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We examine the role of relationship-based resource allocations during the approval process of secondary equity offerings (SEOs) in the Chinese capital market. In this unique regulatory setting, SEO-seeking firms must have their applications approved by an Issuance Examination Committee (IEC) of the China Securities Regulatory Commission (CSRC), a hybrid template between government-directed and market-directed models. We identify guanxi-based relationships as cases in which the partner of an intermediary professional firm (e.g., auditing or law) employed by the SEO applicant also serves on secondment as a full-time IEC member. Our results show that these guanxi-based relationships significantly increase the likelihood of SEO approvals, particularly for suspect SEO applicants with abnormal levels of earnings management, related-party transactions, and inter-company loans. More importantly, we find that guanxi-influenced SEO firms have significantly poorer performance in the post-SEO period, which indicates that it results in inefficient resource allocations. In addition, we show that these quid pro quo arrangements benefit IEC-member intermediaries through higher market shares and professional fee revenues. Overall, our evidence suggests that relationship-based resource allocations lead to negative spillover effects that impose social welfare losses.

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中国自古就有乐善好施的慈善文化基础,当下随着个人和家族财富的持续增长,越来越多的高净值人士期望通过慈善和公益回馈社会,改善社会整体的生存环境。目前国内大多数家族的财富还集中于创富一代和即将接班的二代手中,对财富的自主支配力强,可以在比例上安排慈善资金的走向。

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薪酬差异与更高的功能失调、情感冲突和更低的有用认知冲突有关,特别是当工作开展非常依赖团队合作和互动时。在劳动密集型企业,团队合作更有可能发挥重要作用,因为与销售相比,这里的劳动力成本相对较高。柏拉图认为,在一个理想的社会中,最富者的收入不应该超过最穷者收入的5倍。不过研究表明,将薪酬与绩效挂钩的薪酬体系,会有效地提高企业的效率和经济价值。虽然有充分的理由将高层管理人员的薪酬与公司的绩效挂钩,但不同量级的薪酬使得公司员工之间的薪酬差距越来越大。

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爱回收的商业模式不仅仅是一个可持续的商业模型,同时也被充分赋予了企业社会责任的内涵。很多时候把企业社会责任视为企业的成本,但在爱回收的案例中,可以清楚地看到企业社会责任是能够给企业带来商业回报的。

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Corporate Social Responsibility ;  CSR

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We examine whether social ties between engagement auditors and audit committee members shape audit outcomes. Although these social ties can facilitate information transfer and help auditors alleviate management pressure to waive correction of detected misstatements, cozy interpersonal relations can undermine auditors' monitoring of the financial reporting process. We measure social ties by alma mater connections, professor-student bonding, and employment affiliation and audit quality by the propensity to render modified audit opinions, financial reporting irregularities, and firm valuation. Our evidence implies that social ties between engagement auditors and audit committee members impair audit quality. In additional results, we generally find that this relation is concentrated where social ties are more salient, or firm governance is relatively poor and agency conflicts are more severe. Implying reciprocity stemming from social networks, we also report some suggestive evidence that audit fees are higher in the presence of social ties between an engagement auditor and the audit committee. Collectively, our analysis lends support to the narrative that the negative implications--namely, worse audit quality and higher audit fees--of these social ties may outweigh the benefits.

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social ties ;  external auditors ;  audit committee

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family business ;  家族企业

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我用过共享单车,体验不错,解决了最后一公里的痛点。共享单车的第一波风口差不多已经过了,市场重新回归理性。以前倒下的都是第四梯队或第三梯队的公司,现在到第二梯队了。第一梯队是ofo和摩拜。小蓝单车属于第二梯队,有400多万用户,已经有一定的规模,但我们还是看不到盈利的可能性。最主要的原因是竞争压力大,消费者的使用频次降低。还有就是损坏率比投资者想象的要高得多。

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张维迎和林毅夫就"政府是否应该制定产业政策"展开了激烈争论。与他们从较为宏观的视角分析不同,本文利用《高新技术企业认定管理办法》确立的公司研发投入占销售收入之比这一"一刀切"的微观认定门槛,研究公司是否会操纵研发投入以满足相关标准。研究发现,研发收入之比的分布在法规门槛附近不连续,这确认了公司研发操纵行为的存在。基于分布不连续特征定义的研发操纵公司获得了更多的税收优惠和政府补助。进一步地,研发操纵现象在民营企业、盈利企业以及位于税收征管力度较弱地区的企业中更为显著,且研发操纵公司的研发投入与公司未来发明专利申请、发明专利授权数量间的正相关关系更弱。研究表明,与政策制定者的初衷不同,研发激励政策会激励公司进行研发操纵,最终导致公司研发绩效下降。本文不仅为产业政策引发的激励扭曲效应提供了微观证据,还为更好地制定和执行高新技术企业认定政策提供了理论参考。

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F273.1 ;  F812.42

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在人工智能的大背景下,所有的金融从业者都开始对3亿余额宝培育起来的投资理财客户虎视眈眈,传统银行已经开始行动,智能投顾已经来临,而余额宝等"宝宝们"却还蒙在鼓里。余额宝和传统银行真正的竞争,才刚刚开始。

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