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管理workshop:How does Property Rights Matter to Corporate Investment: Evidence from a Property Law Enactment
发布日期：2018-05-24 10:32 来源：大陆成人直播-成人直播中文
Time: May 24th, 2018 (Thursday) 10:00 -12:00
Location: Conference Room of Zhifu (致福轩会议室), National School of Development, Peking U.
Speaker: Dr. Wenlong HE, Associate professor, University of International Business and Economics
Abstract
Property rights theory has been widely applied to explain ownership structure, investment decision and firm performance. However, not enough attention has been paid to the financing approach of corporate investment, especially how property attributes, which differ in tangibility and contractual characteristics, relate to firm’s choice of financing approach, in terms of debt financing versus equity financing. This paper examines the relationship between property rights protection and corporate investment, as well as the underlying mechanisms. Leveraging the enactment of China’s Property Law in 2007, we find that strengthening property rights protection motivates firms to increase their investment in both tangible and intangible property, and that such an effect is mediated by both debt and equity financing. Furthermore, we reveal that there exists an alignment between financing approaches and property attributes. We contribute to the property rights research and propose some substantive managerial implications.
Bio
Dr. Wenlong HE is an associate professor in University of International Business and Economics. He received his Ph.D. from Guanghua School of Management, Peking University. His research focuses on IP Regime Shift and Firm Innovation, Property Rights Protection and Corporate Investment, as well as Integration of Market- and Non-market Strategy. Some of his recent works have been published in Nature: Scientific Data, Journal of Economics and Management Strategy, Journal of Business Ethics, Management World (Chinese Journal), etc. He has received several important academic awards, including AOM 2016 Best Paper, Best Paper in the Knowledge and Innovation Panel of 2014 SMS (Strategic Management Society), and Emerald/IACMR Chinese Management Research Award (2011).
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大陆成人直播
-
管理workshop:How does Property Rights Matter to Corporate Investment: Evidence from a Property Law Enactment
发布日期：2018-05-24 10:32 来源：大陆成人直播-成人直播中文
Time: May 24th, 2018 (Thursday) 10:00 -12:00
Location: Conference Room of Zhifu (致福轩会议室), National School of Development, Peking U.
Speaker: Dr. Wenlong HE, Associate professor, University of International Business and Economics
Abstract
Property rights theory has been widely applied to explain ownership structure, investment decision and firm performance. However, not enough attention has been paid to the financing approach of corporate investment, especially how property attributes, which differ in tangibility and contractual characteristics, relate to firm’s choice of financing approach, in terms of debt financing versus equity financing. This paper examines the relationship between property rights protection and corporate investment, as well as the underlying mechanisms. Leveraging the enactment of China’s Property Law in 2007, we find that strengthening property rights protection motivates firms to increase their investment in both tangible and intangible property, and that such an effect is mediated by both debt and equity financing. Furthermore, we reveal that there exists an alignment between financing approaches and property attributes. We contribute to the property rights research and propose some substantive managerial implications.
Bio
Dr. Wenlong HE is an associate professor in University of International Business and Economics. He received his Ph.D. from Guanghua School of Management, Peking University. His research focuses on IP Regime Shift and Firm Innovation, Property Rights Protection and Corporate Investment, as well as Integration of Market- and Non-market Strategy. Some of his recent works have been published in Nature: Scientific Data, Journal of Economics and Management Strategy, Journal of Business Ethics, Management World (Chinese Journal), etc. He has received several important academic awards, including AOM 2016 Best Paper, Best Paper in the Knowledge and Innovation Panel of 2014 SMS (Strategic Management Society), and Emerald/IACMR Chinese Management Research Award (2011).
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