Topic: Regional financial development, the nature of ownership and corporate financing constraints: market allocation or government intervention
Time: October 25th 2013 (Friday) 15: 00-16: 30
Location: Room 501, No.2 Jiageng Building
Speaker: Xie Jun, Professor of South China Normal University, director of Accounting Department
Moderator: Tony Ruan, assistant professor of finance, IFAS
Abstract:
This paper takes 868 listed companies in Shenzhen and Shanghai Stock Exchange from 2003 to 2010 as samples, using estimation method based on dynamic panel data GMM (GMM), and examines the regional financial development and ownership’s impact on investment behavior and financing constraints from the perspective of the market allocation and government intervention. Empirical results of this study show: 1) The level of improvement of regional financial development can motivate enterprises to expand investment and ease financing constraints. 2) Regional financial development can promote non-state-owned enterprises to ease financing constraints to a greater degree; the advantages of finance of state-owned enterprises will weaken in corresponding with the improvement level of regional marketization. 3) Government intervention and market allocation and corporate has substitution effect on ease function of financing constraints. With improvement of level of the regional financial development and regional marketization, the government tends to use market-based instruments, rather than administrative measures to control micro-economic fields. 4) Transformation of government functions can weaken financing disadvantage of non-state-owned enterprises, and may eliminate the discriminatory financial policies based on nature of ownership.
Person Profile:
Xie Jun, Doctor of Management School of Xiamen University(Accounting Major), Professor of Economics and Management School of South China Normal University, director of the accounting department, leader of the accounting profession Master Instructor Team, member of MPACC South China University of Technology, senior member of China Accounting Society, council member of Audit Institution in Guangzhou Province, independent director of Guangdong Jubilee Technology Co., Ltd., independent director of Guangdong Kam Lung Development Co., Ltd., independent directors of Guangdong Plastics Exchange Co., Ltd.. He graduated from Shanghai University of Finance and Economics (Applied Mathematical Statistics, a bachelor's degree), Jinan University (statistics, received a master's degree) and Xiamen University (accounting profession, Ph.D.) in 1991, 1996 and 2003 and mainly engaged in corporate accounting, corporate finance and corporate governance teaching and research work . In recent years, he published more than 30 papers about empirical research on "Accounting Research", "China Industrial Economy", "Finance", "Economic Review", "Nankai Business Review", "China Financial Review"and "Economic Management" and other authoritative and important academic journals, which are mainly related to empirical research about investment decisions, financing model, capital structure, dividend policy and governance mechanisms of listed companies.
