A few days ago, the cooperative papers of Zhang Xiao’s cooperation papers "Financial Constraints, Cash Flow Timing Patters, and Asset Prices" +, UTD24To.The study discusses the impact of financing constraints on the timing of business cash flow recovery, as well as its corresponding corporate financing policies and asset pricing.The thesis collaborator hired Li Kai, associate professor of HSBC Business School of Peking University and Hu Weiping, a 2023 -level doctoral student.
When traditional literature studies the influence of the uncertainty of business cash flow and financing constraints on the investment and financing policy of the enterprise, the impact of operating cash flow is often considered an exogenous factor.However, the author pointed out that in reality, the company’s operating cash flow recovery policy is often determined by endogenous, and it is closely related to the company’s financing constraints and the price of stocks.The author innovatively introduced the company’s operating cash flow recovery policy in an investment -based dynamic asset pricing model.This means that the company’s products can be converted into cash flows that are immediately recovered or delayed (stored in the form of mobile assets).This mechanism has been verified in empirical data, showing the decision method of the company’s business cash flow recovery policy, and how this policy affects the company’s financing decision -making and market valuation.This provides new empirical support for investment -based balanced asset pricing theories.
Specifically, the paper constructs a model.This model assumes that if companies choose to immediately recover business cash flow, the supplier needs to provide consumers with higher discounts, but it will also reduce income information asymmetry.Financial performance at the end of the year often attracts more attention, and income information asymmetry will bring high financing costs.As a result, the dissertation has a strong motivation to recover business cash flow at the end of the year.However, companies with this motivation will also face more macroeconomic risk exposure.This risk exposure brings a higher return on stock from a market perspective; from the perspective of business, it brings higher cash holdings.Guoabong Wealth Management
Furthermore, in order to confirm the inferences and theoretical assumptions of the model, the thesis built the company’s operating cash flow recycling indicator at the end of the company level, and found the following strong empirical evidence.First, the business cash flow of nearly 70 % of listed companies is recycled in the second half of the year; second, companies that tend to recover operating cash flows in the second half of the year usually have more financial constraints and hold more cash.Third, companies that tend to recycle operating cash flow in the second half of the year undertake more macroeconomic risk exposure, thereby obtaining a higher risk premium.Fourth, the financing cost at the end of the year that tends to recover operating cash flow in the second half of the year.
This article views the impact of endogenous operating cash flow fluctuations on the company’s operations and the company’s market value, which will help deepen the company’s financing policy and capital market, and to investors and investors, investors, and capital markets.Corporate managers and policy makers have guiding significance.The study also shows that the company’s operating cash flow recycling policy has significant value for corporate risk management and the effective operation of the capital market, and it should be an important issue that corporate managers and policy makers should pay attention to.Agra Wealth Management
Zhang Xiao, an associate professor of the Indian Institute of Innovation and Development of the University of Central University of Finance and Economics, graduated from the University of Glasgow, UK in 2016.His research interests include corporate financial theory, asset pricing, and green finance.His research focuses on the construction and estimation of corporate financial theory based on financing constraints, and is applied to solving Indian problems.Many papers are received or published in the top international journals (UT24, ABS4 include JFE, JCF, etc.).His main professor courses: company finance, currency banking, macroeconomic, behavioral finance, international trade, international finance, including 10 courses, including two courses, which have received "double first -class" subject project funding.Presides one provincial and ministerial topic.Corresponding to many journals’ dissertation judges: Journal of Corporate Finance, Pacific-Basin Finance Journal, etc.He serves as a mentor in the 2023 financial experiment class of Central University of Finance and Economics.
Journal of Financial Economics (JFE) Magazine was pioneered in 1974. It is hosted by the University of Rochester University of Business. It is an academic journal covering the theory of financial economics and empirical research.RFS) is recognized as the three top financial academic journals in the world.The journal particularly emphasizes high -quality analysis, experience and contributions in core areas such as capital markets, financial institutions, corporate finance, corporate governance and organizational economics.According to official figures, the impact factor of the journal in 2022 was 8.238.The journal was listed as one of the 50 top journals studied and evaluated by the Financial Times as one of the 50 top journals studied. At the same time, it was selected as one of the top 20 top journals by Bloomberg Business Week.One of the 24 top journals in the business school.Guoabong Stock
Thesis doi:
Indore Investment
