Religious Atmosphere and Agency Conflicts in Corporate Investment:An Empirical Study Based on the Number of Temples around Listed Companies

经济运行依托于特定的社会制度,然而中国经济的高速增长难以从正式制度的角度理解。因而,文章旨在探索宗教作为非正式制度安排对微观经济运行所发挥的作用,并进一步研究了非正式制度与正式制度之间的交互作用对公司行为的影响。文章手工收集了2001年至2012年A股上市公司注册地附近重点寺庙的个数,并采用自由现金流对过度投资的反应系数衡量投资活动的代理冲突,检验了宗教氛围是否影响了公司投资活动中所有者与管理者之间的代理冲突。结果显示公司的宗教氛围与代理冲突之间存在显著的负相关关系,说明宗教氛围有助于抑制投资的代理冲突;研究还发现正式的制度环境负向调节了宗教氛围对代理冲突的抑制作用。Economic operation relies on specific social institutions,but it is difficult to explain the rapid development of Chinese economy from the perspective of formal systems.Therefore,this paper explores the role of religion as an informal system in microeconomic operation,and further investigates the effects of the interaction of informal and formal systems on corporate behavior.Using the hand-collected data of the number of temples around listed firms from 2001to2012,this paper takes the coefficient of the response of free cash flow to over-investment as a proxy of agency conflicts in corporate investment,and examines whether religious atmosphere affects agency conflicts between owners and managers in corporate investment.It finds that religious atmosphere is significantly negatively associated with agency conflicts,suggesting that religious atmosphere is conducive to the mitigation of agency conflicts in corporate investment.Moreover,it also shows that formal systems attenuate the negative association between religious atmosphere and agency conflicts

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

Do Women Top Managers Always Mitigate Earnings Management Evidence from China

本文使用中国上市公司2001年至2011年数据,实证分析了女性高管对盈余管理的影响。研究发现,女性高管比例与盈余管理之间存在倒U型关系,说明女性高管影响公司的领导风格和决策过程,从而对盈余管理行为产生不对称性影响。此外,监管强度调节了女性高管比例与盈余管理之间的倒U型关系。国家自然科学基金项目(71572162)；教育部人文社科基地重大项目(16JJD790032)的资助

The Geographic Proximity Between Auditors and Clients,Monitoring Intensity,and Audit Quality

【中文摘要】本文以2001～2011年我国A股上市公司为研究对象，以审计师与上市公司之间的地理距离为基础构建了审计师-公司地理近邻性变量，本文实证研究了审计师-公司地理近邻性是否影响审计质量，以及监管强度对审计师-公司地理近邻性与审计质量之间关系的调节作用。研究结果表明，审计师-公司地理近邻性提高了审计质量。此外，监管强度弱化了审计师-公司地理近邻性与审计质量之间的正相关关系。本文的研究丰富了审计质量领域的研究，揭示了距离不仅是地理概念，而且具有一定信息内涵。 【Abstract】 Using a sample of Chinese listed firms for the period of 2001-2011 and employing the geographic distance between a firm and its auditor as a proxy for auditor-client geographic proximity， we examine whether and how geographic proximity between auditors and clients affects audit quality and the moderating role of monitoring intensity. We provide strong and robust evidence that the geographic proximity between auditors and clients is significantly positively associated with audit quality. Moreover，we also find a substitution effect between auditor-client geographic proximity and monitoring intensity on audit quality. Our results add to the existing literature on audit quality ? suggesting that distance has information contents.国家自然科学基金项目“宗教、外部监督与审计质量：数据挖掘与经验证据”(71572162)、教育部高等院校博士点基金博导类课题“半年报自愿审计、代理成本与公司价值：基于中国上市公司的经验证据”(20120121110007)、教育部人文社科基地重大项目“政治联系与会计信息的相关性与可靠性：数据挖掘与实证研究”(13JJD790027)项目

JUNO Sensitivity on Proton Decay p→νˉK+p\to \bar\nu K^+ Searches

The Jiangmen Underground Neutrino Observatory (JUNO) is a large liquid scintillator detector designed to explore many topics in fundamental physics. In this paper, the potential on searching for proton decay in $p\to \bar\nu K^+$ mode with JUNO is investigated.The kaon and its decay particles feature a clear three-fold coincidence signature that results in a high efficiency for identification. Moreover, the excellent energy resolution of JUNO permits to suppress the sizable background caused by other delayed signals. Based on these advantages, the detection efficiency for the proton decay via $p\to \bar\nu K^+$ is 36.9% with a background level of 0.2 events after 10 years of data taking. The estimated sensitivity based on 200 kton-years exposure is $9.6 \times 10^{33}$ years, competitive with the current best limits on the proton lifetime in this channel

JUNO sensitivity on proton decay p → ν K + searches*

The Jiangmen Underground Neutrino Observatory (JUNO) is a large liquid scintillator detector designed to explore many topics in fundamental physics. In this study, the potential of searching for proton decay in the $p\to \bar{\nu} K^+$ mode with JUNO is investigated. The kaon and its decay particles feature a clear three-fold coincidence signature that results in a high efficiency for identification. Moreover, the excellent energy resolution of JUNO permits suppression of the sizable background caused by other delayed signals. Based on these advantages, the detection efficiency for the proton decay via $p\to \bar{\nu} K^+$ is 36.9% ± 4.9% with a background level of $0.2\pm 0.05({\rm syst})\pm$$0.2({\rm stat})$ events after 10 years of data collection. The estimated sensitivity based on 200 kton-years of exposure is $9.6 \times 10^{33}$ years, which is competitive with the current best limits on the proton lifetime in this channel and complements the use of different detection technologies