A Bridge on Economic Issues between China and the World
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Foreign Business Exposure, Policy Uncertainty, and Capital Flight from Home: Evidence from China
Dongxu Li, Xiaoxue Hu, Sep 22, 2021Using subsidiary-level data of 3,863 Chinese nonfinancial firms from 2000 to 2019, we show that the multinationals have 5.3% higher capital expenditures than the domestic firms relative to the average. The multinational firms’ offshore investment increases with policy uncertainty about the domestic markets. Our analysis suggests that in the face of domestic uncertainty, multinational firms switch to...
Discounting Chinese Industrial Policy
Andrew J.Sinclair, Chuyi Zhang, Jan 31, 2024The Chinese government supports the development of dozens of industries today, but the long-run sustainability of this model depends crucially on policy efficiency.
Financial Reporting and Disclosure Practices in China
Hai Lu, Jee-Eun Shin, Mingyue Zhang, Jul 04, 2024This article discussing that Chinese firms tend to emphasize the stability of financial performance in their reports. In contrast to U.S. firms, their financial disclosures are significantly swayed by non-shareholder stakeholders and do not leverage voluntary disclosures to mitigate capital costs.
Local Government Financial Constraint and Spending Multiplier in China
Yang Su, Dec 28, 2022Local fiscal policies have been very effective in China since 2000.
Government as Venture Capitalists in AI
Martin Beraja, Wenwei Peng, David Yang, Noam Yuchtman, Nov 06, 2024This article discusses that government venture capital funds in China are more geographically dispersed than private venture capital, particularly in inland and less developed areas, and they are more inclined to invest in AI companies with weaker ex-ante productivity signals.
