• The Journal of Asian Finance, Economics and Business
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• 제6권3호
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• pp.27-40
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• 2019

The study examines the effects of growth opportunities, debt maturity and liquidity risk on leverage, making use of a large panel of Chinese listed firms. Research on capital structure has broadened its scope from a single capital structure decision (the debt/equity choice) to various attributes of the debt in firms' capital structure. We use the system Generalized Method of Moments estimator to control for unobserved heterogeneity and the potential endogeneity of regressors. We find a negative relationship between growth opportunities and leverage. Further, we find that while the proportion of short-term debt attenuates the negative effect of growth opportunities on leverage, it negatively affects leverage as predicted by the liquidity risk hypothesis. When we distinguish between state owned firms and private controlled firms, we find evidence that these effects are only relevant to private controlled firms. However, our analysis indicates that the economic implication of liquidity risk effect is much lower for Chinese firms than that observed in the literature for US firms. Our study suggests that these differences can be explained by differences in the institutional environment in which firms operate. This finding related to Diamond's (1991) liquidity risk hypothesis extends our understanding of the relationship between liquidity risk and the debt maturity choice.

• The Journal of Asian Finance, Economics and Business
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• 제3권3호
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• pp.17-26
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• 2016

This study investigates daily stock market anomalies in Chinese stock market, using nine most representative stock indices over an eleven year time period spanning from pre-financial crisis era to six years into the financial crisis. This research is the first to test the presence of the day of the week effect on stock returns in the Chinese stock exchanges during the financial crisis. We find that the day of week effects have been strongly significant in Chinese stock exchanges since 2004. However, unlike the previously found negative Monday effect and positive Friday effect in the U.S., Chinese stock market shows positive returns on Mondays and negative returns on Tuesdays. More importantly, the negative Tuesday effect is only significant after the inception of financial crisis. The results indicate a positive effect on Mondays and a negative effect on Thursdays. More importantly, we find a negative Tuesday effect during the financial crisis, which suggests a spillover of the Monday effect from the U.S. stock market. Our results shed some light on the degree of market efficiency in the largest emerging capital market in the world, and its increasingly close relationship with the U.S. capital market.

• 분석과 대안
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• 제5권2호
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• pp.39-76
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• 2021

本研究通过高层梯队理论和人力资本理论探究中国民营企业首席执行官的政治关系为企业所带来的影响。首席执行官的个人特征对企业的战略决策产生直接或间接的影响,同时可作为企业特有的优势,为企业的可持续发展发挥着人力资本的作用。对此,本研究通过实证探究中国民营企业的首席执行官所拥有的政治关系是否对企业的人力资本企业绩效产生积极影响。另外,本研究将政治关系的直接对象-- 中国地方政府分为不同阶层,考察政治关系的人力资本价值和影响力的差异,而且预测政府补贴可以在这一关系中起到中介的作用。为了验证这一论点,以2008年至2016年间在中国上海和深圳证券交易所上市的1,451个企业的共9,849个观测值为对象进行分析,结果确认首席执行官的政治关系对企业绩效产生正向(+)的影响。另外,从各阶层的地方政府来看,只有与作为最高层地方政府的省级地方政府有政治关系时,才能对企业绩效产生积极影响；同时,只有在首席执行官拥有的人力资本的价值和影响力与省级地方政府有关联时才能发挥上述的积极影响。另外,政府补贴的中介效应在与地级地方政府有政治关系时,会具备完全中介的属性,进而对企业经营成果产生积极影响。可以说,地方政府在政府补贴支付中起到核心作用,因此经营者的政治关系常被运用为企业的非市场战略。

• Asia Pacific Journal of Business Review
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• 제4권1호
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• pp.1-34
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• 2019

This study investigates whether and how a firm's cost of equity capital is influenced by the extent of a firm's real earnings management (REM). Using a large sample of Hong Kong and Chinese firms over the 9-year period 2009-2017, we find that our implied cost of equity estimates are positively associated with both the extent of REM and the extent of accrual-based earnings management (AEM), but the positive association is stronger for REM than for AEM. We also provide evidence suggesting that the effect of AEM and REM on the cost of equity is more pronounced for Hong Kong firms than Chinese firms, and within Chinese firms, it is less pronounced for the state-owned enterprises (SOEs). Collectively, our results suggest that while both REM and AEM exacerbate the quality of earnings used by outside investors, REM does so to a greater extent than AEM, and thus the market demands a higher risk premium for REM activities than for AEM activities and that this cost of capital-increase effect is more prominent in a developed market like Hong Kong and mitigated by state ownership in China because of investors' expectations for a lower level of detriments to firm fundamentals by REM due to government's protection in a less developed market like China.

• International Journal of Advanced Culture Technology
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• 제9권4호
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• pp.135-144
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• 2021

In an environment that places a priority on morality, authentic leadership is becoming increasingly important. Chinese enterprises are putting a lot of effort into improving their employees' psychological safety and positive psychological capital (PsyCap). This study examines the influence of authentic leadership on positive PsyCap and psychological safety, as well as the influence of positive PsyCap on psychological safety in China. It also examines whether positive PsyCap plays a mediating role. Authentic leadership has a positive effect on both positive PsyCap and psychological safety. Positive PsyCap also has a positive effect on psychological safety. Moreover, positive PsyCap had a mediation effect on the relationship between authentic leadership and psychological safety. This result means that an authentic leadership style can stimulate employees' psychological capital, make the staff more confident and promote optimistic attitudes, hopeful minds, and plenty of other positive psychological states. At the same time, it promotes the psychological safety of employees in Chinese art enterprises. The significance of this study is that it investigates the effects and processes of authentic leadership on psychological safety and positive PsyCap in Chinese art enterprises. The implications of this research bridge a theoretical gap in the field, and provide feasible suggestions and guidance for development in the discipline. Enterprises should attach importance to the selection, cultivation, and appointment of authentic leaders. They must also pay attention to trends in employee psychological safety and positive PsyCap.

• 한국전자거래학회지
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• 제15권1호
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• pp.103-118
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• 2010

웹 2.0의 개념과 기술의 확산과 함께 페이스북, 마이스페이스, 유튜브, 트위터 등의 소셜네트워크서비스에 대한 사용이 증가하고 있다. 본 연구에서는 '사회적 자본 이론'을 기반으로 하여 소셜네트워크서비스 사용으로 인해 형성되는 온라인 사회적 자본에 대한 조사를 수행하였다. 사용자들의 인구통계학적 정보와 소셜네트워크서비스 이용 동기 및 사용행태, 온라인 사회적 자본을 평가할 수 있는 설문문항을 구성하고 한국과 중국의 사용자들을 대상으로 설문조사를 진행하였다. 추가적으로 소셜 네트워크 서비스 이용을 통한 온라인 사회적 자본의 강도를 설명하기 위해 다중회귀분석을 수행하여 그 인과관계를 파악하고 결과를 제시하였다. 본 연구의 결과는 소셜네트워크서비스를 사용함으로써 형성되는 사용자들의 온라인 사회적 자본을 확인하고 서비스 기능과의 관계를 분석하여 제시함으로써 향후 서비스 개발에 있어 고려해야 할 속성들을 판단하는데 도움을 줄 수 있을 것으로 예상된다.

• The Journal of Asian Finance, Economics and Business
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• 제6권3호
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• pp.67-79
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• 2019

This study examines the impact of corporate governance on capital structure decisions based on a large panel of Chinese listed firms. Using the system Generalized Method of Moments (GMM) estimator to control for unobserved heterogeneity, endogeneity, and persistency in capital structure decisions, we document that the ownership structure plays a significant role in determining leverage ratios. More specially, we find that managerial ownership has a positive and significant impact on firms' leverage, consistent with the incentive alignment hypothesis. We also find that managerial ownership only affects the leverage decisions of private firms in the post-2005 split share reform period. State ownership negatively influence leverage decisions implying that SOEs may face fewer restrictions in equity issuance and may receive favourable treatments when applying for seasoned equity ¿nancing, thus use less debt. Furthermore, our results show that while foreign ownership negatively influences leverage decisions, legal person shareholding positively influences firms' leverage decisions only for state controlled firms. We also find that the board structure variables (board size and the proportion of independent directors) do not influence firms' capital structure decisions. Our findings suggest that recent ownership reforms have been successful in terms of providing incentive to managers through managerial shareholdings to take risky financial choices.

• KDI Journal of Economic Policy
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• 제44권4호
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• pp.43-78
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• 2022

The arena of strategic competition between the US and China is expandable from international politics, trade and commerce to finance. What would happen if financial sanctions against China are imposed by the US? Would US financial sanctions lead to a sudden outflow of foreign capital and a liquidity crisis in China? We try to address these questions by estimating China's capital flows-at-risk with the CDS premium on Chinese sovereign funds. We follow Gelos et al. (2019) in setting up a quantile regression model from which China's foreign capital flow-at-risks are estimated. Based on our analysis of China's monthly capital flow data, we find that a rise in the CDS premium has statistically significant negative impacts on China's foreign capital flows-at-risk, mainly in banking flows. However, the analysis also found that due to favorable global conditions, an increase in the CDS premium is unlikely to trigger a shift to a sudden outflow of foreign capital at the moment. Meanwhile, this study found no statistically significant correlation between Korea's capital flows-at-risk and the CDS premium, suggesting that the negative impact of US financial sanctions on China would not increase the probability of capital flight from Korea in a significant manner.

• 한국경제지리학회지
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• 제22권4호
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• pp.422-437
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• 2019

국제 이주에 대한 폭넓은 논의가 이루어진 데 반해 이주자가 출발지로 되돌아가는 귀환 이주에 대한 연구는 비교적 많지 않다. 이는 귀환 이주를 자본 축적 이후의 성공적 귀환이나 적응 실패로 인해 돌아가는 현상으로 비교적 단순하게 인식해왔기 때문이다. 조선족이 국내로 대거 이주해온 지 이십여 년을 넘기면서 귀화하는 사람뿐만 아니라 귀환하는 이도 어렵지 않게 볼 수 있다. 본 연구는 옌볜으로 귀환하여 자영업에 진출한 조선족을 대상으로 귀환 이주가 어떠한 전략적 선택 속에서 이루어졌는지 살펴본다. 최근의 옌볜 상업 경관은 귀환 조선족의 자영업 진출로 적지 않은 변화가 나타나고 있다. 특기할만한 점은 귀환 조선족에게 있어 한국 체류는 단순히 사업 자금을 마련하기 위한 것만은 아니었다는 것이다. 한국 경험과 네트워크는 옌볜에서 자본 축적의 새로운 기회를 찾고 넓히는 데 기여하고 있다. 이는 세계체제론 관점에서 옌볜 조선족 자영업자의 귀환이 주는 세계체제 간극을 활용한 자본축적 전략으로 해석될 수 있다.

• 시큐리티연구
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• 제56호
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• pp.107-124
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• 2018

국내 민간경호는 질적 산업으로 양산화 되기보다는 국내 업체들 간의 과열 경쟁으로 소수 업체를 제외하고 영세한 업체로 난립하는 양상을 보이고 있다. 이런 상황에서 한국계 중국인은 자체적으로 자국민을 위한 업무 영역을 만들어 국내 업체들과의 차별화된 산업으로 전문화되어지고 있는 상황이다. 본 연구는 재한 외국인 민간경호의 성장요인을 분석하고 선의 경쟁을 하는 한국 민간경호와 한국계 중국인 민간경호를 시작으로 협업을 통한 성공적인 활성화 개선방안을 제시하는데 그 목적이 있다. 본 연구에서 도출한 연구결과는 다음과 같다. 첫째, 한국계 중국인 경호활동의 성장을 불안감 없이 인정해야 하는지 둘째, 한국계 중국인 경호활동이 한국 내 필요한 이유를 찾기 위한 분석과 연구 지속적으로 진행되어야 한다. 셋째, 한국계 중국인 경호활동의 장점과 단점을 분석하여 한정되어 있는 국내 경호활동에서 벗어나기 위한 노력 중의 하나로 언어 능력 향상이 필요하다. 어렵다면 언어 구사가 가능한 인재를 발탁하여 경호활동 가능자로 배출해야 한다. 넷째, 한국계 중국인 경호활동과 국내 경호활동의 협업 활성화를 위하여 한국계 중국인에 대한 인식이 우선 변화되어야하며, 경쟁속의 경호활동이 아닌 서로를 이해하고 상부상조하는 회사 대 회사로 인정하는 관계 개선이 시급하다.