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| Srl | Item |
| 1 |
ID:
170221
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| Summary/Abstract |
This paper analyzes the impacting factors of the capital structure of military listed companies in China, based on the 2001–2015 panel data of 104 Chinese listed companies, and we explore practical approaches for Chinese private capital entering the military enterprises, given the strategy of the civil–military integration. We show that: (1) state-owned shares and domestic legal person shares negatively impact the capital structure of military enterprises and mainly show in non-current liability. While the foreign legal person shares and the shareholding ratio of executives and managers have no significant impact. (2) As for the financial indicators, coefficients of firm size, asset tangibility, and growth are positive, while those of profitability, non-debt tax shield, and growth opportunity are negative. (3) Given the civil–military integration strategy, equity financing imposes a negative impact on the capital structure of military enterprises. The negative impact increases, with the increase in military enterprises’ profitability, business risk, and growth opportunities, and with the decrease in military enterprises’ growth and firm size. (4) The negative impacts of equity financing are significant, if debt ratios of the military enterprises are too small or too large. While the state-owned shares only have significant negative impact on military enterprises whose debt ratios are too small. As a conclusion, we suggest private capital to prioritize the corporate bonds or short-term borrowing to enter the military industry, and choose smaller or medium-sized military enterprises with more growth opportunities and lower business risks.
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| 2 |
ID:
187801
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| Summary/Abstract |
The problem of high savings and low consumption of Chinese rural households has long been a source of concern. The popularity of mobile payments may help alleviate this problem. This paper examines the impact of mobile payments on household consumption in rural China by using data from the China Household Finance Survey (CHFS). To overcome the potential endogeneity, we use the instrumental variable (IV) and difference-in-differences (DID) methods and find a significant positive effect of mobile payments on rural household consumption. Mechanism analysis indicates that the positive impact of mobile payments is partially explained by the reduction in transaction costs, the easing of liquidity constraints, and the decrease in mental accounting loss. Furthermore, we verify the inclusive function of mobile payments through heterogeneity analysis and find that they play a greater role in promoting rural household consumption, especially for socially vulnerable groups, such as the elderly, people on low incomes, and low education. Our findings contribute to the literature on consumer finance and inclusive finance and have important implications for other countries.
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