Does the q theory of investment work well in China?

被引：4
|
作者：
Chen, Te-Feng [1 ]
Kwok, Wing Chun [2 ]
Wong, George [1 ]
机构：
[1] Hong Kong Polytech Univ, Hong Kong, Peoples R China
[2] Hang Seng Univ Hong Kong, Hong Kong, Peoples R China
来源：
PACIFIC-BASIN FINANCE JOURNAL | 2021年 / 68卷
关键词：
Investment; q theory; State-owned enterprises; Research and development; CASH FLOW;
D O I：
10.1016/j.pacfin.2021.101595
中图分类号：
F8 [财政、金融];
学科分类号：
0202 ;
摘要：
Evidence from both the US and Chinese firm samples indicate that the R2 coefficient of the investment-q regression increases as the within-firm volatility of q increases and is larger for research-intensive industries. q explains more variations of investments in the US than in China. We find that the relatively low R2 coefficient in China can be explained by the heavy presence of state-owned enterprises and the larger measurement error of q in China.
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页数：7
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