Overseas operations and corporate financial asset allocation  

作　　者：Shangkun Liang Yuhao Niu Sichao Wang Chun Yuan 

机构地区：[1]Central University of Finance and Economics,China [2]Beijing Foreign Studies University,China

出　　处：《China Journal of Accounting Research》2024年第4期24-53,共30页中国会计学刊（英文版）

基　　金：support from the National Natural Science Foundation of China(72272164,71872196,72272169);the National Social Science Foundation of China(23&ZD060,21&ZD145,19ZDA098).

摘　　要：Using data on Chinese listed companies for 2008-2018,we find that firms participating in overseas operations,proxied by overseas subsidiaries,generally have higher financial asset allocations than other firms.At the micro level,the effects are more pronounced when the parent company faces serious financing constraints,has no overseas returned executives,has a business that is inconsistent with that of its overseas subsidiaries and has overseas subsidiaries that experience losses.At the macro level,the effects are more pronounced when overseas operations are in OECD and Belt and Road countries,or in areas with higher economic or political risks and greater investment opportunities.Financial asset allocation helps mitigate cash flow fluctuations and operational risks for multinational firms.This study advances research on the determinants of financial asset allocation and has implications relevant to the Chinese government’s“Go Global”and Belt and Road strategies and its efforts to realize a developed financial sector to service the Chinese economy.

关 键 词：Overseas Operations Financial Asset Allocation Overseas Subsidiaries Physical Investment Risk Aversion 

分 类 号：F271[经济管理—企业管理] F275[经济管理—国民经济] F832.51