ETFs, financing constraints and corporate investment efficiency: An analysis of the regulatory effect based on equity incentive policies

IF 7.4 2区经济学 Q1 BUSINESS, FINANCE Finance Research Letters Pub Date : 2024-12-10 DOI:10.1016/j.frl.2024.106628

Qi Liu

引用次数: 0

Abstract

The diversity of ETF products and their trading adaptability provide an effective means to optimize investment portfolios and enhance capital allocation efficiency, thereby better promoting corporate investment efficiency. This paper conducts an empirical analysis based on data from listed companies between 2008 and 2022, leading to the following conclusions: ETFs have a positive effect on improving corporate investment efficiency. They help alleviate financing constraints, which in turn boosts investment efficiency. The impact of ETFs is stronger on companies in the eastern regions, and the effect is greater on non-state-owned enterprises than on state-owned ones. Moreover, when equity incentive policies are well-implemented, the positive influence of ETFs on investment efficiency is further amplified.

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etf、融资约束与企业投资效率：基于股权激励政策的监管效果分析

ETF产品的多样性和交易适应性为优化投资组合、提高资金配置效率提供了有效手段，从而更好地促进企业投资效率。本文基于2008 - 2022年上市公司数据进行实证分析，得出以下结论：etf对提高企业投资效率具有积极作用。它们有助于缓解融资紧张，从而提高投资效率。etf对东部地区企业的影响更大，且对非国有企业的影响大于国有企业。此外，当股权激励政策得到良好实施时，etf对投资效率的积极影响将进一步放大。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

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来源期刊

Finance Research Letters BUSINESS, FINANCE-

CiteScore

11.10

自引率

14.40%

发文量

863

期刊介绍： Finance Research Letters welcomes submissions across all areas of finance, aiming for rapid publication of significant new findings. The journal particularly encourages papers that provide insight into the replicability of established results, examine the cross-national applicability of previous findings, challenge existing methodologies, or demonstrate methodological contingencies. Papers are invited in the following areas: Actuarial studies Alternative investments Asset Pricing Bankruptcy and liquidation Banks and other Depository Institutions Behavioral and experimental finance Bibliometric and Scientometric studies of finance Capital budgeting and corporate investment Capital markets and accounting Capital structure and payout policy Commodities Contagion, crises and interdependence Corporate governance Credit and fixed income markets and instruments Derivatives Emerging markets Energy Finance and Energy Markets Financial Econometrics Financial History Financial intermediation and money markets Financial markets and marketplaces Financial Mathematics and Econophysics Financial Regulation and Law Forecasting Frontier market studies International Finance Market efficiency, event studies Mergers, acquisitions and the market for corporate control Micro Finance Institutions Microstructure Non-bank Financial Institutions Personal Finance Portfolio choice and investing Real estate finance and investing Risk SME, Family and Entrepreneurial Finance