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[期刊论文]

Private enterprise identity and short-term debt for long-term investment: Evidence from China

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author:

Chen, L. (Chen, L..) [1] | Mu, R. (Mu, R..) [2] | Dai, Y. (Dai, Y..) [3] | Unfold

Indexed by:

Scopus

Abstract:

Using a sample of private enterprises listed on China's A-shares from 2003 to 2021, we find that, identity issues increase the degree of short-term debt for long-term investments. Furthermore, mechanism tests indicate that identity issues aggravate the short-term debt for long-term investment by exacerbating information asymmetry, increasing operational risk and financing cost. We also reveal that the influence of identity issues weakens with high corporate analyst attention and strong board of directors' independence. The study contributes to the literature by examining the impacts of private enterprises’ identity issues on financial decision-making from the evidence from China. © 2024

Keyword:

Financing cost Identity issue Private enterprises Short-term debt for long-term investment

Community:

  • [ 1 ] [Chen L.]Business School, Southwest University of Political Science and Law, Baosheng Avenue, Yubei District, Chongqing, 401120, China
  • [ 2 ] [Mu R.]Business School, Southwest University of Political Science and Law, Baosheng Avenue, Yubei District, Chongqing, 401120, China
  • [ 3 ] [Dai Y.]Internal Audit School, Nanjing Audit University, No.86 Yushan West Road, Nanjing, 211815, China
  • [ 4 ] [Huang X.]School of Economics and Management, Fuzhou University, No.2 Xueyuan Road, Fuzhou, 350108, China

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Source :

Finance Research Letters

ISSN: 1544-6123

Year: 2024

Volume: 67

7 . 4 0 0

JCR@2023

CAS Journal Grade:2

Cited Count:

WoS CC Cited Count:

SCOPUS Cited Count: 3

30 Days PV: 2

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管理员  2025-07-15 06:40:27  更新被引

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