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Cannot investors really price the book-tax differences correctly? Evidence from accelerated depreciation policies 投资者真的不能正确定价账面税收差异吗?加速折旧政策的证据
China Journal of Accounting Studies Pub Date : 2022-07-03 DOI: 10.1080/21697213.2022.2143671
Hang Liu, Yichao Zhao
{"title":"Cannot investors really price the book-tax differences correctly? Evidence from accelerated depreciation policies","authors":"Hang Liu, Yichao Zhao","doi":"10.1080/21697213.2022.2143671","DOIUrl":"https://doi.org/10.1080/21697213.2022.2143671","url":null,"abstract":"ABSTRACT Extensive studies have found that investors misprice book-tax differences (BTDs). We take the accelerated depreciation policies of fixed assets implemented in China since 2014 as the research setting and investigate the following issues: When a temporary BTD is generated due to the tax preferential policies of accelerated depreciation, and the temporary BTD disclosed in financial statements can be clearly understood by investors, will investors still misprice it? We find that accelerated depreciation policy-induced temporary BTD (AccBTD) and other temporary BTD (OthBTD) are both informative. Furthermore, investors could correctly price AccBTD while misprice OthBTD. Finally, active institutional investors and analysts can promote the correct pricing of AccBTD but cannot alleviate the mispricing of OthBTD. Overall, our evidence suggests that investors do not always misprice BTDs. Specifically, when we decompose the specific components of BTDs and control the measurement errors effectively, we will have completely different findings.","PeriodicalId":37215,"journal":{"name":"China Journal of Accounting Studies","volume":"10 1","pages":"301 - 322"},"PeriodicalIF":0.0,"publicationDate":"2022-07-03","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"43551254","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 1
Do bond market participants care about directors’ and officers’ liability insurance?——Empirical evidence based on the pricing of corporate bonds 债券市场参与者关心董事和高管的责任保险吗----基于公司债券定价的经验证据
China Journal of Accounting Studies Pub Date : 2022-07-03 DOI: 10.1080/21697213.2022.2143679
Yu Wang, Jiawei Lu, Xun Zhao
{"title":"Do bond market participants care about directors’ and officers’ liability insurance?——Empirical evidence based on the pricing of corporate bonds","authors":"Yu Wang, Jiawei Lu, Xun Zhao","doi":"10.1080/21697213.2022.2143679","DOIUrl":"https://doi.org/10.1080/21697213.2022.2143679","url":null,"abstract":"ABSTRACT Based on the risk hedging perspective, this paper examines the impact of directors’ and officers’ liability insurance (hereafter referred to as D&O liability insurance) on the pricing of corporate bonds. We find that the purchase of D&O liability insurance can effectively reduce corporate bond insurance pricing. The path test shows that the purchase of D&O liability insurance can reduce the bond insurance pricing by improving the quality of company’s internal control. Furthermore, the paper finds that when management power is greater, investor protection is poor or financial risk is high,the impact of the D&O liability insurance is stronger. After purchasing D&O liability insurance, creditors will reduce the use of corporate governance contractual terms, but will set more investments and financing as well as option contractual terms. In addition, companies that purchase D&O liability insurance issue bonds with higher credit ratings and longer bond maturities.","PeriodicalId":37215,"journal":{"name":"China Journal of Accounting Studies","volume":"10 1","pages":"367 - 389"},"PeriodicalIF":0.0,"publicationDate":"2022-07-03","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"49437979","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
Customer relationships in the consolidated financial statements: recognition and value relevance 合并财务报表中的客户关系：确认和价值相关性
China Journal of Accounting Studies Pub Date : 2022-07-03 DOI: 10.1080/21697213.2022.2143677
Mingming Huang, Junsheng Zhang, Zheng Huo
{"title":"Customer relationships in the consolidated financial statements: recognition and value relevance","authors":"Mingming Huang, Junsheng Zhang, Zheng Huo","doi":"10.1080/21697213.2022.2143677","DOIUrl":"https://doi.org/10.1080/21697213.2022.2143677","url":null,"abstract":"ABSTRACT Customer relationships are important strategic resources. With a sample of A-share listed firms from 2007 to 2020 in China, this paper examines the recognition and value relevance of customer-related intangible assets. Current accounting standards require an acquirer to recognise identifiable intangible assets acquired in the business combination separately from goodwill. However, stakeholders question the usefulness of the information about customer relationships that are difficult to value reliably. The IASB and IFRIC have discussed a lot about whether to continue to separate customer-related intangible assets from goodwill. We find that firms with more R&D investments are more likely to recognise customer-related intangible assets. We also find that the book value of customer-related intangibles is positively associated with share price, which means recognised customer-related intangibles provide useful information to investors. We report empirical evidence in support of both international and Chinese accounting standards for separate recognition of identifiable intangible assets.","PeriodicalId":37215,"journal":{"name":"China Journal of Accounting Studies","volume":"10 1","pages":"390 - 410"},"PeriodicalIF":0.0,"publicationDate":"2022-07-03","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"45971123","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
Is integrated auditing superior to separate auditing? Evidence from China 综合审计是否优于单独审计？来自中国的证据
China Journal of Accounting Studies Pub Date : 2022-07-03 DOI: 10.1080/21697213.2022.2105679
Li Dang, Qiaoling Fang
{"title":"Is integrated auditing superior to separate auditing? Evidence from China","authors":"Li Dang, Qiaoling Fang","doi":"10.1080/21697213.2022.2105679","DOIUrl":"https://doi.org/10.1080/21697213.2022.2105679","url":null,"abstract":"ABSTRACT The purpose of this study is to compare audit effectiveness and audit efficiency between companies that have integrated auditing of internal control over financial reporting (ICFR) and financial statements and companies that have separate auditing. We analyse a sample of Chinese public companies that disclosed their ICFR audit reports from 2011 to 2015. Using the full sample, sub-samples, and a propensity score matching (PSM) sample, we consistently find that companies having integrated auditing exhibit higher financial reporting quality measured by excess non-operating income. The findings regarding audit efficiency are mixed, with limited evidence indicating that an integrated auditor is potentially able to complete two audits without further delay. Overall, our results seem to suggest that integrated auditing is superior to separate auditing in that it enhances audit effectiveness and might improve audit efficiency. Such superiority might be due to knowledge spillover when two related audit services are jointly provided.","PeriodicalId":37215,"journal":{"name":"China Journal of Accounting Studies","volume":"10 1","pages":"345 - 366"},"PeriodicalIF":0.0,"publicationDate":"2022-07-03","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"49639620","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
Do the outstanding comments of regulatory reviewers for approved IPOs serve as a valuation signal for investors? 监管机构审核人员对已获批ipo的杰出评论，是否对投资者起到了估值信号的作用?
China Journal of Accounting Studies Pub Date : 2022-04-03 DOI: 10.1080/21697213.2022.2091063
Xuxia Chen, Jun Wang, Xi Wu
{"title":"Do the outstanding comments of regulatory reviewers for approved IPOs serve as a valuation signal for investors?","authors":"Xuxia Chen, Jun Wang, Xi Wu","doi":"10.1080/21697213.2022.2091063","DOIUrl":"https://doi.org/10.1080/21697213.2022.2091063","url":null,"abstract":"ABSTRACT Since 2015, the China Securities Regulatory Commission (CSRC) has disclosed initial public offering (IPO) companies’ review outcomes and hearing questions. For 15% of the companies that pass the IPO screening process, the CSRC also discloses some of their hearing questions that require further disclosure and clarification after the IPO screening process (termed outstanding comments herein). A company passing the vote means that it has received general approval from the majority of review experts. However, outstanding comments also reflect that some review experts have remaining concerns about the IPO applicant. Results show that approved IPO companies with outstanding comments perform significantly worse than those without outstanding comments both before and after listing, suggesting that outstanding comments serve as a signal of a stock’s valuation. Moreover, investors (particularly institutional ones) appear to perceive the signal of outstanding comments, as they react more negatively around the listing date of such companies.","PeriodicalId":37215,"journal":{"name":"China Journal of Accounting Studies","volume":"10 1","pages":"147 - 173"},"PeriodicalIF":0.0,"publicationDate":"2022-04-03","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"47446243","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
Case study of Chinese and Korean airlines’ MD&As across countries, markets, and ownership—A regulatory perspective 中韩航空公司跨国家、跨市场、跨所有权的MD&A案例研究——监管视角
China Journal of Accounting Studies Pub Date : 2022-04-03 DOI: 10.1080/21697213.2022.2105675
Si-Bei Yan, Hyung-Rok Jung, Junjie Wan, Mi-Ok Kim
{"title":"Case study of Chinese and Korean airlines’ MD&As across countries, markets, and ownership—A regulatory perspective","authors":"Si-Bei Yan, Hyung-Rok Jung, Junjie Wan, Mi-Ok Kim","doi":"10.1080/21697213.2022.2105675","DOIUrl":"https://doi.org/10.1080/21697213.2022.2105675","url":null,"abstract":"ABSTRACT We compare the management discussion and analysis sections (MD&As) of 1) Korean and Chinese airlines in their home countries, with different MD&A regulations; 2) a Chinese airline dual-listed in both the Chinese and U.S. markets, with different levels of information disclosure discretion; and 3) ownership types such as state-owned enterprises (SOEs) and non-SOEs with different regulatory pressure. We find that the more liberal the management’s discretion regarding information disclosure and the higher the government’s regulatory pressure, the higher the MD&A quality. Although requiring more forward-looking information in the MD&A is also conducive to enhancing quality, the impact of regulations on MD&A quality is weaker than that of the first two measures. The results have important implications for regulatory agencies. Promulgating legal provisions, such as the safe harbour provision and improving regulatory pressure, is more efficient for augmenting MD&A quality than modifying regulations.","PeriodicalId":37215,"journal":{"name":"China Journal of Accounting Studies","volume":"10 1","pages":"251 - 273"},"PeriodicalIF":0.0,"publicationDate":"2022-04-03","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"45697390","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
The provincial border, information costs, and stock price crash risk 省际、信息成本和股价崩盘风险
China Journal of Accounting Studies Pub Date : 2022-04-03 DOI: 10.1080/21697213.2022.2091061
Lidan Li, Wenbin Long, Jun Hu, Xianzhong Song
{"title":"The provincial border, information costs, and stock price crash risk","authors":"Lidan Li, Wenbin Long, Jun Hu, Xianzhong Song","doi":"10.1080/21697213.2022.2091061","DOIUrl":"https://doi.org/10.1080/21697213.2022.2091061","url":null,"abstract":"ABSTRACT Based on externalities in the allocation of interprovincial resources, we examine how geographic location affects firms’ access to resources and thus their information disclosure and stock price crash risk. The results show that border firms have a higher stock price crash risk than non-border firms. Mechanism tests find that border firms have lower available credit, higher financing costs, smaller fiscal subsidies, higher accrual earnings management, lower accounting conservatism, and a more positive tone in the management discussion and analysis section of the annual report. This indicates that resource shortages and aggressive information disclosure are important drivers of their higher stock price crash risk. Additional tests find no border effect in the borders of integrated areas or borders of areas adjacent to municipalities. Accelerating the digital transformation of the government and the information infrastructure construction, and strengthening external governance can partially alleviate the stock price crash risk of border firms.","PeriodicalId":37215,"journal":{"name":"China Journal of Accounting Studies","volume":"10 1","pages":"228 - 250"},"PeriodicalIF":0.0,"publicationDate":"2022-04-03","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"47014694","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 1
Manufacturing background CEOs and corporate cost management: evidence from listed manufacturing firms 制造业背景ceo与企业成本管理:来自制造业上市公司的证据
China Journal of Accounting Studies Pub Date : 2022-04-03 DOI: 10.1080/21697213.2022.2105676
Guochao Yang, Yize Hu
{"title":"Manufacturing background CEOs and corporate cost management: evidence from listed manufacturing firms","authors":"Guochao Yang, Yize Hu","doi":"10.1080/21697213.2022.2105676","DOIUrl":"https://doi.org/10.1080/21697213.2022.2105676","url":null,"abstract":"ABSTRACT Manufacturing is fundamental to the real economy. Given the central role of cost management in the manufacturing industry, we study the role of people in firms’ cost management. We find that manufacturing background CEOs significantly decrease cost stickiness. The results can be explained by a manufacturing background CEO’s focus on corporate cost management and his superior ability to choose flexible production to accelerate inventory flow and mitigate the bullwhip effect. We also show that the impact of manufacturing background CEOs on cost stickiness is more prominent in firms with high demand uncertainty, high economic policy uncertainty, high asset intensity, or low customer concentration. Finally, we report evidence that CEOs with manufacturing and finance backgrounds are associated with less cost stickiness, thus confirming the critical role of business-finance integration in cost management. In sum, these findings highlight the importance of talents in building a powerful manufacturing country.","PeriodicalId":37215,"journal":{"name":"China Journal of Accounting Studies","volume":"10 1","pages":"274 - 300"},"PeriodicalIF":0.0,"publicationDate":"2022-04-03","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"60498934","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 2
Does industry-specific information disclosure improve trade credit financing? 行业信息披露是否促进了贸易信贷融资?
China Journal of Accounting Studies Pub Date : 2022-04-03 DOI: 10.1080/21697213.2022.2086028
Guifeng Shi
{"title":"Does industry-specific information disclosure improve trade credit financing?","authors":"Guifeng Shi","doi":"10.1080/21697213.2022.2086028","DOIUrl":"https://doi.org/10.1080/21697213.2022.2086028","url":null,"abstract":"ABSTRACT This paper examines the influence of the staggered implementation of the Industry Information Disclosure Guidelines on trade credit financing. Using a sample of China’s A-share listed firms from 2007 to 2019, I show that firms obtain significantly more trade credit from their suppliers when they disclose industry-specific information. The main results are robust to numerous additional checks. The positive association is more pronounced when the firm’s financing constraints are stronger, the concentration of suppliers is lower, and the level of social trust and the degree of marketization are higher. Furthermore, this paper finds that the positive association is more pronounced for firms with weaker information transparency and corporate governance, indicating that the Guidelines play a role through the information effect and governance effect. The study enriches the research on the economic consequences of industry-specific information disclosure and the factors affecting trade credit financing.","PeriodicalId":37215,"journal":{"name":"China Journal of Accounting Studies","volume":"10 1","pages":"203 - 227"},"PeriodicalIF":0.0,"publicationDate":"2022-04-03","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"47365926","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
Mixed-ownership reform and deleveraging of state-owned enterprises: Degree and methods 混合所有制改革与国有企业去杠杆：程度与方法
China Journal of Accounting Studies Pub Date : 2022-04-03 DOI: 10.1080/21697213.2022.2082723
Yulan Wang, Xiaochen Dou, Zhiyi Liu
{"title":"Mixed-ownership reform and deleveraging of state-owned enterprises: Degree and methods","authors":"Yulan Wang, Xiaochen Dou, Zhiyi Liu","doi":"10.1080/21697213.2022.2082723","DOIUrl":"https://doi.org/10.1080/21697213.2022.2082723","url":null,"abstract":"ABSTRACT Based on data of state-owned enterprises listed on the Shanghai and Shenzhen Stock Exchange from 2007 to 2018, this study examines how mixed-ownership reform affects the deleveraging behaviour of state-owned enterprises (hereafter, SOEs). We find that the higher the degree of equity balance between state-owned shareholders and non-state-owned shareholders of SOEs, the more inclined they are to choose to deleverage. As for the methods of deleveraging, they are more inclined to choose retained earnings and current debt repayment in the deleveraging process. Furthermore, this effect is more pronounced for SOEs with excess leverage, in low marketisation regions and pronounced for both centre SOEs and local SOEs. We also find that mixed-ownership reform increases deleveraging SOEs’ operating performance. The results suggest that mixed-ownership reform can efficiently promote the deleveraging behaviour of SOEs in positive ways.","PeriodicalId":37215,"journal":{"name":"China Journal of Accounting Studies","volume":"10 1","pages":"174 - 202"},"PeriodicalIF":0.0,"publicationDate":"2022-04-03","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"45835414","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 1
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