JOURNAL OF ZHONGNAN UNIVERSITYOF ECONOMICS AND LAW

No.1.Jan. 15，2020

HIGHLIGHTS

ControllingShareholder’sSharePledgeandAccountingConservatismofListedCompanies

WANG Lei

·3·

(SchoolofManagement,LanzhouUniversity,Lanzhou730000,China)

Abstract:Based on the sample data of Shanghai and Shenzhen A-Share listed companies from 2011 to 2017, this article investigates the impact of controlling shareholder’s share pledge on accounting conservatism with K-W model. The empirical results indicate that controlling shareholder’s share pledge can promote the accounting conservatism of listed companies. Then, this paper tests whether this relationship is different as financial risk varies. The results show that controlling shareholder’s share pledge affects more in listed companies with lower financial risks, compared with those of higher financial risks. In addition, this paper finds that due to the creditor’s demand for accounting conservatism, in the listed companies with high proportion of long-term creditor’s rights, the impact of equity pledge on accounting conservatism is relatively small. The conclusions are still robust after controlling the endogeneity problems by PSM and 2SLS regression. This paper examines the political consequences of controlling shareholders’ share pledge from the perspective of creditors and complements the literature of controlling shareholders’ share pledge.

Keywords:Share Pledge; Financial Risk; Accounting Conservatism;Controlling Shareholder; Creditor

InstitutionalInvestors’CorporateSiteVisitsandtheEffectivenessofInternalControl

YANG Xia MA Zhong

·13·

(SchoolofEconomicsandManagement,BeijingJiaotongUniversity,Beijing100044,China)

Abstract:Based on the data of Listed Companies in Shenzhen Stock Exchange from 2013 to 2017, this paper explores the relationship between the institutional investors’ corporate site visits and the effectiveness of internal control. The results show that institutional investors’ corporate site visits can significantly improve the effectiveness of internal control; moreover, in manufacturing companies or companies with poor information environment, institutional investors’ corporate site visits play a more significant role in improving the effectiveness of internal control. Further tests show that institutional investors’ corporate site visits can promote companies to reduce irregularities, improve the quality of accounting information, and thus help them to achieve the internal control objectives of operational compliance and financial report. The conclusions of this study provide a reference for further promoting the investors’ corporate site visit activities and encouraging institutional investors to participate more actively in corporate governance.

Keywords:Institutional Investors’ Corporate Site Visits; Effectiveness of Internal Control; Manufacturing Companies; Information Environment

ManagementMeaningsandStockPriceCrashRisk:TheMediatingRoleofInvestorsSentiments

YANG Qizhong1ZHANG Guiqiao2MA Beili3

·26·

(1.SchoolofAccounting,NanjingUniversityofFinanceandEconomics,Nanjing210023,China;
2.SchoolofManagement,ShanghaiUniversity,Shanghai200444,China;
3.SchoolofBusiness,JiangsuUniversityofTechnology,Changzhou213001,China)

Abstract:Based on the management answering data in earnings communication conferences of Chinese listed companies from 2010 to 2014, this paper applies the long-short term memory deep learning technique to analyze the effect of management meanings on the stock price crash risk. It finds the empirical results that management meanings is negatively associated with its future stock price crash risk, and the result is driven by the positive reaction by investors sentiments. The investors can distinguish the real meanings from the information conveyed by the top management team and can adjust their sentiment bias to alleviate the future stock price crash risk. It has important theoretical and real significance to the recognition of the role on nonfinancial information in capital market and how to improve nonfinancial information disclosure content and quality, reduce future stock price crash risk and advance the stable development of capital market.

Keywords:Management Meanings; Stock Price Crash Risk; Investor Sentiments; Mediating Effect

HowDoesActiveEmploymentPolicyAffectEmploymentConfidence?
AnEmpiricalAnalysisBasedonWorldBankSurveyData

LI Rui XIONG Xiaohan

·46·

(SchoolofPublicAdministration,ZhongnanUniversityofEconomicsandLaw,Whuan430073,China)

Abstract:Achieving "Stable Employment" needs to improve the employment confidence of the unemployed and enhance the labor participation rate of the unemployed. This paper constructs an economic structure model of employment confidence, in order to avoid “selection bias”; two evaluation models based on the hypothesis of the bivariate normal (BIVN) distribution between the selection equation and the regression equation of the factor structure are used. An empirical study is conducted on World Bank survey data and 2014-2015 follow-up survey data, and finds that the participants in the training program and the microcredit program are not completely randomly decided; the participation of the training program is “positive selection”, but it has a negative impact on the promotion effect of the unemployed employment confidence; the participation of the microcredit program is obvious “negative selection”, but it has a positive effect on improving employment confidence. Finally, we suggest that the government should optimize the participation screening mechanism and assessment mechanism of the project, and focus on implementing the microcredit program in underdeveloped areas to achieve mutual promotion between employment confidence and economic development.

Keywords:Stable Employment; Employment Confidence; Active Employment Policy; Factor Structure Model

InputServitizationofManufacturingandtheEmploymentofWomen

LIU Bin1ZHAO Xiaofei2

·58·

(1.BeijingOpenEconomyResearchInstitute/InstituteforRegionsandNations,UniversityofInternationalBusiness
andEconomics,Beijing100029,China; 2.SchoolofInternationalTradeandEconomics,
UniversityofInternationalBusinessandEconomics,Beijing100029,China)

Abstract:With the transformation of “industrial economy”to “service economy”, the level of input servitization of manufacturing is constantly increasing, which will inevitably have an important impact on the employment structure of service industry. This paper quantitatively analyzes the impact of input servitization of manufacturing on the employment of women in service industry. The results show that: in general, input servitization of manufacturing has a significant role in promoting women’s employment in service industry through creative effect and transfer effect. Further research finds that: distribution input, financial input, telecommunications input and R&D input servitization have a significant positive impact on women’s employment in service, and transportation input servitization has a significant negative effect; the role of import service input in the manufacturing industry in promoting women’s employment exceeds domestic service input; input servitization of manufacturing has a greater impact on employment of women with longer education years, and it also has enhanced the motivation of women’s entrepreneurship.

Keywords:Input Servitization of Manufacturing; Employment of Women; Creative Effect; Transfer Effect

TransportInfrastructure,ProducerServicesandEconomicAgglomeration:
AnEmpiricalAnalysisBasedontheSpatialDurbinModel

AI Xiaoqing ZHANG Xuewei

·77·

(SchoolofEconomicsandManagement,BeijingUniversityofTechnology,Beijing100124,China)

Abstract:This paper uses the spatial Durbin model to test the impact of transportation infrastructure on economic agglomeration through the development of producer services based on the data of 286 cities from 2005 to 2016. Research shows that transport infrastructure significantly promotes economic agglomeration at the national level. Transport infrastructure and producer services in different regions present obvious spatial echelon, which will have heterogeneous impact on economic agglomeration. As China moves from the stage of industrialization to the urbanization, the influence of the development of transport infrastructure and producer services on the economic effect changes from the agglomeration effect to the diffusion effect. The influence of transport infrastructure, specialization and diversification of producer services on economic agglomeration is restricted by city scale. The diversification plays a significant role in large cities, while the specialization plays a significant role in small and medium-sized cities. The transport infrastructure has different effects on economic agglomeration through differentiated development of producer services, which provides new ideas and policy references for urban development path selection in China.

Keywords:Transport Infrastructure；Producer Services；Economic Agglomeration；Spatial Durbin Model

ImportedVarietyandEnterpriseProductivity

XU Tongsheng FANG Yuxia

·136·

(SchoolofInternationalTradeandEconomics,JiangXiUniversityofFinanceand
Economics,Nanchang330013,China)

Abstract:The paper studies the impact of imported variety on enterprise productivity based on China’s industrial enterprise data and customs transaction data during 2000-2013.The results show that the imported variety has a positive impact on enterprises productivity. Further heterogeneity analysis shows the imported variety from intermediate products, imported variety from the western region, imported variety from processing trade, and imported variety from high technology industries have a more significant impact on enterprise productivity. Additionally, the mechanism test shows that competitive effects and technology spillover effects are channel through which the imported variety promotes the enterprise productivity. Therefore, the government should continue to promote the import trade facilitation, create a good business environment, and encourage enterprises to expand the imported variety. Enterprises should increase human capital investment, enhance their ability to absorb technology spillovers from imported varieties and competition awareness.

Keywords:Import；Variety；Enterprise Productivity；Enterprise Heterogeneity