Based on the data of 923 Chinese listed companies in 2013 to 2014, we investigated the impact of company equity structure on audit fees from the perspective of cross section and period duration. It is found that there...Based on the data of 923 Chinese listed companies in 2013 to 2014, we investigated the impact of company equity structure on audit fees from the perspective of cross section and period duration. It is found that there is a positive correlation between the proportion of state-owned shares in listed companies and audit fees. To be more specific, there is a U-shaped relation between audit fees and equity concentration which is represented by the proportion of the largest shareholder. And the equity restriction ratio, represented by the sum of the proportion of the second largest shareholder to the tenth, has a positive effect on audit fees.展开更多
Quantifying climate damage is essential to informing rational climate policies,but only a few studies have systematically compared the climate damage estimates made by different models,especially for China.In this stu...Quantifying climate damage is essential to informing rational climate policies,but only a few studies have systematically compared the climate damage estimates made by different models,especially for China.In this study,we used three widely applied integrated assessment models-FUND,RICE,and PAGE-to estimate the damage under coupled shared socioeconomic pathways and representative concentration pathways(RCPs).Results show that the costs of climate damage constitute approximately 1.5%and 0.7%of China's GDP and global GDP per 1℃ temperature rise on average,respectively.Mitigation can reduce climate risk by lowering the average estimate and worst-case effects of climate damage.Compared with business-as-usual emissions(RCP8.5),the 2℃ target will reduce the average estimate of climate damage for China and the world by 93%and 87%,respectively,and by 80%and 84%,respectively,in the worst-case situation.Sectorial analysis of climate damage highlights the inconsistency of sector scope and significant parameter uncertainties in damage modules,requiring further improvement to integrate subfield research advances,particularly for damage related to rising sea levels and cooling energy demand.展开更多
文摘Based on the data of 923 Chinese listed companies in 2013 to 2014, we investigated the impact of company equity structure on audit fees from the perspective of cross section and period duration. It is found that there is a positive correlation between the proportion of state-owned shares in listed companies and audit fees. To be more specific, there is a U-shaped relation between audit fees and equity concentration which is represented by the proportion of the largest shareholder. And the equity restriction ratio, represented by the sum of the proportion of the second largest shareholder to the tenth, has a positive effect on audit fees.
基金gratefully acknowledge the financial support of the National Key Research and Development Program of China(2018YFA0606503)the National Natural Science Foundation of China(71673162,71690243).
文摘Quantifying climate damage is essential to informing rational climate policies,but only a few studies have systematically compared the climate damage estimates made by different models,especially for China.In this study,we used three widely applied integrated assessment models-FUND,RICE,and PAGE-to estimate the damage under coupled shared socioeconomic pathways and representative concentration pathways(RCPs).Results show that the costs of climate damage constitute approximately 1.5%and 0.7%of China's GDP and global GDP per 1℃ temperature rise on average,respectively.Mitigation can reduce climate risk by lowering the average estimate and worst-case effects of climate damage.Compared with business-as-usual emissions(RCP8.5),the 2℃ target will reduce the average estimate of climate damage for China and the world by 93%and 87%,respectively,and by 80%and 84%,respectively,in the worst-case situation.Sectorial analysis of climate damage highlights the inconsistency of sector scope and significant parameter uncertainties in damage modules,requiring further improvement to integrate subfield research advances,particularly for damage related to rising sea levels and cooling energy demand.
