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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 Corporate Digital Transformation, Supply Chain Collaboration and Cost Stickiness ZHAO Ling, HUANG Hao Contemporary Finance & Economics    2022, 0 (5): 124-136.   Abstract （549）            Knowledge map    Save Digital transformation can break through the limitation of time and space and the limitation of industries to reconstruct the economic operation model, and exert profound influence on the operation management and costs of the micro enterprises. Taking China's listed companies from 2009 to 2020 as samples, this paper conducts an empirical examination of the impact of corporate digital transformation on the corporate cost stickiness on the basis of constructing the index of corporate digital transformation degree by using the methods of text analysis and machine learning. The results show that digital transformation can significantly reduce the cost stickiness of enterprises; and this reduction effect is more significant when the concentration degree of suppliers and customers of the company is lower and the company is located at different places from the suppliers and customers. The result of further study shows that the digital transformation reduces the cost stickiness of enterprises mainly by strengthening the substitution of labor with technology, reducing the opportunistic behaviors of the management, and accelerating the efficient operation of supply chain resources. Reference | Related Articles | Metrics | Comments（0） Select National Audit Governance, Digital Economy Empowerment and Green Total Factor Productivity Growth GUO Meng-nan, GUO Jin-hua, DU Ya-guang Contemporary Finance & Economics    2022, 0 (5): 137-148.   Abstract （262）            Knowledge map    Save Green production is an important engine for promoting low-carbon economic transformation and achieving sustainable development. Using the panel data of 285 cities in China, this paper conducts an empirical test of the impact of national audit governance on the growth of urban green total factor productivity and the moderating effect of digital economy empowerment. The findings show that national audit governance is conducive to the promotion of the growth of urban green total factor productivity, and the empowerment of the digital economy has significantly enhanced the promotion effect of national audit governance on the growth of green total factor productivity. The result of further research indicates that national audit governance can promote urban green total factor productivity growth by improving government governance efficiency and green technology innovation capabilities, and that the reform of the audit management system is conducive to enhancing the promotion effect of national audit governance on the growth of green total factor productivity. Reference | Related Articles | Metrics | Comments（0） Select Government Cost Accounting: International Reference and China's Development WANG Wen-bing, SONG Hui, WANG Li-yan, GAN Sheng-dao Contemporary Finance & Economics    2022, 0 (4): 124-136.   Abstract （164）            Knowledge map    Save According to the deployment of the government accounting reform plan, the Ministry of Finance published The Basic Guidelines on Cost Accounting for Public Institutions on December 25, 2019, thus the reform of government cost accounting undertaken by the administrative institutions has officially started. Taking this as an opportunity, this paper comprehensively combs and uses for reference the theoretical researches and practical application results of government cost accounting both at home and abroad. On the basis of analyzing the core links of cost accounting such as cost accounting objects, cost items and range, cost collection and distribution of public institutions, this paper systematically puts forward specific countermeasures and suggestions for the administrative units to apply the activity based costing to resolve the difficulties in distributing unit costs, so as to provide useful reference for administrative institutions to implement the reform of government cost accounting. In addition, in order to establish the government accounting theory system with Chinese characteristics, it also proposes some policy suggestions, such as putting forward the guiding policies for government cost accounting, strengthening the cultivation of talents of government cost accounting, defining the accounting period of government cost accounting scientifically, and establish and perfect the legal system for government cost accounting. Reference | Related Articles | Metrics | Comments（0） Select Inequality rather than Want: Client Resource Gap among Audit Partners and Audit Quality WANG Hao-yu Contemporary Finance & Economics    2022, 0 (4): 137-148.   Abstract （162）            Knowledge map    Save To strengthen the internal governance of accounting firms and improve the practice quality of accounting firms is of vital importance in strengthening the clean-up effect of the capital market environment and strengthening the role of the certified public accountants in supervising the listed companies. From the perspective of the internal governance of audit firms, this paper takes the partners of accounting firms and the listed companies audited by them from 2014 to 2019 as the samples to investigate the impact of client resource gap between the partners of accounting firms on audit quality. The results show that the audit independence of the partners would not be eroded by more or less of the numbers of the client resources of the partners of accounting firms, on the contrary, the audit quality will be improved. When the client resources among the partners are unequal, the audit quality will be harmed. Meanwhile, the fairness perception and the relative sense of unevenness would weaken the positive impact of the numbers of client resources of the partners on audit quality. The results of the extensibility analysis show that the big audit firms with perfect internal governance mechanism and the external supervision effect of analysts can relieve the negative impact of unequal client resources between the partners on audit quality, but the heavy pressure of business expansion on the big firms will also weaken the positive correlation between the numbers of client resources of the partners and the audit quality. Reference | Related Articles | Metrics | Comments（0） Select Contemporary Finance & Economics    0, (): 149-.   Abstract （58）            Knowledge map    Save Related Articles | Metrics | Comments（0） Select The Negative Externality of Zombie Companies’ Occupation of Bank Credit: From the Perspective of Commercial Credit ZHANG Dong, ZHAO Wen-zhuo Contemporary Finance & Economics    2021, 0 (3): 124-135.   Abstract （1190）            Knowledge map    Save To duly handle the relationship between zombie companies and each interest subject is the top priority in the supply side structural reform. Taking the A-share listed companies from 2010 to 2017 as samples, this paper studies the negative externality of bank credit funds occupied by zombie companies from the perspective of commercial credit. The findings show that the more credit resources that zombie companies occupy in the financial market, the more commercial credit funds that they occupy in the product factor market. Compared to downstream customers, the above-mentioned impact is more significant for upstream suppliers of the zombie companies. The results of further analysis show that the higher the asset specificity that the zombie companies have and the higher the industry concentration of the industry that the zombie companies are in, the more serious the commercial credit occupied by them. The findings of the mechanism test indicate that the negative externality of the zombie companies’ occupation of bank credit funds to upstream and downstream companies are caused by the low transparency of the zombie companies’ information and their insufficient solvency. Reference | Related Articles | Metrics | Comments（0） Select Does Labor Investment Efficiency Affect Corporate Innovation? Empirical Evidences from China’s Listed Companies GUAN Kao-lei Contemporary Finance & Economics    2021, 0 (3): 136-148.   Abstract （661）            Knowledge map    Save Corporate innovation is the result of the joint action of corporate material factor and labor factor allocation, in which labor is the only factor with subjective initiative. This paper analyzes the impact of labor factor on corporate innovation from the perspective of labor investment efficiency. The results show that good labor investment efficiency can promote corporate innovation. The findings of further study show that the promotion effect of good investment efficiency on corporate innovation is more obvious in the enterprises without the support of industrial policies, the enterprises located in areas with poor legal protection, the technology intensive enterprises and the enterprises under fierce industrial competition. And it is through improving corporate internal control level and reducing agency cost that good labor investment efficiency can promote corporate innovation. From the perspective of improving the efficiency of labor investment, this paper provides a new idea to promote corporate innovation and realize national innovation strategy. Reference | Related Articles | Metrics | Comments（0） Select Star CEO, Information Channels and Analysts’ Behavior LIU Jia-wei, Ji Li Contemporary Finance & Economics    2021, 0 (2): 124-136.   Abstract （386）            Knowledge map    Save Once becoming stars in their industries, the CEOs of the enterprises will have information effects. This paper makes use of the data of the lists of Chinese enterprises, such as the “Best CEOs”, issued by mainstream financial medias, i.e., Forbes China and Fortune China, during 2008--2017 to study the impact of corporate CEOs becoming stars within their industries on the analysts’ behaviors with the DID model. The findings show that once becoming stars, CEOs will attract more attention and focus from the news medias, thereby increasing the attention of the analysts to their enterprises and reducing the earnings forecast bias and the degree of forecast differences of the analysts. Further investigation shows that star CEOs can improve analysts’ attention and the accuracy of their earnings forecasts. The reason lies in the fact that analysts can obtain information from multiple information channels and improve information quality. Reference | Related Articles | Metrics | Comments（0） Select A Study of National Audit and Financial Derivatives Investment of SOEs LIU Fang, WANG Mei-ying Contemporary Finance & Economics    2021, 0 (2): 137-148.   Abstract （341）            Knowledge map    Save Financial derivatives are highly leveraged. Once state-owned enterprises fail in their investments, they will have serious negative impacts on the security of state-owned assets and the security of national economy. Taking the Announcement of Audit Findings on the financial revenues and expenditures of central enterprises issued by the National Audit Office from 2010 to 2018 for a quasi-natural experiment, this paper investigate the impacts of national audit involvement on the financial derivatives investment by the state-owned listed companies affiliated to the central enterprises with the multi-phase DID model. The findings show that national audit has inhibited the speculative trading and OTC trading of financial derivatives of SOEs, and that this effect is mainly found in companies with poor internal quality control and imperfect risk information disclosure. The result of a mechanism test shows that the national audit can restrain the risky speculative trading and OTC trading through promoting rectification and implementation. It is found through further analysis that the national audit can play a positive role in promoting the floor hedging transactions, which means that the national audit does not frustrate SOEs’ normal hedging demands. Reference | Related Articles | Metrics | Comments（0） Select Contemporary Finance & Economics    2020, 0 (5): 148-148.   Abstract （230）            Knowledge map    Save Related Articles | Metrics | Comments（0）