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- 저자 : 리원시(Wen-Xi Li) (검색결과 1 건)
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글로벌 기업에 대한 환경보조금과 환경투자지출이 중국 기업의 수익성에 미치는 영향
리원시(Wen-Xi Li),황이(Yi Huang),김성환(Sung-Hwan Kim) 강원대학교 경영경제연구소 2021 Asia-Pacific Journal of Business Vol.12 No.3
Purpose - In this study, we investigate the effects of government environmental subsidies and the globalization Chinese firms on their profitability using return on assets (ROA). Design/methodology/approach - In this study, a merged data including accounting, financial market, subsidization of the Chinese governments, local and the central, and export activities of 19,563 year-firms, for those listed on Shanghai Stock and Shenzhen Stock Exchange for 11 years from 2008 to 2018 is used. We collect subsidy data from RESSET database and financial data from CSMAR database. Then, we empirically test the test hypotheses using fixed effects models (FEM) separately and in a simultaneous equation model (SEM). Findings Firstly, the globalization of Chinese firms has a negative impact on their profitability for some years after the year. Secondly, environmental subsidies just like other subsidies have ameliorating effects on financial performance for global firms. Such effects have lasted some years. Thirdly, environmental investments have a mostly negative impact on short- and long-term profitability for global firms. Lastly, the government s environmental subsidies in China have a positive effect on their profitability for both global and domestic firms. Research implications or Originality We can infer that environmental investments with the help of the governmental subsidies can help Chinese firms deploy global strategies to expand markets to surpass competitors in the long run despite worsening profitability in global markets in the short run.
ScienceON
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