The trend that China's economy is being"off the real to the virtual"is a typical fact in recent years.A large number of firms invest and hold financial asscts,the investing and profit-generating channels...The trend that China's economy is being"off the real to the virtual"is a typical fact in recent years.A large number of firms invest and hold financial asscts,the investing and profit-generating channels of the real sectors are becoming more and more financialized.By utilizing sample of Chinese A-share manufacturing firms from the year of 2007 to 2015,and using fixed effect model,this paper investigates the driving factor of the financialization of real sectors.The results show that:(1)institutional investors,overall,drive the financialization of real sectors;(2)instiutional investors are heterogeneous,that is,long-term institutional investors do not show a significant correlation with the financialization of real sectors;however,short-term institutional investors significantly drive the financialization of real sectors;(3)the results.of further investigation show that the driving effect of institutional investors on financialization is more significant in state owned firms than that in private firms.The findings have implications as follows:guiding the investment behavior of institutional investors,leading financial sector to serve the real economy,promoting financial structure reform.展开更多
In this paper,we review the development of a phase theory for systems and networks in its first five years,represented by a trilogy:Matrix phases and their properties;The MIMO LTI system phase response,its physical in...In this paper,we review the development of a phase theory for systems and networks in its first five years,represented by a trilogy:Matrix phases and their properties;The MIMO LTI system phase response,its physical interpretations,the small phase theorem,and the sectored real lemma;The synchronization of a multi-agent network using phase alignment.Towards the end,we also summarize a list of ongoing research on the phase theory and speculate what will happen in the next five years.展开更多
基金National Social Science Fund Project"Defect Recognition Criteria of Internal Control:Indicator Design,Influencing Factors and Economic Consequences"(71572069)Jinan University Research Fund for Scicntific Research and Innovation and Jinan Voyage Project(15JNYH008).
文摘The trend that China's economy is being"off the real to the virtual"is a typical fact in recent years.A large number of firms invest and hold financial asscts,the investing and profit-generating channels of the real sectors are becoming more and more financialized.By utilizing sample of Chinese A-share manufacturing firms from the year of 2007 to 2015,and using fixed effect model,this paper investigates the driving factor of the financialization of real sectors.The results show that:(1)institutional investors,overall,drive the financialization of real sectors;(2)instiutional investors are heterogeneous,that is,long-term institutional investors do not show a significant correlation with the financialization of real sectors;however,short-term institutional investors significantly drive the financialization of real sectors;(3)the results.of further investigation show that the driving effect of institutional investors on financialization is more significant in state owned firms than that in private firms.The findings have implications as follows:guiding the investment behavior of institutional investors,leading financial sector to serve the real economy,promoting financial structure reform.
基金supported in part by the National Natural Science Foundation of China(62073003,72131001)Hong Hong Research Grants Council under GRF grants(16200619,16201120,16205421,1620-3922)Shenzhen-Hong Kong-Macao Science and Technology Innovation Fund(SGDX20201103094600006)。
文摘In this paper,we review the development of a phase theory for systems and networks in its first five years,represented by a trilogy:Matrix phases and their properties;The MIMO LTI system phase response,its physical interpretations,the small phase theorem,and the sectored real lemma;The synchronization of a multi-agent network using phase alignment.Towards the end,we also summarize a list of ongoing research on the phase theory and speculate what will happen in the next five years.
