知名会计与财务期刊-CAFR-2020年第1期目录及摘要

齐舒月周萌采编会计学术联盟 2023-02-24

拍摄西藏林芝

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Established in 1999 by The Hong Kong Polytechnic University (PolyU) in collaboration with Tsinghua University, China Accounting and Finance Review (CAFR) is the first refereed journal of accounting and finance published in the Greater China Region. For more than 20 years, CAFR has been publishing original articles that have implications for accounting and finance issues in China. All subject areas in accounting and finance, and research methodologies, including empirical, analytical, behavioral, conceptual, or experimental, will be considered.

To attract more high-quality publications, starting from this year CAFR welcomes submissions of research papers and literature review papers with topics related to contemporary accounting and finance issues for all countries or regions outside of China. CAFR also encourages comparability studies (of special interest are replications of prior China or US studies using data from other countries), or applying fundamental analysis of accounting information for capital markets around the world. CAFR now publishes global, rather than just China, topics.点击阅读原文，进入《CAFR》主页

目

录

Volume 22, Issue 1

(March 2020)

[1] Progress of and Obstacles to IFRS Implementation in an Emerging Economy: Auditors’ Perspective

Min Cai, Theodore T. Y. Chen, Gaoguang Zhou

[2] Why don’t Analysts use their Earnings Forecasts in Generating Stock Recommendations?

Bin Ke, Yong Yu

[3] Why Does Corporate Innovation Decline after Stock Splits?

Di Kang, Mark Liu, Ghon Rhee

[4] Government Regulation, Executive Compensation,and Risk-Premium-Related Derivatives Usage:Evidence from China

Lingsha Cheng, Joanna L.Y. Ho, Ruijun Zhang

Part.1

Progress of and Obstacles to IFRS Implementation

in an Emerging Economy: Auditors’ Perspective

Min Cai

China Guangfa Bank Co., Ltd

Theodore T. Y. Chen

Department of Accounting, Hong Kong Shue Yan University, Hong Kong SAR,China.

Gaoguang Zhou

Corresponding author. Department of Accountancy and Law, Hong Kong Baptist University, Hong Kong SAR, China

Abstract：Successful implementation of the International Financial Reporting Standards (IFRS) is particularly challenging in emerging economies where IFRS-compatible institutions are underdeveloped. In this study, we conduct a survey and in-depth interviews with experienced auditors in China, the largest emerging economy in the world, to advance our understanding of the extent of the success of IFRS implementation and the obstacles that arise during the IFRS implementation process. Our study reveals that although the majority of the respondents agreed that the implementation of the IFRS has achieved its goals, including improving reporting quality, lowering the cost of capital, attracting more foreign investors, and promoting corporate governance performance, a substantial proportion of them remained pessimistic. Our study also identifies several factors that adversely affect the successful implementation of IFRS in China. Qualitative feedback from the interviews provides further insights into how these factors affect IFRS implementation. Our findings provide implications for other emerging economies with similar institutional backgrounds to China.

Keywords：International Financial Reporting Standards, China, Survey

Part.2

Why don’t Analysts use their Earnings Forecasts in Generating Stock Recommendations?

Bin Ke

NUS Business School,

National University of Singapore

Yong Yu

McCombs School of Business, University of Texas at Austin

Abstract：While a large body of literature has examined analysts’ earnings forecasts or stockrecommendations in isolation, there is little research on the effectiveness with which analysts translate their earnings forecasts into recommendations (referred to as translational effectiveness). This study provides a comprehensive analysis of the determinants of analysts’translational effectiveness, including the investment banking pressure considered in prior research and four new factors (i.e. insider trading, trading commissions, institutional ownership, and investor sentiment). Consistent with prior research, we find that the influence of investment banking on translational effectiveness was reduced in the period subsequent to the 2002/2003 regulatory changes. However, the effect of insider trading, institutional ownership, and investor sentiment on translational effectiveness remains as significant or becomes even stronger. In addition, the combined influence of these four new factors on translational effectiveness is equally as important as the influence of investment banking pressure.

Keywords：Analyst, Recommendation, Earnings Forecast

Part.3

Why Does Corporate Innovation Decline after Stock Splits?

Di Kang

College of Economics and Academy of Financial Research, Zhejiang University

Mark Liu

Gatton College of Business and Economics, University of Kentucky

Ghon Rhee

Shidler College of Business, University of Hawai‘i at Mānoa

Abstract：We find that firms with high-priced stocks are more innovative than firms with low-priced stocks. The mechanism behind our finding is that stocks with higher price levels attract more long-term institutional investors, who support projects, such as innovations, with long investment horizons. To address endogeneity, we use a stock-split sample and find that corporate innovation decreases after stock splits, especially among firms experiencing a large decrease in long-term institutional investors and a large increase in short-term institutional investors. Our findings are consistent with the view in Chemmanur and Jiao (2012) that insulating firm management from short-term market pressure may increase corporate innovation.

Keywords：Nominal Stock Price, Innovation, Institutional Ownership, Stock Splits

Part.4

The Government Regulation, Executive Compensation, and Risk-Premium-Related Derivatives Usage: Evidence from China

ChenyuZhang

Business School, Beijing Technology and Business University, China

AiminQian

Business School, University of International Business and Economics, China

XiangyanShi

School of Accounting, Southwestern University of Finance and Economics, China

Abstract：We use the share pledge context in China to examine how affiliated analysts whose securities companies are pledgees of share pledge firms issue stock recommendations on these listed firms. We find that their recommendations are more optimistic than those of non-affiliated analysts, and they are more likely to issue Buy and Add recommendations, suggesting that they issue optimistic rating reports for share pledge firms due to their conflicts of interest. We also find a dynamic adjustment in the stock recommendation behavior of these analysts, and their probability after issuing optimistic stock recommendations is significantly reduced before and after the years that the affiliation relationship between them and share pledge firms both began and ended. These affiliated analysts continue to issue optimistic stock recommendations after visiting the share pledge firms if they work in the same location as the firms, or if they are star analysts among New Fortune’s “top five analysts,” and when the information transparency of the share pledge firms is higher. In addition, the optimistic stock recommendation behavior of affiliated analysts is more significant in our sample of firms with high share pledge ratios and downward stock price pressure. The earnings forecast quality of affiliated analysts is also found to be lower, and they are less inclined to downgrade stock recommendations for these share pledge firms. Buy recommendations issued by both non-affiliated and affiliated analysts can bring cumulative excess returns in the short event window, but those issued by affiliated analysts are significantly negative in the long-term event window, and significantly lower than those issued by non-affiliated analysts. Overall, our study shows that affiliated analysts issue optimistic rating reports on share pledge firms due to conflicts of interest, which leads to decision-making bias in investors and thus decreases the stock price crash risk of the firms. Our findings further reveal the economic consequences of share pledging and extend our understanding of the behavior of analysts in a conflict of interest situation from the share pledge perspective.

Keywords：Derivatives, Firm Risk, Government Regulation, Executive Compensation,Pay-Performance Sensitivity

声明：本文资料来源于网络，版权归原作者和原杂志所有。传播学术成果，见证学术力量，会计学术联盟在行动，感谢社会各界的支持与厚爱！

★学术板块荣誉出品★

整理：齐舒月东北财经大学研究生

编辑：周萌华北水利水电大学研究生

副主编：支瑾璠东北财经大学本科生

审核：孙玥宁夏大学研究生

指导：水皮/李高波北京交通大学博士生

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