EVA Assessment, Discipline Constraints of CPC and SOEs’ Inefficient Investment: Evidence From Listed Companies in Chinese A-Share Owned by Chinese Central Government

2021 ◽  
Vol 9 (2) ◽  
Author(s):  
Yuewu Wang
Keyword(s):  
Central Government ◽  
Listed Companies ◽  
A Share

scholarly journals Environmental, Social, Governance Activities and Firm Performance: Evidence from China

2021 ◽  
Vol 13 (2) ◽  
pp. 767
Author(s):  
Lei Ruan ◽  
Heng Liu
Keyword(s):  
Firm Performance ◽  
Emerging Markets ◽  
Negative Impact ◽  
Listed Companies ◽  
Regulatory Agencies ◽  
Rating Data ◽  
Social Governance ◽  
Environmentally Sensitive ◽  
Regulatory Measures ◽  
A Share

Increasingly noticeable environmental and risk problems have made more and more companies and regulatory agencies realize the importance of environmental, social, and governance (ESG) activities. However, on the question that whether ESG activities have promoted or reduced firm performance, there is still no consensus. Especially for China, a representative country in emerging markets whose corporate ESG activities are still in their infancy and related systems and regulatory measures not complete, its theoretical and practical circles more urgently need to know an accurate answer to this question. Therefore, this article takes China’s Shanghai and Shenzhen A-share listed companies that have ESG rating data from 2015 to 2019 as samples and finds that corporate ESG activities have a significantly negative impact on firm performance. Further research finds that compared with state-owned enterprises and environmentally sensitive enterprises, non-state-owned enterprises and non-environmentally sensitive enterprises provide stronger evidence to support the above conclusions.

scholarly journals Dose Underwriter Credit and its Guiding Function Have Impact on IPO Break in China?

2017 ◽  
Vol 9 (5) ◽  
pp. 36
Author(s):  
Chang Xu
Keyword(s):  
Logistic Regression ◽  
Regression Model ◽  
Logistic Regression Model ◽  
Opposite Effect ◽  
Negative Relationship ◽  
Investor Sentiment ◽  
Listed Companies ◽  
Pricing Behavior ◽  
Guiding Function ◽  
A Share

Underwriters’ pricing behavior is partially unreasonable in China, and the overreaction of investors can easily lead to IPO break. The paper explores datum of listed companies between 2009 and 2016 in A share market and establishes Logistic Regression Model, aimed to pro how Underwriter Credit and Investor Sentiment affecting IPO break. Conclusions are as follows: overpricing of new shares will make IPO break easier; Underwriters Credit have opposite effect on IPO break; Investor Sentiment has negative relationship with IPO break significantly; underwriters can guide Investor Sentiment by credit weekly, in order to lower the probability of IPO break.

scholarly journals Research on the Influence of Corporate Credit Culture on Corporate Financing Constraints--Panel data analysis based on A-share listed companies

2021 ◽  
Vol 272 ◽  
pp. 02029
Author(s):  
Zhiqiang Liu ◽  
Lu Zhou
Keyword(s):  
Fixed Effects ◽  
Panel Data Analysis ◽  
Listed Companies ◽  
Practical Significance ◽  
Financing Constraints ◽  
Fixed Effects Model ◽  
Corporate Financing ◽  
New Perspective ◽  
Corporate Integrity ◽  
A Share

This paper takes China’s A-share listed companies from 2009 to 2019 as a sample, uses the mixed ols model and the two-way fixed effects model to conduct empirical analysis, and finds that when the corporate integrity culture is strong, the financing constraints faced by the company are lower. This conclusion remains robust after considering endogenous issues. This research not only explores ways to alleviate corporate financing constraints from a new perspective, but also has important practical significance for improving corporate governance and promoting the effective allocation of financial market resources.

scholarly journals Management equity incentives and stock price crash risk: “Golden handcuffs” or “gold watch”

PLoS ONE ◽  
2021 ◽  
Vol 16 (4) ◽  
pp. e0249900
Author(s):  
Xiaohua Zhou ◽  
Jinshi Wan ◽  
Yi Yang ◽  
Xiangyu Gan
Keyword(s):  
Peer Effects ◽  
Stock Price ◽  
Listed Companies ◽  
Mediation Effect ◽  
Crash Risk ◽  
Mediating Effects ◽  
Equity Incentives ◽  
Region 10 ◽  
The Relationship ◽  
A Share

This paper expands the previous research on management equity incentives (MEIs) and stock price crash risk by distinguishing between the "gold watch" region and the "golden handcuff" regions in MEIs. By using an estimation of the gold watch region and the golden handcuff regions based on 6,675 annual observations of China’s A-share listed companies, the stock price crash risk is found to be negatively correlated with MEIs in the golden handcuff regions (0–10%, 30%-100%) and is positively correlated with MEIs in the gold watch region (10%-30%). A further investigation of the mediating effects of peer effects on MEIs and the stock price crash risk reveals that peer effects have a partial mediation effect at the level of peer managers’ shareholding and mediate the relationship between MEIs and the stock price crash risk.

scholarly journals Whether the Construction of the Free Trade Zone Will Help Improve the Total Factor Productivity of Enterprises-Evidence from Chinese A-Share Listed Companies

2020 ◽  
Vol 13 (3) ◽  
pp. 15
Author(s):  
Chao Zhou
Keyword(s):  
Free Trade ◽  
Listed Companies ◽  
Free Trade Zone ◽  
Mediating Effect ◽  
Patent Data ◽  
Factor Productivity ◽  
Free Trade Zones ◽  
Regulatory Effects ◽  
A Share

Since the establishment of the first free trade zone in Shanghai in 2013, as of 2018, China has successively established 13 free trade zones. This paper uses a multi-period difference method and uses the financial data of Chinese A-share listed companies to prove the construction of the FTZ help to improve the TFP of the enterprise. The annual patent data obtained by the company is used to empirically analyze the role of innovation as a mediating effect in the development of the FTZ. In the end, it is believed that the construction of the FTZ can improve the TFP of enterprises through intermediary effects and regulatory effects.

Turnover Rate and Speculative Bubble: Empirical Study on A-H Share of Dual-Listed Companies

2012 ◽  
Vol 457-458 ◽  
pp. 810-814
Author(s):  
Yang Zhang ◽  
Wei Bai
Keyword(s):  
Empirical Study ◽  
Turnover Rate ◽  
Listed Companies ◽  
High Turnover ◽  
Speculative Bubble ◽  
True Meaning ◽  
A Share ◽  
H Share

In existing researches on the spread of A-H share dual-listed companies, turnover rate is generally regarded as a proxy for liquidity, which ignores the speculative meaning of turnover. In fact, high turnover rate often reflects strong speculative characteristics of investors in A share market. In this paper the true meaning of turnover rate is considered that it’s unreasonable to use turnover rate as a proxy for liquidity. The turnover rate of dual-listed companies is not reflected as liquidity but speculation in A share market. And the meaning of turnover rate of dual-listed companies is not clear in H share market.

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