Does investor protection affect the choice of earnings management methods through real activity manipulation and accrual manipulation？ Asian comparison

This paper examines systematic differences in earnings management through real activity manipulation and accrual manipulation across 7 Asia countries. The study proposes arguments that in economies with high investor protection, managers prefer to manage earnings through real activity manipulation rather than through accrual manipulation because accrual manipulation is more likely to draw auditors or regulators scrutiny than real decisions about pricing and production. The study findings are consistent with prediction. Despite being in economies with high investor protection, managers still have bigger discretion in managing earnings through real activities rather than accrual manipulation.

Investor Protection, Deviation of Local Accounting Standards From IFRS, and the Effectiveness of the IFRS Adoption

The objective of this study is to examine the effect of accounting standards and investor protection on value relevance of earnings and book value of equity among European Union countries during the years 1999-2007. The results indicate that the adoption of International Financial Reporting Standards [IFRS] leads to improvement in value relevance, particularly on earnings. We also examine the impact of investor protection and the deviation of local accounting standards from IFRS on the effectiveness of the IFRS adoption. The results show supporting evidence for investor protection but inconclusive evidence for accounting standard deviation. However, additional analysis indicates that the countries which apparently benefit from adopting IFRS are those with high deviation of local accounting standards from IFRS and high investor protection. The findings imply that adopting IFRS alone cannot improve value relevance of accounting information, but standard setters and regulators need to strengthen their investor protection mechanisms in order to improve the quality of accounting information.

Investor Protection,Ownership Structure and Corporate Valuation

The purpose of this paper is to investigate the relationship between investor protection, ownership structure and corporate valuation. La Porta showed that there existed a simple linear relationship between corporate valuation and the holding percentage of controlling shareholders. But recent empirical evidence does not support it. A nonlinear relationship is proved between ownership structure and corporate valuaton by relaxing the assumption of La Porta＇s model in this paper. There exists a positive relation between investor protection and corporate valuation. Our empirical research shows that this relation is significantly positive indeed.

Tunneling, overlapping owner and investor protection： Evidence from merger and acquisition in Asia

Tunneling is to describe transfer resource out of the firm for benefit of their controlling shareholders. Better legal protection and stronger social norms improve minority shareholders＇ protection from expropriation. They consequently reduce the private benefits of controlling shareholders （La Porta, 1999）. This study aims to investigate tunneling in the context merger and acquisition （M＆A） and to examine whether tunneling occurs only in emerging markets with poor law enforcement or whether it also occurs in developed countries. This study documents that managers are more likely to overpay target in merger and acquisition with high overlapped owner which have stakes in bidder and target firm. That overpayment, a transfer of wealth from owners of bidder＇s firm to overlapping owners, is a type of tunneling. This study concludes that tunneling occurs in nations not only with low investor protection, but also with high investor protection.

Improving the Equity and Sustainability of the Social Protection System

The segmentation of the social protection system in China renders the system not only inequitable but inefficient.Those employed in the public sector,particularly civil servants,are＂overprotected＂,while workers in the non-public sector,especially farmers and rural migrant workers,are＂under-protected＂.The segmented pension system impedes labor mobility while increasing administrative costs.Policies aimed at developing the new rural cooperative medical system and new rural old-age insurance scheme,as well as policies aimed at encouraging migrant workers to participate in urban social insurance programs,help improve the equity of social protection.Howere,competition between different local governments to win the ＂welfae crown＂ and the heavy brden placed on local finance caused by welface overspending has been hurting the sustainability of social protection programs.The following measures are suggested to address these problems;First,cease using social insurance coverage as an indicator of work performance for government officials;second,enhance the responsibility of the central government in social expenditure while increasing public transfers to less-developed regions in order to improve social assistance and merit goods provision;third,integrate or reorganized various sgements into one entity under each insurance program,with the purpose of eventually eliminating the segmentation problem in China＇s social protection system.

REGULATIONS ON THE ALTERATION OF STOCK EQUITY HELD BY INVESTORS OF FOREIGN INVESTMENT ENTERPRISES

Article 1With a view to promoting the healthy development of foreign invest-ment enterprises, protecting the legitimate rights and interests of investorsof the parties concerned and safeguarding the social and economic order,this set of regulations has been formulated in accordance with the Com-pany Law of the People’s Republic of China,Law of the People’s Republicof China on Chinese-Foreign Equity Joint Ventures,Law of the People’sRepublic of China of Foreign on Chinese-Foreign contractual Joint Ven-tures,Law of the people’s of China of Foreign Capital Enterprises,andother relevant laws and regulations.Article 2The alteration of investors’stock equity in foreign investment enter-prises as used hereof refers to the alteration of investors or theirshares(hereinafter referred to as the stock equity) of financialcontribution(inchiding the cooperative conditions offered) in Chinese-for-eign equity joint ventures,Chinese-foreign contractual joint ventures andforeign investment enterprises(hereinafter referred to as the enterprises).

Investor Sentiment and Cross-Sectional Return after Share Issuance:Evidence from Seasonal Equity Offering in China Market

Our research on private placement of equity on China capital market reveals that firms prefer to equity financing when their stock price is overvalued and investor sentiment is high,following the market timing hypothesis.However,after private issuance,we document a significant positive abnormal return within three years.We believe firms choose to polish their financial statement before the exit of institutional investors and controlling shareholders.Through manipulation of discretional accruals,firms improve the profitability and market valuation,and help institutional investors and controlling shareholders obtain the abnormal return after private placement of equity.Nevertheless,such manipulation cannot be sustained and will do harm to other investors in the long-term.

STUDY OF REENGINEERING THE STOCK EQUITY STRUCTURE IN CHINESE STATE-OWNED ENTERPRISE REFORM

In this paper,it is first briefly described the basic situation and current policies of state owned enterprise reform in China.Then the major issues in the reform process are identified,the possible solutions in terms of reengineering stock equity structure and state share circulation are discussed,and finally some suggestions are made for the further state owned enterprise reform.Basing on the theory on the modern corporation system,relevant experiences of market economy nations and the practice of Chinese enterprise system reform.The approaches to determine the proportion of state share in the future corporations are proposed.Since the public ownership is not ideologically appropriate,the establishment of social security fund and mutual fund investment companies are suggested as new and acceptable pattern of public ownership.It is believed that these companies will be the major institutional shareholders in the future corporations.Their stock equity structure would mainly consist of institutional shareholders,which will be both consistent with international norms of modern corporations and with socialist public ownership with Chinese characteristics.

年报监管问询影响公司权益资本成本吗?——基于完善金融监管的视角

基于2015—2020年A股上市公司数据,从公司权益资本成本的角度考察了中国监管问询机制带来的经济后果。研究结果表明,与未收到年报问询函的公司相比,收到年报问询函的公司在收函后面临更高的权益资本成本。在此基础上,采用中介效应检验证实了投资者信心是年报监管问询影响权益资本成本的一条有效路径。进一步分析发现,分析师不倾向于跟踪预测被出具问询函的企业,但收到重组类函件的企业在收函后权益资本成本反而更低。作为事后监管的一种重要手段,证券交易所问询函形式并未因其“非处罚性”而丧失效力,其不但有助于投资者及时调整投资决策,同时也有助于警示上市公司主动规范其信息披露行为。

文过饰非:股权质押与MD&A文本信息粉饰——基于机器学习文本分析方法的实证研究

文章基于2013—2021年我国A股上市公司数据,研究控股股东股权质押对管理层讨论与分析(MD&A)文本信息粉饰的影响,并分析机构投资者异质性对二者关系的调节作用。研究发现:控股股东在进行股权质押后,会策略性地粉饰MD&A文本信息;压力抵制型机构投资者对股权质押与MD&A文本信息粉饰之间的关系发挥负向调节作用,压力敏感型机构投资者未发挥调节作用;进一步分析发现,在融资约束程度高、企业声誉差、信息不对称程度高的企业中,控股股东粉饰MD&A文本信息的动机更强,压力抵制型机构投资者的监督作用也更强。对此,今后应加强对控股股东的监管,制定年报文本信息披露细则,优化机构投资者结构,促进我国资本市场良性发展。

数智审计法律责任的适用困境与纾解展望

审计行业积极推动审计数智化转型,将以数字化和智能化为特征的人工智能系统应用于审计活动。人工智能系统的复杂性、自主性和不透明性,可能使现行审计侵权责任制度面临责任主体界定、归责原则适用以及过失认定三方面的困境。破解困境的逻辑起点应是明确人工智能系统的法律客体地位,在对人工智能系统审计造成损害进行归责时,将侵权责任压实至会计师事务所,并沿用过错推定原则以减轻受损投资者的举证负担。数智审计新形势下,对审计人员的过失判断标准应有所变革,适度提升其注意义务标准,以与审计准则预期变动相协调,以审计人员所能提供的仍是一种合理保证为前提,构建以整体审计人员共有的一般理性为基准的新判定标准。

监管型小股东对股价同步性的影响研究

基于2016年2月中证中小投资者服务中心(简称投服中心)持股行权试点的研究场景,采用双重差分法考察投服中心对公司股价同步性的影响。研究发现:作为监管型小股东,投服中心持股行权降低了公司的股价同步性。进一步地,投服中心对股价同步性的影响在分析师关注度较低、媒体报道较少时更显著。机制检验显示,投服中心成立后上市公司的信息披露质量提高,管理层业绩预告质量改善,产生了信息效应;投服中心行权引起媒体和监管部门的关注,可减少大股东的利益侵占行为,提高中小股东参与股东大会的积极性,发挥出治理效应。

基于价值链逻辑的历史文化整体性保护及其创新性发展

中华人民共和国成立以来,我国文化遗产保护传承体系在发展中完善,逐渐形成了增强文化自信、振奋民族精神的文化场域和整体性保护的中国方案,是铸牢中华民族共同体意识的重要基石。随着我国文物保护体系、历史文化名城名镇名村体系和传统村落,以及非物质文化遗产保护体系的多元化形态和价值凸显,新形势下适应文化遗产整体性保护的目标及其创新发展诉求,从文化遗产本体价值-关联价值-转译价值出发,基于价值链逻辑,阐释文化遗产的时空脉络和文化内涵,即文脉价值;针对现实矛盾与发展困境,从多头管理的现实出发,建构以历史文化价值保护为核心的制度体系和保障;从人与遗产环境的共生关系,认知其社会价值,并适应于社会经济需求和价值约束,实现文化传承与复兴发展,即从固守到“守正适变”的创造性转化和创新性发展。

全面注册制下投资者保护的制度逻辑与发展方向

证券法无论采用发行核准制抑或注册制,都以保护投资者为立法宗旨。不同于核准制下的父爱主义保护元素,注册制表达的是“卖者尽责”下的“买者自负”理念,提高了资本形成效率,弱化了前端行政审核。全面实行注册制下投资者保护的制度逻辑发生转变,需要根据证券发行市场化的特点,结合证券发行、交易和责任的逻辑关系,重新梳理投资者保护的制度体系,明确投资者保护制度的发展方向:在前端,应当以证券发行信息披露为核心,强化发行人在信息披露中的第一责任人地位,避免证券监管机关过度介入证券发行,督促保荐人等中介机构切实履行“看门人”职责;在中端,应当引入“证券市场透明度”目标,形成“身份透明”“交易前透明”和“交易后透明”的交易机制,夯实证券市场公平交易的基础;在后端,则应完善证券执法结构,提升证券执法效率,提升民事救济措施的有效性。

交易所问询监管与股权融资成本--基于投资者风险感知视角

本文以2013—2021年中国沪深A股上市公司为样本,从投资者风险感知视角实证检验交易所问询监管对股权融资成本的影响。结果显示:公司收到定期报告问询函后股权融资成本显著上升,并且同年收到定期报告问询函数量越多、同一份定期报告被问询次数越多、定期报告问询函中的问题总数量越多,股权融资成本上升幅度越大,说明交易所问询监管会增加投资者的风险感知,进而导致股权融资成本升高。异质性检验结果显示,当投资者专业能力较强、交易风险较大、市场化程度较低和审计质量较低时,投资者对定期报告问询函所披露风险的感知能力更强,交易所问询监管对股权融资成本的正向影响更大。进一步研究发现,作为一种非处罚性监管,交易所问询监管是处罚性监管的有力补充,二者都具有良好的市场监管效果。本文的研究结论为证券监管部门依法保护投资者合法权益和防范市场风险提供了政策参考。

投服中心行权会影响企业劳动投资效率吗?——来自中国上市公司的经验证据

中证中小投资者服务中心(以下简称“投服中心”)推出的持股行权政策是资本市场的重要制度创新,为解决中小投资者保护难题提供了政策思路。基于2014—2020年中国A股上市公司数据,构建多期双重差分模型检验了投服中心行权对企业劳动投资效率的影响。研究发现,投服中心行权能够显著提升企业劳动投资效率。机制检验结果显示,投服中心行权通过降低信息不对称和缓解代理问题进而提升企业劳动投资效率。异质性分析结果表明,在劳动投资不足、治理水平较低的企业中,以及行权方式为专项行动、股东大会和网上行权时,投服中心行权对企业劳动投资效率的提升效应显著。进一步研究发现,投服中心行权通过提升劳动投资效率,提高了企业业绩和企业价值。因此,应充分发挥投服中心行权对企业劳动投资效率的提升作用,提高公司治理水平,以保护中小投资者合法权益。

个人投资者情绪与权益资本成本——基于行为金融视角的分析

文章基于行为金融视角,以沪深A股上市公司为研究样本,实证探究了个人投资者情绪与权益资本成本之间的关系、具体机制路径以及会计信息透明度和机构持股比例对个人投资者情绪与权益资本成本间关系产生的异质性影响。实证结果发现,个人投资者高涨情绪能够显著降低权益资本成本;进一步研究发现,股票流动性是个人投资者情绪影响权益资本成本的机制路径,且个人投资者高涨情绪对权益资本成本的降低效应在未来期间会出现反转;异质性检验发现,高持股比例的机构投资者和较高的会计信息透明度能帮助个人投资者建立投资信心,强化个人投资者高涨情绪与权益资本成本间的负相关关系,同时也能作为“定心丸”弱化个人投资者高涨情绪对未来期间权益资本成本的负面影响。研究结论拓展了个人投资者情绪经济后果以及权益资本成本影响因素的相关研究,为证监会相关部门、企业和大型金融服务机构合理引导个人投资者情绪以保障股市正常运行提供了现实启示。

平台视角下未成年人发展权与网络受保护权的平衡进路

信息时代,在兼顾未成年人网络受保护权的同时,保障未成年人的发展权是普及数字红利、推动未成年人社会化的重要举措。《未成年人网络保护条例》充分体现了未成年人发展权与网络受保护权平衡保护的理念,但未成年人“产品化”、未成年人网络产品和服务的单一化和低质化、未成年人网络环境的高风险化、未成年人社会形象的污名化与人格矮化等问题依然突出,平衡保护目标的实现存在诸多阻碍。为实现未成年人网络使用和保护的平衡,关键要牵住平台的“牛鼻子”。平台应秉持最有利于未成年人原则,坚持“内严外宽”的平衡进路,为未成年人营造出宽而不松的网络环境,并遵循普遍保护与特殊保护相结合、限制超量冗余和分级分龄保护的保护思路,构建起未成年人发展权与网络受保护权平衡保护的整体机制。

论未出资股权转让后的出资责任——新《公司法》第88条的正当性与适用解读

新《公司法》第88条规定了未出资股权转让后的出资责任,其法理正当性与具体适用有待进一步研究。依据股权转让时出资期限是否届满,可将未出资股权分为瑕疵股权与未届期股权,两者的规制共性大于异性。而受让人与转让人的责任配置原理不一,依债务承担原理,受让人因继受取得股东资格,当然需要承担后续的出资义务与出资责任,仅在瑕疵股权转让时受让人享有例外性的善意抗辩权,而转让人的责任应然性与责任形态需结合制度目的与制度成本进行综合衡量。第88条的适用范围应包含抽逃出资的股权,且加速到期规则衔接第1款与第2款;第88条的出资责任应包含向公司足额缴纳出资、损害赔偿的责任以及包含股东向债权人的补充清偿责任。但是,第88条在股权多次转让时存在不可忽视的未尽问题,无期限、无顺序的转让股东责任可能过分侵害股东退出自由,主观心态的割裂性可能导致责任规则的适用困难,应考虑增加时间限制规则、切断规则。

价值回归背景下国际碳交易制度的完善

《巴黎协定》国际碳交易制度体现了环境价值、经济价值和社会价值相统一的多维价值目标,这是对《京都议定书》时期碳交易实践的价值纠偏,也是对制度初衷的价值回归。然而,价值实现的关键在于制度规范与价值目标的契合度。以“价值——原则——规则”作为分析框架,解析国际碳交易制度的功能价值,可知公平、环境完整性、人权保障和可持续发展应作为其核心原则。通过对国际碳交易规则与原则的匹配度检视,发现存在“国家自主贡献”的充分性和公平性评估机制缺失、资金和技术以及能力建设缺乏履约执行机制、人权保障和可持续发展原则存在“建设性模糊”、ITMOs实现核心原则具有不确定性等问题。故此,完善“国家自主贡献”的自证和跟踪机制、落实资金和能力建设支持机制、构建国际碳交易原则评估体系以及加强ITMOs规则的指导性是制度完善的有效路径。