Government subsidies, dual-credit policy, and enterprise performance: Empirical evidence from Chinese listed new energy vehicle companies

The development of the new energy vehicle industry has become a key force driving the goals of carbon peak and carbon neutralization.To better guide future strategies,this study investigates the dual impact of subsidy and dual-integral policies on the performance of new energy vehicle enterprises.This study first theorizes the influential mechanism according to the institutional-based approach and technical innovation theory,and then collects data from listed companies in the new energy vehicle industry from 2016 to 2020.The hypotheses are examined using a two-way fixed-effects model.The findings show that:(1)subsidy policies are can still improve enterprise performance,but not through green technology innovation;(2)the dual-credit policy can improve enterprise performance through green technology innovation;and(3)under current policy conditions,with subsidies declining annually,the interaction effects between the subsidy and dual-integral policies will also decrease.Thus,this study suggests that non-monetary industrial policy,represented by the dual credit policy is a more effective alternative to government subsidies.

Research on the Influence of Business Convergence of Listed Tourism Companies on Enterprise Performance

Studying the impact of business convergence on enterprise performance can provide empirical basis for enterprises to formulate the integrated development strategy.The business convergence degree of 28 listed tourism companies was measured by Herfindahl index,and the impact of business convergence on business performance and the moderating effect of enterprise innovation ability were discussed.The results showed that the business convergence level of listed tourism companies varied greatly.Business convergence had a significant positive impact on short-term profitability of tourism enterprises,and a significant negative impact on the growth of enterprises.Innovation ability had a positive moderating effect on the impact of business convergence on enterprise profitability,but had no significant moderating effect on the impact of business convergence on enterprise growth.The results suggest that at the present stage,the business convergence of listed tourism companies is helpful to improve the profitability of enterprises in the short term,but it does not significantly promote the long-term growth of enterprises.

The Impact of SO_(2)Emission Trading Policy on Enterprise Performance

We used the latest database of Chinese industrial enterprises to make an empirical test of the relationship between the SO_(2)emissions trading pilot(ETP)policy implemented in 2007 and enterprise performance based on a difference-in-difference(DID)method since the ETP policy tends to be a“quasi-natural experiment.”The empirical results show that the ETP policy has a significant promotion effect on enterprise performance,which provides evidence supporting the“Porter hypothesis”in China.Heterogeneous regression results show that ETP policies play a vital role in promoting development in heavily polluting industries,state-owned enterprises,and central regions.The test results of the mechanism demonstrate that the ETP policy has two mechanisms to affect enterprise performance:“improving the total factor productivity of the enterprise”and“increasing the extra cost of the enterprise.”There are two policy implications of our research:first,government departments should strive to explore and implement relevant market-based environmental regulations and policies;second,government departments should vigorously support small and medium-sized enterprises and backward areas in the west while focusing on heavily polluting industries and making the best use of environmental regulations in pollution control,which are the key points for China to win the defense of the blue sky.

Research on the Effect of R&D Investment Intensity and Sales Expense on the Performance of Biomedical Enterprises

Objective To explore the influence of new drug R&D investment and sales expense on the performance of biomedical enterprises.Methods The financial statements of 76 listed biomedical enterprises for 5 consecutive years were selected,and the data were modeled to study the effect of R&D investment and sales expense on the performance of biomedical enterprises by using financial indicators as tools and statistical methods of multiple linear regression.Results and Conclusion Under the premise that the weak related factors such as enterprise scale,life cycle and asset-liability ratio are set as unrelated variables,the R&D investment intensity of biomedical enterprises is negatively correlated with the current performance,which also shows that the R&D of biomedical enterprises has the characteristics of high risk.Besides,the influence of early R&D investment is delayed.However,the sales expense of leading biomedical enterprises with large scales have higher proportion.Meanwhile the greater sales expense of the same enterprise in different periods,the better the enterprise performance is.Biomedical enterprises should consider their own development stage to develop more patented drugs.Besides,they must formulate plans for allocating reasonable sales personnel and cost expense to ensure that enterprises can obtain better benefits.

The Effect of Digital Transformation and Supply Chain Integration on Enterprise Performance:The Moderating Role of Entrepreneurship

Digital transformation provides companies with a productive approach to transforming and upgrading enterprise resources and capabilities and to exploiting external subject forces to unleash and magnify their potential,thus advancing high-quality enterprise development.Therefore,using regression analysis of the data of China’s non-financial listed firms from 2007‒2019 obtained by Python,this paper finds that digital transformation has enormously improved enterprise performance.Furthermore,digital transformation has powerfully boosted supply chain integration,which has played a mediation role in the impact of digital transformation on enterprise performance.Finally,entrepreneurship plays a positive moderating effect on enterprise performance through supply chain integration during digital transformation.The further heterogeneity analysis finds that digital transformation performs better in large,public,state-owned,mature,and non-manufacturing(service industry)enterprises.However,the positive effect of digital transformation on enterprise performance and supply chain integration is not significant in small and medium-sized enterprises.Therefore,supply chain integration cannot play a mediating role in the impact of digital transformation of manufacturing enterprises upon their performance.This paper probes the realization mechanism and micro-foundation of digital transformation,and its conclusion contributes to high-quality digital transformation.

Analysis of the Impact of China’s Novel Coronavirus Pneumonia on Chinese Enterprises’ Performance

The outbreak of novel coronavirus pneumonia has affected almost all industries and enterprises.This paper analyzes the impact of the epidemic on the macro economy through GDP and other indicators,analyzes the impact of the epidemic on the overall business performance of the enterprises through the asset turnover speed index of the above scale industrial enterprises,and analyzes the impact of the epidemic on the net profit of the listed companies through the first quarter performance forecast of the listed companies.At last,the paper puts forward that enterprises should improve their awareness and ability to resist risks.

Entrepreneur Education Level and Its Utility Maximization

The education level of entrepreneurs plays an important role in the decision-making process of loan financing. In this paper, the research method of optimization theory is used to study the problem of the education level and maximizing utility of entrepreneurs, and the optimal analytic solution is obtained. On this basis, the influence of the change of bank loan interest rate, the marginal effect of entrepreneur’s effort, the marginal effect of entrepreneur’s investment, the elastic coefficient of entrepreneur’s effort and the elastic coefficient of entrepreneur’s investment on the optimal solution of entrepreneur’s effort and investment amount is discussed.

How Can Confucianist Entrepreneurship Win in a Challenging Environment:Moderating Effect on the Cordial and Clean Government-Business Relationship

In the traditional Confucian gentleman culture,Chinese entrepreneurs have cultivated unique mindset and have harnessed such mindset in managing the government-business relationship,which is strategically critical for innovation.This paper builds a theoretical framework of Confucianist entrepreneurship-collaborative innovation-enterprise performance,studies the impact of such entrepreneurship on enterprise performance.From the perspective of collaborative innovation,internal innovation mechanism has been studied,and the moderating effect and conditional boundary of the cordial and clean government-business relationship have been further validated.A survey of 1,437 micro,small and medium-sized enterprises(MSMEs)made in China in 2019 found that:(1)Confucianist entrepreneurship has a significant positive impact on promoting the enterprise performance;(2)collaborative innovation has demonstrated the action mechanism of Confucianist entrepreneurship on enterprise performance;(3)the cordial and clean government-business relationship positively moderates entrepreneurship on enterprise performance.It also has the positive intermediary effect on collaborative innovation between Confucianist entrepreneurs and enterprise performance.This study has not only expanded the scope of research on entrepreneurship and Confucian culture and ethics,but has also extended the integration of entrepreneurship and collaborative innovation to the micro level,providing theoretical and practical inspiration for the innovation practices of small and micro-sized(SMEs)enterprises.