Content of Modern Accounting in our journal

Published in last 1 year |  In last 2 years |  In last 3 years |  All Please wait a minute... For Selected: Download Citations EndNote Ris BibTeX Toggle Thumbnails Select Digital Transformation, Corporate Tax Avoidance and Debt Financing Cost: From the Perspective of Dual Risks LIU Xin, DANG Li-li Contemporary Finance & Economics    2024, 0 (10): 141-152.   Abstract （41）            Knowledge map    Save Currently, enterprises are vigorously carrying out digital transformation. So, what impact does digital transformation of enterprises have on their debt financing costs? This paper constructs a dual risk model from the perspectives of information risk and default risk and takes Chinese A-share listed companies from 2007 to 2020 as samples to test the impact of corporate digital transformation on debt financing costs and its affecting mechanism. The findings show that the digital transformation of enterprises can improve the quality of accounting information disclosure and the expected returns of enterprises, thereby reducing their information risk and default risk, and ultimately lowering their debt financing costs. The analysis of the regulated intermediate mechanism reveals that corporate tax avoidance will weaken the role of digital transformation in improving the quality of accounting information disclosure, but enhance the role of digital transformation in improving the expected returns of enterprises. To this end, the government should vigorously promote the digital transformation of enterprises, and enterprises should adopt advanced financial software and big data analysis tools, improve the automation and intelligence level of financial reports, reduce human errors, and enhance the comparability and readability of information. Reference | Related Articles | Metrics | Comments（0） Select Environmental Collaborative Governance and ESG Performance of Heavily Polluting Enterprises JI Xiao-qing, WU Zhi-xiang Contemporary Finance & Economics    2024, 0 (10): 153-164.   Abstract （34）            Knowledge map    Save Improving the modern environmental governance system to promote the coordinated environmental governance is an important measure to achieve the comprehensive green transformation of the economy and society. Based on the “structure-process” model and the text analysis method, this study examines the impact and mechanism of environmental collaborative governance on the ESG performance of heavily polluting enterprises by taking the A-share heavily polluting industries from 2010 to 2021 as samples. The findings show that collaborative environmental governance can improve the ESG performance of the heavily polluting enterprises. The mechanism analysis reveals that environmental collaborative governance can promote green innovation and improve the internal control quality of heavily polluting enterprises, thus improving their ESG performance. The heterogeneity analysis reveals that the improvement effect of environmental collaborative governance on the ESG performance of the heavily polluting enterprises is more significant in regions with larger local government scale and higher public environmental attention. To this end, we need to accelerate the construction of a modern environmental governance system; we should also take precise measures in deepening the coordinated governance of the environment. Reference | Related Articles | Metrics | Comments（0） Select Enterprise ESG Performance and Green M&A Premium: Promoting or Inhibiting? DU Xin-yu, YAO Hai-xin, ZHANG Xiao-xu Contemporary Finance & Economics    2024, 0 (9): 139-151.   Abstract （59）            Knowledge map    Save In recent years, green M&A has become an important way for enterprises to respond actively to ecological civilization construction. Taking the green M&A of A-share listed enterprises from 2010 to 2022 as samples, this paper analyzes the impact of the ESG performance of the active acquiring enterprises on the green M&A premium. The findings show that the good ESG performance of the acquiring enterprise or the high ESG matching degree of the merger and acquisition parties can inhibit the green M&A premium. The mechanism analysis indicates that the good ESG performance of the acquiring enterprise can reduce the degree of internal and external information asymmetry, enhance corporate reputation, reduce managers' self-serving behaviors, so as to inhibit the green M&A premium. The heterogeneity analysis reveals that the inhibitory effect of ESG performance of the acquiring company on the premium of green mergers and acquisitions is more significant in vertical and mixed mergers and acquisitions, and it is also more significant in the target companies that are heavily polluting. In addition, the better ESG performance of the acquiring enterprises, the higher degree of the matching between both sides of the M&A, the less impairment provision for goodwill of the acquiring company after M&A. Therefore, the government should establish a clearer ESG evaluation system and more detailed ESG disclosure requirements, and enterprises should fulfil their social responsibilities more actively, so as to inhibit the green M&A premium. Reference | Related Articles | Metrics | Comments（0） Select M&A Funds, Industrial Policies and Capital Allocation Efficiency of Listed Companies SONG Xin-bei, LU Dong Contemporary Finance & Economics    2024, 0 (9): 152-164.   Abstract （40）            Knowledge map    Save From the perspective of macro policy support and investment tool application, promoting the efficiency of capital allocation in the real economy can help promote high-quality economic development. Taking A-share listed companies from 2011 to 2020 as the research objects, this study focuses on the new investment tool of M&A funds, and deeply explores the impact of M&A fund operation on the capital allocation efficiency of listed companies, as well as the regulatory effect of industrial policies on the relationship between the two. The findings show that the operation of M&A funds can significantly improve the capital allocation efficiency of listed companies, especially when the company does not receive industrial policy support, the promotion effect of M&A fund operation on capital allocation efficiency is more significant. The mechanism test results show that the operation of M&A funds can effectively improve the efficiency of capital allocation by alleviating the investment opportunity constraints and financing constraints faced by the company. The heterogeneity analysis indicates that when a company's resources are relatively scarce or its ability to acquire resources is weaker, such as without venture capital shareholders or with limited capital from the executive team, the role of M&A fund operation in improving its capital allocation efficiency is more significant. Therefore, in order to expand effective investment more widely, companies should attach importance to and actively utilize M&A funds to solve the problem of resource shortage. At the same time, the government should actively guide social capital to participate in the establishment of M&A funds, so as to promote the application of new investment tools and comprehensively promote the high-quality development of the real economy. Reference | Related Articles | Metrics | Comments（0） Select Digital Transformation and Enterprise ESG Performance: From the Perspective of Production Safety Accidents CHEN Wei-zhong, MA Yong-qiang, YANG Dan Contemporary Finance & Economics    2024, 0 (8): 140-152.   Abstract （80）            Knowledge map    Save Preventing and controlling workplace safety accidents to ensure occupational safety of workers is an important aspect of corporate ESG performance. From the perspective of enterprise safety accidents, this paper explores the impact of enterprise digital transformation on enterprise workplace safety accidents by making use of the data of the listed companies from 2007 to 2021. The study finds that digital transformation can significantly inhibit the occurrence of workplace safety accidents. The mechanism test reveals that enterprise digital transformation can improve the internal governance quality and the intelligent production management level of enterprises, thus preventing and curbing workplace safety accidents. The heterogeneity analysis reveals that the inhibitory effect of digital transformation on the safety accidents is more significant in enterprises with sufficient funds for digital transformation and stronger focus on practicing ESG. The dimensional analysis reveals that digital transformation of enterprises can not only significantly reduce the frequency of workplace safety accidents, but also significantly reduce property and personnel losses caused by safety accidents. To this end, it is necessary to encourage and guide enterprises to actively engage in digital transformation, and promote the application of the results of enterprise digital transformation. Reference | Related Articles | Metrics | Comments（0） Select Bankruptcy Courts Establishment and Corporate Audit Fees ZHEN Yu-han, HU Guo-qiang Contemporary Finance & Economics    2024, 0 (8): 153-164.   Abstract （50）            Knowledge map    Save A sound bankruptcy system is an important manifestation of the rule of law in the business environment. Taking the non-financial listed companies on the A-share market in China from 2016 to 2022 as samples, this paper investigates the impact of bankruptcy court establishment on audit fees. The findings show that the establishment of bankruptcy courts will increase audit fees. The mechanism analysis reveals that the establishment of bankruptcy courts increases the number of bankruptcy cases, enhances media attention, and thus increases the reputation and litigation risks of auditors, resulting in higher audit fees charged by auditors. The heterogeneity analysis reveals that when the risk of corporate bankruptcy is high, the risk sensitivity of accounting firms is high, and accounting firms have relatively strong bargaining power, the establishment of bankruptcy courts has a stronger effect on the increasing of audit fees. Therefore, it is necessary to continuously deepen the reform of the bankruptcy judicial system and establish more bankruptcy courts nationwide. When making audit decisions, auditors should take into account whether the local bankruptcy court has been established. Reference | Related Articles | Metrics | Comments（0） Select Releasing Short Selling Regulation and Corporate R&D Manipulation: A Quasi-Natural Experiment Based on Margin Trading System LI Xue-feng, CAI Xin-yi Contemporary Finance & Economics    2024, 0 (7): 140-151.   Abstract （36）            Knowledge map    Save In 2010, the China Securities Regulatory Commission introduced the short selling mechanism into the capital market. So, will the short selling mechanism affect the R&D manipulation behavior of enterprises? Taking A-share listed companies in Shanghai and Shenzhen from 2007 to 2022 as the research objects, this paper makes use of a multi period DID model to examine the impact of short selling mechanism on corporate R&D manipulation behavior. The findings show that the short selling mechanism can effectively suppress the R&D manipulation behavior of enterprises. The mechanism analysis reveals that short selling mechanisms can improve the governance levels of companies and reduce the degree of information asymmetry between internal and external factors, thus the short selling mechanism can inhibit the R&D manipulation behaviors of enterprises. The heterogeneity analysis reveals that the inhibitory effect of short selling mechanism on corporate R&D manipulation is more significant in highly competitive industries, regions with lower levels of rule of law, enterprises with greater financing constraints, and enterprises with higher internal quality control. The economic consequence analysis reveals that the short selling mechanism has suppressed the R&D manipulation behavior of enterprises, thus the short selling mechanism can improve the innovation ability of enterprises. To this end, it is necessary to further improve laws and regulations and enhance the governance of corporate R&D manipulation behaviors. Reference | Related Articles | Metrics | Comments（0） Select Can the Construction of the Social Credit System Promote the Specialization of Enterprises LI Shi-yu Contemporary Finance & Economics    2024, 0 (7): 152-164.   Abstract （22）            Knowledge map    Save A sound social credit system is the institutional foundation for enterprises to achieve higher-level division of labor and cooperation, and accelerate the construction of a unified national market. Based on the policy of creating demonstration cities for the construction of China’s social credit system, this paper examines the impact of social credit system construction on the level of professional division of labor in enterprises. The findings show that the construction of a social credit system can improve the level of professional division of labor in enterprises. The mechanism testing reveals that the construction of a social credit system can reduce the searching cost and contracting costs of enterprises, as well as the losses caused by the default of trading partners. Therefore, the construction of a social credit system can improve the professional division of labor of enterprises. The heterogeneity analysis reveals that in the enterprises with lower social trust and higher asset specificity, the construction of social credit system has a more significant effect on improving the level of professional division of labor in enterprises. When the degree of information asymmetry between upstream and downstream enterprises in the industrial chain is high, the construction of social credit system has a more significant effect on improving the level of professional division of labor of enterprises. The economic consequences analysis indicates that the construction of the social credit system can improve the level of specialization and division of labor in enterprises, thus improving the innovation capability and production efficiency of the enterprises. Therefore, the Chinese government should further improve the social credit system and establish a credit information sharing network covering all the credit subjects. Reference | Related Articles | Metrics | Comments（0） Select Corporate ESG Rating Divergence and Auditor Risk Response: From the Perspective of Abnormal Audit Fees and Audit Team Changes YU Peng, FAN Yi-zhong, LI Xiao-yan, REN Yi-jia Contemporary Finance & Economics    2024, 0 (6): 139-152.   Abstract （143）            Knowledge map    Save There are differences in the ratings of the environmental, social, and corporate governance (ESG) of enterprises by different ESG rating agencies. By making use of the data of ESG performance of A-share listed companies from 2018 to 2021, this study investigates the impact of the differences in ESG rating results on auditor risk response behaviors. The findings show that the greater the divergence in ESG rating results among companies, the higher the abnormal audit fees charged by auditors, and the better the audit team configured by accounting firms. The mechanism testing reveals that the differences in ESG rating results among companies can increase their operational risks, leading auditors to adopt risk response behaviors such as increasing audit investment and charging higher abnormal audit fees. Further research has found that compared to the differences in the environmental rating results and the social responsibility rating results of enterprises, auditors are more likely to take risk response actions in response to the differences in corporate governance rating results. The economic consequence analysis reveals that the risk response actions taken by auditors and accounting firms in response to the differences in ESG rating results can improve audit quality. To this end, auditors should strengthen the risk assessment of enterprises with differing ESG rating results, and the government departments should develop and promote a standardized and unified ESG rating system and ESG information disclosure standards.. Reference | Related Articles | Metrics | Comments（0） Select The Audit Quality Spillover Effect of the Random On-Site IPO Inspections: From the Perspective of Audit Linkage ZHOU Dong-hua, ZENG Qing-mei Contemporary Finance & Economics    2024, 0 (6): 153-164.   Abstract （87）            Knowledge map    Save As one of the important regulatory measures supporting the registration system, the random on-site inspections of IPOs can improve the professional quality of auditors. Taking the IPO enterprises listed from 2014 to 2021 as the research objects, this study focuses on the audit quality spillover effects of the random on-site inspections of IPOs from the perspective of audit linkage. The findings show that the random on-site inspections of IPOs can improve the audit quality of accounting firms in their auditing of the connecting enterprises. The mechanism analysis reveals that the random on-site inspection of IPO has improved the risk perception level and professional ability of auditors, thereby enhancing the audit quality of audit linkage enterprises. The economic consequence analysis found that the random on-site inspections of IPOs have increased the success rate of IPO companies selected for on-site inspections. Therefore, in order to improve the quality of listed companies from the source, the regulatory authorities need to increase the intensity of random on-site inspections of IPOs, so as to strengthen the supervision of information disclosure of IPO enterprises and standardize the audit behaviors of accounting firms. Reference | Related Articles | Metrics | Comments（0） Select Enterprise ESG Performance and the“Double High Deposit and Loan”Anomaly GAO Yan-ge, FENG Jian Contemporary Finance & Economics    2024, 0 (5): 142-153.   Abstract （54）            Knowledge map    Save In recent years, the abnormal phenomenon of listed companies holding high amounts of cash while borrowing short-term loans has become the focus of social attention. Taking A-share listed companies from 2011 to 2021 as samples, this paper examines the impact of the ESG performance of enterprises on the “double high deposit and loan”anomaly. The findings show that the good performance of corporate ESG can significantly inhibit the“double high deposit and loan”anomaly. The mechanism analysis shows that good enterprise ESG performance can improve their information transparency, reduce their agency costs and alleviate their financing constraints, so as to restrain the “double high deposit and loan”abnormal phenomenon. The heterogeneity analysis shows that in industries with higher competition and in regions with poor market environment, the enterprise ESG performance has a more significant inhibitory effect on the“double high deposit and loan”anomaly. The analysis of economic consequences reveals that the enterprise ESG performance can inhibit the “double high deposit and loan”phenomenon, thus reduce the risk of stock price collapse of enterprises. Therefore, to effectively manage the“double high deposit and loan”phenomenon of enterprises, enterprises should actively improve their ESG performance level, so as to promote the orderly operation of the capital market and the high-quality development of the economy. Reference | Related Articles | Metrics | Comments（0） Select Information Disclosure Regulation by Industries and Financing Cost of Corporate Equity WU Shan, ZOU Meng-qi Contemporary Finance & Economics    2024, 0 (5): 154-164.   Abstract （58）            Knowledge map    Save Information is the foundation for the efficient operation of the capital market, thus the construction of information disclosure system plays a key role in improving the functions of the capital market. Taking the Industry Information Disclosure Guidelines issued in batches by Shanghai and Shenzhen Stock Exchanges as exogenous shock events, this paper examines the impact and mechanism of information disclosure regulation by industries on the financing cost of corporate equity. The results show that the information disclosure regulation by industries can significantly reduce the financing cost of corporate equity. The mechanism analysis reveals that the information disclosure regulation by industries can alleviate information asymmetry between internal and external parties of the company, reduce the operational risks of companies, optimize corporate governance structures, and ultimately reduce the financing cost of corporate equity. The economic consequence analysis shows that the information disclosure regulation by industries can increase the actual earnings and expected values of companies. Therefore, the regulatory authorities should improve the regulatory system for industry-based information disclosure, the company management should actively disclose the industrial operating information, and the investors should take the non-financial information disclosed by firms as an important basis for decision-making. Reference | Related Articles | Metrics | Comments（0） Select Artificial Intelligence and Corporate Financial Asset Allocation: Empirical Evidences from the National AI Innovation and Application Pioneer Zone FENG Wan-xin Contemporary Finance & Economics    2024, 0 (4): 141-152.   Abstract （152）            Knowledge map    Save Currently, artificial intelligence (AI) serves as an important driving force for the intelligent transformation of China’s manufacturing industry and the development of the real economy. Taking China’s A-share listed manufacturing companies from 2011 to 2021 as samples, this paper empirically examines the influence of the national AI innovation application pilot zone policy on the financial asset allocation of the manufacturing enterprises within the pilot zones, as well as its underlying mechanisms, by employing a multi-period Difference-in-Differences (DID) model. The results reveal that the national AI innovation pilot zone policy has significantly reduced the level of the financial asset allocation among the manufacturing enterprises within the pilot zones. The mechanism analysis indicates that the policy of the national AI innovation pilot zone has enhanced the total factor productivity of the manufacturing enterprises and alleviated their financial constraints, thereby suppressing the financial asset allocation level of these enterprises. The heterogeneity analysis reveals that the inhibitory effect of the national AI innovation pilot zone policy on the financial asset allocation in the manufacturing sector is stronger when the human capital of enterprises is of higher quality or when asset specificity is lower. The economic consequences analysis reveals that the policy has the potential to increase R&D investments in manufacturing enterprises. Therefore, the pilot zones should further build innovative application scenarios for artificial intelligence, and the non pilot zones should actively learn from the beneficial experiences of the pilot zones. Reference | Related Articles | Metrics | Comments（0） Select How Does Corporate Innovation Novelty Affect Corporate Tax Avoidance? Evidences from the Patent Classification Data of China’s Listed Companies BI Chao, WANG Jing-hua Contemporary Finance & Economics    2024, 0 (4): 153-164.   Abstract （76）            Knowledge map    Save Innovation is an important driving force for the development of enterprises, but the innovation model can affect their decision-making. Taking the A-share listed companies in China from 2003 to 2021 as samples, this paper empirically tests the impact of corporate innovation novelty on corporate tax avoidance and its affecting mechanism. The findings show that the enterprises with a higher degree of innovation novelty will have a higher degree of tax avoidance. The mechanism analysis reveals that the higher degree of innovation novelty could enhance the financial constraints of the enterprises and reduce their information transparency, thereby increasing the degree of corporate tax avoidance. Further analyses indicate that the positive correlation between innovation novelty and corporate tax avoidance is more pronounced in the enterprises with higher level of earnings management and decentralization. The economic consequence analysis shows that the tax avoidance behavior brought about by innovative novelty has a certain strategic effect, which can significantly enhance the market competitiveness of enterprise products. Therefore, during the process of innovation, enterprises need to coordinate various decisions well, so that various decisions can have a synergistic driving effect on innovation. Comprehensive and differentiated regulatory strategies should be established to cope with tax avoidance behaviors with different attributes. Reference | Related Articles | Metrics | Comments（0） Select Major Customers-Suppliers Duality and Enterprise Supply Chain Resilience GUO Chun, LUO Jing-bo Contemporary Finance & Economics    2024, 0 (3): 139-152.   Abstract （138）            Knowledge map    Save In general, the major customers and suppliers of enterprises are regarded as two independent entities, however, what impact will it have on the resilience of a company’s supply chain if a major customer also serves as a supplier? Taking China’s A-share listed firms from 2009 to 2021 as samples, this paper explores the impact and mechanism of the major customer also serving as a supplier on firms’ supply chain resilience. The findings show that the major customer also serving as a supplier can significantly reduce the supply chain resilience, and the negative media coverage will exacerbate this effect, while trade credit supply and effective internal control can mitigate this damaging effect. The mechanism analysis reveals that due to the fact that it is more convenient for enterprises to engage in related party transactions and promote their earnings management behavior, serving as a supplier by a major customer can further reduce the resilience of the enterprise’s supply chain. The analysis of economic consequences shows that due to the fact that serving as a supplier by a major customer can reduce the resilience of a company’s supply chain, serving as a supplier by a major customer can increase the company’s financial difficulties, reduce its market value, and increase the likelihood of receiving non-standard audit opinions. To this end, it is necessary to strengthen the supervision of the major customers who also serve as suppliers, so as to curb the opportunistic behaviors of the major customers who also serve as suppliers. Reference | Related Articles | Metrics | Comments（0） Select Information Disclosure Supervision by Industries and Analysts’ Behavior: Evidences from the Industry Information Disclosure Guidelines ZHANG Jia-hui, ZHAO Ling Contemporary Finance & Economics    2024, 0 (3): 153-164.   Abstract （99）            Knowledge map    Save The current regulatory model for information disclosure of listed companies in China has shifted to a sub industry regulatory model. So, what is the impact of the industry specific information disclosure regulatory policies on the attention of analysts? Taking the A-share non-financial listed firms from 2010 to 2020 as the samples, this paper explores the impact of industry specific information disclosure supervision policies on analyst attention. The result shows that industry specific information disclosure supervision policies can increase analyst attention. The mechanism testing reveals that the regulatory policies on industry specific information disclosure have increased the information supply for analysts and the information demand of institutional investors, thus attracting more attention from analysts. The heterogeneity analysis reveals that the positive impact of the regulatory policies on industry specific information disclosure on analyst attention is more significant in large enterprises, those enterprises with poor internal governance and higher R&D investment, and those with severe information asymmetry in the industry. Further analysis shows that the regulatory policies on industry specific information disclosure can improve the quality of earnings forecasts of analysts. Therefore, the regulatory authorities should steadily promote the implementation of the regulatory policies on information disclosure by industry and strengthen the supervision of non-financial information of listed companies; the listed companies should attach importance to the disclosure of industry operational information and transmit true information to the outside world; the investors should fully utilize the industry operational information disclosed by enterprises to improve the scientificity of their investment decisions. Reference | Related Articles | Metrics | Comments（0） Select Can State Audit Narrow the Internal Income Gap of Enterprises: From the Perspective of Common Prosperity ZHANG Jun-min, SHI Wei-feng, FU Shao-zheng Contemporary Finance & Economics    2024, 0 (1): 140-151.   Abstract （45）            Knowledge map    Save Achieving common prosperity for all the people is one of the important features of China’s modernization. Enterprises are the main body of initial distribution, therefore, optimizing the internal income distribution is crucial for achieving common prosperity. Taking the A-share listed companies of state-owned enterprise from 2008 to 2018 as the samples, this study examines the impact of state audit on the internal income distribution of enterprises. The findings show that state audit can improve the average salary of the central government-owned listed companies and the ordinary employees, but has no significant impact on the executive compensation. The mechanism analysis reveals that state audit can improve the operational efficiency and information transparency of the central government-owned listed companies, thereby increasing their average salary and that of the ordinary employees. Further research has found that state audit can reduce the on-the-job consumption of executives and narrow the internal income gap of enterprises. Multiple audits can enhance the promotion effect of national audits on the average salary of the central government-owned listed companies and the ordinary employees. The heterogeneity analysis reveals that in the central government-owned listed companies which are in the monopolistic industries, with independent directors at consistent performance locations, and with a higher proportion of share-holding by institutional investors, the promotion effect of state audit on the average salary of the central government-owned listed companies and the average salary of ordinary employees is more significant. Therefore, it is necessary to further strengthen the important role of national auditing in supervising and optimizing the internal income distribution of enterprises, so as to promote common prosperity with a reasonable and orderly distribution pattern. Reference | Related Articles | Metrics | Comments（0） Select Enterprise ESG Performance and Low-Carbon Green Transformation: Effect Evaluation Based on the Support of Financial Policy Instrument WANG Fang Contemporary Finance & Economics    2024, 0 (1): 152-164.   Abstract （107）            Knowledge map    Save ESG is a brand new orientation concerning how environment, society and governance can realize sustainable development in enterprises, which can exert an important impact on enterprises’ low-carbon green transformation activities. Based on the data of A-share listed companies in Shanghai and Shenzhen stock exchanges from 2011 to 2021, this paper studies the impact of corporate ESG performance on the low-carbon green transformation. The findings show that the improvement of corporate ESG performance can effectively improve the level of low-carbon green transformation. The heterogeneity test reveals that the improved corporate ESG performance has a more prominent effect on the low-carbon green transformation of non-state-owned enterprises, heavily polluting enterprises and high-tech enterprises. The mechanism test reveals that the improved corporate ESG performance can effectively transmit positive signals, strengthen risk smoothing ability and stimulate green innovation vitality, which can provide impetus for low-carbon green transformation. Further research finds out that specialized green financial policies are an important factor influencing the low-carbon green drivers of corporate ESG performance. In the enterprises with green financial policy support, the improvement of corporate ESG performance will have a significant empowering effect on the low-carbon green transition. In view of this, it is recommended that the government should establish a clearer ESG assessment system, increase incentives for enterprises to meet ESG standards, and encourage financial institutions to launch green financial products. The enterprises should strengthen their awareness of ESG, increase investment, and strengthen the disclosure of ESG information. Reference | Related Articles | Metrics | Comments（0） Select Can Corporate Digital Transformation Curb Stock Mispricing? LI Zhen-zhen, WANG Ai-Dong, LI Hai-jian Contemporary Finance & Economics    2023, 0 (12): 133-143.   Abstract （64）            Knowledge map    Save Solving the problem of mispricing is an important prerequisite for the healthy operation of China’s capital market. Taking China’s A-share listed companies from 2010 to 2021 as samples, this paper analyzes the impact of enterprise digital transformation on stock mispricing. The findings show that the digital transformation of enterprises can effectively curb stock mispricing. The mechanism test reveals that the digital transformation of enterprises can reduce information asymmetry and alleviate investor irrationality, thereby helping to curb stock mispricing. The analysis of the regulatory effects reveals that media coverage and high public attention can enhance the inhibitory effect of enterprise digital transformation on stock mispricing. The heterogeneity test reveals that the inhibiting effect of digital transformation on stock mispricing is more significant in enterprises with a higher proportion of institutional investors’ shareholding and a higher level of digital strategy leadership in the management. Therefore, it is necessary to establish, improve and promote the long-term supporting mechanism for the digital transformation of enterprises. Reference | Related Articles | Metrics | Comments（0） Select Can Tax Incentives Promote the Digital Transformation of Enterprises? HUANG Yi-song Contemporary Finance & Economics    2023, 0 (12): 144-156.   Abstract （90）            Knowledge map    Save Digital transformation has a profound impact on the business, process and modes of enterprises. How to promote enterprise digital transformation has become a hot topic in the current practical and academic circles. Taking China’s A-share listed companies from 2008 to 2020 as the research samples, this paper examines the impact of tax incentives on the digital transformation of enterprises and its mechanism. The findings show that tax incentives can promote the digital transformation of enterprises. The analysis of the function mechanism shows that tax incentives can promote the digital transformation of enterprises by improving enterprise innovation and easing enterprise financing constraints. Further test reveals that when enterprises are faced with greater environmental uncertainty and stronger competitive advantages, tax incentives have more significant effects on the promotion of enterprise digital transformation. The above research results have expanded the researches on the impact factors of enterprise digital transformation and the economic consequences of tax incentives, providing empirical evidences and policy references for Chinese government departments to adhere to the policy of reducing taxes and fees, increase the strength of tax returns, and promote enterprises to realize digital transformation faster and better. Reference | Related Articles | Metrics | Comments（0） Select Enterprise Digitalization and Layout of Cross-Regional Supply Chain: From the Perspective of the Construction of a Unified Market WANG Chao, YU Dian-fan Contemporary Finance & Economics    2023, 0 (11): 133-144.   Abstract （106）            Knowledge map    Save Accelerating the construction of a national unified market not only helps enterprises to improve the quality of intermediate products, but also plays a key role in dispersing supply chain risks and achieving the goal of enhancing and complementing the chain. This paper makes use of the data of Chinese A-share listed companies from 2008 to 2020 to study the impact of enterprise digitalization on the layout of cross-regional supply chain of enterprises. The results show that enterprise digitalization can promote enterprises to increase their supply chain layout outside the province. The mechanism analysis shows that enterprise digitalization has reduced the supply chain management costs and communication costs of enterprises, thereby promote the enterprises to increase their supply chain layout outside the province. The analysis of regulatory effects reveals that the more concentrated a company’s supply chain and the greater its research and development intensity, the more it can enhance the promoting effect of enterprise digitalization on the cross-regional supply chain layout of the enterprise. Further research has found that compared to the traditional enterprises, the promotion effect of enterprise digitization on the cross regional supply chain layout of enterprises is more significant in high-tech enterprises. To this end, we need to leverage the positive role of digital technology in promoting the cross regional supply chain layout of enterprises, summarize and promote the typical cases of supply chain digitization, and cultivate and create personalized digital service providers. Reference | Related Articles | Metrics | Comments（0） Select Can Auditors’ Social Capital Improve Audit Quality? JI Wei-li, YU Liang Contemporary Finance & Economics    2023, 0 (11): 145-156.   Abstract （93）            Knowledge map    Save The mechanism affecting audit quality by suchsocial capital as information, knowledge, and reputation that are contained in the social network relationships of auditors has received widespread attention from the academic community. This paper conducts an empirical study based on the A-share private listed companies from 2010 to 2020. The findings show that the richer the social capital of auditors, the higher the audit quality. Further testing reveals that external regulation can significantly enhance the positive correlation between auditors’ social capital and audit quality, that the social capital of auditors can significantly reduce the probability of the occurrence of fraudulent financial restatements, but has no significant impact on the non fraudulent financial restatements, and thatcompared to political social capital, commercial social capital has a more significant impact on the improvement of audit quality. In addition, when the auditor’s social capital is more than the client’s social capital, the auditor’s social capital can better improve audit quality. Therefore, auditors should strengthen their accumulation of social capital; private listed companies should pay attention to the social capital of auditors when selecting accounting firms; the regulatory authorities should pay attention to the matching situation between auditors and clients to avoid damaging audit independence due to clients having a say in the audit business. Reference | Related Articles | Metrics | Comments（0） Select A Study of the Governance of the Decoupling of Social Credit System Construction from Corporate Social Responsibilities HUANG Si-qi, MAI Yong, YAN Jing-rui Contemporary Finance & Economics    2023, 0 (10): 133-144.   Abstract （75）            Knowledge map    Save Does the construction of a social credit system have a governance effect on the decoupling of corporate social responsibility? The existing researches paid little attention to it. By making use of the pilot policy of China’s social credit system reform and the data from A-share listed companies in Shanghai and Shenzhen stock exchanges from 2010 to 2020, this paper examines the impact of the reform pilot of social credit system on corporate social responsibility decoupling with the dual difference method. The findings show that the pilot reform of the social credit system can significantly improve the decoupling of corporate social responsibility. Further research reveals that the pilot reform of the social credit system can enhance regional trust, improve enterprise information transparency, and suppress managers’ short-sighted behaviors, thereby improving the decoupling of corporate social responsibility. The heterogeneity analysis shows that in the enterprises with lower internal governance quality and those in the socially responsible sensitive industries, the pilot reform of the social credit system has a more significant governance effect on the decoupling of corporate social responsibility. The economic consequence analysis reveals that the pilot reform of the social credit system has improved the decoupling of corporate social responsibility, reduced corporate financial risks, and helped to enhance corporate values. Therefore, it is necessary to continue to deepen the construction of the social credit system and guide managers to focus on sustainable development of enterprises. Reference | Related Articles | Metrics | Comments（0） Select The Carbon Reduction Effect of Off-Office Audit of Natural Resource Assets for Leading Officials TAN Zhi-dong Contemporary Finance & Economics    2023, 0 (10): 145-156.   Abstract （77）            Knowledge map    Save The departure audit of natural resource assets for leading officials has a positive effect on pollution control, however, whether it has a carbon reduction effect remains to be verified. Taking the data from the prefecture level cities from 2012 to 2019 as samples, this paper examines the impact of natural resource asset retirement audits for leading officials on regional carbon emissions with a multi-phase double difference model. The findings show that off-office auditing of natural resource assets for leading cadres can significantly suppress regional carbon emissions. The mechanism analysis shows that the departure audit of natural resource assets for leading cadres can promote green technology progress and industrial structure upgrading, thereby suppressing regional carbon emissions. The heterogeneity analysis reveals that in the regions with higher industrial carbon emissions, the regions with less abundant carbon sink resources, and the regions with higher levels of local government attention, the carbon emission reduction effect of the natural resource asset off-office audits for leaders is more significant. The extensive analysis shows that carbon market pilot projects can enhance the carbon emission reduction effect of off-office audits; the stronger the public’s awareness of green and low-carbon, the more effective it is to enhance the carbon reduction effect of off-office audits. To this end, it is necessary to strengthen the efforts of the off-office audit in the industrial sector,to guide enterprises to practice green and low-carbon production and advocate for the public to follow green and low-carbon living and consumption, and form a good pattern of coordinated governance of carbon emissions by the government, enterprises, and the public. Reference | Related Articles | Metrics | Comments（0） Select Registration System of Science and Technology Innovation Board, R&D“Window Dressing” and IPO Pricing Efficiency ZUO Xuan, ZHANG Wei-dong Contemporary Finance & Economics    2023, 0 (9): 135-146.   Abstract （119）            Knowledge map    Save The new shares issuing on the Science and Technology Innovation Board shall be registered, which emphasizes the review of research and development of the companies to be listed. In order to be succeeded in the listing, the scientific and creative enterprises will try to“window dress”their R&D in the situation of information asymmetry. Taking the listed companies on the Science and Technology Innovation Board from 2019 to 2021 as research samples, this paper conducts an empirical analysis of whether the listed companies on the science and technology innovation board would “window dress”their R&D in order to be listed and the impact of the“window dressing”on IPO pricing efficiency. The findings show that the listed companies on the science and technology innovation board have R&D“window dressing”behavior. Further research shows that R&D“window dressing”has raised the passing rate of listing applications and reduced the efficiency of IPO pricing. Therefore, under the background of the comprehensive registration system reform, it is necessary to strengthen the check of the research and development indicators and put an end to R&D“window dressing”behavior, especially to raise the auditing standards of science and technology innovation attribute of the enterprises which apply for listing on the science and technology board, so as to improve the R&D level of listed companies, and promote the high-quality development of enterprises. Reference | Related Articles | Metrics | Comments（0） Select Public Attention and Readability of Annual Report: A Quasi Natural Experiment Based on Hurun Rich List ZHANG Jian, SHI Ce, ZHANG Yin-ge, YUAN An-ni Contemporary Finance & Economics    2023, 0 (9): 147-156.   Abstract （72）            Knowledge map    Save At present, the content of annual reports of not a few listed companies is hard to understand with lower readability, which is difficult to be understood by the investors, so that the investors are difficult to make investment decisions by taking advantage of the annual report information. This article selects the enterprises, whoseactual controllers appear on Hurun Chinese Rich List for the first time, as the research samples, and explores the impact of the entrepreneurs, who have been on the the list of the“Hurun Report”, on the annual report readability of the companies actually controlled by these entrepreneurs. The findings show that entrepreneurs appealing on the“Hurun Rich List”will decrease the annual report readability of the companies actually controlled by these entrepreneurs. Further mechanism analysis reveals that after the entrepreneur appears on the“Hurun Rich List”, the public's attention to the companyactually controlled by him will be increased, which will reduce the readability of the company's annual report. The heterogeneity analysis shows that the reduction in the readability of the annual reports of companies controlled by entrepreneurs who appear on the Hurun Rich List is more significant in enterprises with poor internal control quality, higher degree of earnings management, small shareholding ratio of institutional investors, and lower audit quality. Therefore, the investors should improve their ability to filter and identify company information, the listed companies should reduce the asymmetry of internal and external information, and the market regulators should further improve the information disclosure system of listed companies. Reference | Related Articles | Metrics | Comments（0） Select Fiscal Supervision, Government Audit and Local Government Debt Risks RONG Li, JIN Jing, YU Min-xin Contemporary Finance & Economics    2023, 0 (7): 132-142.   Abstract （87）            Knowledge map    Save Preventing and resolving the risks of local government debt is a highly concerned issue for the country, and strengthening the supervision of local government debt is an important part of the Ministry of Finance’s lawful performance of financial supervision responsibilities. So, can financial supervision prevent and resolve the risk of local government debt? Taking the release of the 2016 “Interim Measures for the Implementation of Local Government Debt Supervision by the Offices of the Ministry of Finance in Local Fiscal Ombudsmen”as a quasi-natural experiment, and selecting the provincial-level local government debt from 2009 to 2019 as the research object, this paper studies the role of financial supervision in preventing and resolving the risks of local government debt with the double difference method. The findings show that fiscal supervision can prevent and resolve the debt risks of local governments, and that fiscal supervision and government audit supervision can play an active resultant role in preventing and resolving the local government debt risks. The influencing mechanism analysis reveals that fiscal supervision can increase the efficiency of the use of financial funds and the fiscal transparency, hence it can reduce the debt risks of local governments. Further research reveals that the higher the level of legalization, the more significant the effectiveness of fiscal supervision on local government debt risk governance; compared with the central and western regions, this effect of fiscal supervision on local government debt risks is strongerin the eastern region. Therefore, in order to optimize the collaborative mechanism between fiscal supervision and government audit supervision, it is necessary to improve the local government debt information disclosure system. Reference | Related Articles | Metrics | Comments（0） Select Disclosure of Government Audit Results and Perception of Audit Anti-Corruption Effectiveness: An Empirical Study Based on Cognitive Psychology ZHENG Xiao-rong Contemporary Finance & Economics    2023, 0 (7): 143-156.   Abstract （61）            Knowledge map    Save The effectiveness of auditing anti-corruption is the key to achieving success in auditing anti-corruption work, and it is also an important factor that affects the public’s perception of the effectiveness of auditing anti-corruption. Then, how can the perception of audit anti-corruption effectiveness of the public be improved? This paper studies the influence of public contact with audit result announcement information on their perception of audit anti-corruption effectiveness by employing the acculturation theory and designing questionnaires. The findings show that the higher the frequency of public contact with audit results, the stronger the public perception of audit anti-corruption effectiveness. Compared with unofficial channels, the public’s access to audit results through official channels has a greater effect on the improvement of their perception of anti-corruption effectiveness. Different types of audit result information have different effects on the improvement of the public perception of anti-corruption effectiveness. The effect of the transfer and settlement results of audit is the strongest, which is followed by the effect of the rectification results of audit, while the effect of the wrong and fraud information disclosed by audit is the weakest. Therefore, in order to improve the public perception of audit anti-corruption effectiveness, it is necessary to increase the opportunities that the public has access to the audit result announcement information and improve the arrival rate of the audit result information. Reference | Related Articles | Metrics | Comments（0） Select Equity Pledge of Controlling Shareholders and Interaction of Online Platforms ZHANG Xiao-qing, MA Lian-fu, YUAN Chen Contemporary Finance & Economics    2023, 0 (6): 131-144.   Abstract （48）            Knowledge map    Save In the context of equity pledge, it is a topic worth paying attention to whether the controlling shareholder enhances the interaction of the network platform in order to alleviate the risks of control transfer. Based on the data of China’s A-share listed companies from 2009 to 2020, this paper conducts an empirical study. The findings show that, after the equity pledge of the controlling shareholders, the response richness and response timeliness of the companies on“Easy Interaction”and“Shanghai Stock Exchange e Interaction”improve significantly, i.e., the equity pledge of controlling shareholders has a positive impact on the interaction of online platforms.When the controlling right transfer has higher risks, larger scale of retail investors and lower visibility, the equity pledge of the controlling shareholders will have a greater impact on the interaction of the online platform. Further study shows that irrelevant responses of the listed companies decrease after the controlling shareholders’equity pledging. The behavior of the listed companies to strengthen the interaction of the online platforms has reduced share crash risks and share price fluctuation risks, and also alleviated asset mispricing, which is conductive to the promotion of the capital market stability and the improvement of market information efficiency. Therefore, in the era of increasingly convenient“voicing”of investors, the market value management ideas of listed companies should be changed from the traditional “information supply”to the“information demand”. The controlling shareholders should pay more attention to the improvement of the interaction of online platforms from the perspective of corporate long-term interests, and conduct market value management in the way of considering both themselves and other stakeholders simultaneously. Reference | Related Articles | Metrics | Comments（0） Select Director and Executive Liability Insurance and Green Total Factor Productivity LI Yuan, ZHAO Yang, QIN Shuai Contemporary Finance & Economics    2023, 0 (6): 145-156.   Abstract （63）            Knowledge map    Save High quality development requires quality foremost and efficiency first to form a green production mode and to correctly grasp the relationship between environmental protection and economic development. Based on the empirical evidence of A-share listed companies in Shanghai and Shenzhen stock exchanges from 2017 to 2021, this paper conducts a study. The findings show that the directors’ and executives’ liability insurance has significantly reduced green total factor productivity. After the robustness test, the above conclusion is still valid. The negative impact of director and executive liability insurance on green total factor productivity is mainly realized by limiting the green transformation of enterprises, and this negative effect is more significant in situations with higher environmental risks. But if the corporate governance mechanism operates effectively, the negative impact of director and executive liability insurance on green total factor productivity will be suppressed. The extensive testing reveals that the director and executive liability insurance reduces the efficiency of enterprise resource allocation, leading to the extensive production of enterprises and then a decrease in green total factor productivity. The above conclusion indicates that in the absence of effective corporate governance mechanisms and environmental protection systems, the director and executive liability insurance may have adverse effects on the green transformation and high-quality development of enterprises. Therefore, it is necessary to further improve the corporate governance mechanism, strengthen the construction of environmental protection systems, give full play to the government, the public, and insurance companies, and make the management pay more attention to long-term interests, thereby promoting the director and executive liability insurance to generate relatively positive economic consequences. Reference | Related Articles | Metrics | Comments（0） Select Can the Environmental Credit Rating System Optimize the Allocation of Trade Credit Resources? YU Lian-chao, MA Ning Contemporary Finance & Economics    2023, 0 (5): 131-141.   Abstract （98）            Knowledge map    Save The environmental credit evaluation system is an environmental management means used by environmental protection departments to evaluate the environmental behaviors of enterprises, determine their credit rating, and make it publicly available to society. Then, can the environmental credit rating system exert any impact on the commercial credit financing of enterprises? By making use of the data of the A-share heavily polluting enterprisesin Shanghai and Shenzhen stock exchanges from 2014 to 2020, this paper explores the impact of the environmental credit rating system on corporate commercial credit financing. The findings show that the environmental credit rating system has a non-significant impact on the commercial credit financing of enterprises with better environmental credit, but it can significantly reduce the commercial credit financing of enterprises with poor environmental credit, indicating that the environmental credit rating system has a disciplinary effect on the commercial credit financing of the enterprises with poorer environmental credit. The cause lies in that the environmental credit rating system has increased the policy risks and market risks of enterprises with poorer environmental credit. Further research reveals that the incentive and disciplinary effects of the environmental credit rating system are more significant when the financial system is poorer and the industrial competition is fierce. Therefore, it is necessary to continue to optimize the environmental credit rating system, so as to strengthen the disciplining effect on the enterprises with poorer environmental credit. Reference | Related Articles | Metrics | Comments（0） Select Social Network of Institutional Investors and Information Quality of Critical Audit Matters LI Chen-xi, CHEN Song-sheng, TAN Yun Contemporary Finance & Economics    2023, 0 (5): 142-156.   Abstract （139）            Knowledge map    Save Can institutional investors improve the transparency of corporate information disclosure and restrain the private-interest behaviors of the controlling shareholders by forming institutional investor groups through social network connection? This is a topic worth indepth study. Taking A-share listed companies from 2016 to 2020 as the research samples, this paper identifies the shareholding of institutional investors groups from the network of institutional investors based on social network algorithm, then it studies the influence of the shareholding of institutional groups on the information quality of critical audit matters (CAMs). The findings show that the shareholding of institutional investor groups has significantly improved the information quality of CAMs, which is manifested as that the higher proportion of shares of the enterprises held by institutional investor groups, the more diversified the disclosure forms of CAMs, the more sufficient the disclosed content, the lower the text similarity, and the higher the readability of the text. The results of the mechanism study show that the shareholding of institutional investor groups can realize the improvement of the information quality of CAMs mainly through the information supervision effect. The cross sectional analysis reveals that the information quality of CAMs is higher in the groups without institutional investor visits or with shareholdings of the long-term institutional investor groups. The above conclusions imply that in order to improve the information quality of CAMs, the auditors should have a macro-perspective of auditing the whole situation, the institutional investor groups should establish long-term value investment awareness and hold core investment concepts, and the supervision agencies should quicken the mechanism construction for the long-term institutional investors to participate in the markets . Reference | Related Articles | Metrics | Comments（0） Select Correlation of Assets, Degree of Integration, and Achievement of Performance Commitments in Mergers and Acquisition LIU Jian-yong Contemporary Finance & Economics    2023, 0 (4): 131-144.   Abstract （104）            Knowledge map    Save The correlation between the assets of both parties in a merger and acquisition transaction can affect the difficulty and effectiveness of subsequent integration, which in turn affects the performance of the target company. Therefore, it is of great significance to study the impact of asset correlation and integration on the achievement of performance commitments in mergers and acquisitions. Based on the manually collected performance commitment data of mergers and acquisitions of listed companies from 2009 to 2019, this paper employs the input-output method to construct an asset correlation index for mergers and acquisitions. Then it explores the impact of asset correlation between the two parties in the merger and acquisition transaction on the achievement of performance commitments and its mechanism. The findings show that the stronger the asset correlation between the two parties in the merger and acquisition transaction, the better the achievements of the target company’s performance commitments will be. The stronger the correlation between M&A assets, the more conducive it is to the integration of the target enterprise, and the higher the degree of M&A integration. The degree of integration in mergers and acquisitions plays a mediating role between the correlation of assets acquired and the achievement of performance commitments. Further analysis reveals that share based payment, share based compensation, two-way performance commitments, and lower degree of aggressive performance commitments will enhance the positive correlation between the asset correlation and the achievement of performance commitments in mergers and acquisitions. Therefore, the listed companies should prioritize the mergers and acquisitions for the assets related to their own industries, so as to enhance the degree of integration and promote the achievement of performance commitments. Reference | Related Articles | Metrics | Comments（0） Select The Impact of a Cordial and Clean Government-Business Relationship on Auditors’ Decision:Empirical Evidences from Private Listed Companies in China WU Lun Contemporary Finance & Economics    2023, 0 (4): 145-156.   Abstract （149）            Knowledge map    Save The current auditing standards require auditors to pay attention to the external environment where customers are located and identify the resulting engagement risks. As an important part of the external institutional environment of micro enterprises, a cordial and clean government-business relationship will affect the production and operation activities of private enterprises, which will affect the auditor’s risk perception and further affect the auditor’s decision-making. Taking the A-share private listed companies in China from 2017 to 2019 as the research samples, this paper examines the impact of a cordial and clean government-business relationship on auditors’ decision-making. The results show that a cordial and clean government-business relationship can reduce the business risks and audit risks perceived by auditors, thereby reducing auditors’ auditing fees and the tendency to issue non-standard audit opinions. The influence of a cordial and clean government-business relationship on auditors’auditing fees and audit opinions is more obvious in enterprises with higher industry competition and less negative media reports. Reference | Related Articles | Metrics | Comments（0） Select Can the Reform of State-Owned Capital Investment and Operation Companies Improve the Investment Efficiency of SOEs YANG Li-juan, XIONG Ling-yun Contemporary Finance & Economics    2023, 0 (3): 131-143.   Abstract （160）            Knowledge map    Save The report of the 20th Party Congress proposes to continue to deepen the reform of state-owned capital and enterprises. At present, the reform of state-owned capital and enterprises has entered a new stage of taking“capital management”as the principal thing, and it is of great importance to study the effectiveness, mechanism and economic consequences of the reform of state-owned capital investment and operation companies (SOCIOCs). Based on the data of the reform samples of state-owned listed companies from 2008 to 2020, this paper conducts an empirical study. The findings show that the reform of SOCIOCs can significantly improve the investment efficiency of SOEs, which is mainly achieved by inhibiting over-investment. The result of the mechanism analysis shows that the reform of SOCIOCs has improved the investment efficiency of SOEs through the two intrinsic mechanisms of curbing the opportunistic behaviors of the management and reducing the policy burdens. Further analysis reveals that the stronger the reform efforts, the stronger the effect of SOEs investment efficiency improvement will be. The effect of SOCIOCs reform on the improvement of the investment efficiency of SOEs is more significant in the group of enterprises with lower levels of corporate governance. The result of the economic consequence test reveals that the financial value of SOEs can be significantly improved when the investment efficiency of SOEs is improved by the SOCIOCs reform. Therefore, we should actively promote the reform of SOCIOCs, promote the reform of government decentralization, give full play to the corporate supervision mechanism, and improve the level of corporate governance. Reference | Related Articles | Metrics | Comments（0） Select Reform of State-Owned Capital Investment and Operation Companies and Corporate Voluntary Information Disclosure WANG Xue, LIAO Qiang, WANG Yu-han Contemporary Finance & Economics    2023, 0 (3): 144-156.   Abstract （108）            Knowledge map    Save Based on the quarterly data of A-share state-owned listed companies from 2008 to 2021, this paper constructs a multi-time point double difference model to explore the impact and the mechanism of the reform of state-owned capital investment and operation companies(SOCIOCs) on corporate voluntary information disclosure. The findings show that the reform of SOCIOCs has significantly improved the probability of SOEs issuing voluntary performance forecasts and the robustness and accuracy of their performance forecasts. The mechanism analysis shows that the reform of SOCIOCs can improve the level of voluntary information disclosure of SOEs by improving the management incentive insufficiency and improving the supervision mechanism. The result of the heterogeneity analysis shows that the effect of the reform of SOCIOCs on improving the voluntary information disclosure of SOEs is more significant in enterprises with insufficient governance of analysts and auditors. In addition, the effect of SOCIOCs on the improvement of the voluntary information disclosure of SOEs is gradually weakened with the extension of the control chain. Therefore, it is necessary to steadily expand the scope of the pilot reform of SOCIOCs, strive to promote the comprehensive optimization of the governance structure and supervision level of SOCIOCs, and ensure that the SOCIOCs operate in accordance with the markets. Reference | Related Articles | Metrics | Comments（0） Select Important Achievements, Basic Experiences and Future Expectations of the State Audit Cause since the 18th National Congress of the CPC GUO Peng-fei Contemporary Finance & Economics    2023, 0 (2): 132-143.   Abstract （122）            Knowledge map    Save Since the 18th National Congress of the Communist Party of China, the state audit cause of China has made great achievements in such aspects as management system, law construction, audit business, audit scope, audit method, audit rectification and international influence. The experience of making these achievements lies in: upholding and strengthening the Party’s leadership over the state audit to ensure the independence and authority of the state audit, always carrying out the audit program around the central tasks of the Party and the state, and serving the goal of building China into a great modern socialist power in all respects; ensuring the position of auditing for the people and safeguarding the people’s interests throughout the whole audit process; insisting on the law-based audit and making the state audit playing an important role in advancing the law-based governance comprehensively; focusing on the authenticity, legitimacy and efficiency of fiscal revenues and expenditure and strengthening the integration of economic supervision and political supervision;and enhancing the joint force of audit supervision and other supervision powers. These great achievements and experiencesin the state audit cause made since the 18th National Congress of the CPC are the modern auditing elements of Chinese style, and the key elements in the formation of the socialist audit system with Chinese characteristics in the new era. Reference | Related Articles | Metrics | Comments（0） Select Environmental Credit Evaluation and Corporate Environmental Information Disclosure ZHONG Hai-yan, WANG Jiang-han Contemporary Finance & Economics    2023, 0 (2): 144-156.   Abstract （193）            Knowledge map    Save The environmental credit evaluation system is an important part of China’s social credit system. Taking the implementation of Measures for Enterprise Environmental Credit Evaluation (Trial) in 2014 as an opportunity, this paper takes A-share listed companies from 2008 to 2019 as samples to explore the impact of environmental credit evaluation system on the quality of corporate environmental information disclosure and its influencing mechanism by using the difference-in-differences model. The findings show that the environmental credit evaluation system can significantly improve the quality of corporate environmental information disclosure. The result of the mechanism analysis shows that the improving effect of the environmental credit evaluation system on the quality of corporate environmental information disclosure is achieved throughincreasing the compliance pressure and stimulating the guiding role of the diverse governing subjects. The result of further research shows that stronger regional environmental supervision efforts, higher regional financial development level and stronger media environmental supervision can strengthen the role of the environmental credit evaluation system in improving the quality of corporate environmental information disclosure. Reference | Related Articles | Metrics | Comments（0） Select Has the Payroll Control Improved the Total Factor Productivity of the State-Owned Central Enterprises? ZHU Bao, MA Zhong Contemporary Finance & Economics    2023, 0 (1): 132-145.   Abstract （58）            Knowledge map    Save The gross payroll control is an important way to narrow the income gap of employees in enterprises with different ownerships. Then can the gross payroll control promote the efficiency transform of central enterprises on the basis of promoting fairness? Taking the A-share listed companies controlled by central enterprises from 2015 to 2021 as the samples, this paper collects the related information about gross payroll control manually to examine the impact of gross payroll control on total factor productivity of central enterprises. The findings show that the total wage control has enhanced the total factor productivity of central enterprises. Further research shows that improving the external fairness of employee compensation, enhancing the performance sensitivity of employee compensation, and urging enterprises to reduce redundant employees are important ways for gross payroll control to improve the total factor productivity of central enterprises. The above-mentioned impact is more obvious in the samples of the monopoly industries and the mature central enterprises. This conclusion shows that gross payroll control can promote social equity and enhance enterprise efficiency by making overall plans and take all factors into consideration. While narrowing the gap of employee salaries between different ownerships, the efficiency of employee incentive of the central enterprises is improved. Therefore, the related government departments should further implement the gross payroll control policy, refine the gross payroll management methods for special matters such as staff adjustment and asset restructuring, implement differentiated gross payroll management for the funding enterprises, and give play to the role of gross payroll control in improving the quality and efficiency of central enterprises. Reference | Related Articles | Metrics | Comments（0） Select Will the Actual Controller Staying behind the Curtain Increases the Degree of Earnings Management? Evidences from Private Listed Companies LUO Jing-bo Contemporary Finance & Economics    2023, 0 (1): 146-156.   Abstract （45）            Knowledge map    Save There are many literatures on the behavior of actual controllers in enterprises, but few studies take the impact of the special situation on the corporate earnings management into consideration, i.e., the actual controller does not formally serve as an executive in the company but in fact staying behind the curtain to control the company. Based on the data of China's A-share private listed companies, this paper studies the impact of the actual controller not serving as a senior executive on the earnings management. The findings show that the actual controller not serving as a senior executive has a significantly positive impact on the real earnings management level, while no impact has been found on accrued earnings management. The result of the acting channel test shows that the actual controller will improve the company's real earnings management level through increasing cash dividends, taking up the funds of the company, and increasing the on-the-job consumption of the senior executives. Further research finds out that the positive impact of the actual controller not serving as the senior executive in the company on the real earnings management level is more significant in the private enterprises with lower legal management or in the private enterprises with lower media attention and lower equity incentive level. Therefore, the regulatory agencies should continuously improve the clauses concerning the rights and obligations of the actual controllers in The Company Law, and strengthen the supervision on the actual controller and the intensity of punishment on the illegal behaviors of the actual controller. The stakeholders should also take the initiative to identify and supervise the behaviors of the actual controllers who are behind the scenes. Reference | Related Articles | Metrics | Comments（0） page Page 1 of 3 Total 102 records First page Prev page Next page Last page