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Financial asset allocation duality and enterprise upgrading: empirical evidence from the Chinese A-share market

This study selects the financial data of Chinese non-financial listed companies from 2012 to 2021 as the research sample and empirically examines in detail the impact of financial asset allocation on enterprise upgrading and its mechanism. The study finds that financial assets have a dual influence...

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Detalles Bibliográficos
Autores principales: Guo, Ke, Guo, Xuemeng, Zhang, Jun
Formato: Online Artículo Texto
Lenguaje:English
Publicado: Palgrave Macmillan UK 2023
Materias:
Acceso en línea:https://www.ncbi.nlm.nih.gov/pmc/articles/PMC10184065/
https://www.ncbi.nlm.nih.gov/pubmed/37214219
http://dx.doi.org/10.1057/s41599-023-01683-1
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author Guo, Ke
Guo, Xuemeng
Zhang, Jun
author_facet Guo, Ke
Guo, Xuemeng
Zhang, Jun
author_sort Guo, Ke
collection PubMed
description This study selects the financial data of Chinese non-financial listed companies from 2012 to 2021 as the research sample and empirically examines in detail the impact of financial asset allocation on enterprise upgrading and its mechanism. The study finds that financial assets have a dual influence on enterprise upgrading. Short-term financial assets provide the necessary funds for production activities, thus promoting enterprise upgrading. Long-term financial assets crowd out the funds needed for production activities and thus inhibit enterprise upgrading, resulting in an inverted U-shaped relationship between financial assets and enterprise upgrading. Mechanism testing revealed that risk-taking capacity and earnings persistence are important ways in which financial assets affect enterprise upgrading. In addition, the impact of financial assets on enterprise upgrading differs for different types of financial assets. The financial asset significantly impacts the upgrading of over-indebtedness, non-state-owned, and high financing constraints enterprises. This study enriches the research literature on financial assets and enterprise upgrading and provides new micro evidence for understanding the impact of financial assets on the enterprise upgrading of listed companies.
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spelling pubmed-101840652023-05-16 Financial asset allocation duality and enterprise upgrading: empirical evidence from the Chinese A-share market Guo, Ke Guo, Xuemeng Zhang, Jun Humanit Soc Sci Commun Article This study selects the financial data of Chinese non-financial listed companies from 2012 to 2021 as the research sample and empirically examines in detail the impact of financial asset allocation on enterprise upgrading and its mechanism. The study finds that financial assets have a dual influence on enterprise upgrading. Short-term financial assets provide the necessary funds for production activities, thus promoting enterprise upgrading. Long-term financial assets crowd out the funds needed for production activities and thus inhibit enterprise upgrading, resulting in an inverted U-shaped relationship between financial assets and enterprise upgrading. Mechanism testing revealed that risk-taking capacity and earnings persistence are important ways in which financial assets affect enterprise upgrading. In addition, the impact of financial assets on enterprise upgrading differs for different types of financial assets. The financial asset significantly impacts the upgrading of over-indebtedness, non-state-owned, and high financing constraints enterprises. This study enriches the research literature on financial assets and enterprise upgrading and provides new micro evidence for understanding the impact of financial assets on the enterprise upgrading of listed companies. Palgrave Macmillan UK 2023-05-15 2023 /pmc/articles/PMC10184065/ /pubmed/37214219 http://dx.doi.org/10.1057/s41599-023-01683-1 Text en © The Author(s) 2023 https://creativecommons.org/licenses/by/4.0/Open Access This article is licensed under a Creative Commons Attribution 4.0 International License, which permits use, sharing, adaptation, distribution and reproduction in any medium or format, as long as you give appropriate credit to the original author(s) and the source, provide a link to the Creative Commons license, and indicate if changes were made. The images or other third party material in this article are included in the article’s Creative Commons license, unless indicated otherwise in a credit line to the material. If material is not included in the article’s Creative Commons license and your intended use is not permitted by statutory regulation or exceeds the permitted use, you will need to obtain permission directly from the copyright holder. To view a copy of this license, visit http://creativecommons.org/licenses/by/4.0/ (https://creativecommons.org/licenses/by/4.0/) .
spellingShingle Article
Guo, Ke
Guo, Xuemeng
Zhang, Jun
Financial asset allocation duality and enterprise upgrading: empirical evidence from the Chinese A-share market
title Financial asset allocation duality and enterprise upgrading: empirical evidence from the Chinese A-share market
title_full Financial asset allocation duality and enterprise upgrading: empirical evidence from the Chinese A-share market
title_fullStr Financial asset allocation duality and enterprise upgrading: empirical evidence from the Chinese A-share market
title_full_unstemmed Financial asset allocation duality and enterprise upgrading: empirical evidence from the Chinese A-share market
title_short Financial asset allocation duality and enterprise upgrading: empirical evidence from the Chinese A-share market
title_sort financial asset allocation duality and enterprise upgrading: empirical evidence from the chinese a-share market
topic Article
url https://www.ncbi.nlm.nih.gov/pmc/articles/PMC10184065/
https://www.ncbi.nlm.nih.gov/pubmed/37214219
http://dx.doi.org/10.1057/s41599-023-01683-1
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