Car Insurance Plans Could Make a Society Safer

Insurance companies do not differentiate their customers based on their driving behavior in Iran that leads to reckless driving and thereby imposes significant costs to the society. We provided a model that can predict effects of different policies and discounts on market share of insurance companies. The usage of model has been tested in Tehran insurance market and the results provided showed that people would consider changing their insurance plans based on discounts and costs. Further, the first movers (i.e. the insurance companies that offer the discounts first) would absorb safer drivers and thereby stand in a superior financial position. This could significantly change the dynamics and the role of major players in the insurance market.

The Some New Aspects of the International Business Theory and International Economy

Different positions of the member states of the World Trade Organization （WTO）, especially the developed and developing countries and also the United States of America （USA）, the European Union （EU）, and Japan representatives, were observed during the Doha Round of trade negotiations under the WTO. The problems of agriculture protection in the developed countries, for example in the EU and USA and also in the developing countries, were becoming serious obstacles during the negotiations. Despite the undeniable benefits of the multilateral WTO forum for trade liberalization, the rapid increase of North-South bilateral and multilateral free trade areas （FTAs） begs a systematic explanation for why some forums are prioritized relative to others. The main aim of the article is the presentation of some new aspects of the international business theory in the context of international economy. The article presents the mercantilist tendencies in the international trade policy, the theory of public choice in the foreign trade policy, protectionist pressures in different political systems, the level of protectionist pressures, food producers＇ pressure, and conflicts between the tendencies to sustainable international trade liberalization and environmental protection.

国家利益视角下自然人流动政策选择——基于probit模型的实证研究

自然人流动为近年来各国发展服务贸易所关注。虽然研究表明,自然人流动自由化可以促进世界经济增长,缓解发达国家劳动力短缺压力,实际中却存在发达国家限制外国自然人流入的高壁垒政策的矛盾现象,而未有研究对此现象加以解释。从国家利益的视角出发,利用probit模型,在澳大利亚生产率委员会研究小组对自然人流动壁垒测度结果的基础上,对一国自然人流动壁垒政策选择的影响因素进行了实证分析,指出一国自然人流动壁垒政策的选择不仅受经济因素的影响,更受到非经济因素的作用,并对中国自然人流动给出政策建议。

用SENSOR—SAIT评价工具分析欧洲土地利用政策

为提高土地利用政策制定及评估的科学性，欧盟在第六框架计划下设立了SEN—SOR项目，其主要目的是研究欧洲土地的多功能可持续利用，并开发土地利用政策分析工具SAIT。本文主要介绍SENSOR项目的设计理念、技术路线，以及SAIT工具的模型结构。

美国经济政策不确定性与中企OFDI区位选择

美国经济政策不确定性是否会影响中国企业海外投资的区位选择?其机制是怎样的?本文运用中国工业企业数据库与商务部企业名录等进行匹配,使用Baker等(2016)构建的美国经济政策不确定性指数研究发现:美国经济政策不确定性对中企在美国投资存在抑制作用,并且对中企在其他地区投资存在阻遏作用,即存在"第三地阻遏效应";在对微观层级的企业运营经验和市场势力两个影响机制检验之后发现,美国经济政策不确定性对企业对外投资的负向影响在运营经验较强的企业中更明显,而在市场势力较强的企业中影响更小。本文的研究为政府制定相应的政策提供了理论依据。