会讯|我院两位教师获得教育部第八届人文社科奖

发布时间:2020-12-18

近日,教育部正式公布了第八届高等学校科学研究优秀成果奖(人文社会科学)的评选结果。我校有22项成果获奖,获奖率达到33.85%,获奖总数位列全国第十四位。其中会计学院获著作论文奖2项,获奖者分别为靳庆鲁教授和李增泉教授,赌钱网站会计学院在教育部人文社科奖项方面取得新的进展。

内容提要

一、Economic Freedom, Investment Flexibility,and Equity Value: A Cross-Country Study

Prior studies show that equity value has convex relations with earnings and book value of equity, respectively, due to growth and adaptation options (Burgstahler and Dichev 1997a; Zhang 2000). However, these studies do not consider the role of institutions in affecting firms' ability to exercise growth and adaptation options. In this study, we investigate whether these convex relations vary with the degree of a country's economic freedom, which may influence the frictions and costs of exercising these options. We develop four hypotheses: In countries with greater economic freedom: (1) a firm's capital investment in response to profitability is greater; (2) the relation between equity value and earnings, given equity book value, is more convex; (3) the relation between equity value and equity book value, given earnings, is more convex; and (4) the relation between stock return and profitability change is more convex. Using the Economic Freedom of the World index from the Fraser Institute, we test our hypotheses with data from 30 countries during the 2000-2010 period. The empirical results are consistent with these hypotheses. The effect of economic freedom that we document is distinct from the effects of GDP level and growth, legal origin, law enforcement, investor protection, and quality of accounting standards. Our results suggest that greater economic freedom enhances equity value through more efficient management of investment options.

二、Are All Independent Directors Equally Informed?Evidence Based on Their Trading Returns andSocial Networks

We study the impact of social networks on the ability of independent directors to obtain private information from their firms' executives. We find that independent directors socially connected to their firms' senior executives earn significantly higher returns than unconnected independent directors in stock sales transactions. The network effect on independent directors' trading profitability is stronger in firms with higher information asymmetry and with more powerful executives. In addition, the trading returns of independent directors previously unconnected with firm executives increase after the arrival of a connected executive and drop after the connected executive leaves the firm. Moreover, the net stock sales by connected directors predict future negative news for up to three quarters. As a comparison, the trading returns of connected and unconnected independent directors do not differ significantly in stock purchases. Taken together, our results suggest that social connections help independent directors gain access to private bad news information from firms' senior executives.

学院坚持“顶天立地”的科学研究理念,秉承“厚植中国,面向国际”的科学研究范式,立足中国特色经济社会发展,聚焦国家重大战略需求,借鉴多学科理论,近年来涌现了一批重要研究成果,学术影响力和创新力不断提升,为卓越人才培养和创建“在全球具有重要学术影响力和鲜明中国特色的新制度会计学派”打下了坚实基础。学院始终坚持走内涵式发展道路,坚持高质量多元化学术评价标准,持续完善科研评价机制,积极引导广大教师产出更多高质量的研究成果,不断扩大国内外学术影响力,为建设具有鲜明财经特色世界一流大学、服务国家经济建设和社会发展做出新的更大贡献。


编辑:彭莎莎