The extensive utilization of the Internet in everyday life can be attributed to the substantial accessibility of online services and the growing significance of the data transmitted via the Internet.Regrettably,this d...The extensive utilization of the Internet in everyday life can be attributed to the substantial accessibility of online services and the growing significance of the data transmitted via the Internet.Regrettably,this development has expanded the potential targets that hackers might exploit.Without adequate safeguards,data transmitted on the internet is significantly more susceptible to unauthorized access,theft,or alteration.The identification of unauthorised access attempts is a critical component of cybersecurity as it aids in the detection and prevention of malicious attacks.This research paper introduces a novel intrusion detection framework that utilizes Recurrent Neural Networks(RNN)integrated with Long Short-Term Memory(LSTM)units.The proposed model can identify various types of cyberattacks,including conventional and distinctive forms.Recurrent networks,a specific kind of feedforward neural networks,possess an intrinsic memory component.Recurrent Neural Networks(RNNs)incorporating Long Short-Term Memory(LSTM)mechanisms have demonstrated greater capabilities in retaining and utilizing data dependencies over extended periods.Metrics such as data types,training duration,accuracy,number of false positives,and number of false negatives are among the parameters employed to assess the effectiveness of these models in identifying both common and unusual cyberattacks.RNNs are utilised in conjunction with LSTM to support human analysts in identifying possible intrusion events,hence enhancing their decision-making capabilities.A potential solution to address the limitations of Shallow learning is the introduction of the Eccentric Intrusion Detection Model.This model utilises Recurrent Neural Networks,specifically exploiting LSTM techniques.The proposed model achieves detection accuracy(99.5%),generalisation(99%),and false-positive rate(0.72%),the parameters findings reveal that it is superior to state-of-the-art techniques.展开更多
A well-managed company is a company that maximizes the value of its company,which is aimed at achieving maximum profits for shareholders.This research aims to determine and analyze the influence of company size,profit...A well-managed company is a company that maximizes the value of its company,which is aimed at achieving maximum profits for shareholders.This research aims to determine and analyze the influence of company size,profitability,and financial leverage on the value of companies listed on the South Korean Stock Exchange KOSPI 2018-2022.The population consists of 8 South Korean K-Pop entertainment companies registered on KOSPI 2018-2022.The sampling technique used was purposive sampling with a total sample of 8 companies and a 5-year observation period.So that 40 data were processed.The analysis technique is multiple linear regression.The results obtained show that partially company size has no significant effect on company value,profitability has a significant positive effect on company value,and financial leverage has a significant negative effect on company value.Meanwhile,simultaneously company size,profitability,and financial leverage influence company value.展开更多
As revealed by some competition of commodities supplied foreign experts, the financial leverage has an impact on the market by different listed companies, and low financial leverage implies a competitive edge but high...As revealed by some competition of commodities supplied foreign experts, the financial leverage has an impact on the market by different listed companies, and low financial leverage implies a competitive edge but high financial leverage is liable to fail in business operation. Viewing from such an angle, the low financial leverage is in fact a conservative financial behavior, which means a reasonable selection. Generally, Chinese listed companies prefer financing from offering equity shares, which is regarded as a reasonable selection weighing both gains and risks. However, based on an analysis of the pressure of market competition to the listed companies of various industries and how they select their own fit/ancial leverage, it is found that there is an extremely unmatched phenomenon in China's capital market, i.e., the keener the commodity market competition is, the higher the financial leverage of listed companies will be. Therefore, the over-financing from offering equity shares is coexisting with under-financing from offering equity shares in China's capital market at present, and both lead listed companies to low efficiency.展开更多
This study addresses the role of R&D leverage in SMEs’performance creation.The authors do so by considering SMEs’high resource dependence due to isomorphism.We propose that R&D leverage,with a presence of dy...This study addresses the role of R&D leverage in SMEs’performance creation.The authors do so by considering SMEs’high resource dependence due to isomorphism.We propose that R&D leverage,with a presence of dynamic capabilities,plays a moderating role in the relation between resource investments and performance.This study,which focused on Taiwan’s SMEs,conducts a questionnaire survey using the hierarchical sampling technique,across various industries and geographic areas in Taiwan.The empirical findings reveal that R&D leverage as an essential leveler in resource management enhances resource advantages.展开更多
Population ageing and high financial leverage are two common problems .faced by the worM's major economies. The recent financial crisis proved that the two issues could lead to systemic risk if not handled properly. ...Population ageing and high financial leverage are two common problems .faced by the worM's major economies. The recent financial crisis proved that the two issues could lead to systemic risk if not handled properly. Based on dynamic panel data from 1980 to 2012 in 119 countries, this paper examines the impact of population ageing on financial leverage J?om an empirical point of view and finds that there is a signOqcant inverted U-shape relationship between the two. In addition, empirical studies show that after passing the "turning point" of ageing, there will be a marked increase in the probability of financial crisis during the "deleveraging" process. It can be projected from the empirical conclusions of this paper that China will likely enter the range of a turning point between 2019 and 2028. After that, population ageing, deleveraging and asset price collapse may have a "resonance" effect to severely impact the stability of the financial system. Therefore, China should shift to more proactive macro financial regulations as quickly as possible, as dynamic and robust management of financial leverage and forward-looking control of bubbles could ensure that the financial system remain flexible enough to avoid systemic risk to the greatest extent.展开更多
The study examines the moderating effects of financial performance on the relationship between financial leverage (FL) and shareholders return (SR). Panel data of pharmaceutical companies listed in the National St...The study examines the moderating effects of financial performance on the relationship between financial leverage (FL) and shareholders return (SR). Panel data of pharmaceutical companies listed in the National Stock Exchange (NSE) were used for 13 years for the period from 2002-03 to 2014-15. Findings indicated that FL is significantly related with SR. However, financial performance has an insignificant relationship with SR and did not moderate the relationship between FL and SR.展开更多
By applying the theory of the relationship between microeconomic leverages and corporate risks, this paper discusses methods that the IPOs should choose to dispose the trademark with their parent companies so as to go...By applying the theory of the relationship between microeconomic leverages and corporate risks, this paper discusses methods that the IPOs should choose to dispose the trademark with their parent companies so as to go public with a high issue price. By analyzing their microeconomic leverage effects, this paper points out that each method has its specific effect on risks and the IPOs should choose the method according to its risk factors, existing assets and financial structure to gain risk income and decrease risk losses.展开更多
Leverage of modem enterprise's financial management includes operating leverage and financial leverage. Both of them exist objectively, are not changeable with human's minds. They enlarge enterprise's benefit and r...Leverage of modem enterprise's financial management includes operating leverage and financial leverage. Both of them exist objectively, are not changeable with human's minds. They enlarge enterprise's benefit and risk, so they have both positive and negative effects. The degrees of them are measured as DOL and DFL. In financial management, the relationship between DOL and operating risk has regularity in quantity, and so does the relationship between DFL and financial risk.展开更多
The study is on a linear model of the relationship between the systematic risk and the micro-economic leverage and analyzed the data from the steel, energy source and chemical fibre industry listed companies in the Ch...The study is on a linear model of the relationship between the systematic risk and the micro-economic leverage and analyzed the data from the steel, energy source and chemical fibre industry listed companies in the Chinese stock market in 2002 and 2001. Using the linear regression method, empirical equations were found. The portfolio effect was shown so that some empirical evidence had been found to support the micro-economic leverage portfolio effect theory, which was that the listed companies balanced the operating and financial leverage to minimize the systematic risk.展开更多
This study aims at providing explanations for how MNCs(multinational companies)proceed with their manipulation of resources and competencies in the entry process to a foreign market.To an increasing extent,such proces...This study aims at providing explanations for how MNCs(multinational companies)proceed with their manipulation of resources and competencies in the entry process to a foreign market.To an increasing extent,such processes perform as a staging process of resource leverage.This study identifies three stages,using the multiple case study incorporating grounded theory:the initial stage,the adaptive intensification stage,and the advantage persistence stage.In the initial stage,an MNC’s entry decision tends to be based on the resource replication mode of resource leverage;the resource exploitation mode of resource leverage is used mainly in the adaptive intensification stage,and the resource exploration mode is used in the advantage persistence stage.This study suggests that these resource leverage modes incorporating their microfoundations can be viewed as a set of potential measurements for examining MNCs'dynamic capabilities in the entry process to a new host market.展开更多
The braking quality is considered the main execution of the adaptive control framework that impacts the vehicle safety and rides solace astoundingly notably the stopping distance.This research work aims to create a pa...The braking quality is considered the main execution of the adaptive control framework that impacts the vehicle safety and rides solace astoundingly notably the stopping distance.This research work aims to create a pattern and design of an electromechanically adjusted lever that multiplies the applied braking force depending on the inputs given by the sensors to reduce the stopping distance of the vehicle.It is carried out using two main parts of the two-wheeler vehicle:thefirst part deals with the detection of load acting on the vehicle and identifying the required braking force to be applied,and the second part deals with the micro-controller which activates the stepper motor for varying the mechanical leverage ratio from various loads on the vehicle using two actively movable wedges.The electromechanically operated variable braking force system is developed to actuate the braking system based on the load on the motorcycle.The MATLAB simulation and experimental work are carried out for various loading(driver and pillion)conditions on a two-wheeler.The results indicate that the proposed electronically operated braking system is more effective than the conventional braking system for various loads and vehicle speeds.Specifically,the stopping distance of the vehicle is decreased significantly by about 4.9%between the con-ventional braking system and the simulated proposed system.Further,the experi-mental results show that the stopping distance is condensed by about 4.1%.The validation between simulated and experimental results revealed a great deal with the least error percentage of about 0.8%.展开更多
Hydrates always are considered as a threat to petroleum industry due to the operational problems it can cause.These problems could result in reducing production performance or even production stoppage for a long time....Hydrates always are considered as a threat to petroleum industry due to the operational problems it can cause.These problems could result in reducing production performance or even production stoppage for a long time.In this paper, we were intended to develop a LSSVM algorithm for prognosticating hydrate formation temperature(HFT) in a wide range of natural gas mixtures. A total number of 279 experimental data points were extracted from open literature to develop the LSSVM. The input parameters were chosen based on the hydrate structure that each gas species form. The modeling resulted in a robust algorithm with the squared correlation coefficients(R^2) of 0.9918. Aside from the excellent statistical parameters of the model, comparing proposed LSSVM with some of conventional correlations showed its supremacy, particularly in the case of sour gases with high H_2S concentrations, where the model surpasses all correlations and existing thermodynamic models. For detection of the probable doubtful experimental data, and applicability of the model, the Leverage statistical approach was performed on the data sets. This algorithm showed that the proposed LSSVM model is statistically valid for HFT prediction and almost all the data points are in the applicability domain of the model.展开更多
Based on the latest macro financial data, this paper estimates China' s overall leverage ratio and sector-specific leverage ratios for households, non-financial enterprises, government and financial institutions. It ...Based on the latest macro financial data, this paper estimates China' s overall leverage ratio and sector-specific leverage ratios for households, non-financial enterprises, government and financial institutions. It is noted with particular emphasis that the tendency of non-financial enterprises to increase leverage has further intensified instead of abated, which warrants our great attention. Considering that increasing leverage of government sector represents a basic international trend since the eruption of global financial crisis, we simulate the paths of dynamic evolution of China's debt-to-GDP ratio on the basis of different scenarios of the difference between real economic growth rate and real interest rate, together with the NPL ratio of banks. Result indicates that in the coming two decades, the leverage ratio of China's government sector will continue to rise and will not converge. Hiking leverage ratio, growing debt burden and rising non-performing assets present major financial risks facing China for a certain period of time in the future. Under the premise of supply-side structural reforms and in tandem with the efforts of the real economy to reduce overcapacity, inventory and eliminate zombie firms, we suggest that China focus on disposing of non-performing assets and steadily deleverage through the implementation of integrated strategies to prevent debt problems from triggering systemic financial crisis.展开更多
This paper seeks to model and forecast the Chinese nonferrous metals futures market volatility and allows new insights into the time-varying volatility of realized volatility and leverage effects using high-frequency ...This paper seeks to model and forecast the Chinese nonferrous metals futures market volatility and allows new insights into the time-varying volatility of realized volatility and leverage effects using high-frequency data.The LHAR-CJ model is extended and the empirical research on copper and aluminum futures in Shanghai Futures Exchange suggests the dynamic dependencies and time-varying volatility of realized volatility,which are captured by long memory HAR-GARCH model.Besides,the findings also show the significant weekly leverage effects in Chinese nonferrous metals futures market volatility.Finally,in-sample and out-of-sample forecasts are investigated,and the results show that the LHAR-CJ-G model,considering time-varyingvolatility of realized volatility and leverage effects,effectively improves the explanatory power as well as out-of sample predictive performance.展开更多
The study aims to investigate how relying on short-term debt may help Chinese listed firms to make efficient investment decisions and reduce overinvestment problem for low-growth firms.The study uses a large set of pa...The study aims to investigate how relying on short-term debt may help Chinese listed firms to make efficient investment decisions and reduce overinvestment problem for low-growth firms.The study uses a large set of panel data of nonfinancial Chinese listed firms over the period 2007–2017 and,using the robust twostage generalized method of moments,which is robust to unobserved heterogeneity of individual firms and addresses endogeneity issues.Findings show a positive relationship between growth and investment;this association is enhanced by leverage,especially for high-growth firms.This supports the view that short-term debt helps Chinese firms to make optimal use of leverage and therefore make better investment decisions.Furthermore,the results reveal that leverage plays a disciplining and monitoring role to reduce overinvestment incentive for low-growth firms.Overall,the study suggests that shareholders should consider short-term debt to mitigate the debt overhang problem and restrict the opportunistic behavior of managers,which can lead to efficient investment decisions.It also provides foreign investors insights about capital structure in China,and how it can help them make better investment decisions.展开更多
基金This work was supported partially by the MSIT(Ministry of Science and ICT),Korea,under the ITRC(Information Technology Research Center)Support Program(IITP-2024-2018-0-01431)supervised by the IITP(Institute for Information&Communications Technology Planning&Evaluation).
文摘The extensive utilization of the Internet in everyday life can be attributed to the substantial accessibility of online services and the growing significance of the data transmitted via the Internet.Regrettably,this development has expanded the potential targets that hackers might exploit.Without adequate safeguards,data transmitted on the internet is significantly more susceptible to unauthorized access,theft,or alteration.The identification of unauthorised access attempts is a critical component of cybersecurity as it aids in the detection and prevention of malicious attacks.This research paper introduces a novel intrusion detection framework that utilizes Recurrent Neural Networks(RNN)integrated with Long Short-Term Memory(LSTM)units.The proposed model can identify various types of cyberattacks,including conventional and distinctive forms.Recurrent networks,a specific kind of feedforward neural networks,possess an intrinsic memory component.Recurrent Neural Networks(RNNs)incorporating Long Short-Term Memory(LSTM)mechanisms have demonstrated greater capabilities in retaining and utilizing data dependencies over extended periods.Metrics such as data types,training duration,accuracy,number of false positives,and number of false negatives are among the parameters employed to assess the effectiveness of these models in identifying both common and unusual cyberattacks.RNNs are utilised in conjunction with LSTM to support human analysts in identifying possible intrusion events,hence enhancing their decision-making capabilities.A potential solution to address the limitations of Shallow learning is the introduction of the Eccentric Intrusion Detection Model.This model utilises Recurrent Neural Networks,specifically exploiting LSTM techniques.The proposed model achieves detection accuracy(99.5%),generalisation(99%),and false-positive rate(0.72%),the parameters findings reveal that it is superior to state-of-the-art techniques.
文摘A well-managed company is a company that maximizes the value of its company,which is aimed at achieving maximum profits for shareholders.This research aims to determine and analyze the influence of company size,profitability,and financial leverage on the value of companies listed on the South Korean Stock Exchange KOSPI 2018-2022.The population consists of 8 South Korean K-Pop entertainment companies registered on KOSPI 2018-2022.The sampling technique used was purposive sampling with a total sample of 8 companies and a 5-year observation period.So that 40 data were processed.The analysis technique is multiple linear regression.The results obtained show that partially company size has no significant effect on company value,profitability has a significant positive effect on company value,and financial leverage has a significant negative effect on company value.Meanwhile,simultaneously company size,profitability,and financial leverage influence company value.
文摘As revealed by some competition of commodities supplied foreign experts, the financial leverage has an impact on the market by different listed companies, and low financial leverage implies a competitive edge but high financial leverage is liable to fail in business operation. Viewing from such an angle, the low financial leverage is in fact a conservative financial behavior, which means a reasonable selection. Generally, Chinese listed companies prefer financing from offering equity shares, which is regarded as a reasonable selection weighing both gains and risks. However, based on an analysis of the pressure of market competition to the listed companies of various industries and how they select their own fit/ancial leverage, it is found that there is an extremely unmatched phenomenon in China's capital market, i.e., the keener the commodity market competition is, the higher the financial leverage of listed companies will be. Therefore, the over-financing from offering equity shares is coexisting with under-financing from offering equity shares in China's capital market at present, and both lead listed companies to low efficiency.
文摘This study addresses the role of R&D leverage in SMEs’performance creation.The authors do so by considering SMEs’high resource dependence due to isomorphism.We propose that R&D leverage,with a presence of dynamic capabilities,plays a moderating role in the relation between resource investments and performance.This study,which focused on Taiwan’s SMEs,conducts a questionnaire survey using the hierarchical sampling technique,across various industries and geographic areas in Taiwan.The empirical findings reveal that R&D leverage as an essential leveler in resource management enhances resource advantages.
基金sponsored by the National Social Science Foundation of China(Grant No.12&ZD089)the National Natural Science Foundation of China(Grant No.71403277)
文摘Population ageing and high financial leverage are two common problems .faced by the worM's major economies. The recent financial crisis proved that the two issues could lead to systemic risk if not handled properly. Based on dynamic panel data from 1980 to 2012 in 119 countries, this paper examines the impact of population ageing on financial leverage J?om an empirical point of view and finds that there is a signOqcant inverted U-shape relationship between the two. In addition, empirical studies show that after passing the "turning point" of ageing, there will be a marked increase in the probability of financial crisis during the "deleveraging" process. It can be projected from the empirical conclusions of this paper that China will likely enter the range of a turning point between 2019 and 2028. After that, population ageing, deleveraging and asset price collapse may have a "resonance" effect to severely impact the stability of the financial system. Therefore, China should shift to more proactive macro financial regulations as quickly as possible, as dynamic and robust management of financial leverage and forward-looking control of bubbles could ensure that the financial system remain flexible enough to avoid systemic risk to the greatest extent.
文摘The study examines the moderating effects of financial performance on the relationship between financial leverage (FL) and shareholders return (SR). Panel data of pharmaceutical companies listed in the National Stock Exchange (NSE) were used for 13 years for the period from 2002-03 to 2014-15. Findings indicated that FL is significantly related with SR. However, financial performance has an insignificant relationship with SR and did not moderate the relationship between FL and SR.
基金Thls project is sponsored by National Natural Science Foundation of China( No.7007206).
文摘By applying the theory of the relationship between microeconomic leverages and corporate risks, this paper discusses methods that the IPOs should choose to dispose the trademark with their parent companies so as to go public with a high issue price. By analyzing their microeconomic leverage effects, this paper points out that each method has its specific effect on risks and the IPOs should choose the method according to its risk factors, existing assets and financial structure to gain risk income and decrease risk losses.
文摘Leverage of modem enterprise's financial management includes operating leverage and financial leverage. Both of them exist objectively, are not changeable with human's minds. They enlarge enterprise's benefit and risk, so they have both positive and negative effects. The degrees of them are measured as DOL and DFL. In financial management, the relationship between DOL and operating risk has regularity in quantity, and so does the relationship between DFL and financial risk.
文摘The study is on a linear model of the relationship between the systematic risk and the micro-economic leverage and analyzed the data from the steel, energy source and chemical fibre industry listed companies in the Chinese stock market in 2002 and 2001. Using the linear regression method, empirical equations were found. The portfolio effect was shown so that some empirical evidence had been found to support the micro-economic leverage portfolio effect theory, which was that the listed companies balanced the operating and financial leverage to minimize the systematic risk.
文摘This study aims at providing explanations for how MNCs(multinational companies)proceed with their manipulation of resources and competencies in the entry process to a foreign market.To an increasing extent,such processes perform as a staging process of resource leverage.This study identifies three stages,using the multiple case study incorporating grounded theory:the initial stage,the adaptive intensification stage,and the advantage persistence stage.In the initial stage,an MNC’s entry decision tends to be based on the resource replication mode of resource leverage;the resource exploitation mode of resource leverage is used mainly in the adaptive intensification stage,and the resource exploration mode is used in the advantage persistence stage.This study suggests that these resource leverage modes incorporating their microfoundations can be viewed as a set of potential measurements for examining MNCs'dynamic capabilities in the entry process to a new host market.
文摘The braking quality is considered the main execution of the adaptive control framework that impacts the vehicle safety and rides solace astoundingly notably the stopping distance.This research work aims to create a pattern and design of an electromechanically adjusted lever that multiplies the applied braking force depending on the inputs given by the sensors to reduce the stopping distance of the vehicle.It is carried out using two main parts of the two-wheeler vehicle:thefirst part deals with the detection of load acting on the vehicle and identifying the required braking force to be applied,and the second part deals with the micro-controller which activates the stepper motor for varying the mechanical leverage ratio from various loads on the vehicle using two actively movable wedges.The electromechanically operated variable braking force system is developed to actuate the braking system based on the load on the motorcycle.The MATLAB simulation and experimental work are carried out for various loading(driver and pillion)conditions on a two-wheeler.The results indicate that the proposed electronically operated braking system is more effective than the conventional braking system for various loads and vehicle speeds.Specifically,the stopping distance of the vehicle is decreased significantly by about 4.9%between the con-ventional braking system and the simulated proposed system.Further,the experi-mental results show that the stopping distance is condensed by about 4.1%.The validation between simulated and experimental results revealed a great deal with the least error percentage of about 0.8%.
文摘Hydrates always are considered as a threat to petroleum industry due to the operational problems it can cause.These problems could result in reducing production performance or even production stoppage for a long time.In this paper, we were intended to develop a LSSVM algorithm for prognosticating hydrate formation temperature(HFT) in a wide range of natural gas mixtures. A total number of 279 experimental data points were extracted from open literature to develop the LSSVM. The input parameters were chosen based on the hydrate structure that each gas species form. The modeling resulted in a robust algorithm with the squared correlation coefficients(R^2) of 0.9918. Aside from the excellent statistical parameters of the model, comparing proposed LSSVM with some of conventional correlations showed its supremacy, particularly in the case of sour gases with high H_2S concentrations, where the model surpasses all correlations and existing thermodynamic models. For detection of the probable doubtful experimental data, and applicability of the model, the Leverage statistical approach was performed on the data sets. This algorithm showed that the proposed LSSVM model is statistically valid for HFT prediction and almost all the data points are in the applicability domain of the model.
文摘Based on the latest macro financial data, this paper estimates China' s overall leverage ratio and sector-specific leverage ratios for households, non-financial enterprises, government and financial institutions. It is noted with particular emphasis that the tendency of non-financial enterprises to increase leverage has further intensified instead of abated, which warrants our great attention. Considering that increasing leverage of government sector represents a basic international trend since the eruption of global financial crisis, we simulate the paths of dynamic evolution of China's debt-to-GDP ratio on the basis of different scenarios of the difference between real economic growth rate and real interest rate, together with the NPL ratio of banks. Result indicates that in the coming two decades, the leverage ratio of China's government sector will continue to rise and will not converge. Hiking leverage ratio, growing debt burden and rising non-performing assets present major financial risks facing China for a certain period of time in the future. Under the premise of supply-side structural reforms and in tandem with the efforts of the real economy to reduce overcapacity, inventory and eliminate zombie firms, we suggest that China focus on disposing of non-performing assets and steadily deleverage through the implementation of integrated strategies to prevent debt problems from triggering systemic financial crisis.
基金Project(13&ZD169)supported by the Major Program of the National Social Science Foundation of ChinaProject(2016zzts009)supported by Doctoral Students Independent Explore Innovation Project of Central South University,China+3 种基金Project(13YJAZH149)supported by the Social Science Foundation of Ministry of Education of ChinaProject(2015JJ2182)supported by the Social Science Foundation of Hunan Province,ChinaProject(71573282)supported by the National Natural Science Foundation of ChinaProject(15K133)supported by the Educational Commission of Hunan Province of China
文摘This paper seeks to model and forecast the Chinese nonferrous metals futures market volatility and allows new insights into the time-varying volatility of realized volatility and leverage effects using high-frequency data.The LHAR-CJ model is extended and the empirical research on copper and aluminum futures in Shanghai Futures Exchange suggests the dynamic dependencies and time-varying volatility of realized volatility,which are captured by long memory HAR-GARCH model.Besides,the findings also show the significant weekly leverage effects in Chinese nonferrous metals futures market volatility.Finally,in-sample and out-of-sample forecasts are investigated,and the results show that the LHAR-CJ-G model,considering time-varyingvolatility of realized volatility and leverage effects,effectively improves the explanatory power as well as out-of sample predictive performance.
基金This article is supported by Liaoning provincial key project"Research on the development of digitalized rural inclusive financial service systems in Liaoning province"(Project number,LN2020Z03).
文摘The study aims to investigate how relying on short-term debt may help Chinese listed firms to make efficient investment decisions and reduce overinvestment problem for low-growth firms.The study uses a large set of panel data of nonfinancial Chinese listed firms over the period 2007–2017 and,using the robust twostage generalized method of moments,which is robust to unobserved heterogeneity of individual firms and addresses endogeneity issues.Findings show a positive relationship between growth and investment;this association is enhanced by leverage,especially for high-growth firms.This supports the view that short-term debt helps Chinese firms to make optimal use of leverage and therefore make better investment decisions.Furthermore,the results reveal that leverage plays a disciplining and monitoring role to reduce overinvestment incentive for low-growth firms.Overall,the study suggests that shareholders should consider short-term debt to mitigate the debt overhang problem and restrict the opportunistic behavior of managers,which can lead to efficient investment decisions.It also provides foreign investors insights about capital structure in China,and how it can help them make better investment decisions.