Overseas operations and corporate financial asset allocation
作者机构：Central University of Finance and EconomicsChina Beijing Foreign Studies UniversityChina
出 版 物：《China Journal of Accounting Research》 (中国会计学刊（英文版）)
年 卷 期：2024年第17卷第4期
页 面：24-53页
学科分类：0202[经济学-应用经济学] 02[经济学] 020205[经济学-产业经济学]
基 金：support from the National Natural Science Foundation of China(72272164,71872196,72272169) the National Social Science Foundation of China(23&ZD060,21&ZD145,19ZDA098)
主 题：Overseas Operations Financial Asset Allocation Overseas Subsidiaries Physical Investment Risk Aversion
摘 要：Using data on Chinese listed companies for 2008-2018,we find that firms participating in overseas operations,proxied by overseas subsidiaries,generally have higher financial asset allocations than other *** the micro level,the effects are more pronounced when the parent company faces serious financing constraints,has no overseas returned executives,has a business that is inconsistent with that of its overseas subsidiaries and has overseas subsidiaries that experience *** the macro level,the effects are more pronounced when overseas operations are in OECD and Belt and Road countries,or in areas with higher economic or political risks and greater investment opportu*** asset allocation helps mitigate cash flow fluctuations and operational risks for multinational *** study advances research on the determinants of financial asset allocation and has implications relevant to the Chinese government’s“Go Globaland Belt and Road strategies and its efforts to realize a developed financial sector to service the Chinese economy.
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