JOURNAL OF ZHONGNAN UNIVERSITY OF ECONOMICS AND LAW

No.1.Jan. 15，2018

HIGHLIGHTS

EconomicConsequencesofGlobalAccountingStandardsConvergence:AFramework

YE Kangtao ZANG Wenjiao

·3·

(SchoolofBusiness,RenminUniversityofChina,Beijing100872,China)

Nowadays over 130 jurisdictions have required or permitted the adoption of IFRS around the world. There is both direct effect as well as indirect effect of IFRS adoption. The IFRS adoption directly affects the quality of accounting information, which contains comparability, relevance and reliability. Meanwhile, the IFRS adoption through direct effect has indirect influence on analyst behavior, capital market, agency problems and efficiency of internal decision-making. Further, we propose two corollaries: one is moderating effect of institutional differences; the other is benefit of small economies. Specifically, the impact of IFRS adoption on the usefulness of accounting information depends on investors’ information demand which is influenced by investors’ structural differences, as well as accounting information supply, which is affected by investor protection. Meanwhile, small economies are more likely to benefit from IFRS adoption.

Accounting Standards; Global Convergence; Accounting Information Demand; Accounting Information Supply; Economic Consequences

DoesLocalGovernors’AccountabilityAuditofNaturalResourceAffectEarningsManagementforListedCompanies?

LIU Wenjun XIE Bangsheng

·13·

(SchoolofManagement,FujianAgricultureandForestryUniversity,Fuzhou350002,China)

Abstract:Utilizing the event that some areas carry out pilot of local governors’ accountability audit of natural resource, this paper investigates whether it will affect earnings management for resource-based and heavily polluting companies. Using DID model regression, this paper finds local governors’ accountability audit of natural resource reduces the degree of earnings management, including suppressing manipulating profits up and down. In addition, there is no significant difference between different companies and property companies for the above impact, but it has a greater earnings management degree in areas with poor institutional environment. This study enriches the political cost theory, and raises understanding economic consequences for local governors’ accountability audit of natural resource.

Keywords:Local Governors’ Accountability Audit of Natural Resource; Political Cost; Earnings Management

AccountingRobustness，InvestorsSentimentandAssetMispricing

ZHANG Jing WANG Shengnian WU Chunxian

·24·

(SchoolofEconomicsandManagement,ShiheziUniversity,Shihezi832000,China)

Abstract:Based on the behavioral finance, information asymmetry theory and signaling theory, using the fixed effect regression model with panel method by data of A-share listed companies in China, this paper attempts to explore the influence of investor sentiment on asset mispricing, and moderating effect of accounting conservatism between investor sentiment and asset mispricing. The results show that investor’s optimistic sentiment has a positive impact on overpricing; the improvement of accounting robustness can significantly relieve the positive impact on investor’s optimistic sentiment to overpricing. Further tests demonstrate that negative moderating effect of accounting robustness is more prominent after the implementation of New Chinese Accounting Standards. The research results provide the necessary theoretical basis and empirical evidence that accounting robustness can relieve the positive impact on investor’s optimistic sentiment to overpricing, and provide a new way for improving the pricing efficiency of the securities market.

Keywords:Accounting Robustness; Investors Sentiment; Asset Mispricing

StudyontheContributingFactorsofChina’sTransferIncomeInequality

YANG Tianyu

·42·

(SchoolofEconomics,RenminUniversityofChina,Beijing100872,China)

Abstract:The transfer income inequality has become a major cause of China’s income inequality. However, the study on the reasons of transfer inequality is still insufficient. Based on household level data from CHFS, this paper analyzes the impact of the transfer income sources and household characteristics on the transfer income inequality. It is found that among the transfer income sources, pensions, medicare benefits, housing provident fund and enterprise annuity play a role of expanding transfer income inequality, while transfers between families, government subsidies and unemployment insurance benefits can reduce it. The differences between urban and rural areas, the regional differences and the education years are the main factors that widening the transfer income gap, which implies the aiming error of transfer income distribution. The policy to improve the income redistribution should be more inclined to low-income groups, including the national social security coordination, expanding the coverage of government subsidies, unemployment insurance benefits and enterprise annuity, increasing the government subsidies and unemployment insurance benefits of low-income groups, etc.

Keywords:Income Sources; Household Characteristics; Transfer Income; Income Inequality

CountyFiscal-financialServicesandIndustrialStructureUpgrading:AComparativeStudyBasedontheDataof1772Counties

ZHANG Lin

·61·

(SchoolofEconomicsandManagement,SouthwestUniversity,Chongqing400715,China)

Abstract:This paper firstly analyzes the impact of county fiscal and financial services on the industrial structure upgrading, based on the cross-section data of 1772 counties in China in 2014 with quantile regression method, and then empirically studies the effect of county fiscal and financial services and their coordination on industrial structure upgrading and their heterogeneity between poverty and none-poverty counties. The results indicate that fiscal and financial services have significant positive effects on industrial structure upgrading, and the effect of the former is bigger, but the effect of their interaction is non-significant. The effect of fiscal services in poverty counties is higher than none-poverty counties, while the effect of financial services in non-poverty counties is higher. The effect of fiscal services is higher than financial services in poverty counties, and the latter is higher than the former in none-poverty counties. Therefore, upgrading the county industrial structure not only need to further improve the ability and quality of county fiscal-financial services, and enhance the coordination and cooperation between them, but also need to make differential fiscal-financial policies and give full play to the comparative advantage of them in different counties.

Keywords:Fiscal Service; Financial Service; Industrial Structure Upgrading; Quantile Regression; Heterogeneity

WhyisRegionalEnvironmentalRegulationPoliciesDifferent?ANewExplanationfortheInter-regionalTradeCost

CHEN Qiangyuan1LI Xiaoping2CAO Hui1

·73·

(1.SchoolofEconomics,ShanghaiUniversity,Shanghai200444,China;2.SchoolofBusiness,CentralSouthUniversity,Changsha410083,China)

Abstract:By introducing regional environmental regulation policy, this article builds a theoretical model of heterogeneous firms’ location choice, and investigates how the opening of regional trade will affect the gap of regional environmental regulation intensity under the incentive target of “competition for growth”, and also empirically tests the result by using 1998-2013 panel data of Chinese provincial “group pairs”. It finds that: Under the existing official’s selection system, the regional non-cooperation of environmental regulation policy is stable equilibrium, and the gap of regional environmental regulation intensity will inevitably exist; with the opening of regional trade, the gap of regional environmental regulation intensity will grow bigger, and in turn it will cause more environmental pollution; there is remarkable club effect in regional environmental regulation competition policy. Therefore, in order to get out of the dilemma, we should change the evaluation system of official tournament which aims at competition for growth.

Keywords:Differences in Environmental Regulation Policy; Regional Trade Openness; Cost of Inter-provincial Trade; Firm Heterogeneity

TheEffectofExportInformationNetworkonFirms’ExportDuration

XU Helian LIU Ting WANG Haicheng

·115·

(SchoolofEconomicsandTrade,HunanUniversity,Changsha410079,China)

Abstract:The export information network is defined as a collection of firms engaged in the same or similar export activities in the same region. There are four kinds of export activities: export activities to export any products to any country, export activities to export any products to the same country, export activities to export the same products to any country, export activities to export the same products to the same country, corresponding to four kinds of information network. Based on the matching data of Chinese industrial enterprise database and customs databases from 2000 to 2006, this paper empirically analyzes the impact of export information networks consisting of neighboring exporters on the duration of export of enterprises through information spillovers. The study finds that the export information networks can significantly reduce the hazard rate of export firms, extend firms’ export duration, and the more specific information, the greater impact on export duration. The information networks from the export processing trade firms have greater effect than from the general firms. When information does not involve the product, information networks have greater influence on domestic firms than the foreign enterprises; otherwise export information networks have greater impact on the foreign enterprises than the domestic firms. The impact of export information networks on export duration decreases with the increase in geographic level.

Keywords:Export Information Network; Export Duration; Location Proximity; Information Spillover