A theory of operational cash holding,endogenous financial constraints,and credit rationing

This paper develops a theory of operational cash holding. Liquidity shocks due to delayed payments must be financed using cash or short-term debt. Debt holders provide an irrevocable credit line given a firm's expected insolvency risk, and equity holders select optimum cash holding. The model demonstrates the trade-off between cash holding and investing in fixed assets. Introducing uncertain cash flows leads to precautionary cash holding if debt holders impose financial constraints. Precautionary cash holding, in turn, reduces insolvency risk enhancing access to short-term finance. The theory shows that credit rationing can occur in the absence of market frictions. Using U.S. data from 1998 to 2012, empirical findings suggest that the decline in credit lines has contributed to the increase in cash holding in line with theoretical predictions.     

粤港澳大湾区城市群区域治理机制的架构思考:从政府治理权出发

推进建设粤港澳大湾区城市群,尤其应当重视各级政府在该区域治理机制架构中的地位。协调不同法域、不同层级和不同类型地方政府之间的治理权,是推进该城市群协调发展,并率先推进实现新型城镇化转型的基础和保障。就该区域而言,政府治理权的架构可以分为三个层次:根据中央顶层设计的区域布局,推动地方政府转换行使治理权的视阈,合理安排不同地方政府治理权,并建立权力协作机制;由此机制出发,协调区域内各地方的发展方向,深化彼此之间利益共生关系;最后,与利益共享对应,还应当配合财政供给改革,实现区域治理责任的成本共担。     

敦煌种业财务绩效评价研究

选择以农业上市公司敦煌种业为研究对象,以企业2014—2019年的报表数据为基础,采用功效系数法并以国务院国资委所编写的《企业绩效评价标准值》中国有企业绩效评价体系作为参考,构建对农业企业的财务指标评价体系,对敦煌种业2014-2019年企业财务指标的表现进行纵向分析,选择同行业中营业收入水平较高的北大荒进行横向对比,通过对比发现敦煌种业的问题主要体现在盈利能力和资产质量方面,对此提出了改进措施及建议。     

Contraction flexibility,operating leverage,and financial leverage

This study investigates the impacts of contraction flexibility and operating leverage on financial leverage from the perspective of the agency conflict between shareholders and debtholders. In a continuous-time real option framework, we demonstrate that shareholders’ contraction flexibility may have an adverse effect on financial leverage, and that the substitution relation between operating leverage and financial leverage is persistent or pronounced in the presence of contraction flexibility. The evidence from Chinese listed firms not only supports our theoretical predictions well, but also offers a method to examine the agency conflict hypothesis. We suggest that the high proportion of bank loans or long-term debt in total liabilities can help levered firms alleviate the agency problem arising from contraction decisions.     

Financial crises,debt overhang,and firm growth in transition economies

ABSTRACT

We examine the effects of the global financial crisis of 2008 and the European debt crisis of 2011 on the relationship between capital structure, investments, and performance for Eastern European companies. While the existing literature documents how firms’ investments are sensitive to the availability of internal funds and to debt holdings, we further investigate whether this investment sensitivity also translates in different levels of performance, and document that capital structure indeed has both a direct and an indirect effect, mediated by the capital expenditure channel. We show that firms with higher financial flexibility experience higher investments and returns on capital. Over-levered firms instead suffer from a debt overhang condition, forcing them to curb investments, and consequently experiencing lower performance. Overall, we provide evidence on the importance of capital structure and financial flexibility on investments and performance, showing the real consequences of the debt overhang condition on firm value creation. Firms should therefore aim at maintaining adequate financial flexibility in order to be able to pursue future profitable investment opportunities, and avoid the under-investment problem arising from a debt overhang situation.     

Public Knowledge and Financial Regulation: Two Post Crisis Periods

Abstract:

Since at least the days of Adam Smith there has been the recognition of essentially two forms of capitalism: in their theoretical extremes, one in which private companies determine the conditions of the social provisioning of credit and money, and one in which the State representing the general interest does. As we argue, the zeitgeist of the 1930s was a high water mark in the popular understanding of money and banking and its relationship with society. In contrast, today the general population is woefully ignorant on these points. As we argue, the relationship between financial governance and those governed hinges on the knowledge of the latter. Today’s public discourse reveals a widespread ignorance over financial matters that must accompany a likewise extreme moment of private control over nations’ money and credit. As we argue, the first steps towards a capitalism at the service of humanity and under public control, the first priority is publicly diffused knowledge.     

社会互动与家庭金融资产配置

运用中国家庭金融调查(CHFS)数据,研究社会互动与家庭金融资产配置之间的关系。研究发现,适当增强社会互动会促进家庭更多地参与风险金融市场,增加投资风险资产的比例,提高金融资产的分散化程度,优化资产的配置效率。但当社会互动达到一定程度后,过度的社会互动则会抑制家庭参与风险市场,减少风险资产的投资比重,降低金融资产的分散化程度以及资产配置的有效性。因此,家庭需要建立适度而高质量的社会互动,这有助于家庭获得更多的外部资源,缓解信息不对称,降低交易成本,从而优化家庭金融资产配置。     

Financial statement comparability and bank risk-taking

This study examines the relationship between financial statement comparability and bank risk-taking. Our analysis of a sample of publicly listed U.S. banks over the 1994–2019 period shows that banks with more comparable financial statements are related to significantly less risk-taking. We also find that the negative relationship between comparability and risk-taking is more pronounced for firms with more severe moral hazard and agency problems. Our documented findings are robust across alternative measures of comparability and risk-taking and considering change analysis, after controlling for strength of corporate governance and using propensity score matching and two-stage least squares estimation to address endogeneity concerns. Our analysis also shows that the relationship between financial statement comparability and bank risk-taking is stronger for smaller banks than for larger banks. Overall, this study provides unique insights into the role of financial statement comparability in curbing risk-taking in the banking sector.     

数字普惠金融对地方税收影响的实证研究

采用北京大学测度的2011—2018年数字普惠金融指数与地方税收面板数据，研究了数字普惠金融发展与地方税收之间的关系。研究发现，数字普惠金融能够显著地促进地方税收增长，在考虑了内生性等因素后，这一结论仍然稳健地成立。分位数回归表明，数字普惠金融在低分位数上对地方税收影响小且统计显著性弱，在高分位数上数字普惠金融对地方税收的影响大且统计显著性强。数字普惠金融对地方税收的影响存在门槛效应，在不同发展阶段，其对地方税收影响有显著差异。数字普惠金融促进税收增长主要是通过数字普惠金融覆盖广度提高和移动化、便利化等程度加深实现的。     

Dependent relationships between Chinese commodity markets and the international financial market: Evidence from quantile time-frequency analysis

In this article, the quantile time–frequency method is utilized to study the dependence of Chinese commodities on the international financial market. The impacts of risk management and diversification benefits of different portfolios are examined by calculating the reduction in downside risk. Moreover, we estimate and compare Sharpe Ratios (SRs) and Generalized Sharpe Ratios (GSRs) based on the frequencies of the investigated portfolios. Our empirical results reveal a strong asymmetric response from Chinese commodity markets. Specifically, we find that gold is a safe-haven asset, and due to negative correlations found at lower quantiles in medium and long term, an increase in the USD index damages bull commodity markets but boosts bear conditions under long-term investments, and negative (positive) tail correlations with interest rates (IRs) in bull (bear) markets are observed. It is proven that WTI can decrease short-run risks while USD and GOLD are more efficient in the diversification of downside risk. Adding international commodities may not improve the returns of Chinese commodities at given risk levels in the short and medium term through SRs and GSRs. In brief, investors should consider these dependence structures and modes of risk management in terms of time and frequency.