This paper studies incentive effect and entrenchment effect of the largest shareholder. Author investigates 763 listed companies in SHSE, explores the statistical relationship between the largest shareholding and corp...This paper studies incentive effect and entrenchment effect of the largest shareholder. Author investigates 763 listed companies in SHSE, explores the statistical relationship between the largest shareholding and corporate performance. Author observes that the largest shareholder has the incentive effect and entrenchment effect on corporate valuation. Empirical relationship between the largest shareholding and corporate valuation shows that the firm value decreases with the equity ownership of the largest shareholders, consistent with a negative entrenchment effect, when the largest equity ownership is below 40.28% of the whole share. Then firm value rises when the proportion of the largest shareholder＇s rights was increased to 69.29%, being consistent with a positive incentive effect. But with the increase of the share of the largest shareholding, firm value falls again.展开更多
With the continuous development of China's economy, China's quality-oriented education and the new curriculum reform are gradually deepening, reflected in primary education, the cultivation of students' co...With the continuous development of China's economy, China's quality-oriented education and the new curriculum reform are gradually deepening, reflected in primary education, the cultivation of students' comprehensive quality has more and more attracted the attention of teachers and parents, which also puts forward more strict requirements for primary school head teachers, need to pay more attention to moral education. Generally speaking, in the process of implementing moral education, the head teacher in primary school will adopt incentive strategy, which is also a common teaching method. If the incentive strategy is applied in the management of primary school head teachers, it can not only arouse students' strong interest in learning moral education knowledge, but also mobilize students' initiative to participate in moral education activities, promote the continuous reform and improvement of moral education in primary schools, and cultivate students with good qualities and correct values. This paper analyzes and discusses how to carry out incentive strategies in the moral education of primary school head teachers.展开更多
The global climate crisis has become the focus of attention,and China vigorously pursues low-carbon economic development,for which the implementation of green finance is continuously enhanced,so does the development o...The global climate crisis has become the focus of attention,and China vigorously pursues low-carbon economic development,for which the implementation of green finance is continuously enhanced,so does the development of green finance contribute to low-carbon economic development?This paper constructs a green finance and low carbon economic development index system containing several indicators,and measures them using the entropy weight method of spatial-temporal extreme difference.This paper conducts an empirical study based on the data of 30 provinces and cities from 2005 to 2020,and the results of the study find that green finance has policy incentive effect and institutional incentive effect,and can significantly and positively affect the development of low-carbon economy,and the findings still hold after endogeneity test and robustness test.The mechanism test shows that green finance can influence low-carbon economic development by promoting industrial structure upgrading,green technology innovation and FDI inflow;moreover,the positive promotion effect of green finance is more obvious in the western region and non-Yangtze River Economic Zone region;finally,the moderating effect test reveals that the institutional environment and the level of technology market development can enhance the relationship between green finance and low-carbon economic development.展开更多
This study investigates the impact of investor protection on corporate R&D investment using panel data from Chinese A-share listed companies spanning 2015 to 2022.By employing OLS regression,mediation,and moderati...This study investigates the impact of investor protection on corporate R&D investment using panel data from Chinese A-share listed companies spanning 2015 to 2022.By employing OLS regression,mediation,and moderation analyses,the results demonstrate that robust investor protection mechanisms significantly enhance corporate R&D expenditures.The mediation analysis reveals that investor protection alleviates financing constraints and improves information disclosure quality,both of which serve as key channels for fostering R&D investment.Furthermore,internal control systems and media attention are identified as positive moderators,amplifying the beneficial effects of investor protection on R&D.In contrast,the equity Herfindahl index(HHI)does not exhibit a significant moderating role.The study also highlights that financial leverage,profitability,and equity concentration negatively influence R&D,while revenue growth exerts a positive effect.These findings underscore the critical role of investor protection in driving corporate innovation and sustainable growth,offering valuable insights for policymakers and corporate managers aiming to optimize R&D strategies through improved governance frameworks.展开更多
With the deepening of electric power market reform in China,the monopoly edge of the state-owned electric power enterprises will lose.On the basis of the existing post performance salary mechanism,Chinese power enterp...With the deepening of electric power market reform in China,the monopoly edge of the state-owned electric power enterprises will lose.On the basis of the existing post performance salary mechanism,Chinese power enterprises need to optimize the incentive mechanism of R&D staff,to arouse the R&D staff's enthusiasm and creativity,to adapt to the new market competition and further improve market value.Whilst the incentive mechanism optimizing processing needs to consider not only the changing market environment but also the personal and working characteristics of R&D staff.This paper summarizes the characteristics of the current Chinese power enterprises' R&D staff:staff's theory quality is high,but insensitive to the market;they are confronted with heavy workload and diversified job choices;managers can observe their behavior choices or not;besides,the process of R&D is complex and the market reactions of R&D achievements are uncertain.Based on the premise of the above features,two incentive models are established in this paper from the point of view of enterprise managers.One is for the situation when staff's behavior choices can be observed;the other is for the situation when staff's behavior choices cannot be observed.Through solving the model,we analyze the optimization path of electric power enterprises R&D staff incentive mechanism under these conditions:(1) when staff's behavior choices can be observed,managers can pay more to the R&D staff who develop products with higher output value,in order to encourage them to work harder.(2) when staff's behavior choices cannot be observed,managers should take reasonable strategies according to the different situations:a.when R&D staff incentive totally depend on the market value of the R&D achievements,managers should allocate workload rationally according to their different technical levels;b.when the market reactions of R&D results become more precarious,managers need to reduce the incentive intensity which based on the market value and raise their fixed salary level;c.when R&D staff become more risk averse,managers should reduce the incentive intensity which based on the market value and raise their fixed salary level;on the contrary,managers should improve the incentive intensity and reduce the fixed salary level.展开更多
Taking a balanced panel data consisting of 4365 firm-year observations drawn from the listed state-owned enterprises in Shanghai and Shenzhen Stock Exchange over 2007-2015 as the research sample,the paper examines the...Taking a balanced panel data consisting of 4365 firm-year observations drawn from the listed state-owned enterprises in Shanghai and Shenzhen Stock Exchange over 2007-2015 as the research sample,the paper examines the effect of the employees’pay-performance sensitivity(PPS)on the future firm performance from the two competing perspectives of“incentive effect”and“risk-aversion effect”,adopting the method of multiple regression analysis based on OLS and applying the SPSS23 as the data processing tool.Theoretical analysis and empirical results demonstrate that there is a positive link between the employees’PPS and the future firm performance.To improve the employees’PPS can stimulate the engagement of the employees,improve their working quality,enrich their workplace innovative behavior,and further lead to higher future firm performance.Meanwhile,the positive effect of the employees’PPS on the future firm performance is,on average,lower than that of the top executives’PPS on the future firm performance.Implications of the findings are provided in the end.展开更多
Occupational pension can play an active role in the management of human resources at the present stage,and has the good effect.As a human resource strategy,the active application of occupational pension in private uni...Occupational pension can play an active role in the management of human resources at the present stage,and has the good effect.As a human resource strategy,the active application of occupational pension in private universities can effectively improve the traditional salary management work,promote the salary management work smoothly,and provide effective conditions for human resource assessment.In private university human resources strategy,the positive application of occupational pension,need to continue to play its incentive function and effect,to attract more excellent teachers to participate in school construction,to improve the overall teaching achievements.This paper mainly starts with the connotation and the definition of occupational pension,introduces and analyzes the relevant situation of occupational pension comprehensively,and gives a detailed description of the incentive effect of occupational pension in the human resource strategy of private universities.展开更多
Objective To explore the relationship between salary incentives for R&D personnel and R&D investment in China’s pharmaceutical industry through an empirical analysis so as to propose suggestions for increasin...Objective To explore the relationship between salary incentives for R&D personnel and R&D investment in China’s pharmaceutical industry through an empirical analysis so as to propose suggestions for increasing more R&D investment from the perspective of stimulating R&D personnel.Methods Based on the relevant data of the China’s pharmaceutical industry in the“China High-tech Industry Statistical Yearbook”and other data from the National Bureau of Statistics from 1995 to 2018,co-integration tests was used to construct error correction models and Granger causality tests to explore the relationship between R&D personnel salary incentives and R&D investment.Results and Conclusion There is a long-term balanced relationship between the salary level of R&D personnel in China’s pharmaceutical industry and the investment of R&D.For the per capita salary of R&D personnel increases by 1 unit,the internal expenditure of R&D investment will increase by 2.2451 units.In the short term,the per capita salary of R&D personnel has a slight negative impact on the internal expenditure of R&D investment.In addition,the salary incentives for R&D personnel have the most significant role in promoting R&D investment after five years of implementation.展开更多
Objective To study the threshold effect of export trade on internal and external R&D investment in China’s pharmaceutical industry,and to provide reference for some pharmaceutical enterprises to improve the inves...Objective To study the threshold effect of export trade on internal and external R&D investment in China’s pharmaceutical industry,and to provide reference for some pharmaceutical enterprises to improve the investment.Methods The panel data of pharmaceutical industry in 25 provinces and cities in China from 2009 to 2019 were selected to conduct empirical analysis by establishing a threshold regression model,and a better export trade interval was obtained.Results and Conclusion There is a threshold value for the effect of new product export on both internal and external R&D expenditures,and the threshold values are 845.2788 million yuan and 318.4198 million yuan,respectively.There is a single threshold effect of export trade on both internal and external R&D investment in China’s pharmaceutical industry,and the effect of export trade on internal and external R&D investment changes from negative to positive as the export trade develops from low to high.展开更多
文摘This paper studies incentive effect and entrenchment effect of the largest shareholder. Author investigates 763 listed companies in SHSE, explores the statistical relationship between the largest shareholding and corporate performance. Author observes that the largest shareholder has the incentive effect and entrenchment effect on corporate valuation. Empirical relationship between the largest shareholding and corporate valuation shows that the firm value decreases with the equity ownership of the largest shareholders, consistent with a negative entrenchment effect, when the largest equity ownership is below 40.28% of the whole share. Then firm value rises when the proportion of the largest shareholder＇s rights was increased to 69.29%, being consistent with a positive incentive effect. But with the increase of the share of the largest shareholding, firm value falls again.
文摘With the continuous development of China's economy, China's quality-oriented education and the new curriculum reform are gradually deepening, reflected in primary education, the cultivation of students' comprehensive quality has more and more attracted the attention of teachers and parents, which also puts forward more strict requirements for primary school head teachers, need to pay more attention to moral education. Generally speaking, in the process of implementing moral education, the head teacher in primary school will adopt incentive strategy, which is also a common teaching method. If the incentive strategy is applied in the management of primary school head teachers, it can not only arouse students' strong interest in learning moral education knowledge, but also mobilize students' initiative to participate in moral education activities, promote the continuous reform and improvement of moral education in primary schools, and cultivate students with good qualities and correct values. This paper analyzes and discusses how to carry out incentive strategies in the moral education of primary school head teachers.
基金supported by grant from the Zhejiang A&F University Scientific Research and Development Fund Talent Start-up Project:Impact and Mechanism Analysis of Green Finance on Low-Carbon Economic Development(2023FR031).
文摘The global climate crisis has become the focus of attention,and China vigorously pursues low-carbon economic development,for which the implementation of green finance is continuously enhanced,so does the development of green finance contribute to low-carbon economic development?This paper constructs a green finance and low carbon economic development index system containing several indicators,and measures them using the entropy weight method of spatial-temporal extreme difference.This paper conducts an empirical study based on the data of 30 provinces and cities from 2005 to 2020,and the results of the study find that green finance has policy incentive effect and institutional incentive effect,and can significantly and positively affect the development of low-carbon economy,and the findings still hold after endogeneity test and robustness test.The mechanism test shows that green finance can influence low-carbon economic development by promoting industrial structure upgrading,green technology innovation and FDI inflow;moreover,the positive promotion effect of green finance is more obvious in the western region and non-Yangtze River Economic Zone region;finally,the moderating effect test reveals that the institutional environment and the level of technology market development can enhance the relationship between green finance and low-carbon economic development.
文摘This study investigates the impact of investor protection on corporate R&D investment using panel data from Chinese A-share listed companies spanning 2015 to 2022.By employing OLS regression,mediation,and moderation analyses,the results demonstrate that robust investor protection mechanisms significantly enhance corporate R&D expenditures.The mediation analysis reveals that investor protection alleviates financing constraints and improves information disclosure quality,both of which serve as key channels for fostering R&D investment.Furthermore,internal control systems and media attention are identified as positive moderators,amplifying the beneficial effects of investor protection on R&D.In contrast,the equity Herfindahl index(HHI)does not exhibit a significant moderating role.The study also highlights that financial leverage,profitability,and equity concentration negatively influence R&D,while revenue growth exerts a positive effect.These findings underscore the critical role of investor protection in driving corporate innovation and sustainable growth,offering valuable insights for policymakers and corporate managers aiming to optimize R&D strategies through improved governance frameworks.
基金supported by 2016 annual North China Electric Power University undergraduate innovative training program research project(Grant No.20162183)
文摘With the deepening of electric power market reform in China,the monopoly edge of the state-owned electric power enterprises will lose.On the basis of the existing post performance salary mechanism,Chinese power enterprises need to optimize the incentive mechanism of R&D staff,to arouse the R&D staff's enthusiasm and creativity,to adapt to the new market competition and further improve market value.Whilst the incentive mechanism optimizing processing needs to consider not only the changing market environment but also the personal and working characteristics of R&D staff.This paper summarizes the characteristics of the current Chinese power enterprises' R&D staff:staff's theory quality is high,but insensitive to the market;they are confronted with heavy workload and diversified job choices;managers can observe their behavior choices or not;besides,the process of R&D is complex and the market reactions of R&D achievements are uncertain.Based on the premise of the above features,two incentive models are established in this paper from the point of view of enterprise managers.One is for the situation when staff's behavior choices can be observed;the other is for the situation when staff's behavior choices cannot be observed.Through solving the model,we analyze the optimization path of electric power enterprises R&D staff incentive mechanism under these conditions:(1) when staff's behavior choices can be observed,managers can pay more to the R&D staff who develop products with higher output value,in order to encourage them to work harder.(2) when staff's behavior choices cannot be observed,managers should take reasonable strategies according to the different situations:a.when R&D staff incentive totally depend on the market value of the R&D achievements,managers should allocate workload rationally according to their different technical levels;b.when the market reactions of R&D results become more precarious,managers need to reduce the incentive intensity which based on the market value and raise their fixed salary level;c.when R&D staff become more risk averse,managers should reduce the incentive intensity which based on the market value and raise their fixed salary level;on the contrary,managers should improve the incentive intensity and reduce the fixed salary level.
基金This research was supported by the National Natural Science Foundation of PRC under Grant"71872149".
文摘Taking a balanced panel data consisting of 4365 firm-year observations drawn from the listed state-owned enterprises in Shanghai and Shenzhen Stock Exchange over 2007-2015 as the research sample,the paper examines the effect of the employees’pay-performance sensitivity(PPS)on the future firm performance from the two competing perspectives of“incentive effect”and“risk-aversion effect”,adopting the method of multiple regression analysis based on OLS and applying the SPSS23 as the data processing tool.Theoretical analysis and empirical results demonstrate that there is a positive link between the employees’PPS and the future firm performance.To improve the employees’PPS can stimulate the engagement of the employees,improve their working quality,enrich their workplace innovative behavior,and further lead to higher future firm performance.Meanwhile,the positive effect of the employees’PPS on the future firm performance is,on average,lower than that of the top executives’PPS on the future firm performance.Implications of the findings are provided in the end.
文摘Occupational pension can play an active role in the management of human resources at the present stage,and has the good effect.As a human resource strategy,the active application of occupational pension in private universities can effectively improve the traditional salary management work,promote the salary management work smoothly,and provide effective conditions for human resource assessment.In private university human resources strategy,the positive application of occupational pension,need to continue to play its incentive function and effect,to attract more excellent teachers to participate in school construction,to improve the overall teaching achievements.This paper mainly starts with the connotation and the definition of occupational pension,introduces and analyzes the relevant situation of occupational pension comprehensively,and gives a detailed description of the incentive effect of occupational pension in the human resource strategy of private universities.
基金Research on Innovation and Development Strategy of Pharmaceutical Industry in Liaoning Province(No.2020lslktyb-095).
文摘Objective To explore the relationship between salary incentives for R&D personnel and R&D investment in China’s pharmaceutical industry through an empirical analysis so as to propose suggestions for increasing more R&D investment from the perspective of stimulating R&D personnel.Methods Based on the relevant data of the China’s pharmaceutical industry in the“China High-tech Industry Statistical Yearbook”and other data from the National Bureau of Statistics from 1995 to 2018,co-integration tests was used to construct error correction models and Granger causality tests to explore the relationship between R&D personnel salary incentives and R&D investment.Results and Conclusion There is a long-term balanced relationship between the salary level of R&D personnel in China’s pharmaceutical industry and the investment of R&D.For the per capita salary of R&D personnel increases by 1 unit,the internal expenditure of R&D investment will increase by 2.2451 units.In the short term,the per capita salary of R&D personnel has a slight negative impact on the internal expenditure of R&D investment.In addition,the salary incentives for R&D personnel have the most significant role in promoting R&D investment after five years of implementation.
基金Research on Innovation and Development Strategy of Pharmaceutical Industry in Liaoning Province(2020lslktyb-095).
文摘Objective To study the threshold effect of export trade on internal and external R&D investment in China’s pharmaceutical industry,and to provide reference for some pharmaceutical enterprises to improve the investment.Methods The panel data of pharmaceutical industry in 25 provinces and cities in China from 2009 to 2019 were selected to conduct empirical analysis by establishing a threshold regression model,and a better export trade interval was obtained.Results and Conclusion There is a threshold value for the effect of new product export on both internal and external R&D expenditures,and the threshold values are 845.2788 million yuan and 318.4198 million yuan,respectively.There is a single threshold effect of export trade on both internal and external R&D investment in China’s pharmaceutical industry,and the effect of export trade on internal and external R&D investment changes from negative to positive as the export trade develops from low to high.
