5.29德勤－复旦会计论坛系列讲座之五十八

5.29德勤－复旦会计论坛系列讲座之五十八

时间：2014年5月29日（周四）下午14：00

地点：史带楼503室

主持人：张新 博士

演讲嘉宾：Ming Yi HUNG  (The Hong Kong University of Science and Technology) 

Title：Mandatory CSR Disclosure and Shareholder Value: Evidence from China 

嘉宾简介：http://www.bm.ust.hk/~acct/staff/acmy.html 

Abstract：This paper examines the effect of mandatory corporate social responsibility (CSR) disclosure on shareholder value in China. Using a difference-in-differences design, we find that firms with mandatory CSR reporting experience a decrease in Tobin’s Q and return on equity after the mandate. We also find that stock markets react negatively to announcements of the CSR mandate for the mandatory CSR reporting firms. Consistent with the notion that the CSR mandate increases operation and cost burden, we find that mandatory CSR reporting firms have higher input cost and lower capital expenditure after the mandate. Furthermore, the negative effect of mandatory CSR reporting is more pronounced among firms that are expected to enjoy less net benefits of CSR activities, including firms in high polluting industries, with non-consumer products, and lower reliance on political networks (i.e., firms with weaker political ties, lower government ownership, and stronger provincial market and legal development). Overall, our evidence suggests that ‘government-led’ CSR activities impose a social/political burden on business activities at the shareholders’ expense.

6.3德勤－复旦会计论坛系列讲座之五十九

时间：2014年6月3日（周二）下午13：30

地点：史带楼302室

主持人：施海娜 副教授

演讲嘉宾：Zheng Wang  (City University of Hong Kong) 

Title：Customers’ Income Smoothing and Suppliers’ Bank Loan Contracting 

Abstract：This study examines whether and how customers’ income smoothing affects suppliers’ bank loan contracting. We find that (1) borrowers whose customers smooth earnings tend to have more favorable loan terms, including lower loan rates, lower likelihood of having collateral requirements, and fewer restrictive covenants; and (2) the above associations between customers’ income smoothing and suppliers’ loan contracting terms are more pronounced when the customer firms have lower managerial equity incentive, are in more concentrated industry, have longer relationship with the supplier and have relatively smaller size. Our findings first provide supporting evidence on the informational role of income smoothing in helping creditors/investors better predict firms’ real financial performance/underlying cash flows. Second, our findings show that income smoothing has economic consequence in the private debt market that extends beyond the firm to its supply chain partners.

会计学系

2014-5-22