光华会计新才智论坛第一期
时 间：2023年12月20日 13:00-18:00
地 点：柳林校区诚正楼 650会议室、腾讯会议585-304-217
主持人：陈磊 教授（现代会计研究所所长）
时间：下午13:00-13:40
报告1：Analysts’ Visiting Habits After the COVID-19 Pandemic: Evidence from Forced Lockdowns and the Impact on Forecast Accuracy
报告人：孟廓（香港中文大学）
摘要：This study investigates the changes in financial analysts’ habits of visiting firms in person or virtually, particularly after the pandemic era when remote work became more prevalent. Despite being forced to work from home and visit firms virtually due to lockdown policies, I find that analysts quickly reverted to in-person visits once lockdowns were lifted. Interestingly, though their visiting habits did not change significantly, their forecast accuracy did increase. This improvement appears to be due to more qualitative questions being asked and firms providing more information during site visits. Furthermore, the study reveals that analysts following manufacturing firms and experiencing more buy-side pressure are more likely to maintain their previous visiting habits. Considering that onsite visits yield more communication and information than virtual visits, the study concludes that analysts continue to make optimal choices even in the changed post-pandemic environment.
时间：下午13:40-14:20
报告2：ES-based CEO Compensation: Theory and Evidence
报告人：林川（香港大学）
摘要：Employing a multi-task principal-agent framework, we theoretically examine the economic forces shaping the use of environmental and social (ES) performance metrics in CEO compensation. We show that the compensation importance of ES metrics depends not only on the firm’s stakeholder orientation in its objectives but also on how ES activities impact financial outcomes. The principal relies more on ES metrics relative to financial measures where ES activities negatively, than positively, affect financial performance, because in this case emphasizing financial measures discourages the agent’s ES effort. The compensation importance of ES metrics also increases with the noise in financial performance measures, and this positive relation is amplified by the firm’s stakeholder orientation, especially where ES activities have negative financial consequences. Using textual analysis to identify ES performance measures in CEO compensation contracts and firms’ stakeholder orientation from a sample of U.S. firms over 1998-2021, we find empirical evidence that supports these predictions.
时间：下午14:20-15:00
报告3：Knowledge Transfer Among Member Firms in Non-Big 4 International Accounting Associations and Networks: Evidence from PCAOB Inspections
报告人：何畅（香港城市大学）
摘要：We examine the benefit to non-inspected member audit firms in non-Big 4 international accounting associations and networks (AANs) when one member firm is inspected by the PCAOB. Using a difference-in-differences research design, we find that audit quality of non-inspected members improves after the first member firm in the AAN undergoes the initial PCAOB inspection. We show that this effect is stronger for non-inspected member firms with similar industry profiles as or geographically closer to the inspected members, and the subsequently inspected member firms receive fewer deficiencies in their inspection reports than the first inspected auditors. We further show that these non-inspected members experience an increase in their market shares. Cross-sectional analyses suggest that the improvement in audit quality for the non-inspected members is stronger when the non-inspected member firms have stronger incentives to improve audit quality or when the first inspected member firms are more influential in the AANs or they experience greater improvement in audit quality following PCAOB inspections. Overall, our findings highlight the effect of PCAOB inspections on non-inspected auditors and how AANs benefit member firms possibly through knowledge transfers.
时间：下午15:00-15:40
报告4：Wisdom of the Crowd: Does Employee Education Level Matter for Firm Tax Planning?
报告人：金一戈（香港城市大学）
摘要：This study examines the relationship between firm-level employee educational levels and firm tax planning. We conjecture that firms with higher employee educational levels have better internal information quality, which in turn can facilitate effective tax planning. Using firm-level disclosure of employee educational levels in Chinese listed firms, we find that firms with higher average employee educational levels are associated with higher book-tax differences and lower effective tax rates. Our results suggest that firms pay less taxes when their employees have a higher level of education. This relation is stronger for firms with more motivated employees, firms operating in more complex business environments, firms with better corporate governance, and firms with more capable managers. Our results are robust to specifications using an instrumental variable or using staggered difference-in-differences while exploiting shocks to the local availability of educated employees.
时间：下午15:40-16:20
报告5：A Tale of Two Market Disciplines: How does Bank Financial Misconduct Affect Peer Banks in the Local Deposit Market
报告人：裘泱（香港中文大学）
摘要：This study reveals that the impact of bank financial misconduct on uninsured deposits of local peer banks that have not engaged in misconduct is contingent upon the economic conditions. In non-crisis periods, depositors respond to bank financial misconduct by reallocating deposits from misconduct bank branches to peer non-misconduct bank branches in the local market, leading to a decrease in the uninsured deposit spreads of the peer branches (local reallocation effect). In the crisis period, depositors withdraw from both misconduct bank branches and non-misconduct peer branches in the local deposit market, resulting in an increase in the uninsured deposit spreads of the peer non-misconduct branches (local contagion effect). Cross-sectional analyses show that depositors’ financial sophistication and government guarantee play a role in the above two misconduct-triggered deposit market disciplines. The reallocation effect is more concentrated among financially sophisticated depositors and is amplified (attenuated) when peer (misconduct) banks have a lower default risk, or when they are more likely to receive government guarantees. In contrast, the local contagion effect is mitigated by government guarantees and social capital.
时间：下午16:20-17:00
报告6：地方政府施政风格与经济高质量发展——基于僵尸企业的研究视角
报告人：魏珊珊（厦门大学）
摘要：在经济进入新常态、推动高质量发展的今天，政府应当扮演着什么样的角色？这是学术界迫切需要回答的重要问题，也是政策制定者、改革践行者最为关心的问题之一。本文区分了两种风格迥异的施政风格：浮夸型与稳健型，并通过政府工作报告的文本分析进行捕捉。在验证该量化方法合理性的基础上，我们以僵尸企业为研究切入点，以中国工业企业数据为样本，实证检验政府施政风格在其中所起的作用。研究发现：地方政府施政风格越浮夸，当地企业僵尸化的程度越高。进一步研究还发现，当僵尸企业在当地的社会重要性越高时或债务处置难度越大时，地方政府浮夸型施政风格与当地企业僵尸化程度之间的正向关系会表现得更加显著。僵尸企业的存在不仅扭曲了优胜劣汰的市场竞争机制，而且损害了市场资源配置的效率。因此，本文研究对于探索新常态下地方政府如何转化职能，加快实施僵尸企业的破产重组盘活，进而优化市场资源配置、促进经济高质量发展迈向新台阶具有积极的实践意义。
时间：下午17:00-17:40
报告7：The Effect of the Switch to the Expected Credit Loss Model for Loan Loss Provisioning on Cross-border Borrowing
报告人：郏奕帆（香港大学）
摘要：The switch from the incurred to the expected credit loss model (ECL) under IFRS 9 requires banks to more closely monitor their borrowers so as to record expected loan losses in a timelier manner. Using a difference-in-differences analysis of syndicated loans in 62 countries, we find that after a country adopts IFRS 9, domestic borrowers increase their cross-border borrowing from banks in non-IFRS 9-adopting countries. This increase is highest in countries that see a large decrease in bank credit after IFRS 9 adoption, consistent with the domestic credit supply reduction inducing some borrowers turn to foreign lenders. The increase is also concentrated among borrowers that experience a substantial increase in domestic bank monitoring after IFRS 9 adoption, consistent with an increase in such monitoring inducing some borrowers turn to foreign lenders. The increase is also more pronounced in countries where banks’ loan loss provisions are more likely to increase after IFRS 9 adoption and for borrowers that have a higher propensity for engaging in cross-border borrowing. Our study provides the novel insight that differences in accounting standards across countries can affect firms’ cross-border borrowing from banks.
