CanContingencyInformationDisclosureReduceStockPriceSynchronicity？

ZHANG Ting ZHANG Dunli

·3·

(SchoolofAccounting,ZhongnanUniversityofEconomicsandLaw,Wuhan430073,China)

Abstract:Based on the contingency information disclosed out of the table, this paper empirically examines the effect of contingency information on stock price synchronization. We provide new evidence that the disclosure of contingent information in the annual report reduces the synchronization of stock price, that is, the more the contingent information is disclosed, the more the firm-specific information is integrated into the stock price, and the lower the synchronization of stock price. Channel tests reveal that annual reports with increased disclosure of contingent information in that year is more concerned by investors, which makes the stock price absorb more contingent information and can cause strong market reaction. Reducing information asymmetry is an incomplete mediating effect in the relationship between the disclosure of contingent information and the synchronicity of stock price. When studying the participation of information intermediaries, we find that the negative effect of contingent information on stock price synchronicity is more pronounced when the enterprise followed by more analysts, held by more institutional investors or reported more by news media, which indicates that information intermediaries are important mediums for the integration of contingent information into stock price. In addition, cross-sectional analysis shows that the effect of contingency information in annual reports only exists in firms with high quality accounting information.

Keywords:Contingency Information Disclosure; Stock Price Synchronicity; Firm-Specific Information; Investor Reaction; Information Medium

WhoisthePurposeofListedCompanies'ClassificationShiftingManipulation:AnEmpiricalEvidencefromA-shareMarket

LU Junwei BU Xiaoxia

·14·

(SchoolofManagement,ShandongUniversity,Jinan250100,China)

Abstract:Based on the data of all A-share listed companies from 2001 to 2017，this paper studies whether the classification shifting of listed companies in China is to cater to the market or to supervision. Due to the supervision of the "lower principle" of A-share market, it is found that the classification shifting motivation of listed companies in China is mainly to cater to the supervision. The specific manifestations are as follows: (1) Classification shifting exists in the samples with net profit greater than zero, and hardly exists in the samples with net profit less than zero; (2) Under the premise of net income greater than zero, there is a greater degree of classification transfer in samples where the net income after deducting non-recurring gains and losses is greater than zero; (3) On the premise that both net income and net income after deducting non-recurring gains and losses are greater than zero, the classification shifting degree is higher in the samples with net income after deducting non-recurring gains and losses slightly greater than zero. From the perspective of performance supervision based on the "lower principle", this paper further provides incremental empirical evidence for catering to the supervision motivation of classification shifting. The research conclusions have certain enlightenment and reference for market regulators, auditors and investors.

Keywords:Lower Principle; Classification Shifting; Earnings Management; Cater to Supervision

GenderDividend:ANewPerspectiveforUnderstandingSocialandEconomicDevelopment

SHI Zhilei1,2ZHANG Tingpimei1

·61·

(1.SchoolofPublicAdministration,ZhongnanUniversityofEconomicsandLaw,Wuhan430073,China；2.CenterforPopulationandHealthResearch,ZhongnanUniversityofEconomicsandLaw,Wuhan430073,China)

Abstract:There is a sustainable and contemporaneous theme: how women, half of humanity, will influence women themselves and society and economy during they endeavor for gender equality. Based on the theory of feminism, feminist economics and demographic dividend, and combined with the specific practice of social and economic development, this paper puts forward an analytical framework of gender dividend from the three dimensions of personal development, family development and economic development. With the popularization of the concept of gender equality, an increasing number of women have been freed from family and childbirth, who achieved economic independence and personal development, which has not only made tremendous contributions to social and economic development, but also conducive to the development of family capacity and the intergenerational transmission of poverty eradication. The function of this analytical framework reveals in the changes of the gender issues and development concepts in people’s daily life, which also is a new perspective to understand the changes of family, society, economic development and even cultural traditions.

Keywords:Gender Dividend; Women's Status; Economic Growth; Family Development Ability; Poverty Alleviation

SpecialGovernmentSubsidiesandEnterpriseInnovationOutputs:EvidencefromPatentData

ZHANG Yangxun ZHOU Hao

·71·

(InstituteofIndustrialEconomics,JinanUniversity,Guangzhou510632,China)

Abstract:Improving the level of enterprise innovation is the focus of current economic construction, and government subsidies are important policy tools to guide and promote enterprise innovation. Based on the information of government subsidy text and patent technological classification, this paper constructs the corresponding relationship between special subsidies on the strategic emerging industry and patent applications of 1279 listed companies in Shanghai and Shenzhen stock markets, and then uses the pseudo maximum likelihood Poisson regression to investigate the impact of government subsidies on enterprise innovation activities. It is found that government subsidy improves the quantity and quality of innovation activities. However, the innovation effect of government subsidies is affected by internal and external factors of the enterprise: there is a substitution effect between government subsidies and the degree of external marketization, and the promotion effect of subsidies on the innovation activities is limited to areas with ordinary marketization degree; the R&D experience of the enterprise's top management team can better play the role of government subsidies innovation effect, forming a complementary effect with government subsidies.

Keywords:Government Subsidy; Innovation Output; Innovation Effect; Pseudo Maximum Likelihood Poisson Regression

InputServitizationofManufacturingandSwitchingofExportProducts

CHENG Lihong

·107·

(SchoolofEconomics,CapitalUniversityofEconomicsandBusiness,Beijing100070,China)

Abstract:In view of the product switching behavior of multi-product enterprises, this paper takes the manufacturing export enterprises which are merged and matched by China Industrial Enterprise Database and China Customs Import and Export Database from 2000 to 2010 as the research sample, and based on the WIOD Database, calculates the factor density switching of enterprises' export products, and the value-added rate of service input in China's manufacturing export, identifies the effect of input servitization on switching of export products. The result shows that, the input servitization of manufacturing promotes the switching of export product density, and promotes enterprises to export products with higher factor density. Heterogeneity analysis shows that, the increase of wholesale and retail, information and communication, finance and insurance, professional science and technology, and foreign service investment can help to promote the factor density of export products, and the service intermediate input in the east and central region can promote the export of products with higher factor density. Through productivity improvement and technological innovation, the input servitization of manufacturing helps firms export products with higher factor density. The conclusion shows that, the process of servitization of manufacturing should be accelerated to effectively promote the optimal allocation of resources for export products.

Keywords:Input Servitization of Manufacturing; Switching of Export Products; Total Factor Productivity; Technological Innovation

GlobalValueChainsEmbedding,ManagementEfficiencyandComplexityofExportProducts

HU Zhaoling JIANG Lu WANG Zihao

·117·

(SchoolofEconomics,NankaiUniversity,Tianjin300071,China)

Abstract:Based on the global trade data of UN COMTRADE from 2000 to 2006, the micro data of Chinese industrial enterprises and the import and export trade data of Chinese customs, this paper uses the reflection method to measure the complexity of Chinese enterprises' export products. From the perspective of embedding the global value chains, the paper explores the factors affecting the complexity of Chinese enterprises' export products. The results show that the complexity of export products of enterprises embedded in GVC is higher than that of enterprises not embedded in GVC on average. Embedding in GVC has a significant effect on the complexity of enterprises' export products and it plays a greater role in general trade enterprises and private enterprises. After using PSM-DID to control endogeneity and self-selection, the results are still stable. Besides, this paper investigates how the difference of enterprise management efficiency affects the transfer of the effect of embedded global value chains on the complexity of export products. The test results show that enterprises embedded in global value chain can improve the complexity of export products by improving management efficiency.

Keywords:Product Complexity; Global Value Chain; Management Efficiency; PSM-DID

WillCostStickinessAffecttheCreditSpreadofCorporateBonds?

ZHONG Tingyong SUN Fangcheng

·137·

(SchoolofAccounting,ChongqingTechnologyandBusinessUniversity,Chongqing400067,China)

Abstract:Based on the quarterly data of Chinese corporate bonds from 2010 to 2017, this paper studies the effect of cost stickiness on credit spreads, and finds that the cost stickiness increases the credit spread of bonds issued by enterprises. Further research finds that the bond residual period and the industry competition will adjust the relationship between the cost stickiness and bond credit spreads. The shorter the bond residual period and the fiercer the industry competition, the weaker the impact of cost stickiness on bond credit spread. This study will be benefit for the external information users to forecast credit risk and it provides reference for managers to strengthen cost management as well as to reduce credit risk.

Keywords:Cost Stickiness; Bond Credit Spreads; Bond Term; Market Competition