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Climate policy uncertainty and corporate investment:evidence from the Chinese energy industry

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Carbon Neutrality 2022年第1期1卷 439-449页

作者： Xiaohang Ren Yukun Shi Chenglu Jin School of Business Central South UniversityChangsha 410083HunanChina Adam Smith Business School University of GlasgowGlasgow G128QQUK School of Finance Zhejiang University of Finance and EconomicsHangzhou 310018China

In recent years,with the increasing attention paid to climate risks,the changes in climate policies are also more full of uncertainties,which have brought tremendous impact to economic entities,including *** the dynamic threshold model,this study investigates the nonlinear and the asymmetric effect of climate policy uncertainty on Chinese firm investment decisions with panel data of 128 Chinese energy-related companies from 2007 to *** empirical findings indicate that the influence of climate policy uncertainty on firm investment is significantly ***,climate policy uncertainty is not apparently related to corporate investments in the high-level range,while it negatively affects the investments in the low-level *** addition,to be more specific,the negative impact of climate policy uncertainty on the mining industry is tremendous,while the influence on the production and supply of electricity,heat,gas,and water sector is remarkably *** results of this study could help the company managers and policymakers to arrange appropriate related strategies under different climate policy conditions.

关键词： Dynamic threshold model Climate policy uncertainty corporate investment

Peer effects in decision-making:Evidence from corporate investment

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China Journal of Accounting Research 2017年第2期10卷 167-188页

作者： Shenglan Chen Hui Ma School of Economics and Management Inner Mongolia University School of Accountancy Shanghai University of Financial and Economics

We show that peer effects influence corporate investment decisions. Using a sample of China's listed firms from 1999 to 2012, we show that a one standard deviation increase in peer firms' investments is associated with a 4% increase in firm i's investments. We further identify the mechanisms, conditions and economic consequences of peer effects in firms' investment decisions. We find that peer effects are more pronounced when firms have information advantages and the information disclosure quality of peer firms is higher, or if they face more fierce competition. When firms are industry followers, are young or have financial constraints, they are highly sensitive to their peers firms. We also quantify the economic consequences generated by peer effects, which can increase firm performance in future periods.

关键词： Peer effects corporate investment Managerial learning

Does Over-credit Stimulate corporate investment？ Evidence from Listed Companies in China

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Frontiers of Economics in China-Selected Publications from Chinese Universities 2018年第2期13卷 281-311页

作者： Yuying Jin Dong Zhao R&D Administration Shanghai University of Finance and Economics Shanghai 200433 China School of International Business Administration Shanghai University of Finance and Economics Shanghai 200433 China

We define and quantify for the first time over-credit at the firm level, which refers to the case in which the amount of bank credit that a firm obtains exceeds its expenditure on corporate investment for the year. Then, we explore how over-credit affects corporate investment to determine whether credit expansion in China is consistent with the principle of finance serving the real economy. The results show that over-credit promotes firm investment, and this effect was enhanced by the housing boom. However, the effect of the property market reversed after 2012, owing to China＇s economic transition from a quantitative to a structural mismatch between supply and demand. Finally, we explore how over-credit affects the capacity utilization ratio and whether it has aggravated the overcapacity problem in China. The results show that over-credit reduces firms＇ capacity utilization ratio. This finding indicates that excessive credit expansion has exacerbated the overcapacity problem in China.

关键词： over-credit corporate investment capacity utilization ratio

Research on the Influence of Debt Financing on corporate investment--Based on Political Relations Perspective

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Review of Global Academics 2014年第6期1卷 411-414页

作者： Liu Jinzhao Shandong University of Finance andEconomics Jinan Shandong

we have done the research on the influence of debt financing on corporate investment Based on political relations perspective. The results show that the impact of debt financing on corporate investment from the political perspective and confirmed debt financing is more easily lead to inefficient investment under the influence of political relations.

关键词： pofitical relation debt financing corporate investment

Industry Policy uncertainty, Government Interference and corporate investment

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Industry Policy uncertainty, Government Interference and Cor...

corporate managers,price noise and the investment factor

中国会计学会财务成本分会2015学术年会暨第28次理论研讨会

作者： Marc Deloof Jie Yang Chaoyang Xu University of Antwerp Faculty of Applied Economics Wuhan Textile University School of Accounting

We document the drop of firm-level corporate investment in the year of periodical Five-Year Plan alteration,whereas strong local government intervention can erase the reduction of investment *** a sample of Chinese listed firms between 1998 and 2012,we document that relative to the average value of investment rate during the whole sample period,firms reduce investment rate by more than 20%in the year of Five-Year Plan *** also find that the reduction of investment expenditure is statistically significant in the industries sensitive to Five-Year Plan change,which is consistent to our hypothesis that industry policy uncertainty caused by Five-Year Plan change leads to the drop of investment ***,the investment rate of SOEs in the area with strong government forces doesn’t change significantly in the period of Five-Year Plan change,which shows that for the GDP consideration,local government can intervene corporate behavior through SOE it controlled,and thus prevent from investment reduction.

关键词： policy uncertainty government intervention corporate investment Five-Year Plan

来源： cnki会议评论

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Financial Innovation 2022年第1期8卷 1782-1799页

作者： Thorsten Lehnert Department of Finance University of Luxembourg6Rue Richard Coudenhove-Kalergi1359 LuxembourgLuxembourg

This study investigates the impact of flows between bond and equity funds on investment factors over the period 1984–*** determines contemporaneous mispricing effects and a statistical reversal relation between these flows and both legs of the investment *** statistical reversal relationship between previous flows and the investment factor is economically significant.A one-standard-deviation shock to flows causes a 0.29%decrease in investment factor returns,which are reversed within 5 months.A trading strategy based on signals from past flows and the investment factor outperforms the market by 0.68%in the months following positive flows and produces significant alphas after accounting for well-known equity risk *** findings are interpreted as evidence in favor of a behavioral explanation,in which sentiment influences actual managerial *** retail investors and managers are swept up in market euphoria,retail investors shift their holdings from bond to equity mutual funds,and high-investment firms invest more ***-level euphoria has a different impact on high-and low-investment firms,and thus the investment factor can be ***,the mispricing occurs during these periods,and the reversal relationship is especially pronounced for a high-investment portfolio versus a low-investment *** a result,during the months following periods of positive flows,the investment factor outperforms the market ***,this study’s measure of flows,which serves as a proxy for market-level euphoria,outperforms other measures of investor sentiment.

关键词： corporate investment investment factor Mutual funds Fund flows Net exchanges Price noise Market stress

Alternative measure of financial development and investment-cash flow sensitivity:evidence from an emerging economy

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Financial Innovation 2019年第1期5卷 1-28页

作者： Gaurav Gupta Jitendra Mahakud VIT Business School Vellore Institute of TechnologyVellore 632014India Department of Humanities and Social Sciences Indian Institute of Technology KharagpurKharagpurWest Bengal 721302India

This study examines the impact of financial development on corporate investment in terms of their influence on financing *** study also tries to find the effect of financial development on the investment-cash flow sensitivity across the size,degree of financial constraints and group affiliation of the *** study employs dynamic panel data model or more specifically system generalized method of moments(GMM)estimation *** estimation results reveal that cash flow affects the investment decision of the company positively,which implies that Indian firms are financially ***,we observe that financial development reduces the investment-cash flow sensitivity and the effect of financial development is more prominent for small size and standalone *** results are robust across the period and,for both financially constrained and unconstrained *** study contributes to the existing literature by analyzing the impact of financial development on the role of cash flow in determining investments undertaken by the Indian firms,which is an unexplored issue from an emerging market perspective.

关键词： Business groups Cash flow corporate investment Financial constraints Financial development Firm size Generalized method of moments

Capital Budgeting： Methods, Aspects, and Issues

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Journal of Modern Accounting and Auditing 2018年第2期14卷 90-101页

作者： E. Tylor Claggett Salisbury University Maryland USA

This paper furthers the understanding of capital budgeting （CB） processes. It emphasizes the assumed disposition of the forecast cash benefits from projects. The two reasons for CB are discussed. First, which projects are and are not acceptable from a financial prospective？ Second, of financially acceptable projects, CB methods can rank or order projects relative to desirability. Under conditions of certainty, the paper describes and contrasts three primary methods： pay back （PB）, net present value （NPV）, and internal rate of return （IRR） and three secondary methods： profitability index （PI）, terminal value （TV）, and modified internal rate of return （MIRR）. The presentation lists the strengths and weaknesses of each method in order to direct attention to some of the many aspects of CB decisions that firm managers should consider. Next, approaches for taking risk into consideration are discussed. The discussion raises the important issues of what to do with the net cash benefits from various projects when and if they are received. Finally, the paper provides flexible tools and example problems for teaching CB in a variety of contexts, such as professional corporate training or academic coursework.

关键词： company finance corporate finance corporate investment finance education

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财务弹性与企业投资的关系研究