This paper uses a large panel of Pakistani non-financial firms over the period 2000-2013 to examine the role of financial constraints in establishing the relationship between cash flow and external financing.The resul...This paper uses a large panel of Pakistani non-financial firms over the period 2000-2013 to examine the role of financial constraints in establishing the relationship between cash flow and external financing.The results reveal that there exists a negative and significant relationship between external financing and cash flow.The finding of the substitutionary relation between internal funds availability and external financing has been viewed as evidence supporting the pecking order theory of capital structure.Yet,we show that this negative relationship is weak in case of financially constrained firms.We also analyze how credit multiplier affects external financing decisions of financially constrained and unconstrained firms.The results show that for financially unconstrained firms,the negative sensitively of external financing increases with asset tangibility.However,for financially constrained firms,the negative sensitivity of external financing to cash flow either decreases or turns positive as the tangibility of assets increases.This finding implies that financially constrained firms benefit more from investing in tangible assets because such assets not only help relax financial constraints but also having a potential to be a direct source of funds in periods of negative cash flow shocks.展开更多
Using an unbalanced panel data covering 75 countries from 1991 to 2019,the authors explore how the political risk impacts on food reserve ratio.The empirical findings show that an increasing political risk negatively ...Using an unbalanced panel data covering 75 countries from 1991 to 2019,the authors explore how the political risk impacts on food reserve ratio.The empirical findings show that an increasing political risk negatively affects food reserve ratio,and the same effects hold for both internal risk and external risk.Moreover,the authors find that the increasing external or internal risks both negatively affect food production and food exports,but external risk does not significantly impact food imports and it positively impacts food consumption,while internal risk negatively impacts food imports and food consumption.The results suggest that most governments have difficulty raising subsequent food reserve ratios in face of an increasing political risk,no matter if it is an internal risk or an external risk although the mechanisms behind the impacts are different.展开更多
采用模型试验方法,对多层互剪搅拌桩工法(contra-rotational shear deep soil mixing,简称CS-DSM工法)的工艺因素进行了试验研究,探索了水泥掺量、单位桩长搅拌次数T、单位体积搅拌能量E以及内外钻杆转速比RN等工艺因素对搅拌桩均匀性...采用模型试验方法,对多层互剪搅拌桩工法(contra-rotational shear deep soil mixing,简称CS-DSM工法)的工艺因素进行了试验研究,探索了水泥掺量、单位桩长搅拌次数T、单位体积搅拌能量E以及内外钻杆转速比RN等工艺因素对搅拌桩均匀性与强度UCS的影响。模型试验研究发现,通过多层互剪搅拌能够根除地表冒浆、防止糊钻抱钻、提高固化材料利用率。18组模型试验结果阐明搅拌桩在T-E-UCS之间存在固有关联,并揭示出机械参数、输出能量与桩身强度之间的本质关系。提供的计算方法可以定性指导选取合理的工艺参数,实现桩身设计强度目标。作为重要工艺因素,内外钻杆转速比RN与桩身强度试验曲线存在极值点,建议在工程中将1.80~2.20作为获取桩身峰值强度的最优RN值域。CS-DSM工法应用的系列研究结果为高质量搅拌桩工艺控制原则和质量保障体系提供了试验依据。展开更多
文摘This paper uses a large panel of Pakistani non-financial firms over the period 2000-2013 to examine the role of financial constraints in establishing the relationship between cash flow and external financing.The results reveal that there exists a negative and significant relationship between external financing and cash flow.The finding of the substitutionary relation between internal funds availability and external financing has been viewed as evidence supporting the pecking order theory of capital structure.Yet,we show that this negative relationship is weak in case of financially constrained firms.We also analyze how credit multiplier affects external financing decisions of financially constrained and unconstrained firms.The results show that for financially unconstrained firms,the negative sensitively of external financing increases with asset tangibility.However,for financially constrained firms,the negative sensitivity of external financing to cash flow either decreases or turns positive as the tangibility of assets increases.This finding implies that financially constrained firms benefit more from investing in tangible assets because such assets not only help relax financial constraints but also having a potential to be a direct source of funds in periods of negative cash flow shocks.
基金supported by the National Natural Science Foundation of China under Grant Nos.71972010 and 72201120the Natural Science Foundation of Jiangxi under Grant No.20232BAB201027the Program of Graduate Education and Teaching Reform of Jiangxi Province under Grant No.JXYJG-2023-008。
文摘Using an unbalanced panel data covering 75 countries from 1991 to 2019,the authors explore how the political risk impacts on food reserve ratio.The empirical findings show that an increasing political risk negatively affects food reserve ratio,and the same effects hold for both internal risk and external risk.Moreover,the authors find that the increasing external or internal risks both negatively affect food production and food exports,but external risk does not significantly impact food imports and it positively impacts food consumption,while internal risk negatively impacts food imports and food consumption.The results suggest that most governments have difficulty raising subsequent food reserve ratios in face of an increasing political risk,no matter if it is an internal risk or an external risk although the mechanisms behind the impacts are different.
文摘采用模型试验方法,对多层互剪搅拌桩工法(contra-rotational shear deep soil mixing,简称CS-DSM工法)的工艺因素进行了试验研究,探索了水泥掺量、单位桩长搅拌次数T、单位体积搅拌能量E以及内外钻杆转速比RN等工艺因素对搅拌桩均匀性与强度UCS的影响。模型试验研究发现,通过多层互剪搅拌能够根除地表冒浆、防止糊钻抱钻、提高固化材料利用率。18组模型试验结果阐明搅拌桩在T-E-UCS之间存在固有关联,并揭示出机械参数、输出能量与桩身强度之间的本质关系。提供的计算方法可以定性指导选取合理的工艺参数,实现桩身设计强度目标。作为重要工艺因素,内外钻杆转速比RN与桩身强度试验曲线存在极值点,建议在工程中将1.80~2.20作为获取桩身峰值强度的最优RN值域。CS-DSM工法应用的系列研究结果为高质量搅拌桩工艺控制原则和质量保障体系提供了试验依据。
