【会计学院学术讲座】

　　时间：2020年11月4日13:30

　　地点：腾讯会议平台 会议号884 948 573

　　主题1：A family member or a professional manager? The role of social trust in the choice of CEO in family firms

　　报告人：叶婷婷

　　报告人简介：

　　叶婷婷，管理学博士，上海立信会计金融学院会计学院讲师，主要研究方向：公司治理、信息披露、大数据分析。

　　报告内容简介：

　　Using a sample of Chinese listed family firms from 2004 to 2015, we investigate the impact of social trust on family firm’s choice of hiring a professional manager as the chief executive officer (CEO) or leaving the management to a family member. We find that family firms located in a region with a high level of social trust are more likely to appoint family members as their CEOs. And the results remain unchanged when we solve the endogeneity problems and adopt other robust checks. Further, the effect of social trust also works similarly when family firms are choosing the chairperson between family members and outsiders. And the results show that the role of social trust in family firms’ appointment decision will fade in the region with well-developed legal system. Our research links the informal institution and family firms’ governance behavior, enriching the literature of both social trust and family firm.

　　基于社会信任视角，研究其对家族企业传承及相关决策的作用，建立家族企业内部代理冲突与外部社会信任的关联，探讨职业经理人选择偏好的微观生成机制。研究发现，家族企业所在地的社会信任水平影响职业经理人选择，并且在一系列的稳健性检验中，实证结果是一致的。

　　主题2：Trust to another region: Evidence from Chinese sell-side analysts

　　报告人：胡浔

　　报告人简介：

　　胡浔，管理学博士，上海立信会计金融学院会计学院讲师，主要研究领域为中国制度背景下的会计与资本市场行为。

　　报告内容简介：

　　Trust plays a great role in the capital market and hence whether the decision making of professional market players is influenced by their innate trust beliefs worth examining. This paper studies the impact of bilateral trust on sell-side analysts’ resource allocation and information processing decisions in China. Using a survey data to measure trust, we find that analysts are more likely to initiate coverage of firms located in their trusted regions, and conditional on the coverages, they are more likely to conduct site visits of firms located in trusted regions. We then examine information processing by analysts and find that they are prompt or more likely to respond to unaudited quarterly earnings announcement with heavy weight of firms located in trusted regions, and site visits serve as an effective way to update belief. Lastly, we investigate heterogeneity in this trust-forecast relation to better understand the underlying mechanism. Our findings are more pronounced when having high information asymmetry, showing the importance role of trust in the absent of formal institution or sufficient information. Our study highlights how trust belief affects analysts’ information dissemination and provides a possible solution to update this belief.

　　信任在资本市场中起着重要的作用。而专业市场参与者的决策是否受其内在信任信念的影响是值得研究的。本文研究了双边信任对中国卖方分析师资源配置和信息处理决策的影响。本文使用调查数据来衡量信任，结果发现分析师更倾向于对位于其信任地区的公司发布盈利预测。同时，分析师也更倾向于对位于其信任区域的公司进行调研。之后，本文针对分析师的信息处理过程进行了研究。结果发现分析师对他们信任的地区的公司的季度收益公告的反应更迅速，对他们信任的地区的公司季报的盈利预测修正幅度也更大。而针对调研这一特定场景下的分析表明，实地调研可能是一种更新信念的有效方式。最后，我们研究了分析师信任与其盈利预测的关系中的异质性，以更好地理解其内在机制。我们的研究结果发现信任对分析师的影响在分析师与公司之间信息不对称程度较高的情况下更为明显，显示了信任在缺乏正式制度或信息不充分的情况下的重要作用。我们的研究论证了信任信念如何影响分析师的信息传播，并提供了一个可能的解决方案来更新这一信念。

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　　会计学院

　　2020年10月27日