Journal Publications期刊发表
金融服务型数据平台企业数据资产会计处理——基于数库科技的案例分析
with Rong Huang, Ruoqi Han · Corresponding author黄蓉，陶长风（通讯作者），韩若琦
Management World (管理世界)《管理世界》2025
A case study of ChinaScope, a data-driven financial services platform enterprise listed on the Shanghai Data Exchange, under the Ministry of Finance's provisional guidelines. We discuss the prerequisites for recognizing data resources, analyze the practical challenges in classifying, recognizing, measuring, and disclosing data assets, and develop a recognition framework for data platform enterprises.
以首批在上海数据交易所挂牌的金融服务型数据平台企业数库科技为案例，结合财政部《企业数据资源相关会计处理暂行规定》，明确数据资源入表的先决条件，分析企业在科目归属、成本计量和披露要求等方面面临的问题，并总结数据平台企业的数据资源入表框架。
Recommended citation: Huang, R., Tao, C., & Han, R. (2025). Accounting treatment of data assets in data-driven financial services platform enterprises: A case study based on ChinaScope. Management World, (9), 181–197. (In Chinese)
引用格式：黄蓉，陶长风，韩若琦. (2025). 金融服务型数据平台企业数据资产会计处理——基于数库科技的案例分析. 管理世界, (09), 181–197.
DOI: 10.19744/j.cnki.11-1235/f.2025.0119
with Min Zheng, Rong Huang · First authorChangfeng Tao, Min Zheng, Rong Huang
Asia-Pacific Journal of Accounting & Economics2025
Using the smart manufacturing pilot program (SMPP) as an exogenous shock to firms' AI investments, we find that AI implementation improves corporate ESG performance. The effect is more pronounced for firms with higher ex-ante information resources and human capital, for firms in regions with stronger environmental enforcement and labor protection, and for non-SOE firms.
以智能制造试点项目（SMPP）作为企业 AI 投资的外生冲击，发现 AI 应用提升了企业 ESG 表现。这一效应在事前信息资源和人力资本水平更高的企业、环境执法和劳动保护更强地区的企业以及非国有企业中更明显。
Recommended citation: 引用格式：Tao, C., Zheng, M., & Huang, R. (2025). AI implementation and corporate ESG performance: evidence from SMPP adoption. Asia-Pacific Journal of Accounting & Economics, 1–30.
DOI: 10.1080/16081625.2025.2473334
分析师关注与企业现金持有——基于预防性动机和代理动机视角
with Yating Guo, Jianqiao Hong · First author陶长风，郭雅婷，洪剑峭
Management Accounting Studies (管理会计研究)《管理会计研究》2024
Using non-financial A-share listed companies from 2018 to 2023, we find that analyst following is associated with higher corporate cash holdings. Analyst following mitigates financing constraints and reduces precautionary cash reserves, monitors managers by reducing overinvestment and encouraging R&D, and enhances the value of cash holdings.
以 2018—2023 年沪深 A 股非金融类上市公司为样本，发现分析师关注总体上提高了企业现金持有水平。分析师通过缓解融资约束影响预防性动机，通过监督管理层影响代理动机，抑制超额持现带来的过度投资、促进研发投入，并提升了企业价值。
Recommended citation: Tao, C., Guo, Y., & Hong, J. (2024). Analyst following and corporate cash holdings: A perspective based on precautionary and agency motives. Management Accounting Studies, (6), 28–42. (In Chinese)
引用格式：陶长风，郭雅婷，洪剑峭. (2024). 分析师关注与企业现金持有——基于预防性动机和代理动机视角. 管理会计研究, (06), 28–42.
DOI: 10.20248/j.cnki.mas.2024.06.006
Data Assetization and Valuation Practices: The Case of Jinrun Shuke金润数科的数据资产化及估值实践研究
金润数科的数据资产化及估值实践研究
with Rong Huang, Ruoqi Han黄蓉，韩若琦，陶长风
China Management Accounting Review (中国管理会计)《中国管理会计》2025
A case study combining field interviews and document research. We review the firm's practices in data resource governance and assetization, and value its data assets using the income approach.
以金润数科为案例，结合实地访谈与资料调研，梳理其在数据资源治理和资产化方面的实践探索，并采用收益法对其数据资产进行估值。
Recommended citation: Huang, R., Han, R., & Tao, C. (2025). Data assetization and valuation practices: The case of Jinrun Shuke. China Management Accounting Review, (3), 8–18. (In Chinese)
引用格式：黄蓉，韩若琦，陶长风. (2025). 金润数科的数据资产化及估值实践研究. 中国管理会计, (03), 8–18.
Working Papers工作论文
Generative AI and Accounting Comparability
with Rong Huang, Xiaotao (Kelvin) LiuRong Huang, Xiaotao (Kelvin) Liu, Changfeng Tao
Working Paper工作论文
This study examines whether generative AI affects accounting comparability. We argue that generative AI improves accounting comparability by making financial statements more standardized and more quantitative. Using the release of ChatGPT as a shock and firms' ex-ante workforce exposure to generative AI (GenAI), we find that firms with greater GenAI exposure experience a larger increase in accounting comparability after the release. The effect comes from GenAI's ability to process text rather than code or images. Using XBRL filings and a novel measure of the similarity of quantitative disclosure in the notes, we show that greater use of standard XBRL concepts shared with industry peers and more similar quantitative disclosure partially mediate the effect. The effect is more pronounced for firms with more accounting judgment, greater operating uncertainty, more generative AI use in financial reporting, and fewer accounting employees. Our results are robust to controlling for changes in high-tech industries, using a shorter sample window, including firm fixed effects, and using an alternative measure of accounting comparability. Overall, our study suggests that generative AI shapes how preparers apply accounting standards, which in turn makes financial statements more comparable.
本文检验生成式人工智能是否影响会计信息可比性。我们认为，生成式人工智能使财务报表更标准化、更定量化，从而提高了会计信息可比性。以 ChatGPT 发布作为冲击，并结合企业员工事前的生成式人工智能（GenAI）暴露度，我们发现暴露度更高的企业在发布后可比性提升更大。这一效应来自 GenAI 处理文本的能力，而非处理代码或图像的能力。基于 XBRL 文件和附注定量披露相似度的新指标，我们发现更多使用与行业同行相同的标准 XBRL 概念、定量披露更相似，部分中介了这一效应。该效应在会计判断更多、经营不确定性更高、财务报告中生成式人工智能使用更多、会计人员更少的企业中更明显。控制高科技行业的变化、缩短样本窗口、加入企业固定效应以及使用替代的会计可比性指标后，结果依然稳健。总体而言，生成式人工智能影响了报表编制者应用会计准则的方式，进而使财务报表更具可比性。
with Rong Huang, Min ZhengRong Huang, Changfeng Tao, Min Zheng
Working Paper工作论文
In this study, we examine whether and how artificial intelligence (AI) implementation impacts the interfirm spillover of green innovation. We posit that AI implementation by focal firms enhances their green innovation, which in turn spills over to peer firms through improved information learning and heightened competitive pressure. Exploiting the staggered adoption of China's smart manufacturing pilot program (SMPP) as an exogenous shock to pilot firms' (focal firms') AI investment, we document that AI implementation by focal firms increases subsequent green innovation among peer firms, suggesting that AI facilitates the interfirm diffusion of green innovation. Moreover, we find that the spillover effect is more pronounced when peer firms have higher comparability with focal firms in green technology and AI-related resources, such as IT capital and human capital, consistent with stronger effects from information learning and competitive pressure. Our results are robust to conducting the parallel trends analysis, using directional interfirm green patent citations to capture knowledge flows, employing textual measures of AI implementation, adopting a stacked difference-in-differences design, and performing a placebo test. Overall, our study provides novel evidence on whether and how AI technologies foster the interfirm diffusion of green innovation, offering important insights for leveraging AI to advance sustainable development.
本文检验人工智能（AI）应用是否以及如何影响绿色创新在企业间的溢出。我们认为，焦点企业应用 AI 能提升其绿色创新，并通过改善信息学习和加剧竞争压力溢出到同行企业。以中国智能制造试点项目（SMPP）的分批实施作为试点企业（焦点企业）AI 投资的外生冲击，我们发现焦点企业应用 AI 提高了同行企业随后的绿色创新，说明 AI 促进了绿色创新在企业间的扩散。进一步，当同行企业与焦点企业在绿色技术以及 IT 资本、人力资本等 AI 相关资源上的可比性更高时，溢出效应更明显，这与信息学习和竞争压力的作用更强相一致。平行趋势检验、用有方向的企业间绿色专利引用刻画知识流动、采用 AI 应用的文本指标、堆叠双重差分设计以及安慰剂检验均支持上述结果。本文为 AI 技术是否以及如何促进绿色创新在企业间扩散提供了新证据，对利用 AI 推动可持续发展具有启示。
SSRN: 6539878
Walking the Talk? Identifying AI Washing and Its Economic Consequences听其言观其行：人工智能漂洗的识别与经济后果
听其言观其行：人工智能漂洗的识别与经济后果
with Rong Huang · Corresponding author黄蓉，陶长风（通讯作者）
Working Paper工作论文
The Regulatory Effects of AI-Related Comment Letters人工智能主题问询函的监管效应研究
人工智能主题问询函的监管效应研究
Doctoral Dissertation博士论文
This dissertation examines whether AI-related comment letters change firms' AI disclosure. I build a letter-level dataset covering more than 20,000 comment letters and replies from the Shanghai and Shenzhen Stock Exchanges, construct text-based measures of inquiry intensity, inquiry topics, and reply stance, and identify AI-related letters with a dictionary method. Relative to firms that receive comment letters on other matters, firms that receive an AI-related comment letter significantly reduce AI disclosure in the next year's MD&A. The reduction comes from generic statements about industry trends and future plans, not from substantive content about the firm's own AI applications or products. The effect is concentrated where regulatory enforcement is stronger and the comment letter is more demanding, and it is muted among firms with highly speculative trading or a high share-pledge ratio of the controlling shareholder. As for economic consequences, after receiving an AI-related comment letter, firms' next-year annual reports become more readable and their information disclosure ratings rise.
检验人工智能主题问询函能否改变企业的人工智能信息披露。自建覆盖沪深两市两万余封交易所问询函与回函的函件级数据集，构建问询强度、问询主题与回函立场等文本指标，以词典法识别人工智能相关问询函。研究发现，与因其他事项被问询的公司相比，公司收到人工智能问询函后，下一年年报“管理层讨论与分析”中的人工智能披露显著减少；减少的主要是行业趋势、前瞻计划一类的泛化表述，涉及自身应用、自研产品等实质性内容并未减少。这一效应集中在监管与执法较严、问询更具体的情形，在股价投机性强、控股股东股权质押比例高的公司中不明显。经济后果方面，收到人工智能问询函后，公司下一年年报的可读性提高，信息披露评分等级上升。
About the data →了解这份数据 →
Geopolitical Risks and Cost Stickiness
with Rong Huang, Xiao Li, Hong WuRong Huang, Xiao Li, Changfeng Tao, Hong Wu
Working Paper工作论文
We examine how geopolitical risk affects corporate cost stickiness. Using a global panel of firms from 2008 to 2024 and weighting country-level geopolitical risk by each firm's geographic revenue shares, we find that firms with greater exposure exhibit stickier costs and that costs became stickier at firms incorporated in countries neighboring Russia and Ukraine after the outbreak of the war; the relation is stronger where employment protection is stronger, trade is more open, and sentiment is more optimistic. We find evidence of a labor channel: when sales fall, more exposed firms reduce their workforce by less, especially firms with more senior workforces. Firms also reallocate labor across countries: net employee inflows to a country fall when its own geopolitical risk rises and increase when risk rises in the firm's other countries. Finally, during sales declines, retaining employees leads to higher subsequent performance at more exposed firms.
本文研究地缘政治风险如何影响企业的成本粘性。基于 2008–2024 年的全球企业面板，我们以企业在各国的收入占比加权国家地缘政治风险指数，发现风险敞口更高的企业成本粘性更强，俄乌战争爆发后，注册在俄乌邻国的企业成本粘性也相对上升；这一关系在雇员保护更强、贸易更开放、乐观情绪更高时更明显。我们发现了劳动力渠道的证据：销售下滑时，风险敞口更高的企业减员更少，在员工资历较高的企业中尤为明显。企业还在跨国之间调配员工：一国风险上升时，企业流入该国的员工净额下降，而企业其他国家风险上升时，流入该国的员工净额上升。经济后果方面，销售下滑时，风险敞口更高的企业保留员工带来更高的后续业绩。