The real economy is the main body of high-quality development,and the efficiency of capital allocation is an important manifestation of the development of the real economy.Therefore,it is very important to study the e...The real economy is the main body of high-quality development,and the efficiency of capital allocation is an important manifestation of the development of the real economy.Therefore,it is very important to study the efficiency of capital allocation.As a representative of horizontal finance,commercial credit has a significant impact on the improvement of capital allocation efficiency.In view of this,this article combs the literature on commercial credit and capital allocation efficiency from the following aspects:firstly,by studying the literature,combing the literature on the macro-level,micro-level and economic effects of commercial credit;secondly,the measurement method of capital allocation efficiency And the influencing factors are systematically sorted out,and finally sorted out and evaluated the existing literature on the influence of commercial credit on the efficiency of capital allocation.展开更多
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 an...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.展开更多
The paper studies an often-observed phenomenon of diversification of manufacturing firms into real estate development in East Asian economies. Utilizing a sudden change in China＇s accounting standards that requires f...The paper studies an often-observed phenomenon of diversification of manufacturing firms into real estate development in East Asian economies. Utilizing a sudden change in China＇s accounting standards that requires firms to disclose information about their real estate holdings for investment purpose （or investment property）, we examine both the impact of such diversification on firms＇ investment in their original business and the stock market response to such diversification. Our results confirm there exists underinvestment in original business （or hollowing out of the real economy） for firms diversifying into real estate, and that there is a lack of investor response to such diversification, in both short-rim and long-run. Our study calls for further research on the role of real estate development in the long-run competitiveness of developing economies.展开更多
基金We are grateful for the financial support from Surface Project of“Nature Science Found of Shandong Province”(Project Title:Trade credit and TFP of Shandong Manufacturing Enterprises:a Study from the Perspective of Enterprises and Clusters,No.ZR2020MG037)Key Project of“Shandong University Humanities and Social Sciences”(Project Title:the Mechanism of Trade Credit Influencing Technological Innovation:an Empirical Study of Shandong Enterprises,No.J17RZ005)Surface Project of“Social Science Found of Shandong Province”(Project Title:Study on the Mechanism of Informal Finance Promoting Innovation in Shandong Province,No.19CJJJ23).
文摘The real economy is the main body of high-quality development,and the efficiency of capital allocation is an important manifestation of the development of the real economy.Therefore,it is very important to study the efficiency of capital allocation.As a representative of horizontal finance,commercial credit has a significant impact on the improvement of capital allocation efficiency.In view of this,this article combs the literature on commercial credit and capital allocation efficiency from the following aspects:firstly,by studying the literature,combing the literature on the macro-level,micro-level and economic effects of commercial credit;secondly,the measurement method of capital allocation efficiency And the influencing factors are systematically sorted out,and finally sorted out and evaluated the existing literature on the influence of commercial credit on the efficiency of capital allocation.
基金supported by the National Natural Science Foundation of China[grant number 72202042,71902038,71872078]Guangdong Basic and Applied Basic Research Foundation[grant number 2020A1515110752]
文摘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.
文摘The paper studies an often-observed phenomenon of diversification of manufacturing firms into real estate development in East Asian economies. Utilizing a sudden change in China＇s accounting standards that requires firms to disclose information about their real estate holdings for investment purpose （or investment property）, we examine both the impact of such diversification on firms＇ investment in their original business and the stock market response to such diversification. Our results confirm there exists underinvestment in original business （or hollowing out of the real economy） for firms diversifying into real estate, and that there is a lack of investor response to such diversification, in both short-rim and long-run. Our study calls for further research on the role of real estate development in the long-run competitiveness of developing economies.
