Political affiliation, cash flow volatility, and debt maturity in China

IF 5.5 3区管理学 Q1 BUSINESS, FINANCE

British Accounting Review Pub Date : 2024-09-01 DOI:10.1016/j.bar.2023.101299

引用次数: 0

Abstract

Using a large dataset with over half a million observations for 161 thousand Chinese firms, we examine the role of political affiliation on the debt maturity of firms experiencing varying levels of financial volatility. Our findings indicate that politically affiliated firms have reduced capacity to adjust their debt maturity when firm-specific risk rises. Furthermore, we demonstrate that this effect is stronger for firms affiliated with local levels of government relative to central levels. We argue that political affiliation can play a disciplining role in environments where credit is controlled by the state and politicians’ careers depend on local economic performance.

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中国的政治派别、现金流波动和债务期限

我们利用一个包含 16.1 万家中国企业 50 多万个观测值的大型数据集，研究了政治关联对经历不同程度金融波动的企业债务期限的影响。我们的研究结果表明，当企业特定风险上升时，政治关联企业调整债务期限的能力下降。此外，我们还证明，相对于中央政府而言，这种影响对隶属于地方政府的企业更为明显。我们认为，在信贷由国家控制、政治家的职业生涯取决于地方经济表现的环境中，政治关联可以起到约束作用。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

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来源期刊

British Accounting Review BUSINESS, FINANCE-

CiteScore

8.60

自引率

3.90%

发文量

审稿时长

76 days

期刊介绍： The British Accounting Review*is pleased to publish original scholarly papers across the whole spectrum of accounting and finance. The journal is eclectic and pluralistic and contributions are welcomed across a wide range of research methodologies (e.g. analytical, archival, experimental, survey and qualitative case methods) and topics (e.g. financial accounting, management accounting, finance and financial management, auditing, public sector accounting, social and environmental accounting; accounting education and accounting history), evidence from UK and non-UK sources are equally acceptable.