Using matched firm-level trade and production data over the period 200~2006, we study the produet-destination portfolio and dynamics of Chinese industrial exporters and make a thorough comparison among four types of f...Using matched firm-level trade and production data over the period 200~2006, we study the produet-destination portfolio and dynamics of Chinese industrial exporters and make a thorough comparison among four types of frms and between two kinds of trade modes. We find that ownership structure and trading modes do matter to the destination and product mix choices of Chinese industrial exporters. In particular, foreign frms＇ exports and processing trade tend to be more destination-specific and products are more specialized. Therefore, foreign firms are more likely to maintain a partieular link within a specific＇ global supply chain.展开更多
A typical privately-run enterprise has a mixed ownership structure with. four predominant groups of shareholders the state, legal persons, domestic individuals, and foreign investors. This paper gives an empirical ana...A typical privately-run enterprise has a mixed ownership structure with. four predominant groups of shareholders the state, legal persons, domestic individuals, and foreign investors. This paper gives an empirical analysis on the relationship among ownership concentration, insider shareholding and firm performance in nearly one thousand Chinese privately-run enterprises. The results show： the ownership concentration ratio and the percentage of insider shareholding are ＇inverse U--shaped＇ related to finn performance, respectively, the debt-to-asset ratio is negative related to finn performance, the firm size is positive related to firm performance.展开更多
Based on the behavioral finance theory and the upper echelons theory, this paper employs the data of China's A-share listed companies from 2008 to 2013 as research samples, and empirically tests the effects of man...Based on the behavioral finance theory and the upper echelons theory, this paper employs the data of China's A-share listed companies from 2008 to 2013 as research samples, and empirically tests the effects of managers with different characteristics on debt financing and firm value for enterprises of different ownership nature. Results of this study indicate that the debt financing of the listed companies in China can reduce the agency cost with a positive governance effect that promotes firm value. Male, better educated, short-tenured, and financially experienced managers are more likely to be overconfident and prefer debt financing. Specifically, the manager's age, level of education, and work experience can significantly promote the effect of debt financing on firm value. Compared with SOEs, private enterprises can improve their firm value more significantly through debt financing;the education and work experience of the managers of private enterprises are more positively correlated with debt financing and can more significantly improve firm value through debt financing. This paper's findings suggest that the manager's characteristics and firm ownership nature must be taken into account to reach valid conclusions on the governance effects of debt financing on firm value. Meanwhile, these conclusions help unravel the mechanism and economic implications of debt financing, and contribute to the improvement of the capital structure decisions and human resources management practices of China's listed companies. This study not only enriches the literature and empirical evidence on the correlation between managers' characteristics and firm financing, but indicate that managers' characteristics and firm ownership are important considerations for investigating the governance effects of debt financing on firm value and have a vital impact on the formulation and implementation of firm financing decisions.展开更多
基金funded by the Program for New Century Excellent Talents in Chinese Universities(NCET-2009)the Project of the National Natural Science Foundation of China(No.71272069)+2 种基金the Key Project of the Chinese Ministry of Education(No.12JJD790003 and No.2007JJD790127)the Shanghai Social Sciences Project (2010BJB019)the "985" Project of the State Innovative Institute of Fudan University
文摘Using matched firm-level trade and production data over the period 200~2006, we study the produet-destination portfolio and dynamics of Chinese industrial exporters and make a thorough comparison among four types of frms and between two kinds of trade modes. We find that ownership structure and trading modes do matter to the destination and product mix choices of Chinese industrial exporters. In particular, foreign frms＇ exports and processing trade tend to be more destination-specific and products are more specialized. Therefore, foreign firms are more likely to maintain a partieular link within a specific＇ global supply chain.
文摘A typical privately-run enterprise has a mixed ownership structure with. four predominant groups of shareholders the state, legal persons, domestic individuals, and foreign investors. This paper gives an empirical analysis on the relationship among ownership concentration, insider shareholding and firm performance in nearly one thousand Chinese privately-run enterprises. The results show： the ownership concentration ratio and the percentage of insider shareholding are ＇inverse U--shaped＇ related to finn performance, respectively, the debt-to-asset ratio is negative related to finn performance, the firm size is positive related to firm performance.
文摘Based on the behavioral finance theory and the upper echelons theory, this paper employs the data of China's A-share listed companies from 2008 to 2013 as research samples, and empirically tests the effects of managers with different characteristics on debt financing and firm value for enterprises of different ownership nature. Results of this study indicate that the debt financing of the listed companies in China can reduce the agency cost with a positive governance effect that promotes firm value. Male, better educated, short-tenured, and financially experienced managers are more likely to be overconfident and prefer debt financing. Specifically, the manager's age, level of education, and work experience can significantly promote the effect of debt financing on firm value. Compared with SOEs, private enterprises can improve their firm value more significantly through debt financing;the education and work experience of the managers of private enterprises are more positively correlated with debt financing and can more significantly improve firm value through debt financing. This paper's findings suggest that the manager's characteristics and firm ownership nature must be taken into account to reach valid conclusions on the governance effects of debt financing on firm value. Meanwhile, these conclusions help unravel the mechanism and economic implications of debt financing, and contribute to the improvement of the capital structure decisions and human resources management practices of China's listed companies. This study not only enriches the literature and empirical evidence on the correlation between managers' characteristics and firm financing, but indicate that managers' characteristics and firm ownership are important considerations for investigating the governance effects of debt financing on firm value and have a vital impact on the formulation and implementation of firm financing decisions.
