Product Market Competition, Executive Compensation and Earnings Quality

本文以中国当前的经济制度环境为背景，将产品市场竞争、高管薪酬激励与上市公司盈余质量纳入到一个分析框架，采用实证研究的方法，检验了产品市场竞争对高管薪酬激励的影响，并从高管薪酬视角进一步探讨了产品市场竞争对上市公司盈余质量的影响及其影响路径。 本文以中国2007-2012年沪深两市上市公司为样本，首先讨论并实证检验了产品市场竞争对高管薪酬与上市公司业绩之间敏感性的影响，研究发现产品市场竞争会增强高管薪酬业绩敏感性。其次，基于盈余管理的薪酬红利假说，检验了产品市场竞争对盈余管理的影响，具体包括应计盈余管理和真实活动盈余管理，实证结果表明，产品市场竞争会促使高管进行应计盈余管理和真实活动盈余管理。...Based on the background of China’s economic and institutional environment, this paper develops an integrated analytical framework incorporating product market competition, executive compensation and earnings quality. Using positive research approach, this study investigates the influence of product market competition on executive compensation, and further explores the influence of product market c...学位：管理学博士院系专业：管理学院_会计学学号：1752011015359

Product Market Competition,Competitive Position and Audit Fees——Double considerations based on agency costs and business risks

产品市场竞争对审计收费可能具有双重影响。根据代理成本理论,产品市场竞争能够缓解管理层和股东之间的代理问题,审计师会因此降低固有风险的评估水平并减少审计工作量,审计收费会因此降低。根据经营风险理论,产品市场竞争会增加企业的经营风险和审计师的经营风险,审计师会收取风险溢价,审计收费会因此升高。本文以我国2007至2011年6709个上市公司年观测作为研究样本,实证发现,上市公司面临的产品市场竞争强度对审计收费具有显著的负向影响,即代理成本效应起主导;上市公司所处的竞争地位对审计收费具有显著的负向影响,即经营风险效应起主导。以上结论说明,审计师在审计业务执行过程中会同时考虑上市公司所处行业的产品市场竞争状况和在行业内的竞争地位,并在收取审计费用时区别对待。Product market competition may have double impacts on audit fees.According to the agency cost theory, product market competition can mitigate agency problems between management and shareholders,auditors will reduce the level of inherent risk assessment and reduce audit workload,audit fees will reduce.According to the business risk theory,product market competition will increase business risks and operating risks of the auditor,who will charge a risk premium,audit fees will increase.Using a sample of 6709 firm-year observations from the Chinese stock market for the period of 2007-2011,this study finds that while the product market competition intensity has a significantly negative impact on audit fees,which means that agent cost effect plays a dominant,a company' s competitive position in the industry has a significantly negative impact on audit fees, which means that business risk effect plays a dominant.The conclusions above mean that,in the audit business execution process,the auditor will take both the product market competition intensity of the industry in which the company operates and a company ' s competitive position in the industry into consideration,and make distinction when charging audit fees.教育部人文社会科学重点研究基地重大项目“中国上市公司内部控制评价与指数研究”(批准号:10JJD630003)资

Product Market Power and Financial Analyst Earnings Forecast

本文研究了上市公司产品市场力量对财务分析师盈余预测行为的影响。以中国2002-2011年11857个上市公司年观测为样本,研究发现,财务分析师更倾向于关注那些具有较强产品市场力量(处于高集中度行业、产品定价力量较强或者在行业内所占市场份额较高)的上市公司,对于这类上市公司,财务分析师盈余预测的离散度更低、准确度更高。本研究不仅有助于深入理解我国财务分析师的盈余预测行为,对投资者更有效地利用财务分析师的盈余预测也具有借鉴意义。This study investigates how a firm's product market power affects the forecasting behavior of financial analysts.Using a sample of 11857 firm-year observations of China public listed companies over the period of 2002-2011, we find that financial analysts are more likely to follow companies with stronger product market power(operating in highly concentrated industries, having stronger product pricing power or higher market shares in the industry), for these types of companies, analysts can also provide earnings forecast with lower dispersion and higher accuracy.This study not only contributes to a better understanding of the earnings forecasting behavior of China financial analysts, but also provides helpful references for investors to use analysts' earnings forecast more efficiently.教育部人文社会科学重点研究基地重大项目“中国上市公司内部控制评价与指数研究”(批准号:10JJD630003)的资

陕北山地苹果产业发展的问题与新思路

山地苹果产业已成为陕北山区农民增收和加快农村经济发展最具优势的区域特色产业。陕 北 得天独厚的自然条件优势与政府强有力的扶持，形成了山地苹果发展的良好势头。但实际发展还存在 区域劣势明显、农民种植积极性不高、技术支撑不 力、规模化经营水平较低等问题。如何有针对性地解 决问题，使苹果产业健康发展已成为各级政府面临的现实问题。志丹县九月红果业农民合作社的订单 农业、依托科技搞标准化种植、为果农担保贷款的操作模式，是一个更高层次、更有效的社会经济组织方 式，值得推广借鉴。建议在山地苹果产业发展中采取措施，制定发展规划、鼓励农民发展果业、强化跟踪 指导服务、构建农民专业合作社金融支持体系。</div