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Modern View
ZHANG, SONG
(2)
answer(s).
Srl
Item
1
ID:
138104
Business life cycle and capital structure: evidence from Chinese manufacturing firms
/ Tian, Lin; Han, Liang ; Zhang, Song
Tian, Lin
Article
0 Rating(s) & 0 Review(s)
Summary/Abstract
This paper uses a panel data-fixed effect approach and data collected from Chinese public manufacturing firms between 1999 and 2011 to investigate the impacts of business life cycle stages on capital structure. We find that cash flow patterns capture more information on business life cycle stages than firm age and have a stronger impact on capital structure decision-making. We also find that the adjustment speed of capital structure varies significantly across life cycle stages and that non-sequential transitions over life cycle stages play an important role in the determination of capital structure. Our study indicates that it is important for policy-makers to ensure that products and financial markets are well-balanced.
Key Words
Transition
;
Capital Structure
;
Life Cycle
;
Cash Flow
In Basket
Export
2
ID:
175574
Does Outward Foreign Direct Investment Facilitate China's Export Upgrading?
/ Zhang, Song ; Chen, Chunlai
Zhang, Song
Journal Article
0 Rating(s) & 0 Review(s)
Summary/Abstract
This paper empirically investigates the impact of China's outward foreign direct investment (OFDI) on its export sophistication. Using a provincialālevel panel dataset and applying fixed effects and instrumental variable regression techniques, the study finds that, on average, OFDI has no significant impact on China's export sophistication. However, after the full sample is divided into different regions, the study finds that OFDI has a positive and significant impact on export sophistication in the developed coastal region, but no such impact is observed in the less developed inland regions. Further investigation using a panel threshold model reveals that only when GDP, per capita GDP, human capital, and the research and development intensity of a home economy reach a certain level can OFDI promote export sophistication. The findings suggest that accelerating eco nomic development and increasing absorptive capacity can facilitate the contribution of OFDI to China's export sophistication.
Key Words
Export Sophistication
;
Outward Foreign Direct Investment
;
Absorptive Capacity
;
Export structure
In Basket
Export