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出品@会计学术联盟(ID：KJXSLM) ,会计前沿期刊跟踪专栏；来源:Elsevier数据库

跟踪人：傅树童暨南大学

编辑人：李梦圆湘潭大学

The focus of the China Journal of Accounting Research is to publish theoretical and empirical research papers that use contemporary research methodologies to investigate issues about accounting, corporate finance, auditing and corporate governance in the Greater China region, countries related to the Belt and Road Initiative, and other emerging and developed markets. The Journal encourages the applications of economic and sociological theories to analyze and explain accounting issues within the legal and institutional framework, and to explore accounting issues under different capital markets accurately and succinctly. The published research articles of the Journal will enable scholars to extract relevant issues about accounting, corporate finance, auditing and corporate governance related to the capital markets and institutional environment.

China Journal of Accounting Research has been indexed by Emerging Sources Citation Index (ESCI), Cabell's Directory, Scopus, CNKI, Australian Business Deans Council (ABDC) Journal Quality List and Excellence in Research for Australia (ERA) journal list.

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China Journal of Accounting Research

2021.Volume 14, Issue 1

Contents

1.Can information confusion caused by the financing model of new economy companies be eliminated?

Xuejing Xie, Weiguo Zhang

Pages 1-23

2.Board faultlines and the value of cash holdings: Evidence from Chinese listed companies

Canyu Xu, Zhiying Hu, Shangkun Liang

Pages 25-42

3.Family involvement, family member composition and firm innovation

Qingmei Tan, Zixuan Liu, Peixuan Geng

Pages 43-61

4.Does overcapacity prompt controlling shareholders to play a propping role for listed companies?

Cailing Li, Dongjie Lin

Pages 63-81

5.Economic policy uncertainty and executive turnover

Hong Huang, Haiyu Liu, Baohua Yang

Pages 83-100

Abstract & Keywords

1.Can information confusion caused by the financing model of new economy companies be eliminated?

Xuejing XieAccounting department, Tsinghua University, ChinaWeiguo Zhang
Accounting department, Tsinghua University, ChinaSchool of Accountancy, Shanghai University of Finance and Economics, China

Abstract: New economy companies often use convertible and redeemable preferred shares with equity and debt characteristics as financing tools to reduce risk during their early stages of growth. According to relevant accounting standards, such preferred shares should be classified as financial liabilities and measured at fair value, with changes in fair value recognized in profit or loss. This can lead to confusing financial information: the better a company’s development prospects, the higher its redemption or conversion price and loss, which can result in a large negative net asset value. A successful initial public offering, however, could offset large losses and negative net asset value. Following the development of accounting standards, this article thoroughly analyzes various proposals to modify relevant accounting standards and eliminate confusing information. This article also proposes possible problems and solutions as a reference for accounting standard setters and the various stakeholders in new economy companies.

Keywords: New economy companies, Convertible and redeemable, preferred shares, Hybrid instruments, Accounting standards

2.Board faultlines and the value of cash holdings: Evidence from Chinese listed companies

Canyu XuSchool of Accountancy, Central University of Finance and Economics, ChinaZhiying HuSchool of Economics and Management, University of Science and Technology Beijing, ChinaShangkun LiangSchool of Accountancy, Central University of Finance and Economics, China

Abstract: Faultlines can affect a board of director’s effectiveness in supervising senior managers, which in turn affects the value of a company’s cash holdings. Based on sample data from Chinese A-share listed companies from 2004 to 2016, we examine the relationship between board faultlines and the value of cash holdings. The empirical results indicate that board faultlines have a significant inhibitory effect on cash holding value. This inhibitory effect is stronger for board faultlines resulting from deep-level attributes. Furthermore, the inhibitory effect of board faultlines is stronger in state-owned enterprises (SOEs) than in non-SOEs. As an important governance mechanism, management shareholdings can reduce agency costs and mitigate the negative impact of board fissures on cash holdings. Overall, we enrich the literature on the economic consequences of board faultlines and their influence on cash holding value. We also offer companies practical suggestions for improving the supervisory mechanism of their board of directors.

Keywords: Board faultlines, Value of cash holdings, Deep-level attributes, Management shareholdings, State-owned enterprises (SOEs)

3.Family involvement, family member composition and firm innovation

Qingmei Tan；Zixuan Liu；Peixuan Geng College of Management and Economics, Tianjin University, Tianjin, China

Abstract: Based on the data of Chinese listed family firms from 2008 to 2016, we investigate the impact of family involvement on firm innovation and the moderating effect of family member composition. The results show that increased family involvement significantly reduces R&D investment intensity and the number of patent applications. With the increased richness of the kinship of family members involved in management, the negative impact of family involvement on patent applications is weakened, but family member composition does not have a significant moderating effect on the relationship between family involvement and R&D investment intensity. Further analysis shows that the number of invention patent applications decreases as the degree of family involvement increases, but family involvement has no significant effect on utility model patent and design patent applications. Family member composition has a significant moderating effect on the relationship between family involvement and invention patent applications. The results have value as a reference for exploring how family involvement affects firm innovation and can also help the actual controller to take effective measures to optimize family member composition and improve the innovation performance of family firms.

Keywords: Family firms, Family involvement, Family member composition, R&D investment, Patent applications

4.Does overcapacity prompt controlling shareholders to play a propping role for listed companies?

Cailing LiSun Yat-sen Business School, Sun Yat-sen University, ChinaDongjie LinSchool of Public Finance and Taxation, Central University of Finance and Economics, China

Abstract: A major risk currently facing the Chinese economy is overcapacity, which affects the efficiency of social resource allocation (Xi et al., 2017; Huang et al., 2019). When a company is in crisis, the internal capital market often plays a propping role. This study approached this issue from the perspective of the controlling shareholder and examined whether controlling shareholders provide financial support to enterprises in industries with excess capacity. According to the data for China’s A-share listed companies from 2007 to 2019, companies in industries with excess capacity received more financial support from controlling shareholders compared with those in non-overcapacity industries. Analysis of the mechanism revealed that state-owned enterprises and companies with relatively poor financial status received more financial support from controlling shareholders. This study also examined the economic consequences of such support and found that it is conducive to enhancing enterprise value. This study enriches the literature on overcapacity and internal capital markets by demonstrating that internal capital markets play a propping role for companies facing industry-level crises. This finding has both theoretical value and practical implications related to supply-side reform and capacity reduction.

Keywords: Overcapacity, Internal capital market, Financial support, Controlling shareholder

5.Economic policy uncertainty and executive turnover

Hong Huang；Haiyu Liu；Baohua Yang

School of Finance and Business, Shanghai Normal University, China

Abstract: This paper examines whether economic uncertainty increases executive turnover. The negative perception perspective and business change theory suggest that executives are more likely to leave their jobs during periods of corporate distress. However, the additive effects of internal and external risk are thought to prompt firms to carefully consider executive turnover, thereby reducing the likelihood of executive changes. Based on the literature, we propose a check-and-balance hypothesis for the relationship between external uncertainty and executive change, according to which the optimal superposition of the internal and external risks stemming from increased external uncertainty would be to avoid a wave of executive departures. Using a sample of Chinese A-share listed companies from 2010 to 2019 and the China economic policy uncertainty index of Baker et al. (2013), we examine the impact of economic policy uncertainty on executive turnover and our results support the check-and-balance hypothesis. Our findings enhance our understanding of how economic policy uncertainty affects executive turnover, and enrich the literature on corporate risk management and strategic management.

Keywords: Economic policy uncertainty, Executive turnover, Risk taking, Director-manager duality

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