三个层面透视Finance两个维度解析Corporate Finance

本文运用系统理论,从宏观、中观及微观三个层面,围绕资金配置的价值最大化,着眼于价值分配、价值流动、价值发现、价值创造,对Finance的构成要素、发展脉络及逻辑框架进行整合解析,并对Finance及其各子系统之间的相互关系进行系统论述。从经济学与管理学两个维度,归纳了微观层面Corporate Finance的理论演进,倡导各界既要从经济学原理出发,分析企业在资本市场环境下如何进行资本运作、资本管理与资本增值;亦需结合管理学理论,针对委托代理、治理机制等核心问题探究如何完善企业财务决策、计划预测、控制分析等系列管理活动。从三个层面、两个维度将Finance的概念框架进行统一,有利于更好地解决我国现阶段"绿色经济转型"与"数字经济转型"所面临的重大现实问题。

Firms and climate change:a review of carbon risk in corporate finance

This paper provides an overview of financial economics-based research on carbon risk with an emphasis on corporate finance.In the corporate finance literature,carbon risk refers to the impact of society’s transition to a lowcarbon economy on firm value due to tightening regulations,changing consumer preferences,reputational damage,etc.We focus on the links between carbon risk and different firm performance factors,such as firm risk,cost of capital,financial performance,firm value,and corporate decisions.Although research on carbon risk is still emerging in the corporate finance field,the amount of literature on this topic has been increasing,especially in the last 2 years.We find that some results are robust,while others are mixed.This indicates that conflicting hypotheses still exist,leading to a need for more in-depth exploration.

Counteraction to China?Impact of the U.S.International Development Finance Corporation on China’s Development Finance

The United States passed the Better Utilization of Investment Leading to Development(BUILD Act),as a counterweight to China’s overseas development activities.Under the Act,the US established a new federal agency,the U.S.International Development Finance Corporation(DFC),to enhance U.S.development financing capabilities.To better understand the impact of the DFC on China’s development finance,this article analyzes the DFC’s purpose,functions,structure,and funding.Then it focuses on the purpose of establishing the DFC,providing a preliminary analysis of the potential motivation for its establishment.It also compares the China Development Bank(CDB)and the DFC based on their focused sectors.Finally,through an in-depth analysis of financial frictions in China-U.S.relations,this article argues that the DFC competes with China’s overseas development financing activities in the context of broader strategic competition between China and the U.S.

Comprehensive review of text‑mining applications in finance

Text-mining technologies have substantially affected financial industries.As the data in every sector of finance have grown immensely,text mining has emerged as an important field of research in the domain of finance.Therefore,reviewing the recent literature on text-mining applications in finance can be useful for identifying areas for further research.This paper focuses on the text-mining literature related to financial forecasting,banking,and corporate finance.It also analyses the existing literature on text mining in financial applications and provides a summary of some recent studies.Finally,the paper briefly discusses various text-mining methods being applied in the financial domain,the challenges faced in these applications,and the future scope of text mining in finance.

Does the Financial Status of Company Affect the Bond Credit Rating?--Empirical Evidence from China's Shanghai and Shenzhen Stock Exchanges

This article takes the companies that publicly issued corporate bonds on the Shanghai and Shenzhen Stock Exchanges from 2006 to 2018 as the research objects selecting six aspects that comprehensively reflect the 17 financial variables in 6 aspects:profitability,operating ability,bond repayment ability,development ability,cash flow and market value of the company.Principal component analysis method and factor analysis method are used to extract the principal factors of these financial indicator variables.That is how an ordered multi-classification Logistic regression model is constructed to test the impact of the Shanghai and Shenzhen Stock Exchanges’financial status on the corporate bond credit rating.It turns out that the financial status of the Shanghai and Shenzhen Stock Exchanges have an important impact on the credit rating of corporate bonds.The financial status has a greater impact on corporate bonds with credit ratings of A-and AA-,while it has a smaller impact on corporate bonds with credit ratings above AA.The results of this article can help individual and institutional investors prevent risks from investing.

IPO suspension,financing uncertainty and corporate tax avoidance

The acquisition of external financing is an important factor affecting the development of enterprises and even the economic growth of a country.However,changes in the external environment often expose enterprises to uncertainties in obtaining external financing.Taking China’s initial public offering(IPO)suspension policy as a setting,this paper examines the impact of the associated external financing uncertainty on firms.The empirical results show that firms that are unable to secure planned financing due to the IPO suspension policy engage in greater tax avoidance activities than successful IPOs during the IPO suspension period;this phenomenon is mainly concentrated in firms that are not state-owned,have no venture capital or private equity backing,have lower debt servicing capacity and have lower tax avoidance risk.Moreover,the tax avoidance activities of enterprises positively influence their fixed asset investment and innovation investment during the IPO suspension period.Evidence based on IPO price performance indicates that investors respond positively to firms’tax avoidance practices during IPO suspensions.

Corporate Financial Policies under Heterogeneous Beliefs

This study investigates a firm's financing,investment,and payout policies through a rational expectation equilibrium based on which managers and outside investors have heterogeneous prior beliefs.The proposed model demonstrates that managers tend to overinvest(underinvest)if the extent of heterogeneousness is above(below)a threshold,which differs under distinct circumstances.Moreover,a price bubble is positively related to overinvestment,and the model shows that a firm's optimal financing choices and payout policies vary with the assumption of heterogeneous beliefs.