Research on the Relationship between the Profitability and R&D Investment of Enterprises of Different Scales in China’s Pharmaceutical Industry

Objective To analyze the relationship between the profitability of pharmaceutical enterprises of different scales and their R&D investment.Methods The data of China’s pharmaceutical manufacturing industry from 1995 to 2016 were selected to establish a vector auto-regression mode,and then an impulse response function and variance decomposition were used to analyze the data.Results and Conclusion For large-scale pharmaceutical enterprises,1%increase in R&D input will lead to 0.792%increase of their main business profit.For medium-sized enterprises,if their main business profit increases by 1%,their R&D input will increase by 0.965%.Therefore,if their R&D input increases by 1%,their main business profit will increase by 1.036%.The improvement of the profitability of large-scale pharmaceutical enterprises cannot promote the increase of R&D capital investment.But the increase of profitability from medium-sized enterprises can promote the increase of R&D capital investment.As a result,the increase of R&D capital investment of large and medium-sized enterprises can improve corporate profitability.

Profit Delivery Proportion,Operation Performance and Bond Rating of Agricultural State-owned Enterprises

The distribution relationship between the profits of state-owned enterprises and the state has been constantly changing with the times. From the state implementing the policy that state-owned enterprises not pay profits to the state in 1994 to the constant growth of stateowned enterprises in the 21st century,their profits have become more and more abundant. Until 2007,the state issued a document stipulates that the state-owned enterprises should pay part of their profits to the state,but at the initial stage of trial implementation of the policy,the implementation was not effective,and finally in 2010 the state officially announced the collection of profits from state-owned enterprises and increased the proportion of collection. From the perspective of agricultural state-owned enterprises,using the difference-in-difference( DID)model,this paper studied the state policy of increasing the profit delivery proportion of state-owned enterprises in 2020. Through CSMAR database,we selected agricultural state-owned listed companies in the 2008-2013 as samples,tested the impact of the implementation of the new policy in 2010 on the operation performance of agricultural state-owned enterprises,evaluated the implementation effect of the policy through comparing the operation performance before and after the policy,and explored whether the policy has an impact on the bond rating. Through empirical research,it found that increasing the profit delivery proportion of state-owned enterprises is helpful for improving the operation performance of state-owned enterprises and improving the quality of bond ratings,and this policy has more prominent effects on stimulating the performance of monopolistic state-owned enterprises. Therefore,collection of some profits from state-owned enterprises can promote better development of state-owned enterprises and also benefit both the state and the people.

What Accounts for Rising Profitability of Chinese Industrial Enterprises?

Based on the latest data, this paper analyses the profitability status of Chinese enterprises and the reasons behind profitability. The authors hold that the profitability of Chinese industrial enterprises has improved significantly whilst the degree of monopolization and extent of entry barriers in the industrial sector has decreased. With the exception of a few resource and administrative monopolizing industries, the increasing profitability of Chinese enterprises indicates rising competitiveness. Improved management level, efficient assets operation, enhanced investment benefits and salary-transfer-profit are all contributing to the profitability of enterprises.

Influence on Local Enterprise Cultural Development Caused by Culture Differences of Euro-America and Japanese

Economic globalization is necessary, which results in worldwide economic freedom and development, and promote the contact along countries, regions with enterprises. Culture differences of Euro- America and Japanese provide a train of thought for local enterprises improvement. Therefore, we analyzed excellent ideas of Euro-America and Japanese culture to build better adaptive local enterprise culture.

Factors Affecting the Profitability of Cement ManufacturingEnterprises in Tuyen Quang Province

This study focuses on analyzing the factors affecting the production and business efficiency of cement manufacturing enterprises in Tuyen Quang province. Production and business efficiency is measured by profitability ratios including return on assets (ROA), return on equity (ROE) and return on sales (ROS). Using a quantitative research method through estimating a linear regression model based on data of two cement manufacturing companies in the period 2019-2021, the research results show that the factors affecting business efficiency of cement manufacturing enterprises in Tuyen Quang province include size of enterprise, cost ratio, average collection period, inventory turnover, fixed assets turnover and debt ratio.

Analysis on Profit Quality of Small and Medium-sized Agricultural Enterprises:A Case Study of YM Industrial Co.,Ltd in Guang'an City of Sichuan Province

For a long time, under the influence of system and environment and other factors, some small and medium-sized agricultural enterprises in China only seek growth of profit in quantity, but neglect the growth of profit in quality, leading to low profit quality. This study reasonably defines the concept of profit quality of small and medium-sized agricultural enterprises, and expounds general characteristics of high quality profit. On the basis of general factors influencing profit quality of enterprises, it builds indicator system for evaluating the profit quality of small and medium-sized agricultural enterprises. Also, it conducts an empirical analysis on profit quality of Chinese small and medium-sized enterprises with YM Industrial Co., Ltd in Guang'an City of Sichuan Province as an example.

The Impact of Unrealized Foreign Exchange Differences for Accounting and Taxation

The present study is intended to be an analysis of the main Romanian legal provision in what concerns the impact of foreign exchange differences and potential consequences at the level of financial statements for companies. In Romanian legislation, the issue of the foreign exchange differences is treated at a general level： these are recognized as a profit and loss item and as a consequence, they are included in the taxable base when booked in the accounting. Our legislation does not provide for specific treatments depending on the ＇realization momenf＇ of these differences or depending on the conditions for recognizing a gain/loss from foreign exchange differences. For the unrealized exchange differences arising from the application of accounting rules on monthly assessment of foreign currency monetary items, there is not a specific event or transaction to determine income or expenditure. This monthly review depending on the National Bank of Romania [BNR] foreign exchange rate valid on the last day of the month aims to bring closer to reality the financial position of an entity. The exchange rate is a monetary policy item set by the central bank and may be influenced by various factors such as： monetary policy of the BNR; inflation target objectives and rate of exchange stabilization or reduction efforts, as is the case of BNR in the last years to fulfill EU criteria for adoption of the EURO; periodical influences of speculative capitals on the exchange rate level; economic status and especially exports and imports. However, a taxpayer should not be charged unless there is evidence of the ＂economic enrichment＂ thereof. However, this enrichment, seen as a rising economic value of the company, depends on the perspective from which is seen： the owner of the company or the tax authorities. The exchange differences impact also the value of the owners＇ equity for which a minimum level is requested under the commercial company law. In case of negative values, this triggers various risks at the level of the continuity principle or even endangers the existence of the company.

Empirical Research on the Influence of the Differences between PRC GAAP and IAS/IFRS on Chinese Listed Companies

With the support and promotion of many international organizations, and quick development of accounting standards globalization, the high quality global accounting standards led by IASB are striding towards us at an astonishing speed. After continuous reform, China has made remarkable performance towards accounting standards globalization. From the analysis of the past six years （1999-2004）, the authors find out that although there are systematic differences between PRC GAAP and IAS/IFRS and the differences have significant impact on financial disclosures of Chinese listed companies, the influences have weakened. This means that the differences between PRC GAAP and IAS/IFRS have narrowed and that PRC GAAP is converging towards IAS/IFRS.

Study on Growing Enterprise Operation Profit Management Method

With the rapid development of economy and constant improvement of social market economy system, the trade between countries is becoming more frequent and the competition is more intensified. As the main body of economy market, enterprises＇ competition is also expanding and strengthening, and fierce competition makes the disadvantaged enterprise withdrawal and also promotes the new enterprise. But the growing enterprise wants to grow sturdily, which is affected by many factors. It needs to face many challenges and cope with various problems. Some problems may not be in place, and they can not find any guidance examples, and this needs enterprise to analyze and choose. Slightly careless, emerging enterprises will be nipped in the cradle. This paper analyzes the operation management mode for the growing enterprise, based on this, it finds out the operation concept and proper operation mode suitable for the long-term development of enterprise, inorder to provide help for relevant stat^t：

Supply Chain Cooperation between Coal Enterprise and Electric Power Enterprise in China

Based on the two-stage Stackelberg game method, value creation of supply chain cooperation between coal enterprise and power utilities is studied by formulating profit functions of coal and power enterprises and calculating the maximum profit. According to the analysis, it is found that the profit from supply chain cooperation between coal and power enterprises is more than that of non- cooperation. The cooperation is validated to be beneficial for both units; however, the profit is mainly taken by the power enterprise. Thus, it is necessary to set up the incentive mechanism to distribute cooperation value between coal and power enterprises to promote their continual cooperation.

Study on the problems and Countermeasures of enterprise culture integration in M ＆ A in China

Since the nineteen nineties, Chinese economic grows rapidly. Chinese enterprises have become an important force in the world economic growth. At the same time enterprise growth has been accompanied by M ＆ A, the success ofM ＆ A can bring great leap and growth for the enterprise. As for Chinese enterprise, today is an important period of mergers and acquisitions, but the real success ofM ＆ A is less. Through the analysis of the causes for the failure ofM ＆ A enterprise, some research results suggest the following three reasons are the major. First is the ignoring differences in M ＆ A enterprises culture, second is the cultural conflict between no effective solution for mergers and acquisitions, and the third is not able to integrate the cultural reasonably.

Study on the problems and Coumermeasures of enterprise culture integration in M ＆ A in China

Since the nineteen nineties, Chinese economic grows rapidly. Chinese enterprises have become an important force in the world economic growth. At the same time enterprise growth has been accompanied by M ＆ A, the success ofM ＆ A can bring great leap and growth for the enterprise. As for Chinese enterprise, today is an important period of mergers and acquisitions, but the real success ofM ＆ A is less. Through the analysis of the causes for the failure ofM ＆ A enterprise, some research results suggest the following three reasons are the major. First is the ignoring differences in M ＆ A enterprises culture, second is the cultural conflict between no effective solution for mergers and acquisitions, and the third is not able to integrate the cultural reasonably.

国家数字经济创新发展试验区设立的创新效应:基于供给侧与需求侧双重视角

将国家数字经济创新发展试验区作为一项准自然实验,以2016—2021年A股上市公司为研究对象,采用双重差分法考察试验区设立的创新效应。结果表明:第一,试验区设立能促进企业创新,各试点政策的创新效应从大到小依次为:创新型城市建设、国家数字经济创新发展试验区、智慧城市创建、国家级大数据综合试验区、宽带中国示范城市;第二,试验区设立通过降低交易成本、集聚人才资源、促进知识产权保护、推动数字化转型,进而激励企业创新;第三,试验区设立对企业创新的促进作用在非国有企业、高新技术企业、在位企业中更显著,且相比于渐进式创新,试验区设立对突破式创新的影响更显著。此外,试验区设立对毗邻城市企业创新有正向扩散效应,对经济发展水平相似城市的企业创新有负向虹吸效应。

Industrial profits decreased 27.4%in the first four months of 2020

In the first four months of 2020,the profits made by industrial enterprises above the designated size achieved 1,259.79 billion yuan,a yearon-year decrease of 27.4 percent(calculated on comparable basis),and the pace of decline narrowed 9.3 percentage points over the first three months.

中央环保督察与企业过度金融化:资本逐利抑或环境治理

中央环保督察是近年来我国环保领域采取的重要改革措施,不仅有利于提高环境治理效力,而且也会对微观企业的资源配置决策产生影响。基于2012—2021年我国沪深A股上市工业企业数据,采用多期双重差分法实证检验中央环保督察对企业过度金融化的影响。研究发现,中央环保督察对企业过度金融化具有抑制作用。影响机制检验发现,中央环保督察通过提高企业绿色投资进而会抑制企业过度金融化。异质性分析表明,中央环保督察对企业过度金融化的抑制作用在融资约束程度高、高管无公职经历的企业以及处在公众环境关注度较高地区的企业更强。经济后果检验表明,中央环保督察通过抑制企业过度金融化提升了企业绩效。研究结论探析了宏观环境政策对微观企业资源配置决策的影响及作用机理,对实现环境治理和经济发展的双赢具有一定的现实意义。

Analysis and comparison of business income tax treatment of enterprise merger

In this paper, combined with the ＂Enterprise Accounting Standards No. eighteenth issued -- income tax＂ and ＂Enterprise Accounting Standards No. twentieth＂ -- the merger of enterprises and the State Administration of Taxation on enterprise merger business related income tax provisions of the problem of enterprise income tax, from the perspective that enterprise merger accounting is divided into the same control and the different control corresponds to the general tax treatment and special tax treatment, I compare the process of enterprises under different circumstances of income tax with an example.

数字技术可供性对企业绿色创新的影响

数字技术可供性是衡量经济高质量发展的关键组成部分和微观体现,对提高企业绿色创新能力具有重要现实意义。本文基于2012—2021年沪深A股上市企业相关数据,深入探究数字技术可供性对企业绿色创新的影响效应及作用机制。研究结果表明:数字技术可供性能够正向影响企业绿色创新,且经过一系列稳健性检验后该结论依旧成立。机制分析表明,数字技术可供性通过缓解融资约束、提高市场获利能力和促进数字化转型,助推企业绿色创新。进一步分析发现,数字技术可供性对企业绿色创新的促进效应在国有企业、高技术企业中更显著。据此,建议强化市场导向,构建绿色技术创新体系;部署低碳转型,打造绿色技术创新新引擎;聚焦关键领域,激发企业绿色创新活力,以期为提升企业绿色创新水平提供新思路和实践指引。

场景驱动中国制造企业创新实现全球价值链攀升路径——双重价值链差异性嵌入视角

“双循环”新发展格局下,中国制造业在产业组织形态上既嵌入国内价值链充分依托广袤市场的多元化禀赋,同时又嵌入全球价值链参与国际分工实现动态转型升级,但关于场景驱动制造企业创新的探讨还相对少见。为此,选取中国制造业实现全球价值链攀升的微观基础——制造企业为研究对象,基于场景化要素嵌入背景,以国内价值链嵌入广度和全球价值链嵌入高度为评价指标,考察在国内和全球双重价值链差异性嵌入情境下场景驱动制造企业创新实现全球价值链攀升的路径。从知识创新与扩散、产业集聚与升级、市场拓展与创造、生产性服务支撑4种因素间关系着手,通过对4个典型案例的分析发现,场景驱动制造企业创新实现全球价值链攀升有4条路径:链主企业通过创造需求场景实现全球价值链高位势嵌入;链主企业通过破坏创新场景实现全球价值链颠覆性嵌入;“专精特新”企业通过迭代升级场景实现全球价值链动态化嵌入;“专精特新”企业通过跨界经营场景实现全球价值链错位性嵌入。据此,提出中国制造企业应依据自身在国内和全球双重价值链网络的嵌入广度和高度设计合理的场景驱动创新方式,推进链主企业所属制造业圈层体系根植共生,同时政府及相关管理机构应当更为深入推进产业链、价值链、供应链的数字化建设。

碳排放权交易试点政策对新能源企业创新的激励效应——基于创新投入的证据

碳排放权交易试点政策的目标是控制温室气体排放,而新能源企业是发展清洁能源的重要主体,那么该试点政策能否激励新能源企业增加创新投入?既有研究尚未对此做出探讨。鉴于此,本文采用2009~2019年沪深A股新能源企业和其同行业传统企业数据,用三重差分模型考察碳排放权交易试点政策对新能源企业创新投入的影响。研究发现,碳排放权交易试点政策能够促进新能源企业增加创新投入。作用机制分析表明,该试点政策通过从生产端提高企业的减排和创新收益,以及从需求端扩大新能源产品的市场需求,激励新能源企业增加创新投入。进一步分析表明,碳排放权交易试点政策促进新能源企业增加高质量的创新产出。异质性分析表明,在知识产权保护程度高的地区、非管制行业及采用配额有偿分配机制设计的碳排放权交易市场,碳排放权交易试点政策对新能源企业的创新激励效应更显著。研究结论不仅丰富了碳排放权交易试点政策与企业创新的研究,也对建设全国碳排放权交易市场具有启示意义。

数字金融与企业金融化: “脱实向虚”还是“脱虚向实”?

基于2011—2021年沪深A股上市公司面板数据,构建双向固定效应模型考察了数字金融对企业金融化的影响及机制。结果显示:数字金融增强了逐利性动机和预防性动机、降低了期间费用和融资约束,总体上促进了企业金融化,尤其对非国有、非制造业、东部地区与中部地区、金融监管前的企业而言,这种促进作用更为突出。进一步分析表明,数字金融通过企业金融化提高了企业创新水平与增加了经营风险,因此,数字金融作用下的企业并未“脱实向虚”或“脱虚向实”,而是处在“虚实互补”阶段。鉴于此,政府应加快完善数字金融生态环境,引导企业利用数字金融合理配置金融资产反哺主营业务发展,同时注意防范金融风险。