Chinese ODI firms have a prominent tendency for debt financing, overreliance on which has accumulated a dangerously high level of credit risk. In this paper, based on a theoretical model of information economics, we investigate the micro - mechanism of firms＇ overreliance on debt when firms have private information about their project riskiness, by analyzing the equilibrium debt level that maximizes firms＇ expected profit and the socially equilibrium debt level that can maximize social welfare. It is found that the problem of debt overreliance is more severe if the financed projects are riskier, or if host country risk is higher, or if firms are imposed on a higher tax rate. Our findings are helpful to put forward useful suggestions from this respect for our financial supporting policy system to promote Chinese ＂Belt and Road＂ firms to better conduct international investments.
Based on obiective reasons for emotional transactions, this paper investigates the role of accounting information in the decrease in emo- tional premiums of new shares under the IPO background. It arrives at the following conclusions： firstly, high-quality accounting information can sig- nificantly reduce the effect of market sentiment on IPO initial returns, show- ing that information asymmetry is an important reason for the emergence of emotional transactions and then their effects on stock prices; secondly, the role of accounting information abovementioned in a bull market or in a pri- cing marketization period is significant, but the one in a bear market or in a pricing control period is not significant, showing that investor attention and the marketization of issuance mechanism are the premise of the effective role of accounting information.