With the measurement of dividend payout ratio, logistic regression index value and the firm size financing constraints, this paper investigated the investment behavior of China’s manufacturing firms over the period f...With the measurement of dividend payout ratio, logistic regression index value and the firm size financing constraints, this paper investigated the investment behavior of China’s manufacturing firms over the period from 1998 to 2003, and the relationship between financing constraints and corporate investment using the OLS regression method. The empirical evidence shows that there are certain extent financing constraints in China’s manufacturing firms, but the results are different with different variables to measure the financing constraints.展开更多
Taking A-share listed companies in Shanghai and Shenzhen from 2007 to 2018 as samples,this paper analyzes the influence of CEO’s academic experience on corporate financing constraints.The empirical results show that ...Taking A-share listed companies in Shanghai and Shenzhen from 2007 to 2018 as samples,this paper analyzes the influence of CEO’s academic experience on corporate financing constraints.The empirical results show that there is a negative correlation between CEO’s academic experience and enterprise financing constraint level.Compared with state-owned enterprises,the academic experience of CEO in private enterprises is significantly negatively correlated with the level of corporate financing constraints.It also suggests that CEO’s academic experience can significantly reduce the level of financing constraints in the company samples audited by accounting firms(not Big 4).The conclusion of this paper is helpful to enrich the research of manager characteristics and corporate governance.At the same time,the research in this paper has reference significance for enterprises to ease the level of financing constraints.展开更多
Given the increasing focus on global sustainable development, many enterprises in developing countries such as China participate in green governance and scale up their green investment;however, many enterprises still ...Given the increasing focus on global sustainable development, many enterprises in developing countries such as China participate in green governance and scale up their green investment;however, many enterprises still experience financing difficulties. Our study investigates whether green governance can mitigate corporate financing constraints. Using a sample of Chinese, A-share listed, high-pollution enterprises from 2013 to 2018, we find that corporate green governance practices, including environmental performance and information disclosure, ease corporate financing constraints. This effect is pronounced in areas with high levels of financial development and for stateowned enterprises. This paper not only proposes a channel for alleviating enterprises’ financing constraints but also reveals the importance of industrial transformation and emissions reduction for energy-intensive industries in emerging markets.展开更多
In this paper,two investment modes,greenfield investment and cross-border mergers and acquisitions,are introduced on the basis of Manova(2008),and it is found that enterprises with less financing constraints tend to c...In this paper,two investment modes,greenfield investment and cross-border mergers and acquisitions,are introduced on the basis of Manova(2008),and it is found that enterprises with less financing constraints tend to choose cross-border mergers and acquisitions.Therefore,this paper takes Chinese industrial enterprises that conducted cross-border mergers and acquisitions and greenfield investment in 2003−2010 as examples to test the above hypothesis.The result shows that enterprises with lower financing constraints are more likely to choose cross-border mergers and acquisitions,while those with stronger constraints choose greenfield investment.More specifi cally,a 1%reduction in financing constraints raises the probability of choosing cross-border mergers and acquisitions by 2.51%.The authors also find that the influence of financing constraints varies under different investment motivation.For business service and production-related investment,enterprises with lower financing constraints tend to choose cross-border mergers and acquisitions;while for R&D investment,financing constraints have no impact on the choice of investment mode.展开更多
This study examined whether family-owned firms have advantages for accessing external financial sources for growth.Especially in developing countries with imperfect markets,firms can face difficulties accessing extern...This study examined whether family-owned firms have advantages for accessing external financial sources for growth.Especially in developing countries with imperfect markets,firms can face difficulties accessing external financing sources;however,family-owned firms might have some advantages in this regard over nonfamily firms.Unlike previous studies,this study considered that,in the Turkish context,nonfamily firms are financially constrained while family firms are not.To examine this hypothesis,we used the generalized method of moments(GMM)approach to analyze panel data from 2006 to 2017.The findings showed that financing constraints were a significant obstacle to growth for nonfamily-owned manufacturing firms while the effect was not present for family firms since they are controlled by large,well-established family groups.These results elucidate the relationship between corporate ownership and growth among Turkish firms,especially those with strong links to large family-owned corporations.The results also revealed that reputation and network may facilitate easier access to external financing sources,especially when considering the“Big Six”family ties of firms.展开更多
This paper used the Chinese listing Corporation financial data （2003-2013） to study the relationship between the supply chain finance development, SME financing constraints and cash flow. The study found that the sm...This paper used the Chinese listing Corporation financial data （2003-2013） to study the relationship between the supply chain finance development, SME financing constraints and cash flow. The study found that the small and medium-sized enterprise has obvious cash flow sensitivity, explaining it is subjected to the larger financing constraints. The development of supply chain finance can alleviate the financing constraints of SMEs, but for large enterprises it is unable to play a corresponding role.展开更多
In China,the integration of digital technology and finance has gradually formed a digital supply mode of inclusive finance,which alleviates the financing limitations of small and medium-sized businesses to a certain e...In China,the integration of digital technology and finance has gradually formed a digital supply mode of inclusive finance,which alleviates the financing limitations of small and medium-sized businesses to a certain extent and is significant for enterprise innovation activities that need financial support.Under the National Innovation-driven Development Strategy,it is particularly meaningful to evaluate whether digital inclusive finance can foster company innovation.This article empirically evaluates the impact of digital inclusive finance on firm innovation and development using data from all listed companies on the Shanghai Stock Exchange and Shenzhen Stock Exchange from 2011 to 2018 together with the city level digital inclusive finance index.The result shows how digital inclusive financing may support businesses’innovative processes,and its role in promoting innovation differs among enterprises of different scales,but such heterogeneity effect can be absorbed by industry effect and time effect.The result of this paper sheds lights on the role of digital inclusive finance in improving enterprise performance by solving the financing dilemma of them,and according to the empirical results,this paper suggests that the support for digital inclusive finance should be further improved in order to promote the good and healthy development of the real economy,which refers to the part of a country’s economy that produces goods and services,rather than the part that consists of financial services such as banks and stock markets.展开更多
In recent years,the frequent adjustment of the government’s economic policies and the uncertainty of foreign economic situations have made the degree of uncertainty of China’s economic policies rise continuously.The...In recent years,the frequent adjustment of the government’s economic policies and the uncertainty of foreign economic situations have made the degree of uncertainty of China’s economic policies rise continuously.The increasing degree of policy uncertainty will inevitably affect the investment and financing decisions of micro enterprises.Then,how does economic policy uncertainty(EPU)affect mergers and acquisitions(M&A)behavior?What’s the mechanism?Based on the above questions,this paper uses the data of non-financial listed companies in the Shanghai and Shenzhen stock exchanges from 2008 to 2018 as a sample to explore the relationship between EPU and M&A.The study shows that rising EPU will promote corporate M&A behavior,and this effect is more significant in slow-growth companies.The relationship between EPU and M&A is affected by corporate governance,stock price volatility and financing constraints.Specifically,the company’s M&A size is more sensitive to EPU with higher level of corporate governance,higher level of stock price volatility,and lesser financing constraints.Further research shows that the rise of EPU will significantly promote the improvement of M&A performance in the short-term,but this effect does not exist in the long-term.Various robustness checks do not change the empirical results of this paper.展开更多
The deep integration of artificial intelligence(AI)into enterprises presents both opportunities and challenges,making it a focal point of current research.This study explores the impact of AI on corporate risk-taking,...The deep integration of artificial intelligence(AI)into enterprises presents both opportunities and challenges,making it a focal point of current research.This study explores the impact of AI on corporate risk-taking,using data spanning 2010-2019 from A-share listed companies in China.Our findings suggest that AI significantly heightens companies’level of risk-taking.Furthermore,financing constraints can amplify the relationship between AI and risk-taking,enhancing their sensitivity correlation.AI also significantly improves firms’investment efficiency and mitigates their underinvestment issues.Finally,mediation tests indicate that AI enhances risk-taking by diminishing firms’risk perception.Overall,we offer valuable insights into and references for accelerating the deep integration of AI into enterprises.展开更多
As the number of“ownerless”enterprises in China’s capital market increases,so does the importance of paying attention to their behavior.From the perspective of enterprises’control rights allocation,we find that no...As the number of“ownerless”enterprises in China’s capital market increases,so does the importance of paying attention to their behavior.From the perspective of enterprises’control rights allocation,we find that non-actual controllers can inhibit corporate innovation by intensifying agency conflicts,reducing corporate risk-taking and strengthening financing constraints.We also find that a larger proportion of independent directors,higher audit quality,greater managerial ownership and less environmental uncertainty weaken the negative effect of non-actual controllers on corporate innovation.In contrast,multiple large shareholders strengthen the inhibitory effect of nonactual controllers on corporate innovation,but this inhibitory effect comes from over-supervision rather than from collusion.We further divide nonactual controllers into real and hidden types and find that real non-actual controllers still have a significant inhibitory effect on corporate innovation.Finally,we rule out the competitive explanation of equity dispersion,whereby non-actual controllers inhibit corporate innovation.This study enriches the literature on the factors influencing corporate innovation and provides evidence of the adverse impact of non-actual controllers.展开更多
This paper examines the impact of financial market development on firm R&D investment.Using hand-collected R&D investment data of 221 high-tech firms listed in China’s small and mediumsized board in the perio...This paper examines the impact of financial market development on firm R&D investment.Using hand-collected R&D investment data of 221 high-tech firms listed in China’s small and mediumsized board in the period of 2009–2015,we find that equity financing,particularly internal cash flow,is the main source for R&D investment of high-tech firms.Mature firms make more use of debt financing than young ones and are faced with less severe financial constraints.The development of financial markets relieves the dependence of R&D investment on internal capital,and the effect is more recognisable in young firms than in mature ones.However,the constraint of debt financing is not alleviated as much as that of equity financing by financial deepening,which suggests that debt markets still need developing,and more favourable policies are necessary for innovative firms.展开更多
基金Funded by the Natural Science Foundation of China (No. 70372041).
文摘With the measurement of dividend payout ratio, logistic regression index value and the firm size financing constraints, this paper investigated the investment behavior of China’s manufacturing firms over the period from 1998 to 2003, and the relationship between financing constraints and corporate investment using the OLS regression method. The empirical evidence shows that there are certain extent financing constraints in China’s manufacturing firms, but the results are different with different variables to measure the financing constraints.
文摘Taking A-share listed companies in Shanghai and Shenzhen from 2007 to 2018 as samples,this paper analyzes the influence of CEO’s academic experience on corporate financing constraints.The empirical results show that there is a negative correlation between CEO’s academic experience and enterprise financing constraint level.Compared with state-owned enterprises,the academic experience of CEO in private enterprises is significantly negatively correlated with the level of corporate financing constraints.It also suggests that CEO’s academic experience can significantly reduce the level of financing constraints in the company samples audited by accounting firms(not Big 4).The conclusion of this paper is helpful to enrich the research of manager characteristics and corporate governance.At the same time,the research in this paper has reference significance for enterprises to ease the level of financing constraints.
文摘Given the increasing focus on global sustainable development, many enterprises in developing countries such as China participate in green governance and scale up their green investment;however, many enterprises still experience financing difficulties. Our study investigates whether green governance can mitigate corporate financing constraints. Using a sample of Chinese, A-share listed, high-pollution enterprises from 2013 to 2018, we find that corporate green governance practices, including environmental performance and information disclosure, ease corporate financing constraints. This effect is pronounced in areas with high levels of financial development and for stateowned enterprises. This paper not only proposes a channel for alleviating enterprises’ financing constraints but also reveals the importance of industrial transformation and emissions reduction for energy-intensive industries in emerging markets.
基金The General Program of National Natural Science Foundation“Outward Foreign Direct Investment Mode Choice of Chinese Enterprises and Internationalization Features Studies”(71973112).
文摘In this paper,two investment modes,greenfield investment and cross-border mergers and acquisitions,are introduced on the basis of Manova(2008),and it is found that enterprises with less financing constraints tend to choose cross-border mergers and acquisitions.Therefore,this paper takes Chinese industrial enterprises that conducted cross-border mergers and acquisitions and greenfield investment in 2003−2010 as examples to test the above hypothesis.The result shows that enterprises with lower financing constraints are more likely to choose cross-border mergers and acquisitions,while those with stronger constraints choose greenfield investment.More specifi cally,a 1%reduction in financing constraints raises the probability of choosing cross-border mergers and acquisitions by 2.51%.The authors also find that the influence of financing constraints varies under different investment motivation.For business service and production-related investment,enterprises with lower financing constraints tend to choose cross-border mergers and acquisitions;while for R&D investment,financing constraints have no impact on the choice of investment mode.
文摘This study examined whether family-owned firms have advantages for accessing external financial sources for growth.Especially in developing countries with imperfect markets,firms can face difficulties accessing external financing sources;however,family-owned firms might have some advantages in this regard over nonfamily firms.Unlike previous studies,this study considered that,in the Turkish context,nonfamily firms are financially constrained while family firms are not.To examine this hypothesis,we used the generalized method of moments(GMM)approach to analyze panel data from 2006 to 2017.The findings showed that financing constraints were a significant obstacle to growth for nonfamily-owned manufacturing firms while the effect was not present for family firms since they are controlled by large,well-established family groups.These results elucidate the relationship between corporate ownership and growth among Turkish firms,especially those with strong links to large family-owned corporations.The results also revealed that reputation and network may facilitate easier access to external financing sources,especially when considering the“Big Six”family ties of firms.
文摘This paper used the Chinese listing Corporation financial data （2003-2013） to study the relationship between the supply chain finance development, SME financing constraints and cash flow. The study found that the small and medium-sized enterprise has obvious cash flow sensitivity, explaining it is subjected to the larger financing constraints. The development of supply chain finance can alleviate the financing constraints of SMEs, but for large enterprises it is unable to play a corresponding role.
文摘In China,the integration of digital technology and finance has gradually formed a digital supply mode of inclusive finance,which alleviates the financing limitations of small and medium-sized businesses to a certain extent and is significant for enterprise innovation activities that need financial support.Under the National Innovation-driven Development Strategy,it is particularly meaningful to evaluate whether digital inclusive finance can foster company innovation.This article empirically evaluates the impact of digital inclusive finance on firm innovation and development using data from all listed companies on the Shanghai Stock Exchange and Shenzhen Stock Exchange from 2011 to 2018 together with the city level digital inclusive finance index.The result shows how digital inclusive financing may support businesses’innovative processes,and its role in promoting innovation differs among enterprises of different scales,but such heterogeneity effect can be absorbed by industry effect and time effect.The result of this paper sheds lights on the role of digital inclusive finance in improving enterprise performance by solving the financing dilemma of them,and according to the empirical results,this paper suggests that the support for digital inclusive finance should be further improved in order to promote the good and healthy development of the real economy,which refers to the part of a country’s economy that produces goods and services,rather than the part that consists of financial services such as banks and stock markets.
文摘In recent years,the frequent adjustment of the government’s economic policies and the uncertainty of foreign economic situations have made the degree of uncertainty of China’s economic policies rise continuously.The increasing degree of policy uncertainty will inevitably affect the investment and financing decisions of micro enterprises.Then,how does economic policy uncertainty(EPU)affect mergers and acquisitions(M&A)behavior?What’s the mechanism?Based on the above questions,this paper uses the data of non-financial listed companies in the Shanghai and Shenzhen stock exchanges from 2008 to 2018 as a sample to explore the relationship between EPU and M&A.The study shows that rising EPU will promote corporate M&A behavior,and this effect is more significant in slow-growth companies.The relationship between EPU and M&A is affected by corporate governance,stock price volatility and financing constraints.Specifically,the company’s M&A size is more sensitive to EPU with higher level of corporate governance,higher level of stock price volatility,and lesser financing constraints.Further research shows that the rise of EPU will significantly promote the improvement of M&A performance in the short-term,but this effect does not exist in the long-term.Various robustness checks do not change the empirical results of this paper.
基金funded by the National Natural Science Foundation of China(No.72262033,72062033)the Ministry of Education of Humanities and Social Science Project(No.20YJC630043)+1 种基金the Yunnan Philosophy Social Science Project(No.ZD202212)the Yunnan Provincial Department of Education New Community Governance Science and Technology Innovation Team.
文摘The deep integration of artificial intelligence(AI)into enterprises presents both opportunities and challenges,making it a focal point of current research.This study explores the impact of AI on corporate risk-taking,using data spanning 2010-2019 from A-share listed companies in China.Our findings suggest that AI significantly heightens companies’level of risk-taking.Furthermore,financing constraints can amplify the relationship between AI and risk-taking,enhancing their sensitivity correlation.AI also significantly improves firms’investment efficiency and mitigates their underinvestment issues.Finally,mediation tests indicate that AI enhances risk-taking by diminishing firms’risk perception.Overall,we offer valuable insights into and references for accelerating the deep integration of AI into enterprises.
基金the financial support from the National Natural Science Foundation of China(No.72172063,No.71772094)
文摘As the number of“ownerless”enterprises in China’s capital market increases,so does the importance of paying attention to their behavior.From the perspective of enterprises’control rights allocation,we find that non-actual controllers can inhibit corporate innovation by intensifying agency conflicts,reducing corporate risk-taking and strengthening financing constraints.We also find that a larger proportion of independent directors,higher audit quality,greater managerial ownership and less environmental uncertainty weaken the negative effect of non-actual controllers on corporate innovation.In contrast,multiple large shareholders strengthen the inhibitory effect of nonactual controllers on corporate innovation,but this inhibitory effect comes from over-supervision rather than from collusion.We further divide nonactual controllers into real and hidden types and find that real non-actual controllers still have a significant inhibitory effect on corporate innovation.Finally,we rule out the competitive explanation of equity dispersion,whereby non-actual controllers inhibit corporate innovation.This study enriches the literature on the factors influencing corporate innovation and provides evidence of the adverse impact of non-actual controllers.
基金This paper is supported by the Fundamental Research Funds for the Central Universities,and the Research Funds of Renmin University of China[No.15XNI010].
文摘This paper examines the impact of financial market development on firm R&D investment.Using hand-collected R&D investment data of 221 high-tech firms listed in China’s small and mediumsized board in the period of 2009–2015,we find that equity financing,particularly internal cash flow,is the main source for R&D investment of high-tech firms.Mature firms make more use of debt financing than young ones and are faced with less severe financial constraints.The development of financial markets relieves the dependence of R&D investment on internal capital,and the effect is more recognisable in young firms than in mature ones.However,the constraint of debt financing is not alleviated as much as that of equity financing by financial deepening,which suggests that debt markets still need developing,and more favourable policies are necessary for innovative firms.
