Religious Culture, Auditor Choice and Audit Pricing

宗教作为主体自我认知的标志，已成为现代社会经济生活的主导因素之一，可扩展到影响个人、团体和社会的经济态度和行为方式，引起了经济、管理乃至政治、社会等实务界和学术界的高度关注。但是，具体到中国资本市场的审计问题之中，宗教文化对于上市公司审计决策的影响究竟如何，在理论与实践方面仍然存在不够明晰之处。 本文在回顾宗教经济学前期研究文献的基础之上，详细阐述了宗教经济学在宏观和微观层面的相关进展，并针对上市公司决策行为的研究文献进行了总结，继而提出了一个基于系统理论原理的“宗教文化→公司决策”的一般化概念模型，将上市公司的审计决策纳入其中，构建了一个更加具体的“宗教文化→审计决策”的逻辑模型，接着，分...As a symbol of self-awareness, religious culture has become one of the dominant factors of modern social and economic life, which can be expanded to one kind of patterns affecting individuals’, groups’ and communities’ economic attitudes and behaviors. Religious culture is attracting great attention of economy, management, politics and sociology. However, there may be a lack of clarity about the i...学位：管理学博士院系专业：管理学院_会计学学号：1752010015354

“免费的午餐”有损于审计质量吗?

“吃人的嘴软“、“天下没有免费的午餐“1。但是,中国资本市场中的确存在着一些上市公司自愿为审计师提供餐饮费的现象。如此的“好客“行为是否会损害审计质量呢？搜集2001—2010年间上市公司为审计师提供餐饮费的数据,使用盈余稳健性作为审计质量的替代,实证研究了餐饮费对审计质量的影响。研究结果表明,承担审计师餐饮费的上市公司,其审计质量(盈余稳健性)显著更低。按照最终控制人性质的分组检验表明,为审计师提供餐饮费的民营上市公司,其审计质量显著更低。上市公司为审计师提供餐饮费的行为,导致了两者之间的利益“绑定“关系,从而严重地损害了审计质量

Religion, the Nature of Ultimate Owner, and Corporate Philanthropic Giving: Evidence from China

本文基于手工搜集的中国A股上市公司2004-2010年期间慈善捐赠与宗教的相关数据，实证分析了宗教 (佛教与道教) 是否、以及如何影响公司的慈善捐赠决策。研究发现，宗教与公司慈善捐赠显著正相关、但这一正向关系对于国有企业而言显著更弱。这一研究，为宗教与慈善行为提供了重要的经验证据支持和很好的脚注。Using a sample of Chinese listed firms for the period of 2004–2010, this study examines the impact of religion on corporate philanthropic giving. Based on hand-collected data of religion and corporate philanthropic giving, we provide strong and robust evidence that religion is significantly positively associated with Chinese listed firms’ philanthropic giving. This finding is consistent with the view that religiosity has remarkable effects on individual thinking and behavior, and can serve as social norms to influence corporate philanthropy. Moreover, religion and corporate philanthropic giving have a significantly weaker (less pronounced) positive association for state-owned enterprises than for non-state-owned enterprises. The results are robust to a variety of sensitivity tests. Our results highlight religious influence on corporate philanthropic giving in contemporary China, an old traditional country with a typical communist economy.http://news.xmu.edu.cn/s/13/t/542/20/94/info139412.ht

Religion, Political Connections and Donation Behavior:Evidence from China's Listed Companies

关注宗教因素这一典型的非正式制度安排对中国上市公司捐赠行为的影响。使用“bAIdu“与“gOOglE“的因特网地图,基于中国上市公司的注册地和全国重点“寺观(寺庙和道观)“的经、纬度,手工搜集了公司层面和省级层面的宗教数据。使用2004-2010年中国上市公司的捐赠和宗教数据,研究发现公司捐赠的概率及捐赠的强度与宗教因素显著正相关;进一步分析表明,公司捐赠与宗教因素之间的正相关关系受到政治联系因素的负向调节作用,揭示了宗教与政治联系对公司捐赠行为所具有的相互替代效应。研究结论可以唤起经济学和管理学领域对宗教这种非正式制度安排的重视。This paper focuses on the influence of religion, one of the classic informal systems, on the donation behavior of China's listed companies.By making use of internet maps provided by Baidu and Google to fix longitude and latitude of the place of registry of every China's listed company and the site of every nationally famous monastery and temple, it manually collects the religious data from both the corporate level and the provincial level.By making use of the donation and religious data from China's listed firms from 2004 to 2010, this study finds that the probability and strength of corporate donation are positively correlated with religious factors significantly.Further analysis indicates that the positive correlation between religious factors and corporate donation is under the negative regulation of political connections, which reveals that political connections and religion have a mutual-substitution effect on corporation donation.These conclusions may evoke the attention from the fields of economics and management to the informal institutional arrangement--religion.教育部人文社会科学研究青年基金项目“银行关系、制度环境与民营上市公司的银行借款:数据挖掘与实证研究”(13YJC790022

餐旅费、审计独立性与中国上市公司的信息透明度

针对中国上市公司自愿为审计师提供餐旅费的现象,基于手工搜集的餐旅费数据,本文实证研究了这一超乎社会礼仪的好客行为是否系统性地导致了上市公司会计信息透明度的降低。研究结果表明,为审计师提供餐旅费的上市公司的信息披露透明度显著的更低。本文采纳差分模型进一步控制可能的内生性,发现结论保持不变。区分最终控制人性质的回归结果表明,相对于民营上市公司,国有上市公司为审计师提供餐旅费显著降低了信患披露的透明度

Political Connections, Compensation Gap and Compensation Stickiness:Evidence from Chinese Private Listed Firms

本文以2005年到2010年的民营公司为样本,实证研究了政治联系对薪酬差距、薪酬差距粘性的影响。研究结果表明,政治联系显著增加了民营上市公司的内部薪酬差距,同时也显著增加了民营上市公司薪酬差距的粘性。即业绩变动一个单位的情况下,业绩下降导致的政治联系的民营上市公司的内部薪酬差距减少的幅度显著低于业绩增加时薪酬差距增加的幅度。本文的研究结果表明,高管的政治联系在一定程度上削弱了民营上市公司薪酬激励契约的有效性。This paper studies the effect of political connections on compensation gap and compensation stickiness by taking the data of Chinese private listed firms from 2005 to 2010 as a sample.The results of the study show that political connections do increase the internal compensation gap within private listed firms.Furthermore, political connections significantly increase the stickiness of private listed firms’compensation gap, i.e., in the case of private listed firms with political connections, when performance changes for one unit, the degree of decrease in internal compensation gap at the time of performance decreasing is significantly lower than the degree of increase in internal compensation gap at the time of performance increasing.The results of the study show that the executives’political connections do affect the compensation arrangement in private listed firms, and to some degree, impair the effectiveness of private listed firms’compensation incentive contract

Do Political Connections Increase Internal Compensation Gap of Chinese Private Listed Firms?

本文以2006-2010年期间的中国民营上市公司为研究对象,在手工搜集关键高管(董事长、总经理)的政治联系数据的基础上,以关键高管的平均薪酬除以员工的平均薪酬度量薪酬差距,实证研究了关键高管的政治联系对薪酬差距的影响。研究结果表明,政治联系因素的确显著增加了民营上市公司的内部薪酬差距。本文还发现制度环境对关键高管政治联系所导致的民营上市公司内部的薪酬差距具有调节作用,即制度环境较好的地区,内部薪酬差距相对较小;这一发现揭示了制度环境与政治联系之间对薪酬差距影响存在着相互替代效应。本文揭示了政治联系所导致的薪酬方面的经济后果,为政治联系与薪酬管制领域内的研究提供了增量的经验证据,拓展了政治联系与薪酬差距领域的研究。Using a sample of Chinese listed private firms and hand-collected data of key managers’political connections during the period from 2006 to 2010, this paper empirically examines the effect of the political connections of key managers on compensation gap, equaling average wages of key mangers scaled by average wages of all the employees (excluding top managers).The results show that the compensation gap between key managers with political connections and all the employees is significantly greater than their counterpart.Moreover, better institutional environment attenuates the positive relations between political connections and compensation gap, suggesting a substitution effect between political connections and institutional environment.The findings reveal the influence of political connections on compensation gap, provide additional evidence for extant literature on political connections and compensation regulation and extend related studies.国家自然科学基金项目“制度环境、政治联系、会计信息质量与审计行为”(批准号71072053); 福建省社会科学重点项目“政治联系、过度投资与公司价值”(批准号2010A012); 中央高校基本科研业务费专项资金“政治联系、透明度与公司治理”(批准号2010221021); 教育部(暨厦门大学)2011年博士研究生学术新人奖(杜颖洁)的资

Opportunistic Tendencies,Business Risk and Audit Quality

以行为经济学“前景理论“分析审计行为中存在的机会主义倾向对于审计意见的作用机制,采用深交所数据进行实证检验后发现,经营风险越小的上市公司越容易获得清洁的审计意见。原本应该反映上市公司财务信息质量的审计意见似乎成了财务业绩评价的标准,这说明审计行为中存在着机会主义倾向。在方法上引入行为经济学的基本理论可以拓展审计研究的思路,并在理论上进一步升华我们对于审计行为的认识。According to "Prospect Theory" of behavioral economics,this paper analyzed the mechanism between auditors' opportunistic tendencies and the audit opinions,then examined the hypothesis by the data from Shenzhen Stock Exchange in China.The empirical results showed that the smaller the business risks of listed companies was,the easier to get clean audit opinions.Audit opinions which should have reflected the quality of financial reports just became an evaluation of financial performance,which indicated the existence of opportunistic tendencies in the audit action.This study introduced behavioral economics into audit research not only to extend the methodological thought but also to sublimate our knowledge of audit action.国家自然科学基金资助项目(70872106);江苏省社科基金资助重点项目(09GLA001

Economic Consequence of Abnormal Leave of IPO Firms’ Board Secretaries:Evidence from the Chinese Capital Market

本文手工搜集了2006-2010年期间中国资本市场IPO公司董事会秘书非正常离职的经验数据,实证研究了董秘非正常离职对上市公司的会计业绩、市场业绩和违规概率的影响。研究表明,董秘非正常离职的上市公司的会计业绩、市场业绩更低,违规概率更高。进一步研究发现,董秘的年龄越大、受教育程度越高、具有会计或投行背景,非正常离职的概率更高,而董秘持有公司股份越多,或董秘同时兼任公司高管,则非正常离职概率更低。Based on hand-collected data of abnormal leave of IPO firms' board secretaries in Chinese capital market during 2006-2010,this paper empirically examines the influence of abnormal leave of board secretaries on accounting performance,market performance and violation probability.The findings indicate that firms with abnormal leave of board secretaries have a significantly worse accounting performance and market performance,and a significantly higher likelihood of violation.Moreover,board secretaries with elder age,higher education background,accounting experience and investment bank experience have a significantly higher likelihood of abnormal leave.However,board secretaries have a significantly lower likelihood when they own higher percentage of shares or hold a concurrent position of top manager.国家自然科学基金项目“制度环境、政治联系、会计信息质量与审计行为”(批准号71072053); 福建省社会科学重点项目“政治联系、过度投资与公司价值”(批准号2010A012); 中央高校基本科研业务费专项资金“政治联系、透明度与公司治理”(批准号2010221021