信息来源: 发布时间:2018年09月28日

★  学术活动
Ø  2009年4月10日,Seoul National University Lee-Seok Hwang教授为我中心师生做题为:Do Takeover Defenses Impair Equity Investors’ Perception of ‘Higher Quality’ Earnings? 学术讲座。讲座摘要:Prior studies investigating earnings quality have stood on the assumption that the observed
earnings quality is determined by the reporting quality (the supply for earnings quality) and the corresponding investors’ perception of the reported numbers (the demand for earnings quality). However, they have largely overlooked the possibility that the supply and the demand could diverge because of other factors that do not relate to the reporting quality directly, but do influence the market perception of the numbers. To address this unchallenged disentanglement, this paper uses the implication of takeover defenses for earnings informativeness. Under the quiet life theory, we expect that takeover protection will impair the equity investors’ perception of earnings even though they seem to be of higher quality as reported by Zhao and Chen (2008). We find that investment, as well as performance of more defensive firms, is valued at a discount, suggesting that investors perceive the investment of more defensive firms to be less value-relevant because they expect that such firms are not likely to generate sufficient profits with the investment. Furthermore, the variability of firm value is lower in such firms, which causes the investors to be concerned with the profitability and growth of a firm thereby deteriorating the investors’ perception of the current earnings. Lastly, the test using the implied cost of equity corroborates the demand side effect of the earnings informativeness. Taken as a whole, our results suggest that researchers should consider the supply and the demand for earnings quality with caution when they develop their hypotheses.
Ø  2009年4月17日,Southwestern University of Finance and Economics Yan Dong教授为我中心师生做题为:A Comparison of the Determinants of Chinese and U.S.A FDI Outflows学术讲座。讲座摘要:The People’s Republic of China (PRC) has become an important and influential player in the
world and is increasingly a source of political and financial support for many developing countries. A number of incentives drive China’s commercial investment. However, Is China’s FDI largely political oriented? It is interesting to examine whether the determinants of China’s FDI outflows are significantly different from other countries’ FDI, such as U.S. More specifically, the aim of this paper is to examine the social, economic and locational determinants of China’s direct investment in different regions and countries. A comparison of China’s investment patterns with other countries, such as United States, is important because it explains how China contributes to economic growth and how investors’ behaviour varies in their decision making process. The extreme bound analysis is adopted in this paper to search for more robust variables that determines FDI.
Ø  2009年4月24日,University of Nottingham Jiang Ying 老师为我中心师生做题为:Bank of Japan Interventions, Exchange Rate Volatility, and Spillover Effects: Evidence from High Frequency data学术讲座。讲座摘要:We consider the dynamics of the Bank of Japan (BoJ) interventions in the foreign exchange market during the period 2000-2004, which during this period are of substantial magnitude, relatively frequent, not co-ordinated and take place within the ‘zero interest rate’ monetary policy regime. Only scant evidence exists in the literature on the spillover effect and the impact on covariance in both daily and intraday framework, as well as on analyzing the characteristics of intraday volatility dynamic on both intervention days and non-intervention days. In contrast to
earlier studies, our analysis does not hinge on the assumption that intervention always increases the volatility of the exchange rate. We perform rolling estimations of a Multivariate GARCH model, use the quartile plots of intraday volatility, and perform equal variance tests to investigate intraday volatility characteristics in intervention and non-intervention days using both daily and 15-minute data. Our findings suggest that BoJ interventions decrease the volatility of yen/$ exchange rate. This result contrasts the findings of earlier studies which focus on previous experiences and typically find that interventions result to higher volatility. The effect of interventions on the yen/$ volatility depends on the different states that the market experiences and its impact is different under high and low levels of exchange rate volatility. We also find the intraday volatility is less heteroskedastic within the intervention day and this has implications for volatility forecasting. We find strong evidence that intervention in the USD/YEN increases the volatility of the Euro/Yen.
Ø  2009年5月22日,University of Hong Kong Konan Chan 教授为我中心师生做题为:The Market Valuation of R&D Decreases学术讲座。讲座摘要:While many studies document that R&D investments significantly contribute to firm value, there is very little existing research which investigates whether the reduction in R&D expenditures creates any negative impact on firms’ performance. This paper examines long-term performance following significant R&D decrease. We find that firms with large decline in R&D generate a significantly positive abnormal stock return in the long-run. This return drift cannot be explained by previously documented determinants of cross-section returns, such as size, book-to-market ratio, momentum, accruals, asset growth and net share issuance. We explore three economic motives behind R&D decrease – R&D spillover, managerial myopia and overinvestment – to account for the associated abnormal returns. We find no compelling evidence to support either the spillover or myopia explanation. Our results are most consistent with the overinvestment hypothesis that firms cut down R&D investments to mitigate the agency problem. Firms with low
growth opportunities generate higher future returns than their R&D decrease counterparts. Also, firms decrease their cost of capital after R&D decrease and these firms with declining cost of capital outperform. Our results suggest that the market underestimates the decline in cost of capital following R&D reduction.
Ø  2009年6月24日,University of Houston Gerald J. Lobo 教授为我中心师生做题为:AUDIT QUALITY AND THE MARKET VALUATION OF BANKS’ ALLOWANCE FOR LOAN LOSSES学术讲座。讲座摘要:The recent banking crisis has led market participants to focus on the adequacy and quality of banks’ balance sheet items such as the allowance for loan losses. Beaver and Engel (1996) document that the capital market prices the nondiscretionary component of loan loss allowance negatively and the discretionary component less negatively. Using three measures of audit quality, auditor type (i.e., Big 5 vs non-Big 5), auditor industry specialization/expertise, and audit and nonaudit fees paid to auditors, we examine the effect of audit quality on the market valuation of the discretionary component of the allowance for loan losses. We find that, relative to the nondiscretionary component, the market valuation of the discretionary component of loan loss allowance is higher for banks audited by Big 5 auditors than for banks audited by non-Big 5 auditors. This result holds even after controlling for self-selection, i.e., the possibility that large banks and banks with more complex operations are more likely to hire Big 5 auditors. We also find that the relative market valuation of the discretionary component is increasing in auditor expertise. Our findings regarding the impact of fees paid to auditors indicate that banks paying higher audit fees have higher relative market valuation for the discretionary component of the allowance for loan losses, but banks that pay higher nonaudit fees do not.
★  重大项目进展报告
教育部人文社会科学重点研究基地重大项目《“创意经济”与管理会计及管理创新问题研究》(批准号:07JJD630008)的阶段性研究成果有论文《A Fuzzy Valuation Model of Intellectual Capital 》和创意《经济产业集群的智力资本管理作用》和《管理控制系统的发展与创新:从班组核算拓展到与公司治理集成》和《Inter-Organization Cost Synergy Management Using a Multi-Agent Intelligent System》《Valuating Intellectual Capital and Its Application》的基础上,又有了如下新进展:
阶段性成果之一:“家族控制与信息披露质量实证研究——基于深交所家族上市公司的研究” (厦门大学管理学院硕士学位论文,2009年6月)
Berle和Means描述的“所有权分散”型公司曾被视为“放之四海而皆准”的公司形态,基于股权分散形成的股东和管理层之间的委托代理关系一度成为公司治理研究的基本范式。但是随着20世纪90年代La Porta 等(1999)的研究发现,集中是大部分国家中公司所有权和控制权结构的主导形态,由此引发的控制性股东与小股东之间的代理问题受到了广泛的关注。在不同性质的控制性股东中,家族控制成为一种世界性普遍现象。本文以2005-2007年深市A股家族控制上市公司为样本,通过所有权比例,控制权比例,控制权取得途径,控制权实现方式以及控制权制衡因素等方面来研究不同的控制权特征对信息披露质量的影响。
阶段性成果之二:“深市B股上市公司MD&A可读性特征研究”(厦门大学管理学院硕士学位论文,2009年6月):可读性是会计信息质量的基本要求之一,它要求企业提供的会计信息应当清晰明了,便于投资者等财务报告使用者理解和使用。投资者理解财务报告既取决于投资者本身的素质也受财务报告文本书写质量的影响。作为财务报告中非财务信息的主要组成部分,管理层讨论与分析(Management discussion and analysis ,MD&A)在上市公司定期报告中占有重要位置,各国学者不仅关心MD&A披露的内容而且关注它的书写质量,因为它关系着公司披露的内容是否能够以较低的阅读成本而被投资者获取。本文选取深市B股55家上市公司2005年、2006年和2007年的年报,运用Flesch公司衡量其MD&A的可读性水平,从公司特征和公司治理两个角度并同时控制行业和格式因素的影响对深市B股上市公司财务报告中管理层讨论与分析部分的可读性进行研究,试图寻找影响财务报告中管理层讨论与分析部分可读性的因素。
阶段性成果之四:“股权结构、行业竞争性与公司绩效”(《上海立信会计学院学报》    2009年第3期):本文以上证工业股、商业股和公用事业股指数成分2002年至2004年数据为样本,通过对三种不同竞争性行业的区分比较,从产出效率的角度研究股权结构与公司绩效的关系。实证结果表明:国有股和法人股随行业竞争性不同对公司绩效产生不同的影响,流通股对公司绩效有负面影响;股权集中度与公司绩效的关系随行业竞争性不同而不同,在竞争性较弱的行业两者显著线性正相关,而在竞争性较强的行业则呈显著的U型曲线关系;行业竞争性对股权结构与公司绩效的关系有显著影响。本文认为,并不存在一个最优的股权结构,企业应根据不断变化的内外部环境来构造合适的股权结构。
阶段性成果之五:“Accounting Internationalization and Value Relevance of Accounting Earnings in China”(Frontiers of Business Research, June 2009): 本文以我国AB股上市公司1996年度至2003年度的财务报告为研究对象,通过比较我国会计准则与国际会计准则的价值相关性,检验了中国会计国际化进程所产生的效果。相对信息含量的检验结果表明,按国际会计准则报告的盈余的信息含量,要强于按中国会计准则报告的盈余,但国际会计准则的这种相对信息含量随着中国会计国际化的进程而有所削弱。而增量信息含量的检验结果表明,中国会计国际化进程使得国际会计准则相对于中国会计准则的增量信息含量也被减弱。进一步的检验结果还表明,随着中国会计国际化进程的办法,中国投资者把按两套准则报告的盈余当作替代信号,并且更偏爱采用按自己熟悉的会计准则(即中国会计准则)报告的盈余数据。
阶段性成果: “盈余持续性研究综述及启示”,已形成文章,待发表。