英语翻译
Based on the above classifications of financial conditions we examine the tunneling or propping behavior of the firm using the information from the announced connected transactions in Chinese listed firms.We classify the firms during the 1998-2004 period into three categories:sound financial conditions,poor financial conditions and the rest.We also classify the transactions into two types:connected transactions and non-connected ones.Finally,we further group these transactions into different:asset acquisitions,asset sales,asset displacements,cash payments,equity transfer,and others.We examine the market reactions to each of these transactions.We hypothesize that the market will react favorably when investors perceive that the controlling shareholders have incentives to prop,i.e.,when their financial condition is poor and it is a connected transaction.In contrast,we expect that the market will react unfavorably when investors perceive that the controlling shareholders have incentives to tunnel,i.e.,when their financial conditions are sound and the transaction is connected.Our results in general support our hypotheses.In particular,we find that there is a negative market reaction to connected transactions announcements,when the listed firms are in sound financial conditions and that there is a positive market reaction to the announced connected transactions when the listed firms face the risk of delisting or losing the rights to issue new shares.
人气:124 ℃ 时间:2020-05-06 08:54:28
解答
我也不太清楚,大致好像是这样,基于上述分类的财务状况我们研究的支持或掏空行为的公司使用从宣布在中国上市公司关联交易的信息.我们将公司1998-2004年期间为三大类:良好的财务状况,财务状况及其他不良.我们还将交易...
推荐
猜你喜欢
- 已知A为实数,那么根号下负A方的值是多少
- The kids are taught to stay clam and go out of the building one by one ___ there is a fire
- 从相距为l的a,b两点同时以相同的速率v抛出甲乙两个小球,甲做平抛运动,初速度方向由A指向B,乙
- 1.用三种边长相等的正多边形铺地面,已选了正方形和正五边形两种,还应选择正( )边形?
- 鱼类在地球上生存了几亿年
- 烧开水的铝壶内壁积沉的水垢,可以加入什么把它除掉,在化学上来说?
- 我国有多少个省级行政区,其中四个直辖市分别是哪几个?
- 由长度为2cm,4cm的线段构成三角形的三边,那么该三角形的周长等于