The choice of capital structure by firms is a recurring topic of corporate finance and evolving on a theoretical and empirical level. On a theoretical level, scholars propose variations to the models by removing the t...The choice of capital structure by firms is a recurring topic of corporate finance and evolving on a theoretical and empirical level. On a theoretical level, scholars propose variations to the models by removing the theoretical hypothesis or expanding variables considered, likewise, on an empirical level, researchers provide survey, which contributions aimed at increasing the understanding of the phenomenon as a whole, considering the possible events in the variety and variability of firms. In particular, one of the most debated topics in the literature regards the existence or absence of relationship between the choices of financial structure and firm value, or the determination of an optimal leverage for the value. Therefore, the attention of researchers has focused on the identification of relationship between debt and equity that maximizes firm＇s performance and meet shareholders＇ expectations in terms of return on capital employed for the same risk. Hence, the aim of this paper is to provide another piece to the cognitive complexity of the phenomenon, focusing the research on Italian firms, given the importance of leverage in the financial structure of Italian firms. The methodology used is based on the analysis conducted using the Mediobanca database aggregated sector by sector to identify the main determinants of financial structure. The conclusion is that it is not possible to say with certainty which financial structure theory better represents the behavior of Italian firms concerning financial structure.展开更多
Private enterprises are the "most dynamic organization" of Chinas economic and social development, which plays an important role in promoting economic development, promoting employment, promoting scientific ...Private enterprises are the "most dynamic organization" of Chinas economic and social development, which plays an important role in promoting economic development, promoting employment, promoting scientific and technological progress and many other fields. However, because of the existence of many problems, the private enterprise of our country now facing the financing restriction problem has not yet been well alleviated, if the existence continues, it is bound to have adverse consequences;This is not only related to the adjustment of the whole industry, but also related to the employment of college students, but also related to the development of domestic demand, and even related to the stability of the whole society. However, the development of Private Economy has a close relation with our economic system, especially the fiscal system. Therefore, from the perspective of finance, it is of practical significance as well as theoretical value to deeply analyze the restriction problems in the private economy.展开更多
Different types of capital are better suited to financing technologies with different risk profiles,and structural matching between finance and technology may critically influence economic growth.Using cross-province ...Different types of capital are better suited to financing technologies with different risk profiles,and structural matching between finance and technology may critically influence economic growth.Using cross-province panel data from China,we estimated the impact of the matching relationship between regions'financial structure and technology level on economic growth.We show that:(ⅰ)the matching relationship had a statistically significant positive impact on economic growth;(ⅱ)structural mismatching reduced economic growth in comparison with the optimal matching point;(ⅲ)structural matching better facilitated economic growth in more developed regions;and(ⅳ)capital accumulation and technological progress were two of the main channels through which matching influenced economic growth.We address potential endogeneity concerns and perform robustness checks,and our results remain valid.Our findings provide convincing evidence for the optimalfinancial structure theory and explain China's rapid growth despite its comparatively underdeveloped securities market.展开更多
From the perspective of economic growth and urbanization,this paper proposes several hypotheses on how financial structure affects urban-rural income gap combining with the stylized facts of Chinese economy,and then u...From the perspective of economic growth and urbanization,this paper proposes several hypotheses on how financial structure affects urban-rural income gap combining with the stylized facts of Chinese economy,and then uses a panel data of 29 provinces over 1996-2015 to conduct empirical analysis.Theoretical analysis shows that owing to the distinct availability of urban and rural residents for financial services,financial structure has a distinct impact on their income disparity.Meanwhile,through the function of credit allocation,financial structure plays important roles in the processes of economic growth and urbanization,and then has indirect effects.The results indicate that increasing the ratio of direct financing has a direct impact on shrinking the urban-rural income gap,and has an indirect impact through economic growth and urbanization.More importantly,the intermediary effect of urbanization is stronger than that of economic growth.Therefore,releasing the controls on financial markets helps shrink the urban-rural income gap in China.展开更多
Financial decision-making is the central link of enterprise financial management. The prevalent theory of financial decision-making is ＂capital structure＂. This paper makes a new explanation of ＂capital structure＂...Financial decision-making is the central link of enterprise financial management. The prevalent theory of financial decision-making is ＂capital structure＂. This paper makes a new explanation of ＂capital structure＂, which is ＂financial contract structure＂ based on interacts among stakeholders. It developed the intension and extension of＂capital structure＂.展开更多
Under the background of the financial crisis and the devaluation of the US dollar brought about by the continuous quantitative easing monetary policy of the Federal Reserve, China has proposed the internationalization...Under the background of the financial crisis and the devaluation of the US dollar brought about by the continuous quantitative easing monetary policy of the Federal Reserve, China has proposed the internationalization of RMB, and at the same time has launched a pilot project of RMB settlement for cross-border trade. It is not difficult to find that the scope and scale of RMB settlement for cross-border trade are gradually expanding under the impetus of financial development and other important factors. Therefore, this paper sorts out the relevant theoretical basis and analyzes the research status quo. On this basis, the paper selects the relevant data from 2016 to 2021 to measure the financial development from three aspects of scale, structure and efficiency. Under the condition of controlling the inflation rate, trade scale and RMB exchange rate, the paper conducts quantitative regression analysis on RMB settlement of cross-border trade, which proves that the financial development has a significant positive effect on RMB settlement of cross-border trade, and puts forward relevant policy recommendations.展开更多
After China's accession to the WTO, the main problem China now faces in its financialdevelopment is how to enhance international competitiveness while safeguarding financialsecurity. Since reform and opening up, t...After China's accession to the WTO, the main problem China now faces in its financialdevelopment is how to enhance international competitiveness while safeguarding financialsecurity. Since reform and opening up, the development of Chinas financial industry hasfeatured extensive quantitative expansion, but without sufficient consideration given toincreased risk. This has led to serious defects in the financial structure, which has hamperedthe financial industry from further development and from improving its internationalcompetitiveness. All these have had unfavorable impacts on financial stability and security.Therefore, in developing Chinas financial industry, the stubborn pursuit of growth inquantity is inadvisable. What is needed is to change this way of thinking and to promotereform and development of the financial industry with emphasis on structure improvement,and to seek a way of development that can raise international competitiveness, while at thesame time ensuring financial security.展开更多
Financial systems generally operate under two different models:one where capital markets play a primary role in financial transactions and resource allocation(market-oriented model),and another where banks are the cen...Financial systems generally operate under two different models:one where capital markets play a primary role in financial transactions and resource allocation(market-oriented model),and another where banks are the central institutions for these activities(bank-oriented model).The degree of investor protection afforded by the legal system varies across these systems.What is the most efficient alignment between financial structure and investor protection?This paper attempts to quantify the structural matching relationship between the financial structure and investor protection in various countries,and examines empirically the impact of this relationship on economic development.Using a sample of cross-country panel data,it finds that the degree of structural matching was positively related to economic development.Both the combination of a securities market and strong investor protection and the combination of a banking system and weak investor protection can contribute to promoting economic development.It extends the law and finance theory framework,enhances the analysis of scenarios with weak alignment between financial structure and investor protection,explains the growth path of developing countries,and highlights the diversity and the dynamic nature of the optimal financial structure.展开更多
文摘The choice of capital structure by firms is a recurring topic of corporate finance and evolving on a theoretical and empirical level. On a theoretical level, scholars propose variations to the models by removing the theoretical hypothesis or expanding variables considered, likewise, on an empirical level, researchers provide survey, which contributions aimed at increasing the understanding of the phenomenon as a whole, considering the possible events in the variety and variability of firms. In particular, one of the most debated topics in the literature regards the existence or absence of relationship between the choices of financial structure and firm value, or the determination of an optimal leverage for the value. Therefore, the attention of researchers has focused on the identification of relationship between debt and equity that maximizes firm＇s performance and meet shareholders＇ expectations in terms of return on capital employed for the same risk. Hence, the aim of this paper is to provide another piece to the cognitive complexity of the phenomenon, focusing the research on Italian firms, given the importance of leverage in the financial structure of Italian firms. The methodology used is based on the analysis conducted using the Mediobanca database aggregated sector by sector to identify the main determinants of financial structure. The conclusion is that it is not possible to say with certainty which financial structure theory better represents the behavior of Italian firms concerning financial structure.
文摘Private enterprises are the "most dynamic organization" of Chinas economic and social development, which plays an important role in promoting economic development, promoting employment, promoting scientific and technological progress and many other fields. However, because of the existence of many problems, the private enterprise of our country now facing the financing restriction problem has not yet been well alleviated, if the existence continues, it is bound to have adverse consequences;This is not only related to the adjustment of the whole industry, but also related to the employment of college students, but also related to the development of domestic demand, and even related to the stability of the whole society. However, the development of Private Economy has a close relation with our economic system, especially the fiscal system. Therefore, from the perspective of finance, it is of practical significance as well as theoretical value to deeply analyze the restriction problems in the private economy.
基金supported financially by the National Social ScienceFoundation of China(No.19AJY026).
文摘Different types of capital are better suited to financing technologies with different risk profiles,and structural matching between finance and technology may critically influence economic growth.Using cross-province panel data from China,we estimated the impact of the matching relationship between regions'financial structure and technology level on economic growth.We show that:(ⅰ)the matching relationship had a statistically significant positive impact on economic growth;(ⅱ)structural mismatching reduced economic growth in comparison with the optimal matching point;(ⅲ)structural matching better facilitated economic growth in more developed regions;and(ⅳ)capital accumulation and technological progress were two of the main channels through which matching influenced economic growth.We address potential endogeneity concerns and perform robustness checks,and our results remain valid.Our findings provide convincing evidence for the optimalfinancial structure theory and explain China's rapid growth despite its comparatively underdeveloped securities market.
文摘From the perspective of economic growth and urbanization,this paper proposes several hypotheses on how financial structure affects urban-rural income gap combining with the stylized facts of Chinese economy,and then uses a panel data of 29 provinces over 1996-2015 to conduct empirical analysis.Theoretical analysis shows that owing to the distinct availability of urban and rural residents for financial services,financial structure has a distinct impact on their income disparity.Meanwhile,through the function of credit allocation,financial structure plays important roles in the processes of economic growth and urbanization,and then has indirect effects.The results indicate that increasing the ratio of direct financing has a direct impact on shrinking the urban-rural income gap,and has an indirect impact through economic growth and urbanization.More importantly,the intermediary effect of urbanization is stronger than that of economic growth.Therefore,releasing the controls on financial markets helps shrink the urban-rural income gap in China.
文摘Financial decision-making is the central link of enterprise financial management. The prevalent theory of financial decision-making is ＂capital structure＂. This paper makes a new explanation of ＂capital structure＂, which is ＂financial contract structure＂ based on interacts among stakeholders. It developed the intension and extension of＂capital structure＂.
文摘Under the background of the financial crisis and the devaluation of the US dollar brought about by the continuous quantitative easing monetary policy of the Federal Reserve, China has proposed the internationalization of RMB, and at the same time has launched a pilot project of RMB settlement for cross-border trade. It is not difficult to find that the scope and scale of RMB settlement for cross-border trade are gradually expanding under the impetus of financial development and other important factors. Therefore, this paper sorts out the relevant theoretical basis and analyzes the research status quo. On this basis, the paper selects the relevant data from 2016 to 2021 to measure the financial development from three aspects of scale, structure and efficiency. Under the condition of controlling the inflation rate, trade scale and RMB exchange rate, the paper conducts quantitative regression analysis on RMB settlement of cross-border trade, which proves that the financial development has a significant positive effect on RMB settlement of cross-border trade, and puts forward relevant policy recommendations.
文摘After China's accession to the WTO, the main problem China now faces in its financialdevelopment is how to enhance international competitiveness while safeguarding financialsecurity. Since reform and opening up, the development of Chinas financial industry hasfeatured extensive quantitative expansion, but without sufficient consideration given toincreased risk. This has led to serious defects in the financial structure, which has hamperedthe financial industry from further development and from improving its internationalcompetitiveness. All these have had unfavorable impacts on financial stability and security.Therefore, in developing Chinas financial industry, the stubborn pursuit of growth inquantity is inadvisable. What is needed is to change this way of thinking and to promotereform and development of the financial industry with emphasis on structure improvement,and to seek a way of development that can raise international competitiveness, while at thesame time ensuring financial security.
文摘Financial systems generally operate under two different models:one where capital markets play a primary role in financial transactions and resource allocation(market-oriented model),and another where banks are the central institutions for these activities(bank-oriented model).The degree of investor protection afforded by the legal system varies across these systems.What is the most efficient alignment between financial structure and investor protection?This paper attempts to quantify the structural matching relationship between the financial structure and investor protection in various countries,and examines empirically the impact of this relationship on economic development.Using a sample of cross-country panel data,it finds that the degree of structural matching was positively related to economic development.Both the combination of a securities market and strong investor protection and the combination of a banking system and weak investor protection can contribute to promoting economic development.It extends the law and finance theory framework,enhances the analysis of scenarios with weak alignment between financial structure and investor protection,explains the growth path of developing countries,and highlights the diversity and the dynamic nature of the optimal financial structure.
