We investigate whether government support influences investors' perceptions of firms' financial disclosure. We find that earnings announcements from firms receiving more subsidies are perceived as more reliable by outsiders, eliciting stronger market reactions. Further analysis indicates that this positive effect is more pronounced when firms have poorer corporate governance and greater information asymmetry. Supplementary analysis shows that government support enhances investors' reactions through three possible channels: improving firms' earnings quality, investment efficiency, and market competitiveness. There are implications for the informativeness of firms' financial disclosures and the mechanism that government support on investors' attitude towards the released information.

Abstract. In recent years, the growing prosperity and radical reform of the real estate market in China can be considered as having become an important pillar industry of national economy in our country. As for real estate tax system reform, it should be designed based on various scientific elements, comprehensively perfecting the tax system and evaluating the real estate market problems, evading the phenomenon such as low taxes in the real estate keeping link, tax scope too narrow, unreasonable tax basis and at the same time preventing market speculation, wanton abuse of land resources and the housing bubble etc. This paper hopes to take the existing problems in the real estate tax system reform in our country as the background, mainly discussing the effective strategies of perfecting our country's real estate tax system reform.

We examine how VC's portfolio network shapes portfolio firms' innovation. Through empirical research of the panel data of Chinese listed firms from 2009 to 2016, we find that competitive network ties exert negative impact on portfolio firms' innovation which complements existing research from the perspective of portfolio network. Second, considering the heterogeneity of innovation, we find that the progressive innovation is easier to be impaired by competitive network ties. Third, employing Chinese VC data can open a window to see the role of VC's portfolio network after the invested firm goes public and improve our understanding of VC's role in the latter half of investment cycle.