暨蓝月亮珞珈会计论坛第100-102期

时间：2022年11月27日(周日)下午14：00

地点：腾讯会议 394 196 929

主办单位：999策略白菜手机论坛会计系

(Presenter 30 min; Discussant 15 min; Q&A 15 min)

论文摘要

Government Affiliation, Analyst Behavior and the Economic Consequences

A large number of regional brokerage firms in China are owned by their respective local governments. We use this setting to examine how government affiliation affects brokerage firms’ research activities and the economic consequences. We find that analysts working at local government-affiliated brokerage firms issue more research reports for firms in the local government’s jurisdiction than for other firms. These reports contain more optimistic stock recommendations, but not short-term earnings forecasts. The effects are stronger for firms that receive more subsidies from the local government and operate in regions with greater local government intervention. Further analysis shows that firms covered by local government-affiliated brokerage firms rely less on debt financing, and are able to raise equity capital from the stock markets at lower costs. These firms in turn contribute to their local governments through greater local employment, higher tax payment, and more capital investment. Findings of this study advance our understanding of the key determinants of analyst performance, and provide new evidence for the debate concerning the role of government intervention in the financial institutions.

技术创新激励政策下的研发管理与费用分类调整行为

技术创新激励政策旨在鼓励企业创新，在实践中可能存在诱发企业为寻求政策优惠而策略性调整费用分类的行为，但相关的学术研究较少。本文发现企业会通过调整管理费用分类以增加研发费用，且主要通过调整管理费用中的员工薪酬和折旧摊销项目实现。进一步，本文发现费用分类调整的行为在非国有企业和具有盈余压力的企业中更加明显，但面临着审计和税收征管的内外部监督；对研发费用进行正确归属和列报有助于抑制费用分类调整行为。此外，销售费用和生产成本也会被分类调整以增加研发费用。最后，存在费用分类调整行为的企业虽然获取了税收优惠和政府补贴，但其研发绩效显著更低。

Employee Expenses, Financial Reporting Quality and Firm Investment

We study the effect of employee expenses increase on financial reporting quality and firm investment. Using two exogenous shocks that increases the employee expenses, the Private Attorneys General Act (PAGA) and mandated flood disclosure laws, we find that firms affected by the shocks spend more to improve employee welfare and experience a decline in profitability. In response, they engage in more income-increasing accruals to ease stakeholders’ concern about firm performance. This strategy successfully mitigates the real consequences of heightened employee expenses. Firms that engage in more income-increasing accruals experience less reduction in capital expenditures after the shocks than firms that don’t manage earnings. Overall, our study documents how firms use accounting choices to counter the negative impact of employee expense increase on their operations.

报告人简介

王丹，清华大学经济管理学院会计学博士，对外经济贸易大学国际商学院副教授，惠园优秀青年学者。主持或参与多个国家级和省部级重大科研项目，主要研究成果发表在Journal of Corporate Finance、经济研究、管理世界、金融研究、会计研究等国内外顶级会计金融类学术期刊。目前兼任清华大学全球私募股权研究院研究员、五道口金融学院全球家族企业研究中心研究员，在读期间曾获北京市优秀毕业生、清华大学优秀博士论文、小林实中国经济研究基金优秀论文奖、魏杰经济学研究奖学金以及多次获得国家奖学金等。

郑登津，中央财经大学会计学院副教授、硕士生导师、博士生副导师。2013年于中央财经大学获得学士学位，2017年于清华大学获得博士学位。在科研方面，目前已有30余篇学术成果发表于Journal of Comparative Economics、Journal of Accounting and Public Policy、管理世界等国内外主流期刊；主持国家自然科学基金和教育部人文社科基金项目各1项；曾获得多项国内外学术奖项，博士论文获得清华大学优秀博士论文一等奖。

何源，厦门大学管理学院会计系助理教授。2021年博士毕业于香港大学商学院，研究领域为基于资本市场实践的会计与法律问题，研究兴趣包括企业创新、产品市场、反垄断、知识产权保护等,现主持一项国家自然科学青年基金项目和一项中央高校基本科研业务费专项基金项目。