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Fangzhao Zhou,Yajing Fu,Yunbi An,Jun Yang 연세대학교 동서문제연구원 2019 Global economic review Vol.48 No.1
This paper investigates the impacts of nongovernmental stake, ownership balance, and nonexecutive directors on bank performance and risk taking in city commercial banks (CCBs) in China. We find that ownership balance can improve CCBs’ financial performance and reduce their bankruptcy risk as well as nonperforming loan level. Nonexecutive directors can help reduce bankruptcy risk, but have no significant effect on performance or nonperforming loans. The impacts of ownership balance and nonexecutive directors become more prominent when the nongovernmental stake is relatively high, suggesting that mixed ownership reform can promote bank performance and risk control via these two avenues.
Wang Lei,Zhou Fangzhao,An Yunbi,Yang Jun 기술경영경제학회 2019 ASIAN JOURNAL OF TECHNOLOGY INNOVATION Vol.27 No.3
This paper analyzes the effects of corporate venture capital (CVC) and independent venture capital (IVC) backing on technological innovation and value creation in invested companies. Using data on Chinese listed companies, we show that CVC investment can induce higher firm value than can IVC investment. By considering different dimensions of complementary assets, technological fit, geographical proximity, and product market relations, we explore the mechanism through which CVC contributes to innovation and value creation in invested companies in China.