We explore the relation between government integrity and firms' investment efficiency in the context of China's deepening reforms and its strengthening the social credit system. We find that government integri...We explore the relation between government integrity and firms' investment efficiency in the context of China's deepening reforms and its strengthening the social credit system. We find that government integrity is positively associated with the investment efficiency of listed companies in China. Government integrity is negatively related to corporate underinvestment, but insignificantly related to corporate overinvestment. Higher government integrity reduces underinvestment in non-state-owned firms, but this relation is not significant in state-owned firms. Furthermore, we find that the negative relation between government integrity and underinvestment is only significant for firms in industries that receive supportive government policies. This study enriches research on corporate investment by adopting the perspective of government integrity, and supplements the literature on government integrity and its economic consequences. Our study also provides micro-level empirical evidence that strengthening government integrity will promote the economic transformation of China.展开更多
Since its launch last year, the Chinese Government Public Information Online(CGPIO) platform's basic construction has developed rapidly. This paper describes the technology and service status of the platform, anal...Since its launch last year, the Chinese Government Public Information Online(CGPIO) platform's basic construction has developed rapidly. This paper describes the technology and service status of the platform, analyzes its problems, and details the future development of the alliance platform in the future.展开更多
A complete boundary integral formulation for steady compressible inviscid flows governed by nonlinear equations is established by using ρV as variable. Thus, the dimensionality of the problem to be solved is reduced ...A complete boundary integral formulation for steady compressible inviscid flows governed by nonlinear equations is established by using ρV as variable. Thus, the dimensionality of the problem to be solved is reduced by one and the computational mesh to be generated is needed only on the boundary of the domain.展开更多
This paper explores the positive governance effects of the Procuratorate’s Public Interest Litigation System in China,which combines the powers of litigationand administrative supervision,on the quality of informatio...This paper explores the positive governance effects of the Procuratorate’s Public Interest Litigation System in China,which combines the powers of litigationand administrative supervision,on the quality of information disclosure bylisted state-owned enterprises.We report several findings.(1)The likelihoodthat listed state-owned enterprises would issue financial restatements and participate in financial fraud decreased significantly in areas selected for pilotimplementation.(2)The governance effect is stronger in regulated industriesthan in unregulated industries.After the pilot implementation,the agencycosts decreased,and the increase in legal litigation risks related to false statements faced by enterprises played a deterrent effect.(3)The significance of theabove results is stronger when a company’s external and internal governanceare weaker.This study provides both new evidence of the effectiveness of theintegrated governance mechanism and inspiration for future efforts to widelyimplement this mechanism in the capital market.展开更多
The‘‘International Symposium on Integrated Governance of Large-scale Disaster and Economic Risks’’was held in Qianhai,Shenzhen,China on 13–14 May 2017.The Academy of Disaster Reduction and Emergency Management of...The‘‘International Symposium on Integrated Governance of Large-scale Disaster and Economic Risks’’was held in Qianhai,Shenzhen,China on 13–14 May 2017.The Academy of Disaster Reduction and Emergency Management of Ministry of Civil Affairs and Ministry of Educa-展开更多
基金financial support from the National Natural Science Foundation of China (No.71272198,No.71332004,No.71472047,No.71572038)the Young Scholar Research Project of the Ministry of Education(13YJC630080)+3 种基金the Project of the Priority Academic Program Development of Jiangsu Higher Education Institutions(PAPD)Accounting Master Training Project of the Ministry of Finance(MOF No.15,2016)the Fundamental Research Funds for the Central Universities(No.16wkjc01)Big Research Team Training Project of Sun Yat-sen University
文摘We explore the relation between government integrity and firms' investment efficiency in the context of China's deepening reforms and its strengthening the social credit system. We find that government integrity is positively associated with the investment efficiency of listed companies in China. Government integrity is negatively related to corporate underinvestment, but insignificantly related to corporate overinvestment. Higher government integrity reduces underinvestment in non-state-owned firms, but this relation is not significant in state-owned firms. Furthermore, we find that the negative relation between government integrity and underinvestment is only significant for firms in industries that receive supportive government policies. This study enriches research on corporate investment by adopting the perspective of government integrity, and supplements the literature on government integrity and its economic consequences. Our study also provides micro-level empirical evidence that strengthening government integrity will promote the economic transformation of China.
文摘Since its launch last year, the Chinese Government Public Information Online(CGPIO) platform's basic construction has developed rapidly. This paper describes the technology and service status of the platform, analyzes its problems, and details the future development of the alliance platform in the future.
文摘A complete boundary integral formulation for steady compressible inviscid flows governed by nonlinear equations is established by using ρV as variable. Thus, the dimensionality of the problem to be solved is reduced by one and the computational mesh to be generated is needed only on the boundary of the domain.
基金We appreciate the comments from seminar participants at the Deloitte Touche Tohmatsu-Fudan Accounting Forum(2022).We are also grateful for the helpful comments and suggestions from Zhifeng Tong.The authors acknowledge financial support from the National Natural Science Foundation of China(grant numbers:72272132,71872048)the Natural Science Foundation of Guangdong Province(grant number:2024A1515011061)the Funding by Science and Technology Projects in Guangzhou(project number:2024A04J3765).Professional English language editing support provided by AsiaEdit(asiaedit.com).
文摘This paper explores the positive governance effects of the Procuratorate’s Public Interest Litigation System in China,which combines the powers of litigationand administrative supervision,on the quality of information disclosure bylisted state-owned enterprises.We report several findings.(1)The likelihoodthat listed state-owned enterprises would issue financial restatements and participate in financial fraud decreased significantly in areas selected for pilotimplementation.(2)The governance effect is stronger in regulated industriesthan in unregulated industries.After the pilot implementation,the agencycosts decreased,and the increase in legal litigation risks related to false statements faced by enterprises played a deterrent effect.(3)The significance of theabove results is stronger when a company’s external and internal governanceare weaker.This study provides both new evidence of the effectiveness of theintegrated governance mechanism and inspiration for future efforts to widelyimplement this mechanism in the capital market.
文摘The‘‘International Symposium on Integrated Governance of Large-scale Disaster and Economic Risks’’was held in Qianhai,Shenzhen,China on 13–14 May 2017.The Academy of Disaster Reduction and Emergency Management of Ministry of Civil Affairs and Ministry of Educa-
