Research on the Mechanism and Strategy of Equity Investment Driving the Transformation of New Material Innovation Achievements

Under the wave of global technological revolution,the new materials industry is facing difficulties in innovation and transformation.Equity investment has become a key driving force due to its flexible mechanism,risk sharing,and deep participation.Based on introducing the current development status of China’s new materials industry,this article reveals the mechanism of equity investment in financial support,risk management,incentive constraints,and resource integration.The article proposes optimization strategies,such as building an information-sharing mechanism and a diversified investment fund system,to promote the high-quality development of the new materials industry driven by innovation and provide strategic guidance for policymakers,investors,and enterprises.

Westinghouse Electric Corp.plans long-term investment in China

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REGULATIONS ON THE ALTERATION OF STOCK EQUITY HELD BY INVESTORS OF FOREIGN INVESTMENT ENTERPRISES

Article 1With a view to promoting the healthy development of foreign invest-ment enterprises, protecting the legitimate rights and interests of investorsof the parties concerned and safeguarding the social and economic order,this set of regulations has been formulated in accordance with the Com-pany Law of the People’s Republic of China,Law of the People’s Republicof China on Chinese-Foreign Equity Joint Ventures,Law of the People’sRepublic of China of Foreign on Chinese-Foreign contractual Joint Ven-tures,Law of the people’s of China of Foreign Capital Enterprises,andother relevant laws and regulations.Article 2The alteration of investors’stock equity in foreign investment enter-prises as used hereof refers to the alteration of investors or theirshares(hereinafter referred to as the stock equity) of financialcontribution(inchiding the cooperative conditions offered) in Chinese-for-eign equity joint ventures,Chinese-foreign contractual joint ventures andforeign investment enterprises(hereinafter referred to as the enterprises).

Equity of access to long-term care among the Korean elderly

The aim of the current study is to examine the extent to which equity in the utilization of longterm care services has been achieved in the Republic of Korea (hereafter Korea), based on the Aday—Andersen Access Framework that takes into consideration a series of variables hypothesized as predictive of utilization. The current study used cross-sectional survey data collected and conducted by the Korea Labor Institute (KLI) between August 1 to December 22, 2006. The sample for this study was 5544 persons who are older than 60 years. The study was extracted from a larger nationally representative cross-sectional survey of 10,255 individuals. The stratified cluster sampling technique was used to draw the survey respondents. A self-administered questionnaire was used to collect the data from the sample. Descriptive and logistic regression analysis was performed examining the relationship between the dependent variable and the independent variables and the relative importance of factors. The results indicate that a universal health insurance system has not yielded a fully equitable distribution of services. The limitation of benefit coverage as well as disparities in consumer cost-sharing and associated patterns of utilization across plans high out-of-pocket payment can be a barrier to health care utilization, which results in inequity and differential long-term care utilization between sub-groups of older adults. Health policy reforms in Korea must continue to concentrate on expanding insurance coverage, reducing the inequities reflected in disparities in consumer cost-sharing and associated patterns of utilization across plans, and establishing a financially separate insurance system for poor older adults. The behavioral responses of physicians to the method of reimbursement, and the subsequent impact on overall rates of utilization and expenditures need to be more fully understood. In addition, further research is needed to identify the nonfinancial barriers that persist for certain demographic subgroups, i.e., those 70 and older, men, lacking social network members, those who have four or more family members, and those who have no schooling.

Main Factors Affecting the Balance of Investments in Serbia and New Trends of Investment

The importance of investment for the development of some country is undeniable. In today＇s economic conditions, it is necessary to observe all the influencing factors and examine their impact on the investments in the economy of some country. The goal of each country is to create a favorable climate （conditions） for the investments, because they stimulate the growth and development of the country. The aim of this paper is to point of the current situation （the past few years） of the foreign investments in Serbia＇s economy and to highlight the main factors that influenced this situation. In a past few years, there is another trend of unexploited resource of investment seen in Serbia, which is more and more attractive in the region, but unfortunately unjustly neglected in Serbia. These sources are venture capital and private equity funds. Some of the influencing factors that must be emphasized are the country＇s general economic situation, political risks, taxation, the financing of the investments, the government＇s incentives （subsidies）, support from some specialized institutions, etc..

Analysis of stage-investing strategy in equity financing market

Stage-investing strategy is a primary measure to mitigate asymmetric information during equity investment. This paper attempts to investigate the problem faced by equity investors wishing to make optimal investment decision under stage-investing strategy. A serial investment-decision making model will be designed to help investors to take the best choice.

Investing in Future

China’s equity fund promotes highquality development of China-Africa economic and trade cooperation.China-Africa Development Fund,or CADFund,is China’s first Africa-focused equity fund aiming at promoting Africa’s economic development and industrialisation,reducing poverty,improving African peoples’livelihood,enhancing Africa’s capacity for sustainable development,and building a community of shared future for mankind through market-oriented investment.

非控股大股东治理对“走出去”企业经营绩效的影响研究

基于退出威胁这一新兴非控股大股东治理研究领域,以2009—2022年间在沪深A股上市并进行了海外直接投资的中国公司为研究样本,分析非控股大股东治理对“走出去”企业高质量发展的影响。结果表明,基于退出威胁,非控股大股东治理可以提高“走出去”企业的经营绩效,在进行一系列稳健性检验后,该结论依然可靠。进一步研究表明:非控股大股东退出威胁对“走出去”企业经营绩效的提升作用在海外并购重组、海外并购重组结合绿地投资以及绿地投资三种“走出去”模式下更加显著;对于股权集中度更高的企业,促进作用被减弱;当企业为非国有性质时,促进作用更为明显。

股权回购型对赌协议的基本原理与效力认定

以股权回购为常见形式的对赌协议,是一种具有商业惯例因素并符合企业经营内在逻辑的投资工具,属于狭义的非典型合同,背后的学理基础在于诚实信用原则。中国关于股权回购型对赌协议的规范性文件通常认可其法律效力,其中包括但不限于纪要对司法审判的影响。既往司法实践对于协议的效力认定经历了两个阶段的发展:第一阶段在于认定协议的合法性,“华工案”的裁判思路反映出对双方当事人交易的自主意愿的尊重。第二阶段是协议的可执行性问题,一方面需要结合资本维持和清偿能力标准判断协议的可履行性;另一方面在具体的履行程序上,协议双方当事人也要事先做好周密安排。

股权投资策略与企业价值创造的关系研究

文章介绍了股权投资策略的分类、选择影响因素及实施过程,分析了企业价值创造的路径、机制以及股权投资在企业价值创造中的作用,并详细阐述了股权投资策略对企业价值创造的直接影响,包括与企业价值指标的关系和对企业成长性的影响。此外,还讨论了股权投资策略的间接效应与风险分析,并提出了风险管理与应对策略。通过深入研究,揭示了股权投资策略与企业价值创造之间的紧密联系,为企业管理者和投资者提供了有价值的启示。

Impact of State Equity Participation on Family Enterprises’ Innovation Input

Whether the mixed-ownership reform whereby the state invests in nonstate enterprises will be effective is a question that has attracted widespread attention and discussion.This paper uses sample data from family-owned enterprises listed from 2009 to 2016 and empirically tests the impact of equity participation by the state in the family enterprises on their innovation input and the underlying mechanisms.Our results show that state investment has positive impacts on innovation input in the family enterprises.This effect is even more significant for high-tech family enterprises and/or those family enterprises confronting high policy uncertainty.Our results also reveal that when state investment is accompanied by a greater degree of state participation in enterprise operations or when the investment originates locally,there is a greater increase in innovation input.Further analysis of the underlying mechanisms reveals that state investment increases innovation input by increasing both willingness to innovate and the resources available for innovation.This paper provides new theoretical support and empirical evidence for pushing the mixed-ownership reform and stepping up the sustainable development of non-state enterprises including family ones.

Metric of Carbon Equity:Carbon Gini Index Based on Historical Cumulative Emission per Capita

This paper uses Lorenz curve and Gini index with adjustment to per capita historical cumulative emission to construct carbon Gini index to measure inequality in climate change area. The analysis shows that 70% of carbon space in the atmosphere has been used for unequal distribution, which is almost the same as that of incomes in a country with the biggest gap between the rich and the poor in the world. The carbon equity should be an urgency and priority in the climate agenda. Carbon Gini index established in this paper can be used to measure inequality in the distribution of carbon space and provide a quantified indicator for measurement of carbon equity among different proposals.

Case Study of the Ways Private Equity Funds Apply to Dodge Capital-flow Control

In this article,several cases are cited to demonstrate how foreign private equity firms circumvent Chinese government restrictions on capital flows and investing in strategic and sensitive sectors. Speci cally,private equities investing in Chinese companies to be listed abroad can use the Red-chip,Sheng Da or overseas option models. Private equities investing in domestically-listed Chinese companies can resort to foreign-funded banks,underground banking,stock-holder borrowing,stocks held by the third party,equity bonds or local investment company purchases.

BM(book-to-market ratio) factor: mediumterm momentum and long-term reversal

To explain medium-term momentum and long-term reversal,we use the difference between the optional model and the CAPM model to construct a winner-loser portfolio.According to the CAPM model’s zero explanatory ability with respect to stock market anomalies,we obtain an anomaly interpretative model.This study shows that this anomaly interpretative model can explain stock market perceptions and medium-term momentum.Most importantly,BM is a critical factor in the model’s explanatory ability.We present a robustness test,which includes selecting new sample data,adding new auxiliary variables,changing sample years,and adding industry fixed effects.In general,the BM effect does have considerable explanatory power in medium-term momentum and long-term reversal.

Nonlinear Differential Equation of Macroeconomic Dynamics for Long-Term Forecasting of Economic Development

In this article we derive a general differential equation that describes long-term economic growth in terms of cyclical and trend components. Equation is based on the model of non-linear accelerator of induced investment. A scheme is proposed for obtaining approximate solutions of nonlinear differential equation by splitting solution into the rapidly oscillating business cycles and slowly varying trend using Krylov-Bogoliubov-Mitropolsky averaging. Simplest modes of the economic system are described. Characteristics of the bifurcation point are found and bifurcation phenomenon is interpreted as loss of stability making the economic system available to structural change and accepting innovations. System being in a nonequilibrium state has a dynamics with self-sustained undamped oscillations. The model is verified with economic development of the US during the fifth Kondratieff cycle (1982-2010). Model adequately describes real process of economic growth in both quantitative and qualitative aspects. It is one of major results that the model gives a rough estimation of critical points of system stability loss and falling into a crisis recession. The model is used to forecast the macroeconomic dynamics of the US during the sixth Kondratieff cycle (2018-2050). For this forecast we use fixed production capital functional dependence on a long-term Kondratieff cycle and medium-term Juglar and Kuznets cycles. More accurate estimations of the time of crisis and recession are based on the model of accelerating log-periodic oscillations. The explosive growth of the prices of highly liquid commodities such as gold and oil is taken as real predictors of the global financial crisis. The second wave of crisis is expected to come in June 2011.

Reflections on China＇s equity crowd-funding and guard against the risk of problems

At present, China＇s equity crowd-funding platform development like a raging fire, its business model is financing online for small and medium-sized enterprises, many investors to participate in the same project, while equity in return for a platform to receive a certain percentage of service charge. However, no related domestic regulatory measures, divorced from a legal gray zone, improper operation may become a pool of funds to engage in illegal fund-raising, illegal securities activities. Therefore, this article is based on two domestic representative platform-＂Angercrunch＂and ＂Dajiatou＂ to raise public equity, the comparative study of the problem currently facing a series of recommendations, including the introduction of regulation, improve the legal system, conduct investor risk education and self-education, etc.

监管新规与股权质押上市公司投资效率

利用股权质押新规这一准自然实验,使用双重差分模型研究监管新规对股权质押公司投资效率的影响。基于2015—2022年A股上市公司的实证研究表明:监管新规显著抑制大股东股权质押后的过度投资和投资不足,对非效率投资发挥显著抑制作用;机制分析显示,监管新规引起上市公司股权质押比例下降、盈余管理减少,由此弱化两权分离及信息不对称,减少公司非效率投资;异质性分析表明,监管规则变化对抑制非国有企业非效率投资作用更为显著。据此,监管部门应继续加强股权质押行为监管,限制高比例质押和连续质押;强化信息披露监管,重视发挥独立审计机构作用;质权人也应加强股权质押业务事前调查与事后监督。

控股股东股权质押动机:创新投入还是利益侵占?

股权质押借款是上市企业重要的融资方式,控股股东股权质押动机的差异性会对企业发展造成不同的影响。基于2010—2018年我国上市企业样本数据的实证研究发现:控股股东股权质押对企业创新发展有明显的抑制作用;在控股股东股权质押期间,其质押比例越高则对企业的利益侵占现象越严重。相较于国有企业,非国有企业控股股东股权质押更容易抑制企业创新发展和加深对企业的利益侵害;相较于高竞争企业而言,高垄断企业对股权质押所获取的现金流的使用更为自由,更有“掏空”企业的动机。进一步研究发现,内部管理规模将会缓解控股股东股权质押对企业创新发展的抑制影响;企业所在地区法治环境越好将会越易矫正控股股东股权质押对企业的利益侵占行为。

数字经济驱动乡村产业发展了吗?——来自省际层面的证据

近年来数字经济的飞速发展为乡村振兴提供了新机遇。研究运用2013—2021年省际面板数据,构建数字经济和乡村产业发展测度指标,实证评估数字经济对乡村产业发展的影响效应。研究发现,数字经济能够显著促进乡村产业发展,并通过城镇化水平实现促进作用。进一步分析发现,数字经济发展具有负向的空间溢出效应,本地的数字经济发展水平一定程度会抑制邻近地区乡村产业发展水平。

制度互补还是制度挤出?基于经济政策不确定性与企业探索性研发投入的考察

在不确定环境下,探索性研发投入是企业实现可持续发展的重要途径。本文从经济政策不确定性的视角出发,深入探讨宏观经济政策变化对企业探索性研发投入的影响,并考察股权激励、政治关联以及二者之间相互作用如何影响这种关系。研究发现:随着经济政策不确定性的上升,企业会增加探索性研发投入。同时,股权激励会发挥正向调节效应,而政治关联会发挥负向调节效应。进一步地,政治关联和股权激励之间存在制度挤出效应,即政治关联会弱化股权激励的正向调节效应。异质性分析显示,经济政策不确定性对探索性研发投入的促进作用在人力资本水平较高、数字化转型程度较高的企业中更为显著。研究结论有助于揭示不确定环境下企业探索性研发投入战略抉择的内在逻辑,为政府经济政策制定和企业探索性研发投入实践提供启示。