中国会计学者，最新三篇“资本市场开放”研究工作论文！
筑造梦想 殇戈 - 筑造梦想
Posted: 31 Aug 2020
Lin Liao
Southwestern University of Finance & Econ China
Yukun Pan
Southwestern University of Finance and Economics (SWUFE)
Troy Yao
Queensland University of Technology - School of Accountancy
Date Written: August 18, 2020
Abstract：This paper investigates the impact of the Shanghai–Hong Kong Stock Connect (SHSC) scheme on corporate social responsibility (CSR) in China. This SHSC scheme as a market liberalization policy provides domestic and foreign investors mutual access to capital markets in China. Using a difference-in-difference design, we find that companies that participate in the SHSC scheme are more likely to commit to CSR activities. This effect is more pronounced for companies without access to international markets and those with weak corporate governance. Additional evidence also suggests that after the implementation of the SHSC scheme, participating companies that produce CSR disclosures experience fewer analyst forecast errors and fewer financial constraints. Our findings imply that capital market liberalization promotes corporate CSR commitments.
Keywords: capital market liberalization, SHSC scheme, CSR, China
Liao, Lin and Pan, Yukun and Yao, Troy, Capital Market Liberalization and Corporate Social Responsibility (August 18, 2020). Available at SSRN: https://ssrn.com/abstract=3676038
56 Pages .Posted: 31 Dec 2019 .Last revised: 3 Aug 2020
Yingwen Deng
Renmin University of China - School of BusinessOle-Kristian Hope
University of Toronto - Rotman School of Management
Cyndia Wang
University of British Columbia (UBC) - Sauder School of Business
Min Zhang
Renmin University of China - School of Business
Date Written: July 31, 2020
Abstract：Using a shock to the Chinese capital market and unique and detailed audit-adjustment data, this paper investigates the effect of a capital-market liberalization program on auditors’ adjustments to their clients’ financial reports. Employing difference-in-differences tests with propensity-score matching and firm fixed effects, we find that the capital-market liberalization induced by the implementation of the Shanghai - Hong Kong Stock Connect increases auditor prudence and leads to audit-adjustment changes stimulated by greater reputational and litigation risks for auditors. However, whereas the liberalization significantly decreases the frequency and magnitude of upward audit adjustments, its effect on the probability or magnitude of downward audit adjustments is largely conditional. Further evidence shows that the effect is more pronounced for companies with high trading volume from Hong Kong investors, audited by the largest audit firms, and with low financial transparency.
Keywords: Auditing, stock-market liberalization, audit adjustments, monitoring effects of market participants, asymmetric auditor behavior, China, regulations
JEL Classification: G30, G34, G38, M10, M40, M41, M42, M48
53 Pages .Posted: 3 Apr 2020
Shimin Chen
China Europe International Business School (CEIBS)
Serene Xu Ni
SILC Business School, Shanghai University
Jamie Tong
The University of Queensland
Date Written: February 17, 2020
Abstract：In recent decades, the Chinese government has taken several measures to liberalize its stock market to attract foreign investment. In this survey, we describe these liberalization measures and review the research on their consequences. In analyzing this literature, we focus on two dimensions: (1) how liberalization impacts five corporate-level accounting and finance issues, namely corporate governance, information environment and financial disclosure, earnings quality, value relevance of accounting information, and auditing; and (2) how liberalization improves the Chinese stock market as a whole and affects asset pricing in this market. Based on the issues explored in the literature, we provide suggestions for future research in our concluding remarks.
Keywords: Chinese Stock Market, Liberalization, Bonding, Disclosure, Earnings quality
Chen, Shimin and Ni, Serene Xu and Tong, Jamie Yixing, Impact of Recent Chinese Stock Market Liberalization: History and Literature Review (February 17, 2020). Available at SSRN: https://ssrn.com/abstract=3539276 or http://dx.doi.org/10.2139/ssrn.3539276
百人会计博士服务团介绍
会计学术联盟，是一群有朝气，有活力，有理想，有追求，正能量满满的“年轻博士”联合发起的高端交流平台。以“传播会计前辈思想，引领青年一代成长 ”为己任，从回归人本性的视角，探索交友与做人，倡导建立大会计金融生态圈(平台)，为服务有缘人成长，成全他人，成就自己，整合资源，服务社会！基于全球最大的华人会计博士社群，成立了“百人会计博士服务团”，选派优秀博士代表参加应邀单位的学术交流活动，高水平论文、国家科研课题分享活动，会计学术联盟Seminar和学术年会。
百人会计博士服务团进校园活动，下一站会在哪？欢迎联系，欢迎邀请，可联系萌小二微信：13717527221，请注明：姓名+学历/职称+单位.
会计学术联盟，是一群有朝气，有活力，有理想，有追求，正能量满满的“年轻人”组成的成长共同体。以“传播会计前辈思想，引领青年一代成长 ”为己任，从回归人本性的视角，探索交友与做人，倡导建立大会计金融生态圈(平台)，服务有缘人成长，成全他人，成就自己，整合资源，服务社会！