Pacific-Basin Finance Journal最新文献

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PBFJ editorial … “responsible and open science in action” … an update on the PBFJ experiment and beyond … 《负责任和开放的科学在行动》，关于pbj实验及其他方面的更新。

IF 5.3 2区经济学 Q1 BUSINESS, FINANCE

Pacific-Basin Finance Journal

Pub Date : 2026-02-01 DOI: 10.1016/j.pacfin.2025.103045

Robert W. Faff

This Editorial Note revisits the Pacific-Basin Finance Journal's (PBFJ) evolving leadership in Responsible Science. Building on earlier declarations and journal policy innovations, we review progress in embedding credibility, relevance, and independence into editorial practice, supported by partnerships with the InSPiR2eS Centre for Responsible Science (IC4RS) and alignment with the Open Science movement. We announce a new Virtual Special Issue (vSI), “Responsible and Open Science in Action”, curated across geographic, initiative, and thematic angles. By presenting PBFJ and the vSI through Faff, 2015, Faff, 2024a Pitching Research Framework, this Editorial highlights both achievements to date and a roadmap for future leadership. A key refinement introduced in this Note is a hybrid version of the PBFJ pre-registration pathway, for studies that require a transparently verified empirical precondition before meaningful downstream hypotheses can be articulated. This Editorial therefore formalises a principled accommodation for such cases—preserving the integrity of pre-registration while enabling responsible, PAP-disciplined early feasibility checks.

这篇社论回顾了《太平洋盆地金融杂志》（Pacific-Basin Finance Journal，简称pbj）在负责任科学领域不断发展的领导力。在早期宣言和期刊政策创新的基础上，我们回顾了在与InSPiR2eS责任科学中心（IC4RS）合作并与开放科学运动保持一致的支持下，在将可信度、相关性和独立性纳入编辑实践方面取得的进展。我们宣布了一个新的虚拟特刊（vSI），“行动中的负责任和开放科学”，从地理、倡议和主题角度进行策划。通过Faff， 2015, Faff， 2024a投球研究框架介绍pbj和vSI，这篇社论强调了迄今为止的成就和未来领导力的路线图。本文介绍的一个关键改进是pbj预注册路径的混合版本，用于在有意义的下游假设可以明确之前需要透明验证的经验先决条件的研究。因此，这篇社论正式提出了对这种情况的原则性适应-在保持预注册的完整性的同时，使负责任的、符合pap原则的早期可行性检查成为可能。

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引用次数: 0

FinTech and trade credit financing: Evidence from Chinese listed firms 金融科技与贸易信贷融资：来自中国上市公司的证据

IF 5.3 2区经济学 Q1 BUSINESS, FINANCE

Pacific-Basin Finance Journal

Pub Date : 2026-02-01 DOI: 10.1016/j.pacfin.2026.103069

Ruoyu Chen , Yang Wu , Xiaohan Wu , Xu Tian

Abstract

We investigate the impact of FinTech development on firms’ access to trade credit. Using panel data from Chinese A-share listed firms between 2009 and 2022, the results show a significant positive correlation between FinTech and firms’ access to trade credit. Specifically, for each one standard deviation increase in FinTech, the trade credit obtained by firms increases by 5.17% relative to its average value. To further confirm the causal relationship, we use the “Pilot Program for Promoting the Integration of Technology and Finance” policy as an exogenous shock, and the DID results support the positive causal effect of FinTech on trade credit. Mechanism analysis shows that FinTech promotes firms’ access to trade credit by improving information transparency, enhancing internal control quality, and increasing risk-taking capacity. Additionally, we find that the positive effect of FinTech on trade credit acquisition is more pronounced in non-state-owned firms, firms closer to the upstream of the supply chain, and firms located in eastern China. This study highlights the important role of FinTech in promoting firm financing.

摘要本文研究了金融科技发展对企业获得贸易信贷的影响。利用2009年至2022年中国a股上市公司的面板数据，结果显示金融科技与企业获得贸易信贷之间存在显著的正相关关系。具体而言，FinTech每增加一个标准差，企业获得的贸易信贷相对于其平均值增加5.17%。为了进一步确认因果关系，我们使用“促进科技与金融融合试点”政策作为外生冲击，DID结果支持金融科技对贸易信贷的正因果效应。机制分析表明，金融科技通过提高信息透明度、提高内部控制质量和增强风险承担能力，促进企业获得贸易信贷。此外，我们发现金融科技对非国有企业、靠近供应链上游的企业和位于中国东部的企业的贸易信贷获取的积极影响更为明显。本研究强调了金融科技在促进企业融资方面的重要作用。

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引用次数: 0

Corrigendum to “Artificial intelligence and stock price crash risk: Evidence from China: A pre-registered report” [Pacific-Basin Finance Journal 93 (2025) 102879] “人工智能与股价崩盘风险：来自中国的证据：一份预注册报告”的勘误表[太平洋盆地金融杂志93 (2025)102879]

IF 5.3 2区经济学 Q1 BUSINESS, FINANCE

Pacific-Basin Finance Journal

Pub Date : 2026-02-01 DOI: 10.1016/j.pacfin.2025.103042

Xiao Bai , Wenyao Zhao

引用次数: 0

Green finance reform and environmental information disclosure: Evidence from China 绿色金融改革与环境信息披露：来自中国的证据

IF 5.3 2区经济学 Q1 BUSINESS, FINANCE

Pacific-Basin Finance Journal

Pub Date : 2026-02-01 DOI: 10.1016/j.pacfin.2026.103071

Xiaoran Ni , Kai Tan , Wenli Lu

This study examines the effect of green finance reform on environmental information disclosure in pollution-intensive firms, which have been inadequately served by traditional green finance practices that favor low-carbon sectors. Using a difference-in-differences research design that exploits the policy experiment of Green Finance Reform and Innovation (GFRI) in China, we find that while pollution-intensive firms have obtained improved financing access, they have reduced environmental information disclosure. This effect is more pronounced for state-owned enterprises, firms with lower external financing dependence, and industries with weaker competition. We also document that this decline does not originate from deteriorating environmental performance, but rather from diminished reporting of environmental goals and commitments and reduced proactive declarations of emission reduction performance. Additionally, we find that firms are more inclined to increase investments in advertising and sales expenses, which might compensate for the potential reputation losses caused by reduced environmental information disclosure. Our results are consistent with a strategic CSR perspective and suggest that as green finance reform alleviates financing constraints and enhances environmental performance for pollution-intensive firms, their incentive to attain legitimacy and obtain additional benefits through environmental disclosure may wane, reflecting the cost-benefit trade-off associated with disclosure.

本研究考察了绿色金融改革对污染密集型企业环境信息披露的影响，传统的绿色金融实践倾向于低碳行业，未能充分服务于污染密集型企业。利用中国绿色金融改革与创新（GFRI）政策实验的差异中差异研究设计，我们发现污染密集型企业在改善融资渠道的同时减少了环境信息披露。这种效应在国有企业、外部融资依赖度较低的企业和竞争较弱的行业中更为明显。我们还证明，这种下降并非源于环境绩效的恶化，而是由于环境目标和承诺的报告减少，以及减排绩效的主动声明减少。此外，我们发现企业更倾向于增加广告和销售费用的投资，这可能会弥补因减少环境信息披露而造成的潜在声誉损失。我们的研究结果与企业社会责任的战略视角一致，并表明随着绿色金融改革缓解了融资约束，提高了污染密集型企业的环境绩效，它们通过环境披露获得合法性和额外收益的动机可能会减弱，这反映了与披露相关的成本效益权衡。

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引用次数: 0

Crossing the Pacific: Spillover effects of US monetary policy on Chinese corporate investment 跨太平洋：美国货币政策对中国企业投资的溢出效应

IF 5.3 2区经济学 Q1 BUSINESS, FINANCE

Pacific-Basin Finance Journal

Pub Date : 2026-01-27 DOI: 10.1016/j.pacfin.2026.103078

Huating Lai , Weihong Sun , Ding Liu

This study explores how shifts in US monetary policy influence the real investment activities of Chinese firms, considering both direct policy adjustments (first-moment effects) and the uncertainties surrounding those changes (second-moment effects). By applying a high-frequency identification framework and drawing on an extensive dataset covering all publicly traded, non-financial firms in China, we estimate the dynamic impacts of these policy disturbances. Our results show that tighter US monetary conditions tend to suppress firm-level investment, whereas rising uncertainty about policy direction stimulates it. These patterns are most evident among companies that are more liquidity-constrained, maintain lower debt ratios, and rely more heavily on international trade. Quantitatively, the financial constraint channel is the dominant conduit for US monetary spillovers, with corporate leverage and trade dependence playing smaller roles.

本研究探讨了美国货币政策的变化如何影响中国企业的实际投资活动，同时考虑了直接的政策调整（第一时刻效应）和围绕这些变化的不确定性（第二时刻效应）。通过应用高频识别框架并利用涵盖中国所有上市非金融公司的广泛数据集，我们估计了这些政策干扰的动态影响。我们的研究结果表明，美国货币环境收紧往往会抑制企业层面的投资，而政策方向的不确定性上升则会刺激企业层面的投资。这些模式在流动性更受限、保持较低负债率、更严重依赖国际贸易的公司中最为明显。从数量上看，金融约束渠道是美国货币溢出效应的主要渠道，企业杠杆和贸易依赖的作用较小。

引用次数: 0

Judicial specialization and SME capital efficiency: The role of financial courts reform 司法专业化与中小企业资本效率：金融法院改革的作用

IF 5.3 2区经济学 Q1 BUSINESS, FINANCE

Pacific-Basin Finance Journal

Pub Date : 2026-01-23 DOI: 10.1016/j.pacfin.2026.103073

Yapeng Zhao , Yuyan Tan , Xuelei Hou

This study examines the impact of the establishment of financial courts in China on the capital return rate of small and medium-sized enterprises (SMEs), focusing on the underlying mechanisms driving this effect. The findings reveal that financial courts significantly enhance SMEs' capital return rate by approximately 21.2%, primarily through two channels: first, by optimizing credit resource allocation, reducing the crowding-out effect of Local Government Financing Vehicles (LGFVs) on SMEs' credit, and second, by improving the business environment, reducing transaction costs, and increasing market confidence through more efficient financial dispute resolution. The heterogeneity analysis demonstrates that non-state-owned, low-collateral, and capital-intensive SMEs experience more substantial improvements in capital returns following the introduction of financial courts. This paper provides empirical evidence supporting China's financial judicial reform and offers critical insights for the optimization of global financial systems, highlighting the vital role of judicial specialization in enhancing the financing environment and capital efficiency for SMEs.

本研究考察了中国金融法院的设立对中小企业资本回报率的影响，重点探讨了推动这种影响的潜在机制。研究发现，金融法院通过优化信贷资源配置，降低地方政府融资平台对中小企业信贷的挤出效应，以及通过提高金融纠纷解决效率，改善营商环境，降低交易成本，增强市场信心，显著提高了中小企业的资本回报率，提升率约为21.2%。异质性分析表明，引入金融法院后，非国有、低抵押和资本密集型的中小企业在资本回报方面有更大的改善。本文提供了支持中国金融司法改革的经验证据，并为优化全球金融体系提供了重要见解，突出了司法专业化在改善中小企业融资环境和资本效率方面的重要作用。

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引用次数: 0

Do audit fee floors work? Pricing and quality around China's regulation and deregulation 审计费用下限有效吗？定价和质量围绕中国的监管和放松管制

IF 5.3 2区经济学 Q1 BUSINESS, FINANCE

Pacific-Basin Finance Journal

Pub Date : 2026-01-19 DOI: 10.1016/j.pacfin.2026.103072

Tingyou Deng , Huaxi Zhang

This study examines how audit fee regulation and subsequent deregulation in China affect audit pricing, low-price competition, and audit quality. Using a staggered difference-in-differences design, we show that the introduction of a minimum audit fee neither increased average fees nor improved audit quality, but instead intensified low-price competition—particularly around auditor switches—amid declining Big 4 market share and heightened rivalry among local Big 6 firms. By contrast, deregulation increased nominal fees, reduced CPI-adjusted fees, improved audit quality, and weakened low-price competition. Stock market reactions reveal valuation losses around both policy changes, indicating that investors perceived these interventions as costly market disruptions rather than welfare-enhancing measures. Consistent with this interpretation, low-price competition under the minimum-fee regime was more likely to impair audit quality, whereas following deregulation it no longer did so. Our evidence suggests that audit fee floors have limited effectiveness, while market-based pricing after deregulation can better support audit quality, consistent with the view that coercive regulation often induces symbolic rather than substantive compliance.

本研究考察了中国审计收费管制和随后的放松管制对审计定价、低价竞争和审计质量的影响。通过交错差中差设计，我们发现最低审计费用的引入既没有提高平均费用，也没有提高审计质量，反而加剧了低价竞争，尤其是在四大会计师事务所市场份额下降、本土六大会计师事务所竞争加剧的情况下。相反，放松管制增加了名义费用，降低了经cpi调整的费用，提高了审计质量，削弱了低价竞争。股市的反应揭示了围绕这两项政策变化的估值损失，表明投资者认为这些干预措施是代价高昂的市场扰乱，而不是提高福利的措施。与这种解释相一致的是，最低收费制度下的低价竞争更有可能损害审计质量，而在放松管制之后则不再如此。我们的证据表明，审计费用下限的有效性有限，而放松管制后的市场化定价可以更好地支持审计质量，这与强制性监管往往导致象征性而非实质性合规的观点一致。

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引用次数: 0

Efficient monitoring through debt diversity: Insights on tunneling practices in Indian listed firms 通过债务多样性进行有效监控：对印度上市公司隧道实践的见解

IF 5.3 2区经济学 Q1 BUSINESS, FINANCE

Pacific-Basin Finance Journal

Pub Date : 2026-01-17 DOI: 10.1016/j.pacfin.2026.103070

Mithun Samanta , Ajay Kumar Mishra , Bhavik Parikh

This study examines how debt heterogeneity serves as an external governance mechanism to mitigate controlling owners' tunneling behavior. Analyzing 2535 Indian firms from 2011 to 2022, we find that a diverse debt structure enhances external monitoring and alleviates resource tunneling. The effect is also significant in family-controlled firms, where concentrated ownership amplifies tunneling risks. Results show a decline in creditors' monitoring incentives after the Insolvency and Bankruptcy Code (IBC) 2016, indicating the effectiveness of the new regulations. Covenant violations prompt creditors to increase monitoring, thereby reducing tunneling. We find that banks play a key role in curbing tunneling practices. The results remain robust across alternative specifications of debt heterogeneity, adjustments for endogeneity, and controls for omitted variable bias, confirming the importance of debt heterogeneity in reducing conflicts between minority and controlling shareholders.

本研究探讨债务异质性如何作为一种外部治理机制来缓解控股所有者的隧道行为。通过对2011 - 2022年2535家印度企业的分析，我们发现多元化的债务结构增强了外部监控，缓解了资源隧道效应。这种效应在家族企业中也很明显，在这些企业中，集中的所有权放大了挖隧道的风险。结果显示，2016年《破产与破产法》（IBC）实施后，债权人的监督激励有所下降，表明新法规的有效性。违反盟约的行为促使债权人加强监测，从而减少钻地道。我们发现，银行在遏制挖洞行为方面发挥着关键作用。结果在债务异质性、内质性调整和遗漏变量偏差控制的替代规范中仍然稳健，证实了债务异质性在减少少数股东和控股股东之间冲突中的重要性。

引用次数: 0

Conservatism and silence: The clan premium 保守与沉默：宗族溢价

IF 5.3 2区经济学 Q1 BUSINESS, FINANCE

Pacific-Basin Finance Journal

Pub Date : 2026-01-16 DOI: 10.1016/j.pacfin.2026.103068

Jier Zhang, Libo Yin

This paper investigates the asset pricing implications of clan culture, the root culture of China. We construct a long–short portfolio based on firms with high versus low clan strength and uncover a significant positive return spread. This clan premium remains robust after controlling for standard risk factors and firm characteristics, and is resilient to endogeneity and sensitivity checks. Further analysis suggests that such premium cannot be attributed to systematic risk, but is more consistent with a mispricing-based explanation rooted in behavioral preferences of clan-affiliated firms. Specifically, the persistent conservatism in corporate decisions conveys unjustifiably pessimistic signals to investors, leading to persistent undervaluation; clan-affiliated firms' limited disclosure incentives create an environment of informational opacity, impeding investors' timely recognition of positive information. In addition, we verify that clan-affiliated firms exhibit strong economic performance, thereby ruling out the possibility that the observed conservative behavior and low disclosure are driven by weak fundamentals.

本文考察了中国的根文化宗族文化对资产定价的影响。我们基于家族实力高低的公司构建了一个多空组合，并发现了显著的正回报价差。在控制了标准风险因素和公司特征后，该氏族溢价仍然稳健，并且对内生性和敏感性检查具有弹性。进一步的分析表明，这种溢价不能归因于系统风险，而更符合根植于家族关联公司行为偏好的基于错误定价的解释。具体而言，企业决策中的持续保守主义向投资者传递了不合理的悲观信号，导致持续低估；家族关联公司有限的信息披露激励机制造成了信息不透明的环境，阻碍了投资者对积极信息的及时识别。此外，我们验证了家族关联公司表现出强劲的经济表现，从而排除了观察到的保守行为和低披露是由疲弱的基本面驱动的可能性。

引用次数: 0

Unpacking financial (dis)engagement of young adults transitioning into the workforce: An investigation of financial habit clusters 拆解年轻人进入劳动力市场的金融（不）参与：对金融习惯集群的调查

IF 5.3 2区经济学 Q1 BUSINESS, FINANCE

Pacific-Basin Finance Journal

Pub Date : 2026-01-15 DOI: 10.1016/j.pacfin.2026.103067

Jennifer L. Harrison , Elisabeth Sinnewe , Steffen Westermann , Gavin Nicholson

We cluster 519 young Australian adults entering the full-time workforce across financial habits associated with an individual's investment activity, credit use, and savings ability. We identified three distinct groups: Financial Explorers, who engage broadly with an array of financial habits; Habitual Savers, who report traditional saving practices but avoid investing and using debt; and the Disengaged, who show little engagement with their finances beyond comparing prices when making a purchase. Results indicate that these groupings are influenced by more than financial literacy alone. Drawing on the Theory of Planned Behavior, we find that normative beliefs and perceived behavioral control are important mediators between personality traits, financial stress, and financial habits. These findings suggest that financial interventions should be tailored to different behavioral patterns.

我们根据与个人投资活动、信贷使用和储蓄能力相关的财务习惯，对519名进入全职工作岗位的澳大利亚年轻人进行了分类。我们确定了三个不同的群体：金融探索者，他们广泛参与一系列金融习惯；习惯性储蓄者，他们有传统的储蓄习惯，但避免投资和使用债务；而对财务漠不关心的人，除了在购物时比较价格外，对自己的财务状况几乎没有什么关注。结果表明，这些分组不仅仅受金融知识的影响。利用计划行为理论，我们发现规范性信念和感知行为控制是人格特质、财务压力和财务习惯之间的重要中介。这些发现表明，金融干预应该针对不同的行为模式进行调整。

引用次数: 0

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