Investment risk, return gap, and financialization of non-listed non-financial firms in China

被引：50
|
作者：
Tang, Huoqing
Zhang, Chengsi [1 ]
机构：
[1] Renmin Univ China, Sch Finance, Beijing, Peoples R China
来源：
PACIFIC-BASIN FINANCE JOURNAL | 2019年 / 58卷
基金：
中国国家自然科学基金;
关键词：
Financialization; Investment risks; Non-listed firms; China; AGENCY COSTS; US ECONOMY; CORPORATE; SPECIFICATION; TESTS;
D O I：
10.1016/j.pacfin.2019.101213
中图分类号：
F8 [财政、金融];
学科分类号：
0202 ;
摘要：
This paper constructs a portfolio choice model allowing risks in both fixed and financial investments to capture non-financial firms' financialization behavior. Using firm-level panel data from non-listed non-financial firms in China over the period from 1998 to 2009, we find that relatively risk in fixed investment and rates of return gap between financial and fixed investments play significant roles in financialization behavior for the whole sample firms. Further group-division analysis based on firms' ownership and operating conditions reveal discrepancies between state-owned and private firms and between well-operated and insolvent firms.
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收藏
页数：13
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