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Media Inclination and Outward Foreign Direct Investment: Evidence from Chinese Firms 媒体倾向与对外直接投资:来自中国企业的证据
IF 3.1 2区 经济学
China & World Economy Pub Date : 2023-11-21 DOI: 10.1111/cwe.12511
Beibei Hu, Qiao Luan, Xue Meng, Kai Wang
{"title":"Media Inclination and Outward Foreign Direct Investment: Evidence from Chinese Firms","authors":"Beibei Hu,&nbsp;Qiao Luan,&nbsp;Xue Meng,&nbsp;Kai Wang","doi":"10.1111/cwe.12511","DOIUrl":"https://doi.org/10.1111/cwe.12511","url":null,"abstract":"<p>Media inclinations, whether favorable or biased, play a pivotal role in shaping public opinion. Sometimes, media coverage may unintentionally foster skepticism towards foreign firms, which could create challenges for those companies when they enter new markets. Based on a panel dataset from 2005 to 2020, this is one of the first studies to investigate empirically the impact of media opinion on outward foreign direct investment (OFDI) behaviors at the firm level. The media inclination index was constructed according to the varying inclinations of media from different countries in their reporting on each event. We examined the impact of media inclination on the investment value, frequency, and number of industries. This study has revealed the following insights: (i) Positive media coverage can stimulate the investment behavior of Chinese firms. (ii) The heterogeneity analysis indicates that the promotional effect of media reporting inclination on OFDI is more significant for state-owned firms from the investor's perspective and especially pronounced for firms in developing countries from the investee's perspective. (iii) Diplomatic visits and scientific research cooperation can amplify the positive impact of media opinions on the OFDI behaviors of Chinese firms.</p>","PeriodicalId":51603,"journal":{"name":"China & World Economy","volume":"31 6","pages":"134-155"},"PeriodicalIF":3.1,"publicationDate":"2023-11-21","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"138431726","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 1
Can Monetary Policy Undo Asset-freezing Sanctions? 货币政策能解除资产冻结制裁吗?
IF 3.1 2区 经济学
China & World Economy Pub Date : 2023-11-21 DOI: 10.1111/cwe.12508
Hengxu Song, Pengfei Wang
{"title":"Can Monetary Policy Undo Asset-freezing Sanctions?","authors":"Hengxu Song,&nbsp;Pengfei Wang","doi":"10.1111/cwe.12508","DOIUrl":"https://doi.org/10.1111/cwe.12508","url":null,"abstract":"<p>This article investigates the macroeconomic consequences of foreign asset-freezing sanctions, a tool utilized by several Western nations amid recent geopolitical tensions. Specifically, it examines the repercussions of such sanctions on open economies, finding that they may experience a sharp recession and currency crisis. To quantify the impact, we develop a new Keynesian dynamic stochastic general equilibrium model with financial frictions and an asset-freezing channel for an open economy. We also calibrate our model to capture the unique structures of the Russian economy. The quantitative analysis of the model demonstrates that an abrupt asset-freezing sanction would lead to large output losses and high inflation increases. Our counterfactual examination reveals that higher elasticity of import substitution and lower elasticity of export substitution could alleviate the impact of foreign sanctions, whereas more aggressive monetary policy may have positive but limited stabilization effects. Notably, the monetary authority must navigate a trade-off between stabilizing output and managing inflation resulting from the cash-in-advance channel.</p>","PeriodicalId":51603,"journal":{"name":"China & World Economy","volume":"31 6","pages":"33-55"},"PeriodicalIF":3.1,"publicationDate":"2023-11-21","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"138432387","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 1
The Role of Collateral in Sudden Stop Models 抵押品在急停模型中的作用
IF 3.1 2区 经济学
China & World Economy Pub Date : 2023-11-21 DOI: 10.1111/cwe.12510
Bingbing Dong, Jieran Wu, Eric Young
{"title":"The Role of Collateral in Sudden Stop Models","authors":"Bingbing Dong,&nbsp;Jieran Wu,&nbsp;Eric Young","doi":"10.1111/cwe.12510","DOIUrl":"https://doi.org/10.1111/cwe.12510","url":null,"abstract":"<p>This paper examines the role of collateral in sudden stop models that feature occasionally binding constraints and endogenous growth. It shows how different assumptions regarding the nature and valuation of collateral alter the dynamics of crisis episodes and the welfare costs of pecuniary externalities. For example, in a model with land as collateral, valuing collateral at the “expected future price” leads to substantially weaker Fisherian deflation effects than the case with collateral valued at the “current price.” However, the average size of sudden stops in the two economies are similar because households endogenously avoid the region where large sudden stops would occur. The differences between different collateral valuations and the size of sudden stops are amplified when we abstract from endogenous growth. In another case, assuming collateral is income rather than land leads to smaller sudden stops as income is less volatile than asset prices. Finally, we show that some choices lead to constrained or conditionally efficient allocations whereas others generate inefficiencies, but these inefficiencies are small.</p>","PeriodicalId":51603,"journal":{"name":"China & World Economy","volume":"31 6","pages":"79-110"},"PeriodicalIF":3.1,"publicationDate":"2023-11-21","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"138431725","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 1
Capital Account Liberalization and International Corporate Bond Issuance: Transaction-level Evidence from China 资本账户自由化与国际公司债券发行:来自中国的交易层面证据
IF 3.1 2区 经济学
China & World Economy Pub Date : 2023-11-21 DOI: 10.1111/cwe.12512
Xiao Wang, Yongwen Luo, Ziyan Zhu
{"title":"Capital Account Liberalization and International Corporate Bond Issuance: Transaction-level Evidence from China","authors":"Xiao Wang,&nbsp;Yongwen Luo,&nbsp;Ziyan Zhu","doi":"10.1111/cwe.12512","DOIUrl":"https://doi.org/10.1111/cwe.12512","url":null,"abstract":"<p>This paper provides transaction-level evidence about the impact of capital account liberalization on firms' bond issuance in the international financial market. Using bond issuance data for firms headquartered in China between 2014 and 2018, we showed that domestic private firms issued more bonds abroad than foreign-invested enterprises after restrictions were largely relaxed, controlling for possible confounding shocks such as monetary policy, local credit market shocks, US interest rate, carry trade, and global uncertainty shocks measured by the Chicago Board Option Exchange's Volatility Index. We found that domestic firms did not increase the overall volume of bond issuance but just had a higher portion of international bond issuance. We also found that domestic firms with higher tangible asset ratios tended to issue more bonds abroad. Our results suggest that targeted liberalization policy could effectively stimulate firms to issue bonds abroad. Policymakers need to monitor closely firms that issue more bonds abroad and thus have greater exposure to global shocks, incorporate these financial risks into policy design, and safeguard financial stability more effectively.</p>","PeriodicalId":51603,"journal":{"name":"China & World Economy","volume":"31 6","pages":"156-178"},"PeriodicalIF":3.1,"publicationDate":"2023-11-21","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"138431728","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 1
Guest Editors' Words 特邀编辑的话
IF 3.1 2区 经济学
China & World Economy Pub Date : 2023-11-21 DOI: 10.1111/cwe.12507
Haoyuan Ding, Shu Lin, Xiaohu Wang, Zhiwei Xu
{"title":"Guest Editors' Words","authors":"Haoyuan Ding,&nbsp;Shu Lin,&nbsp;Xiaohu Wang,&nbsp;Zhiwei Xu","doi":"10.1111/cwe.12507","DOIUrl":"https://doi.org/10.1111/cwe.12507","url":null,"abstract":"","PeriodicalId":51603,"journal":{"name":"China & World Economy","volume":"31 6","pages":"1-3"},"PeriodicalIF":3.1,"publicationDate":"2023-11-21","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"138431729","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
Earnings Management of Chinese Listed Multinational Corporations 中国跨国上市公司的盈余管理
IF 3.1 2区 经济学
China & World Economy Pub Date : 2023-11-21 DOI: 10.1111/cwe.12513
Xingyu Lu, Tong Qi, Wenjing Xie
{"title":"Earnings Management of Chinese Listed Multinational Corporations","authors":"Xingyu Lu,&nbsp;Tong Qi,&nbsp;Wenjing Xie","doi":"10.1111/cwe.12513","DOIUrl":"https://doi.org/10.1111/cwe.12513","url":null,"abstract":"<p>This study evaluates the quality of accounting information provided by Chinese multinational corporations (MNCs) in relation to the issue of earnings management. Using a combined dataset of outward foreign direct investment and financial statements by Chinese firms publicly listed on A-share markets between 2012 and 2017, we investigate whether Chinese MNCs are more inclined to manage earnings. We discover that these firms exhibited significant earnings management behavior and typically adjusted their earnings downward. We demonstrate that these effects were more pronounced among private MNCs than state-owned firms, and in host countries with weaker institutional quality. Further research reveals that after delaying the confirmation of current earnings, Chinese MNCs received higher government subsidies, and this pattern was particularly prevalent among private MNCs. We find no evidence that Chinese MNCs manipulated earnings to avoid paying taxes.</p>","PeriodicalId":51603,"journal":{"name":"China & World Economy","volume":"31 6","pages":"179-206"},"PeriodicalIF":3.1,"publicationDate":"2023-11-21","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"138431727","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 1
Valuation Effects of US–China Trade Conflict: The Role of Institutional Investors 中美贸易冲突的估值效应:机构投资者的作用
IF 3.1 2区 经济学
China & World Economy Pub Date : 2023-11-21 DOI: 10.1111/cwe.12509
Jiahui Chen, Guangyu Nie
{"title":"Valuation Effects of US–China Trade Conflict: The Role of Institutional Investors","authors":"Jiahui Chen,&nbsp;Guangyu Nie","doi":"10.1111/cwe.12509","DOIUrl":"https://doi.org/10.1111/cwe.12509","url":null,"abstract":"<p>Employing an event study approach to the US–China trade conflict, we found that this conflict had an overall negative effect on the stock market performance of Chinese listed firms, but firms with institutional investor holdings (IIH) exhibited smaller losses than their counterparts in response to a US presidential memo announcing a trade conflict. We also examined the heterogeneous effects of this conflict on firms. The positive effect of IIH was larger for firms with foreign exposure and firms located in provinces with a higher degree of marketization. Institutional investor holdings helped to reduce firms' cost of refinancing and improved their long-run performance given the same short-term loss in response to the US presidential announcement during the trade conflict. These findings explain the role of institutional investors in alleviating the effects of the US–China trade conflict and achieving financial stability from a micro-perspective. The results have policy implications for corporate governance and financial market stabilization in response to trade policy uncertainty.</p>","PeriodicalId":51603,"journal":{"name":"China & World Economy","volume":"31 6","pages":"56-78"},"PeriodicalIF":3.1,"publicationDate":"2023-11-21","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"138432388","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
Can the Super-deduction of R&D Expenses Boost R&D Investment? 研发费用的超额扣除能促进研发投资吗？
IF 3.1 2区 经济学
China & World Economy Pub Date : 2023-09-17 DOI: 10.1111/cwe.12505
Tao Qian, Yutao Zhan, Shiyuan Pan
{"title":"Can the Super-deduction of R&D Expenses Boost R&D Investment?","authors":"Tao Qian,&nbsp;Yutao Zhan,&nbsp;Shiyuan Pan","doi":"10.1111/cwe.12505","DOIUrl":"https://doi.org/10.1111/cwe.12505","url":null,"abstract":"<p>The super-deduction of research and development (R&amp;D) expenses is at the core of the policy to stimulate enterprise innovation in China. This paper identifies whether firms are supported by the super-deduction policies for R&amp;D expenses and uses the difference-in-differences method to investigate the impact of the policies on R&amp;D investment. The results show that changes in policy in 2013 significantly increased the R&amp;D investment of firms engaging in key state-supported technologies. Policy changes in 2016 significantly increased the R&amp;D investment of firms engaging in non-key-state-supported technologies. Enterprises not only invested all their tax incentives in R&amp;D activities but also increased their investment in self-raised funds. The super-deduction policy had different impacts on different industries, firms with different boards, and firms with different ownership. The policy significantly affected the manufacturing and construction industries, the Small and Medium Enterprise Board, and non-state-owned enterprises. Through a mechanism analysis, we found that the policy significantly reduced the user cost of R&amp;D and increased the net cash flow of enterprises, which could raise a firm's R&amp;D investment. It is necessary to increase policy support, expand the scope of super-deductible expenses, and increase the super-deduction rate based on industry classification according to the sensitivity of different industries to the policy.</p>","PeriodicalId":51603,"journal":{"name":"China & World Economy","volume":"31 5","pages":"135-160"},"PeriodicalIF":3.1,"publicationDate":"2023-09-17","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"50136311","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
Stock Market's Response to Real Output Shocks in China: A VARwAL Estimation 中国股市对实际产出冲击的反应：VARwAL估计
IF 3.1 2区 经济学
China & World Economy Pub Date : 2023-09-17 DOI: 10.1111/cwe.12500
Numan Ülkü, Kexing Wu
{"title":"Stock Market's Response to Real Output Shocks in China: A VARwAL Estimation","authors":"Numan Ülkü,&nbsp;Kexing Wu","doi":"10.1111/cwe.12500","DOIUrl":"https://doi.org/10.1111/cwe.12500","url":null,"abstract":"<p>This paper studies the connection between the stock market and real output in China and compares it with benchmark countries, employing a novel vector autoregression with asymmetric leads (VARwAL) model. It makes two contributions. First, it finds that the time profile of the Chinese stock market's response to real output shocks suggests no evidence of a distorted relationship due to manipulation of Chinese real output data or domination of the Chinese stock market by individual investors. Rather, the Chinese stock market is relatively more responsive to real output, in line with the larger share of manufacturing in the Chinese economy. Electricity output and industrial profits, two different, less-manipulable time series, yield similar results. Second, it presents the first use of VARwAL impulse responses to detect stock market bubbles: VARwAL captures the 2015 bubble in China successfully. Over the full sample period, China's stock market appears to have been less prone to bubbles than the US stock market.</p>","PeriodicalId":51603,"journal":{"name":"China & World Economy","volume":"31 5","pages":"1-25"},"PeriodicalIF":3.1,"publicationDate":"2023-09-17","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"50136312","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
Increasing Wages, Factor Substitution, and Cropping Pattern Changes in China 工资增长、要素替代与中国种植方式变化
IF 3.1 2区 经济学
China & World Economy Pub Date : 2023-09-17 DOI: 10.1111/cwe.12506
Zhoufu Yan, Shurui Zhang, Fangwei Wu, Binlei Gong
{"title":"Increasing Wages, Factor Substitution, and Cropping Pattern Changes in China","authors":"Zhoufu Yan,&nbsp;Shurui Zhang,&nbsp;Fangwei Wu,&nbsp;Binlei Gong","doi":"10.1111/cwe.12506","DOIUrl":"https://doi.org/10.1111/cwe.12506","url":null,"abstract":"<p>This article analyzed the influence of increasing wages on cropping patterns from theoretical and empirical perspectives. The results showed that the increasing labor cost provided a significant incentive to adjust the grain cropping pattern, which increased the production of the three major cereal grains but reduced the production of other grain crops. Increasing wages had a significant negative impact on cash crops. More labor-intensive cash crops experienced a larger negative impact in the context of increasing wages. The increase in labor costs also had a negative impact on the proportion of vegetables produced, which was more evident in northern China. A further mechanism test indicated that factor substitution was a significant reason for cropping pattern changes; this illustrated the substitution of labor by machinery not only between grain crops and cash crops but also among different cash crops.</p>","PeriodicalId":51603,"journal":{"name":"China & World Economy","volume":"31 5","pages":"190-214"},"PeriodicalIF":3.1,"publicationDate":"2023-09-17","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"50136313","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
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