Abstract

Corporate Social Responsibility Disclosure and Financial Constraints

Abstract:This paper selects 2010-2014 Shanghai and Shenzhen A-share listed companies as sample data,empirically tests the influence of institutional investors on the relationship between managerial overconfidence and inefficient investment.The study finds that managerial overconfidence and inefficient investment are positively correlated.Institutional investor ownership can inhibit the effect of managerial overconfidence on corporate inefficient investment.Furthermore,we probes the influence of institutional investors heterogeneity on the relationship between managerial overconfidence and inefficient investment from the aspects of the proportion of institutional investors’holdings and stability of holdings.The results show that large institutional investors and stable institutional investors can inhibit the effect of managerial overconfidence on corporate inefficient investment,but small institutional investors and transactional institutional investors do not have the inhibition.

Keywords:Managerial overconfidence Inefficient investment Institutional investor ownership

Xu Guanghua Xie QiZhong Ma
（School of Economics and Management,Nanjing University of Science and Technology）

Abstract：Since 2009,mandatory Corporate Social Responsibility（CSR）reporting regulation established in China’s capital market.Historical literatures find that mandatory CSR disclosure makes“double-blades”effect on market.On the one hand,it provides additional non-financial information to market.On the other hand,it leads CSR pressure form non-stock stackers to listed firms,forces them to allocate more corporate resources to CSR activities.The analysis results suggest that CSR disclosure shows rare effect on corporate financial constraint.Further,we make more tests in underinvestment scenario and high financial constraint scenario,but still find no significant changes on financial constraint.Our evidences cannot support the previous finding that CSR disclosures during voluntary duration reduce financial constraint.Our study contributes to make deeper understanding of the mandatory CSR reporting regulation.

Corporate social responsibility disclosure Mandatory orientation Financial constraint

Does the Implementation of New Accounting Standards Enhance the Comparability Accounting Information？

Yuan Zhizhu Wu Shanshan
（School of Business Administration,Northeastern University；Economic and Technical Research Institute of CNPC,Financial assets Division）

Abstract：The paper measures the accounting information comparability of Chinese listed companies from 2002 to 2012 and validate it empirically.Then it examines whether the implementation of the 2007 new accounting standard enhances it.The empirical results indicate that:in the initial implementation stage of new accounting standards accounting information comparability doesn’t change significantly;but after several years when the implementation is mature,accounting information comparability improves significantly.The sub-sample test results according to the investor protection,property of the ultimate controller,equity balance degree and audit quality find that the above results exist in different internal and external environments.In addition,in the governance environments of stronger investor protection,or non-state ultimate controller,or higher equity balance degree or higher audit quality, the improvement of accounting information comparability is more significant in the mature stage of new accounting standard.

Keywords:New accounting standards Accounting information comparability Measurement Corporate governance characteristics

An Empirical Study on Ownership Structure in China Based on International Comparison

Lv RongjieHao Lixiao Wu Chao
（School of Economics and Management，Hebei University of Technology）

Abstract:China's state-owned enterprise reform has entered the"deep water",the relationship between ownership structure and corporate performance is still the focus of practice.Based on the international comparison,this study collected 7585 sample data from 2009 to 2014 Chinese A stock marketof listed companies,using the OLS empirical multivariate regression and regression methods, examined the relationship between ownership structure and corporate performance.According to the classification of governance thinking,the study found that the state-owned enterprises directly under the central government's largest shareholder does not have governance effect,the relationship between the ownership of state-owned enterprises and the performance of the inverted U type relationship.At the end of the article,the author explains the reasons of the conclusion,and puts forward some suggestions on the reform of state-owned enterprises in china.

Keywords:Ownership concentration Ownership balance Relative concentration International comparison

Property Right,Social Burden and Cost Stickiness

Liu Chang Tian Zongtao Li Lidan
（School of Economics and Management，Shihezi University）

Abstract:This paper uses A-share listed company data in Chinese stock market from 2007 to 2014 as the samples.Based on the perspective of corporations’social burden,combined with institutional background of China’s economic transition,and using excess employment as the proxy variable of social burden,the objective of this monograph is to study the influence of excess employment on firms’cost stickiness.We find that social burden strengthens the cost stickiness of firms,and compared with non-state listed firms,the relationship between the social burden and the cost stickiness in the state-owned listed companies is more significant.Further research indicates that the social burden of the enterprises in the area of lower unemployment rate has more influence on firms’cost stickiness than that of the enterprises with higher unemployment rate.

Keywords：Cost stickiness Social burdens Excess employment

Institutional Investor Ownership,Managerial Overconfidence and Inefficient Investment

Du Xiaorong Fu Xiaoyue
（School of Business，Hohai University)