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学者姓名：刘亭立
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摘要 ：
We adopt a multilayer networks approach to assess how network structural embeddedness affects corporate technological innovation. Our findings indicate an annual increase in both single-layer and multilayer networks, although adoption of the latter by Chinese listed companies is comparatively low. We found that structural embeddedness of multilayer networks positively impacts corporate technological innovation. By reducing uncertainty within the internal environment, these networks bolster technological innovation. Moreover, such embeddedness notably spurs innovation in non-state-owned companies and those with greater internal transparency and robust external oversight. Our analysis reveals an intermediate effect where structural embeddedness in multilayer networks influences innovation. Our work provides new insights into enhancing innovation capacity via network embeddedness and supplies empirical data on utilizing network resources for innovation. We also offer actionable guidance and policy advice for managers, investors, and policymakers, especially relevant amidst economic transformation and pursuit of technological self-reliance of China.
关键词 ：
technological innovation technological innovation shareholder network shareholder network embeddedness embeddedness director network director network multilayer networks multilayer networks
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| GB/T 7714 | Liu, Tingli , Wang, Qianying , Yang, Songling et al. The Impact of Shareholder and Director Networks on Corporate Technological Innovation: A Multilayer Networks Analysis [J]. | SYSTEMS , 2024 , 12 (2) . |
| MLA | Liu, Tingli et al. "The Impact of Shareholder and Director Networks on Corporate Technological Innovation: A Multilayer Networks Analysis" . | SYSTEMS 12 . 2 (2024) . |
| APA | Liu, Tingli , Wang, Qianying , Yang, Songling , Shi, Qianqian . The Impact of Shareholder and Director Networks on Corporate Technological Innovation: A Multilayer Networks Analysis . | SYSTEMS , 2024 , 12 (2) . |
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摘要 ：
We examine the effect of corporate innovation input and output on analysts' estimates of the cost of equity based on data from public listed Chinese companies between 2007 and 2017. Analysts' estimates of the cost of equity significantly increase with corporate innovation input, whereas their estimates decrease with corporate innovation output, as indicated by this research. The results of additional analysis suggest that the role of corporate innovation input in increasing the estimates of the cost of equity is more significant with an increase in environmental uncertainty and negatively mitigated by strong survival ability. However, the role of corporate innovation output in decreasing analysts' estimates of the cost of equity is not significantly moderated by environmental uncertainty or corporate survival ability. Furthermore, we find that analysts consider financial constraints and information asymmetry when estimating the cost of equity. On this basis, the present study confirms that investors are significantly responsive to analysts' estimates of the cost of equity during investment decision making.
关键词 ：
Analysts' estimates of the cost of equity Analysts' estimates of the cost of equity Innovation output Innovation output Innovation input Innovation input
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| GB/T 7714 | Zhang, Yin , Peng, Hongxing , Liu, Tingli et al. Corporate innovation and analysts' estimates of the cost of equity: Evidence from China [J]. | INTERNATIONAL REVIEW OF ECONOMICS & FINANCE , 2024 , 89 : 83-101 . |
| MLA | Zhang, Yin et al. "Corporate innovation and analysts' estimates of the cost of equity: Evidence from China" . | INTERNATIONAL REVIEW OF ECONOMICS & FINANCE 89 (2024) : 83-101 . |
| APA | Zhang, Yin , Peng, Hongxing , Liu, Tingli , Xie, Kehuang . Corporate innovation and analysts' estimates of the cost of equity: Evidence from China . | INTERNATIONAL REVIEW OF ECONOMICS & FINANCE , 2024 , 89 , 83-101 . |
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摘要 ：
The existing literature predominantly focuses on investor disagreements and their implications for financial returns, but it typically ignores the significant influence of noninvestors (ie, people who do not physically trade securities). In response to this oversight, our study investigates the synchronism and hysteresis between social and investor disagreements, underpinned by an analysis of millions of noninvestmentoriented comments sourced from the Sina Weibo social media platform. For the convenience of research and description, we introduce a novel metric - noninvestor disagreement - that captures this hysteresis. Further, when integrated into an asset pricing model, this metric demonstrates the ability to capture residuals that fall outside the purview of the Fama-French model. Building upon these findings, we outline several investment strategies that not only outperform the market, but also can be symbiotic with other investment strategies, suggesting an inclusive approach to strategic financial decision-making. In summary, this research augments the field of asset pricing and behavioral finance, offering a robust methodology for harnessing information typically overlooked by investors, thus enhancing the interpretive ability of asset pricing models.
关键词 ：
web crawler web crawler social sentiment social sentiment investor disagreement investor disagreement asset pricing asset pricing noninvestor disagreement noninvestor disagreement
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| GB/T 7714 | Liu, Tingli , Liu, JiaNing , Ma, Junjun et al. Uncovering the hidden impact: noninvestor disagreement and its role in asset pricing [J]. | JOURNAL OF RISK , 2023 , 25 (6) : 25-52 . |
| MLA | Liu, Tingli et al. "Uncovering the hidden impact: noninvestor disagreement and its role in asset pricing" . | JOURNAL OF RISK 25 . 6 (2023) : 25-52 . |
| APA | Liu, Tingli , Liu, JiaNing , Ma, Junjun , Tai, Yafei . Uncovering the hidden impact: noninvestor disagreement and its role in asset pricing . | JOURNAL OF RISK , 2023 , 25 (6) , 25-52 . |
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摘要 ：
Drawing on social norm theory, this study delves into the nexus between real earnings manipulation (REM) and Environmental, Social, and Governance (ESG) disclosure within Egypt's emerging capital market. By analyzing data from the S&P/EGX ESG index (2013-2018) through a two-stage regression analysis, we unearth a noteworthy pattern: heightened REM practices correspond with reduced tendencies for ESG sustainability disclosure. Notably, this association is moderated by managerial ownership, which diminishes the negative linkage between REM and ESG transparency. A unique cultural insight emerges, revealing that religiously-aligned firms leverage REM as a risk-mitigation mechanism, leading to curtailed ESG disclosures. Our findings cast a spotlight on a possible managerial tilt towards short-term gains, often overshadowing longterm sustainability imperatives, especially in religiously influenced contexts. As we advance understanding of REM-ESG dynamics in religious emerging markets, our study highlights the pressing need for enhanced sustainability consciousness and accountability in these regions.
关键词 ：
ESG sustainability disclosure ESG sustainability disclosure Emerging markets Emerging markets Real earnings management Real earnings management Social norm theory Social norm theory
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| GB/T 7714 | Liu, Tingli , Abdelbaky, Aya , Elamer, Ahmed A. et al. Real earnings management and ESG disclosure in emerging markets: The moderating effect of managerial ownership from a social norm perspective [J]. | HELIYON , 2023 , 9 (12) . |
| MLA | Liu, Tingli et al. "Real earnings management and ESG disclosure in emerging markets: The moderating effect of managerial ownership from a social norm perspective" . | HELIYON 9 . 12 (2023) . |
| APA | Liu, Tingli , Abdelbaky, Aya , Elamer, Ahmed A. , Elmahgoub, Mohamed . Real earnings management and ESG disclosure in emerging markets: The moderating effect of managerial ownership from a social norm perspective . | HELIYON , 2023 , 9 (12) . |
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摘要 ：
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.
关键词 ：
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 et al. "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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摘要 ：
We empirically examine the impact of economic policy uncertainty (EPU) on the investment decision of China's high-tech manufacturing industry based on the company's investment structure. There are several findings. First, innovation investment and maintenance investment are mutually exclusive. However, enterprise prefers innovation investment when facing higher EPU. Second, excess return, asset irreversibility and external market demand are three important mechanisms of the impact of EPU on the corporate investment decision. Finally, higher financing constraints weaken the impact of EPU on investment decision. Firms with higher capital intensity tend to reduce both innovation investment and maintenance investment when EPU rises. The research shows that when the EPU increases, enterprises in China's high-tech manufacturing industry are more inclined to choose innovation investment.
关键词 ：
Maintenance investment Maintenance investment Innovation investment Innovation investment Economic policy uncertainty Economic policy uncertainty High-tech manufacturing industry High-tech manufacturing industry Investment decision Investment decision
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| GB/T 7714 | Liu, Tingli , Chen, Xiao , Yang, Songling . Economic policy uncertainty and enterprise investment decision: Evidence from China [J]. | PACIFIC-BASIN FINANCE JOURNAL , 2022 , 75 . |
| MLA | Liu, Tingli et al. "Economic policy uncertainty and enterprise investment decision: Evidence from China" . | PACIFIC-BASIN FINANCE JOURNAL 75 (2022) . |
| APA | Liu, Tingli , Chen, Xiao , Yang, Songling . Economic policy uncertainty and enterprise investment decision: Evidence from China . | PACIFIC-BASIN FINANCE JOURNAL , 2022 , 75 . |
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摘要 ：
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.
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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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摘要 ：
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.
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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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摘要 ：
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.
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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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摘要 ：
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.
关键词 ：
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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