项目来源

香港研究资助局基金(RGC)

项目主持人

Dr Alimov, Azizjon

项目受资助机构

City University of Hong Kong

立项年度

2014

立项时间

未公开

项目编号

11500014

研究期限

未知 / 未知

项目级别

省级

受资助金额

241164.00港币

学科

Business Studies

学科代码

未公开

基金类别

General Research Fund

关键词

未公开

参与者

Prof Hertzel,Michael

参与机构

未公开

项目标书摘要：政治不确定性是否会影响企业的融资能力?本研究通过检验企业融资活动对由全国性选举所带来的政治不确定性的反应来回答这个问题。我们专注于全国性选举是因为这类选举普遍对政府未来的经济政策有显着影响。因此企业融资方面的决定会受到全国性选举时间、结果不确定性的重要影响。政治不确定性的实质影响是目前正在快速推进的一个研究领域，但我们对全球层面企业通过债务或股权融资能力受政治不确定性的影响仍然所知甚少。对此问题的更深层理解有助于企业获得更好的业绩、做出更好的投资决定，进而有助于经济增长，因此有重大的实际价值。
        我们收集了包括全球四十八个国家、时间跨度超过二十年的企业融资活动大数据。我们利用全国性大选的时间作为政治不确定性变化的外生变量。而跨国数据使我们可以利用国家间关于大选时间、大选重要性、以及企业融资活动的差别。我们检验了政治不确定性的变化对下列融资行为的影响:(1)企业外部融资的可能性,(2)企业融资的渠道,(3)企业融资的额度,(4)募集所得资金的用途。我们同时检验了政治不确定性对单个国家内部融资行为的影响。我们相信对政治不确定性之经济后果的研究将为研究人员、从业人员、投资者以及政策制定者提供新的启示。

Application Abstract: Does political uncertainty influence the ability of firms to raise external funds as well as the manner in which firms raise funds?If so,how?The goal of this proposed research is to answer these questions by examining the response of firms’financing activities to political uncertainty surrounding national elections around the world.We focus our attention on national elections to study the effects of political uncertainty because the outcomes of such elections often have a profound impact on the future path of government economic policy.Therefore,the uncertainty related to the timing and outcome of national elections can have an important impact on corporate financing choices.Our paper contributes to a rapidly growing literature that argues that political uncertainty has real implications for corporate investment behavior(e.g.Bernanke 1983;Julio and Yook,2012).However,we know very little about the impact of political uncertainty on the ability of firms around the world to raise debt and equity capital.Better understanding of the impact of political uncertainty on corporate financing is of great economic significance because the ability to raise needed capital is crucial for firms’performance and investment and thus overall country economic growth.
        To examine the impact of political uncertainty on corporate financing,we plan to create a large data set on the capital raising activities of publicly traded firms in 48 countries in the period from 1990 to 2010.We follow Julio and Yook(2012)and use the timing of national elections as a source of exogenous variation in political uncertainty.The advantage of using an international setting is that it allows us to utilize significant cross-country and time-series variation in the timing and importance of elections as well as the capital raising activity of firms.We examine how the variations in political uncertainty brought about by national elections affects various aspects of firms'capital raising activities,including:(a)the likelihood that a firm raises external funds,b)the method of raising capital,c)the amount of raised funds,and(d)the uses of the raised funds.We also examine heterogeneity in the effect of political uncertainty on financing activities of firms within the same country.We believe that the findings of this study will provide new insights into the economic consequences of political uncertainty and therefore be useful for researchers,practitioners,investors,and policy makers.