Accelerating the development of new quality productive forces(NQPF),with innovation at its core,has become essential for firm growth in the new era.Drawing on financial data from China's A-share listed companies s...Accelerating the development of new quality productive forces(NQPF),with innovation at its core,has become essential for firm growth in the new era.Drawing on financial data from China's A-share listed companies spanning the period 2010–2023,this study empirically investigates the impact of entrepreneurial spirit on firm-level NQPF.The results indicate that entrepreneurial spirit significantly promotes firm-level NQPF.Mechanism analysis indicates that entrepreneurial effort—underpinned by technological capital accumulation,effective incentive and constraint mechanisms,and a competitive market environment—plays a mediating role in this relationship.Further heterogeneity analysis reveals that,amid China's economic transition,the positive effects of entrepreneurial spirit are more pronounced in non-state-owned enterprises,high-tech firms,and newly established firms.Accordingly,systematic efforts should be pursued across the technological,organizational,and environmental(TOE)dimensions to optimize the cultivation of entrepreneurial spirit.In particular,greater emphasis should be placed on productive entrepreneurial spirit and the constructive role of entrepreneurial effort,so as to fully leverage their contribution to the advancement of firm-level NQPF.展开更多
Drug product internationalization（DPI） can be affected by multiple firm-level factors. However, existing studies mainly focus on a single or several factors and the deviation generated by the factors＇ effects on ea...Drug product internationalization（DPI） can be affected by multiple firm-level factors. However, existing studies mainly focus on a single or several factors and the deviation generated by the factors＇ effects on each other has been neglected. We aimed to study the comprehensive influences of firm-level factors on Chinese pharmaceutical firms that chose the DPI mode. Student＇s t tests and Chi Square tests were used to explore the differences between firms with or without DPI modes. Then, logistic regression analysis was used to explore the comprehensive impacts of these 16 variables. Through empirical research, we found the factors influencing the DPI mode of Chinese pharmaceutical enterprises and the firm-level factors that influenced DPI mode selection. This study showed that the capacity of enterprise＇s innovation and knowledge absorption were related to the mode selection. Moreover, the education of the top management team significantly contributed to the DPI mode selection of pharmaceutical firms. This study also provided theoretical and empirical evidence for pharmaceutical enterprises when choosing their DPI mode. The internationalization of Chinese pharmaceutical firms remained at the early stage. However, the internationalization of drug products from China would affect the international pharmaceutical supply in the long term.展开更多
The empirical literature on China＇s outward foreign direct investment mainly relies on aggregate data from official statistics, but the reliability of such data is currently a matter of concern because it does not ta...The empirical literature on China＇s outward foreign direct investment mainly relies on aggregate data from official statistics, but the reliability of such data is currently a matter of concern because it does not take account of relevant features such as industry breakdown, ownership structure and entry mode. A novel firm-level database, EMENDATA, compiled by matching data from several available sources on various types of cross-border deals and including information on group structure, provides a more accurate picture and enables new empirical analyses of the rapidly increasing presence of Chinese companies abroad. Based on this database, this paper offers a more precise assessment of the geographical and sector specialization patterns of Chinese outward foreign direct investment into Europe and suggests new avenues for future research.展开更多
This paper investigates the factors affecting the conservatism of accounting reports at the market-level and firm-level. At the market-level, law and institutional factors explain conservatism, while at the firm-level...This paper investigates the factors affecting the conservatism of accounting reports at the market-level and firm-level. At the market-level, law and institutional factors explain conservatism, while at the firm-level contracting is the driver. We predict and observe that while both levels jointly affect conservatism, it is firm-level factors that play a dominant role. The conclusion suggests that it is more effective to improve the quality of accounting reports by motivating the firm's own demand rather than through listing in a developed capital market.展开更多
The rebound effect refers to the phenomenon that individuals tend to consume more energy in the face of energy efficiency improvement,which reduces the expected energy-saving effect.Previous empirical studies on the r...The rebound effect refers to the phenomenon that individuals tend to consume more energy in the face of energy efficiency improvement,which reduces the expected energy-saving effect.Previous empirical studies on the rebound effect of regions and sectors do not provide microscopic evidence.To fill this gap,we use China's firmlevel data to estimate the rebound effect in China's manufacturing subsectors,providing a detailed picture of China's rebound effect across different sectors and different regions in 2001-2008.Results show that a partial rebound effect robustly appears in all industries,and the disparity between sectors is quite broad,ranging from 43.2%to 96.8%.As for the dynamic rebound effect of subsectors,most subsectors present an upward trend,whereas few subsectors show a clear downward trend.As a whole,the declined trend of the rebound effect is driven by the descent of minority sectors with high energy consumption and high energy-saving potential.In addition,we find that the disparity of the rebound effect across sectors is more significant than that across regions.展开更多
基金Liaoning Provincial Social Science Fund Key Disciplines Development Project,Research on the New Supply Function of Entrepreneurs Based on Innovation Ecosystems Driven by Data(Grant No.L22ZD061)。
文摘Accelerating the development of new quality productive forces(NQPF),with innovation at its core,has become essential for firm growth in the new era.Drawing on financial data from China's A-share listed companies spanning the period 2010–2023,this study empirically investigates the impact of entrepreneurial spirit on firm-level NQPF.The results indicate that entrepreneurial spirit significantly promotes firm-level NQPF.Mechanism analysis indicates that entrepreneurial effort—underpinned by technological capital accumulation,effective incentive and constraint mechanisms,and a competitive market environment—plays a mediating role in this relationship.Further heterogeneity analysis reveals that,amid China's economic transition,the positive effects of entrepreneurial spirit are more pronounced in non-state-owned enterprises,high-tech firms,and newly established firms.Accordingly,systematic efforts should be pursued across the technological,organizational,and environmental(TOE)dimensions to optimize the cultivation of entrepreneurial spirit.In particular,greater emphasis should be placed on productive entrepreneurial spirit and the constructive role of entrepreneurial effort,so as to fully leverage their contribution to the advancement of firm-level NQPF.
文摘Drug product internationalization（DPI） can be affected by multiple firm-level factors. However, existing studies mainly focus on a single or several factors and the deviation generated by the factors＇ effects on each other has been neglected. We aimed to study the comprehensive influences of firm-level factors on Chinese pharmaceutical firms that chose the DPI mode. Student＇s t tests and Chi Square tests were used to explore the differences between firms with or without DPI modes. Then, logistic regression analysis was used to explore the comprehensive impacts of these 16 variables. Through empirical research, we found the factors influencing the DPI mode of Chinese pharmaceutical enterprises and the firm-level factors that influenced DPI mode selection. This study showed that the capacity of enterprise＇s innovation and knowledge absorption were related to the mode selection. Moreover, the education of the top management team significantly contributed to the DPI mode selection of pharmaceutical firms. This study also provided theoretical and empirical evidence for pharmaceutical enterprises when choosing their DPI mode. The internationalization of Chinese pharmaceutical firms remained at the early stage. However, the internationalization of drug products from China would affect the international pharmaceutical supply in the long term.
基金the project "The challenge of globalization: Technology driven foreign direct investment(TFDI) and its implications for the negotiation of International(bilateral and multilateral) Investment Agreements" funded by the Riksbank Foundation
文摘The empirical literature on China＇s outward foreign direct investment mainly relies on aggregate data from official statistics, but the reliability of such data is currently a matter of concern because it does not take account of relevant features such as industry breakdown, ownership structure and entry mode. A novel firm-level database, EMENDATA, compiled by matching data from several available sources on various types of cross-border deals and including information on group structure, provides a more accurate picture and enables new empirical analyses of the rapidly increasing presence of Chinese companies abroad. Based on this database, this paper offers a more precise assessment of the geographical and sector specialization patterns of Chinese outward foreign direct investment into Europe and suggests new avenues for future research.
基金supported by Program for New Century Excellent Talents in University
文摘This paper investigates the factors affecting the conservatism of accounting reports at the market-level and firm-level. At the market-level, law and institutional factors explain conservatism, while at the firm-level contracting is the driver. We predict and observe that while both levels jointly affect conservatism, it is firm-level factors that play a dominant role. The conclusion suggests that it is more effective to improve the quality of accounting reports by motivating the firm's own demand rather than through listing in a developed capital market.
基金This work was supported by the National Natural Science Foundation of China(Grant Nos.72074184,71922015,and 71773075)the National Social Science Foundation of China(Grant No.21ZDA084)+1 种基金Shanghai Soft Science Research Program(Grant No.22692103400)the Fundamental Research Funds for the Central Universities(GrantNo.20720201016).
文摘The rebound effect refers to the phenomenon that individuals tend to consume more energy in the face of energy efficiency improvement,which reduces the expected energy-saving effect.Previous empirical studies on the rebound effect of regions and sectors do not provide microscopic evidence.To fill this gap,we use China's firmlevel data to estimate the rebound effect in China's manufacturing subsectors,providing a detailed picture of China's rebound effect across different sectors and different regions in 2001-2008.Results show that a partial rebound effect robustly appears in all industries,and the disparity between sectors is quite broad,ranging from 43.2%to 96.8%.As for the dynamic rebound effect of subsectors,most subsectors present an upward trend,whereas few subsectors show a clear downward trend.As a whole,the declined trend of the rebound effect is driven by the descent of minority sectors with high energy consumption and high energy-saving potential.In addition,we find that the disparity of the rebound effect across sectors is more significant than that across regions.
