Pacific-Basin Finance Journal最新文献

英文中文

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

Performance-based regularization for downside-risk cryptocurrency portfolios: Evidence from mean-lower partial moment strategies 下行风险加密货币投资组合的基于性能的正则化：来自均值较低部分矩策略的证据

IF 5.3 2区经济学 Q1 BUSINESS, FINANCE

Pacific-Basin Finance Journal

Pub Date : 2026-01-31 DOI: 10.1016/j.pacfin.2026.103084

Xingyi Li , Zhuang Liu , Jingzhou Yan

Cryptocurrencies have become an important yet highly volatile asset class, where non-normal returns, pronounced downside risk, and rapid regime shifts often undermine classical portfolio rules. This study develops a performance-based regularized mean-lower partial moment (PBR-LPM) framework that explicitly targets downside risk while mitigating estimation uncertainty through a data-driven regularization scheme calibrated by a Sortino-ratio-based k-fold cross-validation procedure. Using daily data on mega-cap cryptocurrencies from 2017 to 2023, we conduct extensive out-of-sample portfolio experiments and benchmark PBR-LPM against widely used alternatives such as PBR mean-variance and sample average approximation. The results show that PBR-LPM portfolios deliver stronger and more stable out-of-sample performance across standard evaluation metrics, with particularly large gains in downside protection during market stress episodes, while remaining competitive in bullish periods. Overall, the evidence indicates that combining downside-risk objectives with performance-based regularization provides a practical and robust approach to cryptocurrency allocation in highly uncertain and non-normal markets.

加密货币已成为一种重要但高度波动的资产类别，其非正常回报、明显的下行风险和快速的制度变化往往会破坏经典的投资组合规则。本研究开发了一个基于性能的正则化均值较低部分矩（PBR-LPM）框架，明确针对下行风险，同时通过基于sortino -ratio的k-fold交叉验证程序校准的数据驱动正则化方案减轻估计不确定性。利用2017年至2023年的大型加密货币的每日数据，我们进行了广泛的样本外投资组合实验，并对PBR均值方差和样本平均近似等广泛使用的替代方案进行了PBR- lpm基准测试。结果表明，PBR-LPM组合在标准评估指标中提供了更强大、更稳定的样本外性能，在市场压力时期具有特别大的下行保护收益，同时在看涨时期保持竞争力。总的来说，有证据表明，将下行风险目标与基于性能的正则化相结合，为在高度不确定和非正常市场中分配加密货币提供了一种实用而稳健的方法。

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引用次数: 0

Cross-market attention for futures forecasting and ETF performance enhancement 跨市场关注期货预测和ETF业绩提升

IF 5.3 2区经济学 Q1 BUSINESS, FINANCE

Pacific-Basin Finance Journal

Pub Date : 2026-01-28 DOI: 10.1016/j.pacfin.2026.103080

Min-Rui Choo , Wei-Che Tsai , Hsiu-Chuan Lee , Chung-Jen Yang

This study investigates whether U.S. investor attention can predict Taiwan's stock index futures returns and enhance exchange-traded fund (ETF) investment performance. Investor attention measures are constructed from 52-week high and low prices, and forecasting models are developed by integrating the elastic net (

ENet

) with factor-based dimensionality reduction techniques to improve out-of-sample predictive accuracy. The empirical results show that the U.S. investor attention variables individually exhibit significant predictive power for Taiwan's stock index futures returns. Moreover,

ENet

combined with factor-based dimensionality reduction models provide the most robust forecasting gains, outperforming not only the buy-and-hold and historical average benchmarks, but also models based solely on individual predictors and conventional dimensionality reduction approaches. Finally, the findings show that investors holding Taiwan-focused ETFs can enhance portfolio performance by dynamically adjusting their index futures positions in response to model-generated signals.

摘要本研究旨在探讨美国投资者的注意力是否能预测台湾股指期货的收益，并提升交易所交易基金的投资绩效。投资者关注指标由52周的高点和低点构成，并通过将弹性网络（ENet）与基于因子的降维技术相结合来开发预测模型，以提高样本外预测的准确性。实证结果显示，美国投资者关注变量对台湾股指期货收益具有显著的预测力。此外，ENet与基于因子的降维模型相结合，提供了最稳健的预测收益，不仅优于买入并持有和历史平均基准，而且优于仅基于单个预测者和传统降维方法的模型。最后，研究结果显示，持有台湾etf的投资者可因应模型产生的讯号，动态调整指数期货仓位，以提升投资组合绩效。

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引用次数: 0

Institutional innovation and interfirm finance: The impact of smart city pilots on trade credit 制度创新与企业间金融：智慧城市试点对贸易信贷的影响

IF 5.3 2区经济学 Q1 BUSINESS, FINANCE

Pacific-Basin Finance Journal

Pub Date : 2026-01-28 DOI: 10.1016/j.pacfin.2026.103082

Ouyang Li , Yefeng Zhang , Zijian Shen , Jingyi Wang

This paper examines the impact of China's Smart City Pilot (SCP) program on firms' access to trade credit. Using a multi-period difference-in-differences design and a dataset on Chinese A-share listed firms from 2008 to 2019, we find that SCP implementation significantly increases firms' trade credit financing. Mechanism analyses suggest that this effect operates through two channels: improved information environments that mitigate supplier–buyer information asymmetry, and human capital upgrading that enhances firms' operational efficiency and repayment capacity. The effect is stronger in cities with more advanced digital infrastructure and among firms with lower internal digitalization, consistent with external digital improvements substituting for firm-level weaknesses. Moreover, the effect is concentrated in non-state-owned enterprises, which face tighter financial constraints and greater reliance on supplier credit. Our findings highlight the role of institutional innovations in shaping interfirm financing and reveal a novel channel through which smart city initiatives affect corporate financial decisions.

本文考察了中国智慧城市试点（SCP）项目对企业获得贸易信贷的影响。利用2008 - 2019年中国a股上市公司的数据集和多期差异中的差异设计，我们发现SCP的实施显著增加了企业的贸易信贷融资。机制分析表明，这种效应通过两种渠道发挥作用：一是改善信息环境，缓解供需信息不对称；二是人力资本升级，提高企业的运营效率和偿债能力。在数字基础设施更先进的城市和内部数字化程度较低的企业中，这种效应更强，这与外部数字改进取代企业层面的弱点是一致的。此外，这种影响主要集中在非国有企业，这些企业面临更严格的财务约束，对供应商信贷的依赖程度更高。我们的研究结果强调了制度创新在塑造企业间融资中的作用，并揭示了智慧城市举措影响企业财务决策的新渠道。

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引用次数: 0

Cross-border data flow regulation and multinational enterprise financing constraints: A pre-registered report 跨境数据流监管与跨国企业融资约束：一份预注册报告

IF 5.3 2区经济学 Q1 BUSINESS, FINANCE

Pacific-Basin Finance Journal

Pub Date : 2026-01-28 DOI: 10.1016/j.pacfin.2026.103083

Shixin Li , Boyu Liu , Ziran Qu , Dan Zhu

Using the 2021 enforcement of China's Data Security Law and Personal Information Protection Law as an external shock, this pre-registered study seeks to explore whether—and through which channels—cross-border data flow restrictions are associated with changes in multinational enterprises' financing constraints. Employing a difference-in-differences framework combined with propensity score matching and entropy-balancing matching, we aim to examine whether the regulatory shock affects multinational enterprises' financing constraints through channels related to operational efficiency and information asymmetry. We further explore how firm characteristics, such as foreign sales intensity and state ownership, may condition these effects, with the former potentially intensifying frictions and the latter possibly providing institutional resilience.

以2021年中国《数据安全法》和《个人信息保护法》的实施为外部冲击，本研究旨在探讨跨境数据流限制是否与跨国企业融资约束的变化相关，以及通过哪些渠道相关。本文采用倾向得分匹配和熵平衡匹配相结合的差异中差异框架，考察监管冲击是否通过与运营效率和信息不对称相关的渠道影响跨国企业的融资约束。我们进一步探讨了企业特征，如对外销售强度和国有所有权，如何制约这些影响，前者可能加剧摩擦，后者可能提供制度弹性。

引用次数: 0

Order spoofing, price impact, and market quality 订单欺骗、价格影响和市场质量

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.2026.103077

Jianqiang Chen , Pei-Fang Hsieh , J. Jimmy Yang

This study examines potential spoofing tactics using complete intraday order and trade data from Taiwan's derivatives markets. We find that transaction prices rise (fall) after aggressive limit buy (sell) order revisions, accompanied by opposite-side order placements and trades, consistent with potential spoofing. After such order revisions, prices tend to reverse, market order imbalance decreases, and market quality deteriorates. Using a trading rule that restricts limit order placement as a quasi-natural experiment, we find that such restrictions reduce the price impact of spoofing orders and improve market quality. Potential spoofing tactics significantly affect prices, especially during market openings and closings, trading intervals with larger order revisions or wider bid-ask spreads, and particularly in out-of-the-money options.

本研究利用台湾衍生品市场完整的日内订单与交易数据，检视潜在的欺骗策略。我们发现，在激进的限价买入（卖出）订单修正后，伴随着对方的订单投放和交易，交易价格上升（下降），与潜在的欺骗相一致。订单修正后，价格趋于反转，市场秩序失衡减小，市场质量恶化。利用限制限价订单的交易规则作为准自然实验，我们发现这种限制降低了欺骗订单对价格的影响，提高了市场质量。潜在的欺骗策略会显著影响价格，特别是在市场开盘和收盘时，交易间隔有较大的订单修改或更大的买卖价差，特别是在价外期权。

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

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