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).

The research on the relationship between corporate innovation, enforcement and board characteristics on the background of artificial intelligence–taking chinese listed companies as an example

2021 ◽  
Vol 40 (4) ◽  
pp. 8587-8599
Author(s):  
Wang Rui ◽  
Gu Qiuyang ◽  
Yang Zhijiao
Keyword(s):  
Artificial Intelligence ◽  
Listed Companies ◽  
Research Literature ◽  
Stock Exchanges ◽  
Moderator Effect ◽  
Board Characteristics ◽  
Corporate Innovation ◽  
Chinese Listed Companies ◽  
Innovation Ability ◽  
The Relationship

In this era of artificial intelligence and information, the transformation and upgrading of enterprises plays a crucial role in their development. This study analyzes the regulatory penalties of listed companies published by the Shenzhen and Shanghai stock exchanges from 1996 to 2017, and explores the relationship between the number of enforcements of these companies and their innovation ability. Existing research literature confirms that board characteristics, including the gender of the CEO and whether the CEO has an overseas background, will have a significant impact on the company’s ability to innovate and the likelihood of corporate penalties. Therefore, this study selects the two moderator variables of the chairman’s gender and whether the chairman has overseas study background. This study uses the To bit model and establishes three hypotheses to verify whether the company’s ability to innovate can significantly affect the number of times they are enforced, whether the chairman’s gender and whether the chairman’s overseas background will have a moderator effect on this relationship. The analysis results confirm these three assumptions.

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 The Relationship between Non-audit Services and Auditor Independence: Evidence from Chinese Listed Companies

2021 ◽  
Vol 4 (1) ◽  
Author(s):  
Xiaobo Hao
Keyword(s):  
Rapid Development ◽  
Binary Logistic Regression ◽  
Listed Companies ◽  
Auditor Independence ◽  
Binary Logistic Regression Model ◽  
Western Countries ◽  
Chinese Listed Companies ◽  
Independent Variable ◽  
The Relationship ◽  
Non Audit Services

The rapid development of non-audit services (NAS) has jeopardized the independence of auditors, which has led many Western countries to enact regulations that restrict the provision of NAS. While in China, NAS have just emerged, and its development in China is far less mature than in Western countries. The purpose of this paper is to explore whether NAS in China have damaged auditor independence and whether Chinese regulators need to emulate Western countries and strongly limit the provision of NAS. In order to achieve this objective, 213 Chinese listed companies are selected in this study. The audit opinions issued by the auditors are used as substitute variables for auditor independence (dependent variables), and the ratio of non-audit service fees to the total of audit service fees and non-audit service fees as a substitute variable for the provision of NAS (independent variable), and meanwhile some suitable control variables are also selected. Analyse these data by building a binary logistic regression model. The results show that there is no evidence in China that NAS can undermine auditor independence and there is no need for China to enact regulations to prohibit the provision of NAS.

Accounting Information Quality, Financing Constraints, And Company Innovation Investment Efficiency By Big Data Analysis

2022 ◽  
Vol 34 (3) ◽  
pp. 0-0
Keyword(s):  
Information Quality ◽  
Accounting Information ◽  
Big Data Analysis ◽  
Information Environment ◽  
Financing Constraints ◽  
Investment Efficiency ◽  
Agency Conflict ◽  
Corporate Innovation ◽  
Accounting Information Quality ◽  
The Relationship

This paper takes the listed companies in China from 2008 to 2017 as the research sample to study the relationship between accounting information quality (AIQ) and company innovation investment efficiency. The results show that AIQ is negatively correlated with both the underinvestment and overinvestment of corporate innovation. Further, AIQ can alleviate financing constraints and reduce the lack of innovation investment; At the same time, AIQ can also alleviate the agency conflict and reduce the excessive investment in innovation. Finally, AIQ can promote the innovation investment efficiency of companies with low information environment.

Innovation-Supporting Effect of Government Versus Private Venture Capital: Evidence from Chinese Listed Companies

2020 ◽  
Vol 19 (3) ◽  
pp. 245-281
Author(s):  
Xiaohui Tao ◽  
Yang Li
Keyword(s):  
Venture Capital ◽  
Negative Binomial ◽  
Negative Binomial Regression ◽  
Threshold Effect ◽  
Listed Companies ◽  
Threshold Test ◽  
Chinese Listed Companies ◽  
Enterprise Innovation ◽  
Private Venture ◽  
The Impact

Abstract Venture capital (VC) can promote the innovation of invested enterprises through financial support, social networking, and intellectual capital. Based on data of Chinese listed companies from 2003 to 2016, this study, firstly, compares the impact of government and private VC on enterprise innovation using Possion regression, and applies the ITCV method and Negative Binomial Regression for Robustness Examination, then, explores the relationship between their shareholding percentage and enterprise innovation with threshold test. The results show that: the performance of private VC is significantly positive and in line. With the increasing shareholding percentage of private VC, the innovation of invested enterprises increases. The overall performance of government VC, however, is not significant, and the shareholding percentage of government VC also has no significant impact on the innovation of invested companies. Additional testing revealed that a “threshold effect” however exists in the impact of the shareholding percentage of government VC on innovation: within a certain range, the higher the shareholding percentage, the more significant the impact on innovations becomes, but beyond that range, the percentage is inversely related to innovation.

scholarly journals Gender Diversity of Audit Committees and Audit Fees: Evidence from Chinese Listed Companies

2015 ◽  
Vol 7 (2) ◽  
pp. 239 ◽  
Author(s):  
Rui Xiang ◽  
Meng Qin ◽  
Craig A Peterson
Keyword(s):  
Audit Committee ◽  
Gender Diversity ◽  
Audit Fees ◽  
Listed Companies ◽  
Audit Committees ◽  
Men And Women ◽  
Public Company ◽  
Chinese Listed Companies ◽  
State Enterprises ◽  
The Relationship

<p>This paper investigates whether women, who serve on the audit committee of the board, can have a significant impact in reducing audit fees paid by China's A-share listed companies during the period 2004 to 2007. We show that audit committees composed of both men and women pay significantly smaller audit fees. The relationship is significantly greater in non-state enterprises than that exhibited by state-owned enterprises and significantly greater in companies deemed to have weak management vis-à-vis strong management. Further analysis shows that the composition of the committee is irrelevant when management is strong, regardless of whether it provides guidance for a state-owned enterprise or a strictly public company. When management is deemed weak, however, gender diversity is associated with smaller fees.</p>

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