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原文：Tseng K, Zhong R I. Standing on the shoulders of giants: Financial reporting comparability and knowledge accumulation[J]. Journal of Accounting and Economics, 2024: 101685.
Standing on the shoulders of giants: Financial reporting comparability and knowledge accumulation
ABSTRACT: This study examines whether and how financial statement comparability facilitates the dissemination of innovative knowledge between firms and stimulates the creation of new knowledge. Using cross-patent citations to track interfirm knowledge transfers, we find that comparability increases firms’ incentives to learn from peers and create new patents that cite their peers’ existing patents. The investigation into the mechanism reveals that comparability improves firms’ ability to estimate the monetary value of peer knowledge and predict their own financial benefits from knowledge acquisition. The impact of comparability is more pronounced when peer knowledge is more publicly accessible or of higher monetary value. Consequently, the acquired knowledge fosters follow-on innovation, enabling firms to produce more patents with greater economic significance. Evidence from two quasi-natural experiments suggests that our findings are plausibly causal. Overall, our study highlights the important role of accounting comparability in facilitating knowledge dissemination.
站在巨人的肩膀上：财务报告可比性与知识积累
摘要：文章探讨财务报表可比性是否以及如何促进创新知识在企业间的传播并刺激新知识的创造。利用交叉专利引用来跟踪企业间的知识转移，文章发现可比性增加了企业向同行学习的动机，并创造了引用同行现有专利的新专利。机制研究表明，可比性提高了企业对同行知识货币价值的估计能力和对自身知识获取带来的经济效益的预测能力。当同行知识更容易公开获取或具有更高的货币价值时，可比性的影响更为明显。因此，获得的知识促进了后续创新，使企业能够创造更多具有更大经济意义的专利。来自两个准自然实验的证据表明，文章的发现具有合理的因果关系。总体而言，文章突出了会计可比性在促进知识传播方面的重要作用。
亮点：（1）文章利用企业间专利交叉引用（例如，一家企业引用其同行的现有专利）来捕捉企业间知识转移的方向和强度以及追踪企业间的知识流动。这种测量方法能够识别出企业选择学习的特定同行，并量化企业从该同行获得的知识量。（2）现有研究多聚焦于公司自身的财务报告特征如何影响其创新决策，该文则揭示了会计实践中的相似性（以财务报表可比性衡量）与知识外溢的重要关联，为理解财务报表可比性的信息效益提供了新的视角。（3）文章利用影响公司财务报表可比性但事先与知识获取无关的外生冲击（取消20-F对账要求和强制性采用国际财务报告准则）缓解了内生性问题。
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原文：Park G. The impact of performance reporting on investment behavior: Evidence from disclosure reform in the U.K.[J]. The Accounting Review, 2024, 99 (4): 427-453.
The impact of performance reporting on investment behavior: Evidence from disclosure reform in the U.K.
ABSTRACT: I examine the real effects of a disclosure mandate that, with the aim of enhancing performance reporting, requires a subset of London Stock Exchange firms to describe operational and strategic aspects of value creation, such as business operations and strategies, in their annual reports. Using an instrumented difference-in-differences design, I find that compliance with this initiative, evidenced by more disclosures of performance measures and commentaries relating to business operations and strategies, promotes intangible investments. My analysis of external and internal control systems suggests that enhanced performance reporting promotes investments because it attracts long-term investors and reduces CEO pay sensitivity to earnings performance.
业绩报告对投资行为的影响：来自英国信息披露改革的证据
摘要：文章研究了一项披露改革的实际效果，该改革旨在加强业绩报告，要求伦敦证券交易所的部分公司在其年度报告中描述价值创造的运营和战略方面，例如业务运营和战略。通过使用工具变量化的DID设计，文章发现遵守这一举措（表现为更多地披露与业务运营和战略相关的业绩指标和评论）可以促进无形资产投资。文章对外部和内部控制系统的分析表明，增强业绩报告可以促进投资，因为它可以吸引长期投资者并降低CEO薪酬对盈利表现的敏感性。
亮点：（1）现有关于信息披露对长期价值创造影响的研究主要集中在资本市场的影响上，而对这种披露的实际影响在很大程度上没有进行探索。文章旨在研究报告任务的实际影响，特别是在美国以外的新环境中。（2）文章提供了一个新的视角，即关注价值创造过程方面的披露可能会抑制短视行为，并促进公司层面对可持续价值创造的讨论。（3）文章表明长期价值创造的强制性披露缓解了市场摩擦，为政策制定者提供了新的监管思路，即要求公司强制披露有关长期价值的信息，然后加强监控和内部控制，这有助于促进公司长期主义行为。
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原文：Scherf A A. How do online conflict disclosures support enforcement? Evidence from personal financial disclosures and public corruption[J]. The Accounting Review, 2024, 99(4): 455-487.
How do online conflict disclosures support enforcement? Evidence from personal financial disclosures and public corruption
ABSTRACT: Public corruption is a concern for democracies around the world. In the U.S., states have responded to this issue by publishing personal financial disclosures (PFDs) for public officials online. PFDs are a conflict-of-interest disclosure designed to relieve agency conflicts between private citizens and government officials by documenting overlaps between officials’ financial interests and public responsibilities. This paper explores whether and how online PFD supports anticorruption enforcement. I present a stylized model illustrating how online PFD leads investigators to increase case referral volume and quality. Empirically, I find that online PFD for local officials is associated with increased referral rates and greater likelihoods of prosecution conditional on referral. I conduct 126 field interviews of federal prosecutors, journalists, and ethics commissions to understand the mechanisms behind these results. I conclude that online PFD supports the enforcement of local corruption by reducing disclosure acquisition costs for enforcement agents.
在线冲突披露如何支持执法？来自个人财务披露和公共腐败的证据
摘要：公共腐败是全世界民主国家关注的问题。在美国，各州通过在线发布公职人员的个人财务披露信息（PFDs）来应对这一问题。PFDs是一种利益冲突披露机制，旨在通过记录官员的经济利益和公共责任之间的重叠部分来缓解普通公民与政府官员之间的代理冲突。文章探讨了在线PFD是否以及如何支持反腐败执法。文章提出了一个程式化的模型，阐明了在线PFD如何引导调查人员提高案件转介数量和质量。文章实证检验发现地方官员的在线PFD与转介率的提高以及根据转介进行起诉的可能性的增加有关。文章对联邦检察官、记者和道德委员会进行了126次实地访谈，以了解这些结果背后的机制。文章的结论是，在线PFD通过降低执法人员的披露获取成本来支持地方反腐败的执法。
亮点：（1）较少有研究关注利益冲突披露是否以及如何有助于监管不当行为。文章研究结果表明，降低公开披露的处理成本可以使监管机构受益。这一结果尤其适用于利用信息披露来解决由财务利益冲突引起的代理问题。（2）现有关于金融不端行为的研究主要集中在民事监管机构。该文通过探索联邦执法人员（美国金融犯罪的主要执法机构人员）如何在反腐败执法中使用财务冲突披露信息，补充了金融犯罪的相关研究。（3）文章提供了关于为什么在线PFD可以直接作为调查工具和间接作为案件证据来支持反腐败的独特见解，为反腐败政策制定者和当地市场参与者提供了经验参考。
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总编：游家兴
解析：陈思佳
审校：陈俊鑫 凌运
编辑：潘芳妍
