中国金融学术研究网
CHINA FINANCIAL RESEARCH NETWORK

公司财务--资本预算和估值
工作论文
2011-03-15 第3卷 第5期

编: 清华大学经管学院金融学教授。

执行主编: 杨之曙清华大学经济管理学院金融学副教授。


本期目录

Legal System, Financial Development, and Industry Clusters

Xiaoqiang Cheng University of LeuvenDepartment of Business and Economics

Political Connection, Financing Frictions, and Corporate Investment: Evidence from Chinese Listed Family Firms

Nianhang Xu Renmin University of ChinaSchool of Business
Xinzhong Xu Peking UniversityGuanghua School of Management
Qingbo Yuan The University of MelbourneDepartment of Accounting and Business Information Systems

Doing Good with or without Being Known? The Impact of Media Coverage of Corporate Social Performance on Corporate Financial Performance

Hsiang-Hsuan Chih National Dong Hwa UniversityDepartment of Finance
Hsiang-Lin Chih National Taipei UniversityDepartment of Cooperative Economics
Yu-Ting Huang National Dong Hwa UniversityDepartment of Business Administration

Fixed Investment, Liquidity and Access to Capital Market: Evidence from IPO SMEs in China

Jia Liu The University of SalfordThe University of Salford
Dong Pang The University of AberdeenThe University of Aberdeen

中国上市公司特征与证券分析师跟进

夏芳 暨南大学管理学院


论文摘要

Legal System, Financial Development, and Industry Clusters

Xiaoqiang Cheng University of LeuvenDepartment of Business and Economics

Using Chinese data, we offer new evidence on industry clusters as a mechanism that may promote relational contracting and facilitate inter-firm financing when legal and financial systems are weak. In particular, we find that industry clusters lower firms’ dependence on courts and bank loans, and financing costs, and in turn improve firms’ profitability. While firms’ propensity of joining clusters increases with less efficient courts and less developed financial markets, industry clusters cannot completely mitigate the negative impact of deteriorated institutions. The impacts of industry clusters are significant even after controlling for the existence of other substitutive mechanisms such as business associations.

Political Connection, Financing Frictions, and Corporate Investment: Evidence from Chinese Listed Family Firms

Nianhang Xu Renmin University of ChinaSchool of Business
Xinzhong Xu Peking UniversityGuanghua School of Management
Qingbo Yuan The University of MelbourneDepartment of Accounting and Business Information Systems

Using a sample of Chinese family firms from 2000 to 2007, we investigate whether the political connection of the family firms will help them to reduce the frictions they face in external financing in a relationship-based economy. We find that political connectedness of family firms could reduce their investment-cash flow sensitivity. More interestingly, this political connectedness effect exists only in financially constrained family firms. However, from governance dimension, we cannot find any significant variation of the political connection effect on the sensitivity of investment to cash flow. We argue that these evidences are consistent with the firm’s underinvestment arising from the asymmetric information problems, and are inconsistent with the firm’s overinvestment arising from the free-cash-flow problems.

Doing Good with or without Being Known? The Impact of Media Coverage of Corporate Social Performance on Corporate Financial Performance

Hsiang-Hsuan Chih National Dong Hwa UniversityDepartment of Finance
Hsiang-Lin Chih National Taipei UniversityDepartment of Cooperative Economics
Yu-Ting Huang National Dong Hwa UniversityDepartment of Business Administration

Based on a sample of financial holding companies listed on the Taiwan Stock Exchange, we examine the impact of media coverage of corporate social performance on corporate financial performance. Our findings are as follows. First, information about a firm’s social actions provided by the media is more relevant than provided by the financial holding company (FHC) itself, and the quantity of news articles about positive social activities of FHCs is positively correlated with financial performance; however, strikingly, that of news articles about FHCs’ negative social activities is also positively correlated with financial performance. In addition, we find that news articles about FHCs’ positive social activities for shareholders will trigger a positive evaluation by shareholders; however, rather interestingly, news articles about FHCs’ positive (negative) social activities for employees will trigger a negative (positive) evaluation by shareholders. But if the news articles about FHCs’ positive social activities for employees are initiated by the media, rather than by the company itself, they will trigger a positive evaluation by shareholders. Therefore, the evidence suggests that “doing good” can be expected to be “doing well” if the positive CSP information is provided by the media, rather than by the company itself.

Fixed Investment, Liquidity and Access to Capital Market: Evidence from IPO SMEs in China

Jia Liu The University of SalfordThe University of Salford
Dong Pang The University of AberdeenThe University of Aberdeen

This article examines the liquidity-investment relation of Chinese SMEs in comparison to large firms, and specifically focuses on the exogenous IPO event to observe how the responses of firm investment to cash flow change subsequent to the IPO. We find that the sensitivity of fixed investment to cash flow varies with firm size, and the over-reliance on internal funds by SMEs has reduced more prominently after the IPO than their larger counterparts, providing new evidence that liquidity constraints of investment are not constant in the same firm but shift along the life cycle. Our results strongly suggest that other financial resources to cover the cash flow shortfalls resulting from timing differences between the operating and investment cycles need to be considered in the examined relation and previous studies may have underestimated the impact of liquidity constraints on firm investment.

中国上市公司特征与证券分析师跟进

夏芳暨南大学管理学院

证券分析师作为证券市场的信息中介,对证券市场的发展起着非常重要的 作用。本文研究样本选取2006-2008年上市公司和证券分析师相关数据,分析牛 熊市场转换中的分析师的跟进行为。实证研究发现,分析师对股票的跟进行为与 上市公司特征关系密切。对于上市公司财务特征,分析师们关注成长能力和盈利 能力,不关注偿债能力和收入质量。上市公司的成长性越好,分析师跟进人数越 多;上市公司的盈利能力越好,则分析师跟进人数越多。对于上市公司的其他特 征,研究发现公司规模越大、基金持股比例越高、上市时间越短、公司不确定性低 (停牌次数少),则分析师跟进人数越多。并且由于市场由牛转熊的变化导致分 析师对公司财务特征关注程度发生了变化。


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