Research on the Impact of Timing Financing on M&A Performance: The Intermediary Effect Based on Financing Efficiency

Timing financing theory holds that when listed companies are overvalued, they will increase equity financing. Different from previous studies, this study explores the mechanism of timing financing theory in China from the perspective of financing efficiency. Through the empirical study of M & A cases of Listed Companies in China from 2007 to 2018, it is found that the timing financing behavior that increasing equity financing when overvalued reduces the positive impact of equity financing on M & A performance. Further research found that the mediating effect of the financing efficiency exists, that is, the timing financing behavior does no increase listed companies’ financing efficiency, so it can not help listed companies create value through M & A.

Factors Affecting Green Agricultural Production Financing Behavior in Heilongjiang Family Farms: A Structural Equation Modeling Approach

Adhering to large-scale agricultural operations is one of the basic ways to develop green agriculture, and it is also an inevitable choice for the development of modern agriculture in the country. Among them, as a major agricultural production province in China, the development of family farms in Heilongjiang Province has a significant impact on green agriculture. Based on the theory of planned behavior (TPB), this study takes the 222-demonstration bases of family farms evaluated in Heilongjiang Province in 2019 as samples and constructs a structural equation model (SEM) to discuss the influence of participation in the family farms in green agricultural production financing behavior in-depth based on directional design, distribution, recycling, and sorting out questionnaires. The research found that the financing willingness of the farmers is determined by the attitude, subjective norms, and perceived behavior system of the family farm manager, and the financing willingness of the farmers and perceived behavioral control are determined by the financing behavior of the farmers. Among them, attitudes, subjective norms, and perceived behavioral control have a significant positive impact on financing intention and have a further effect on financing behavior. Financing willingness and perceived behavioral control have a direct effect on financial behavior and have a significant positive effect on it. This article aims to improve and enhance the financing environment for family farms to participate in green agriculture, to increase the enthusiasm of the new agricultural operators to participate in green agriculture.

The Influence of Fair Value Measurement on the Pledge of Overconfident Major Shareholders Based on Multiple Regression and Fisher Test

Adopting fair value measurement may bring more earnings fluctuations and induce irrational psychology and radical financing behavior of managers and major shareholders. Based on behavioral corporate governance theory, using the sample of A-share nonfinancial listed companies of China during 2015–2017, this paper empirically examines the regulatory effect of fair value measurement; that is, whether fair value measurement affects the company’s financing decisions when major shareholders have irrational psychological characteristics, i.e., overconfidence. The study found that overconfident major shareholders increase the probability of equity pledge and increase the proportion of equity pledge; further inspection found that if the level of accrued earnings management is higher, the adjustment effect of fair value measurement is also higher; when the risk of stock price collapse is higher, fair value measurement obviously increases the probability and ratio of overconfident major shareholders’ equity pledge. The above conclusions provide empirical evidence that fair value measurement has a positively regulatory effect on financing decisions of major shareholders.

The Influence of Fair Value Measurement on Radical Financing of Irrational Managers Based on Fixed Effects Model and Fisher Permutation Test

Adopting fair value measurement may bring more earnings fluctuations and induce irrational psychology and radical financing behavior of managers. Based on behavioral corporate governance theory, using the sample of Chinese A-share nonfinancial listed companies during 2007–2017, this paper empirically examines the regulatory effect of fair value measurement, that is, whether fair value measurement affects the company's financing decisions when managers have irrational psychological characteristics, i.e., overconfidence. The study found that overconfident managers of the company that have fair value measurement assets will be more aggressive for debt decisions, indicating that fair value measurement has a positively regulatory effect on overconfident managers.

Peran pendidikan kewarganegaraan dalam mengembangkan moral melalui pembelajaran demokrasi

Penelitian ini bertujuan untuk mengetahui: 1). Peran pendidikan kewarganegaraan dalam mengembangkan moral peserta didik, 2). Penerapan pembelajaran demokrasi dalam mengembangkan moral peserta didik. Metode penelitian yang digunakan yaitu metode kualitatif. Teknik pengumpulan data menggunakan observasi dan wawancara. Teknik pengolahan data menggunakan triangulasi. Teknik analisis data menggunakan data reduction, data display, and data conclusion drawing verification. Hasil penelitian menunjukkan bahwa 1). Pendidikan kewarganegaraan sangatlah berpengaruh dalam mengembangkan moral peserta didik dalam berinteraksi dengan lingkungan sekolah dan masyarakat 2). Demokrasi berperan penting dalam mengembangkan perilaku peserta didik dalam bersosial, bertoleransi, saling menghargai dan menghormati.Kata kunci: Perlindungan, Guru, Kekerasan, Siswa The role of civic education in developing morals through learning democracy. This study aims to in order to understand the: 1). The role of education has a hand in developing citizenship as a capital investment moral school tuition, 2). The application of democracy education has a hand in developing moral school tuition. Research methods that were used pt pgn promised to supply the qualitative method. The technique of the collection of data using observation and the objective of the interview. The technique of data processing using triangulation of. The technique of of the data analysis used data on reduction, team’s studios meeting rooms library data, a private economic analyst said the data conclusion drawing verification. The research results show that 1). Education is critical to citizenship as a capital investment has had a significant effect in developing moral school tuition of interacting with the vicinity of the school and the community 2). .Democracy play an important role in developing their activities in financing behavior school tuition in citizenchip , tolerant they begin , appreciate each other and respect .Keywords: Protection, Teacher, Violence, Students

Valuation with mixed financing strategies

In corporate valuation, it is common to assume either passive or active debt management. However, it is questionable whether these pure financing policies reflect the real financing policies of firms with a sufficient degree of accuracy. This shortcoming has led to the development of mixed financing strategies as combinations of pure financing strategies. Whereas hybrid financing is directly linked to the two-phase model, it is unclear how to apply discontinuous financing in such a setting. In this study, according to the two versions of hybrid financing, we analyze the implementation of discontinuous financing in a two-phase model. Thereby, we present a simpler and more intuitive derivation of the valuation equation for discontinuous financing to increase its acceptance and its use for corporate valuation practice. Moreover, we compare the different mixed financing strategies with each other theoretically, and we conduct simulations to elucidate the impact on market values and the sensitivities of input parameters. The study concludes that the presented mixed financing strategies can help in the attempt to reflect the real financing behavior of firms more accurately and, therefore, constitute a valuable alternative to pure financing strategies for valuation.