مقاله انگلیسی ریسک مرتبط با سیاست و رفتار تامین مالی شرکت ها: شواهدی از شرکت های بورسی چین

این مقاله علمی پژوهشی (ISI) به زبان انگلیسی از نشریه الزویر مربوط به سال ۲۰۲۱ دارای ۹ صفحه انگلیسی با فرمت PDF می باشد در ادامه این صفحه لینک دانلود رایگان مقاله انگلیسی و بخشی از ترجمه فارسی مقاله موجود می باشد.

کد محصول: H721

سال نشر: ۲۰۲۱

نام ناشر (پایگاه داده): الزویر

نام مجله:   Economic Modelling

نوع مقاله: علمی پژوهشی (Research articles)

تعداد صفحه انگلیسی: ۹ صفحه PDF

عنوان کامل فارسی:

مقاله انگلیسی ۲۰۲۱ :  ریسک مرتبط با سیاست و رفتار تامین مالی شرکت ها: شواهدی از شرکت های بورسی چین

عنوان کامل انگلیسی:

Policy-related risk and corporate financing behavior: Evidence from China’s listed companies

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Abstract

Focusing on quarterly data of China’s publicly-listed firms from 2013Q1-2017Q3, this paper presents an exploratory analysis of the causes of corporate financing behavior through the channels of firm-level characteristics, country-level factors, and policy-related risks. The analysis uses multidimensional measures of policyrelated risks, including economic policy uncertainty, geopolitical risk, and political risk. In addition, we assess whether the correlations between policy-related risks and financing activities vary under different financing strategies such as debt financing and equity financing. We also examine how financial constraints and industry differences influence firm financing. The empirical findings indicate policy-related risks can negatively affect corporate financing decisions. The effect of policy-related risk is larger on debt financing than on equity financing. Evidence also reveals that both firm- and country-level factors are essential determinants that guide corporate financing decisions. Finally, the inhibitory influence of policy-related risk is larger for the two separate subsamples of financially constrained firms and manufacturing firms. Knowledge of these impacts can help managers and policymakers to formulate more efficient strategies aimed at improving their economic performance.

Keywords: Policy-related risk, Corporate financing decisions, China

۱.Introduction

 Many researchers and practitioners have studied corporate financing behaviors due to their practical implications for corporate management and firm performance and even for the economy as a whole (e.g., Seo and Chung, 2017; Karpavicius and Yu, 2019). One prominent strand of the literature has focused on identifying the determinants that guide companies to choose their financing strategies (Anderson et al., 2003; Oztekin, 2015; Sun et al., 2016; Lee et al., 2017b). Though the real impacts of firm-specific characteristics including size, profitability, cash flow, and growth opportunity on financing behavior have been proven empirically, it is doubtful whether these firm-level characteristics fully explain financing decisions (de Jong et al., 2008; Graham et al., 2015). From an alternative macro-based angle, the macroeconomic condition and policy implemented by a government are of vital importance for changing the business environments in which firms operate. For example, monetary policy has a pivotal influence on external financing and the discount rates of investment projects (Baum et al., 2009; Panousi and Papanikolaou, 2012). On the one hand, a contractionary monetary policy increases the interest rate and thereby the cost of leverage. On the other hand, higher discount rates lower the investment rate, thus leading to lower demand for external financing. Nevertheless, the influence of country-level factors including macroeconomic conditions and institutional changes have not yet built up any appropriate recognition (Erel et al., 2012; Pindado et al., 2017). Our paper focuses on understanding the influence of firm-specific characteristics and knowing whether country-level factors impact financing behaviors…

۶.Conclusions and implications

 The frequent episodes of volatility due to policy uncertainties in recent decades have attracted intense interest in regards to their impacts on economic and financial activities. Previous empirical research has concluded that these kinds of policy-related risk significantly influence corporate investment activities. Nevertheless, little attention has been paid to how they impact corporate financing in China. Using quarterly data on China’s publicly-listed firms from 2013Q1 to 2017Q3, this paper extends the existing studies by investigating the determinants of corporate financing behavior not only through the channels of firm-level characteristics and country-level factors, but also through a broad array of policy-related risks including economic policy uncertainty, geopolitical risk, and political risk…

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