Spatial Spillover Effect of Financial Flexibility on Investment in China's Convention and Exhibition Listed Companies

被引:2
作者
Liu, Xiaoqun [1 ]
Yu, Liuchun [1 ]
Zhang, Yuchen [1 ]
Chao, Youcong [2 ]
机构
[1] Hainan Univ, Sch Econ, Haikou 570228, Hainan, Peoples R China
[2] Cent South Univ, Sch Business, Changsha 410083, Hunan, Peoples R China
基金
中国国家自然科学基金;
关键词
ABILITY; PRICE; MODEL;
D O I
10.1155/2020/3926747
中图分类号
T [工业技术];
学科分类号
08 ;
摘要
Financial flexibility is an important research issue in corporate finance. This paper utilizes the Spatial Durbin Model (SDM) to analyze the impact of financial flexibility on the investment of Convention and Exhibition companies listed on the New Third Board from 2014 to 2016. The empirical results show the following. Firstly, the greater the financial flexibility, the more investment the firm will make. Secondly, the enhancement in financial flexibility would lead to an increase in investment of companies in the Convention and Exhibition industry in the local provinces, indicating that the financial flexibility has a significant positive intraregional spatial spillover effect on investment. On the other hand, financial flexibility has spatial spillover effects, and its rise will reduce the investment in other provinces, which could be explained by the competition effect between enterprises. Overall, we have further elucidated the role of different levels of financial flexibility on the investment of the Convention and Exhibition listed enterprises from the spatial dimension, thereby enriching the existing research on corporate financial flexibility and corporate value to some certain extent.
引用
收藏
页数:10
相关论文
共 49 条
  • [1] Allen R. G., 1998, FAO Irrigation and Drainage Paper
  • [2] Corporate financial and investment policies when future financing is not frictionless
    Almeida, Heitor
    Campello, Murillo
    Weisbach, Michael S.
    [J]. JOURNAL OF CORPORATE FINANCE, 2011, 17 (03) : 675 - 693
  • [3] [Anonymous], 2013, SPATIAL ECONOMETRICS
  • [4] The impact of the cross-shareholding network on extreme price movements: evidence from China
    Cao, Jie
    Wen, Fenghua
    [J]. JOURNAL OF RISK, 2019, 22 (02): : 79 - 102
  • [5] The pass-through effects of oil price shocks on China's inflation: A time-varying analysis
    Chen, Jinyu
    Zhu, Xuehong
    Li, Hailing
    [J]. ENERGY ECONOMICS, 2020, 86
  • [6] The Effects of Different Types of Oil Price Shocks on Industrial PPI: Evidence from 36 Sub-industries in China
    Chen, Jinyu
    Zhu, Xuehong
    [J]. EMERGING MARKETS FINANCE AND TRADE, 2021, 57 (12) : 3411 - 3434
  • [7] Oil shocks, competition, and corporate investment: Evidence from China
    Chen, Xian
    Li, Yang
    Xiao, Jihong
    Wen, Fenghua
    [J]. ENERGY ECONOMICS, 2020, 89
  • [8] Chen Y., 2018, MACROECONOMICS, V4, P140
  • [9] Dai X. F., 2016, S CHINA FINANCE, V9, P48
  • [10] Efficient predictability of stock return volatility: The role of stock market implied volatility
    Dai, Zhifeng
    Zhou, Huiting
    Wen, Fenghua
    He, Shaoyi
    [J]. NORTH AMERICAN JOURNAL OF ECONOMICS AND FINANCE, 2020, 52