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学者姓名：刘亭立
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Abstract ：
This study investigates the effect of economic policy uncertainty on financing efficiency in China's high-tech manufacturing industry from static and dynamic perspectives. Using data envelopment analysis (DEA) and the Malmquist index, we measure financing efficiency and its changes over time. The results show that China's high-tech manufacturing firms exhibit low static financing efficiency, yet they exhibit relatively high dynamic efficiency. A significant positive relationship is found between economic policy uncertainty and both static and dynamic financing efficiency. The uncertainty motivates firms to improve their financing efficiency, mainly by enhancing technical and scale efficiency and by increasing comprehensive efficiency. Moreover, different financing channels, such as commercial credit, equity financing, bank credit, and internal financing, have varied effects on the relationship between economic policy uncertainty and static financing efficiency. This study demonstrates that high-tech manufacturing enterprises can respond to economic policy uncertainty by improving their financing efficiency.
Keyword ：
data envelopment analysis (DEA) data envelopment analysis (DEA) high-tech manufacturing industry high-tech manufacturing industry Malmquist index Malmquist index economic policy uncertainty economic policy uncertainty static-dynamic financing efficiency static-dynamic financing efficiency
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| GB/T 7714 | Liu, Tingli , Chen, Xiao , Liu, Jianing . Economic Policy Uncertainty and Enterprise Financing Efficiency: Evidence from China [J]. | SUSTAINABILITY , 2023 , 15 (11) . |
| MLA | Liu, Tingli 等. "Economic Policy Uncertainty and Enterprise Financing Efficiency: Evidence from China" . | SUSTAINABILITY 15 . 11 (2023) . |
| APA | Liu, Tingli , Chen, Xiao , Liu, Jianing . Economic Policy Uncertainty and Enterprise Financing Efficiency: Evidence from China . | SUSTAINABILITY , 2023 , 15 (11) . |
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Abstract ：
With the development of society and the improvement of environmental consciousness, the performance of corporate environmental responsibility (CER) has elicited increasing attention in recent years. In previous studies, the exploration of the antecedents of CER is far less evident than the exploration of its results, and only few studies have investigated what determines CER engagement from the perspective of supply chain concentration (SCC). Using data from 2413 firms in China from 2013 to 2019, our study uses the fixed effect model and performs multiple robustness tests to examine the impact of SCC on the fulfillment of CER, its transmission mechanism, and the moderating role of technology uncertainty (TU). Empirical results show that SCC has a pivotal negative impact on CER performance, wherein both supplier concentration (SUP) and customer concentration (CUS) are detrimental to CER performance. Further mechanism analysis shows that such negative effect can be explained by the adverse effect of SCC on the operating cash flow (OCF), in which OCF has a partial mediating effect. Moreover, the negative impact of SCC on CER performance is more significant when the uncertainty of firms' technological environment is stronger. Our study opens the transmission "black box" between SCC and CER performance and incorporates the behaviors of firms, inter-firm relationships, and environmental factors into the same research framework, and provides a theoretical guidance for management practices.
Keyword ：
supply chain concentration supply chain concentration corporate environmental responsibility corporate environmental responsibility operating cash flow operating cash flow technology uncertainty technology uncertainty
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| GB/T 7714 | Liu, Tingli , Gao, Hongqiao . Does Supply Chain Concentration Affect the Performance of Corporate Environmental Responsibility? The Moderating Effect of Technology Uncertainty [J]. | SUSTAINABILITY , 2022 , 14 (2) . |
| MLA | Liu, Tingli 等. "Does Supply Chain Concentration Affect the Performance of Corporate Environmental Responsibility? The Moderating Effect of Technology Uncertainty" . | SUSTAINABILITY 14 . 2 (2022) . |
| APA | Liu, Tingli , Gao, Hongqiao . Does Supply Chain Concentration Affect the Performance of Corporate Environmental Responsibility? The Moderating Effect of Technology Uncertainty . | SUSTAINABILITY , 2022 , 14 (2) . |
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Abstract ：
本文基于2015-2019年中国沪深两市A股上市企业数据,将A股纳入MSCI新兴指数视为一项准自然实验,使用PSM-DID方法进行检验,分析纳入MSCI新兴指数对股价崩盘风险的影响及其作用机制.基准结果表明,纳入MSCI指数加剧了A股企业的股价崩盘风险,该影响主要体现在市值规模较小和分析师关注较低的企业中.机制分析表明,投资者情绪高涨是造成股价崩盘风险的主要渠道;提升企业的信息披露质量会显著降低纳入MSCI新兴指数带来的股价崩盘风险.本文不仅为A股纳入MSCI新兴指数的影响提供了经验证据,也为规范上市公司和维护资本市场稳定提供了有益借鉴.
Keyword ：
PSM-DID PSM-DID 股价崩盘风险 股价崩盘风险 MSCI新兴指数 MSCI新兴指数
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| GB/T 7714 | 杨松令 , 杨璐 , 刘亭立 et al. A股纳入MSCI新兴指数对股价崩盘风险的影响 [J]. | 上海金融 , 2021 , (7) : 43-52 . |
| MLA | 杨松令 et al. "A股纳入MSCI新兴指数对股价崩盘风险的影响" . | 上海金融 7 (2021) : 43-52 . |
| APA | 杨松令 , 杨璐 , 刘亭立 , 张秋月 . A股纳入MSCI新兴指数对股价崩盘风险的影响 . | 上海金融 , 2021 , (7) , 43-52 . |
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Abstract ：
文章以2007—2019年我国沪深A股上市公司为样本,研究现金保障天数和企业价值创造能力的关系.与以往研究不同,以现金保障天数来衡量企业的现金持有水平,强调企业持有现金的保障性和现金支付的安全性.研究表明:企业的现金保障天数与价值创造能力正相关.当企业的现金保障天数满足一个现金循环周期时,现金保障天数与企业价值创造能力正相关,反之二者相关性不显著.进一步分析发现,国有企业中现金保障天数与企业价值创造能力显著正相关,但在民营企业中这种关系并不显著.
Keyword ：
现金循环天数 现金循环天数 产权性质 产权性质 现金保障天数 现金保障天数 企业价值 企业价值
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| GB/T 7714 | 张卓然 , 张蕙宁 , 杨松令 et al. 现金保障天数、产权性质与企业价值创造能力 [J]. | 商业会计 , 2021 , (16) : 10-16 . |
| MLA | 张卓然 et al. "现金保障天数、产权性质与企业价值创造能力" . | 商业会计 16 (2021) : 10-16 . |
| APA | 张卓然 , 张蕙宁 , 杨松令 , 刘亭立 . 现金保障天数、产权性质与企业价值创造能力 . | 商业会计 , 2021 , (16) , 10-16 . |
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Abstract ：
在实体企业金融类资产配置程度不断提高的现实背景下,企业金融化逐渐成为学术界和实务界共同关注的焦点,已有成果多聚焦于宏观层面的诱因分析,尚缺乏研究从行为金融视角提供来自新兴市场的微观证据。为此,本文以非金融保险类、非房地产类上市公司为研究对象,通过理论分析、模型推导和实证检验,刻画了行为金融视角下投资者情绪对实体企业金融化的影响路径。研究表明:投资者情绪造成的股票误定价会显著提升实体企业的金融化水平,而企业的股权融资依赖程度和管理者迎合程度会强化二者间的正向关系。进一步研究表明,上述作用关系在不同产权性质的企业间及不同宏观经济环境下均存在显著差异。本文从行为金融角度拓展了实体企业金融化的机理研究...
Keyword ：
行为金融 行为金融 投资者情绪 投资者情绪 股权融资依赖 股权融资依赖 管理者迎合 管理者迎合 实体企业金融化 实体企业金融化
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| GB/T 7714 | 杨松令 , 牛登云 , 刘亭立 et al. 行为金融视角下投资者情绪对实体企业金融化的影响研究 [J]. | 管理评论 , 2021 , 33 (06) : 3-15 . |
| MLA | 杨松令 et al. "行为金融视角下投资者情绪对实体企业金融化的影响研究" . | 管理评论 33 . 06 (2021) : 3-15 . |
| APA | 杨松令 , 牛登云 , 刘亭立 , 王志华 . 行为金融视角下投资者情绪对实体企业金融化的影响研究 . | 管理评论 , 2021 , 33 (06) , 3-15 . |
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Abstract ：
基于广泛存在的连锁董事现实背景,本文定位上市公司在董事网络中的位置,研究网络位置特征对会计信息可比性的影响。研究发现:董事网络位置的优越性提高了会计信息可比性;但网络位置的优越性使得会计信息"劣向可比",即向信息质量更差的方向趋同可比。进一步研究发现,嵌入董事网络的会计信息"劣向可比"具有非对称性特征,在非国有公司、两类代理成本较高与信息环境较差的公司中更为显著。本文证实了会计信息可比性的选择性差异与社会网络的相机治理效应。
Keyword ：
中心度 中心度 会计信息可比性 会计信息可比性 结构洞 结构洞 董事网络 董事网络
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| GB/T 7714 | 刘亭立 , 王妍 , 杨松令 . 嵌入董事网络的公司会计信息可比性研究 [J]. | 上海金融 , 2021 , PageCount-页数: 9 (10) : 55-63 . |
| MLA | 刘亭立 et al. "嵌入董事网络的公司会计信息可比性研究" . | 上海金融 PageCount-页数: 9 . 10 (2021) : 55-63 . |
| APA | 刘亭立 , 王妍 , 杨松令 . 嵌入董事网络的公司会计信息可比性研究 . | 上海金融 , 2021 , PageCount-页数: 9 (10) , 55-63 . |
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Abstract ：
本文以2007-2018年我国新三板企业和上市公司数据为样本,研究新三板转板上市对企业可持续增长的影响.在此基础上分析了研发支出费用化强度和研发支出资本化强度的中介效应,并采用倾向匹配得分方法(PSM)克服样本的选择性偏误.研究结果表明:新三板转板上市公司,更好地利用多层次资本市场进行自我成长,对企业可持续增长存在积极影响;研发投入整体上产生了价值增值效应,转板可以通过增加研发投入,进一步驱动企业的可持续增长;但研发支出费用化强度与研发支出资本化强度产生了差异化中介效应.研发支出费用化强度发挥了价值增值效应,在转板影响企业可持续增长的路径上发挥了正向的中介作用,而研发支出资本化强度则产生了价值折损效应,在转板影响企业可持续增长的传导链条上产生了部分的遮掩效应.
Keyword ：
研发支出资本化强度 研发支出资本化强度 研发支出费用化强度 研发支出费用化强度 可持续增长 可持续增长 新三板转板 新三板转板
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| GB/T 7714 | 杨松令 , 石倩倩 , 刘亭立 et al. 新三板企业转板能否促进企业可持续增长?—基于研发投入的中介效应分析 [J]. | 数理统计与管理 , 2021 , 40 (3) : 450-462 . |
| MLA | 杨松令 et al. "新三板企业转板能否促进企业可持续增长?—基于研发投入的中介效应分析" . | 数理统计与管理 40 . 3 (2021) : 450-462 . |
| APA | 杨松令 , 石倩倩 , 刘亭立 , 张雄 . 新三板企业转板能否促进企业可持续增长?—基于研发投入的中介效应分析 . | 数理统计与管理 , 2021 , 40 (3) , 450-462 . |
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Abstract ：
Purpose Although short selling has been legalized in China for nearly 10 years, due to the existence of short-sale constraints, its impact on corporate governance of listed companies remains unclear. This paper aims to examine the impact of short-sale refinancing on earnings quality after the short-selling constraints have been released. The authors further explore whether this impact is subject to the nature of property rights and shareholding structures. Design/methodology/approach This study is based on a sample of A-share firms in China for the period 2014-2016. The authors use earnings response coefficients (ERC) as a proxy for earnings quality. To empirically examine this issue, a matching sample is generated by using propensity score matching method (PSM) to reduce sample selection bias. Findings This study provides evidence that deregulation of short selling has positive external effect on corporate governance. The results indicate that the potential short-selling opportunities can effectively suppress earnings manipulation and improve earnings quality. However, the impact of short selling on earnings quality varies for companies with different nature of property rights and shareholding structure. Originality/value To the best of the authors' knowledge, this is the first study to investigate the relationship between short selling and earnings quality in the unique setting of short-sale refinancing. This study provides new evidence on the impact of short selling at the micro level and calls for further deregulation of short selling. In addition, this study contributes to existing studies on short-sale refinancing by examining an emerging market.
Keyword ：
Short-sale refinancing Short-sale refinancing Earnings quality Earnings quality Short selling Short selling Propensity score matching Propensity score matching
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| GB/T 7714 | Liu, Tingli , Jiang, Ying , Hao, Lizhong . Short-sale refinancing and earnings response coefficient: evidence from China [J]. | INTERNATIONAL JOURNAL OF ACCOUNTING AND INFORMATION MANAGEMENT , 2020 , 29 (1) : 127-146 . |
| MLA | Liu, Tingli et al. "Short-sale refinancing and earnings response coefficient: evidence from China" . | INTERNATIONAL JOURNAL OF ACCOUNTING AND INFORMATION MANAGEMENT 29 . 1 (2020) : 127-146 . |
| APA | Liu, Tingli , Jiang, Ying , Hao, Lizhong . Short-sale refinancing and earnings response coefficient: evidence from China . | INTERNATIONAL JOURNAL OF ACCOUNTING AND INFORMATION MANAGEMENT , 2020 , 29 (1) , 127-146 . |
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Abstract ：
新冠肺炎疫情给企业的现金流带来了重大影响,很多企业面临资金支付压力.但目前财务分析指标大多强调企业的偿债能力,缺乏有效反映企业维持经营支出能力的指标.通过设立"现金保障天数"指标,以此作为检验公司现金支出能力的预警器.在疫情期间,企业可通过该指标了解自身支付能力,提前做好准备,以防止出现资金链断裂;监管部门也可通过该指标对企业进行监控,对低于一定"现金保障天数"的企业发出预警,实现对企业的精准帮扶.
Keyword ：
支付能力 支付能力 现金 现金 疫情 疫情 财务分析 财务分析 偿债能力 偿债能力 预警 预警
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| GB/T 7714 | 杨松令 , 刘亭立 , 石倩倩 . 以"现金保障天数"作为疫情期间企业健康预警器 [J]. | 财会月刊 , 2020 , (9) : 41-44 . |
| MLA | 杨松令 et al. "以"现金保障天数"作为疫情期间企业健康预警器" . | 财会月刊 9 (2020) : 41-44 . |
| APA | 杨松令 , 刘亭立 , 石倩倩 . 以"现金保障天数"作为疫情期间企业健康预警器 . | 财会月刊 , 2020 , (9) , 41-44 . |
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Abstract ：
本文以战略性新兴企业为研究对象,通过门槛回归模型,检验了金融错配对政府补贴效应的影响。研究发现:(1)由于信息不对称导致的逆向选择和道德风险,政府补贴并非总能促进企业投资效率的提升,即政府补贴效应存在非效率性;(2)金融错配是影响政府补贴效率的主要环境因素;(3)金融错配对政府补贴效果的影响存在显著的非对称倒"U"型双门槛效应:在显著左偏错配区域内,政府补贴具有积极效应,促进企业投资效率的提升;在显著右偏错配区域内,政府补贴的非效率性较为突出。本文研究证实了金融资源配置通过金融加速器对政策引导具有相机调节作用。
Keyword ：
金融错配 金融错配 门槛效应 门槛效应 政府补贴 政府补贴 战略性新兴产业 战略性新兴产业 投资效率 投资效率
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| GB/T 7714 | 刘亭立 , 孔嘉欣 , 杨松令 et al. 政府补贴与投资效率的金融错配门槛效应研究 [J]. | 科学学研究 , 2020 , 38 (03) : 457-465 . |
| MLA | 刘亭立 et al. "政府补贴与投资效率的金融错配门槛效应研究" . | 科学学研究 38 . 03 (2020) : 457-465 . |
| APA | 刘亭立 , 孔嘉欣 , 杨松令 , 蔡娇娇 . 政府补贴与投资效率的金融错配门槛效应研究 . | 科学学研究 , 2020 , 38 (03) , 457-465 . |
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