MAYERTON HOLDINGS LTD, a leading refractory engineering solutions provider and a high quality castable and refractories brick manufacturer, announced it signed a definitive agreement for the sale of its 100% equity in...MAYERTON HOLDINGS LTD, a leading refractory engineering solutions provider and a high quality castable and refractories brick manufacturer, announced it signed a definitive agreement for the sale of its 100% equity interest in Dalian Mayerton Refractories Co. Ltd. （ ＂ DMR＂ ） to Magnesita Refratarios S.A. on April 22, 2013. DMR is a refractory brick manufacturing facility in Dalian, China （Liaoning Province）.展开更多
The recent move towards decoupling from China,prompted by the 2018 trade conflict,has implications for the innovativeness of Chinese firms.Using patent data from the Chinese State Intellectual Property Office,together...The recent move towards decoupling from China,prompted by the 2018 trade conflict,has implications for the innovativeness of Chinese firms.Using patent data from the Chinese State Intellectual Property Office,together with comprehensive firm-level data,and applying an inverse propensity score reweightingmethodology todealwith selection bias,we estimated changes in the patenting activity of firms following ownership transition to Chinese owners,linking these changes to the differential taxation incentives offered to foreign investors.Far from crippling innovation,divestment has sparked an increase in patent applications-including higher end invention patents-and other innovation measures.Together with robustness checks,our estimations suggest a real improvement in innovation rather than just a window-dressing exercise.We suggest that one possible explanation may be an effort by the new Chinese owners to reduce their tax burden.Our supplementary findings on tax payments and subsidy receipts following divestmentappearinlinewiththis interpretation.展开更多
By inserting the variable of the exactness of corporate valuation into the classic model of Contract Theory, this paper, on the bases of the interaction of the variables of the veraciousness of corporate valuation, ma...By inserting the variable of the exactness of corporate valuation into the classic model of Contract Theory, this paper, on the bases of the interaction of the variables of the veraciousness of corporate valuation, managerial incentives and operational risks, explores the deep-seated reasons for changes in corporate structures, and draws the conclusion that the divestment of the subsidiary is beneficial to shareholders when the parent corporate is undervalued and that the relation between the parent and the subsidiary is disordered, or vice versa. This conclusion is consistent with the motives of many divestiture cases in reality.展开更多
文摘MAYERTON HOLDINGS LTD, a leading refractory engineering solutions provider and a high quality castable and refractories brick manufacturer, announced it signed a definitive agreement for the sale of its 100% equity interest in Dalian Mayerton Refractories Co. Ltd. （ ＂ DMR＂ ） to Magnesita Refratarios S.A. on April 22, 2013. DMR is a refractory brick manufacturing facility in Dalian, China （Liaoning Province）.
基金Haiou Mao would like to express her gratitude to the National Natural Science Foundation of China(No.72203067)the Central University Basic Research Fund of China(No.2662021JGQD007)。
文摘The recent move towards decoupling from China,prompted by the 2018 trade conflict,has implications for the innovativeness of Chinese firms.Using patent data from the Chinese State Intellectual Property Office,together with comprehensive firm-level data,and applying an inverse propensity score reweightingmethodology todealwith selection bias,we estimated changes in the patenting activity of firms following ownership transition to Chinese owners,linking these changes to the differential taxation incentives offered to foreign investors.Far from crippling innovation,divestment has sparked an increase in patent applications-including higher end invention patents-and other innovation measures.Together with robustness checks,our estimations suggest a real improvement in innovation rather than just a window-dressing exercise.We suggest that one possible explanation may be an effort by the new Chinese owners to reduce their tax burden.Our supplementary findings on tax payments and subsidy receipts following divestmentappearinlinewiththis interpretation.
文摘By inserting the variable of the exactness of corporate valuation into the classic model of Contract Theory, this paper, on the bases of the interaction of the variables of the veraciousness of corporate valuation, managerial incentives and operational risks, explores the deep-seated reasons for changes in corporate structures, and draws the conclusion that the divestment of the subsidiary is beneficial to shareholders when the parent corporate is undervalued and that the relation between the parent and the subsidiary is disordered, or vice versa. This conclusion is consistent with the motives of many divestiture cases in reality.
