سرمایه گذاری شرکت های بزرگ در طول بحران مالی: شواهدی از چین
|کد مقاله||سال انتشار||مقاله انگلیسی||ترجمه فارسی||تعداد کلمات|
|42222||2014||12 صفحه PDF||سفارش دهید||11578 کلمه|
Publisher : Elsevier - Science Direct (الزویر - ساینس دایرکت)
Journal : International Review of Financial Analysis, Volume 35, October 2014, Pages 1–12
China's growth model suggests that the 2008 financial crisis may have affected the Chinese economy differently from what one observes in mature market economies. In this paper, we examine how Chinese corporate investment responded to the financial crisis by using 1689 listed nonfinancial firms during Q12006–Q32010. We document that (1) the overall impact of the financial crisis on Chinese corporate investment is negative; (2) among three channels conveying the effect of the financial crisis, namely, the demand channel, the financial constraints channel, and the uncertainty channel, the demand channel dominates; (3) financial assets held by a nonfinancial firm are important in explaining the firm's fixed investment behaviour; (4) as compared to non-state firms, state-controlled firms are less affected by the financial crisis and more active in engaging in financial assets investment; and (5) foreign ownership can be seen as a buffer against the negative effect of the financial crisis and foreign-involved Chinese firms are less active in financial assets investment as compared to domestic firms.