Using a unique set of data on fund use by China＇s listed companies, this paper examines how macroeconomic uncertainty works on corporate investment. The study shows that macroeconomic uncertainty affects corporate in...Using a unique set of data on fund use by China＇s listed companies, this paper examines how macroeconomic uncertainty works on corporate investment. The study shows that macroeconomic uncertainty affects corporate investment behavior through the three channels of external demand, liquidity demand and long-term fund demand, However, the result is influenced by expectations and can differ across firms depending on their economic cycle, shareholder character, industrial character and the financial constraints they are exposed to. Specifically, high macroeconomic uncertainty can weaken the positive roles of these channels, especially those of external demand and liquidity demand, in driving corporate investment. During economic upturns, the effect of these channels is the most evident among state-owned firms, manufacturing firms and low cash dividend firms. The lessons from this study are that macroeconomic policies should be leveraged taking account of the channels through which economic shocks find their way, and monetary policies have to be implemented by targeting microscopic fund demand.展开更多
BYD is one of the largest new energy vehicle companies in China.Analyzing its scenario and the factors that affect its value helps to understand and identify development opportunities and potential problems.On one han...BYD is one of the largest new energy vehicle companies in China.Analyzing its scenario and the factors that affect its value helps to understand and identify development opportunities and potential problems.On one hand,this paper makes a qualitative analysis of BYD,using SWOT model to study the internal capability and external environment of BYD.On the other hand,the multiple regression model is used for quantitative analysis of BYD’s enterprise value,and the model is established based on three factors:enterprise fundamentals,investor behavior and psychology,and macroeconomic policy uncertainty,and the stepwise regression is carried out.The results show that the increase of institutional investors’shareholding ratio,the increase of investor sentiment index,and the increase of M2 growth rate will increase the overall enterprise value,while the increase of economic policy uncertainty will decrease the enterprise value.展开更多
基金Yizhong Wang is thankful to the Major Projects of the National Social Science Foundation of China （10zd＆034）, the Projects of the National Social Science Foundation of China （12CJY115） and the Projects of the Foundation for the Author of National Excellent Doctoral Dissertation of P. R. China （201102）. Frank M. Song acknowledges support from the Projects of the National Social Science Foundation of China （71373011）. Both authors are grateful to an anonymous reviewer for his/her valuable advice, to participants in the first Macroeconomic Policy and Microeconomic Behavior Symposium, the third Young Financial Academic Elite Roundtable Symposimn and the Peking University Financial Innovation and Development Seminar for their kind comments and suggestions, and to Lifang Chen, Limin Fu, Yi Fan, Yi Hu, Lan Li, Zhongyuan Lu, ~ihui Shi and Yuelin Wei for their excellent assistance. Any errors or mistakes herein, are the authors.
文摘Using a unique set of data on fund use by China＇s listed companies, this paper examines how macroeconomic uncertainty works on corporate investment. The study shows that macroeconomic uncertainty affects corporate investment behavior through the three channels of external demand, liquidity demand and long-term fund demand, However, the result is influenced by expectations and can differ across firms depending on their economic cycle, shareholder character, industrial character and the financial constraints they are exposed to. Specifically, high macroeconomic uncertainty can weaken the positive roles of these channels, especially those of external demand and liquidity demand, in driving corporate investment. During economic upturns, the effect of these channels is the most evident among state-owned firms, manufacturing firms and low cash dividend firms. The lessons from this study are that macroeconomic policies should be leveraged taking account of the channels through which economic shocks find their way, and monetary policies have to be implemented by targeting microscopic fund demand.
文摘BYD is one of the largest new energy vehicle companies in China.Analyzing its scenario and the factors that affect its value helps to understand and identify development opportunities and potential problems.On one hand,this paper makes a qualitative analysis of BYD,using SWOT model to study the internal capability and external environment of BYD.On the other hand,the multiple regression model is used for quantitative analysis of BYD’s enterprise value,and the model is established based on three factors:enterprise fundamentals,investor behavior and psychology,and macroeconomic policy uncertainty,and the stepwise regression is carried out.The results show that the increase of institutional investors’shareholding ratio,the increase of investor sentiment index,and the increase of M2 growth rate will increase the overall enterprise value,while the increase of economic policy uncertainty will decrease the enterprise value.
