دانلود رایگان مقاله انگلیسی برنامه های پنج ساله، امور مالی چین و پیامدهای آن - الزویر 2017

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عنوان فارسی

برنامه های پنج ساله، امور مالی چین و پیامدهای آن

عنوان انگلیسی

Five-year plans, China finance and their consequences

صفحات مقاله فارسی

0

صفحات مقاله انگلیسی

42

سال انتشار

2017

نشریه

الزویر - Elsevier

فرمت مقاله انگلیسی

PDF

نوع مقاله

ISI

نوع نگارش

مقالات پژوهشی (تحقیقاتی)

رفرنس

دارد

پایگاه

اسکوپوس

کد محصول

E10639

رشته های مرتبط با این مقاله

مدیریت، اقتصاد

گرایش های مرتبط با این مقاله

مدیریت دولتی، مدیریت مالی، مدیریت کسب و کار، اقتصاد مالی

مجله

مجله چینی تحقیقات حسابداری - China Journal of Accounting Research

دانشگاه

Nanjing University - China

کلمات کلیدی

برنامه پنج ساله، مهندسی دولت، سیاست های صنعتی، امور مالی شرکت، رشد اقتصادی، چين

doi یا شناسه دیجیتال

https://doi.org/10.1016/j.cjar.2017.06.001

برای سفارش ترجمه این مقاله با کیفیت عالی و در کوتاه ترین زمان ممکن توسط مترجمین مجرب سایت ایران عرضه؛ روی دکمه سبز رنگ کلیک نمایید.

چکیده

ABSTRACT

An important factor influencing corporate finance and economic growth in China lies in its government sponsored industrial policies. Examining China’s five-year plans during 1991–2010, we find that state-owned firms in government supported industries enjoy faster growth in initial public offerings and higher offer prices. Further, they enjoy faster growth in loans granted by major national banks. However, this preferential access to capital by state-owned firms appears to be achieved at the expense of non-state-owned firms which are crowded out. Government support induces more investment but also brings more overinvestment, which mainly comes from the non-state sector. Finally, supported industries have higher stock market returns and cash flow growth that dampen when state ownership increases.

نتیجه گیری

Conclusion

Since the start of its economic reform in 1978, China has achieved rapid and sustained economic growth. What does China’s rapid growth tell us? Is the China experiment useful to other economies? These are unavoidable questions of our era. Different from prior research on China’s economy, we focus on an economic management model long used by the Chinese government – five-year plans. We examine the influence of four five-year plans from 1991 to 2010 on China’s capital markets and their economic consequences. We find that industries supported by the government enjoy faster growth in equity and debt finance. This pattern is more pronounced in industries with heavy state ownership. Further, as their respective market orientation improves, the government’s control of the IPO, SEO and bank loan markets declines. We also find that government supported industries have higher stock market returns and cash flow growth that dampen as state ownership increases. Supported industries also have a higher ratio of non-performing loans. These findings provide a new perspective in understanding the role played by government economic engineering on corporate finance and its economic consequences.

برچسب‌ها: دانلود رایگان مقالات انگلیسی مدیریت، دانلود رایگان مقالات انگلیسی علوم اقتصادی، دانلود رایگان مقالات isi