Whether the implementation of a national industrial policy can maintain stability in the financial market is a question of theoretical and practical significance. Using data from China’s non-financial listed firms fr...Whether the implementation of a national industrial policy can maintain stability in the financial market is a question of theoretical and practical significance. Using data from China’s non-financial listed firms from 2007 to 2020,we find that a national industrial policy lowers stock price crash risk. We find that the effect of an industrial policy on lowering stock price crash risk is more pronounced in regions with low levels of regional marketization and if firms have high external uncertainty, low total asset turnover, greater earnings management and receive small increments of long-term loans and fewer government subsidies, suggesting that industrial policies lower stock price crash risk by improving firm fundamentals and reducing external uncertainty,agency costs and information asymmetry.展开更多
China is continuing to push forward its foreign exchange (forex) reform at a steady pace, giving global investors wider access to one of the world’s largest capital markets.The latest data showed that some 286 overse...China is continuing to push forward its foreign exchange (forex) reform at a steady pace, giving global investors wider access to one of the world’s largest capital markets.The latest data showed that some 286 overseas institutions had received quotas amounting to $100.56 billion by the end of November under China’s Qualified Foreign Institutional Investor (QFII) program, a scheme that allows more convenient capital inflows.展开更多
基金the financial support of the Key Construction Discipline Project of the Liaoning Provincial Social Science Planning Foundation(L21ZD040)
文摘Whether the implementation of a national industrial policy can maintain stability in the financial market is a question of theoretical and practical significance. Using data from China’s non-financial listed firms from 2007 to 2020,we find that a national industrial policy lowers stock price crash risk. We find that the effect of an industrial policy on lowering stock price crash risk is more pronounced in regions with low levels of regional marketization and if firms have high external uncertainty, low total asset turnover, greater earnings management and receive small increments of long-term loans and fewer government subsidies, suggesting that industrial policies lower stock price crash risk by improving firm fundamentals and reducing external uncertainty,agency costs and information asymmetry.
文摘China is continuing to push forward its foreign exchange (forex) reform at a steady pace, giving global investors wider access to one of the world’s largest capital markets.The latest data showed that some 286 overseas institutions had received quotas amounting to $100.56 billion by the end of November under China’s Qualified Foreign Institutional Investor (QFII) program, a scheme that allows more convenient capital inflows.
