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RISS 인기검색어
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- 저자 : Wenxuan Gao(Wenxuan Gao) (검색결과 2 건)
- 무료
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Corporate Liquidity Risk: A Case Study on the Evergrande Group in China
Wenxuan Gao(Wenxuan Gao) 아시아무역학회 2022 Journal of Asia Trade and Business Vol.9 No.2
Purpose - Given that China Evergrande Group has recently been caught in a liquidity risk, the purpose of this study is to identify and assess its liquidity using traditional financial indexes. We analyze the reasons for the liquidity risk exposures, so as to provide practical implications for real estate companies. Design/Methodology/Approach - This study combines the principal-agent and the trade-off theories in order to analyze China Evergrande Group’s exposure to liquidity risk under the leverage effect. In addition, China Evergrande Group’s financial position is analyzed in depth, and its liquidity risk is defined and identified. Findings - The results show that under the high leverage effect, the company suffers from a high liquidity risk, and eventually falls into a financial crisis due to the shortage of cash for short-term debt accumulated in previous periods, and the long delay in returns on property sales. Research Implications - This study provides a new perspective for debt research by examining the leverage and liquidity risk of real estate-related enterprises. During the golden era of the real estate industry, real estate enterprises should uphold the principle of moderation in debt management, make reasonable use of financial leverage, clarify the strategic goal of diversification, and avoid credit risk.
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How Does Corporate Intelligence Level Affect Corporate Sustainability? Evidence from China
Wenxuan Gao(Wenxuan Gao),Shanyue Jin(Shanyue Jin) The International Academy of Global Business and T 2023 The International Academy of Global Business and T Vol.19 No.3
Purpose - Facing the backdrop of the digital economy and industrial transformation, China is interested in smart manufacturing to promote transformation, economic growth, and development. Executive characteristics when employing smart technology play an important role. This study aims to explore the relationship between various qualities and the sustainable development of enterprises. Design/Methodology/Approach - This study investigates the impact of corporate intelligence level on corporate sustainability in the digital economy era using a fixed-effects model with Chinese A-share listed companies from 2011 to 2020. It also explores the moderating roles of executive technical backgrounds, overseas backgrounds, and age on the impact of corporate intelligence level on corporate sustainability. Findings - The findings show that corporate intelligence level can contribute to sustainable development. Executive technical backgrounds, overseas backgrounds, and age have positive moderating effects on corporate intelligence level, which can contribute to sustainable development. Research Implications - This study indicates that enterprises will promote sustainable development if they place value on the qualities our findings have highlighted. Our study thus enriches the relevant research on smart manufacturing and sustainable development.
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