arXiv subjects

Da-ming You

Publications and source records attributed to Da-ming You.

3 recordsLinked to original sources

arXiv2021

Will enterprise digital transformation affect diversification strategy?

This paper empirically examines the impact of enterprise digital transformation on the level of enterprise diversification. It is found that the digital transformation of enterprises has significantly improved the level of enterprise diversification, and the conclusion has passed a series of robustness tests and endogenous tests. Through mechanism analysis, we find that the promotion effect of enterprise digital transformation on enterprise diversification is mainly realized through market power channel and firm risk channel, the pursuit of establishing market power, monopoly profits and challenge the monopolistic position of market occupiers based on digital transformation and the decentralization strategy to deal with the risks associated with digital transformation are important reasons for enterprises to adopt diversification strategy under the background of digital transformation. Although the organization costs channel, transaction costs channel, block holder control channel, industry type and information asymmetry channel have some influence on the main effect of this paper, they are not the main channel because they have not passed the inter group regression coefficient difference test statistically.

econ.GN↗

arXiv2021

Margin trading, short selling and corporate green innovation

This paper uses the panel data of Chinese listed companies from 2007 to 2019, uses the relaxation of China's margin trading and short selling restrictions as the basis of quasi experimental research, and then constructs a double difference model to analyze whether the margin trading and short selling will encourage enterprises to engage in green technology innovation activities. Firstly, our research results show that after the implementation of the margin trading and short selling, the green technology innovation behavior of pilot companies will increase significantly. We believe that the short selling threat and pressure brought by short selling to enterprises are the main reasons for pilot enterprises to engage in green technology innovation. Secondly, the empirical results show that the implementation of margin trading and short selling will significantly promote the quantity of green technology innovation of pilot enterprises, but will not significantly promote the quality of green technology innovation of pilot enterprises. Furthermore, we analyze the difference of the impact of margin trading and short selling on the quantity of green technology innovation of pilot enterprises in different periods. Finally, we find that the performance decline, yield gap between financial assets and operating assets, the risk of stock price crash, management shareholding, institutional shareholding ratio, product market competition, short selling intensity, margin trading intensity and formal environmental regulation intensity will affect the role of policy in promoting green technology innovation of pilot enterprises.

econ.GN↗

arXiv2021

"Stabilizer" or "catalyst"? How green technology innovation affects the risk of stock price crashes: an analysis based on the quantity and quality of patents

To explore the relationship between corporate green technological innovation and the risk of stock price crashes, we first analyzed the data of listed companies in China from 2008 to 2018 and constructed indicators for the quantity and quality of corporate green technology innovation. The study found that the quantity of green technology innovation is not related to the risk of stock price crashes, while the quality of green technology innovation is negatively related to the risk of stock price crashes. Second, we studied the impact of corporate ownership on the relationship between the quality of green technological innovation and the risk of stock price crashes and found that in nonstate-owned enterprises, the quality of green technological innovation is negatively correlated with the risk of a stock price collapse, while in state-owned enterprises, the quality of green technological innovation and the risk of a stock price collapse are positive and not significant. Furthermore, we studied the mediating effect of the number of negative news reports in the media of listed companies on the relationship between the quality of corporate green technology innovation and the stock price crash and found that the quality of green technology innovation is positively correlated with the number of negative news reports in the media of listed companies, while the number of negative news reports in the media of listed companies is positively correlated with the risk of a stock price collapse. Finally, we conducted a DID regression by using the impact of exogenous policy shocks on the quality of green technology innovation, and the main results passed the robustness test.

econ.GN↗