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中国·武汉 2017 年6月23日
第一届文泉会计学术研讨会
会议日程
日期：2017年6月23日地点：文泉南楼401大会议室
时间 | 安排 | 主持人 |
08:50-09:00 | 我院院长致辞 | 王雄元 |
09:00-09:50 | 主题演讲：An Empirical Analysis of Analysts’ Use of Valuation Models: Evidence from a Content Analysis of Analyst Reports 演讲人：Hongping Tan,Associate Professor,McGill University | 张琦 教授 |
09:50-10:00 | 茶歇 | |
10:00-11:00 | 论文报告：The Informational Role of Institutional Cross-holdings along the Supply Chain in the Bond Market 报告人：张文兰，助理教授，bet356体育亚洲版在线官网 点评人（1）：Zhifeng Yang,Associate Professor,Stony Brook University 点评人（2）：孔东民，教授，bet356体育亚洲版在线官网金融学院 | |
11:00-11:10 | 茶歇 | |
11:10-12:00 | 主题演讲：Audit Partner Gender Diversity and Audit Quality 演讲人：Zhifeng Yang,Associate Professor,Stony Brook University | |
12:00-14:00 | 午餐（金谷酒店） | |
14:00-15:00 | 论文报告：Market timing in private placements of equity 报告人：黄勇，助理教授，bet356体育亚洲版在线官网 点评人（1）：Hongping Tan,Associate Professor,McGill University 点评人（2）：李志生，教授，bet356体育亚洲版在线官网金融学院 | 郭飞 教授 |
15:00-15:10 | 茶歇 | |
15:10-16:00 | 主题演讲：Multiple-Auditor Appointment within Family Business Groups and Intragroup Value Transfers 演讲人：WenMing Wang, Assistant Professor,HongKong Baptist University | |
16:00-16:10 | 茶歇 | |
16:10-17:10 | 论文报告：Disclosure Quality, Societal Trust and Market Reactions to Form 20-F Filings of Foreign Firms Listed in the U.S. 报告人：吕敏康，副教授，bet356体育亚洲版在线官网 点评人（1）：WenMing Wang,Associate Professor,HongKong Baptist University 点评人（2）：潘红波，教授，武汉大学经济管理学院 | |
17:10-17:20 | 会议总结 | 王雄元 |
17:30-19:30 | 晚餐（金谷酒店） |
注：论文报告人报告30分钟，两位点评人共计点评30分钟，主题演讲50分钟。
1.主题演讲信息及主讲人信息
主题演讲（1）
An Empirical Analysis of Analysts’ Use of Valuation Models: Evidence from a Content Analysis of Analyst Reports
Hongping Tan
Associate Professor McGill University
Abstract:We study the determinants and market impact of analysts’ valuation models that are used to justify analyst recommendations. Using a content analysis of 512,457 financial analyst reports from1997 to 2010,we classify analysts’ use of valuation models into two broad groups: multi-period absolute models and single-period relative models. We find that analysts are more likely to use absolute models for firms with large abnormal accruals and poor financial health, and when market sentiment is low. In addition, the market reaction to buy recommendations based on absolute models is stronger than that based on relative models. The greater market reaction associated with the absolute models is driven by firms with large abnormal accruals and poor financial health, and periods of high market sentiment. These results enhance our understanding of market demand of analysts’ use of valuation model, and its effects on the informativeness of analyst research.
Keywords: valuation model, analysts recommendations, market impact, Content Analysis
附简历
谭红平博士，麦吉尔大学（McGill University）会计和金融学副教授，博士生导师。加拿大皇后大学，金融专业博士（2006），武汉大学经济学专业硕士（1997），湖北大学英国语言文学专业本科（1991）。曾先后在加拿大约克大学商学院，加拿大滑铁卢大学会计与金融学院，美国纽约州立大学布法罗校区，加拿大北BC省大学(UNBC)商学院等学校任职。现任《当代会计研究》（Contemporary Accounting Research, Top accounting journal, SSCI indexed）编委会成员（2017-2020），《亚太金融研究》（Asia-Pacific Journal of Financial Studies）副主编（2017年至今）。主要研究金融信息披露、分析预测、国际资本市场等问题，教授公司金融、投资、财务报表分析等课程。在JA E,JFE,JAR,TAR等顶级期刊发表论文多篇。代表作如下：
《当分析师发声时，机构投资者会听吗？从目标价格的变化和机构交易中的得出的证据》（When Analysts Talk, Do Institutional Investors Listen? Evidence from Target Price Changes and Institutional Trading）, Financial Review 51, 2016. pp. 191–223, 与 Shannon Lin, Zenan Zhang合著.
《地域远近与金融分析师对IPO公司的跟踪》（Geographic Proximity and IPO Firm Coverage）, 2015, Journal of Accounting and Economics 59 (1), pp. 41-59, 与 Patricia C. O'Brien合著
《外国机构支持新兴市场的信息传递吗？》（Do Foreigners Facilitate Information Transmission in Emerging Market?）， Journal of Financial Economics 105, 2012, 与 Kee-Hong Bae, Arzu Ozoguz, 和 Tony S. Wirjanto合著, pp. 209–227。
《〈国际会计准则〉强制实施后的外国金融分析师的跟踪分析和准确性》（Foreign Analyst Following and Forecast Accuracy after Mandated IFRS Adoptions），Journal of Accounting Research 49 (5), 2011, 与Shiheng Wang 和Mike Welker合著, pp. 1307-1357。
《本地分析师了解的更多吗？对本地分析师和外国分析师表现的跨国研究》（Do Local Analysts Know More? A Cross-country Study of the Performance of Local Analysts and Foreign Analysts）， Journal of Financial Economics 88, 2008, 与Kee-Hong Bae 和 René Stulz合著, pp. 581–606。
《国际会计准则差异：对外国分析师的影响》（International GAAP Differences: The Impact on Foreign Analysts）. The Accounting Review 83, 2008, 与Kee-Hong Bae 和Michael Welker合著, pp. 593-628。
主题演讲（2）
Audit Partner Gender Diversity and Audit Quality
Zhifeng Yang
Associate Professor，Stony Brook University
附简历
杨志峰博士，College of Business,Stony Brook University，副教授。厦门大学本科（1996），会计学硕士（1999），University of Alberta财务学博士（2006），曾任职于香港城市大学。主要研究Financial accounting, managerial accounting and financial statement analysis等问题，讲授Corporate finance, governance, and auditing issues, especially such issues related to the emerging markets and the Chinese markets等课程。代表作如下：
“The consequences of shifting the IPO offer pricing power from securities regulators to market participants in weak institutional environments: Evidence from China” (with Jun Chen, Bin Ke, and Donghui Wu). 2016. Journal of Corporate Finance, forthcoming.
“Do school ties between auditors and client executives influence audit outcomes?” (with Yuyan Guan, Nancy Su, and Donghui Wu). 2016. Journal of Accounting & Economics 61 (2-3).
“Do audit clients successfully engage in opinion shopping? Partner-level evidence” (with Feng Chen, Songlan Peng, Shuang Xue, and Feiteng Ye). 2016. Journal of Accounting Research 54 (1), 79-112.
“Institutional development, state ownership, and corporate cash holdings: Evidence from China” (with Yuanto Kusnadi and Yuxiao Zhou). 2015. Journal of Business Research 68, 351-359.
“Do individual auditors affect audit quality? Evidence from archival data” (with Ferdinand Gul and Donghui Wu). 2013. The Accounting Review 88 (6), 1993-2023.
“Minority shareholders’ control rights and the quality of corporate decisions in weak investor protection countries: A natural experiment from China” (with Zhihong Chen and Bin Ke). 2013. The Accounting Review 88 (4), 1211-1238.
“Do political connections add value to audit firms? Evidence from IPO audits in China” (Sole-authored). 2013. Contemporary Accounting Research 30 (3), 891-921.
“State control, access to capital, and firm performance” (with Oliver Li and Xijia Su). 2012. China Journal of Accounting Research 5, 101-125.
“Regulations, earnings management, and post-IPO performance: The Chinese evidence” (with Jennifer Kao and Donghui Wu). 2009. Journal of Banking and Finance 33 (1), 63-76.
主题演讲（3）
Multiple-Auditor Appointment within Family Business Groups and Intragroup
Value Transfers
WenMing Wang
Assistant Professor, Hong Kong Baptist University
Abstract:The controlling families make a strategic decision of appointing external auditors for their economically linked member firms within family business groups (FBGs). Some groups hire a single auditor, while others hire multiple auditors. In this paper, we examine how effectively a single-auditor versus multiple-auditor appointment constrains intragroup value transfers. Using a sample of member firms affiliated to FBGs in three East Asian economies, this study provides both direct and indirect evidence (via related party transactions and stock price effects of earnings announcements among member firms) that audit work performed by the same auditor for all member firms more effectively constrains intragroup value transfers. In contrast, the appointment of multiple auditors (especially, along with non-Big 4) is associated with pervasive intragroup value transfers. The evidence is consistent with the ‘divide and conquer’ strategy of the controlling families to undermine the disciplining role played by external auditors. This study extends the corporate governance literature from a single auditor setting within a firm to a multiple-auditor setting within a group and sheds new light on the impaired effectiveness of multiple auditors within FBGs.
Keywords: Multiple-Auditor Appointment ,family Business Groups , IntragroupValue Transfers
附简历
王文明博士，香港浸会大学会计与法律系助理教授。中国石油大学会计学本科（2002），厦门大学会计学硕士（2005），香港浸会大学会计学博士（2011）。代表作如下：
Connected Board of Directors: A Blessing or a Curse? 2013. (With Yan-Leung Cheung, Cheong-Wing Chung, and Weiqiang Tan). Journal of Banking and Finance 37: 3227-3242.
Board Structure and Intragroup Propping: Evidence from Family Business Groups in Hong Kong. 2014. (With Yan-Leung Cheung, In-mu Haw, and Weiqiang Tan). Financial Management 43(3): 569-601.
Being Good When Being International in Emerging Economies. 2015. (With Yan-Leung Cheung, Dongmin Kong, and Weiqiang Tan). Journal of Business Ethics 130(4): 805-817.
National Stakeholder Orientation, Corporate Social Responsibility, and Bank Loan Cost. Forthcoming. (With Yan-Leung Cheung, and Weiqiang Tan). Journal of Business Ethics.
2.点评人信息
点评专家（1）
孔东民博士，bet356体育亚洲版在线官网文澜特聘教授，博士生导师。山东大学经济学学士，中山大学财务学博士，曾任职于华中科技大学。国家自然科学基金通讯评审专家，《珞珈管理评论》编委，国内外多家重要期刊审稿人。主持国家自然科学基金4项，在CAR（即将发表），Journal of Business Ethics (SSCI), Energy Economics (SSCI), Emerging Markets Finance and Trade (SSCI), China Economic Review (SSCI), Applied Economics (SSCI), Economic Modelling (SSCI), Economics of Transition (SSCI), Journal of Business Economics &Management (SSCI), China Finance Review International, 《经济研究》, 《管理世界》, 《金融研究》, 《经济学季刊》, 《金融学季刊》, 《管理科学学报》,《国际金融研究》, 《中国金融评论》, 《中国会计与财务研究(China Accounting and Finance Review)》，等国内外重要期刊发表论文数十篇。代表作如下：
Cheung S., D. Kong (孔东民), W. Tan, and W. Wang, Being Good When Being International in Emerging Economies, Journal of Business Ethics, forthcoming. (SSCI, FT45 Journal)
Wang M., M. Qiu and D. Kong (孔东民), CSR, Investor Behaviors and Stock Market Returns: Evidence from a Natural Experiment in China, Journal of Business Ethics, 2011, 101: 127-141. (SSCI, FT45 Journal)
孔东民、代昀昊、李阳，《政策冲击、市场竞争与国企生产率》,《管理世界》，2014,8
孔东民、刘莎莎、应千伟，《公司行为中的媒体角色》, 《管理世界》, 2013, 7
孔东民、刘莎莎、王亚男，《市场竞争、产权与政府补贴》, 《经济研究》, 2013, 2
孔东民、刘莎莎、黎文靖、邢精平，《冷漠是理性的吗？》, 《经济学季刊》, 2012, 12 (1)
孔东民、付克华，中国股市增发的市场反应和影响因素研究, 《世界经济》, 2005, 10
点评专家（2）
李志生博士，bet356体育亚洲版在线官网教授，博士生导师，教务部部长、本科教学评估中心主任，教育部新世纪优秀人才。华中科技大学本硕，Rensselaer Polytechnic Institute（美）决策科学与工程系统专业博士（Ph.D.）学位。主要研究行为金融、市场微观结构、多风险暴露下的消费与投资决策等问题，讲授《金融工程》、《数值计算与金融仿真》等课程。主持国家自然科学基金2项，在Applied Economics（SSCI）、Emerging Markets Finance and Trade（SSCI）、China Finance Review International、《经济研究》、《金融研究》、《管理科学学报》、《世界经济》、等发表论文数十篇。代表作如下：
Exercise to Lose Money: Irrational Exercise Behavior from the Chinese Warrants Market. Journal of Futures Markets, 2014, 34 (5), 399-419. (with Li Liao, Weiqiang Zhang, and Ning Zhu, SSCI索引)
Does the Location of Stock Exchange Matter? A Within-Country Analysis. Pacific-Basin Finance Journal, 2012, 20 (4), 561-582 (with Li Liao, Weiqiang Zhang, and Ning Zhu, SSCI索引)
Optimal Annuity Purchase Decisions Under Uncertain Lifetime.Journal of Family Economics and Economics Issues, 2013, 34 (4), 447-459. (withAparna Gupta)
Calibrating of Individual Health Evolution Model for Healthcare Financing Decisions. Physica A: Statistical Mechanics and its Applications, 2011, 390 (20), 3524-3540. (with Aparna Gupta, SCI索引)
Integrating Optimal Annuity Planning with Consumption-Investment Selections in Retirement Planning. Insurance: Mathematics and Economics, 2007, 41 (1), 96-110. (with Aparna Gupta, SSCI索引)
李志生、杜爽、林秉旋.卖空交易与股票价格稳定性——来自中国融资融券市场的自然实验.《金融研究》, 2015(6), 173-188.
李志生、陈晨、林秉旋.卖空机制提高了中国股票市场的定价效率吗？——基于自然实验的证.《经济研究》, 2015(4), 165-177.
李志生、胡凯.多因素影响下的最优年金化时间决策.《经济研究》, 2011(S1), 116-126.
点评专家（3）
潘红波博士，武汉大学教授，博士生导师。武汉理工大学企业管理学士，华中科技大学会计学硕博士，香港科技大学金融系博士后，宾夕法尼亚大学沃顿商学院访问学者。主要研究公司治理、公司金融等问题，讲授财务管理、企业并购、高级财务管理等课程。主持国家自然科学基金3项，教育部人文社科基金1项，在经济研究，JIS等国内外顶级期刊发表论文数篇。代表作如下：
潘红波、余明桂，2011：《支持之手、掠夺之手与异地并购》，《经济研究》第9期，108-120
潘红波、夏新平、余明桂，2008：《政府干预、政治关联与地方国有企业并购》，《经济研究》第4期，41-52
余明桂、李文贵、潘红波，2013：《民营化、产权保护与企业风险承担》，《经济研究》第9期，112-124
余明桂、回雅甫、潘红波，2010：《政治联系、寻租与地方政府财政补贴有效性》，《经济研究》第3期，65-77
余明桂、潘红波，2010：《金融发展、商业信用与产品市场竞争》，《管理世界》第8期，117-129
余明桂、潘红波，2008：《政治关系、制度环境与民营企业银行贷款》，《管理世界》第8期，9-21
Hongbo Pan, Xinping Xia and Minggui Yu, 2008. Expropriation: Evidence from Rights Issues in China. Emerging Markets Finance and Trade. 44: 5-20
Hongbo Pan, Donghui Li, Xinping Xia, and Minggui Yu，2010，Private Versus State Ownership and Spillover of Investor Protection Standards in Interprovince Mergers: Evidence from China's Emerging Market. Emerging Markets Finance & Trade, 46: 86-105
潘红波、余明桂，2014：《目标公司会计信息质量、产权性质与并购绩效》，《金融研究》第7期，140-153
潘红波、余明桂，2014：《集团内关联交易、高管薪酬激励与资本配置效率》，《会计研究》第10期，20-27
潘红波、余明桂，2010：《政治关系、控股股东利益输送与民营企业绩效》，《南开管理评论》第4期， 14-27
潘红波、余明桂，2010：《集团化、银行贷款与资金配置效率》，《金融研究》第10期，83-102
3.论文信息及作者信息
论文（1）
Market timing in private placements of equity
YongHuang
Abstract:In Chinese equity issues, long-term interval exists between initial announcement and execution due to regulatory process. Meanwhile, issuance prices of private placements are regulated not to fall below 90% of market prices at the announcement. We argue that Chinese firms conduct private placements to issue overpriced shares. Consistent with the hypothesis, we find that firms conducting private placements are more overvalued at the announcement and execution than non-equity issuers. Meanwhile, private placements offer significantly greater discounts than public offerings do. Accordingly, firms with large overvaluation prefer public offerings to private placements. The finding suggests that Chinese firms encounter tradeoff between guarantee of issuance price and discount costs in their choice of equity issue mode. Finally, we find that private issuers with large overvaluation can decrease discounts.
附简历
黄勇（YongHuang）博士，bet356体育亚洲版在线官网助理教授。中国地质大学管理科学学士、硕士，日本九州大学博士。主要研究Corporate Finance, Corporate Governance, Behavioral Finance, Natural Resource Accounting等问题。论文发表如下：
Market timing of seasoned equity offerings with long regulative process, Journal of Corporate Finance(SSCI), 2016
A survey on market timing in corporate finance, Keizai Ronkyu, 2016
Did China's rare earth export policies work? Empirical evidence from USA and Japan, Resources Policy(SSCI), 2015
论文（2）
The Informational Role of Institutional Cross-holdings along the Supply Chain in the Bond Market
Wenlan Zhang
bet356体育亚洲版在线官网
Abstract:In this study, we examine the role of cross-holding transient institutional investors along the supply chain in disseminating customer information to the bond market. We find that institutional cross-holding significantly alleviates the prediction of lagged customer bond returns to supplier bond returns. The alleviation effect is particularly pronounced for the dependent suppliers that are related with high customer concentration and low customer industry competition, and more opaque information environment. Additional analyses show that customer bond return is positively associated with the supplier bond trading volume of cross-holding investors and the future operating performance of the supplier. Moreover, cross-holding institutional shareholders represent more than a mere proxy for investor attention, leading to their information advantage over bondholders. Our results are robust to a battery of sensitivity tests, including endogeneity concern and aggregated data issue of institutional ownership. Overall, our findings highlight the positive role of cross-holding institutional investors in reducing the information asymmetry between the stock and bond markets and improving the informational efficiency of bond price.
附简历
张文兰博士，bet356体育亚洲版在线官网助理教授。安徽大学管理学学士，厦门大学会计学硕士，香港浸会大学会计学博士。主要研究财务会计、审计、公司理财、客户、供应链会计财务问题。主要工作论文如下：
The role of institutional cross-holdings in supplier-customer relationships (with Yan-Leung Cheung, In-Mu Haw and Bingbing Hu)
The Informational Role of Institutional Cross-holdings along the Supply Chain in the Bond Market (with Yan-Leung Cheung, In-Mu Haw and Weiqiang Tan)
The Effects of the Legal Environment and Auditor Choice on Market Valuation: Evidence from China (with Yan-Leung Cheung, Chi Keung Woo, Ira Horowitz, and Weiqiang Tan)
Nonfinancial Disclosure and Debt Contracting: Evidence on Corporate Social Responsibility Disclosure (with Weiqiang Tan, Albert Tsang, Wenming Wang)
论文（3）
Disclosure Quality, Societal Trust and Market Reactions to Form 20-F Filings of Foreign Firms Listed in the U.S.
Minkang Lu
bet356体育亚洲版在线官网
Abstract:The literature shows that the societal trust affects investors’ information utilization. We examine the societal trust’s impacts on the text specificity in MD&A and forward looking disclosures and its subsequent market reaction around the release of annual report. The evidences support that the level of societal trust is negative related to the quantity of specificity, and the market jointly reacts significantly higher on the information released from high trust societies, even controlling the effect of U.S. investors’ trust difference on other 9 societies. In addition, replacing the proxy of societal trust with investors’ trust difference to redo tests, no significant evidence is found, implying that investors’ trust difference is not the driving factor of our findings. We explain the findings from 2 prospects of valuation and quantity effects. One side, due to the force of social norm and complement to formal institutions, the information’s valuation-relevant effect is high in a high trust society. Another side, the societal trust changes firms’ incentives and possibilities, then alters their voluntary disclosures. These findings suggest that in the scenario of information disclosure and utilization, the societal trust is a kind of trustworthiness instead of the relationship of trust from investors to societies or firms.
附简历
吕敏康博士，bet356体育亚洲版在线官网副教授。中南财经大学管理信息系统专业学士、硕士，会计学博士。主要讲授企业内部控制与风险管理课程，从事宏观财政政策环境对企业微观行为的影响效应、新闻媒体与企业财务报告等文本内容在资本市场中的信息效应等问题的研究，熟悉文本信息的爬取与挖掘技术，在《管理世界》、《会计研究》和《审计研究》发表9篇论文，主持中国博士后科学基金面上项目和特别资助项目、教育部人文社会科学研究基金项目各一项。发表论文如下：
吕敏康、刘拯. 2015. 媒体态度、投资者关注与审计意见.审计研究（3）:64-72.
张琦、吕敏康. 2015. 政府预算公开中的媒体问责有效吗.管理世界（6）:72-84.
张龙平、吕敏康.2014.媒体意见对审计判断的作用机理及影响—基于新闻传播学理论的解释.审计研究（1）:67-75
张琦、张娟和吕敏康.2013.预算制度变迁、网络环境与政府财务信息传导机制.会计研究（12）：25-32
吕敏康、许家林.2012.企业内部控制专家系统研究.会计研究（12）：61-67
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