A 5πe carbonyl activation mode is reported on the basis of photo-induced single-electron-transfer （SET） oxidation of a secondary enamine. The resultant β-enaminyl radical intermediate was trapped by a wide range o...A 5πe carbonyl activation mode is reported on the basis of photo-induced single-electron-transfer （SET） oxidation of a secondary enamine. The resultant β-enaminyl radical intermediate was trapped by a wide range of Michael acceptors, producing β-alkylation products of β-ketocarbonyls in a highly efficient manner,展开更多
This paper analyzes the annual reports(from 1997 to 2011)of firms listed on two stock exchanges in China and reveals four significant characteristics of disclosure timing.These characteristics have significant economi...This paper analyzes the annual reports(from 1997 to 2011)of firms listed on two stock exchanges in China and reveals four significant characteristics of disclosure timing.These characteristics have significant economic implications for stock market movement,including positive contributions to stock price,trading volume and abnormal return.It thereby demonstrates that the CSRC’s"balanced disclosure"policy has not been working as expected and needs further review and improvement.展开更多
Zombie companies have serious adverse effects on economic development.The relationship between government subsidies and zombie companies is a focus in China’s supply-side structural reform.In this paper,we classify c...Zombie companies have serious adverse effects on economic development.The relationship between government subsidies and zombie companies is a focus in China’s supply-side structural reform.In this paper,we classify companies into two categories:investment-constrained companies lacking investment opportunities,and fi nancing-constrained companies with limited sources of capital.Based on data of A-share listed companies from 2007 to 2016,this paper examines the relationship between government subsidies and the zombification of companies subject to different types of constraints.We find that more government subsidies have been allotted to investment-constrained companies than financing-constrained ones;government subsidy is one of the various factors that have contributed to company zombification,but the correlation is only significant for investment-constrained companies;financing subsidy dedicated to expanding corporate financing is more effective in helping investment-constrained companies than government subsidies in general,but neither government subsidies nor financing subsidies are effective in preventing investment-constrained companies from turning into zombies.In the robustness test that controls the endogeneity problem of reverse causality,replaces proxy variables,lags subsidy variables and discusses the zombification of loss-making enterprises,the results are still valid.This paper provides a heterogeneous perspective to study the connection between government subsidies and the formation of zombie companies,and in view of subsidy mismatch,puts forward recommendations regarding the use of government subsidies.展开更多
基金We thank the National Natural Science Foundation of China （21390400, 21521002, 21572232 and 21672217） and the Chinese Academy of Sciences （QYZDJ-SSW-SLH023） for financial support. S. L. is supported by National Program of Top-notch Young Profes- sionals.
文摘A 5πe carbonyl activation mode is reported on the basis of photo-induced single-electron-transfer （SET） oxidation of a secondary enamine. The resultant β-enaminyl radical intermediate was trapped by a wide range of Michael acceptors, producing β-alkylation products of β-ketocarbonyls in a highly efficient manner,
文摘This paper analyzes the annual reports(from 1997 to 2011)of firms listed on two stock exchanges in China and reveals four significant characteristics of disclosure timing.These characteristics have significant economic implications for stock market movement,including positive contributions to stock price,trading volume and abnormal return.It thereby demonstrates that the CSRC’s"balanced disclosure"policy has not been working as expected and needs further review and improvement.
基金This paper is part of the“Research on Information Asymmetry and Government Subsidy Effi ciency Based on Agency Theory”(No.18BJY017)funded by the National Social Science Fund of China.
文摘Zombie companies have serious adverse effects on economic development.The relationship between government subsidies and zombie companies is a focus in China’s supply-side structural reform.In this paper,we classify companies into two categories:investment-constrained companies lacking investment opportunities,and fi nancing-constrained companies with limited sources of capital.Based on data of A-share listed companies from 2007 to 2016,this paper examines the relationship between government subsidies and the zombification of companies subject to different types of constraints.We find that more government subsidies have been allotted to investment-constrained companies than financing-constrained ones;government subsidy is one of the various factors that have contributed to company zombification,but the correlation is only significant for investment-constrained companies;financing subsidy dedicated to expanding corporate financing is more effective in helping investment-constrained companies than government subsidies in general,but neither government subsidies nor financing subsidies are effective in preventing investment-constrained companies from turning into zombies.In the robustness test that controls the endogeneity problem of reverse causality,replaces proxy variables,lags subsidy variables and discusses the zombification of loss-making enterprises,the results are still valid.This paper provides a heterogeneous perspective to study the connection between government subsidies and the formation of zombie companies,and in view of subsidy mismatch,puts forward recommendations regarding the use of government subsidies.
