This paper further investigated how property ownership regulates the relation between top management team and corporate social responsibility with upper echelons theory. Samples were chose from data of Chinese A-share listed companies from 2006 to 2014. The results showed that both average ages and salary level ofstate-owned enterprise executives are inversely related to the corporate social responsibility to fulfill; whereas property ownership has no significant regulation to the relationship between average education level of the top management team and corporate social responsibility.

To study the value-relevance of accounting information for business combinations in Chinese capital market, this paper uses Ohlson(1995) residual income valuation model to empirically examine the correlation among the enterprise stock price, consolidated earnings, consolidated book values, goodwill and earnings of combined party that have been realized prior to the combination. Empirical results show that the value-relevance of accounting information for purchase combinations is higher than that for pooling combinations, and accounting method employed is one of the important reasons. Furthermore, we put forward some corresponding policy recommendations to improve the value-relevance of accounting information for pooling combinations.