Financing Constraints and Stock Price Volatility Empirical Evidence from Shanghai and Shenzhen A-share listed Companies

Xuan Xiang; Fei Dong; Junxiu Chen

doi:10.1051/e3sconf/202123501029

All issues

Volume 235 (2021)

E3S Web Conf., 235 (2021) 01029

References

Open Access

Issue		E3S Web Conf. Volume 235, 2021 2020 International Conference on New Energy Technology and Industrial Development (NETID 2020)


Article Number		01029
Number of page(s)		6
Section		Research on New Energy Technology and Energy Consumption Development
DOI		https://doi.org/10.1051/e3sconf/202123501029
Published online		03 February 2021

Adrian T, Rosenberg J. Stock Returns And Volatility. Pricing The Short-run And Long-run Components Of Market Risk. Journal of Finance, 2008, 63(6).p.2997-3030. [Google Scholar]
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Brown B P. An Empirical Evaluation of Accounting Income Numbers. Journal of Accounting Research, 1968, 6(2). 159-178. [Google Scholar]
Steven M, Fazzari, et al. Financing Constraints and Corporate Investment. Brookings Papers on Economic Activity, 1988. [Google Scholar]
Hadlock C J, Pierce J R. New Evidence on Measuring Financial Constraints. Moving Beyond the KZ Index. Review of Financial Studies, 2010, 23(5). 1909-1940. [Google Scholar]
Whited Toni M. Debt, Liquidity Constraints, and Corporate Investment. Evidence from Panel Data. Journal of Finance, 47(4). 1425-1460. [Google Scholar]
Rao Yulei, Wang Yuying. An empirical study of the impact of major shareholders in China’s listed companies on investment. Nankai Management Review, 2006(05). 67-73. [Google Scholar]
Tang Cedar, Zhou Xiaosu, Ma Rujing. An empirical study of the over-investment behavior and its restriction mechanism of listed companies. Accounting Research, 2007(07). 44-52+96. [Google Scholar]
Wang Ping, Sun Shixia. Study on free cash flow, equity structure and over-investment of listed companies in China. Contemporary Finance, 2009(04). 123-129. [Google Scholar]
Wang Yanchao. Financing Constraints, Cash Holdings and Overinvestment, 2009(07). 121-133. [Google Scholar]
Xie Ocean, Dong Dawn. The Impact of Debt Financing Structure on Enterprise Investment Behavior. Journal of Zhongnan University of Economics, Economics and Law, 2009(1). 92-96. [Google Scholar]
Zhou Ziyuan, Deng Wei, Ye Yufu. A study on the relationship between stock price volatility and company fundamental risk of listed companies in China. Economic exploration, 2010(06). 94-99. [Google Scholar]
Fazzari S M, Athey M J. Asymmetric Information, Financing Constraints, and Investment. The Review of Economics and Stats, 1987, 69(3). 481-487. [Google Scholar]
Kaplan S.N., Zingales L. Do Investment-cash Flow Sensitivities Provide Useful Measures of Financing Constraints?. Quarterly Journal of Economics, 1997, 107(1). 169-215. [Google Scholar]

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[1] Adrian T, Rosenberg J. Stock Returns And Volatility. Pricing The Short-run And Long-run Components Of Market Risk. Journal of Finance, 2008, 63(6).p.2997-3030. [Google Scholar]

[2] Whited T M, Guojun W. Financial Constraints Risk. The Review of Financial Studies(2).2. [Google Scholar]

[3] Brown B P. An Empirical Evaluation of Accounting Income Numbers. Journal of Accounting Research, 1968, 6(2). 159-178. [Google Scholar]

[4] Steven M, Fazzari, et al. Financing Constraints and Corporate Investment. Brookings Papers on Economic Activity, 1988. [Google Scholar]

[5] Hadlock C J, Pierce J R. New Evidence on Measuring Financial Constraints. Moving Beyond the KZ Index. Review of Financial Studies, 2010, 23(5). 1909-1940. [Google Scholar]

[6] Whited Toni M. Debt, Liquidity Constraints, and Corporate Investment. Evidence from Panel Data. Journal of Finance, 47(4). 1425-1460. [Google Scholar]

[7] Rao Yulei, Wang Yuying. An empirical study of the impact of major shareholders in China’s listed companies on investment. Nankai Management Review, 2006(05). 67-73. [Google Scholar]

[8] Tang Cedar, Zhou Xiaosu, Ma Rujing. An empirical study of the over-investment behavior and its restriction mechanism of listed companies. Accounting Research, 2007(07). 44-52+96. [Google Scholar]

[9] Wang Ping, Sun Shixia. Study on free cash flow, equity structure and over-investment of listed companies in China. Contemporary Finance, 2009(04). 123-129. [Google Scholar]

[10] Wang Yanchao. Financing Constraints, Cash Holdings and Overinvestment, 2009(07). 121-133. [Google Scholar]

[11] Xie Ocean, Dong Dawn. The Impact of Debt Financing Structure on Enterprise Investment Behavior. Journal of Zhongnan University of Economics, Economics and Law, 2009(1). 92-96. [Google Scholar]

[12] Zhou Ziyuan, Deng Wei, Ye Yufu. A study on the relationship between stock price volatility and company fundamental risk of listed companies in China. Economic exploration, 2010(06). 94-99. [Google Scholar]

[13] Fazzari S M, Athey M J. Asymmetric Information, Financing Constraints, and Investment. The Review of Economics and Stats, 1987, 69(3). 481-487. [Google Scholar]

[14] Kaplan S.N., Zingales L. Do Investment-cash Flow Sensitivities Provide Useful Measures of Financing Constraints?. Quarterly Journal of Economics, 1997, 107(1). 169-215. [Google Scholar]