{"title":"机构交叉所有制与贸易信贷：来自中国的证据","authors":"Huan Liu, Canran Hou","doi":"10.1111/corg.12505","DOIUrl":null,"url":null,"abstract":"<div>\n \n \n <section>\n \n <h3> Research Question/Issue</h3>\n \n <p>Relying on enhanced market power and improved information environment associated with institutional cross-ownership, this paper examines the relation between institutional cross-ownership and trade credit in China.</p>\n </section>\n \n <section>\n \n <h3> Research Findings/Insights</h3>\n \n <p>Listed firms with cross-ownership can obtain more trade credit. The main conclusion is robust when we consider endogeneity problems, alternative measures of institutional cross-ownership, and the effect of a financial crisis. Further, we perform several tests to examine the influencing mechanisms, confirming that the positive relation between institutional cross-ownership and trade credit is more pronounced for listed firms in more competitive industries, or with poorer information environment. Further analysis also finds that the positive effect of institutional cross-ownership on trade credit is more prominent for listed firms with fewer bank loans.</p>\n </section>\n \n <section>\n \n <h3> Theoretical/Academic Implications</h3>\n \n <p>This paper emphasizes information sharing and cooperation among listed firms with institutional cross-ownership and argues that the information improvement effect is a relatively more important mechanism in affecting listed firms' decisions.</p>\n </section>\n \n <section>\n \n <h3> Practitioner/Policy Implications</h3>\n \n <p>China's market-oriented reform is in progress and shows some weaknesses in corporate governance and investor protection. The research focusing on institutional cross-ownership can provide useful suggestions for policy makers on how to improve corporate governance and construct efficient capital markets.</p>\n </section>\n </div>","PeriodicalId":48209,"journal":{"name":"Corporate Governance-An International Review","volume":null,"pages":null},"PeriodicalIF":4.6000,"publicationDate":"2022-12-23","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":"1","resultStr":"{\"title\":\"Institutional cross-ownership and trade credit: Evidence from China\",\"authors\":\"Huan Liu, Canran Hou\",\"doi\":\"10.1111/corg.12505\",\"DOIUrl\":null,\"url\":null,\"abstract\":\"<div>\\n \\n \\n <section>\\n \\n <h3> Research Question/Issue</h3>\\n \\n <p>Relying on enhanced market power and improved information environment associated with institutional cross-ownership, this paper examines the relation between institutional cross-ownership and trade credit in China.</p>\\n </section>\\n \\n <section>\\n \\n <h3> Research Findings/Insights</h3>\\n \\n <p>Listed firms with cross-ownership can obtain more trade credit. The main conclusion is robust when we consider endogeneity problems, alternative measures of institutional cross-ownership, and the effect of a financial crisis. Further, we perform several tests to examine the influencing mechanisms, confirming that the positive relation between institutional cross-ownership and trade credit is more pronounced for listed firms in more competitive industries, or with poorer information environment. Further analysis also finds that the positive effect of institutional cross-ownership on trade credit is more prominent for listed firms with fewer bank loans.</p>\\n </section>\\n \\n <section>\\n \\n <h3> Theoretical/Academic Implications</h3>\\n \\n <p>This paper emphasizes information sharing and cooperation among listed firms with institutional cross-ownership and argues that the information improvement effect is a relatively more important mechanism in affecting listed firms' decisions.</p>\\n </section>\\n \\n <section>\\n \\n <h3> Practitioner/Policy Implications</h3>\\n \\n <p>China's market-oriented reform is in progress and shows some weaknesses in corporate governance and investor protection. The research focusing on institutional cross-ownership can provide useful suggestions for policy makers on how to improve corporate governance and construct efficient capital markets.</p>\\n </section>\\n </div>\",\"PeriodicalId\":48209,\"journal\":{\"name\":\"Corporate Governance-An International Review\",\"volume\":null,\"pages\":null},\"PeriodicalIF\":4.6000,\"publicationDate\":\"2022-12-23\",\"publicationTypes\":\"Journal Article\",\"fieldsOfStudy\":null,\"isOpenAccess\":false,\"openAccessPdf\":\"\",\"citationCount\":\"1\",\"resultStr\":null,\"platform\":\"Semanticscholar\",\"paperid\":null,\"PeriodicalName\":\"Corporate Governance-An International Review\",\"FirstCategoryId\":\"91\",\"ListUrlMain\":\"https://onlinelibrary.wiley.com/doi/10.1111/corg.12505\",\"RegionNum\":3,\"RegionCategory\":\"管理学\",\"ArticlePicture\":[],\"TitleCN\":null,\"AbstractTextCN\":null,\"PMCID\":null,\"EPubDate\":\"\",\"PubModel\":\"\",\"JCR\":\"Q1\",\"JCRName\":\"BUSINESS\",\"Score\":null,\"Total\":0}","platform":"Semanticscholar","paperid":null,"PeriodicalName":"Corporate Governance-An International Review","FirstCategoryId":"91","ListUrlMain":"https://onlinelibrary.wiley.com/doi/10.1111/corg.12505","RegionNum":3,"RegionCategory":"管理学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":null,"EPubDate":"","PubModel":"","JCR":"Q1","JCRName":"BUSINESS","Score":null,"Total":0}
Institutional cross-ownership and trade credit: Evidence from China
Research Question/Issue
Relying on enhanced market power and improved information environment associated with institutional cross-ownership, this paper examines the relation between institutional cross-ownership and trade credit in China.
Research Findings/Insights
Listed firms with cross-ownership can obtain more trade credit. The main conclusion is robust when we consider endogeneity problems, alternative measures of institutional cross-ownership, and the effect of a financial crisis. Further, we perform several tests to examine the influencing mechanisms, confirming that the positive relation between institutional cross-ownership and trade credit is more pronounced for listed firms in more competitive industries, or with poorer information environment. Further analysis also finds that the positive effect of institutional cross-ownership on trade credit is more prominent for listed firms with fewer bank loans.
Theoretical/Academic Implications
This paper emphasizes information sharing and cooperation among listed firms with institutional cross-ownership and argues that the information improvement effect is a relatively more important mechanism in affecting listed firms' decisions.
Practitioner/Policy Implications
China's market-oriented reform is in progress and shows some weaknesses in corporate governance and investor protection. The research focusing on institutional cross-ownership can provide useful suggestions for policy makers on how to improve corporate governance and construct efficient capital markets.
期刊介绍：
The mission of Corporate Governance: An International Review is to publish cutting-edge international business research on the phenomena of comparative corporate governance throughout the global economy. Our ultimate goal is a rigorous and relevant global theory of corporate governance. We define corporate governance broadly as the exercise of power over corporate entities so as to increase the value provided to the organization"s various stakeholders, as well as making those stakeholders accountable for acting responsibly with regard to the protection, generation, and distribution of wealth invested in the firm. Because of this broad conceptualization, a wide variety of academic disciplines can contribute to our understanding.
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