Download or read book A Study of Financial Distress and R D in Chinese Enterprises written by Jie Han and published by . This book was released on 2012 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book A Study of Financial Distress and R D in Chinese Enterprises written by Jie Han and published by . This book was released on 2012 with total page 374 pages. Available in PDF, EPUB and Kindle. Book excerpt: Over the past 30 years, the Chinese economy has been going through complex transformation from a centrally planned towards a market economy. The reform of the enterprises has played an important part in this transformation. This is in addition to macro economy reforms, as well as changes in the institutional framework. The thesis examines the implications of macroeconomic, ownership structure, well as comprehensive institutional framework changes for Chinese enterprises' survival and R&D activities. I study the impact of both microeconomic factors and the macro economy on the financial distress of Chinese listed companies over a period of massive economic transition, 1995 to 2006. Using hazard regression analysis, I find substantial effect of firm level covariates (age, size, cash flow and gearing) on financial distress, but also significant roles for macroeconomic stability and institution effect. Business exits in my data on Chinese quoted firms are vanishingly rare, arguably because of active state protection for the failing firms. I investigate the firms' innovation activity and efficiency of different ownership sectors. Ownership influence on R&D investment and efficiency is estimated, using productivity frontier function, for a sample of large and medium size Chinese industrial enterprises from 2000-2007. I found that the presence of state ownership is positively related to R&D investment, but negatively related to R&D performance. Foreign firms are technical leader in Chinese industries and have advantage in R&D efficiency. My results also show significant cross industries differences in R&D effort and technical level. These point out that firms possessing more innovation resources and government support are not the ones performing better technically. I extend my study into a more general mixed duopoly model in which a wel- fare maximizing public firm competes with profit maximizing private firm in R&D. I assume that different operation strategy influence firms' tolerance of R&D spillover which plays a key role in their R&D investment mount and technology efficiency. I prove that public firm is more likely to share its R&D fruit and its higher R&D invest- ment is companied by lower efficiency. Overall, macroeconomy on firm survival and ownership structure on firm inno- vation activities are channels to understand Chinese economy reform. Because condi- tions in China were similar in many ways to other transition economies, these results provide important information about the process of economic transformation more generally.

Download or read book A Study of Financial Distress Prediction of Chinese Growth Enterprises written by Hui Hu and published by . This book was released on 2011 with total page 310 pages. Available in PDF, EPUB and Kindle. Book excerpt: Abstract: "Because of high financial risk and imperfections in the financial constitution of growth enterprises, the investors are cautious about investing in Growth Enterprise Market (GEM) in Hong Kong and in the newly established GEM in mainland China (Chen, Sun and Zhang, 2005). Therefore, it has become very important to develop a reliable financial distress prediction model which covers appropriate predictors to predic the financial distress of growth enterprises on the GEM. The present study, using the data of growth enterprises on Hong Kong GEM, made the first attempt to construct a financial distress prediction model for Chinese growth enterprises. The methods including Mann-Whitney-Wilcoxon (MWW), factor analysis and logistic regression, were then applied to analyse the data. One financial distress model which included financial factors and another financial distress model which included non-financial and macroeconomic factors were constructed in the method section. Based on these two models, the present study developed a financial distress prediction model, which used not only financial factors but also non-financial and macroeconomic factors."

Download or read book Financial Statement Analysis and the Prediction of Financial Distress written by William H. Beaver and published by Now Publishers Inc. This book was released on 2011 with total page 89 pages. Available in PDF, EPUB and Kindle. Book excerpt: Financial Statement Analysis and the Prediction of Financial Distress discusses the evolution of three main streams within the financial distress prediction literature: the set of dependent and explanatory variables used, the statistical methods of estimation, and the modeling of financial distress. Section 1 discusses concepts of financial distress. Section 2 discusses theories regarding the use of financial ratios as predictors of financial distress. Section 3 contains a brief review of the literature. Section 4 discusses the use of market price-based models of financial distress. Section 5 develops the statistical methods for empirical estimation of the probability of financial distress. Section 6 discusses the major empirical findings with respect to prediction of financial distress. Section 7 briefly summarizes some of the more relevant literature with respect to bond ratings. Section 8 presents some suggestions for future research and Section 9 presents concluding remarks.

Download or read book China in the Asian Financial Crisis written by Peter Nolan and published by Routledge. This book was released on 2021-06-01 with total page 352 pages. Available in PDF, EPUB and Kindle. Book excerpt: The widely held view of the Asian Financial Crisis is that it had no substantial impact on China. In fact, the country was far more vulnerable than most people realized, due to the high possibility of financial contagion entering the system from Hong Kong through Guangdong province. This book analyzes the severe policy challenge that it presented for China’s leaders. The crisis in Guangdong’s financial institutions provided a forewarning of the difficulties that lay ahead as China’s integration with the global financial system deepened. The experience of Guangdong in the Asian Financial Crisis provided a profound lesson for China’s policy-makers as they planned the country’s strategy for financial reform in the following years. China was able to avoid disaster by astute and difficult policy choices, in the face of fierce pressure from outside the country, as well as from different domestic interests at many different levels. The successful resolution of the crisis provided a breathing space for the leadership. It gave it time to undertake necessary reforms in the country's financial system in the decade that followed the crisis.

Download or read book Determinants of Financial Distress of ST and PT Companies written by Dairui Li and published by . This book was released on 2009 with total page 35 pages. Available in PDF, EPUB and Kindle. Book excerpt: Many prior studies have been devoted to financial distress of Chinese listed companies over the last two decades. However, these distressed companies are still failed to find out the exact determinants of financial distress. Therefore, the purposes of this paper are to provide an investigation of financial distressed companies trading on Chinese Stock Exchanges, and to elaborate the determinants of falling into financial distress by using a panel data set containing information on the stock market under Binary Logit Model during the period 1998-2005. The empirical findings present the relationship between 13 independent variables and the probability of financial distress, and particularly analyze the impact of corporate governance on Chinese financial distressed companies. Of these corporate governance variables, agency costs and ownership structure appear to be important factors to affect the probability of financial distress.

Download or read book The China Business Model written by Elisabeth Paulet and published by Chandos Publishing. This book was released on 2017-01-17 with total page 292 pages. Available in PDF, EPUB and Kindle. Book excerpt: The China Business Model: Originality and Limits emphasizes transformation of the Chinese Business Model over the last decades. The impact of the financial crisis on China helps the reader understand its evolution towards capitalism. Topics covered include CSR, leadership, and management in China, how do these organizations impact the performance of companies, the financing policy of Chinese firms and its evolution till the slowdown, finance and business in China, and how could the banking sector and/or the financial markets help the development of Chinese companies? - Helps the reader understand the impact of the financial crisis on China and its evolution towards capitalism - Contains coverage of CSR, leadership, and management in China - Answers the question "how can financial markets help the development of Chinese companies?"

Download or read book China s Financial Stability Inherent Logic And Basic Framework written by Dexu He and published by World Scientific. This book was released on 2016-09-29 with total page 338 pages. Available in PDF, EPUB and Kindle. Book excerpt: Triggered by the US subprime mortgage crisis in 2007, the Financial Tsunami is the most serious global financial crisis since the Great Depression. This book studies financial stability in terms of its determining factors, causal mechanisms and institutional requirements. It aims at understanding how to construct a mechanism for maintaining long-term financial stability.The book focuses on economic analysis of the understanding what China can and should do to safeguard its economic and financial stability. In its assessment and discussion of financial stability in China, this book takes full account of China's specific conditions and constructs an index system for the country. It also reflects on the country's monetary policy, government functions and behavior, fluctuations in real estate prices, and financial security network design.The book contributes to better understanding of financial stability in transition economies. It proposes a systematic solution to financial instability in China and strategies for building a mechanism to maintain financial stability in the country.

Download or read book The Jingshan Report written by China Finance 40 Forum Research Group and published by ANU Press. This book was released on 2020-01-14 with total page 314 pages. Available in PDF, EPUB and Kindle. Book excerpt: The Jingshan Report is a collection of research papers on key issues for China’s financial opening, including reform of the RMB exchange rate regime, management of cross-border capital flows and financial support for the Belt and Road Initiative. Authored by leading experts in the relevant fields, the report examines the evolution, current status and problems with the financial opening policy over the past four decades, and puts forward policy recommendations on how to steadily push forward China’s financial opening.

Download or read book Financial Distress Resolution in China Two Case Studies written by Amy Kam and published by . This book was released on 2008 with total page 36 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper examines two financially distressed companies and their restructuring strategies. The existing distress literature focuses on developed economies such as U.S. and U.K. This paper is a pioneering work in an emerging market context. The main purpose of the case studies is to provide rich in-depth evidence on complex events which large-scale empirical studies of necessity ignore. To achieve this, the paper first analyses the firms' accounting-based performance, both pre- and post-distress, to understand the nature of the firms' difficulties. It then examines the series of complex restructuring procedures each firm initiated and uses an event study approach to evaluate the stock market's reaction to these strategies. We provide an in-depth understanding of the special features of the Chinese situation, such as the role of government and other more commercially driven shareholders; the subsequent importance of social policy issues; the protracted and complex nature of the restructurings; and the frequent use of mergers, share transfers, asset swaps and asset sales. The analysis provides new hypotheses for further empirical study on a large-scale basis.

Download or read book Empirical Study on Financial Distress Early Warning for the Listed Companies of Manufacturing Industry in China written by Huan Chen and published by . This book was released on 2010 with total page 236 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book Predicting Corporate Financial Distress written by Hui Hu and published by LAP Lambert Academic Publishing. This book was released on 2013 with total page 348 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book presents a study which makes the first attempt to construct a particular financial distress prediction model for growth enterprises on the Growth Enterprise Markets in Hong Kong and mainland China. This study firstly establishes two financial distress prediction models: one incorporating financial factors and the other incorporating non-financial and macroeconomic factors. Based on these two models, the present work develops a financial distress prediction model, which uses all the three sets of factors. It has been found that the model including firm-specific non-financial and macroeconomic factors performs better in predicting growth enterprises' financial distress than does the model including firm-specific financial factors. Moreover, the model that considers all the three sets of factors has better predictive ability than does the model that incorporates firm-specific financial factors. It can be envisaged that investors, auditors and policymakers of the special markets would find the conclusion of this work extremely useful.

Download or read book Assessing China s Corporate Sector Vulnerabilities written by MissMali Chivakul and published by International Monetary Fund. This book was released on 2015-03-30 with total page 28 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper documents and assesses the risk stemming from rising corporate indebtedness in China using a firm-level dataset of listed firms. It finds that while leverage on average is not high, there is a fat tail of highly leveraged firms accounting for a significant share of total corporate debt, mainly concentrated in the real estate and construction sector and state-owned enterprises in general. The real estate and construction firms tend to face lower borrowing costs and could withstand a modest increase of interest rate shocks despite their high leverage. The corporate sector is however vulnerable to a significant slowdown in the real estate and construction sector. Our sensitivity analysis suggests that the share of debt that would be in financial distress would rise to about a quarter of total listed firm debt in the event of a 20 percent decline in real estate and construction profits.

Download or read book The Characteristics of Corporate Distress in an Emerging Market written by Amy Kam and published by . This book was released on 2005 with total page 44 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper is one of the first studies to empirically examine the nature and cause of financial distress in an emerging market context. This is important given the impact of the recent global privatization phenomenon. These privatized firms have since been subject to a new competitive environment, redefined objectives and management incentives. In this context, we investigate the characteristics of a sample of 100 distressed firms in China between 1999 and 2003. Existing bankruptcy and distress literature cites two main causes of financial distress: debt overhang and economic distress. By comparing the distressed firms' financial and operating performance with that of their respective industries, we conclude that corporate distress in China is caused predominantly by firm level poor operating performance, not by leverage. Our evidence indirectly speaks to the debate that financial renegotiations between distressed firms and their creditors are inefficient. In addition, our sample provides a unique opportunity to study how (partial) government ownership affects firm performance and efficiency in the context of financial distress and soft budget constraints.

Download or read book Chinese Business and the Asian Crisis written by David Fu-Keung Ip and published by Routledge. This book was released on 2020-08-26 with total page 294 pages. Available in PDF, EPUB and Kindle. Book excerpt: This title was first published in 2000: The Asian financial crisis and its aftermath provide a crucible in which Chinese diaspora capitalism has been tested, and a prism through which its strengths and weaknesses may be seen in a different light. The papers collected in this volume are in many ways still tentative. Some represent work-in-progress reports on as yet uncompleted research. In other cases, outcomes explored are still unclear or have not even yet fully unfolded. The aim is to focus on the consquences for diaspora Chinese capitalists and to start trying to identify losers and winners in the new landscape, re-evaluating their business culture, strategies and modes of operation, and their likely future direction and potential. The book begins by setting the scene for the Asian crisis and the achievements of the "Asian miracle". It then goes on to examine the causes of the financial crash, the firms that were able to ride the crisis, the Taiwanese economy as a whole, the fortunes of diaspora ventures in China, the small and medium enterprises at the heart of Chinese diaspora capitalism, the impact of the crisis on large Chinese business groups, and finally, the book debunks the theory that the rise of East Asia was initiated by Japan.

Download or read book Corporate Bankruptcy Law in China written by Natalie Mrockova and published by Bloomsbury Publishing. This book was released on 2021-01-28 with total page 403 pages. Available in PDF, EPUB and Kindle. Book excerpt: This fascinating study uses qualitative and quantitative data and insights from interviews with judges, lawyers, government officials, entrepreneurs, bankers, consultants, and academics in China and abroad, to provide a new perspective on the problems that have hindered the implementation of the Enterprise Bankruptcy Law in China, and recent attempts at reform. The analysis provides unique insights into China's business world and its interaction with the judicial and political system in China. In addition, the book also provides important information about how the Enterprise Bankruptcy Law affects foreign companies, agencies and governments that are active in China. The author draws on empirical data, decided cases and her experience of how the law and surrounding practices deal with foreign stakeholders whose interests are affected by corporate bankruptcy in China. The book will improve understanding of how China's corporate bankruptcy law has been used in practice, what has limited its practical effectiveness, whether it is desirable for the law to be used more readily in China, and the possible options for its reform.

Download or read book An Application of Financial Distress Forecasting Model for Selected Companies in China written by Zheng Zhang and published by . This book was released on 2007 with total page 92 pages. Available in PDF, EPUB and Kindle. Book excerpt: