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）