时 间：12月29日（周三)下午1:30-4:30
地 点; 中北校区小教楼410会议室
报告信息：
（1）报告题目：中央环保督察与股价崩盘风险——来自污染行业企业的证据
报告人：李明辉 华东师范大学经管学部副教授
（2）报告题目：Earnings Quality, Accounting Information Quality, and M&A Premium: Evidence from China
讲座人：国文婷 华东师范大学经管学部博士生
（1）报告题目：中央环保督察与股价崩盘风险——来自污染行业企业的证据
报告人：李明辉
[报告摘要] 中央环保督察是政府和公众十分关注的问题。本文利用污染行业上市公司样本，研究了中央环保督察对股价崩盘风险的影响。结果显示，与非督察地区相比，中央环保督察会通过降低股价泡沫，降低督察地区污染行业企业的股价崩盘风险。上述结论经过一系列稳健性检验后依然成立。上述传导机制在民营企业、信息透明度和信息披露质量较低企业，以及非国家文明城市地区和高晋升激励地区样本中更为有效。我们的研究可为完善环境规制制度、探索拓展环境规制主体范围和内容、及后续中央环保督察的推进提供政策参考。
（2）报告题目：Earnings Quality, Accounting Information Quality, and M&A Premium: Evidence from China
报告人：国文婷
Abstract：We study how the target’s earnings quality affects M&A premiums and how this association is affected by the target’s accounting information quality. Different from existing studies, earnings quality in our paper measured by profitability, sustainability, R&D capability and cash ability, refers to the extent to which earnings meets established criteria or the gold content and the purity of the earnings. By combining several existing individual-level, firm-level, transaction-level and country-level indices, we provide theoretical and empirical evidence that the higher earnings quality of target lead to higher premiums, and the higher accounting information quality enhance the relationship between earnings quality and M&A premiums. Hence, firms should not only pay attention to target’s earnings quality but also to accounting information quality.