279
Views
0
CrossRef citations to date
0
Altmetric
Research Article

Dose Regulatory Uncertainty Affect Corporate Financialization? Based on the Perspective of the Changes of CSRC’s Chairman

, & ORCID Icon

References

  • Allen, F., J. Qian, and M. Qian. 2005. Law, finance, and economic growth in China. Journal of Financial Economics 77 (1):57–116. doi:10.1016/j.jfineco.2004.06.010.
  • Almeida, H., M. Campello, and M. S. Weisbach. 2004. The cash flow sensitivity of cash. The Journal of Finance 59 (4):1777–804. doi:10.1111/j.1540-6261.2004.00679.x.
  • Baker, S. R., N. Bloom, and S. J. Davis. 2016. Measuring economic policy uncertainty. The Quarterly Journal of Economics 131 (4):1593–636. doi:10.1093/qje/qjw024.
  • Barradas, R. 2017. Financialisation and real investment in the European Union: Beneficial or prejudicial effects? Review of Political Economy 29 (3):376–413. doi:10.1080/09538259.2017.1348574.
  • Barradas, R., and S. Lagoa. 2017. Financialization and Portuguese real investment: A supportive or disruptive relationship? Journal of Post Keynesian Economics 40 (3):413–39. doi:10.1080/01603477.2017.1286940.
  • Brandt, L., and H. B. Li. 2003. Bank discrimination in transition economies: Ideology, information, or incentives? Journal of Comparative Economics 31 (3):387–413. doi:10.1016/S0147-5967(03)00080-5.
  • Chen, Y. L. 2014. A study on the impacts of the semi-mandatory dividend policy. Journal of Financial Research 410 (8):162–77. In Chinese.
  • Chen, G., M. Firth, D. N. Gao, and O. M. Rui. 2005. Is China’s securities regulatory agency a toothless tiger? Evidence from enforcement actions. Journal of Accounting and Public Policy 24 (6):451–88. doi:10.1016/j.jaccpubpol.2005.10.002.
  • Chen, J. Q., F. Z. Zhou, Z. F. He, and H. Fu. 2020. Second-generation succession and the financialization of assets: An empirical study of Chinese family firms. Emerging Markets Finance and Trade 56 (14):3294–319. doi:10.1080/1540496X.2019.1695592.
  • Chen, Y. S., S. Zhu, and Y. T. Wang. 2011. Corporate fraud and bank loans: Evidence from China. China Journal of Accounting Research 4 (3):155–65. doi:10.1016/j.cjar.2011.07.001.
  • Demir, F. 2009. Capital market imperfections and financialization of real sectors in emerging markets: Private investment and cash flow relationship revisited. World Development 37 (5):953–64. doi:10.1016/j.worlddev.2008.09.003.
  • Deng, X., and L. Gao. 2018. The monitoring of short selling: Evidence from China. Research in International Business and Finance 43:68–78. doi:10.1016/j.ribaf.2017.07.087.
  • Denis, D. J., and V. Sibilkov. 2010. Financial constraints, investment, and the value of cash holdings. Review of Financial Studies 23 (1):247–69. doi:10.1093/rfs/hhp031.
  • Duchin, R., T. Gilbert, J. Harford, and C. Hrdlicka. 2017. Precautionary savings with risky assets: When cash is not cash. Journal of Finance 72 (2):793–852. doi:10.1111/jofi.12490.
  • Du, J., C. Li, and Y. Wang. 2017. A comparative study of shadow banking activities of non-financial firms in transition economies. China Economic Review 46:S35–S49. In Chinese. doi:10.1016/j.chieco.2016.09.001.
  • Du, Y., J. Xie, and J. Y. Chen. 2019. CEO’s financial background and the financialization of entity enterprises. China Industrial Economics 05:136–54. In Chinese.
  • Du, Y., H. Zhang, and J. Y. Chen. 2017. The impact of financialization on future development of real enterprises’ core business: Promotion or inhibition. China Industrial Economics 12:113–31. In Chinese.
  • Easton, P. D. 2004. PE ratios, PEG ratios, and estimating the implied expected rate of return on equity capital. Accounting Review 79 (1):73–95. doi:10.2308/accr.2004.79.1.73.
  • Gan, S. D., Y. He, and L. Xiao. 2018. Is the financialization level of non-financial enterprises influenced by managers?——Based on the perspective of managerial overconfidence. Contemporary Economic Management 40 (2):11–16. In Chinese.
  • Gong, G. M., X. Huang, S. R. Wu, H. W. Tian, and W. J. Li. 2021. Punishment by securities regulators, corporate social responsibility and the cost of debt. Journal of Business Ethics 171 (2):337–56. doi:10.1007/s10551-020-04438-z.
  • Gulen, H., and M. Ion. 2016. Policy uncertainty and corporate investment. The Review of Financial Studies 29 (3):523–64.
  • Guo, Y. H., and Y. Zhu. 2020. Active participation or passive choice: Economic policy uncertainty and corporate financialization. Business Management Journal 42 (7):40–55. In Chinese.
  • Gu, P., and S. Y. Zhai. 2020. Regulatory uncertainty and earnings quality: Based on the quasinatural experiment of the changes of CSRC’s chairman. Management World 36 (12):186–202. In Chinese.
  • Huang, J., Y. Luo, and Y. Peng. 2021. Corporate financial asset holdings under economic policy uncertainty: Precautionary saving or speculating? International Review of Economics & Finance 76:1359–78. doi:10.1016/j.iref.2019.11.018.
  • Julio, B., and Y. Yook. 2012. Political uncertainty and corporate investment cycles. The Journal of Finance 67 (1):45–83. doi:10.1111/j.1540-6261.2011.01707.x.
  • Kaplan, S. N., and Z. Luigi. 1997. Do investment-cash flow sensitivities provide useful measures of financing constraints? Quarterly Journal of Economics 112 (1):169–215. doi:10.1162/003355397555163.
  • Krippner, G. R. 2005. The financialization of the American economy. Socio-Economic Review 3 (2):173–208. doi:10.1093/SER/mwi008.
  • Li, Q. Y., S. L. Chen, and H. Chen. 2022. Effect of strict financial regulation on real economy: Empirical evidence from the new asset management regulation. Economic Research Journal 57 (1):137–54. In Chinese.
  • Liebman, B. L., and C. J. Milhaupt. 2008. Reputational sanctions in China’s securities market. Columbia Law Review 108:929–83.
  • Liu, W., and Y. Q. Cao. 2018. Do institutional investors drive financialization of real sectors? Finance & Trade Economics 39 (12):80–94. In Chinese.
  • Liu, X., and X. Y. Zhao. 2019. Does increasing the minimum wage induce tax avoidance? Economic Research Journal 54 (10):121–35. In Chinese.
  • Li, K., H. Yue, and L. K. Zhao. 2009. Ownership, institutions, and capital structure: Evidence from China. Journal of Comparative Economics 37 (3):471–90. doi:10.1016/j.jce.2009.07.001.
  • Ma, C., H. Bei, C. Wang, and G. Chen. 2020. Accelerated depreciation tax credit and corporate financialization based on the PSM-DID model. Wireless Communications & Mobile Computing 2020:1–10. doi:10.1155/2020/6622900.
  • Orhangazi, Ö. 2008. Financialisation and capital accumulation in the non-financial corporate sector: A theoretical and empirical investigation on the US economy: 1973-2003. Cambridge Journal of Economics 32 (6):863–86. doi:10.1093/cje/ben009.
  • Peng, Y. C., X. Han, and J. J. Li. 2018. Economic policy uncertainty and corporate financialization. China Industrial Economics 358 (1):137–55. In Chinese.
  • Qi, Y., Y. Yang, S. Yang, and S. Lyu. 2021. Does government funding promote or inhibit the financialization of manufacturing enterprises? Evidence from listed Chinese enterprises. North American Journal of Economics and Finance 58:101463. doi:10.1016/j.najef.2021.101463.
  • Smith, C. W., and R. M. Stulz. 1985. The determinants of firms’ hedging policies. Journal of Financial & Quantitative Analysis 20 (4):391–405. doi:10.2307/2330757.
  • Song, J., and Y. Lu. 2015. U-shape relationship between non-currency financial assets and operating profit: Evidence from financialization of Chinese listed non-financial corporates. Journal of Financial Research 420 (6):111–27. In Chinese.
  • Stockhammer, E. 2004. Financialisation and the slowdown of accumulation. Cambridge Journal of Economics 28 (5):719–41. doi:10.1093/cje/beh032.
  • Talavera, O., A. Tsapin, and O. Zholud. 2012. Macroeconomic uncertainty and bank lending: The case of Ukraine. Economic Systems 36 (2):279–93. doi:10.1016/j.ecosys.2011.06.005.
  • Tang, H., and C. Zhang. 2019. Investment risk, return gap, and financialization of non-listed non-financial firms in China. Pacific-Basin Finance Journal 58:101213. doi:10.1016/j.pacfin.2019.101213.
  • Theurillat, T., J. Corpataux, and O. Crevoisier. 2010. Property sector financialization: The case of Swiss pension funds (1992-2005). European Planning Studies 18 (2):189–212. doi:10.1080/09654310903491507.
  • Tori, D., and Ö. Onaran. 2018. The effects of financialization on investment: Evidence from firm-level data for the UK. Cambridge Journal of Economics 42 (5):1393–416. doi:10.1093/cje/bex085.
  • Wang, C. 2019. A literature review on corporate financialization. American Journal of Industrial and Business Management 9 (3):647–57. doi:10.4236/ajibm.2019.93044.
  • Wang, Y., Y. Wei, and F. M. Song. 2017. Uncertainty and corporate R&D investment: Evidence from Chinese listed firms. International Review of Economics & Finance 47:176–200. doi:10.1016/j.iref.2016.10.004.
  • Wen, H., H. Gao, S. C. Chen, and J. L. Xiao. 2020. Administrative supervision over audit firms and stock price crash risk: Evidence from CSRC’s random inspection. Systems Engineering-Theory & Practice 40 (11):2769–83. In Chinese.
  • Wen, C. H., and G. L. Ren. 2015. Research on separating development of virtual and substantial economy: Evidence from China’s listed firms from 2006 to 2013. China Industrial Economics 333 (12):115–29. In Chinese.
  • Xin, Q. Q., M. L. Huang, and H. R. Yi. 2013. The listed-company’s fraud in statement and the supervision and penalty of independent directors: An analysis based on the perspective of the individual independent director. Management World 05:131–143+175+188. In Chinese.
  • Yan, H. Z., and B. Z. Chen. 2018. The financial assets of industrial listed corporations: The market effect and holding motivation. Economic Research Journal 53 (7):152–66. In Chinese.
  • Ying, Q., Y. Zhu, M. Yao, and Z. Li. 2021. Does stock market liberalisation restrain corporate financialisation? Accounting and Finance 61 (5):6263–94. doi:10.1111/acfi.12876.
  • Yonce, A. 2015. US corporate investment over the political cycle. The Quarterly Journal of Finance 5 (1):1550015. doi:10.1142/S2010139215500159.
  • Zhang, C. S. 2019. Logic and reflection of financialization. Economic Research Journal 54 (11):4–20. In Chinese.
  • Zhang, G., J. Han, Z. Pan, and H. Huang. 2015. Economic policy uncertainty and capital structure choice: Evidence from China. Economic Systems 39 (3):439–57. doi:10.1016/j.ecosys.2015.06.003.
  • Zhang, W. H., X. S. Mao, and K. X. Liu. 2018. Does interest rate liberalization reduce the cost of debt financing? Journal of Financial Research 10:106–22.
  • Zhang, R., and Y. Y. Wang. 2019. The impact of corporate strategy on investment and capital allocation efficiency: Based on strategic emerging industries. Securities Market Herald 327 (10):33–40+72. In Chinese.
  • Zhang, C., C. Yang, and C. Liu. 2021. Economic policy uncertainty and corporate risk-taking: Loss aversion or opportunity expectations. Pacific-Basin Finance Journal 69:101640. doi:10.1016/j.pacfin.2021.101640.

Reprints and Corporate Permissions

Please note: Selecting permissions does not provide access to the full text of the article, please see our help page How do I view content?

To request a reprint or corporate permissions for this article, please click on the relevant link below:

Academic Permissions

Please note: Selecting permissions does not provide access to the full text of the article, please see our help page How do I view content?

Obtain permissions instantly via Rightslink by clicking on the button below:

If you are unable to obtain permissions via Rightslink, please complete and submit this Permissions form. For more information, please visit our Permissions help page.