Content of Modemn Finance in our journal

Published in last 1 year |  In last 2 years |  In last 3 years |  All Please wait a minute... For Selected: Download Citations EndNote Ris BibTeX Toggle Thumbnails Select Green Finance, Analysts Focus and Financing Constraints Relief of New Energy Enterprises WANG Zhen-jie, LV Zhi-jun Contemporary Finance & Economics    2022, 0 (9): 52-63.   Abstract （226）            Knowledge map    Save Under the background of the goals of “Carbon Peaking and Carbon Neutrality”, how can the green finance play the guiding role in the development of the new energy enterprises has become an important subject. Unlike the existing literatures which focus on the availability of green credit for individual companies, this papertakes the top-down research logic from the active guidance of the government to the independent play of the enterprises and introduce the regional green finance development index as an exogenous variable, so as to examinethe relationship between green finance, analysts focus and financing constrains of the new energy enterprises. The findings show that green finance can alleviate the financing constraints of new energy companies, and thatanalystsfocus can play the role of “information transmission effect” and “supervising governance effect” in it. It is also found from further analysis that the green finance can significantly improve the level of capital investment and R&D investment of the new energy enterprises, but no significant impact on financial investment, without the risk of ridding of the reality to virtuality. Green finance can also significantly improve the quantity and quality of green innovations of the new energy enterprises. Therefore, the government should actively promote the reform of green finance, improve the supervision and restraint mechanism on financial institutions, strengthen the construction of the analyst teams, so as to support the development of new energy enterprises and accelerate the adjustment of energy structure. Reference | Related Articles | Metrics | Comments（0） Select Asset Portfolio Selection: The Role of Extreme Loss Constraints JIANG Chong-hui, ZHANG Jian-fu Contemporary Finance & Economics    2022, 0 (9): 64-74.   Abstract （126）            Knowledge map    Save It is of great theoretical value and practical significance to construct appropriate investment strategies to better deal with the impact of extreme risk events by taking the possibility of the occurrence of future extreme losses into account in the investment decision-making process. This paper builds and seeks solution to the asset portfolio selection model on the basis of extreme loss constraints. It conducts a numerical and empirical analysis by using the data of monthly return rateof the ten industry indexes of HS300 from January 2005 to August 2020, which extends the research of asset portfolio selection based on the underneath risk control. The result shows that the efficient portfolio based on the extreme loss constraints satisfies the K+2 fund separation theorem.The extreme loss constraints can increase the skewness of efficient portfolio returns at the expense of mean variance efficiency.The extreme loss constraints can also improve the out-of-sample average return and the Sharpe ratio of the minimum variance portfolio (MVP); the MVP with extreme loss constraints can deliver a higher net Sharpe ratio than the equal weight portfolio and the traditional MVP even if the transaction cost be taken into consideration. On account of this, the investors can consider to take the extreme loss constraints into the investment decision-making process, so as to obtain better investment performance with risk control. Reference | Related Articles | Metrics | Comments（0）