中国会计学者，最新三篇“资本市场开放”研究工作论文！

平台今日开通中国会计学者工作论文系列推文栏目，每周盘点有关国际会计、财务、审计等中国题材的工作论文，以期为广大朋友学习有所参考。

1.Capital Market Liberalization and Corporate Social Responsibility
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

2.Capital-Market Liberalization and Auditors' Accounting Adjustments: Evidence from a Quasi-Experiment
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

Deng, Yingwen and Hope, Ole-Kristian and Wang, Cyndia and Zhang, Min, Capital-Market Liberalization and Auditors' Accounting Adjustments: Evidence from a Quasi-Experiment (July 31, 2020). Available at SSRN: https://ssrn.com/abstract=3501952 or http://dx.doi.org/10.2139/ssrn.3501952  

3.Impact of Recent Chinese Stock Market Liberalization: History and Literature Review
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 

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