Sihui Li , Yining Liu , Jinchun Zhao , Baochang Xu
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引用次数: 0
Abstract
We examine the impact of market integration on the risk of corporate leverage manipulation, using data on China's A-share listed firms. Our results indicate that market integration reduces this risk. This effect is more pronounced for firms in the Midwest, small firms, and those receiving less analyst attention. We also find that market integration promotes fair competition, reduces financing constraints, and improves information transparency, thereby reducing the risk of corporate leverage manipulation. This study provides a useful reference for promoting the construction of a unified domestic market and maintaining stability in the financial system.
我们利用中国 A 股上市公司的数据，研究了市场一体化对企业杠杆操纵风险的影响。结果表明，市场一体化降低了这种风险。这种影响对于中西部企业、小型企业和那些较少受到分析师关注的企业更为明显。我们还发现，市场一体化促进了公平竞争，减少了融资约束，提高了信息透明度，从而降低了企业杠杆操纵的风险。本研究为促进国内统一市场建设、维护金融体系稳定提供了有益参考。
期刊介绍：
The Pacific-Basin Finance Journal is aimed at providing a specialized forum for the publication of academic research on capital markets of the Asia-Pacific countries. Primary emphasis will be placed on the highest quality empirical and theoretical research in the following areas: • Market Micro-structure; • Investment and Portfolio Management; • Theories of Market Equilibrium; • Valuation of Financial and Real Assets; • Behavior of Asset Prices in Financial Sectors; • Normative Theory of Financial Management; • Capital Markets of Development; • Market Mechanisms.
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