Search

Using the sample of A-share listed firms in China from 2008 to 2019, we empirically test the spillover effect of violation punishment on the total factor productivity of director-interlocked firms. We find that violation punishment can significantly aggravate the violation of director-interlocked firms and preliminarily verify the spillover effect of violation punishment among director-interlocked firms. We also find that violation punishment will significantly reduce the total factor productivity of director-interlocked firms. The result is still stable after replacing the measurement method of total factor productivity, and its impact has a certain continuity, which can affect for two consecutive years. Further research shows that the R&D investment plays a mediation role between the violation punishment and the total factor productivity of the director interlocked firms. The violation punishment can reduce the R&D investment of the director-interlocked firms and then reduce the total factor productivity of the director-interlocked firms. In addition, after distinguishing the type of firm ownership, we find that compared with state-owned enterprises, violation punishment has a more significant inhibitory effect on the total factor productivity of private enterprises' director-interlocked firms. Based on the perspective of the director network, we investigate the spillover effect of violation punishment on the total factor productivity of director-interlocked firms, which provides a new theoretical perspective for the in-depth understanding of the economic consequences of violation punishment, improves the total factor productivity of listed firms, and has important theoretical and practical significance. [ABSTRACT FROM AUTHOR]

Marine ecological aquaculture is considered a robust scientific farming model, but it has not been widely promoted in China. Although some studies have examined stakeholders' interests in ecological transformation, few studies to date have analyzed the interaction mechanism of the stakeholders in ecological transformation. Therefore, drawing on evolutionary game theory, this study analyzed the different behavioral strategies and evolutionary mechanisms of the government, marine aquaculture farmers, and aquatic enterprises engaged in marine farming processes. Furthermore, a numerical simulation was conducted to evaluate the rationality of the theoretical model. The results show that several factors affected the ecological transformation of mariculture. Government subsidies reduced farmers' and aquatic enterprises' costs of adopting ecological farming. The government's increasing fines for aquaculture pollution slowed down the speed of the system to a stable point. The cost of adopting ecological farming by farmers and aquatic enterprises will affect their decision to adopt or invest in it. The increase in the market price of eco-aquatic products helped accelerate the ecological transformation of mariculture. The brand effect obtained by aquatic enterprises by investing in ecological farming helped increase participation to further improve this practice. In terms of policy implications, we recommend the promotion and guidance of marine aquaculture technology, government support and investment, environmental control of the aquaculture industry, and brand building of eco-aquatic products to transform and upgrade marine aquaculture farming. [ABSTRACT FROM AUTHOR]

How the macro-external environment, i.e., the uncertainty of economic policies, affects the peer effect of corporate investment and whether the ability of managers, as the main decision of corporate investment, affects the peer effect of enterprise investment is worthy of further study. This paper uses Baker's economic policy uncertainty index to obtain China's economic policy uncertainty index and uses the DEA-Tobit two-stage model to measure the ability of managers, combined with the relevant data of China's A-share listed companies from 2010 to 2020, to study the impact of economic policy uncertainty and managers' ability on corporate investment peer effect. We found that China's economic policy uncertainty increases the information acquisition cost of micro-firms and deepens the degree of information asymmetry, and firms are strongly motivated to learn or even imitate the investment decisions of enterprises in the same industry, thus intensifying the peer effect of investment. For enterprises of different nature, the economic policy uncertainty has a more significant impact on the investment peer effect of non-state-owned enterprises than state-owned enterprises. Compared with large enterprises, the impact of economic policy uncertainty on the investment cohort effect of small enterprises is more significant. Then, through group regression according to the median of managerial ability, we found that the investment peer effect is more obvious in enterprises with low management ability and the effect of economic policy uncertainty on investment peer effect is more significant in the sample with low management ability. Based on the empirical research conclusions, this paper puts forward the following suggestions: improve the corporate governance mechanism and the management ability of managers. In issuing economic policies, the government should be cautious and stable to reduce the uncertainty of economic policies. [ABSTRACT FROM AUTHOR]

The data of new urban investment bonds in cities from 2011 to 2021 to represent the growth of local government debt is used in this article. This paper studies the relationship between the increase of local government debt and the underinvestment of A-share listed enterprises, which are nonfinancial companies in China. The research finds that the increase in local government debt will crowd out the debt financing of enterprises and then significantly the degree of underinvestment of enterprises, which is represented non-state-owned enterprises, enterprises with high financing constraints, and enterprises with nonlocal debt invested in the industry. As for listed enterprises with relatively low fixed assets, the increase in local debt will further lead to the degree of underinvestment. The above conclusions remain unchanged after a series of robustness tests in this paper. Further research shows that the increase in local government debt will weaken the stimulus effect of loose monetary policy and thus affect the underinvestment of enterprises. This paper expands the research on the factors affecting the underinvestment of enterprises and deepens the research on the consequences of the influence of local government debt on the economic activities of microsubjects. [ABSTRACT FROM AUTHOR]

State-owned enterprise (SOE) reforms may play a vital role in R&D investment. This paper investigates the impact of mixed ownership reform of SOEs in China on R&D investment. Using a large sample of Chinese SOEs for the 2009–2018 period, we find that the reform has a positive effect on R&D investment. The result is robust to a battery of robustness tests and more prominent for firms with non-state-owned large shareholders holding more shares relative to state-owned large shareholders, and for firms with less stress from local officials pursuing political promotion. Furthermore, we find that to compensate for the adverse impact of R&D on the political promotion of the CEO, non-state-owned large shareholders allow the CEO to increase perk consumption. Our study suggests that the ongoing mixed ownership reform in China improves the SOEs' efficiency. [ABSTRACT FROM AUTHOR]

People's daily life heavily depends on energy. The core business of electric power enterprises is commercial energy sales. In the daily work of power enterprises, energy marketing is the most important field which will directly affect the development of enterprises. Although national macro-control exists as a useful way to control the energy market, it also increases the risk of the energy market. Nowadays, the development of the energy market is affected with the adjustment of industrial structure. In the energy market, China's power companies are state-owned enterprises and have their unique advantages for developing, but there are still some problems in risk awareness, which require us to take measures to control and prevent the impact risk. [ABSTRACT FROM AUTHOR]

Green innovation is an important way for enterprises to achieve high-quality economic development, and it is also the way to achieve the goal of double carbon. Green innovation has therefore become a research hotspot. With the acceleration of the digitalization process in equipment enterprises, intelligent manufacturing equipment enterprises located at the top of the industrial chain are in urgent need of green core technology innovation activities. In order to explore the internal mechanism of core green technology innovation, this research introduces reputation theory into the evolutionary game analysis process. By constructing an evolutionary game model between the government and intelligent manufacturing equipment enterprises, this research analyzes the dynamic factors that affect the selection and evolution of the main strategies of the players in the evaluation game. The results show that corporate reputation, core green technology innovation profit, government subsidies, government reputation, and the cost for the government to support core technology, among other factors, importantly affect the game between the government and the enterprises. At the same time, since both the government and the enterprises are affected by the initial state and the maximization of the interests of both sides of the game, it is difficult for them to spontaneously reach an ideal stable and balanced state through a virtuous circle. The greater the profits and the reputation premium the core green technology innovation brings to the enterprises, the more favorable it is for the enterprises to choose core green technology innovation; government subsidies within a certain range will also drive enterprises to choose core green technology innovation. When the value of enterprise core green technology innovation is low, the cost for the government to support core green technology innovation is lower, enterprises will lose more opportunities and decline in global competitiveness, and it will become more favorable for the government to evolve towards supporting core green technology innovation. On the contrary, the government will gradually transfer its tangible hand to the intangible hand of the market based on the consideration of subsidies, innovation costs, and reputation. The results of this research are intended to provide a theoretical basis and practical reference for Chinese intelligent manufacturing equipment enterprises to better achieve green core technology innovation. [ABSTRACT FROM AUTHOR]

Using data on China's A-share listed enterprises from 2012 to 2019, we investigate the impact of China's green finance reform and innovation pilot (GFRIP) policy on green innovation by the difference-in-difference (DID) method. The results show that the GFRIP policy has a significant role in promoting enterprises' green innovation. Heterogeneity analysis shows that the positive effect of the GFRIP policy on green innovation is only significant for heavily polluting enterprises, large enterprises, state-owned enterprises, and enterprises headquartered in regions with a low level of marketization. Debt financing is an important mechanism for the GFRIP policy to promote corporate green innovation; that is, the GFRIP policy alleviates corporate debt financing constraints and then promotes corporate green innovation. Our study provides theoretical and practical enlightenment for developing countries such as China to deepen reform of the green financial system and promote green innovation. [ABSTRACT FROM AUTHOR]

Based on the senior certified public accountants selected by the Chinese Institute of Certified Public Accountants and data drawn from China's A-share listed companies from 2014 to 2019, this study studies the influence mechanism of signing auditors' personal reputational promotion on corporate financing constraints. The results show that the improved reputation of signing auditors will help ease the financing constraints faced by companies. Moreover, compared with that of signing auditors from Big Four accounting firms, the improved reputation of signing auditors from non-Big Four firms has a more significant effect on alleviating the financing constraints of enterprises. In addition, private enterprises and small and medium-sized enterprises face more severe financing constraints than state-owned enterprises and large enterprises, and the reputational promotion of signing auditors can better alleviate the financing constraints of the former two types of enterprises. The research conclusions provide theoretical and data-driven support for constructing audit reputation mechanisms in China and improving the financing capabilities of enterprises. [ABSTRACT FROM AUTHOR]

In recent years, the "Belt and Road" Initiative (BRI) has paid more and more attention to practicing the concept of green development. The concept of green development in the BRI will help promote the active response to climate change in the regions along the route and maintain global ecological security and is of great significance to the green transformation and development of energy-intensive enterprises. Using company-level data from China over the 2011-2020 period, we provide a comprehensive analysis of the impact of the BRI on energy-intensive enterprise accounting conservatism. We find that BRI has decreased the energy-intensive enterprise accounting conservatism, and this result continues to hold after a series of robustness tests. We also examine the effect of the RBI on accounting conservatism across company types and ages and find that the BRI is beneficial to energy-intensive state-owned enterprises (SOEs) and young companies. Furthermore, analysis reveals that BRI changes the accounting conservatism of energy-intensive enterprises mainly through debt financing, tax burden, and legal environment channels. [ABSTRACT FROM AUTHOR]

Preferential access to scarce resources can bring competitive advantages and better performance to enterprises. However, the existing literature has a relatively single research path on the influencing factors of enterprise resource access, which has lack of sufficient research from the perspective of multidimensional environment. In particular, as an important factor affecting enterprises' access to external resources, few studies have given empirical results on the impact of political factors such as government structure on enterprise resource access. Preferential access to scarce resources can bring competitive advantages and better performance to enterprises. However, the existing literature has a relatively single research path on the influencing factors of enterprise resource access, which lacks sufficient research from the perspective of multidimensional environment. In particular, as an important factor affecting enterprises' access to external resources, few studies have given empirical results on the impact of political factors such as government structure on enterprise resource access. Through the discussion of multidimensional environmental factors, this paper can provide theoretical reference for the reform of government institutions and the establishment of good political relations between enterprises and the government. Focusing on the multidimensional environment of government structure, political relations, and enterprise resource acquisition, this paper takes 129 enterprises in Central China as samples and uses the structural equation model to empirically verify the relationship between the formalization of government structure, liaison mechanism, decentralization, and enterprise resource acquisition, especially the easing effect of political relations. The results show that the formalization of government structure is promoting enterprises to obtain policy resources and financial resources; the liaison mechanism helps enterprises to obtain financial resources and market resources; decentralization has a significant positive impact on enterprises' access to policy resources and market resources; and political connection magnifies the positive effect of government structure on enterprise resource acquisition, but there are differences in different dimensions. [ABSTRACT FROM AUTHOR]

Public finance plays an important role in the development and construction of the country. Public finance is derived from and used by the people. On the one hand, public finance mainly comes from national taxes and the income of some state-owned enterprises or state-owned assets. On the other hand, public finance is used for national infrastructure, military investment, scientific and technological research and development, national daily operation, and other expenses. Therefore, the state of public finance is closely related to people's lives, and it is also one of the basic symbols of a country's prosperity and strength. How to ensure that the country's public finance is in a good state, grasp the leverage balance of public finance revenue and expenditure, and avoid the situation of national "bankruptcy" is additional attention that the public finance department should pay in the process of operation. Therefore, we urgently need a set of public finance monitoring and early warning system that matches China's public finance operation mechanism and conforms to China's basic national conditions. At present, previous studies rely on the existing detailed data on public finance to measure the situation of China's public finance, but this method refers to fewer data and is not forward-looking enough. Therefore, this paper adopts a BP neural network algorithm to monitor and warn the situation of China's public finance based on computer big data. [ABSTRACT FROM AUTHOR]

China's 13th five-year plan puts forward the development concept of "green development" and takes the construction of green financial system as the development strategy, which shows that the concept of environmental governance and green development is becoming more and more important for national economic development. It is a major strategic task for China to build an environmental governance system dominated by the government and dominated by enterprises and implement the main responsibility of enterprise environmental governance. At present, the environmental supervision of local governments needs to be improved urgently. It is necessary to strengthen the production regulation of enterprises and promote the emission of "three wastes" up to the standard based on the principle of "polluter pays." The green development of enterprises is not only conducive to the improvement of their own "three effects" and corporate image but also has the external spillover effect of giants and is conducive to the construction of ecological civilization. Therefore, this study will focus on the collaborative governance in the field of environment, explore the ideal collaborative governance framework in the process of environmental collaborative governance, as well as the difficulties and optimization paths of collaboration, and put forward corresponding suggestions for the current environmental governance. [ABSTRACT FROM AUTHOR]

With the continuous expansion of global investment institutions, the development of the investment industry is gradually accelerating, but the risks behind the investment are also constantly increasing. Using the data of A-share companies in China's capital market from 2010 to 2019, this paper studies the impact of venture capital on corporate fraud. Empirical results show that venture capital holdings reduce the probability and frequency of corporate fraud. These findings remain robust after mitigating endogeneity using PSM, Heckman's two-step, one-step approach, suggesting a causal relationship between venture capital holdings and fraud reduction. Further research shows that the way venture capital holdings reduce corporate fraud is to suppress corporate fraud by improving the company's internal and external information environment. Furthermore, venture capital holdings play an important role in the governance of corporate disclosure fraud and operational fraud, but not in the governance of TMT fraud. In addition, the venture capital has better inhibitory effects on the supervision and governance of the fraud frequency of nonstate-owned enterprises compared with state-owned enterprises. The results of this research imply that venture capital shareholding plays an important role in preventing corporate fraud. This study contributes to the researches about the value-added role of venture capital and reveals the governance effect of venture capital on corporate fraud. Besides, it provides the theoretical evidence for capitals to better serve the real economy. [ABSTRACT FROM AUTHOR]

China's economic growth has entered "new normal," and the task of reducing carbon emissions has become more onerous. Hence, this study aimed to explore whether China's carbon emissions trading pilot policy stimulated corporate green innovation capabilities. The data pertained to the green patent data of the listed companies in Shanghai and Shenzhen stock exchanges during 2008-2018. Using a difference-in-difference-in-differences (DDD) method, the study took advantage of the variations across regions, across enterprises, and across years and obtained several novel findings. First, the pilot carbon emissions trading policy significantly stimulated the green innovation capabilities of emission control companies in the pilot areas compared with enterprises in nonpilot areas and the nonemission control list. Second, the effect of the policy on the improvement in corporate green innovation capabilities might be driven by the improvement in corporate input factor allocation efficiency and the additional benefits that could be obtained from the carbon trading market. Third, the positive effect of the policy on the green innovation capabilities of state-owned enterprises was more significant. Therefore, the establishment and promotion of a unified national carbon emissions trading market and supporting mechanisms should be accelerated to achieve the balance of stable economic growth and carbon emission task. [ABSTRACT FROM AUTHOR]

State-owned enterprises (SOEs) play an important role in China. During the transformation from a planned to a market economy, plenty of Chinese SOEs fell into trouble. Dalian machine tool group (DMTG) who was once a leading enterprise in the Chinese machine tool industry bankrupted in 2017. To explore the causes of its collapse, we employ the interpretative structural model (ISM) to investigate the reasons for its failures from multi-aspect and at different levels. The results indicate that the root cause of this bankruptcy is the top manager's mismanagement; the lack of a reasonable strategic positioning and long-term product planning are also important factors of DMTG's failure, and the problems of human resource management accelerated the bankruptcy. Findings provide lessons to be learned from the bankruptcy for SOEs and offer managerial insight into SOEs. [ABSTRACT FROM AUTHOR]

This paper uses the data of China's A-share listed companies in Shanghai and Shenzhen stock markets from 2003 to 2014 and takes the pilot emission trading policy in 2007 for a quasinatural experiment to explore the role of the pilot emission trading policy in promoting enterprises' green technology innovation. The empirical research shows a Porter effect in the emission trading system in China. Specifically, first, the emission trading policy can significantly promote enterprises' green technology innovation in pilot areas. In addition, the incentive effect of emission trading policy on green technology innovation is significantly different due to the types of green patents. Second, the incentive effect of emission trading policy on enterprises' green technology innovation is different due to the nature and scale of enterprises. The incentive effect is greater in state-owned enterprises than in non-state-owned enterprises, and it is greater in large-scale enterprises than in small-scale enterprises. Finally, the incentive effect of emission trading policy on enterprises' green technology innovation has heterogeneity of regions. It has the greatest incentive effect in eastern region, followed by western region and then central region. [ABSTRACT FROM AUTHOR]

Technological innovation is the source of generating new momentum. In the context of the financing constraints generally existing in China, it is particularly important to explore the impact of technological innovation investment on corporate financial risk, which also provides a risk identification perspective and development direction for enterprises. Based on the data of China's small and medium-sized listed companies from 2010 to 2019, and from the perspective of moderating effect of financing constraints, this paper uses multiple regression analysis method to test the impact mechanism of technological innovation investment on corporate financial risk and the moderating effect of financing constraints in both. The results show that technological innovation investment can significantly reduce corporate financial risk, while financing constraints can significantly improve the level of financial risk. Financing constraints play a moderating role in technological innovation investment and financial risk. Heterogeneity test found that, compared with large-scale enterprises, small-scale enterprises' technological innovation investment has a more significant impact on financial risk, and the moderating effect of financing constraints is also greater. Compared with private enterprises, state-owned enterprises' technological innovation investment has less impact on financial risk, and the moderating effect of financing constraints is not significant. [ABSTRACT FROM AUTHOR]

The effects of tax rate changes on corporations' earning management are not fully understood. As a transitional economy, China has listed companies with different ownership and special regulatory rules. We explore under the expectation of tax reduction whether there are differences in the way and degree of earnings management implemented by different types of companies. Our study shows that firms under the anticipation of tax reduction make use of earning management, including delaying sales, taking unusual income-decreasing discretionary accruals, and so on, which leads to lower income in higher tax rate period. We find that private enterprises have more attention to reduce earning in the higher tax rate period than state-owned enterprises (SOEs), indicating that the ownership has effect on the extent of earning management. Moreover, under the specific regulations in Chinese stock market, we find that for those listed companies with negative net profit in the previous year, the priority is how to reverse losses rather than tax saving. [ABSTRACT FROM AUTHOR]

High-tech enterprises, as the key subjects that can stimulate innovation vitality and promote innovation-driven development strategies in China, require government guidance for their innovative activities. However, the existing research has not answered the issue of how the government behavior activates the innovation ability of high-tech enterprises and what is the internal mechanism. As such, this paper takes government participation in high-tech enterprises as its research object, constructs an evolutionary game model of government participation in enterprise innovation, analyzes the internal mechanism of improvements to high-tech enterprises' innovation ability under government tax and fee policy incentives and regulatory measures, and uses MATLAB numerical simulation to verify the results. The research shows that (1) increasing the general corporate income tax rate and reducing the high-tech corporate income tax rate can promote the transformation of general enterprises into high-tech enterprises and encourage enterprises to engage in scientific and technological innovation activities. However, when the high-tech corporate income tax rate is lower than 0.1, the marginal effect will be reduced. (2) Increasing the deduction coefficient and amortization coefficient can make high-tech enterprises more motivated to participate in innovation activities and thus render enterprise innovation more lucrative. (3) Increasing administrative penalties from regulatory authorities can promote the development of innovative activities in high-tech enterprises, but their intensity must be controlled within a reasonable range. The presented results have reference value for the adjustment of tax and fee policies among high-tech enterprises. [ABSTRACT FROM AUTHOR]

Due to the demand for safety and convenience in traveling, self-driving technology has developed very fast in the past decades. In this paper, a novel technology forecasting model is developed. The topic-based text mining and expert judgment approaches are combined to forecast the technology trends efficiently and accurately. To improve the reliability of the results, multidimensional information including scientific papers, patents, and industry data is considered. Then, the model is utilized to forecast the development trends of self-driving technology in China. Data ranging from 2002 to 2019 are adopted with proper data cleaning. Topic clustering for papers and patents is performed, and the hierarchical structures are constructed. On this basis, the results of technology's evolution based on papers and patents are compared and the development trends are obtained. With these results, it is speculated that technology on "Decision" will be the next hotspot in patents. The research results of this paper will provide reference and guidance for Chinese enterprises and government in decision-making on self-driving technology. [ABSTRACT FROM AUTHOR]

Government subsidies (GSs) have triggered a remarkable increase in the production capacity of photovoltaic (PV) electricity in China. However, the lack of core technologies has limited PV enterprises' competitiveness in the global market. This research investigates the impacts of R&D subsidies and non-R&D subsidies on the innovation in PV enterprises. With samples of Chinese listed PV enterprises from 2010 to 2019, this study finds R&D subsidies exert a notable positive impact on the innovation in PV enterprises. In small and medium enterprises (SMEs) and enterprises without state-owned shares, both R&D subsidies and non-R&D subsidies have positive impacts on the innovation. Considering the policy orientation, R&D subsidies granted under demand-orientation policies promote the innovation in PV enterprises. The government should increase the amount of R&D subsidies, optimize the R&D subsidies' evaluation mechanism, and reasonably grant R&D subsidies from the demand side. [ABSTRACT FROM AUTHOR]

This article, titled "Retracted: Latest Lessons from the Bankruptcy of State-Owned Enterprises (SOEs) in China: An Interpretative Structural Model (ISM) Approach," has been retracted by Hindawi, the publisher, due to evidence of systematic manipulation of the publication process. The investigation revealed discrepancies in scope, description of the research, and availability of data, as well as inappropriate citations and incoherent content. Hindawi cannot vouch for the reliability of the article's content. Wiley and Hindawi have implemented additional measures to safeguard research integrity. The corresponding author has been given the opportunity to respond to the retraction. [Extracted from the article]

With the continuous improvement of the rare earth's international status, the status of rare Chinese earth has gradually become prominent all over the world. When China enjoys the advantages of large reserves of rare-earth resources, at the same time, Chinese rare-earth enterprises are lagging in technology and lacking innovation capabilities. The rare-earth industry is mainly concentrated on the separation and smelting process, which has an indelible impact on the ecological environment around the mine. Some scholars have carried out research on ecological restoration in mining areas, but there are few studies on interest subjects in ecological restoration work in mining areas, especially the research based on game theory is more scarce. This article constructs a trilateral evolutionary game model of the central, local governments, and mining enterprises. This article analyzes the impact mechanism of policy changes on the rare-earth mining industry and analyzes the three-party evolutionary game model by adjusting the values of external variables. The research shows that the central government's subsidies to local enterprises, the central government's performance evaluation to the government, the local government's punishment to enterprises, and the local enterprise's reproduction income are important factors that determine the evolution of the trilateral game. Therefore, the central government should strengthen the supervision of local governments and enterprises when formulating policies related to the rare-earth industry, and local governments should strengthen their own management and local environmental regulations. [ABSTRACT FROM AUTHOR]