Finance and Financial Management Commons^™

The Influence Of Venture Capitalists’ Value-Added Service On Capital Financing Outcome: A Research On Chinese Biotech Startups, Hao-Yu Huang

Dissertations and Theses Collection (Open Access)

China’s biotechnology sector has undergone rapid evolution, driven by government policy, capital market reform, and growing global demand for pharmaceutical innovation. Venture capitalists (VCs) have played an increasingly pivotal role not only as financiers but also as strategic partners offering value-added services (VAS). These interventions include operational mentorship, regulatory navigation, talent pipeline facilitation, and strategic repositioning. However, the extent to which such non-financial support influences financing outcomes across startup development stages remains underexplored—particularly in the context of China's unique institutional and industrial environment.

This dissertation examines how VC post-investment interventions affect the financing success of biotech startups in China. Drawing …

Vale Strategic Audit, Nikolas Mancio

Honors Program: Senior Projects (Public)

The Chinese government is critical in shaping the global mining and metals industry, specifically for companies like Vale S.A., the world’s largest iron ore and nickel producer. China’s dominance as the largest importer of iron ore significantly impacts commodity prices and demand, with its government exerting substantial influence through production quotas, infrastructure spending, and environmental regulations. Vale’s strategic position in the Chinese market is a cornerstone of its operations. It is supported by investments in distribution centers, blending facilities, and high-grade iron ore that align with China’s environmental goals. However, this reliance also makes Vale vulnerable to shifts in Chinese …

Unravelling The Missing Link: Climate Risk, Esg Performance And Debt Capital Cost In China, Yu Yan, Xinman Cheng, Tricia Ong

Research outputs 2022 to 2026

The concept of sustainability has developed significantly from an unrealistic abstract ideology to a framework that can measure companies’ environment, society and corporate governance (ESG) performance. While extensive research has established some relational impacts of ESG performance on debt capital cost (DCC), this paper contends that a comprehensive review of these impacts is incomplete without screening them through the lens of climate risk (CR). Companies are subjected to CR that comprises physical and transition factors resulting from climate change. This paper aims to unravel the missing link between CR and ESG performance, and the consequent impacts on DCC. This paper …

Digital Wealth Management And Consumption: Micro Evidence From Individual Investments, Qian Gong, Mingyuan Ban, Yunjun Yu, Luying Wang, Yan Yuan

Research Collection Lee Kong Chian School Of Business

With the rapid advancement of digital finance in China, accessing wealth management services through digital platforms has become considerably convenient. However, the potential impact of digital platform investments on residents' consumption remains a relatively unexplored question. This study addresses this gap by leveraging a unique dataset obtained from one of China's largest fintech companies, encompassing individual-level data on consumption and investment. Our findings indicate that engaging in digital platform investments can indeed stimulate residents' consumption. Importantly, participation in digital platform investment has an inclusive effect, with a more pronounced marginal impact on consumption among low-income residents and in-dividuals residing in …

Growing Up Under Mao And Deng: On The Ideological Determinants Of Corporate Policies, Hao Liang, Rong Wang, Haikun Zhu

Research Collection Lee Kong Chian School Of Business

Historically, economic activities have been organized around certain ideologies. We investigate the impact of politicians’ ideology on corporate policies by exploring a unique setting of ideological change—China from Mao to Deng around the 1978 economic reform—in a regression discontinuity framework. We find that the age discontinuity of politicians around 18 years old in 1978, who had already joined the Chinese Communist Party (CCP) or joined soon thereafter and later became municipal paramount leaders, has had a lasting effect on contemporary firm- and city-level policies. In particular, firms in cities with mayors that joined the CCP under the ideological regime of …

China: Reserve Requirements, 2015–2016, Carey K. Mott

Journal of Financial Crises

After China devalued the renminbi against the US dollar in August 2015, Chinese equity markets experienced a significant drop that spilled into international markets. The People’s Bank of China (PBOC) adjusted the reserve requirement ratio (RRR) five times between February 2015 and October 2015: three times before the market turmoil, to allocate credit to preferred sectors, and twice in response to the crisis to release liquidity into the financial system. Throughout this cycle, the central bank applied lower RRRs to rural credit institutions, agricultural lenders, leasing and financing companies, and other sectors in which government policy promoted lending. Although the …

China: Reserve Requirements, Gfc, Carey K. Mott

Journal of Financial Crises

In 2008, China experienced several natural disasters that slowed economic growth, and fearing contagion from the Global Financial Crisis (GFC), the central bank cut the reserve requirement ratio (RRR) three times for large financial institutions, to 15.5%, and four times for small and medium-size financial institutions, to 13.5%. This monetary easing, combined with a USD 586 billion fiscal stimulus package, caused explosive credit growth in China. One year after these RRR cuts, the central bank hiked the ratio 12 times, to a historically high 21.5% for large banks in June 2011; however, it maintained a different ratio for rural credit …

Corporate Actions And The Manipulation Of Retail Investors In China: An Analysis Of Stock Splits, Sheridan Titman, Chi Shen Wei, Bin Zhao

Research Collection Lee Kong Chian School Of Business

We identify a group of “suspicious” firms that use stock splits, perhaps along with other activities, to artificially inflate their share prices. Following the initiation of suspicious splits, share prices temporarily increase, and subsequently decline below their presplit levels. Using account level data from the Shanghai Stock Exchange, we find that small retail investors acquire shares in firms initiating suspicious splits, while more sophisticated investors accumulate positions before suspicious split announcements and sell in the postsplit period. We also find that insiders sell large blocks of shares and obtain loans using company stock as collateral around the initiation of suspicious …

Skbi Big 5 Survey 2022 August, Singapore Management University

Sim Kee Boon Institute for Financial Economics

The latest survey results on the largest five economies (Big5) were revised markedly relative to the prior release (pre-Russia-Ukraine conflict), generally indicating weaker growth and higher inflation coupled with incremental ambiguity on the policy front.

Impairment Recognition And Revaluation– China Publicly Listed Companies, Ying Wang

Southern University College of Business E-Journal

The advent of SFAS 142 and IAS 36 regarding handling of asset impairment has spawned research into how these standards influence whether an impairment loss is recorded. Deferred tax items in China have three major components: temporary tax and financial reporting differences in depreciation; impairment losses; and previous losses, which can be carried forward for five years for tax purposes. While the temporary differences in depreciation typically defer taxes and create deferred tax liabilities, impairment losses and previous losses create deferred tax assets because they are not deductible in the current period for tax purposes. A deferred tax asset is …

Sandwiched Between A Rock And A Hard Place?, Thomas Lam, David Fernandez

Sim Kee Boon Institute for Financial Economics

The policy gap between US and China is likely to be widening further, potentially raising and unevenly distributing the risks of negative spillovers for Asia and the rest of the world.

Skbi Big 5 Survey 2022 February, Singapore Management University

Sim Kee Boon Institute for Financial Economics

The latest survey results on the largest five economies (Big5), based on submissions prior to the ongoing Russia-Ukraine conflict, imply a more intricate growth, inflation and policy dynamic.

The Volatility Implications Of The Chinese Cryptocurrency Ban, Keaton Manwaring

All Graduate Plan B and other Reports, Spring 1920 to Spring 2023

In this paper, I examine the effect of the May 18^th, 2021 Chinese ban of cryptocurrency transactions on the overall volatility of the cryptocurrency market. To do this, I analyze, in both univariate and multivariate settings, range-based volatility in various event windows surrounding the event. I find clear economic and statistical change in volatility in the five days after the ban. In the ten-day period after the ban, there is a moderate economic change in volatility. In the forty-day period after the ban, there is little economic change in volatility. I conclude that the Chinese ban had a …

The Unknown Benefits Of Black Markets, Singapore Management University

Perspectives@SMU

Research on the license plate market in China’s capital finds that black markets can potentially serve as an auction mechanism to redistribute limited resources to those in need

Skbi Big 5 Survey 2021 August, Singapore Management University

Sim Kee Boon Institute for Financial Economics

The latest survey results convey an upshift in growth projections of the five largest economies in aggregate accompanied by higher inflation, especially this year and to a lesser extent next year. The aggregate “Big5” median real GDP growth projections for 2021 and 2022 were raised to 6.7% (up in US, CN and EA but down in IN and JP) and 4.9% (all except US), respectively. The overall “Big5” median CPI inflation forecasts were nudged up to 2.6% (higher in US, IN and EA but lower in CN) and 2.4% (in US, IN and EA some), respectively, for this year and …

China: 1999 Asset Management Corporations, Lily S. Engbith

Journal of Financial Crises

Chinese financial authorities began to liberalize their economy in the 1970s, though it would take two more decades to realize a solution to the massive non-performing loan (NPL) problem faced by state-owned commercial banks (SOCBs). In order to remove and dispose of bad assets left over from the policy-lending era of the former command economy, the State Council created four public asset management corporations (AMCs) between April and October of 1999. The AMCs, under the administration of the Ministry of Finance, were responsible for the acquisition, management, and disposal of NPLs from their assigned state-owned commercial bank. In addition to …

The Financial Implications Of The Chinese Healthcare System, Lilly Schneider, Chi Hung Kenneth Leung

DU Undergraduate Research Journal Archive

In 1949 one of the world’s most powerful and influential countries was born: The People’s Republic of China. Perhaps the greatest challenge the country has consistently faced since its inception has been ensuring a fiscally sound healthcare system. Today, China has the world’s largest population and a rapidly aging society with 330 million citizens over the age of 65 projected by 2050- nearly the same size as the total U.S. population. Living standards across China have been drastically increasing in recent decades and the Chinese people are desiring better, higher quality healthcare to complement their new lifestyles. With this desire …

Skbi Big 5 Survey 2021 February, Singapore Management University

Sim Kee Boon Institute for Financial Economics

The latest survey results suggest that the five largest economies collectively is projected to snapback to almost 6% in 2021, a modest upgrade from the August median, following an unprecedented preliminary contraction of roughly 4% last year (in real GDP terms). The 2022 median growth forecast of slightly above 4.5%, while slower, is still respectable, outstripping its pre-COVID 10-year average pace by more than half a percentage point. The aggregate upgrade in 2021, however, obscures the lopsided nature and highly uneven contour of the ongoing recovery. The bulk of the upward revision to growth was mainly due to IN (to …

Stock Market Volatility And Business Cycle: Exploring Cross-Country Spillovers, Nufazil Altaf

DLSU Business & Economics Review

This study explores the impact of the financial crisis on the relationship between stock market volatility and the business cycle. In addition, the possible spillover effects within a cross-country framework are also examined. The study is based on secondary macroeconomic data of monthly frequency for the time period of 1991:01 to 2012:12. Bivariate and multivariate causality techniques are used to arrive at results. Results of the study provide fresh evidence for the existence of strong bidirectional causality between stock market volatility and the business cycle for all sample countries. In fact, this bidirectional causality was found to be strong when …

Skbi Big 5 Survey 2020 August, Singapore Management University

Sim Kee Boon Institute for Financial Economics

The COVID-19 pandemic led to whopping downward revisions to 2020 real GDP growth among the Big5 economies, on average greater than 7%-points (ranging from roughly 3.5%-points for China to more than 10%-points for India). The forecast revisions to headline inflation were less sizable and more uneven, perhaps because of the confluence of supply and demand influences. The 2021 median GDP forecast is expected to turn positive overall, with a balanced risk assessment for most of the Big5 (but a coin toss in IN and US), but the growth reversal is likely to be highly uneven. While China regains its prior …

Risk Control System Construction Of China’S Equity Crowdfunding Platforms: A Comparative Study On The Differences Between Equity Crowdfunding And Traditional Venture Capital Investment, Wentao Bai

Dissertations and Theses Collection (Open Access)

Equity crowdfunding is a new type of public financing activity realized by Internet technology with small single investments funds, which is different from traditional venture capital. It greatly solves the equity investment problem of middle-class people and the difficulties of small and medium-sized enterprises and start-ups in financing. It is also conducive to the construction of multi-level capital market, and the healthy development of national financial system. Due to the advantages of equity crowdfunding, the global equity crowdfunding market has developed rapidly in recent years. Unfortunately, China's formal legislation on equity crowdfunding has not been introduced yet. Each platform can …

China's Anti‐Corruption Campaign And Financial Reporting Quality, Ole-Kristian Hope, Heng Yue, Qinlin Zhong

Research Collection School Of Accountancy

We examine the impact of China’s anti-corruption campaign on firm-level financial reporting quality (FRQ). As an important component of the anti-corruption campaign, in October 2013, “Rule 18” was issued to prohibit party and government officials from serving as directors for publicly listed firms. The regulation led to a large number of official directors resigning from their roles as directors involuntarily. As such, Rule 18 has effectively weakened, if not fullydiscontinued, the political connections of the firms that previously hired officials as directors. Our empirical analyses employ a difference-in-differences research design with firm fixed effects and PSM to examine the pre- …

The Equifax Hack Revisited And Repurposed, Hal Berghel

Civil and Environmental Engineering and Construction Faculty Research

Reports on the recent indictments against Chinese hackers regarding Equifax.

The Power Of Investing To Alleviate Poverty, Zachary Sicher

Senior Honors Theses

Hundreds of millions of people across the world are affected by extreme poverty each day. At the same time, investing has generated more wealth than anything in the history of the world. Because of the great success of investing in generating wealth, there must be a way for investing to be used to assist in the alleviation of poverty. To examine this possibility, one must consider the root causes of poverty, the reasons for the success of investing, and how poverty is currently being alleviated, to effectively develop a way for investing to be used to help alleviate poverty.

Skbi Big 5 Survey 2020 February, Singapore Management University

Sim Kee Boon Institute for Financial Economics

On balance, our overall read of the latest multiyear Big5 survey results implies the following economy-at-risk scale (least to most): India, US, Euro Area, Japan and China (i.e., India’s economy might be least at-risk, while China is deemed to be most at-risk). Broadly, survey participants expect the risk assessment to GDP growth to be skewed to the downside in 2020 followed by a more balanced backdrop in 2021. But participants seem to be more divided, with most responses favoring “downside” or/and “balanced” risks, on the 2022 growth environment. The risks to headline inflation in 2020, however, appear to be more …

Financial Illiteracy And Pension Contributions: A Field Experiment On Compound Interest In China, Changcheng Song

Research Collection Lee Kong Chian School Of Business

I conduct a field experiment to study the relationship between peoples’ misunderstanding of compound interest and their pension contributions in rural China. I find that explaining the concept of compound interest to subjects increased pension contributions by roughly 40%. The treatment effect is larger for those who underestimate compound interest than for those who overestimate compound interest. Moreover, financial education enables households to partially correct their misunderstanding of compound interest. I structurally estimate the level of misunderstanding of compound interest and conduct a counterfactual welfare analysis: lifetime utility increases by about 10% if subjects’ misunderstanding of compound interest is eliminated.

“It’S Gonna Be Yuge”: The Impact Of Chinese Imports On United States Manufacturing Firm Valuations, Charles Mangum

CMC Senior Theses

Throughout the years there has been literature regarding the impacts of Chinese manufacturing on the United States economy. Much of the focus has been centered on macro-economic effects and not firm level impacts. Using trade exposure and data from publically traded manufacturing firms I provide an analysis of the potential effects of increased trade exposure in a highly competitive market. My research aims to measure the impacts of Chinese imports on United States manufacturing companies with low technological barriers to entry. When comparing trade exposure to firm level data I conclude that there is a negative correlation between investment levels …

Skbi Big 5 Survey 2019 August, Singapore Management University

Sim Kee Boon Institute for Financial Economics

On balance, our overall interpretation of the multiyear Big5 survey results implies the following economy-at-risk scale (least to most): India, China, US, Japan and Euro Area (i.e., India’s economy appears to be the least at-risk, while the Euro Area might be the most at-risk). Broadly, survey participants expect the risks to GDP growth to be tilted to the downside in 2019 and 2020 followed by a more balanced growth environment in 2021. But participants seem to lean toward a more balanced risk assessment on headline inflation from 2019 through 2021, with the exception of the Euro Area, where a modest …

Technology Directors And Firm Innovation, Yunhe Li, Yu Liu, Feixue Xie

Finance Faculty Publications

This study examines the influence of board directors with technological expertise on innovation using a panel of listed manufacturing firms in China from 2008 to 2017. The results show that technology directors positively affect firm innovation activities measured by R&D expenditure to sales ratio, invention patents applied for and granted, and utility model/design patents applied for and granted. The effect of technology directors on patents applied for and granted is weaker in firms with financial constraints and firms with CEO-chairman duality. Furthermore, independent technology directors show a stronger effect on invention patents granted than executive technology directors do.

Financial Repression In China: Short-Term Growth But Long-Term Crisis, Guangdong Xu, Michael Faure

Loyola of Los Angeles International and Comparative Law Review

No abstract provided.