Funding Liquidity, Political Geography, and Private Equity Performance: Evidence from China

被引：0
|
作者：
Hou, Xiaohui [1 ,3 ]
Lian, Jiale [1 ]
Li, Shuo [1 ]
Wang, Qing [2 ]
机构：
[1] Xi An Jiao Tong Univ, Sch Econ & Finance, Xian, Shaanxi, Peoples R China
[2] Peoples Bank China, Xian Branch, Xian, Shaanxi, Peoples R China
[3] Xi An Jiao Tong Univ, Econ & Finance, Xian, Shaanxi, Peoples R China
来源：
EMERGING MARKETS FINANCE AND TRADE | 2019年 / 55卷 / 07期
基金：
中国国家自然科学基金;
关键词：
China; funding liquidity; political geography; private equity firm performance; STOCK; RISK; LEVERAGE;
D O I：
10.1080/1540496X.2018.1545642
中图分类号：
F [经济];
学科分类号：
02 ;
摘要：
We investigate the relationship between funding liquidity and PE firm performance. We further develop a locally political alignment indicator (PAI) and then investigate whether PAI has an impact on the relationship between funding liquidity and PE firm performance. A higher required reserve ratio implies lower funding liquidity in the context of China. We find that the required reserve ratio is negatively related to PE firm performance significantly. When the most important local leaders belong to the partisan of the supreme leader, the negative reaction of local firms' performance to a change in funding liquidity strengthens significantly.
引用
收藏
页码：1429 / 1454
页数：26
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