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Xing Hu, Grace, Jun Pan e Jiang Wang. "Chinese Capital Market: An Empirical Overview". Critical Finance Review 10, n. 2 (2021): 125–206. http://dx.doi.org/10.1561/104.00000097.
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Jeong, Tae Beom. "Accounting Information Usefulness in Chinese Capital Market". Accounting Information Review 35, n. 4 (31 dicembre 2017): 181–203. http://dx.doi.org/10.29189/kaiaair.35.4.8.
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An, Yi, Umesh Sharma e Harun Harun. "A mini review of the Chinese stock market: From 1978 to 2010". Corporate Ownership and Control 10, n. 2 (2013): 700–707. http://dx.doi.org/10.22495/cocv10i2c4art4.
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The Chinese economic reform, starting from 1978, facilitated the emergence and development of the capital markets. This paper provides a brief review of the Chinese stock market from various perspectives, such as the regulation, issuance of shares, shareholding structure and financial reporting of listed firms, and future development. It is expected that our paper could offer readers andresearchers who are in the Chinese capital market, particularly in the area of accounting and finance, a general understanding of the market.
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Wu, Ning. "Analysis on the Impact of Short-Term International Capital Flows on Chinese Stock Market on the Basis of VAR Model". International Journal of Economics and Finance 10, n. 8 (4 luglio 2018): 77. http://dx.doi.org/10.5539/ijef.v10n8p77.
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With the continuous development of global economic integration and financial markets, international capital flows more and more frequently, the frequent flow of international capital will inevitably affect the yield of Chinese stock market. This article uses short-term international capital inflows SS and Shanghai composite index R as research objects. Based on monthly data from January 2002 to October 2017, VAR model was constructed using Eviews8.0 to study the impact of short-term international capital flows on Chinese stock market. Empirical studies have found that short-term international capital flow is the granger cause of changes in the Shanghai composite index yield, while the yield of Chinese stock market will not affect short-term international capital flows. At the end of this paper, relevant suggestions are put forward according to the conclusions.
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Ma, Xiaoteng, Ziyu Tang, Dan Wang e Hao Gao. "The Influence of Risk Culture on the Performance of International Joint-Venture Securities". Sustainability 12, n. 7 (25 marzo 2020): 2603. http://dx.doi.org/10.3390/su12072603.
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With the development of economic globalization, culture is a key factor supporting the sustainability of foreign direct investment (FDI), especially for multinational enterprises. This paper takes the Chinese capital market as a sample and, combined with interviews with managers of international joint-venture securities (IJVS), finds that the culture of participants formed in developed and emerging capital market has a significant impact on the performance of IJVS. Using the degree of price fluctuation to measure the risk culture of each capital market, this paper observes that the risk culture in the Chinese capital market is significantly stronger than that of developed countries. This paper also finds that the stronger the risk culture IJVS shareholders have, the better they can adapt to the environment of the Chinese capital market and the better the performance they can achieve. Furthermore, risk culture distance, calculated by the risk culture differences between foreign shareholders and Chinese capital market, are significantly negatively correlated with IJVS performance and efficiency.
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Osabuohien-Irabor, Osarumwense. "Testing for causality-in-mean and in-variance among the U.S., China, and some Africa capital markets: A CCF approach". Journal of Economics and Management 43 (2021): 131–52. http://dx.doi.org/10.22367/jem.2021.43.07.
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Aim/purpose – Owing to the huge risk occasioned by negative contagion effects associ- ated with financial market linkages, markets participants and academia have continued to examine the capital market cross country interdependence at different levels. In this paper, we examined the causal relationships among the U.S., China and some top Afri- can capital market indexes. Design/methodology/approach – To examine the mean and variance causal effects, we estimated a univariate AR-EGARCH model for all capital market indexes. Then em- ployed the residual-based two-step bivariate cross-correlation function (CCF) test devel- oped by Cheung & Ng (1996). The test statistics had a well-defined asymptotic standard distribution that was robust to distributional assumptions. Findings – We detected both the feedback and unidirectional causality effects among African capital markets. These results show that African financial markets are still not fully integrated within the African continent. Expectedly, the results from our empirical analysis showed the existence of a unidirectional causality both in mean and variance from the U.S. and Chinese markets to African capital markets. This demonstrated that events in the U.S. and China are not irrelevant to African markets. Research implications – Owing to the fact that knowledge of other financial markets provides adequate information about a market situation, the results from this research paper will be helpful for the policymakers of African countries in shaping their econom- ic policies, help investors diversify investments with less risk, and international portfolio managers make portfolio allocation decisions. Originality/value/contribution – This paper examined the mean and risk dynamics of three top African, the U.S., and Chinese capital markets with their inter-dependence using the CCF approach. Furthermore, to the best of our knowledge, no previous re- search paper on this issue exists. Keywords: causality-in-mean, causality-in-variance, capital market, cross-correlation function. JEL Classification: G10, F31, C20
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Ma, Shiguang, Gary Tian e Brian Andrew. "Sustainable development of the Chinese economy and capital market". Journal of the Asia Pacific Economy 21, n. 3 (24 maggio 2016): 321–24. http://dx.doi.org/10.1080/13547860.2016.1176639.
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Potapov, M., e N. Kotlyarov. "China in Global Capital Markets". World Economy and International Relations 65, n. 8 (2021): 81–89. http://dx.doi.org/10.20542/0131-2227-2021-65-8-81-89.
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The article is analyzing the positions of China in global capital markets, and the factors that determine them. It shows the trends and features of attracting foreign direct investment in China, exporting Chinese capital abroad, attracting portfolio investments to China. The investment aspects of the Chinese Belt and Road Initiative and the role of Hong Kong as an international financial center are also considered. The evolution of the currency market regulation in China and the dynamics of the Yuan exchange rate, as well as the internationalizing of the Chinese currency and its use in cross-border operations are also discussed. The authors believe that the prospects for strengthening China’s position in the global capital markets will be determined by a number of circumstances, including the dynamics of the world economy, the growth rate of the Chinese economy, and the consistent liberalization of conditions for cross-border capital movement in China. The maintaining of higher growth rates of the Chinese economy in the context of the global recession and the coronavirus pandemic, as well as the ongoing liberalization of the domestic capital markets, suggest that the Chinese economy will remain attractive for foreign investors. The export of Chinese direct investment abroad will be largely determined by the dynamics of the country’s foreign trade, national restrictions on the export of capital, the implementing the Belt and Road Initiative and the position of China’s leading economic partners, primarily the United States, towards Chinese investment. At the same time, increased geopolitical and country risks will affect the geographical structure of China’s investment abroad in the direction of enhancing cooperation with Asian countries and participants of the Belt and Road Project. In the context of aggravated relations with the United States, China will make efforts to reduce dependence on the US dollar in settlements. Further steps will also be taken to internationalize the Chinese national currency and to achieve an increase in the use of RMB in payments. The lifting of restrictions on cross-border portfolio investments in the PRC is predetermined by ensuring the domestic macroeconomic stability, strengthening the financial system, low inflation, affordable credit, a stable balance of payments, and sufficient foreign exchange reserves. China’s real entry into the world’s leaders, both in the global commodity and capital markets, requires the creation of its own technological base, the transition to a new energy-saving, environmental-friendly national economic structure based on knowledge and new technologies, balancing the development levels of the country’s regions, and increasing the average per capita income of people.
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Ruan, Lei, Heng Liu e Sangbing Tsai. "XBRL Adoption and Capital Market Information Efficiency". Journal of Global Information Management 29, n. 6 (novembre 2021): 1–18. http://dx.doi.org/10.4018/jgim.20211101.oa35.
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As a common standard for global business reporting, eXtensible Business Reporting Language (XBRL) can make up for the deficiencies of traditional financial reports in terms of standardized disclosure and information use costs, and provide firm-specific information to report users, reduce the level of corporate stock price synchronicity, and then improve capital market information allocation efficiency. Based on the financial data of Chinese listed companies from 2005 to 2011, this paper mainly focuses on the impact of XBRL adoption on stock price synchronicity.
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LIN, Lin. "Venture Capital Exits and the Structure of Stock Markets in China". Asian Journal of Comparative Law 12, n. 1 (18 gennaio 2017): 1–40. http://dx.doi.org/10.1017/asjcl.2016.15.
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AbstractExisting literature suggests a strong relationship between a vibrant venture capital market and an active stock market: venture capital flourishes when venture capitalists can readily exit from successful portfolio companies through IPOs, and IPOs are in turn facilitated by active and efficient stock markets. This article uses China as a case study to explore the connection between the stock market and venture capital market. Through empirical studies, this article confirms the existing literature by demonstrating a close connection between the stock market and venture capital market in China. It also refines the existing literature by finding that, for venture capital availability, laws and policies also matter in China. Strong and sustained law reforms and government policies aimed at improving the institutional structure and regulatory environment of the stock market can facilitate venture capital-backed exits, which in turn lead to an increase in new venture capital availability in China. Nonetheless, numerous IPO closures have led to freeze-ups in China’s venture capital market. Also, there remain a multiplicity of institutional impediments to the efficient operation of the stock market and the effective implementation of IPO reforms in China. These may in turn hinder the development of the Chinese venture capital industry.
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Ma, Xianghai. "Capital controls, market segmentation and stock prices: Evidence from the Chinese stock market". Pacific-Basin Finance Journal 4, n. 2-3 (luglio 1996): 219–39. http://dx.doi.org/10.1016/0927-538x(96)00012-1.
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Liu, Chelsea, Graeme Gould e Barry Burgan. "Value-relevance of financial statements". International Journal of Managerial Finance 10, n. 3 (27 maggio 2014): 332–67. http://dx.doi.org/10.1108/ijmf-02-2011-0016.
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Purpose – The Chinese capital markets are divided into two segments comprising of A-shares (traded by domestic investors) and B-shares (traded by foreign investors). Firms issuing A-shares are required to produce accounting reports under the Chinese Accounting Standards (CAS) and firms issuing B-shares are required to report under the International Accounting Standards (IAS). The purpose of this paper is to investigate the comparative value-relevance of accounting information in the Chinese capital markets, in particular whether the value-relevance associated IAS exceeds that of CAS. Design/methodology/approach – This study undertakes a capital market research approach. Two statistical models are employed to test the value-relevance of competing accounting information on share prices: the Price Model and the Return Model. This study takes advantage of the parallel reporting frameworks governing the A-share and B-share markets buy using the same firms which issue both A-shares and B-shares. Findings – The analysis supporting the study demonstrates that both CAS and IAS information is value relevant to investors in the Chinese capital markets but that IAS provide more useful information. Additionally it is observed that reconciliation variables (representing the discrepancy between IAS- and CAS-based accounting figures) are not significant in explaining market valuation or returns on stock. Research limitations/implications – This study provides evidence of value-relevance of accounting reports on the Chinese capital markets for the period of 1999-2005. The period under investigation captures the significant development in China's accounting regulations which took place in 1998 and 2001. The recent shift in accounting regulations in China from CAS to IAS is expected to improve the dissemination of financial information by publicly listed Chinese firms. Practical implications – This study investigates the reporting requirements on the Chinese capital markets during a period in which accounting reporting requirements underwent a significant change as part of the internationalization of accounting standards. Both A- and B-share markets were investigated simultaneously in order to provide an objective analysis and avoid sampling selection bias present in other studies. Social implications – The recent shift in accounting regulations in China from CAS to IAS is expected to improve the dissemination of financial information by publicly listed Chinese firms. Originality/value – This paper extends previous research on value-relevance of accounting reports in the Chinese capital markets by capturing the period in which the reporting requirements had experienced significant change. This paper also takes advantage of the dual reporting framework in order to mitigate potential sampling bias present in previous studies and employs a reconciliation variables not previously used.
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Lee Kwang-Jae. "An Evaluation of the Chinese Open-door Capital Market Policies". JOURNAL OF CHINESE STUDIES ll, n. 55 (marzo 2017): 153–77. http://dx.doi.org/10.26585/chlab.2017..55.007.
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Ansheng, Dong, e Han Liyu. "How Law Reform Enhances Trading on the Chinese Capital Market". Uniform Law Review 10, n. 1-2 (1 gennaio 2005): 225–36. http://dx.doi.org/10.1093/ulr/10.1-2.225.
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Yuan, Yuan, e Hiroshi Gunji. "The impact of foreign capital on the Chinese banking market". China Economic Journal 2, n. 3 (4 marzo 2010): 285–96. http://dx.doi.org/10.1080/17538960903529519.
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Wan, Fei. "Critical Issues of Corporate Governance in Chinese Listed Companies-Meet the Standard for a Stable Capital Market". International Journal of Trade, Economics and Finance 7, n. 4 (agosto 2016): 157–62. http://dx.doi.org/10.18178/ijtef.2016.7.4.516.
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Wu, Jie, e Zhenzhong Ma. "Misfit or xenophillia". Nankai Business Review International 9, n. 1 (5 marzo 2018): 19–32. http://dx.doi.org/10.1108/nbri-06-2015-0016.
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Purpose Overseas work experiences have played a critical role in venture creation and success, yet the impact of overseas work experience on returnee entrepreneurs’ venture capital funding in the Chinese market remains understudied. This paper aims to explore the impact of returnee entrepreneurs’ overseas experiences on their opportunities of venture capital funding in China to help better understand the potential benefits that overseas work experiences bring to emerging markets. Design/methodology/approach The authors have conducted a two-year inductive field study to explore the impact of overseas experiences on Chinese returnee entrepreneurs’ funding in the Chinese market with in-depth interviews with returnee capital seekers (or the venture founders) and capital providers. Findings The results show that returnee entrepreneurs are more likely to succeed in acquiring financial resources for their new ventures if they skillfully present their overseas work experiences and international networks to manage the impression constructed by capital providers. Originality/value This research sheds light on how returnee entrepreneurs use impression management in external resource acquisition. It is clear that overseas experience has been regarded a symbol of personal capability closely associated with advanced knowledge and valuable human and social capital in the Chinese context. Resource holders appreciate such an association. The authors suggest that returnee entrepreneurs concerned about how to effectively acquire external resources should reflect upon the ways of presenting themselves to potential investors and fostering a positive image that encourages investors to commit to their ventures.
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Wang, Yanxin, e Yong Wu. "A RESEARCH ON RISK CONTAGION OF CHINESE INTERBANK MARKET". International Journal of Engineering Technologies and Management Research 4, n. 7 (1 febbraio 2020): 6–12. http://dx.doi.org/10.29121/ijetmr.v4.i7.2017.82.
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The paper investigates contagion risk of interbank market via matrix method with a complete network structure. We make a study of contagion risk and the proportion of failed bank assets by exploiting the two conditions of the core capital adequacy ratio is less than 6% and the loss is higher than the bank’s tier 1 capital, and compares the size of the difference of liquidity ratio before and after the risk. The results show that we can more accurately obtain the order of bank failures based on the above three criteria. Meanwhile, (not) vulnerable banks and the sequence of importance of Bank of Communications, Minsheng Bank, Shanghai Pudong Development Bank and Industrial Bank are given in the banking system.
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Yi, Yunxin. "An Overview of International Capital Flows and Its Impact on Chinese Financial Market". E3S Web of Conferences 275 (2021): 01015. http://dx.doi.org/10.1051/e3sconf/202127501015.
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With the acceleration of economic globalization and financial market integration, there has been a gradual increase in the amount of international capital and considerable global movement of capital flow. Due to its inherent uncertainty, immense capital flows, and complex structure, international capital flows have an enormous impact on international trade, finance flowing, and economic development for countries all over the world. This paper aims to provide a full overview of international capital flow, focusing on the internal fluctuation patterns and developing trends in the near future. Through the qualitative analysis of China’s capital flows, this paper also summarizes its major characteristics and multiple effects caused by international capital flows.
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Subhi, Citra Putri, e Fitriyah Fitriyah. "ANALISIS INTEGRASI PASAR MODAL KAWASAN ASIA-PASIFIK (APEC): IMPLIKASI DIVERSIFIKASI INTERNATIONAL". IQTISHODUNA 10, n. 2 (4 agosto 2016): 99–109. http://dx.doi.org/10.18860/iq.v10i2.3583.
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The purpose of this study was to determine the presence of capital market integration in the AsiaPacific region which has implications for portfolio diversification opportunities internationally. This studyuses quantitative methods to the analysis of the model using VECM (Vector Error correction model) with astationary test level level , different stationary , cointegration and correlation . The population is the entirecountry in the Asia -Pacific (APEC) which has a capital markets while the sample is 10 APEC countries whichinclude U.S. state (^ DJIA), Australia (^AORD), HongKong (^HSI), Japan (^ N225), Singapore (^ STI), Singapore(^ KS11 ), New Zeland (^ NZ50), Indonesia (^ JKSE), Malaysia (^ KLSE), Chinese (^ SSEC) . The results ofthese studies demonstrate that there are capital market integration in the Australian state of capital market(^ AORD)- Malaysia (^ KLSE) and Hong Kong (^ HSI )-South Korea (^ KS11) and there are opportunities in thearea of portfolio diversification proficiency level shows that there are 20 pairs market index has a negativecorrelation coefficient.
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Wang, Qianyu, Umesh Sharma e Howard Davey. "Intellectual capital disclosure by Chinese and Indian information technology companies". Journal of Intellectual Capital 17, n. 3 (11 luglio 2016): 507–29. http://dx.doi.org/10.1108/jic-02-2016-0026.
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Purpose – The purpose of this paper is to examine the extent and quality of voluntary intellectual disclosures by information technology (IT) companies of China and India. Design/methodology/approach – The research method adopted for this study is content analysis. The research is limited to the intellectual capital information disclosed in companies’ annual report. The sample for this research is based on 20 IT companies listed by market capitalization listed on Shenzhen or Shanghai stock exchange market, and the largest 20 companies listed on Indian stock market. Findings – Indian IT companies tends to perform better than Chinese IT companies in extent and quality of disclosures. The extent of disclosure of both countries is at a relatively high level. The most frequently reported disclosure category in India is external capital, while the least one is human capital. In China, external capital is the most frequently disclosed category, while the internal capital is the least one. Research limitations/implications – The sample size of the study is relatively small. Future research can expand on the sample size to get an overview of the intellectual capital disclosure, and conduct a longitudinal study to capture the trend of reporting practices. Practical implications – The findings of this study have implications for policy makers and standard setters for rethinking of inclusion of intellectual capital disclosure in annual reports as compulsory items. This will not only add tot he quality of information but various stakeholders will be able to make an assessment of the values of a firm. Originality/value – Previous studies of intellectual capital (IC) disclosure have covered little on the relationship between market capitalization and quality of disclosure and cross-country disclosure on IC. This research tends to extend the literature on IC disclosure.
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Hong, Philip K., Tao Ma e Guochang Zhang. "Accruals Quality and Cost of Capital: Evidence from the Chinese Stock Market". Journal of International Accounting Research 18, n. 1 (1 luglio 2018): 71–95. http://dx.doi.org/10.2308/jiar-52216.
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ABSTRACT We seek evidence of a link between accruals-based earnings quality (EQ) and cost of capital by examining two classes of shares traded in China's segregated markets prior to 2001.The A- and B-shares introduced respectively for domestic and foreign investors carry identical cash flow rights, but B-shares are traded at deep discounts relative to A-shares. We predict that whereas the differential informedness of domestic versus foreign investors causes A- and B-share prices to diverge, high-quality public reporting serves to narrow the information and hence price gaps. Consistent with our predictions, we find that EQ is negatively related to the A-B share price differential and that the negative effect is more pronounced for firms with large disparities in informedness between the markets. We further find that this EQ effect vanishes after the new policy in 2001, which permits domestic investors also to trade B-shares and consequently reduces the inter-market information gap. By employing this unique setting, the study circumvents some of the research design limitations in prior studies, which enables us to better identify the pricing effect of accruals quality. JEL Classifications: M41; G12.
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Li, Sicong. "Determinants of Chinese Direct Investment in Central-East Europe under the Belt and Road Initiative Framework: A Panel Data Analysis". INTERNATIONAL JOURNAL OF INNOVATION AND ECONOMIC DEVELOPMENT 6, n. 4 (2020): 62–81. http://dx.doi.org/10.18775/ijied.1849-7551-7020.2015.64.2005.
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The Chinese outward direct investment has experienced a dramatic growth worldwide under the Belt and Road Initiative (BRI) framework in the past few years, and naturally this growing Chinese capital also fosters the cooperation between Central East Europe (CEE) region and China. This research examines diversity of determinants holding impact on Chinese FDI flows from 2009~2018 in CEE region with implementation of panel data analysis, and our result partially explains what cause the heterogeneity concerning amount and density of Chinese capital in CEE countries. Our findings suggest us that generally countries with superior capacity in manufacturing sector and better performance in exportation are preferable capital destinations since Chinese investment is dominated by purposes like EU market access, relieving industrial overcapacity, industry upgrading, and a more effective integration of global industry chain. It is also illustrated in our findings that, from a macro perspective, it is intrinsic and inherent factors of individual economies and political concerns, rather than short-term financial factors, like financial market volatility, that could significantly determine the Chinese capital outflows in this region.
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Zhang, Peng, e Xiang Huan Meng. "The Market Application Analysis of CAPM Model". Applied Mechanics and Materials 380-384 (agosto 2013): 4422–25. http://dx.doi.org/10.4028/www.scientific.net/amm.380-384.4422.
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CAPM is one of the most important decision-making problems for most organizations in portfolio selection problem. Usually the determination of the capital return on assets is the core issues of CAPM.The paper deeply makes the empirical analysis of CAPM model in Chinese stock market .The result could help Chinese investors understand pricing behavior and effectively guide the formulation of investment strategies in Chinese stock market.As a result, empirical research carried out many problems, especially no any effective test methods exist. From the former empirical test paper, the majority of results show that the CAPM does not apply to the current Chinese stock market. Therefore, Chinese stock market is still in development,not a mature market and far away from a standard market.
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He, Dong, e Paul Luk. "A MODEL OF CHINESE CAPITAL ACCOUNT LIBERALIZATION". Macroeconomic Dynamics 21, n. 8 (12 aprile 2016): 1902–34. http://dx.doi.org/10.1017/s1365100516000043.
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We provide a theory-based inquiry into the contours of China's international balance sheets after the renminbi becomes convertible under the capital account. We construct a two-country general equilibrium model with trading in equities and bonds and calibrate the model with U.S. and Chinese data. We interpret Chinese capital account liberalization as a removal of restrictions that prohibit agents trading Chinese bonds and U.S. equities. We explore how international risk-sharing can be achieved through portfolio diversification in each of these asset market configurations. We also look at how these holdings would change as China gradually rebalanced its production with a larger share of labor income, and as the productivity gap between China and the United States narrowed. We find that both U.S. and Chinese residents would have incentives to increase their holdings in each other's equities and to issue debt in each other's currency.
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Yang, Bing, e Xiaolin Li. "Analysis of Securities Analysts Impact on China’s Capital Market Efficiency". Asian Journal of Social Science Studies 2, n. 1 (15 novembre 2016): 110. http://dx.doi.org/10.20849/ajsss.v2i1.127.
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This paper explores the impact of securities analysts on China’s capital market efficiency from the perspective of the stock price synchronicity. Empirical results show that increased securities analysts can improve capital market efficiency, but this effect is limited with economical insignificant. We recommend that the Chinese Securities’ Regulatory Authorities need to further the reform of the securities industry consulting system, thus enhance the capital market efficiency of allocation of resources.
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Yong Zhong. "Relations between Chinese television and the capital market: three case studies". Media, Culture & Society 32, n. 4 (luglio 2010): 649–68. http://dx.doi.org/10.1177/0163443710367696.
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Horwitz, F., M. Ferguson, I. Rivett e A. Lee. "An Afro-Asian nexus: South African multinational firm experiences in Chinese labour markets – key focus areas". South African Journal of Business Management 36, n. 3 (30 settembre 2005): 29–40. http://dx.doi.org/10.4102/sajbm.v36i3.633.
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This exploratory study examines perspectives of multinational corporations (MNCs) from South Africa (SA) in respect of the variables considered important in product and labour markets in China. These include how MNCs first interpret and understand cultural, human capital, regulatory factors and employment practices, before considering how they might adapt to or seek to influence them. A survey of thirteen SA firms operating or trading in these markets and interviews with South Africans who had undertaken exploratory assignments in China, were done. Key factors were identified and evaluated based on relevant literature and research. The following six focus areas were found to be important for business effectiveness in this market: understanding its market complexity, importance of joint venture partners, guanxi relationship networks, human capital, language and culture, and regulatory environment.
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Qiao, Han, Sen Zhang e Yao Xiao. "Modeling the Impacts of Venture Capital Investment on Firm Innovation". Discrete Dynamics in Nature and Society 2021 (6 luglio 2021): 1–10. http://dx.doi.org/10.1155/2021/8661152.
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Taking firms listed on the Chinese Growth Enterprise Market (GEM) in 2008–2017 as the sample, this study investigates the impact of venture capital (VC) investment on Chinese firm innovation using propensity score matching and a difference-in-differences (PSM-DID) model. The results show that, overall, firms’ innovation inputs and outputs do not show obvious enhancement due to VC entry, but instead show a strong and then weak inhibitory effect. VCs have heterogeneous impacts on firm innovation; that is, compared to other types of firms, firms with technology-dependent characteristics and firms whose actual controllers are experts in the same industry can effectively mitigate the adverse impact of VC on innovation inputs and gradually promote growth in the quantity and quality of the innovation outputs after the second year of VC entry. This study not only reveals the impact of VC on firm innovation activities in the Chinese capital market but also provides empirical evidence to help improve the financial innovation service system and the use of the capital market to promote innovation in China.
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Reshetnikova, Marina S. "China venture market overview". RUDN Journal of Economics 27, n. 4 (15 dicembre 2019): 753–60. http://dx.doi.org/10.22363/2313-2329-2019-27-4-753-760.
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Today the Chinese economy has rapidly begun the transition to a new stage of development. Its basis is high-tech production and national breakthrough technologies. This process happens due to the transformation of the government strategy in the direction of scaling up innovation through the inclusion of small and medium enterprises. China has been able to raise venture investments for its new development plan. However, since 2016, the rapid growth of the Chinese venture market has raised many concerns. The purpose of the study was to analyze and assess the current state of China's venture capital market. The research proved that, despite signs of overheating, it is still premature to talk about the formation of a “bubble” in the Chinese venture market. The article concludes with a discussion that China is transforming itself again and that the next wave of innovation and private entrepreneurship will be the wave of the future, with substantial global consequences.
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Fonseka, M. M., Gao-liang Tian e Liu-chuang Li. "Impact of financial capability on firms’ competitiveness and sustainability". Chinese Management Studies 8, n. 4 (28 ottobre 2014): 593–623. http://dx.doi.org/10.1108/cms-09-2011-0066.
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Purpose – The purpose of this paper is to investigate the impact of different sources of external financing and internal financial capabilities on competitiveness and sustainability. This paper also studies the nature of their relationships related to regulations on external financing in Chinese capital market. Design/methodology/approach – Resource- and industry-based views provide a theoretical background. Based on balanced panel of 4,530 firm-year observations, hierarchical regressions were used to examine the research model. Findings – Results support the idea that the strict Chinese regulatory regime allows some firms to access capital and debt markets for financing more than others. It was found that firms’ internal financing abilities do not offer a significant advantage compared to external financing abilities; firms’ abilities to raise capital from existing shareholders, the public and easy access to bank financing are related positively for an advantage on firm’s competitiveness within a industry. Firms with the ability to offer shares to existing shareholders, issue non-convertible and convertible bonds and access to bank financing are sustainable in long-run. Research limitations/implications – This study focuses on sources of financial capability of Chinese listed firm impact on competitiveness and sustainability. It is context specific to a regulated market. Hence, it is necessary to replicate this study in other contexts. Practical implications – Implications include the need to mobilize external financial resources for small and privately-owned firms and to further reform security regulations to ensure fair competition and sustainability. Originality/value – The authors originally investigate the effect of sources of financial capability impact on firms’ competitiveness and sustainability in a regulated market. The paper explains the relationships, and enhances the understanding of regulated capital market and existing literature.
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CASTAÑEDA, NÉSTOR. "New Dependency?: Economic Links between China and Latin America". Issues & Studies 53, n. 01 (marzo 2017): 1740001. http://dx.doi.org/10.1142/s101325111740001x.
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This paper focuses on the most recent trends of Chinese finance (foreign direct investment (FDI) and development loans) in Latin America and their impact on economic development. In particular, this paper explores the economic and institutional factors that attract loans and FDI from China to Latin America. Based on data from the Chinese Ministry of Commerce and the United Nations on Chinese FDI and development loans to Latin America, this article argues that Chinese capital flows to the region, rather than politically motivated, are mainly motivated by trade interests, the evolution of the market of commodities, and natural resources-related policy goals. These capital flows are functional to the Chinese government’s use of soft power in the region, but these goals are secondary to market-based interests.
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Zhang, Liang, Qi Yu, Zhenji Jin e Jian Xu. "Do Intellectual Capital Elements Spur Firm Performance? Evidence from the Textile and Apparel Industry in China". Mathematical Problems in Engineering 2021 (27 maggio 2021): 1–12. http://dx.doi.org/10.1155/2021/7332885.
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This paper examines how investment in intellectual capital (IC) elements by textile and apparel companies improves firm performance measured in terms of profitability, market value, and productivity. The modified value-added intellectual coefficient (MVAIC) model is applied to measure IC. Using a panel of 35 Chinese textile and apparel companies for a six-year period (2013–2018), the results show that physical and human capitals are the strong factors that contribute to firm performance. In addition, relational capital negatively influences profitability and market value, and structural capital and innovation capital have a negative impact on employee productivity. We also find that the MVAIC model performs better in measuring IC than the original value-added intellectual coefficient (VAIC) model. This paper can provide some insights for corporate managers to enhance firm performance and gain competitive advantage by proper utilization of IC in traditional industries.
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Nazarova, Varvara, e Anastasia Budchenko. "Capital Structure in Emerging Markets: Evidence from China". Journal of Corporate Finance Research / Корпоративные Финансы | ISSN: 2073-0438 14, n. 1 (6 maggio 2020): 7–19. http://dx.doi.org/10.17323/j.jcfr.2073-0438.14.1.2020.7-19.
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Although corporate capital structure has been intriguing to scientists for a number of years, very little research has been conducted on the topic for companies in emerging markets. The purpose of this paper is to investigate the determinants of capital structure using a sample of 195 non-financial firms from emerging markets in 2012-2016.
The inclusion of a specific dataset from Chinese companies lends vital focus to this investigation and provides crucial ballast for the investigative function. The final sample contains data on 57 China companies and 90 other companies of emerging markets. Our article focusses on identifying the determinants of capital structure of Chinese companies in comparison with companies of other BRIC countries (Brazil, Russia, India), and sets out a series of hypotheses concerning capital structure with domestic and international variables. We compare and contrast our data using a series of custom evaluation models based on linear regressions.
The results confirm positive impact of tangibility on total debt ratio due to a high share of capital-intensive industries in the sample. It is revealed that growth rates and firm size have positive impacts on financial leverage in Chinese companies as compared to other BRIC countries, and these effects are stronger in capital-intensive industries. We illustrate how a strong negative impact of ROA has increased in recent years, and connect this phenomenon to a considerable decrease in lending rates following a large-scale stimulus program which encouraged Chinese companies to borrow money instead of relying on retained earnings. The presence of the Chinese state in the ownership structure of companies is revealed to be significant for the majority of Chinese companies, especially for the oil and gas and metallurgical sectors.
Our conclusions highlight the importance of government policies and special market conditions in explaining the financing behaviour of companies in emerging countries like China. While capital structure choice varies significantly across industries, nevertheless the differences between Chinese and other BRIC companies reflect the differences in the institutional structure of financing mechanisms in countries. This research and evaluation is especially timely considering the increased focus on Chinese commercial exposure on the world stage, a tendency which is bound to increase research interest in the near future across a range of disciplines. As such, our study and our broad range of conclusions will prove invaluable for students, researchers, policymakers, and decision makers in business, commerce, politics and academia at all levels.
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Chen, Haowen, Heng Liu e Han Cheung. "Radical innovation, market forces, political and business relationships". Chinese Management Studies 8, n. 2 (27 maggio 2014): 218–40. http://dx.doi.org/10.1108/cms-02-2014-0038.
Testo completoAbstract (sommario):
Purpose – This study aims to investigate the relationships between radical innovation, market forces and political/business relationships in China by combining social capital theory and contingent theory. The paper focuses on how two types of managerial ties (i.e. business and political ties) impact firms’ capacity for radical innovation. It also examines the different moderating effects of market forces (i.e. demand uncertainty, technological turbulence and competitive intensity) on the linkage of managerial ties with radical innovation in the Chinese transitional context. Design/methodology/approach – A systematic literature review on managerial ties, radical innovation and market forces in emerging markets provides the theoretical foundation of our conceptual model and hypothesis. Using a survey sample of 119 Chinese firms, the authors conduct a regression analysis on the theoretical model and hypotheses. Findings – The results show that business ties have an inverted U-shape effect on radical innovation, while political ties have a positive impact on radical innovation. Furthermore, the market forces in transitional economies (i.e. demand uncertainty, technological turbulence and competitive intensity) have different moderating effects on the relationships between two types of managerial ties and Chinese firms’ radical innovation. Research limitations/implications – This study adopts its data set from the Chinese context. It would be necessary to replicate this research in other transitional economies because of specific differences between China and other transitional economies. Practical implications – Findings from our study indicate that firms which wish to succeed in radical innovation may need to adapt their tie-based strategies according to different market settings. Originality/value – The paper is original in its comparative investigation of the effect of business ties and political ties on radical innovation in contingent transitional market environments using a combination of social capital and contingent theories.
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Zhang, Jing, e Huizhi Yu. "Venture Capitalists’ Experience and Foreign IPOs: Evidence from China". Entrepreneurship Theory and Practice 41, n. 5 (settembre 2017): 677–707. http://dx.doi.org/10.1111/etap.12228.
Testo completoAbstract (sommario):
Integrating signaling theory with social network theory, we investigate the influence of venture capitalists’ (VCs’) IPO experience on the likelihood of foreign IPO successes. Using data from VC–backed Chinese companies listed on the U.S. or Chinese stock markets from 2002 to 2012, we find that U.S. VCs’ experience in either market increases the chance of listing in the United States. However, Chinese VCs’ experience in the United States plays the same role, but not in China. For entrepreneurs who desire to pursue opportunities in international capital markets, the novel findings offer important implications in their VC selection decisions.
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Bian, Yanjie, Juan Xie, Yang Yang e Mingsong Hao. "Local embeddedness, corporate social capital and Chinese enterprises". Chinese Management Studies 13, n. 4 (4 novembre 2019): 860–76. http://dx.doi.org/10.1108/cms-08-2018-0644.
Testo completoAbstract (sommario):
Purpose The purpose of this study is to examine the impact of corporate social capital and local embeddedness on perceived business performance of Chinese enterprises operating overseas, whose recent growth resulted from the Belt and Road Initiative. Design/methodology/approach This study reports the results of a sample of 83 Shaanxi outward foreign direct investment (FDI) firms operating in Africa, Asia, Australia, Europe and North America. In-depth interviews with a few sampled firms are used to develop the survey questionnaire and help interpret the results of statistical analysis. Findings This study proposes two hypotheses and both are supported by the data. First, corporate social capital is a three-dimensional concept, covering governmental, market and personal sources with each source making an equal, positive effect on perceived overseas performance of the surveyed firms. Second, these firms do better when having developed a higher degree of local embeddedness, a measure on local channels used to obtain information and mobilize resources. While local embeddedness indeed mediates some effect of corporate social capital, both variables have shown direct impact on performance. Research limitations/implications Reported findings are from a small sample of 83 firms in an inland Chinese province, and business performance is measured by subjective evaluation rather than economic output. Practical implications The practical implication is that a Chinese FDI firm is expected to maintain all three relational channels – governmental, market and interpersonal – because the firm can gain different kinds of information and resources from these sources and each channel is necessary and equally important for the firm’s development. Importantly, it needs a different strategy to maintain and best use each channel. For the Belt and Road Initiative to be effective, China must establish platforms through which enterprises can strengthen and reconfigure their corporate social capital, as well as to cultivate and sustain their local networks in foreign destinations.
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Li, Peixin, e Baolian Wang. "Overseas listing location and capital structure". China Finance Review International 4, n. 1 (11 febbraio 2014): 3–23. http://dx.doi.org/10.1108/cfri-01-2013-0008.
Testo completoAbstract (sommario):
Purpose – A significant number of Chinese companies are listed overseas. The authors aim to examine whether overseas locations affect their financing decision, specifically their capital structure choice. Design/methodology/approach – Most of the Chinese overseas listed companies are listed in the USA and Hong Kong. As the institutional quality of the USA is better than Hong Kong, the authors, therefore, choose to build the hypotheses from the “law and finance” literature. Specifically, the authors argue that the better institutional environment of the USA can mitigate the information asymmetry problem and the agency problem of financing via equity. Consequently, firms listed in the USA will rely more on equity and have lower leverage ratio. The difference in leverage ratio of US listed and Hong Kong listed companies should be larger when the marginal benefit of better information environment is larger. Findings – Referring to various data sources, the authors construct a comprehensive list of overseas listed companies in the USA and Hong Kong. The authors collect the accounting and stock performance information from Datastream/Worldscope and the equity offering data from Global New Issue database. The empirical findings provide strong support of the hypotheses: the leverage is 15 percent lower for US listed companies than the Hong Kong listed companies; the results are stronger when the firms face more severe information asymmetry problem; the stock price reacts less negatively for seasoned equity offering in the USA than in Hong Kong. Practical implications – Most of the Chinese companies decided to be listed overseas because they cannot be listed in the Mainland Chinese stock exchanges. One of the most important motivation is to access to external capital to support firm growth. As the main channel of external financing in the overseas markets is equity since debt is still mainly domestically based, one implication of this paper is that Chinese companies can gain better access to external capital in the USA than in Hong Kong and relax their financial constraint. Originality/value – There are a considerable number of Chinese companies listed in the overseas markets. Many successful and famous companies are among them. However, almost no research has been done based on them. This paper documents some very important phenomenon of this market. The authors wish that more studies will be conducted. In addition, the study also complements the existing studies on how institutional environment affects corporate financial behavior.
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Rong, Zhaozi. "Productivity, public capital, and socialism with Chinese characteristics – A critique of the doctrine of incompatibility between capital and public ownership". China Political Economy 3, n. 1 (1 giugno 2020): 121–39. http://dx.doi.org/10.1108/cpe-05-2020-0011.
Testo completoAbstract (sommario):
PurposeThis paper is a response to the doctrine that capital is incompatible with public ownership. The fundamental characteristics of modern productivity determine the co-existence of the market economy and capital relations.Design/methodology/approachSocialism can neither bypass the market economy nor “go beyond capital”; capital appears in two historical forms, including the private capital and the public capital. Public capital is the inevitable outcome of the inherent contradictions of public ownership in a socialist market economy.FindingsIt represents an economic relationship that compels individual labourers to provide surplus labour for the society. The combination of the strong accumulation function of public capital and the improvement of people's welfare is the main cause of China's development miracle.Originality/valueThe innovation impetus of the public capital and its “immunity” to the capitalist crisis highlight the tremendous power of socialism with Chinese characteristics in breaking free of the shackles of capitalism and continuously developing productive forces. Public capital demonstrates and will continue to demonstrate the historical legitimacy of socialism.
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Tan, Yi, e Xiaoli Wang. "Investigating the Motivations of VC Syndication in China --- Do Chinese Leading VC Firms Make a Difference in Terms of Syndication Decisions". International Journal of Economics and Finance 8, n. 6 (24 maggio 2016): 78. http://dx.doi.org/10.5539/ijef.v8n6p78.
Testo completoAbstract (sommario):
The venture capital industry in China is quickly evolving and becoming more and more important in the development of small and medium-size companies in China. Venture capital firms usually invest in young private transactions which are usually involved with high risk. In addition, the legal and political environments in China are significantly different from those in the developed markets and at the same time, China is undergoing significant changes of business environments, which brings even more challenges to the VC firms in China’s market. Under these challenges, syndication has become a very popular investment method for the VC companies to diversify their investment risks. In this paper, we explore the various factors that might influence the motivation of VC firm’s syndication decisions in China’s market and especially focus on the impact of the firm’s Chinese ownership. We believe that VC firms’ Chinese ownership has a significant influence on the firm’s decision for syndication investment and our empirical analysis confirms this. We find that Chinese VC firms have a significantly lower likelihood to make syndicated investment than their foreign counterparties. We also explore the interactions between the firms’ Chinese ownership and other influencing factors to investigate their joint impacts on the syndication likelihood. We believe our study will provide a better and thorough understanding about the VC firms’ syndication behavior in China’s market and thus will offer significant values to Chinese policy makers in terms of their efforts to promoting VC development in China.
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Liang, Andrew. "Capital Production and Social Equity: Finding Balance in Chinese Cities". High Density, n. 50 (2014): 28–35. http://dx.doi.org/10.52200/50.a.p1mvwpp2.
Testo completoAbstract (sommario):
China’s massive capital accumulation, economic ascent and wealth production has largely been the result of their rapid urbanization effort. While it is indisputable that the country has largely succeeded in its economic reform efforts given its status as the world’s second largest economy and in that process lifted hundreds of millions of its population out of poverty, it has also, in that process, created severe social inequality and friction. This essay largely argues that Chinese cities are purpose-built financial instruments for capital accumulation, a result of the forces of globalization which could only have happened in sync with the time and space of a global economy. Though highly successful, so far the process has marginalized the objective of social integration into its performative matrix indexing. In this regard China has pursued an exploitive model of market driven urbanization and the resultant morphological and spatial attributes of the Chinese cities, while having achieved spectacular results on many levels, are nevertheless disjunctive. They are commodities of generic sameness that are mass-produced and exhibit the same anesthetizing effects of the spectacle that are ever prevalent in today’s global market production process, product and place. Recognizing that globalization and capitalism are here to stay in the immediate future, it begs the question if China, while having already undertaken extreme economic reform experimentations allowing it to now bask in its temporal success, will be able to leverage its acquired market knowledge and wealth creation to prospectively overcome the incredibly complex challenge of creating equitable cities in the future — ones that balance the demands of capital production on the one hand and social equity on the other — or rather will it sink deeper into the “neoliberal modern society” that it has already become.
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Shen, Jianfu, e Xianting Yin. "Credit expansion, state ownership and capital structure of Chinese real estate companies". Journal of Property Investment & Finance 34, n. 3 (4 aprile 2016): 263–75. http://dx.doi.org/10.1108/jpif-09-2015-0067.
Testo completoAbstract (sommario):
Purpose – The purpose of this paper is to explore the impact of the credit expansion in 2009 and 2010 in China on the capital structure of listed real estate companies. Design/methodology/approach – Chinese listed real estate companies are divided into two groups, state-owned and non-state-owned, because their access to credit markets have different priority to state-owned banks that dominate bank lending. The difference-in-differences approach is employed to test the impact of changes in leverage ratios and loan ratios before and after the credit expansion period in state-owned firms and non-state-owned firms. Findings – Using quarterly panel regressions, the authors find that during the credit expansion period, state-owned companies exhibit a relatively greater increase in leverage ratios than non-state-owned firms. State-owned firms have greater increases in book leverage ratios, market leverage ratios and long-term debt ratios by 5.2, 4.9 and 1.1 per cent, respectively. It is also shown that loan ratios have increased more in state-owned firms than non-state-owned firms during the credit expansion period. Research limitations/implications – The paper explores only the impacts of credit expansion on capital structure of listed real estate firms in China. Further studies can be conducted to investigate the impact of credit supply on corporate investment decisions of real estate firms and on real estate markets. Practical implications – The findings can help explain the surge in land and housing prices after 2008 in China. Deng et al. (2015) find that state-owned real estate firms paid more for land price than non-state-owned firms, which contributed to upward pressure on housing prices. This paper shows that such “over-investment” may be due to the increase of debt financing and availability of bank loans to real estate firms. Thus the credit market can affect real estate markets through debt financing at company level. Originality/value – This paper is the first to investigate the impact of credit supply on capital structure of real estate companies, and presents evidence of the importance of credit supply as a determinant of capital structure.
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Lingmin, Xie. "Ultimate ownership structure and capital structure: evidence from Chinese listed companies". Corporate Ownership and Control 13, n. 4 (2016): 297–306. http://dx.doi.org/10.22495/cocv13i4c2p3.
Testo completoAbstract (sommario):
This study investigates the impact of the ultimate corporate ownership structure, particularly the divergence of ultimate controlling shareholder’s control rights and cash flow rights, on the capital structure decisions among firms listed in Chinese market where the legal protection for creditors and minority shareholders is weak. I find that firms with a wider divergence between the ultimate controlling shareholder’s control rights and cash flow rights have significantly higher leverage level of capital structure. I also identify factors that affect this relation, including state ownership, institutional ownership, the presence of large tradable shareholders and NTS reform. My results suggest that leverage-increasing motivation of ultimate controlling shareholders with the risk of expropriation dominates in Chinese market and raising debt is a tool for them to maintain control over resources and corporate decisions to facilitate their self-dealing expropriation
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Xia, Chuanxin, Yujie Xiao, Wenyan Zhuo e YuJen Hsiao. "Mixed financing strategies for capital-constrained retailer in the Chinese financial market". Pacific-Basin Finance Journal 63 (ottobre 2020): 101395. http://dx.doi.org/10.1016/j.pacfin.2020.101395.
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Cumming, Douglas, Alessandra Guariglia, Wenxuan Hou e Edward Lee. "The experiences and challenges in the development of the Chinese capital market". European Journal of Finance 20, n. 7-9 (5 aprile 2012): 595–98. http://dx.doi.org/10.1080/1351847x.2012.672001.
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Han, Jianlei, Jing He, Zheyao Pan e Jing Shi. "Twenty Years of Accounting and Finance Research on the Chinese Capital Market". Abacus 54, n. 4 (dicembre 2018): 576–99. http://dx.doi.org/10.1111/abac.12143.
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Zhou, Jiahua. "CEO power, financial performance and arbitrage opportunity: evidence from Chinese capital market". International Journal of Chinese Culture and Management 3, n. 4 (2015): 380. http://dx.doi.org/10.1504/ijccm.2015.070341.
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Li, Li, e Zixuan Wang. "How does capital structure change product-market competitiveness? Evidence from Chinese firms". PLOS ONE 14, n. 2 (5 febbraio 2019): e0210618. http://dx.doi.org/10.1371/journal.pone.0210618.
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Han, Liyan, Hui Mou, Duo Xie e Zhi’an Chen. "“Pecking order” of Chinese capital market: Effects of convertible bonds’ issue announcements". Frontiers of Business Research in China 1, n. 2 (maggio 2007): 254–74. http://dx.doi.org/10.1007/s11782-007-0015-y.
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Ding, Haoyuan, Yuying Jin, Kees G. Koedijk e Yunjin Wang. "Valuation effect of capital account liberalization: Evidence from the Chinese stock market". Journal of International Money and Finance 107 (ottobre 2020): 102208. http://dx.doi.org/10.1016/j.jimonfin.2020.102208.
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