外汇市场的金融压力及其对企业投资的实际影响:来自韩国的证据

IF 16.4 1区化学 Q1 CHEMISTRY, MULTIDISCIPLINARY

Accounts of Chemical Research Pub Date : 2022-04-03 DOI:10.1080/1226508X.2022.2079544

Deokki Ko

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引用次数: 2

摘要

本研究提出了韩国外汇市场的外生财务压力指数(EXO-FSIFX)，并利用2000年至2019年在韩国交易所上市的制造业企业的面板数据探讨了其对企业投资的影响。实证结果表明，平均而言，EXO-FSIFX对企业投资产生负向影响，且这种关系的强弱因企业特征而异。具体而言，EXO-FSIFX对企业投资的负面影响在顺周期销售和财务不健全的企业中增加。

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Financial Stress in the Foreign Exchange Market and its Real Effect on Firm Investments: Evidence from South Korea

ABSTRACT This study proposes an exogenous financial stress index for South Korea’s foreign exchange market (EXO-FSIFX) and explores its effect on firm investments using panel data on manufacturing firms listed on the Korea Exchange from 2000 to 2019. The empirical results show that EXO-FSIFX negatively affects firm investments on average, and the strength of this relationship varies by firm characteristics. Specifically, the negative impact of EXO-FSIFX on firm investments increases in firms with procyclical sales and financial unsoundness.

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来源期刊

Accounts of Chemical Research 化学-化学综合

CiteScore

31.40

自引率

1.10%

发文量

312

审稿时长

2 months

期刊介绍： Accounts of Chemical Research presents short, concise and critical articles offering easy-to-read overviews of basic research and applications in all areas of chemistry and biochemistry. These short reviews focus on research from the author’s own laboratory and are designed to teach the reader about a research project. In addition, Accounts of Chemical Research publishes commentaries that give an informed opinion on a current research problem. Special Issues online are devoted to a single topic of unusual activity and significance. Accounts of Chemical Research replaces the traditional article abstract with an article "Conspectus." These entries synopsize the research affording the reader a closer look at the content and significance of an article. Through this provision of a more detailed description of the article contents, the Conspectus enhances the article's discoverability by search engines and the exposure for the research.