A Study on the Relationship among Industrial Policies, Financing Constraints and Market Value Management—Take Listed Companies in Strategic Emerging Industries as an Example

Finance ◽  
2020 ◽  
Vol 10 (04) ◽  
pp. 381-391
Author(s):  
钰滢 欧阳
Keyword(s):  
Market Value ◽  
Listed Companies ◽  
Value Management ◽  
Financing Constraints ◽  
Industrial Policies ◽  
Emerging Industries ◽  
The Relationship

scholarly journals THE IMPACT OF ESG FACTORS ON MARKET VALUE OF COMPANIES FROM TRAVEL AND TOURISM INDUSTRY

2019 ◽  
Vol 25 (5) ◽  
pp. 820-849 ◽  
Author(s):  
George H. Ionescu ◽  
Daniela Firoiu ◽  
Ramona Pirvu ◽  
Ruxandra Dana Vilag
Keyword(s):  
Economic Impact ◽  
Economic Performance ◽  
Market Value ◽  
Listed Companies ◽  
Geographic Region ◽  
Tourism Industry ◽  
Important Influence ◽  
Travel And Tourism ◽  
The Impact ◽  
The Relationship

The aim of this paper is to investigate the relationship between environmental, social, and governance (ESG) factors and firm market value for the companies from travel and tourism industry and, in the same time, to investigates the question if the association between good ESG scores for travel and tourism companies and their market value can be used as a performance predictor. The impact of extra-financial ESG performance on market value of the companies was estimated using the modified version of the Ohlson (1995) model, based on a sample of 73 listed companies, worldwide distributed, during the 2010–2015 period. The overall results of this research are consistent with the value enhancing theory (as opposed with the shareholder expense theory). From the ESG factors, the governance factor seems to have the most important influence on the market value of the selected companies, regardless of the geographic region where they are located. Thus, our findings provide new insights into the influence of each ESG factor on the market value of the companies, providing a useful tool for stakeholders to measure economic impact but also for use as a predictor of economic performance.

scholarly journals Customer Concentration and Corporate Innovation: Effects of Financing Constraints and Managers’ Expectation of Chinese Listed Companies

2019 ◽  
Vol 11 (10) ◽  
pp. 2859 ◽  
Author(s):  
Bing Zhou ◽  
Yumeng Li ◽  
Shengzhong Huang ◽  
Sidai Guo ◽  
Bing Xue
Keyword(s):  
Fixed Effects ◽  
Threshold Model ◽  
Threshold Effect ◽  
Listed Companies ◽  
Financing Constraints ◽  
Innovation Capability ◽  
Corporate Innovation ◽  
Chinese Listed Companies ◽  
The Relationship ◽  
Double Threshold

Innovation capability of enterprises will greatly influence the current and future development of companies. This paper investigates the relationship between customer concentration and innovation capability of enterprises through the view of both the financing constraints and the expectation of managers. Based on the data of China’s A-share listed companies over the period from 2012 to 2016, several methods including system GMM, threshold model of fixed effects, and PSM are applied for empirical analysis. The results show that the innovation capability of listed companies in China are negatively correlated with the customer concentration. Higher customer concentration brings about stronger constraints from large customers on enterprises and greater dependence of enterprises on large customers, which result in weaker demand for innovation and lower investment in innovation. Meanwhile, the results demonstrate the double-threshold effect of financing constraints. The effect of customer concentration on innovation can be different in companies with low, medium, or high-financing constraints. Furthermore, optimistic expectations are more conducive to the reduction of customer concentration and the improvement of innovation. In addition, based on the perspective of the manager’s expectation, the research demonstrates the heterogeneous impact of manager’s expectation on the relationship between customer concentration and innovation capability.

The Study on Relationship between Financing Constraints and Investment-Cash Flow Sensitivity in Chinese Listed Companies

2011 ◽  
Vol 268-270 ◽  
pp. 1844-1849
Author(s):  
Chang Chun Li
Keyword(s):  
Cash Flow ◽  
Logistic Regression Model ◽  
Listed Companies ◽  
Financial Data ◽  
Financing Constraints ◽  
External Financing ◽  
Flow Sensitivity ◽  
Chinese Listed Companies ◽  
Cash Flow Sensitivity ◽  
The Relationship

This paper uses the financial data of all Chinese listed companies to construct two indexes that reflect the degree of external financing constraints faced by firms, using logistic regression model and multiple discriminate analyses respectively. Second, the author examines the relationship between financing constraints and the investment-cash flow sensitivity using OLS regressions. This paper provides evidence that the relationship between financing constraints and investment-cash flow sensitivity is monotonic, which is consistent with the findings of FHP(1988).

scholarly journals Research and Analysis on Market Value Management in China Based on Method of Rank-Sum Ratio and Principal Component Analysis

2016 ◽  
Vol 8 (11) ◽  
pp. 124
Author(s):  
Yaqian Pan ◽  
Wenxin Song ◽  
Yanjun Xv
Keyword(s):  
Principal Component Analysis ◽  
Evaluation System ◽  
Value Added ◽  
Principal Component ◽  
Market Value ◽  
Listed Companies ◽  
Component Analysis ◽  
Weak Links ◽  
Value Management ◽  
Market Values

<p>Since 2005, China has implemented the split-share reform. After entering the full-circulation era of stock equity, the pursuit for maximize the company value has turned into the primary goal of listed companies in the course of their management and development. Thus, they attach great importance to the concept of market value management. The management of stockholders in listed companies began to pay attention to the inner values and the performances in the stock market of their enterprises, and thereby the concept of market value management is established. However, the weak efficiency of China’s capital market has resulted in the deviation between market values and inner values of companies. Thus, companies need to implement market value management and devise corresponding solutions so that two kinds of values can be well-matched.</p>This paper presents the definition of market value management at first. Next, it studies the background of the emergence of market value management as well as its development status in China, which are also compared with the overseas value management. And then, it makes a literature review and analyzes Economic Value Added Evaluation System (EVA), a performance evaluation system of market value management. It adopts the method of Rank Sum Ratio (RSR)and Principal Component Analysis to make empirical analyses,which evaluates the level of market value management of listed companies in China and discovers the weak links existing in the process of market value management .This paper eventually puts forward corresponding countermeasures and suggestions.

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