State-Owned Capital Participation in Private Enterprises:A Perspective of Debt Financing

This study takes debt financing as the entry point and explores the impact of state-owned capital participation in private enterprises from the perspectives of“unarticulated rules”and“articulated rules”.The study finds that state-owned capital participation significantly reduces the debt financing costs of private enterprises and expands the scale of their debt financing.This conclusion remains valid after a series of endogeneity and robustness tests.Further analysis of the mechanism reveals that state-owned capital participation improves the debt financing of private enterprises through multiple channels:Enhancing their social reputation,mitigating the“statistical bias”they face,optimizing their information quality,and reducing the“shareholder-creditor”agency problems.This paper conceptualizes these benefits as the“complementary advantages of heterogeneous shareholders”.This not only constructs a theoretical framework for“reverse mixed-ownership reform”but also better narrates the Chinese story of“mixed-ownership reform”by adopting a more universally applicable theory of equity structure.Additionally,the paper supplements existing research on the macro-and meso-level relationship between the government and the market by exploring the government’s positive role at the micro-level.

Impact of carbon disclosure on debt financing costs

Creditors,such as banks,often use disclosed environmental information to assess a company’s environmental risk and ensure the safety of debt funds.Consequently,carbon disclosures have become an important consideration for creditors when making investments.This study explores the relationship between carbon disclosure and debt financing costs using data on listed companies from 2008 to 2019.The results show that carbon disclosure can reduce the debt financing costs of enterprises,and that this influence is more significant for private companies than for state-owned enterprises.Instrumental variables and Propensity Score Matching(PSM)were used to evaluate the robustness of negative relationships.Furthermore,carbon disclosure has a more significant impact on debt costs with less environmental supervision pressure,weak residents’environmental awareness,and weak product market competition.These findings provide guidance for companies’carbon information disclosure and support the establishment of official carbon disclosure standards.

Research on the Influence of Debt Financing on Corporate Investment--Based on Political Relations Perspective

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.

DEBT MATURITY STRUCTURE IN PROJECT FINANCING

Based on the concept of debt duration,this paper proposes the elasticity of cash flow.Then,the debt maturity structure in project financing is discussed.The results show that in the project financing structure,the debt maturity structure is closely related with debt capacity.Higher debt ratio requires short term debt,and vise versa.

融资能力、偿债能力与房地产企业违约风险--基于房企实际违约事件的实证分析

试从投资者的角度出发,使用2017年以来房地产行业的实际违约信息,以2017—2022年A股及港股上市的139家房地产公司为研究样本,研究企业融资能力、偿债能力对房地产企业违约风险的影响。实证研究发现,企业的融资能力、短期偿债能力、长期偿债能力对房企违约风险具有显著影响。具体地,反映融资能力的综合融资成本上升会显著增加房地产企业违约风险,短期偿债能力与长期偿债能力的提升则有利于降低违约风险。此外,非国有企业对融资能力和短期偿债能力更为敏感。希望能够对投资者的决策选择,房地产金融风险调控的政策选择以及评级机构的模型选择提供新视角和实证证据。

环境信息披露的融资效应--来自重污染企业的证据

环境信息披露是推进生态环境治理体系和治理能力现代化的重要举措。以2009-2020年沪深A股重污染上市公司为样本,分析了环境信息披露对企业融资方式的影响,揭示了其异质性。实证结果表明:环境信息披露促进了企业的外部融资,而在外部融资中债权融资是主要方式,债权融资的来源是金融负债,而非经营负债;环境信息披露能够提高企业社会声誉,优化投资结构,提高外部金融机构的信任,进而吸引更多金融机构贷款;环境信息披露的融资效应具有明显的异质性特点,在高成长性企业、中小企业和弱环境规制地区企业更为显著。

A GATEWAY TO INTERNATIONAL CAPITAL MARKET——THE WHOLE CONRSE OF THE FIRST FOREIGN DEBT FINANCING FOR POWER PROJECTS IN CHINA

This paper introduces how Longyuan Power Group Company successfully carried out foreign debt financing for Jiangsu's power projects through its overseas financing window-Xiongya (Virgin) Co. Ltd. The entire process of raising funds is revealed with regard to employment of foreign debt financing, selection of funded projects, preparation of project and financing documents, credit rating, roadshow, line of credit, and financing experiences.

Manager’s Characteristics, Debt Financing and Firm Value

Based on the behavioral finance theory and the upper echelons theory, this paper employs the data of China's A-share listed companies from 2008 to 2013 as research samples, and empirically tests the effects of managers with different characteristics on debt financing and firm value for enterprises of different ownership nature. Results of this study indicate that the debt financing of the listed companies in China can reduce the agency cost with a positive governance effect that promotes firm value. Male, better educated, short-tenured, and financially experienced managers are more likely to be overconfident and prefer debt financing. Specifically, the manager's age, level of education, and work experience can significantly promote the effect of debt financing on firm value. Compared with SOEs, private enterprises can improve their firm value more significantly through debt financing;the education and work experience of the managers of private enterprises are more positively correlated with debt financing and can more significantly improve firm value through debt financing. This paper's findings suggest that the manager's characteristics and firm ownership nature must be taken into account to reach valid conclusions on the governance effects of debt financing on firm value. Meanwhile, these conclusions help unravel the mechanism and economic implications of debt financing, and contribute to the improvement of the capital structure decisions and human resources management practices of China's listed companies. This study not only enriches the literature and empirical evidence on the correlation between managers' characteristics and firm financing, but indicate that managers' characteristics and firm ownership are important considerations for investigating the governance effects of debt financing on firm value and have a vital impact on the formulation and implementation of firm financing decisions.

Research on the Correlation between Accounting Information Distortion and Corporate Debt Financing

Accounting information plays a key role in economic development. Macroscopically speaking, accounting information isthe basis of macro-decision-making. Microscopically speaking, accounting information is the effective embodiment of enterprise＇smanagement ability and status, and is also the basis for many investors to make reasonable investment decisions. Therefore, it can beseen that the distortion of accounting information will cause negative effects in many aspects. Ringing. Based on this, this paper selectsA-share non-financial listed companies in Shanghai and Shenzhen Stock Exchanges fi＇om 2011 to 2016, analyzes the impact ofaccounting information distortion on corporate debt financing costs, and introduces internal control into the study of the relationshipbetween the tw0. Through empirical analysis, we find that： the effectiveness of internal control and debt financing costs significantlynegative correlation; accounting fraud and accounting manipulation are two indicators of accounting information distortion and corporatedebt financing costs significantly positive correlation; internal control can significantly inhibit the correlation between accountinginformation distortion and debt financing costs.

An Instrument Variable Model of the Impact of Financing Decisions on Performance of Small Businesses in Australia＇s Pre-global Financial Crisis

Firm level empirical research on the impact of financing decisions on small business performance is scarce in the Australian context. This study adopts an instrument variable （IV） approach to analyze the impact of financing decisions, in particular, equity or debt are obtained, on the performance of small businesses by using the panel data from Australian Bureau of Statistics （ABS） Business Longitudinal Database （BLD） 2004-2005, 2005-2006, and 2006-2007. Performance variables, i.e., sales and expenditure, are used as dependent variables. Equity and debt obtained are used as independent variables （or known as treatments）. IV includes size of the business, age of the business, number of locations, and industry division etc.. The results from IV modeling outperformed those obtained from OLS （Ordinary Least Squares）. Findings include： （1） financing has significantly positive impacts on the performance of small businesses in Australia; （2） equity and debt financing are used as alternatives, comparatively, equity financing is preferred; （3） capital purchases are largely funded by debt financing, while non-capital purchases and salary expenses are funded by equity financing; and （4） equity financing is more often used by firms with increasing capital purchases and declining non-capital purchases, while debt financing is used by firms with the opposite trends. The paper concludes with a discussion of the limitations of this research and future research＇s directions.

绿色金融政策对环保企业债务融资成本的影响--以绿色金融改革创新试验区为例

为探究绿色金融改革创新试验区的发展成效是否具有推广价值,本文构造双重差分模型分析绿色金融改革创新试验区对环保企业债务融资成本的影响及其作用机制。研究表明,绿色金融试点政策对环保企业债务融资成本有明显降低作用,且该作用具有持续效果。机制分析发现,试验区内的环保企业可以通过增加商业信用融资来降低债务融资成本。异质性分析表明,试点政策可以更显著地降低无融资需求、非国有性质、信息披露质量高和公司治理水平高的环保企业债务融资成本。试验区需要合理配置绿色金融资源,增强绿色金融改革创新试验区的政策效果。本文丰富了绿色金融改革创新试点政策效果研究,为推广复制这一方式提供学理支撑。

ESG表现与企业投融资期限错配--基于沪深A股体育概念上市公司的经验证据

企业践行ESG责任是抑制投融资期限结构错配问题的重要渠道,更是实现可持续发展的核心方式。以2017-2022年沪深A股体育概念上市公司作为研究样本,探究ESG表现对体育概念上市公司投融资期限错配的影响效果与作用机制,分析E、S、G不同维度下ESG表现影响企业投融资期限错配的差异性,检验不同银行信贷供给、企业规模下ESG表现对投融资期限错配影响的异质性。研究发现:体育概念上市公司ESG表现能够显著缓解企业投融资期限错配,其中社会责任、公司治理对投融资期限错配具有显著缓解作用,而环境表现的缓解作用具有时滞性。进一步研究发现,ESG表现通过缓解融资约束、延长债务期限结构缓解投融资期限错配。相较于大规模企业与弱银行信贷供给企业,ESG表现对中小规模企业与强银行信贷供给企业投融资期限错配的缓解作用更为显著。

The Impact of Debt Financing on Corporate R ＆ D Investment Behavior in China ——Based on the Empirical Evidence of Listed Companies from 2004 to 2011

Base on panel data of manufacturing and high-tech industry companies which discoursed R ＆ D expenditure in financial statements from 2004 to 2011, this paper studies the relationship between debt financing and corporate R ＆ D expenditure under different grow opportunities by using the robust fixed effects that Daniel Hoechle proposed m 2007. The results show that there is not a ＂increasing first, decreasing later＂ non-linear relationship but a ＂double negative＂ relationship between debt level and corporate R ＆ D expenditure. And the ＂double negative＂ relationship has a different mechanism in different growth companies.

Research on the Impact of Social Credit Improvement on the Debt Financing of Agricultural Enterprises

This study takes China’s A-shares agricultural companies as the research subjects and examines the influence of social credit environment on the debt financing of agricultural enterprises.This study has found that the improvement of social credit environment can significantly increase the debt financing scale of agricultural enterprises.After a placebo test,the replacement of explained variables,and the control of industry fixed effects,the results obtained are still significant.The mechanism test found that the scale of the enterprise has a complete intermediary effect;that is,the social credit environment can increase the scale of external financing of agricultural enterprises by increasing the scale of the enterprise.This article focuses on the impact of informal institutions on corporate debt financing,which is conducive to enriching relevant research on agricultural enterprises and has important practical significance for promoting the development of the agricultural industrial chain as well as“village revitalization.”

地方政府债务对企业融资结构的影响--来自A股上市公司的证据

利用我国A股2563家上市公司财务数据和218个城市的地方融资平台有息债务数据,通过实证分析发现:地方政府债务扩张并没有导致上市公司融资约束上升;非国有上市公司通过调整其融资结构有效弥补了政府债务对其债务融资的“挤出效应”,表现为政府债务扩张时银行借款下降,股权融资和内源融资增加,而国有上市公司不受债务挤出影响,表现为债券融资上升和内源融资下降;进一步分析表明,地方政府债务扩张对企业融资方式的影响具有明显的行业、城市和政府债务结构异质性;另外,地方政府债务扩张对非国有上市公司银行借款的“挤出效应”具有明显的期限特征,即短期借款下降,而长期借款上升。

管理层能力与债务融资成本--基于商誉减值视角

双循环发展背景下,以2011-2021年A股上市公司为样本,从商誉减值视角检验管理层能力与企业债务融资成本的关系。结果表明:管理层能力与债务融资成本显著负相关;管理层能力通过抑制超额商誉减值信息的传递从而抑制债务融资成本的增加;分析师关注能抑制商誉减值与债务融资成本的正向关系。进一步丰富了管理层能力与债务融资成本的相关成果,对企业合理选拔管理层人员、减少不正常的商誉减值计提进而降低债务融资成本有一定的借鉴意义。

The Selection of Financing Methods for Small and Medium Sized Technology Enterprises

Equity financing and debt financing are the main financing methods for small and medium sized enterprises. Based onthe samples of small and medium-sized enterprises listed on the Shenzhen Stock Exchange during 2010 and 2015, we collected theturnover data and studied the influence factors in financing and constraints. The results show that science and technology enterpriseshave different tendency in equity financing in different stages of social development. In the stage of social currency additional, theseenterprises tend to debt finaneing. Besides, those science and teehnology enterprises with better ability in sustainable development andinnovation ability are easier to get equity investment; those enterprises with more enterprise strength and government subsidies seemedmore sueeessfully in obtaining debt investment.

产业政策促进企业创新的传递机制与情境条件——来自沪深A股上市公司的经验证据

近年来,随着中国企业逐渐接近技术创新的前沿,技术追赶的空间被进一步压缩,经济发展和产业政策面临着越来越大的挑战。文章以2008—2021年沪深A股上市公司为样本,考察产业政策对企业创新的影响,并分析了其传递机制和情境条件。实证结果表明,产业政策对企业的创新活动表现出“双重利好”效应,将同时提高被支持行业中企业的创新数量与创新质量。传递机制分析表明,产业政策主要通过抑制企业金融化程度、提高政府补贴力度、降低债务融资成本、带来更多分析师关注等中介因素驱动企业创新水平的提升。情境条件分析发现,产品竞争市场治理、新闻媒体治理、公司治理、研发投入和高管团队研发经验会加强产业政策对企业创新的正向效应。进一步研究表明,发明专利对企业价值有正向影响且该效应具有一定的持续性,而非发明专利对企业价值有负向影响且该效应不具有持续性。研究揭示了产业政策促进企业创新的传递机制与情境条件,为客观评估中国产业政策的经济效应提供了微观依据。

数字金融对地方政府债务的影响研究——基于省级面板数据的实证检验

本文基于2015—2021年中国省级面板数据实证研究数字金融对地方政府债务的影响,发现两者呈现出显著为负的非线性关系,数字金融的发展对地方政府优化自身债务、降低系统性金融风险具有积极作用。采用系统聚类将31个省(区、市)分为发展中、次发达、发达地区三大组别,发现数字金融对地方政府债务的抑制作用在发展中地区表现得最为显著。市场化水平在数字金融抑制地方政府债务过程中具有正向调节作用,特别是当市场化水平跨越一定的门槛值以后,数字金融对地方政府债务的影响显著增强。在此基础上,提出了数字金融背景下分类施策缓解各级地方政府债务问题的相关建议。

数字金融、家庭债务与金融整治——基于P2P网贷风险专项整治的实证研究

基于中国家庭金融调查(CHFS)2013年、2015年、2017年和2019年四期数据,构建Probit模型和固定效应模型分析数字金融对家庭债务的影响,并基于近年来金融整治的一个典型样本——P2P网贷风险专项整治,构建强度DID模型探讨实行金融整治政策能否有效降低家庭债务。研究发现:(1)数字金融的使用显著提高了家庭负债概率和债务水平;(2)金融整治之后,使用数字金融家庭的债务水平出现显著降低;(3)异质性分析显示,金融整治政策对使用数字金融的家庭的债务缓解作用,在中西部地区、贫困家庭和农村家庭中更为显著,在我国打赢脱贫攻坚战和实施乡村振兴战略进程中发挥了有益作用。研究结论对我国规范发展数字金融、防范金融风险、巩固拓展脱贫攻坚成果同乡村振兴有效衔接等方面有着重要的政策启示。