GROWTH SUFFICIENCY OF THE INDUSTRIAL INVESTMENT FUND FOR LOCAL GOVERNMENT IN HENAN, CHINA

Zhang Li, Jacquline Tham, S. M. Ferdous Azam

Abstract


This study aims to explore the determinants of sufficient growth of the Local Government Industrial Investment Fund in Henan, China. The industrial investment fund in China started with the development of an overseas investment fund. China has become the world’s second-biggest equity investment market. Industrial capital has thrived in recent years. In China, local government investment funds also have a broader role and importance and are becoming an important funding mechanism that local governments can function and encourage. This research methodologically constitutes a quantitative study. Another is the consequence, rather than explaining variables as a cause. Under the probability sampling design, the analysis uses the basic random sampling approach, using survey methods that include structured questionnaires. The result indicates that the local government’s industrial investment fund in Henan, China, would be an infrastructure for economic development.

Article visualizations:

Hit counter


Keywords


growth sufficiency, industrial investment fund, local government, Henan, China

Full Text:

PDF

References


Azam, S. M. F., Mohd Shukri, S., & Ab Yajid, M. S. (2020). The impact of dynamic factors on the successful implementation of SAP. International Journal of Psychosocial Rehabilitation, 24(7), 5366–5376. https://doi.org/10.37200/IJPR/V24I7/PR270497.

Azam, S. M. F. and Moha Asri A. (2015). Differential Roles between Owner and Manager in Financial Practice That Contributes to Business Success: An Analysis on Malaysian Small Business, Academic Journal of Interdisciplinary Studies, 4 (1 S2): 123-134

Azam, S. M. F., & Yusoff, S. K. M. (2020). Investment and financing analysis of automotive industry of China. International Journal of Psychosocial Rehabilitation, 24(7), 4848–4857. https://doi.org/10.37200/IJPR/V24I7/PR270464

Azam, S. M. F., Haque, A., Sarwar, A. and Anwar, N. (2014). Training Program Effectiveness of Service Initiators: Measuring Perception of Female Employees of Bank Using Logistic Approach, Asian Research Journal of Business Management, 1 (2): 98-108

Baker, M., & Wurgler, J. (2002). Market timing and capital structure. The Journal of Finance, 57, 1-30.

Berger, A. N., & Udell, G. F. (1998). The economics of small business finance: The roles of private equity and debt markets in the financial growth cycle. Journal of Banking and Finance, 22(6-8), 613-673.

Berger, A. N., and Udell, G. F. (1995). Relationship lending and lines of credit in small firm finance. Journal of Business. 68(3), 351-381.

Berk, J., & DeMarzo, P. (2014). Corporate Finance. 3rd Edition. New York, NY: Pearson.

Brigham, E. F. & Daves, P. R. (2004). Intermediate financial management. 8th ed. Mason, OH: South Western College.

Chen, J. J. (2004). Determinants of capital structure of Chinese-listed companies. Journal of Business Research, Issue 57, pp. 1341-1351.

Chen, J., & Strange, R (2005). The determinants of capital structure: Evidence from Chinese listed companies. Economic Change and Restructuring, 38, 11-35.

Chen, L. (2011). How the pecking-order theory explain capital structure. Journal of International Management Studies, 6, 1-9.

China Venture Capital Institute (2012). 2012 China Venture Capital Yearbook. Shenzhen: China Venture Capital Institute.

Chun, L., Tham, J. and Azam S. M. F. (2019). Corporate Competence Determining Factors in China Telecom Industry in Achieving Customer Satisfaction, European Journal of Management and Marketing Studies, 4 (3), pp.75-101

Collis, J., & Hussey, R. (2009). Business research: A practical guide for undergraduate & postgraduate students. Basingstoke, Hampshire UK: Palgrave Macmillan.

De Silva, A. D. A., Khatibi, A. and Azam, S. M. F. (2017). Do the Demographic Differences Manifest in Motivation to Learn Science and Impact on Science Performance? Evidence from Sri Lanka, International Journal of Science and Mathematics Education, 16(S1), 47–67

Dewi, N, Azam, S. M. F. and Yusoff, S. K. M. (2019). Factors influencing the information quality of local government financial statement and financial accountability, Management Science Letters, 9 (9): 1373-1384

Frank, M. Z., & Goyal, V. K. (2009). Capital structure decisions: Which factors are reliably important? Financial Management, 38(1), 1-37.

Gang, L. (2015). Developing contemporary Chinese Marxist political economics, Guangming Daily, December 2.

George, D., & Mallery, P. (2003). SPSS for Windows step by step: A simple guide and reference

Gu, Q., & Lu, X. (2014). Unraveling the mechanisms of reputation and alliance formation: A study of venture capital syndication in China. Strategic Management Journal, 35(5), 739-750.

Hailiang, G. (2016). Opening up new realms of Marxist political economics in contemporary China, Economic Research Journal, No. 1.

Hair, J. F., Black, W. C., Babin, B. J., & Anderson, R. E. (2010). Multivariate Data Analysis, seventh edition. Upper Saddle River, New Jersey: Prentice Hall.

Hamid, Y. (2014). Culture and corruption. International Journal of Growth Issues, 13(1), 5- 21.

Haur, C. H., Khatibi, A. and Azam, S. M. F. (2017). Antecedents of Consumers’ Perception towards Online Advertising in Malaysia: The Structure Equation Modeling Approach, European Journal of Management and Marketing Studies, 2 (3): 15-30

Huang T. (2018). Economic theory innovation and China’s growth practice, China Political Economy, Vol. 1 Issue: 1, pp.55-66,

Jinju, P. (2016a). Nationality and worldliness of socialist political economics with Chinese characteristics, Economic Research Journal, No. 10.

Jinju, P. (2016b). Outline of political economics with Chinese characteristics, China Review of Political Economics, No. 5.

Jinping, X. (2015). Our work must be based on China’s specific conditions and China’s growth practices, and we must developing contemporary Chinese Marxist political economics, Xinhuanet, November 24.

Jinping, X. (2016). Speech at the symposium on philosophy and social sciences, Xinhuanet, May 18.

Kaplan, R. S. & Norton, D. P. (2000). The Strategy Focused Organization: How Balanced Scorecard Companies Thrive in the New Business Environment. Harvard Business School Press, Boston, MA.

Katukurunda, K. G. W. K., Yajid, S. M. A, Khatibi, A. and Azam, S. M. F. (2019). Students’ Satisfaction towards Biosystems Technology; Does Programme Quality Matters? (Evidence from Sri Lankan Perspectives), European Journal of Open Education and E-learning Studies, 3 (2): 174-190.

Klein, L. S., O’brien, T. J., & Peters, S. R. (2002). Debt vs. Equity and Asymmetric.

Kline, R. B. (2011). Principles and practice of structural equation modeling. New York, NY: Guilford.

Kothari, C. R. (2004). Research Methodology: Methods and Techniques. 2nd Edition, New Age International Publishers, New Delhi.

Kuruwitaarachchi, N., Yajid, S. M. A, Khatibi, A. and Azam, S. M. F. (2019). Enhance the use of Internet Based Advanced Communication Technologies in Small and Medium Scale Enterprises in Sri Lanka, European Journal of Social Sciences Studies, 3 (2): 44-57

Li, K., Griffin, D., Yue, H., & Zhao, L. (2011). National culture and capital structure decisions: Evidence from foreign joint ventures in China. Journal of International Business Studies, 42(4), 477-503.

Li, K., Yue, H., & Zhao, L. (2009). Ownership, institutions, and capital structure: Evidence from China. Journal of Comparative Economics, 37(3), 471-490.

Lin, Jing and Zheng, Steven Xiaofan and Zhou, Mingshan, Informed Trading by Mutual Funds after Private Placement: Evidence from China (February 9, 2018). Available at SSRN: https://ssrn.com/abstract=3121351 or http://dx.doi.org/10.2139/ssrn.3121351

Lisboa, I. (2017). Capital structure of exporter SMEs during the financial crisis: evidence from Portugal. European Journal of Management Studies, 22(1):25-49

Liu, M. M., Zhang, J. A., & Hu, B. (2006). Domestic VCs versus foreign VCs: A close look at the Chinese venture capital industry. International Journal of Technology Management, 34(1-2), 161-184.

Lucey, B. M., & Dowling, M. (2013). Cultural Behavioral Finance in Emerging Markets. Emerging Markets and the Global Economy: A Handbook, 327.

Luigi, P., & Sorin, V. (2009). A Review of the Capital Structure Theories. Annals of Faculty of Economics, 3(1), 315–320.

Luther, C, Fortuin, L & Wouters, M. (2005). Designing a performance measurement system: a case study. European Journal of Operational Research, 156 (2), 267- 286.

Maghfuriyah, A., Azam, S. M. F. and Shukri, S. (2019). Market Structure and Islamic Banking Performance in Indonesia: An Error Correction Model, Management Science Letters, 9 (9): 1407-1418

Neuman, W. L. (2011). Social Research Methods: Qualitative and Quantitative Approaches. D. Musslewhite Ed. 7th Edition. USA: Allyn and Bacon.

Nguyen, H. N., Tham, J, Khatibi, A. and Azam, S. M. F. (2019). Enhancing the Capacity of Tax Authorities and its Impact on Transfer Pricing Activities of FDI Enterprises in Ha Noi, Ho Chi Minh, Dong Nai, and Binh Duong Province of Vietnam, Management Science Letters, 9 (8): 1299-1310

Olaniyi, Taiwo A., Muyideen O. E., & Tunde S. A. (2015). Impact of Capital Structure On Corporate Performance: A Pre And Post Crisis Evaluation Of Selected Companies In Us, International Journal Of Accounting Research, Vol (2): 1-20

Pallant, J. (2011). SPSS survival manual: A step by step guide to data analysis using SPSS. McGraw- Hill International.

Pambreni, Y., Khatibi, A., Azam, S. M. F. and Tham, J. (2019). The Influence of Total Quality Management toward Organization Performance, Management Science Letters, 9 (9): 1397-1406

Rachmawati, D., Shukri, S., Azam, S. M. F. and Khatibi, A. (2019). Factors Influencing Customers’ Purchase Decision of Residential Property in Selangor, Malaysia, Management Science Letters, 9 (9): 1341-1348

Sekaran, U. & Bougie, R. (2016). Research Methods for Business: A Skill Building Approach. 7th Ed., New York, John Wiley & Sons Ltd.

Shi, S. (2016). China Venture Group NEEQ year report (2015). Beijing: China Venture Institute.

Tham, J., Yazid, M. S. A, Khatibi, A. A. and Azam, S. M. F. (2017). Internet and Data Security – Understanding Customer Perception on Trusting Virtual Banking Security in Malaysia, European Journal of Social Sciences Studies, 2 (7): 186-207

Udriyah, U., Tham, J. and Azam, S. M. F. (2019). The Effects of Market Orientation and Innovation on Competitive Advantage and Business Performance of Textile SMEs, Management Science Letters, 9 (9): 1419-1428.

Wang, H., Zweig, D. and Lin, X. (2011). Returnee entrepreneurs: impact on China’s globalization process, Journal of Contemporary China, Vol. 20 No. 70, pp. 413-431.

Wang, R., Rafiq, M., Li, X. and Zheng, X. (2014). Entrepreneurial preparedness: an exploratory case study of Chinese private enterprises, International Journal of Entrepreneurial Behavior & Research, Vol. 20 No. 4, pp. 351-274.

Wang, S. D. (2003). The Growth of E-Financing: Implications for SMEs. Bulletin on Asia-Pacific Perspective 2003/2004, United Nations.

Wu, J. and Ma, Z. (2018). Misfit or xenophillia: the impact of oversea work experiences on returnee entrepreneurs’ venture capital funding in China, Nankai Business Review International, Vol. 9 No. 1, pp. 19-32.

Wu, J. Song, J. & Zeng, C. (2008). An empirical evidence of small business financing in China. Management Research News, vol. 31, no. 12, pp. 959-975.

Yang, Z. Z., Tham, J. and Azam S. M. F. (2019). Negative Psychological Factors and Online Shopping Behaviour: A Review Among College Students at Tongren City in China, European Journal of Management and Marketing Studies, 4 (4), pp.40-58

Yau, J., Lau, E. & Liwan, A. (2008). Do Malaysia Firms Practice the Pecking Order Theory in Their Capital Structure? Proceedings of the MFA Annual Conference, 2008.

Ying, Y, Albaity M. & Zainir, F. (2016). Determinants of Capital Structure: A Comparison between Industrial and Consumer Sectors in China. Asian Journal of Business and Accounting, 9(2).

Yinxing, H. (2016). Building a theoretical system of socialist political economics with Chinese characteristics based on innovative theory, Economic Research Journal, No. 4.




DOI: http://dx.doi.org/10.46827/ejpss.v4i1.962

Refbacks

  • There are currently no refbacks.


Copyright (c) 2020 Zhang Li, Jacquline Tham, S. M. Ferdous Azam

Creative Commons License
This work is licensed under a Creative Commons Attribution 4.0 International License.

The research works published in this journal are free to be accessed. They can be shared (copied and redistributed in any medium or format) and\or adapted (remixed, transformed, and built upon the material for any purpose, commercially and\or not commercially) under the following terms: attribution (appropriate credit must be given indicating original authors, research work name and publication name mentioning if changes were made) and without adding additional restrictions (without restricting others from doing anything the actual license permits). Authors retain the full copyright of their published research works and cannot revoke these freedoms as long as the license terms are followed.

Copyright © 2017 - 2023. European Journal Of Political Science Studies (ISSN 2601-2766) is a registered trademark. All rights reserved.

This journal is a serial publication uniquely identified by an International Standard Serial Number (ISSN) serial number certificate issued by Romanian National Library. All the research works are uniquely identified by a CrossRef DOI digital object identifier supplied by indexing and repository platforms. All the research works published on this journal are meeting the Open Access Publishing requirements and standards formulated by Budapest Open Access Initiative (2002), the Bethesda Statement on Open Access Publishing (2003) and  Berlin Declaration on Open Access to Knowledge in the Sciences and Humanities (2003) and can be freely accessed, shared, modified, distributed and used in educational, commercial and non-commercial purposes under a Creative Commons Attribution 4.0 International License. Copyrights of the published research works are retained by authors.