|
|
|
| Corporate Life Cycle, Financing Methods and Financing Constraints——Based on the Moderating Effect Research of Investor Sentiment |
| HUANG Hongbin, ZHAI Shuping, CHEN Jingnan
|
| Business School, Post Doctoral Mobile Station,Tianjin University of Finance and Economics |
|
|
|
|
Abstract This paper relaxes the homogeneity assumption of corporations’ capital needs, based on the difference of corporations’ organizational characteristics, financing needs and financing capacity, with the difference of financing constraints in the different stages of the corporate life cycle as the starting point. Integrating investors irrational sentiment’s influence on external financing environment, this paper dynamically investigates the influence of changes in investor sentiment on corporations’ financing options and the relaxing effect of financing constraints. We find that corporations’ financing constraints condition is different in the different stages of corporate life cycle. Also, the degree and financing method of relaxing financing constraints are different through using high investor sentiment.
|
|
Received: 11 August 2015
Published: 16 April 2018
|
|
|
|
|
| [1] |
曹裕、陈晓红和万光羽,2010,《控制权、现金流权与公司价值—基于企业生命周期的视角》,《中国管理科学》第3期,第185~192页 。
|
| [2] |
花贵如、刘志远和许骞,2011,《投资者情绪、管理者乐观主义与企业投资行为》,《金融研究》第9期,第178~191页。
|
| [3] |
花贵如,刘志远和许骞,2010,《投资者情绪、企业投资行为与资源配置效率》,《会计研究》第11期,第49~55页。
|
| [4] |
黄宏斌和刘志远,2013,《投资者情绪与企业信贷资源获取》,《投资研究》第2期,第13~29页。
|
| [5] |
李云鹤、李湛和唐松莲,2011,《企业生命周期、公司治理与公司资本配置效率》,《南开管理评论》第3期,第110~121页。
|
| [6] |
李琦、罗炜和谷仕平,2011,《企业信用评级与盈余管理》,《经济研究》第2期,第88~99页。
|
| [7] |
刘锋,叶强和李一军,2014,《媒体关注与投资者关注对股票收益的交互作用:基于中国金融股的实证研究》,《管理科学学报》第1期,第72~85页。
|
| [8] |
鲁思·本德(Ruth Bender)和基思·沃德(Keith Ward)著,杨农等译,2013,《公司财务战略》,清华大学出版社2013年9月第三版。
|
| [9] |
万良勇,廖明情和胡璟,2015,《产融结合与企业融资约束——基于上市公司参股银行的实证研究》,《南开管理评论》第2期,第64~72页。
|
| [10] |
易志高和茅宁,2009,《中国股市投资者情绪测量研究: CICSI 的构建》,《金融研究》第11期,第174~184页。
|
| [11] |
张宗新和王海亮,2013,《投资者情绪、主观信念调整与市场波动》,《金融研究》第4期,第142~155页。
|
| [12] |
Almeida, H., M. Campello, and M.S.Weisbach. 2004. “The Cash Flow Sensitivity of Cash”,The Journal of Finance,59(4):1777~1804.
|
| [13] |
Baker, M. and J. Wurgler. 2006. “Investor Sentiment and the Cross Section of Stock Returns”, The Journal of Finance, 61(4):1645~1680.
|
| [14] |
Berger, N. A.and F. G. Udel. 1998. “The Economics of Small Business Finance: the Roles of Private Equity and Debt Markets in the Financial Growth Cycle”, Journal of Banking and Finance,22(6-8):613~673.
|
| [15] |
Booth, L.,Sean Cleary, and L. Purda. 2013. “Debt Rating Initiations: Natural Evolution or Opportunistic Behavior?”, Journal of Modern Accounting and Auditing, 9(12):1574~1595.
|
| [16] |
Dickinson, V. 2011. “Cash Flow Patterns as a Proxy for Firm Life Cycle”,The Accounting Review,86(6):1969~1994.
|
| [17] |
DeAngelo, H.and L.DeAngelo. 2006. “Dividend Policy and the Earned Contributed Capital Mix: A Test of the Life-Cycle Theory”, Journal of Financial Economics, 81(2):227~254.
|
| [18] |
DeAngelo, H., L. DeAngelo, and R. M. Stulz. 2010. “Seasoned Equity Offerings, Market Timing, and the Corporate Lifecycle”, Journal of Financial Economics,95(3):275~295.
|
| [19] |
Fazzari, S.,G. Hubbard, and B. C. Perterson. 1988. “Financing Constraints and Corporate Investment”, Brookings Paper on Economic Activity,17(1):141~159.
|
| [20] |
Greiner, L.. 1972. “ Evolution and Revolution as Organizations Grow” Harvard Business Review, (50):37~46.
|
| [21] |
Goyal V. and T. Yamada. 2004. “Asset Price Shocks, Financial Constraints and Investment: Evidence From Japan”, Journal of Business,77(1):175~199.
|
| [22] |
Jensen, M.. 1986. “Agency Costs of Free Cash Flow, Corporate Capital Finance and Takeovers”, American Economic Review, 76 (5):323~339.
|
| [23] |
José, L. and S. Francisco. 2015. “Financial Constraints and Cash-cash Flow Sensitivity”,Applied Economics, 47(10):1037~1049.
|
| [24] |
Liang, C.J., Y.L.Lin, and T.T. Huang. 2011. “Does Multidimensional Ownership Structure Matter in Firm Performance? A Dynamic Firm’s Life Cycle Perspective”, International Journal of Business &Finance Research, 5(2):1~19.
|
| [25] |
Lamont, Owen A.and Jeremy C. Stein. 2006. “Investor Sentiment and Corporate Finance: Micro and Macro”, American Economic Review, 96(2):147~151.
|
| [26] |
McLean,R.D.,and M.Zhao. 2014. “The Business Cycle, Investor Sentiment, and Costly External Finance”, The Journal of Finance, 69(3),1377~1409.
|
| [27] |
Stein, Jeremy C. 1996. “Rational Capital Budgeting in an Irrational World”, Journal of Business, 69(4):429~455.
|
|
|
|
