Focusing on a sample of 9387 observations in China over the period 2016−2019, this paper empirically examines whether the presentation reform of R&D expenses that is changed from notes to income statements, mitigates corporate financial constraints of Chinese listed companies. Findings offer evidence that the financial constraints of firms decrease after the policy change, which is owing to the alleviation of information asymmetry. Further analysis reveals that the effect of the presentation reform on financial constraints is less prominent among companies that are state‐owned, audited by the “Big four” and of higher institutional ownership. Overall, our study provides evidence supporting the influences of the format reform of financial reports and has implications for information users, regulators, and standard setters.

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This paper uses the data of the China Household Finance Survey 2011 to research the impact of decision effects on household asset allocation. The results show that the family asset allocation significantly influenced by the attitude toward risk adopted by the householder spouse, and the family with lower risk aversion are more likely to hold the risky assets. The education level of the spouse can also affect the household asset allocation decisions significantly. Families with higher spousal education are more likely to invest in risky markets. And the families with same average educational level may have some differences in asset allocation due to the educational level gap. These results may reflect that: When family makes its decision on allocate assets, it may not only consider the investors' characteristics who invest, but also consider the personal characteristics of other members in the family. Although the impact may have some differences, but the final asset allocation is depended on the overall participate ability level of the family. These results can provide a theoretical and empirical basis for China to establish some policies to develop the risky assets market and guide the residential participation in the risky assets market.