Objective To study the causal relationship between R&D investment and enterprise performance of domestic pharmaceutical enterprises.Methods Panel data model was adopted for empirical analysis.Results and Conclusio...Objective To study the causal relationship between R&D investment and enterprise performance of domestic pharmaceutical enterprises.Methods Panel data model was adopted for empirical analysis.Results and Conclusion Increasing the R&D investment intensity of pharmaceutical enterprises in the Yangtze River Delta and Zhejiang by 1%will increase their profit margins by 0.79%and 0.46%.On the contrary,if the profit margin increases by 1%,the R&D investment intensity will increase by 0.25%and 0.19%.If the profit margin of pharmaceutical enterprises in Beijing,Tianjin,Hebei,Chengdu,Chongqing and other regions increases by 1%,the R&D investment intensity will increase by 0.14%,0.07%and 0.1%,respectively,which are lower than those in the Yangtze River Delta and Zhejiang.The relationship between R&D investment and enterprise performance of pharmaceutical enterprises in the Yangtze River Delta and Zhejiang Province is Granger causality,showing a two-way positive effect.Profits and R&D investment of pharmaceutical enterprises in Beijing,Tianjin,Hebei,Chengdu,Chongqing and other regions are also Granger causality.But in the Pearl River Delta,profits and R&D investment have not passed the stability test,it is impossible to determine the causality between them.展开更多
The development of the new energy vehicle industry has become a key force driving the goals of carbon peak and carbon neutralization.To better guide future strategies,this study investigates the dual impact of subsidy...The development of the new energy vehicle industry has become a key force driving the goals of carbon peak and carbon neutralization.To better guide future strategies,this study investigates the dual impact of subsidy and dual-integral policies on the performance of new energy vehicle enterprises.This study first theorizes the influential mechanism according to the institutional-based approach and technical innovation theory,and then collects data from listed companies in the new energy vehicle industry from 2016 to 2020.The hypotheses are examined using a two-way fixed-effects model.The findings show that:(1)subsidy policies are can still improve enterprise performance,but not through green technology innovation;(2)the dual-credit policy can improve enterprise performance through green technology innovation;and(3)under current policy conditions,with subsidies declining annually,the interaction effects between the subsidy and dual-integral policies will also decrease.Thus,this study suggests that non-monetary industrial policy,represented by the dual credit policy is a more effective alternative to government subsidies.展开更多
Studying the impact of business convergence on enterprise performance can provide empirical basis for enterprises to formulate the integrated development strategy.The business convergence degree of 28 listed tourism c...Studying the impact of business convergence on enterprise performance can provide empirical basis for enterprises to formulate the integrated development strategy.The business convergence degree of 28 listed tourism companies was measured by Herfindahl index,and the impact of business convergence on business performance and the moderating effect of enterprise innovation ability were discussed.The results showed that the business convergence level of listed tourism companies varied greatly.Business convergence had a significant positive impact on short-term profitability of tourism enterprises,and a significant negative impact on the growth of enterprises.Innovation ability had a positive moderating effect on the impact of business convergence on enterprise profitability,but had no significant moderating effect on the impact of business convergence on enterprise growth.The results suggest that at the present stage,the business convergence of listed tourism companies is helpful to improve the profitability of enterprises in the short term,but it does not significantly promote the long-term growth of enterprises.展开更多
We used the latest database of Chinese industrial enterprises to make an empirical test of the relationship between the SO_(2)emissions trading pilot(ETP)policy implemented in 2007 and enterprise performance based on ...We used the latest database of Chinese industrial enterprises to make an empirical test of the relationship between the SO_(2)emissions trading pilot(ETP)policy implemented in 2007 and enterprise performance based on a difference-in-difference(DID)method since the ETP policy tends to be a“quasi-natural experiment.”The empirical results show that the ETP policy has a significant promotion effect on enterprise performance,which provides evidence supporting the“Porter hypothesis”in China.Heterogeneous regression results show that ETP policies play a vital role in promoting development in heavily polluting industries,state-owned enterprises,and central regions.The test results of the mechanism demonstrate that the ETP policy has two mechanisms to affect enterprise performance:“improving the total factor productivity of the enterprise”and“increasing the extra cost of the enterprise.”There are two policy implications of our research:first,government departments should strive to explore and implement relevant market-based environmental regulations and policies;second,government departments should vigorously support small and medium-sized enterprises and backward areas in the west while focusing on heavily polluting industries and making the best use of environmental regulations in pollution control,which are the key points for China to win the defense of the blue sky.展开更多
In recent years, with the outbreak of epidemic infectious diseases and the increasing political and economic uncertainty, should enterprises make strategic changes in response to environmental changes in a timely mann...In recent years, with the outbreak of epidemic infectious diseases and the increasing political and economic uncertainty, should enterprises make strategic changes in response to environmental changes in a timely manner or maintain strategic consistency under the circumstances of increasing environmental dynamics? From the perspective of contingency, this paper studies the impact of corporate strategic changes on enterprises in the context of environmental dynamics, and conducts an empirical study on manufacturing enterprises listed in A shares from 2008 to 2020. It is found that corporate strategic changes in the context of environmental dynamics are beneficial to corporate performance, but also bring financial volatility.展开更多
Under the background of digital economy, this paper discusses how enterprises can improve their performance through open innovation, which is also an important issue facing enterprises at present. Firstly, the paper d...Under the background of digital economy, this paper discusses how enterprises can improve their performance through open innovation, which is also an important issue facing enterprises at present. Firstly, the paper discusses the current situation of the impact of open innovation on corporate performance, such as the positive and negative impact of open innovation on corporate performance, and the "inverted U" quadratic curve of the relationship between open innovation and corporate performance. On this basis, taking xxx company as an example, this paper deeply analyzes the existing problems of the impact of open innovation on corporate performance, and how to solve these problems to improve corporate performance. It is expected that this article will provide a new view on the academic topic of open innovation and corporate performance in the digital economy.展开更多
With the deepening of reform and development and the development of market economy, the market environment faced by enterprises is becoming more and more complicated, and the competitive pressure among enterprises is ...With the deepening of reform and development and the development of market economy, the market environment faced by enterprises is becoming more and more complicated, and the competitive pressure among enterprises is becoming more and more intense. As the core talent element of enterprise management, senior management team is responsible for formulating enterprise strategy and leading enterprise development. The ability level of senior management team members directly determines the strategic decision direction and organizational performance of the company. In order to improve the positive impact of the heterogeneity of senior management team on corporate performance, this paper combs the related theories of the heterogeneity of senior management team and corporate performance, analyzes the impact of the heterogeneity of senior management team on organizational performance, and discusses how to improve corporate performance through the heterogeneity of senior management team, and puts forward feasible measures.展开更多
Economic development is bound to move towards a rapid and progressive direction. Its scope ranges from large to small and its process ranges from simple to complicated. While facing globalization and collectivization,...Economic development is bound to move towards a rapid and progressive direction. Its scope ranges from large to small and its process ranges from simple to complicated. While facing globalization and collectivization, enterprises have to deal with severe challenges. Financial sharing service has become a new choice in the new era. In this paper, financial indicators analysis, literature review, empirical analysis and comparative analysis are used to study the impact of financial sharing services on corporate performance. Finally, it is concluded that financial sharing services have significant impact on corporate performance.展开更多
EVA as a new type of performance evaluation indicators, to overcome the limitation of the traditional accounting profit performance evaluation index, in the calculation of the cost of capital for companies, not only t...EVA as a new type of performance evaluation indicators, to overcome the limitation of the traditional accounting profit performance evaluation index, in the calculation of the cost of capital for companies, not only to consider the cost of debt capital, but also consider the cost of equity capital, reasonable and objective evaluation of the performance of business, reflect the real value creation, meet the shareholder wealth maximization financial goals. This paper introduces the meaning and calculation method of EVA, focused on the analysis of the advantages of EVA performance evaluation, and also points out some limitations of EVA, in the hope that after the practice can improve continuously.展开更多
The rapid development of the digital economy profoundly impacts global industries,presenting both opportunities and challenges for traditional sectors like petroleum.This study investigates the impact of the digital e...The rapid development of the digital economy profoundly impacts global industries,presenting both opportunities and challenges for traditional sectors like petroleum.This study investigates the impact of the digital economy on the performance of Chinese petroleum enterprises,focusing on the mediating role of total factor productivity(TFP).Utilizing panel data from Chinese petroleum firms(2018–2023),we construct a macro digital economy development index(using the entropy method)and a micro-level enterprise digital transformation index.Empirical analysis employs panel data models and mediation effect models.Findings reveal that regional digital economy development significantly positively affects firms’Tobin’s Q(coefficient=0.516).Enterprise digital transformation significantly enhances Return on Equity(ROE)(coefficient=27.456).Mediation tests confirm that TFP partially mediates the relationship between digital transformation and firm performance.Heterogeneity analysis shows differences based on ownership:regional digital economy development has a slightly stronger effect on state-owned enterprises’(SOEs)market value,while its effect is statistically more significant for private enterprises.Conversely,digital transformation boosts ROE more significantly in private firms.The study concludes with policy recommendations,including promoting digital governance reform in SOEs,increasing support for private firms’digitalization,building a digital technology innovation ecosystem to enhance TFP,and optimizing digital investment structures for better capital market recognition.展开更多
Digital transformation provides companies with a productive approach to transforming and upgrading enterprise resources and capabilities and to exploiting external subject forces to unleash and magnify their potential...Digital transformation provides companies with a productive approach to transforming and upgrading enterprise resources and capabilities and to exploiting external subject forces to unleash and magnify their potential,thus advancing high-quality enterprise development.Therefore,using regression analysis of the data of China’s non-financial listed firms from 2007‒2019 obtained by Python,this paper finds that digital transformation has enormously improved enterprise performance.Furthermore,digital transformation has powerfully boosted supply chain integration,which has played a mediation role in the impact of digital transformation on enterprise performance.Finally,entrepreneurship plays a positive moderating effect on enterprise performance through supply chain integration during digital transformation.The further heterogeneity analysis finds that digital transformation performs better in large,public,state-owned,mature,and non-manufacturing(service industry)enterprises.However,the positive effect of digital transformation on enterprise performance and supply chain integration is not significant in small and medium-sized enterprises.Therefore,supply chain integration cannot play a mediating role in the impact of digital transformation of manufacturing enterprises upon their performance.This paper probes the realization mechanism and micro-foundation of digital transformation,and its conclusion contributes to high-quality digital transformation.展开更多
The outbreak of novel coronavirus pneumonia has affected almost all industries and enterprises.This paper analyzes the impact of the epidemic on the macro economy through GDP and other indicators,analyzes the impact o...The outbreak of novel coronavirus pneumonia has affected almost all industries and enterprises.This paper analyzes the impact of the epidemic on the macro economy through GDP and other indicators,analyzes the impact of the epidemic on the overall business performance of the enterprises through the asset turnover speed index of the above scale industrial enterprises,and analyzes the impact of the epidemic on the net profit of the listed companies through the first quarter performance forecast of the listed companies.At last,the paper puts forward that enterprises should improve their awareness and ability to resist risks.展开更多
Objective To explore the influence of new drug R&D investment and sales expense on the performance of biomedical enterprises.Methods The financial statements of 76 listed biomedical enterprises for 5 consecutive y...Objective To explore the influence of new drug R&D investment and sales expense on the performance of biomedical enterprises.Methods The financial statements of 76 listed biomedical enterprises for 5 consecutive years were selected,and the data were modeled to study the effect of R&D investment and sales expense on the performance of biomedical enterprises by using financial indicators as tools and statistical methods of multiple linear regression.Results and Conclusion Under the premise that the weak related factors such as enterprise scale,life cycle and asset-liability ratio are set as unrelated variables,the R&D investment intensity of biomedical enterprises is negatively correlated with the current performance,which also shows that the R&D of biomedical enterprises has the characteristics of high risk.Besides,the influence of early R&D investment is delayed.However,the sales expense of leading biomedical enterprises with large scales have higher proportion.Meanwhile the greater sales expense of the same enterprise in different periods,the better the enterprise performance is.Biomedical enterprises should consider their own development stage to develop more patented drugs.Besides,they must formulate plans for allocating reasonable sales personnel and cost expense to ensure that enterprises can obtain better benefits.展开更多
A typical privately-run enterprise has a mixed ownership structure with. four predominant groups of shareholders the state, legal persons, domestic individuals, and foreign investors. This paper gives an empirical ana...A typical privately-run enterprise has a mixed ownership structure with. four predominant groups of shareholders the state, legal persons, domestic individuals, and foreign investors. This paper gives an empirical analysis on the relationship among ownership concentration, insider shareholding and firm performance in nearly one thousand Chinese privately-run enterprises. The results show： the ownership concentration ratio and the percentage of insider shareholding are ＇inverse U--shaped＇ related to finn performance, respectively, the debt-to-asset ratio is negative related to finn performance, the firm size is positive related to firm performance.展开更多
To explore the process mechanism of digital innovation in manufacturing enterprises to promote enterprise performance and to reveal its synergistic,diffusion,and value-added effects,as well as the contextual effects o...To explore the process mechanism of digital innovation in manufacturing enterprises to promote enterprise performance and to reveal its synergistic,diffusion,and value-added effects,as well as the contextual effects of continuous digital investment,this study categorizes digital innovation into three types:efficiency-based,novelty-driven,and convergence-oriented.Furthermore,digital capability is classified into three dimensions:digital collaboration capability,digital innovation diffusion capability,and digital value-added capability.An empirical study is conducted based on a sample of 251 Chinese manufacturing enterprises.The following conclusions are drawn.(1)Digital innovation can significantly improve enterprise performance.(2)Digital innovation can promote enterprise performance by promoting the reconfiguration of digital capabilities.(3)Different types of key digital capabilities play a mediating role between digital innovation and enterprise performance.Specifically,digital innovation diffusion capability plays a mediating role between novelty-driven digital innovation and enterprise performance,while digital value-added capability plays an intermediary role between convergence-oriented digital innovation and enterprise performance.(4)The continuity of digital investment plays an important role in the digital innovation process of enterprises,which can positively moderate the relationship between digital innovation and enterprise performance,as well as the relationship between digital innovation and digital capabilities.In addition,it also positively moderates the relationship between efficiency-based digital innovation and digital collaboration capability.In summary,this study provides theoretical guidance and practical inspiration for manufacturing enterprises to successfully carry out digital innovation.展开更多
Artificial intelligence(AI)has a significant spillover effect and plays a crucial role in driving technological progress and high-quality development.The introduction of new quality productive forces points out the di...Artificial intelligence(AI)has a significant spillover effect and plays a crucial role in driving technological progress and high-quality development.The introduction of new quality productive forces points out the direction for the advancement of Chinese modernization.Based on data from Chinese A-share listed companies between 2015 and 2022 and a computed index of new quality productive forces,this study employs a two-way fixed effects model to empirically explore the effect of AI on enterprise innovation performance and its underlying mechanisms.It also confirms the empowering role of new quality productive forces.The findings demonstrate that AI significantly enhances enterprise innovation performance.This conclusion remains robust after addressing potential endogeneity and conducting multiple robustness tests.Heterogeneity analysis further indicates that the positive effect of AI on enterprise innovation performance is more pronounced in regions with higher levels of new quality productive forces,private enterprises,technology-intensive industries,and low-pollution industries.Mechanism analysis finds that AI enhances enterprise innovation performance by enhancing enterprises’independent innovation capabilities and upgrading their R&D skills.Moreover,new quality productive forces empower a long-lasting and dynamic effect on AI’s capacity to improve enterprise innovation performance.This empowering role primarily stems from three dimensions:technological innovation,computing power infrastructure,and algorithm application.Overall,this study enriches the current theoretical understanding of new quality productive forces and provides empirical evidence for their significant role.展开更多
Objective To study the importance of digital economy to promote the innovation development of enterprises under the background of the era of information technology reform.Methods The maximum entropy method was used to...Objective To study the importance of digital economy to promote the innovation development of enterprises under the background of the era of information technology reform.Methods The maximum entropy method was used to measure the comprehensive level of digital economy development at provincial level.Besides,the impact of digital economy on the innovation performance of pharmaceutical industry was investigated empirically by using A-share pharmaceutical companies listed in China from 2013 to 2020 as a research sample,and the mediating mechanism of R&D investment and financing constraints on the impact was examined.Results and Conclusion It is found that digital economy is significantly and positively related to the innovation performance of enterprises.The mechanism test shows that digital economy improves innovation performance through the expansion effect of R&D investment and alleviating financing constraints.In the context that digital economy has become a new driving force for enterprise innovation,the combination of digital economy and real economy should be actively promoted,R&D investment in pharmaceutical enterprises should be increased,and financing channels should be broadened.展开更多
Against the backdrop of deep digital-real economy integration and intensifying global innovation competition,accelerating digital transformation and platform transformation to shape a multidimensional,interactive,and ...Against the backdrop of deep digital-real economy integration and intensifying global innovation competition,accelerating digital transformation and platform transformation to shape a multidimensional,interactive,and co-evolutionary innovation ecosystem represents a crucial pathway to enhancing the independent innovation capability of manufacturing enterprises.By incorporating digital elements and platform concepts into the traditional techno-economic paradigm,this study constructs a Technology-Organization-Innovation theoretical framework to analyze how digital transformation facilitates organizational platform transformation,thereby improving enterprise innovation performance.Based on the theoretical analysis,this study empirically examines the relationship between digital transformation,platform transformation,and enterprise innovation performance using panel data from Chinese listed manufacturing firms from 2014 to 2021.The results indicate that digital transformation significantly enhances enterprise innovation performance,with more pronounced effects for firms with higher levels of digitalization and higher ownership concentration.Additionally,digital transformation drives organizational platform transformation,fostering an innovation ecosystem through digital platforms,which in turn strengthens enterprises’independent innovation capabilities.The role of digitalization in facilitating platform transformation is primarily achieved through specialization in the division of labor and enterprise interconnectivity-two critical dimensions of the industrial internet platform.Promoting digital transformation and platform transformation in manufacturing enterprises while fully leveraging digital platforms as innovation infrastructure can enhance enterprise innovation performance and drive high-quality development in the manufacturing industry.展开更多
The education level of entrepreneurs plays an important role in the decision-making process of loan financing. In this paper, the research method of optimization theory is used to study the problem of the education le...The education level of entrepreneurs plays an important role in the decision-making process of loan financing. In this paper, the research method of optimization theory is used to study the problem of the education level and maximizing utility of entrepreneurs, and the optimal analytic solution is obtained. On this basis, the influence of the change of bank loan interest rate, the marginal effect of entrepreneur’s effort, the marginal effect of entrepreneur’s investment, the elastic coefficient of entrepreneur’s effort and the elastic coefficient of entrepreneur’s investment on the optimal solution of entrepreneur’s effort and investment amount is discussed.展开更多
基金Shenyang Pharmaceutical University Young and Middle aged Teacher Career Development Support PlanPublic Welfare Research Fund for Scientific Undertakings of Liaoning Province in 2022(Soft Science Research Plan)(No.2022JH4/10100040).
文摘Objective To study the causal relationship between R&D investment and enterprise performance of domestic pharmaceutical enterprises.Methods Panel data model was adopted for empirical analysis.Results and Conclusion Increasing the R&D investment intensity of pharmaceutical enterprises in the Yangtze River Delta and Zhejiang by 1%will increase their profit margins by 0.79%and 0.46%.On the contrary,if the profit margin increases by 1%,the R&D investment intensity will increase by 0.25%and 0.19%.If the profit margin of pharmaceutical enterprises in Beijing,Tianjin,Hebei,Chengdu,Chongqing and other regions increases by 1%,the R&D investment intensity will increase by 0.14%,0.07%and 0.1%,respectively,which are lower than those in the Yangtze River Delta and Zhejiang.The relationship between R&D investment and enterprise performance of pharmaceutical enterprises in the Yangtze River Delta and Zhejiang Province is Granger causality,showing a two-way positive effect.Profits and R&D investment of pharmaceutical enterprises in Beijing,Tianjin,Hebei,Chengdu,Chongqing and other regions are also Granger causality.But in the Pearl River Delta,profits and R&D investment have not passed the stability test,it is impossible to determine the causality between them.
基金This research is supported by the National Natural Science Foundation of China[Grant number.71801190].
文摘The development of the new energy vehicle industry has become a key force driving the goals of carbon peak and carbon neutralization.To better guide future strategies,this study investigates the dual impact of subsidy and dual-integral policies on the performance of new energy vehicle enterprises.This study first theorizes the influential mechanism according to the institutional-based approach and technical innovation theory,and then collects data from listed companies in the new energy vehicle industry from 2016 to 2020.The hypotheses are examined using a two-way fixed-effects model.The findings show that:(1)subsidy policies are can still improve enterprise performance,but not through green technology innovation;(2)the dual-credit policy can improve enterprise performance through green technology innovation;and(3)under current policy conditions,with subsidies declining annually,the interaction effects between the subsidy and dual-integral policies will also decrease.Thus,this study suggests that non-monetary industrial policy,represented by the dual credit policy is a more effective alternative to government subsidies.
基金Sponsored by National Natural Science Foundation of China (72164030)Natural Science Foundation of Inner Mongolia Autonomous Region (2019MS04019)。
文摘Studying the impact of business convergence on enterprise performance can provide empirical basis for enterprises to formulate the integrated development strategy.The business convergence degree of 28 listed tourism companies was measured by Herfindahl index,and the impact of business convergence on business performance and the moderating effect of enterprise innovation ability were discussed.The results showed that the business convergence level of listed tourism companies varied greatly.Business convergence had a significant positive impact on short-term profitability of tourism enterprises,and a significant negative impact on the growth of enterprises.Innovation ability had a positive moderating effect on the impact of business convergence on enterprise profitability,but had no significant moderating effect on the impact of business convergence on enterprise growth.The results suggest that at the present stage,the business convergence of listed tourism companies is helpful to improve the profitability of enterprises in the short term,but it does not significantly promote the long-term growth of enterprises.
基金supported by the Zhejiang Provincial Philosophy and Social Science Planning Project (21NDQN303YB)by the Fundamental Research Fund Project of Zhejiang Provincial Universities (2021YB12)
文摘We used the latest database of Chinese industrial enterprises to make an empirical test of the relationship between the SO_(2)emissions trading pilot(ETP)policy implemented in 2007 and enterprise performance based on a difference-in-difference(DID)method since the ETP policy tends to be a“quasi-natural experiment.”The empirical results show that the ETP policy has a significant promotion effect on enterprise performance,which provides evidence supporting the“Porter hypothesis”in China.Heterogeneous regression results show that ETP policies play a vital role in promoting development in heavily polluting industries,state-owned enterprises,and central regions.The test results of the mechanism demonstrate that the ETP policy has two mechanisms to affect enterprise performance:“improving the total factor productivity of the enterprise”and“increasing the extra cost of the enterprise.”There are two policy implications of our research:first,government departments should strive to explore and implement relevant market-based environmental regulations and policies;second,government departments should vigorously support small and medium-sized enterprises and backward areas in the west while focusing on heavily polluting industries and making the best use of environmental regulations in pollution control,which are the key points for China to win the defense of the blue sky.
文摘In recent years, with the outbreak of epidemic infectious diseases and the increasing political and economic uncertainty, should enterprises make strategic changes in response to environmental changes in a timely manner or maintain strategic consistency under the circumstances of increasing environmental dynamics? From the perspective of contingency, this paper studies the impact of corporate strategic changes on enterprises in the context of environmental dynamics, and conducts an empirical study on manufacturing enterprises listed in A shares from 2008 to 2020. It is found that corporate strategic changes in the context of environmental dynamics are beneficial to corporate performance, but also bring financial volatility.
文摘Under the background of digital economy, this paper discusses how enterprises can improve their performance through open innovation, which is also an important issue facing enterprises at present. Firstly, the paper discusses the current situation of the impact of open innovation on corporate performance, such as the positive and negative impact of open innovation on corporate performance, and the "inverted U" quadratic curve of the relationship between open innovation and corporate performance. On this basis, taking xxx company as an example, this paper deeply analyzes the existing problems of the impact of open innovation on corporate performance, and how to solve these problems to improve corporate performance. It is expected that this article will provide a new view on the academic topic of open innovation and corporate performance in the digital economy.
文摘With the deepening of reform and development and the development of market economy, the market environment faced by enterprises is becoming more and more complicated, and the competitive pressure among enterprises is becoming more and more intense. As the core talent element of enterprise management, senior management team is responsible for formulating enterprise strategy and leading enterprise development. The ability level of senior management team members directly determines the strategic decision direction and organizational performance of the company. In order to improve the positive impact of the heterogeneity of senior management team on corporate performance, this paper combs the related theories of the heterogeneity of senior management team and corporate performance, analyzes the impact of the heterogeneity of senior management team on organizational performance, and discusses how to improve corporate performance through the heterogeneity of senior management team, and puts forward feasible measures.
文摘Economic development is bound to move towards a rapid and progressive direction. Its scope ranges from large to small and its process ranges from simple to complicated. While facing globalization and collectivization, enterprises have to deal with severe challenges. Financial sharing service has become a new choice in the new era. In this paper, financial indicators analysis, literature review, empirical analysis and comparative analysis are used to study the impact of financial sharing services on corporate performance. Finally, it is concluded that financial sharing services have significant impact on corporate performance.
文摘EVA as a new type of performance evaluation indicators, to overcome the limitation of the traditional accounting profit performance evaluation index, in the calculation of the cost of capital for companies, not only to consider the cost of debt capital, but also consider the cost of equity capital, reasonable and objective evaluation of the performance of business, reflect the real value creation, meet the shareholder wealth maximization financial goals. This paper introduces the meaning and calculation method of EVA, focused on the analysis of the advantages of EVA performance evaluation, and also points out some limitations of EVA, in the hope that after the practice can improve continuously.
文摘The rapid development of the digital economy profoundly impacts global industries,presenting both opportunities and challenges for traditional sectors like petroleum.This study investigates the impact of the digital economy on the performance of Chinese petroleum enterprises,focusing on the mediating role of total factor productivity(TFP).Utilizing panel data from Chinese petroleum firms(2018–2023),we construct a macro digital economy development index(using the entropy method)and a micro-level enterprise digital transformation index.Empirical analysis employs panel data models and mediation effect models.Findings reveal that regional digital economy development significantly positively affects firms’Tobin’s Q(coefficient=0.516).Enterprise digital transformation significantly enhances Return on Equity(ROE)(coefficient=27.456).Mediation tests confirm that TFP partially mediates the relationship between digital transformation and firm performance.Heterogeneity analysis shows differences based on ownership:regional digital economy development has a slightly stronger effect on state-owned enterprises’(SOEs)market value,while its effect is statistically more significant for private enterprises.Conversely,digital transformation boosts ROE more significantly in private firms.The study concludes with policy recommendations,including promoting digital governance reform in SOEs,increasing support for private firms’digitalization,building a digital technology innovation ecosystem to enhance TFP,and optimizing digital investment structures for better capital market recognition.
基金This paper is supported by General Project of National Social Science Funds of China“Research on the Dynamic Coupling of Executive Incentives and Supervision of State-Owned Enterprises under the Big Data Context”(No.18BGL081).
文摘Digital transformation provides companies with a productive approach to transforming and upgrading enterprise resources and capabilities and to exploiting external subject forces to unleash and magnify their potential,thus advancing high-quality enterprise development.Therefore,using regression analysis of the data of China’s non-financial listed firms from 2007‒2019 obtained by Python,this paper finds that digital transformation has enormously improved enterprise performance.Furthermore,digital transformation has powerfully boosted supply chain integration,which has played a mediation role in the impact of digital transformation on enterprise performance.Finally,entrepreneurship plays a positive moderating effect on enterprise performance through supply chain integration during digital transformation.The further heterogeneity analysis finds that digital transformation performs better in large,public,state-owned,mature,and non-manufacturing(service industry)enterprises.However,the positive effect of digital transformation on enterprise performance and supply chain integration is not significant in small and medium-sized enterprises.Therefore,supply chain integration cannot play a mediating role in the impact of digital transformation of manufacturing enterprises upon their performance.This paper probes the realization mechanism and micro-foundation of digital transformation,and its conclusion contributes to high-quality digital transformation.
文摘The outbreak of novel coronavirus pneumonia has affected almost all industries and enterprises.This paper analyzes the impact of the epidemic on the macro economy through GDP and other indicators,analyzes the impact of the epidemic on the overall business performance of the enterprises through the asset turnover speed index of the above scale industrial enterprises,and analyzes the impact of the epidemic on the net profit of the listed companies through the first quarter performance forecast of the listed companies.At last,the paper puts forward that enterprises should improve their awareness and ability to resist risks.
文摘Objective To explore the influence of new drug R&D investment and sales expense on the performance of biomedical enterprises.Methods The financial statements of 76 listed biomedical enterprises for 5 consecutive years were selected,and the data were modeled to study the effect of R&D investment and sales expense on the performance of biomedical enterprises by using financial indicators as tools and statistical methods of multiple linear regression.Results and Conclusion Under the premise that the weak related factors such as enterprise scale,life cycle and asset-liability ratio are set as unrelated variables,the R&D investment intensity of biomedical enterprises is negatively correlated with the current performance,which also shows that the R&D of biomedical enterprises has the characteristics of high risk.Besides,the influence of early R&D investment is delayed.However,the sales expense of leading biomedical enterprises with large scales have higher proportion.Meanwhile the greater sales expense of the same enterprise in different periods,the better the enterprise performance is.Biomedical enterprises should consider their own development stage to develop more patented drugs.Besides,they must formulate plans for allocating reasonable sales personnel and cost expense to ensure that enterprises can obtain better benefits.
文摘A typical privately-run enterprise has a mixed ownership structure with. four predominant groups of shareholders the state, legal persons, domestic individuals, and foreign investors. This paper gives an empirical analysis on the relationship among ownership concentration, insider shareholding and firm performance in nearly one thousand Chinese privately-run enterprises. The results show： the ownership concentration ratio and the percentage of insider shareholding are ＇inverse U--shaped＇ related to finn performance, respectively, the debt-to-asset ratio is negative related to finn performance, the firm size is positive related to firm performance.
基金supported by the Major Project of the National Social Science Fund of China(No.18ZDA062).
文摘To explore the process mechanism of digital innovation in manufacturing enterprises to promote enterprise performance and to reveal its synergistic,diffusion,and value-added effects,as well as the contextual effects of continuous digital investment,this study categorizes digital innovation into three types:efficiency-based,novelty-driven,and convergence-oriented.Furthermore,digital capability is classified into three dimensions:digital collaboration capability,digital innovation diffusion capability,and digital value-added capability.An empirical study is conducted based on a sample of 251 Chinese manufacturing enterprises.The following conclusions are drawn.(1)Digital innovation can significantly improve enterprise performance.(2)Digital innovation can promote enterprise performance by promoting the reconfiguration of digital capabilities.(3)Different types of key digital capabilities play a mediating role between digital innovation and enterprise performance.Specifically,digital innovation diffusion capability plays a mediating role between novelty-driven digital innovation and enterprise performance,while digital value-added capability plays an intermediary role between convergence-oriented digital innovation and enterprise performance.(4)The continuity of digital investment plays an important role in the digital innovation process of enterprises,which can positively moderate the relationship between digital innovation and enterprise performance,as well as the relationship between digital innovation and digital capabilities.In addition,it also positively moderates the relationship between efficiency-based digital innovation and digital collaboration capability.In summary,this study provides theoretical guidance and practical inspiration for manufacturing enterprises to successfully carry out digital innovation.
基金supported by the Major Project of the National Social Science Fund of China“A Study on the Optimal Allocation of Technological Innovation Factors under a New National System”(No.23&ZD133)the Major Project of the Key Research Institute of Humanities and Social Science in Universities“A Study on Digital Economy Development and High-Quality Integrated Development in the Yangtze River Delta”(No.22JJD790037)the General Project of the Jiangsu Provincial Social Science Fund“General Secretary Xi Jinping’s Important Expositions on Opening Up and the Study of Jiangsu’s Open Economy”(No.22EYB014).
文摘Artificial intelligence(AI)has a significant spillover effect and plays a crucial role in driving technological progress and high-quality development.The introduction of new quality productive forces points out the direction for the advancement of Chinese modernization.Based on data from Chinese A-share listed companies between 2015 and 2022 and a computed index of new quality productive forces,this study employs a two-way fixed effects model to empirically explore the effect of AI on enterprise innovation performance and its underlying mechanisms.It also confirms the empowering role of new quality productive forces.The findings demonstrate that AI significantly enhances enterprise innovation performance.This conclusion remains robust after addressing potential endogeneity and conducting multiple robustness tests.Heterogeneity analysis further indicates that the positive effect of AI on enterprise innovation performance is more pronounced in regions with higher levels of new quality productive forces,private enterprises,technology-intensive industries,and low-pollution industries.Mechanism analysis finds that AI enhances enterprise innovation performance by enhancing enterprises’independent innovation capabilities and upgrading their R&D skills.Moreover,new quality productive forces empower a long-lasting and dynamic effect on AI’s capacity to improve enterprise innovation performance.This empowering role primarily stems from three dimensions:technological innovation,computing power infrastructure,and algorithm application.Overall,this study enriches the current theoretical understanding of new quality productive forces and provides empirical evidence for their significant role.
文摘Objective To study the importance of digital economy to promote the innovation development of enterprises under the background of the era of information technology reform.Methods The maximum entropy method was used to measure the comprehensive level of digital economy development at provincial level.Besides,the impact of digital economy on the innovation performance of pharmaceutical industry was investigated empirically by using A-share pharmaceutical companies listed in China from 2013 to 2020 as a research sample,and the mediating mechanism of R&D investment and financing constraints on the impact was examined.Results and Conclusion It is found that digital economy is significantly and positively related to the innovation performance of enterprises.The mechanism test shows that digital economy improves innovation performance through the expansion effect of R&D investment and alleviating financing constraints.In the context that digital economy has become a new driving force for enterprise innovation,the combination of digital economy and real economy should be actively promoted,R&D investment in pharmaceutical enterprises should be increased,and financing channels should be broadened.
基金supported by the Key Project of the National Natural Science Foundation of China“Research on Evaluation Indicators,Development Patterns,and Path Selection of a Modern Industrial System”(No.23AZD027)the General Project of the National Natural Science Foundation of China“Appropriate Technology Selection and Power Transformation for the Transformation and Upgrading of China’s Manufacturing Industry under the Guidance of High-Quality Development”(No.71973083)the General Project of the Ministry of Education Humanities and Social Sciences“Appropriate Technology Selection,New-Old Momentum Conversion,and the Driving Mechanism of Manufacturing Transformation and Upgrading”(No.19YJA790016).
文摘Against the backdrop of deep digital-real economy integration and intensifying global innovation competition,accelerating digital transformation and platform transformation to shape a multidimensional,interactive,and co-evolutionary innovation ecosystem represents a crucial pathway to enhancing the independent innovation capability of manufacturing enterprises.By incorporating digital elements and platform concepts into the traditional techno-economic paradigm,this study constructs a Technology-Organization-Innovation theoretical framework to analyze how digital transformation facilitates organizational platform transformation,thereby improving enterprise innovation performance.Based on the theoretical analysis,this study empirically examines the relationship between digital transformation,platform transformation,and enterprise innovation performance using panel data from Chinese listed manufacturing firms from 2014 to 2021.The results indicate that digital transformation significantly enhances enterprise innovation performance,with more pronounced effects for firms with higher levels of digitalization and higher ownership concentration.Additionally,digital transformation drives organizational platform transformation,fostering an innovation ecosystem through digital platforms,which in turn strengthens enterprises’independent innovation capabilities.The role of digitalization in facilitating platform transformation is primarily achieved through specialization in the division of labor and enterprise interconnectivity-two critical dimensions of the industrial internet platform.Promoting digital transformation and platform transformation in manufacturing enterprises while fully leveraging digital platforms as innovation infrastructure can enhance enterprise innovation performance and drive high-quality development in the manufacturing industry.
文摘The education level of entrepreneurs plays an important role in the decision-making process of loan financing. In this paper, the research method of optimization theory is used to study the problem of the education level and maximizing utility of entrepreneurs, and the optimal analytic solution is obtained. On this basis, the influence of the change of bank loan interest rate, the marginal effect of entrepreneur’s effort, the marginal effect of entrepreneur’s investment, the elastic coefficient of entrepreneur’s effort and the elastic coefficient of entrepreneur’s investment on the optimal solution of entrepreneur’s effort and investment amount is discussed.
