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Impact mechanism of top management team heterogeneity and financial misallocation on corporate resource allocation efficiency 高管团队异质性和财务错配对企业资源配置效率的影响机制
IF 6.9 2区 经济学 Q1 BUSINESS, FINANCE Pub Date : 2026-03-01 Epub Date: 2025-12-04 DOI: 10.1016/j.frl.2025.109210
Xinxiang Gao , Shan Liu , Guangming Xiong , Jiawen Yu , Haochuan Xu , Junhua Yang
Within China's transitioning economy, financial misallocation significantly impedes efficient corporate resource allocation, primarily driven by ownership discrimination, term mismatch, and sectoral distortion. This study integrates upper echelons theory and financial friction theory to investigate whether and how heterogeneity in the top management team (TMT)—specifically in age, education, and career background—mitigates this misallocation. Analyzing panel data from Shanghai and Shenzhen A-share listed companies (2010–2022) with a two-way fixed effects model and bootstrap mediation, we find that financial misallocation significantly inhibits total factor productivity (TFP), patent output, and return on assets. Conversely, TMT heterogeneity alleviates these negative effects by reducing information asymmetry (reflected in a 42 % decrease in the SA index) and enhancing risk-taking (evidenced by an 18 % increase in R&D intensity). This moderating effect is approximately 30 % stronger in non-state-owned enterprises and digitally advanced firms. Furthermore, the efficacy of TMT heterogeneity is context-dependent, strengthened by higher levels of market development and digitalization. This study introduces a dynamic "structure-behavior-performance" framework linking corporate governance with financial distortions, offering valuable insights for regulators and firms aiming to optimize credit allocation and TMT composition.
在中国转型经济中,金融错配严重阻碍了企业资源的有效配置,其主要驱动因素是所有权歧视、期限错配和行业扭曲。本研究整合了高层管理团队理论和财务摩擦理论,探讨高层管理团队(TMT)的异质性——特别是年龄、教育程度和职业背景——是否以及如何缓解这种分配不当。采用双向固定效应模型和bootstrap中介对2010-2022年沪深两市a股上市公司面板数据进行分析,发现金融错配显著抑制了全要素生产率、专利产出和资产收益率。相反,TMT异质性通过减少信息不对称(SA指数下降42%)和增强风险承担(研发强度增加18%)缓解了这些负面影响。这种调节效应在非国有企业和数字化先进企业中约强30%。此外,TMT异质性的有效性与环境相关,并因更高水平的市场发展和数字化而增强。本研究引入了一个动态的“结构-行为-绩效”框架,将公司治理与金融扭曲联系起来,为旨在优化信贷配置和TMT构成的监管者和企业提供了有价值的见解。
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引用次数: 0
Retraction notice to “Trading volume and the predictability of return and volatility in the cryptocurrency market” [Finance Research Letters 29 (2019) 340-346] 对“加密货币市场的交易量及回报和波动性的可预测性”的撤回通知[金融研究通讯29 (2019)340-346]
IF 6.9 2区 经济学 Q1 BUSINESS, FINANCE Pub Date : 2026-03-01 Epub Date: 2026-02-06 DOI: 10.1016/j.frl.2026.109484
Elie Bouri , Chi Keung Marco Lau , Brian Lucey , David Roubaud
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引用次数: 0
Can commercial paper exchange promote corporate green innovation? Quasi-natural experimental evidence from China 商业票据交易所能否促进企业绿色创新?来自中国的准自然实验证据
IF 6.9 2区 经济学 Q1 BUSINESS, FINANCE Pub Date : 2026-03-01 Epub Date: 2026-02-05 DOI: 10.1016/j.frl.2026.109617
Peide Lai, Shuaiqi Xu
The Shanghai Commercial Paper Exchange (SHCPE) provides a platform for enterprises to utilize commercial papers in supporting green innovation. Using a sample of manufacturing companies listed on China’s A-share market, this study demonstrates that the establishment of SHCPE enhances corporate green innovation, whether segmented by patent type or knowledge dimension. The underlying mechanisms include mitigating financing constraints, enhancing environmental information transparency, and increasing R&D investment. Heterogeneity analysis indicates that SHCPE significantly affects firms that are state-owned, subject to high environmental and market pressure, and located in financially underdeveloped regions. This study provides empirical evidence and policy insights for developing countries seeking to enhance commercial paper market infrastructure and promote sustainable development.
上海商业票据交易所(SHCPE)为企业利用商业票据支持绿色创新提供了平台。本文以中国a股制造业上市公司为样本,通过对专利类型和知识维度的细分,研究表明SHCPE的建立促进了企业绿色创新。其基本机制包括缓解融资约束、提高环境信息透明度和增加研发投资。异质性分析表明,金融欠发达地区的国有企业、环境压力大、市场压力大的国有企业对SHCPE影响显著。本研究为寻求加强商业票据市场基础设施和促进可持续发展的发展中国家提供了经验证据和政策见解。
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引用次数: 0
Front-end or end-of-pipe? the impact of the government focus on corporate environmental investment choices 前端还是管道末端?政府关注企业环境投资选择的影响
IF 6.9 2区 经济学 Q1 BUSINESS, FINANCE Pub Date : 2026-03-01 Epub Date: 2026-01-17 DOI: 10.1016/j.frl.2026.109530
Ke Liu , Linjun Cao , Jian Zhou
Drawing on neoinstitutional theory, this study examines how government environmental attention shapes firms’ heterogeneous environmental strategies using data on Chinese listed companies from 2008 to 2022. The results show that such attention significantly encourages firms to adopt front-end prevention strategies while exerting no meaningful effect on end-of-pipe treatment strategies, underscoring its value for microlevel environmental governance. The facilitating effect is stronger among firms with limited cost-transfer capabilities and in regions with high public environmental demands. Resource compensation and regulatory constraints further operate as core mechanisms through which government environmental attention influences firms’ adoption of front-end prevention strategies.
本文运用新制度理论,利用2008 - 2022年中国上市公司的数据,考察了政府环境关注对企业异质环境战略的影响。结果表明,这种关注显著鼓励企业采取前端预防策略,而对管道末端处理策略没有显著影响,凸显了其对微观环境治理的价值。在成本转移能力有限的企业和公共环境需求较高的地区,促进效应更强。资源补偿和监管约束进一步成为政府环境关注影响企业采取前端预防战略的核心机制。
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引用次数: 0
How do data assets enhance firm value in the digital economy: Evidence from listed tech firms 数字经济下数据资产如何提升企业价值:来自上市科技公司的证据
IF 6.9 2区 经济学 Q1 BUSINESS, FINANCE Pub Date : 2026-03-01 Epub Date: 2025-12-17 DOI: 10.1016/j.frl.2025.109394
Xiaochuan Guo , Pengcheng Li , Fengzheng Wang
Drawing on firm-level panel data from five digitally intensive industries in China, this study examines the contextual nature of the relationship between data asset intensity and firm value. While firms that emphasize data consistently exhibit superior performance, the magnitude of this relationship varies across industries. The effect is particularly pronounced in software and internet services, where digital capabilities are more deeply integrated into core value creation processes. These findings suggest that the economic returns to data assets are not uniform but shaped by the alignment between digital orientation and the structural logic of the industry.
本研究利用中国五大数字密集型产业的企业层面面板数据,考察了数据资产强度与企业价值之间关系的语境性质。虽然强调数据的公司一贯表现优异,但这种关系的程度因行业而异。这种影响在软件和互联网服务领域尤为明显,在这些领域,数字化能力已更深入地融入核心价值创造流程。这些发现表明,数据资产的经济回报不是统一的,而是由数字化取向和行业结构逻辑之间的一致性所塑造的。
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引用次数: 0
How digital capabilities affect tax planning: The internal information environment 数字能力如何影响税务筹划:内部信息环境
IF 6.9 2区 经济学 Q1 BUSINESS, FINANCE Pub Date : 2026-03-01 Epub Date: 2026-01-20 DOI: 10.1016/j.frl.2026.109540
Liping Xu, Lirong Zhang
The rapid development of the digital economy has profoundly reshaped firms’ operational decisions and financial behaviors, yet how corporate digital transformation affects tax planning remains insufficiently explored. Using a sample of Chinese A-share nonfinancial listed firms from 2009 to 2023, this study analyses digital transformation’s effect on corporate tax planning efficiency, focusing on the mediating role of the internal information environment. The results show that digital transformation significantly enhances tax planning efficiency, and this conclusion remains robust across robustness and endogeneity tests. Mechanism analyses indicate that digital transformation improves the internal information environment by increasing earnings forecast accuracy and accelerating financial information disclosure, strengthening firms’ tax planning capabilities. Heterogeneity analyses further reveal that this effect is greater in firms with stronger internal governance, greater external monitoring and more advanced regional digital economic development and industrial agglomeration. Furthermore, digital transformation promotes firms’ total factor productivity by improving tax planning efficiency. This study provides new empirical evidence on the financial governance effects of digital transformation with essential policy and managerial implications.
数字经济的快速发展深刻地重塑了企业的经营决策和财务行为,但企业数字化转型如何影响税收筹划仍未得到充分探讨。本文以2009 - 2023年中国a股非金融类上市公司为样本,分析了数字化转型对企业税收筹划效率的影响,重点研究了内部信息环境的中介作用。结果表明,数字化转型显著提高了税收筹划效率,并且在稳健性和内生性检验中,这一结论仍然是稳健的。机制分析表明,数字化转型通过提高盈余预测准确性、加速财务信息披露、增强企业税收筹划能力等方面改善了企业内部信息环境。异质性分析进一步表明,内部治理水平越高、外部监督力度越大、区域数字经济发展水平越高、产业集聚程度越高的企业,这种效应越显著。此外,数字化转型通过提高税收筹划效率来提高企业的全要素生产率。本研究为数字化转型的财务治理效应提供了新的实证证据,具有重要的政策和管理意义。
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引用次数: 0
Abnormal weather shocks and US state level municipal bond returns 异常天气冲击与美国州级市政债券回报
IF 6.9 2区 经济学 Q1 BUSINESS, FINANCE Pub Date : 2026-03-01 Epub Date: 2026-01-30 DOI: 10.1016/j.frl.2026.109591
Oguzhan Cepni , Ufuk Can , Ahmet Faruk Aysan
This paper investigates how abnormal weather shocks influence U.S. state-level municipal bond returns, offering evidence on the pricing of climate risk in local public debt markets. Using a composite index of standardized weather anomalies and a panel local projections framework, we find delayed but persistent negative effects of abnormal weather shocks on municipal bond returns. Returns remain stable initially but decline by about 35 basis points after four to six months and by 40 basis points after one year, indicating gradual repricing as fiscal and credit conditions adjust. Furthermore, we document partisan asymmetries: bonds issued by Republican-led states exhibit sharper short-term declines, reflecting weaker climate policies and adaptation efforts. Over the medium term, the effects converge across states, suggesting that abnormal weather shocks ultimately impose real and widespread fiscal costs on municipalities, regardless of political orientation.
本文研究了异常天气冲击如何影响美国州级市政债券回报,为地方公共债务市场的气候风险定价提供了证据。使用标准化天气异常的综合指数和面板本地预测框架,我们发现异常天气冲击对市政债券回报的延迟但持续的负面影响。回报率最初保持稳定,但在4至6个月后下降约35个基点,一年后下降40个基点,表明随着财政和信贷状况的调整,价格会逐步重新定价。此外,我们还记录了党派的不对称性:共和党领导的州发行的债券短期下跌幅度更大,反映出气候政策和适应努力较弱。从中期来看,各州的影响会趋同,这表明,无论政治倾向如何,异常天气冲击最终都会给市政当局带来实际而广泛的财政成本。
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引用次数: 0
Climate risk and corporate cross-boundary digital innovation: An analysis based on the threshold effect of green digital finance 气候风险与企业跨境数字创新——基于绿色数字金融门槛效应的分析
IF 6.9 2区 经济学 Q1 BUSINESS, FINANCE Pub Date : 2026-03-01 Epub Date: 2026-01-20 DOI: 10.1016/j.frl.2026.109537
Yue Zhu , Yuyang Wu
This study employs data from Chinese A-share listed firms from 2012 to 2023 to investigate the direct impact and underlying mechanisms by which climate risk (CR) on cross-boundary digital innovation (DI) of traditional firms. The findings indicate that CR significantly enhances DI, which is supported by robustness tests and endogeneity estimates using El Niño index and air ventilation as instrumental variables. Identify three key mechanisms for driving DI: increasing patient capital, analyst attention, and industrial robot application level. In addition, DI in firms with lower financing constraints, non-state-owned, high-polluting industries, and eastern regions are particularly driven by CR. This indicates that DI may be a conscious selection for firms to adapt to climate change, implying that there are business opportunities behind climate change to promote digital-real integration. Finally, the impact of CR on DI is influenced by the threshold effect of green digital finance (GDF). Research provides new insights for policy makers to guide firms to adjust innovation strategies to adapt to climate change from the perspective of coordinated development of green finance and digital finance.
本文采用2012 - 2023年中国a股上市公司数据,探讨气候风险对传统企业跨境数字创新的直接影响及其机制。研究结果表明,CR显著提高了DI,这得到了鲁棒性检验和内生性估计的支持,并将El Niño指数和空气通风量作为工具变量。确定驱动人工智能的三个关键机制:增加患者资本、分析师关注和工业机器人应用水平。此外,融资约束程度较低的企业、非国有、高污染行业和东部地区企业的直接投资受到企业责任的驱动尤为明显。这表明直接投资可能是企业适应气候变化的有意识选择,意味着气候变化背后存在促进数字与现实融合的商业机会。最后,CR对DI的影响受到绿色数字金融(GDF)阈值效应的影响。研究从绿色金融与数字金融协同发展的视角为政策制定者指导企业调整创新战略以适应气候变化提供了新的视角。
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引用次数: 0
Facilitating or crowding out? The role of local government debt in green bond issuance 促进还是排挤?地方政府债务在绿色债券发行中的作用
IF 6.9 2区 经济学 Q1 BUSINESS, FINANCE Pub Date : 2026-03-01 Epub Date: 2026-02-04 DOI: 10.1016/j.frl.2026.109605
Sidra Zia , Lin Song , Radwan Alkebsee , Adeeb Alhebri
Using a sample of 35,790 year-firm observations from China from 2015 to 2023, we examine the dual impact of local government debt (LGD) on the issuance of corporate green bonds. The literature documents that LGD crowds out private financial credit, negating both impacts. Drawing on signaling and crowding-out theory, our analyses of panel data reveal that LGD promotes green financing in the short run by signaling policy support and improving credit conditions, but excessive LGD over time crowds out private green investment in the long run. We also identify capital expenditure as a key transmission channel for LGD’s dual roles. The main results remain consistent in several endogeneity tests. These findings highlight the importance of aligning debt management with sustainability goals.
本文利用2015 - 2023年中国35790年的企业观察样本,研究了地方政府债务对企业绿色债券发行的双重影响。文献证明LGD排挤了私人金融信贷,否定了这两种影响。利用信号和挤出理论,我们对面板数据的分析表明,LGD在短期内通过政策支持信号和改善信贷条件来促进绿色融资,但长期来看,LGD过高会挤出私人绿色投资。我们还认为,资本支出是LGD发挥双重作用的关键传导渠道。几次内生性试验的主要结果是一致的。这些发现突出了使债务管理与可持续性目标保持一致的重要性。
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引用次数: 0
Can ESG construction enable enterprises to move from virtual to real? ESG建设能让企业从虚拟走向真实吗?
IF 6.9 2区 经济学 Q1 BUSINESS, FINANCE Pub Date : 2026-03-01 Epub Date: 2026-02-09 DOI: 10.1016/j.frl.2026.109625
Yunpeng Cai , Yang Yu , Yue Ma , Hong Chen
This study examines whether ESG performance restrains corporate financialization in China. Using a panel of Chinese listed firms from 2010 to 2022, we find that ESG performance reduces firms’ financial asset holdings. The results are robust to alternative measures, firm and time fixed effects, and a battery of endogeneity tests. Channel evidence suggests that ESG operates by dampening peer-driven investment, improving internal governance, and disciplining product-market competition. The effect is stronger among mature firms, firms with greater growth opportunities, and those facing higher environmental uncertainty. These findings clarify the governance role of ESG in emerging markets.
本研究考察了ESG绩效是否抑制了中国企业的金融化。通过对2010 - 2022年中国上市公司的分析,我们发现ESG绩效降低了公司的金融资产持有量。结果是稳健的替代措施,坚定和时间固定的影响,以及一系列的内生性测试。渠道证据表明,ESG通过抑制同行驱动的投资、改善内部治理和规范产品市场竞争来发挥作用。这种效应在成熟企业、具有更大增长机会的企业和面临更高环境不确定性的企业中更强。这些发现阐明了ESG在新兴市场的治理作用。
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引用次数: 0
期刊
Finance Research Letters
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