Corporate managers,price noise and the investment factor

This study investigates the impact of flows between bond and equity funds on investment factors over the period 1984–2015.It determines contemporaneous mispricing effects and a statistical reversal relation between these flows and both legs of the investment factor.The 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 factors.The findings are interpreted as evidence in favor of a behavioral explanation,in which sentiment influences actual managerial decisions.When 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 aggressively.Market-level euphoria has a different impact on high-and low-investment firms,and thus the investment factor can be influenced.Hence,the mispricing occurs during these periods,and the reversal relationship is especially pronounced for a high-investment portfolio versus a low-investment portfolio.As a result,during the months following periods of positive flows,the investment factor outperforms the market factor.Interestingly,this study’s measure of flows,which serves as a proxy for market-level euphoria,outperforms other measures of investor sentiment.

Financing constraints and corporate investment:an empirical analysis of china’s manufacturing firms

With the measurement of dividend payout ratio, logistic regression index value and the firm size financing constraints, this paper investigated the investment behavior of China’s manufacturing firms over the period from 1998 to 2003, and the relationship between financing constraints and corporate investment using the OLS regression method. The empirical evidence shows that there are certain extent financing constraints in China’s manufacturing firms, but the results are different with different variables to measure the financing constraints.

The Association Between Corporate Governance Mechanisms and Stock Investment Risk： Empirical Evidence From Thailand

This study examines the association between corporate governance mechanisms （i.e., internal corporate governance, ownership structure, and external corporate govemance） and stock investment risk （i.e., idiosyncratic risk, systematic risk, and total risk of non-financial listed firms in Thailand in 2007）. The multiple regression analysis is employed to test the hypotheses, and the results suggest that firms with higher market power have lower systematic risk. It implies that firms with higher market power can reduce the unavoidable risk when compared with firms that have lower market power. Firms with more media coverage will have higher systematic risk, which indicates that firms which publish more news will have higher unavoidable risk. This research may be the first to provide the evidence of the association between corporate govemance mechanisms and stock investment risk. Interestingly still, this study has utilized the data of Thailand, which is an emerging market economy with a capital market structure different from those of the developed market economies, and the results of this study are anticipated to be applicable to other similar studies in other emerging market economies.

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.

Analyst Investment Recommendations and Corporate Social Responsibility Disclosure

With the emergence of corporate social responsibility report, more and more listed companies have disclosed social responsibility. Analysts as information intermediaries, how to interpret the corporate social responsibility information？ We analyze the relationship between corporate social responsibility disclosure and analysts investment recommendations.The study found： corporate social responsibility disclosure would affect analysts＇ investment recommendation, the higher the quality of corporate social responsibility disclosure, the higher the rating of analysts investment recommendations.

Deepening China's Investment System Reform——The State Development Investment Corporation

The Chinese government set up the State Development Bank against the background of the Chinese economic system being transformed from planned to market. In May 1995, the State Development Investment Corporation was established. Does this mean that China’s investment system reform is advancing at a much

Foreign Investment & China's Shipbuilding Industry——Interview with General Manager Wang Rongsheng of China Shipbuilding Industry Corporation

"China’s shipbuilding industry has boomed in the last 15 years since the end of the 1970s and has drawn attention of international shipbuilding and shipping circles even though a gap still remained between China and advanced shipbuilding countries including Japan and South Korea. China ranks among advanced shipbuilding countries relying on its own investment and enterprise development. China has opened its shipbuilding industry to the outside world for wider cooperation and more foreign involvement."

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

This study examines the impact of financial development on corporate investment in terms of their influence on financing constraints.This 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 firm.This study employs dynamic panel data model or more specifically system generalized method of moments(GMM)estimation technique.The estimation results reveal that cash flow affects the investment decision of the company positively,which implies that Indian firms are financially constrained.Also,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 firms.The results are robust across the period and,for both financially constrained and unconstrained firms.This 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.

Do Bilateral Investment Treaties Attract Foreign Direct Investment to Developing Countries？ A Review of the Empirical Literature

States have signed over 3,000 bilateral investment treaties （BITs）. BITs stipulate the terms and conditions by which foreign investors from one country must be treated in another. A series of empirical studies have asked the question, do BITs increase foreign direct investment to less developed countries？ This paper reviews the literature. While the studies come to conflicting results, most studies suffer from the same methodological misstep--they fail to account for variation in treaties. The paper concludes that the most productive path forward for future research efforts includes using dyadic research designs that account for variation in BITs.

An Enquiry Into the Responsiveness of Corporate Profitability to Corporate Governance Mechanism＂ Evidences From Malaysian Government-Linked Companies （GLCs）

Realizing the importance of corporate governance, many governments have embarked upon various initiatives. In Malaysia, the recently introduced Green Book program aims to strengthen the corporate governance among the government-linked companies （GLCs）, in view of their significant contributions to the national socio-economic development. The Green Book initiative, launched in 2005, contains, among other things, a provision to create a high-performing board. Performance of GLCs, therefore, is likely to scale better heights with the modification of the constitution of the boards. The present paper aims to examine the association between the selected corporate governance attributes and performance of GLCs in 2010, approximately five years since the implementation of the transformation program. The regression analysis reveals that none of the selected corporate governance indicators has significantly impacted the performance of GLCs. The findings serve as a wake-up call to the authorities to appraise the effectiveness of the transformation program in enhancing the performance of GLCs.

Problems and Countermeasures of Social Responsibility Investment(SRI)in China in the New Era

Social responsibility investment(SRI)has gradually become a new investment concept in the world.In the context of the new era,SRI has such problems in China such as lack of sufficient policy guarantee,SRI awareness of investors and evaluation awareness of consumers on corporate social responsibility(CSR),and low degree of information disclosure of CSR.This paper puts forward some countermeasures to improve policies,laws and regulations on SRI in China,as well as the information disclosure system of social responsibility.This paper discusses enlightenment of the research progress of foreign SRI to China to promote the further development of SRI in China.

The Impact of State Policies on Investment Project Management in Polish Industrial Construction Sector

In this paper,we discuss the influence of economic,environmental and legal policies of the state on the management of investment projects in the area of industrial construction in Poland.Our empirical study relies on conducting a questionnaire survey.A total of 158 Polish companies dealing with industrial construction took part in the survey.Then,the collected questionnaires were subjected to a thorough analysis and interpretation,with the use of a method called the exploratory factor analysis(EFA).Our research reveals the key factors influencing successful investment project management in the Polish industrial construction sector.These factors have been identified as the“availability of technology in a stable political system”,“stability of the economic and tax systems”,“stable social system policy,stability and transparency of the legal system”and a“well-targeted environmental policy”.A key conclusion that can be drawn from our study is that an efficient management of investment projects in the industrial construction industry is significantly influenced by properly shaped and stable economic,environmental,and legal policies of the state.

Proposal for a Tax Rate Swap to Shield Against the Gap Between Statutory and Effective Tax Rates-A Boost for Entrepreneurship and a Motive for New Investments

This paper focuses on a common problem for entrepreneurs and investors:the uncertainty around the actual tax rate,which is the percent of net income that a corporation pays in taxes.This uncertainty results from a difference(i.e.,a gap)between the statutory and the effective tax rate,which is the actual tax rate.This gap results from the legal framework which provides that certain types of incomes and expenses are not considered income.This gap causes significant uncertainty and may hinder entrepreneurship.This paper studies this gap in seven OECD countries(Austria,Canada,France,Germany,Italy,UK,and USA)and Brazil.We selected the 10 top-listed companies of each country and calculated the gaps for the period 2016-2019.Our findings proved that these gaps are unstable and may differ between companies of the same country and between countries.In addition,gaps of specific companies may change over time.The key outcome of this paper is the proposal of a new derivative tax rate swap.Using this derivative,governments will be able to eliminate the gap of specific companies,attract new investment,and increase entrepreneurship.

Can blockchain technology be effectively integrated into the real economy?Evidence from corporate investment efficiency

As a highly disruptive digital technology,blockchain provides new solutions for reshaping corporate governance mechanisms and improving resource allocation.We empirically examine the relationship between blockchain and corporate investment inefficiency.We find that blockchain can help improve corporate investment efficiency,and this result is valid after a series of robustness tests.Blockchain can not only significantly restrain overinvestment but also alleviate underinvestment.Reducing financing costs and alleviating agency conflicts are the two channels through which blockchain is associated with corporate investment efficiency,and financial reporting quality is the condition on which the channels depend.When the CEO holds few shares or the trade credit environment in the region where the company is located is poor,the effect of blockchain is more prominent than it is otherwise.Investment efficiency cannot be improved by blockchain for companies providing blockchain products or services to customers,only for those promoting their own operations and management with blockchain.Ultimately,blockchain can enhance companies’value by alleviating inefficient investment.We reveal the role of blockchain in corporate investment efficiency,furnish microeconomic evidence for the integration of digital technology and the real economy and provide implications for China to promote digital technology to drive high-quality company development.

数字金融的绿色效应:数字普惠金融与企业绿色技术创新

在新发展理念下,基于绿色导向与创新导向系统实现企业的绿色技术创新成为企业绿色转型与创新驱动发展的重要突破口。本文选取中国沪深A股上市公司数据,考察了数字普惠金融对企业绿色技术创新的具体影响效应及其机制。研究结果表明:数字普惠金融及其覆盖广度、使用深度和数字化程度均显著促进企业绿色技术创新,数字普惠金融主要通过提高企业创新投入、降低企业风险水平以及增强企业治理水平的三重机制促进企业绿色技术创新,数字普惠金融对企业绿色技术创新的促进效应在融资约束程度高与市场化程度低地区的企业中更为明显。因此,政府要深化金融供给侧结构性改革,推动数字普惠金融发展;企业要高度重视数字普惠金融的赋能效应,完善数字普惠金融助力企业绿色技术创新的协同机制,通过实施绿色技术创新战略实现企业绿色低碳转型升级。

明星分析师关注、企业投资行为与公司价值

企业投资行为对于中国经济高质量发展与“双循环”国家战略实施发挥重要作用。通过手工搜集2016—2021年明星分析师研究报告数据,研究明星分析师对公司投资行为的影响。研究发现,明星分析师通过缓解融资约束、增强股票流动性、解读研发行为,促进企业投资行为,而且明星分析师在管理层持股比例较低、大股东持股比例低、成长性水平较低、公司透明度较低的样本中,结果更加显著,体现其较好的专业胜任能力。进一步分析发现,明星分析师能够解读不同盈利分组的投资行为,不存在明显的选择性偏好;与没有明星分析师跟踪的样本相比,明星分析师跟踪对投资行为具有更强的影响;明星分析师通过正向解读投资行为途径,对公司价值挖掘,发挥积极作用。研究结论对发挥明星分析师信息中介作用,优化投资结构与提升投资绩效,提供经验参考。

产业政策、基金投资与企业股权再融资

如何有效引导资金流向政策支持的产业,是产业政策发挥效果、促进金融服务经济的关键。根据“产业政策引导基金投资,基金投资与产业政策的有机结合影响企业再融资”的思路,研究了产业政策对基金投资行为的影响,并进一步研究了产业政策影响下的基金投资能否促进企业再融资问题。研究发现:产业政策能引导基金投向政策支持的企业;基金持股与产业政策的交互作用引导资本市场资金流向政策支持的企业,促进企业再融资。研究有助于深入理解产业政策、资本市场主体行为和市场资源配置之间的关系,更好发挥产业政策的导向作用和金融支持实体经济的功能。

数字金融能够促进企业绿色投资吗?——基于中国重污染行业上市公司的实证研究

数字金融实现了金融资源的高效配置,为重污染企业实现绿色转型提供了新机遇。基于2011—2021年中国重污染行业沪深A股723家上市公司的面板数据,实证分析数字金融发展对重污染企业绿色投资的影响及其传导机制。研究结果证实,数字金融发展能够显著提高重污染企业绿色投资水平,并通过一系列稳健性检验后该结论仍然成立。作用机制检验结果表明,数字金融可以通过缓解融资约束、抑制企业金融化进而提高重污染企业绿色投资水平。进一步分析发现,环境规制、分析师关注度正向调节了数字金融对重污染企业绿色投资的促进效果;数字金融仅对重污染行业中国有企业和大规模企业的绿色投资水平存在显著作用。最后,基于研究结论,提出推动数字金融发展与企业绿色投资的相关建议。

固定资产加速折旧政策与企业环境社会责任表现

环境资源问题可能制约我国经济可持续发展,而税收政策能够调节经济健康发展、引导企业行为。本文以2010—2019年我国A股上市公司为样本,运用交叠双重差分模型检验了固定资产加速折旧政策变革对企业环境社会责任表现的影响。研究发现,固定资产加速折旧政策有效提升了企业环境社会责任表现;作用渠道探索显示,固定资产投资与绿色研发活动是上述影响发挥作用的重要渠道;异质性分析结果显示,固定资产加速折旧政策对于劳动密集型企业、衰退期企业、位于中西部地区企业和污染行业企业环境社会责任表现的提升效果更为明显。本研究对于引导企业参与环保行为、促进环境社会责任表现具有一定的现实意义。