ERN: Other Institutions & Transition Economics: Firm Governance (Topic)最新文献

Monetary Policy, Ownership Discrimination and Leverage Differentiation of Non-financial Enterprises 货币政策、所有制歧视与非金融企业杠杆分化

ERN: Other Institutions & Transition Economics: Firm Governance (Topic) Pub Date : 2020-09-08 DOI: 10.2139/ssrn.3688713

Xun Han, Sichao Ma, Sara Hsu, Yuyan Jiang

{"title":"Monetary Policy, Ownership Discrimination and Leverage Differentiation of Non-financial Enterprises","authors":"Xun Han, Sichao Ma, Sara Hsu, Yuyan Jiang","doi":"10.2139/ssrn.3688713","DOIUrl":"https://doi.org/10.2139/ssrn.3688713","url":null,"abstract":"This paper systematically analyzes the impact of monetary policy on non-financial enterprises’ leverage differentiation under bank credit discrimination, taking advantage of data provided by non-financial listed companies from 2007 to 2017. The results show that bank credit discrimination will enlarge the leverage differentiation between state-owned enterprises and non-financial enterprises, and this effect is more significant in the enterprises with political connections and government subsidies, in the regions with low market-oriented allocation of economic resources, inefficient government administration and high financing costs. \u0000 \u0000Compared with moderately loose monetary policy, tightening monetary policy will enlarge the degree of leverage differentiation between state-owned enterprises and non-state-owned enterprises; however, the moderation of monetary policy, increase in the bankers’ confidence index and greater effectiveness of the central bank will weaken the positive effect of monetary policy on the leverage differentiation of state-owned enterprises and non-state-owned enterprises to some extent. Further discussions find that bank credit discrimination will enlarge the degree of financial leverage differentiation between state-owned enterprises and non-state-owned enterprises whether in the period of loose monetary policy or tightening monetary policy, but has no significant effect on operational leverage differentiation. Hence, we identify the phenomenon of non-financial enterprises’ financialization and disassociation of finance from the real economy at this stage from the perspective of fund usage. Policy implications are that monetary policy should be accounted for in the process of de-leveraging, central bank communication should be strengthened and public expectations stabilized. At the same time, regulators should pay attention to the structural leverage differentiation among heterogeneous enterprises.","PeriodicalId":119086,"journal":{"name":"ERN: Other Institutions & Transition Economics: Firm Governance (Topic)","volume":"57 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2020-09-08","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"127039554","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 0

Влияние государственной собственности на эффективность деятельности компаний и их активность на российском фондовом рынке (The Influence of State Ownership on the Efficiency of Companies and Their Activity in the Russian Stock Market)

ERN: Other Institutions & Transition Economics: Firm Governance (Topic) Pub Date : 2020-03-02 DOI: 10.2139/ssrn.3594461

Alexander E. Abramov, A. Radygin, M. Chernova

{"title":"Влияние государственной собственности на эффективность деятельности компаний и их активность на российском фондовом рынке (The Influence of State Ownership on the Efficiency of Companies and Their Activity in the Russian Stock Market)","authors":"Alexander E. Abramov, A. Radygin, M. Chernova","doi":"10.2139/ssrn.3594461","DOIUrl":"https://doi.org/10.2139/ssrn.3594461","url":null,"abstract":"Russian Abstract: В работе рассматриваются различные аспекты измерения государственного сектора в экономике, а также влияние размера государственного вмешательства на эффективность деятельности как корпоративного сектора, так и развитие фондового рынка. Показано, что государственный сектор в России растет по целой совокупности различных мер. Кроме того, получены оценки государственного сектора для выборки стран и выявлено негативное их влияние на все меры развития фондового рынка: капитализацию, объемы биржевых торгов акциями и размеры финансовых активов домашних хозяйств. Было показано, что изменения показателей капитализация/ ВВП, объем биржевых торгов акциями / ВВП и стоимости финансовых активов домашних хозяйств по отношению к располагаемому ими доходу зависит не только от экономических, финансовых и демографических факторов, но и от той роли которую в экономике играет государство. English Abstract: The paper considers various aspects of measuring the public sector in the economy, as well as the impact of the size of government intervention on the performance of both the corporate sector and the development of the stock market. It is shown that the public sector in Russia is growing by a whole set of different measures. In addition, public sector estimates were obtained for a sample of countries and their negative impact on all stock market development measures was revealed: capitalization, stock exchange trading volumes and household financial assets. It was shown that changes in capitalization / GDP, the volume of exchange trading in shares / GDP and the value of household financial assets in relation to their disposable income depends not only on economic, financial and demographic factors, but also on the role that the state plays in the economy.","PeriodicalId":119086,"journal":{"name":"ERN: Other Institutions & Transition Economics: Firm Governance (Topic)","volume":"16 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2020-03-02","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"126218236","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 0

Industry Structure in Developing Company's Long-Term Business Strategy 制定公司长期经营战略中的产业结构

ERN: Other Institutions & Transition Economics: Firm Governance (Topic) Pub Date : 2018-09-06 DOI: 10.2139/ssrn.3283102

V. Sesar, K. Buntak, Ivana Martinčević, Saša Bogović

引用次数: 0

State Ownership and Debt Choice: Evidence from Privatization 国有制与债务选择:来自私有化的证据

ERN: Other Institutions & Transition Economics: Firm Governance (Topic) Pub Date : 2017-10-25 DOI: 10.2139/ssrn.2943229

Narjess Boubakri, W. Saffar

引用次数: 39

Institutional Reforms in India and Dwindling Viability of Primary Cooperative Credit Societies 印度的制度改革和初级合作信用协会日益萎缩的生存能力

ERN: Other Institutions & Transition Economics: Firm Governance (Topic) Pub Date : 2016-12-14 DOI: 10.2139/ssrn.2885336

D. Shah

{"title":"Institutional Reforms in India and Dwindling Viability of Primary Cooperative Credit Societies","authors":"D. Shah","doi":"10.2139/ssrn.2885336","DOIUrl":"https://doi.org/10.2139/ssrn.2885336","url":null,"abstract":"The present investigation was conducted in Kolhapur district of Maharashtra. The study showed a reduction in the operational efficiency of the selected PACS during the post-economic reform period as against the pre-economic reform period. The operational efficiency was measured in respect of various liquidity ratio, profitability ratios and financial leverage ratios. Not only the selected societies showed a decline in their current ratio, rate of return on assets, return on owner’s equity and marginal efficiency of capital (MEC) but also higher dependency on lender’s capital for their finances. This dependency was seen to be higher in the case of ‘A’ graded society. Nonetheless, ‘A’ graded society showed an improvement in its permanent capital during the latter period as against the former period. On the other hand, permanent capital position of ‘B’ graded society had declined during the latter period. Further, in the case of ‘A’ graded society there was not much improvement in the net worth, and in fact the share of net worth in its total liability had declined in the post-economic reform period. The declining share of net worth had caused an increase in debt-asset ratio of this society during the latter period as against the former period. In fact, among various ratios, the most important ratio estimated in this study was the return on owner’s equity. The estimated return on owner’s equity of the selected societies were seen to fall sharply during the post-economic reform period. Since the return on owner’s equity is a function of as to how efficiently a firm manages its assets, the net profit margin on sales and the degree of financial leverage, a reduction in return on equity of the selected societies could, therefore, be considered as a sign of reduction in the efficiency of the societies in managing their assets and liabilities, and also income and expenditure pattern during the latter period as against the former period.","PeriodicalId":119086,"journal":{"name":"ERN: Other Institutions & Transition Economics: Firm Governance (Topic)","volume":"47 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2016-12-14","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"121985911","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 0

Political Connections, State Ownership and Productivity in China 中国的政治关系、国有制和生产力

ERN: Other Institutions & Transition Economics: Firm Governance (Topic) Pub Date : 2016-12-12 DOI: 10.2139/ssrn.2905671

Richard D. F. Harris, N. Hashimzade, Sai Ding

引用次数: 3

On the Determinants of Chinese Cross-Listings: Are B-Shares Different from H-Shares? 论中国交叉上市的决定因素:b股与h股不同吗?

ERN: Other Institutions & Transition Economics: Firm Governance (Topic) Pub Date : 2014-07-17 DOI: 10.2139/ssrn.2467610

Yongli Luo

引用次数: 0

The Ugly Monopoly Theory: The Average-Cost Pricing Tyranny 丑陋的垄断理论:平均成本定价暴政

ERN: Other Institutions & Transition Economics: Firm Governance (Topic) Pub Date : 2014-06-18 DOI: 10.2139/SSRN.2456525

Hak Choi

引用次数: 0

You Can Have Your Trust and Calculativeness, Too: Uncertainty, Trustworthiness and the Williamson Thesis 你也可以有你的信任和计算:不确定性，可信度和威廉姆森论文

ERN: Other Institutions & Transition Economics: Firm Governance (Topic) Pub Date : 2013-10-01 DOI: 10.2139/ssrn.2351870

Harvey S. James, Jr.

引用次数: 12

Board Characteristics and Chinese Bank Performance 董事会特征与中国银行绩效

ERN: Other Institutions & Transition Economics: Firm Governance (Topic) Pub Date : 2013-04-22 DOI: 10.2139/ssrn.2251496

Q. Liang, P. Xu, P. Jiraporn

引用次数: 376