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.

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).

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.

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.

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.

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。

高管股权激励动态性与企业绩效——研发投入的中介效应

为了有效应对高管人力资本的动态性问题,企业亟须将传统的静态股权激励机制进行变革。本文基于第一类代理问题与动态激励相容的视角,采用2010—2021年中国上市公司的数据进行实证检验,研究高管股权激励动态性与企业绩效的关系,并探讨研发投入在其中可能存在的中介作用。研究发现:高管股权激励的动态性与长期成长性绩效显著正相关,与企业短期绩效不存在相关关系;高管股权激励的动态性与研发投入显著正相关;研发投入在高管股权激励动态性与企业长期绩效之间存在显著的中介作用。研究结论为中国上市企业优化高管股权激励机制、有效应对人力资本的动态性、促进研发,从而推动企业转型升级与持续成长提供可资参考的建议。

“一带一路”倡议对企业创新的影响——基于股权投资视角

以2013—2021年进行对外股权投资的A股上市公司为样本,基于股权投资视角实证检验了“一带一路”倡议对企业创新的影响,进一步探究了持股方式对两者关系的调节作用,比较了上述影响在不同投资目的国(发达国家与发展中国家、海陆邻国与非邻国)企业中的差异。研究发现,“一带一路”倡议对企业创新产生显著正向影响,企业对“一带一路”国家股权投资能够显著提高自身创新水平。调节效应检验发现,持股方式为间接持股时,“一带一路”倡议对企业创新的促进作用得到显著加强。异质性分析发现,投资目的国为发展中国家和非邻国时,“一带一路”倡议对企业创新的影响更为显著。针对不同类型的专利,“一带一路”倡议对企业实用新型专利和外观设计专利均产生显著正向影响,但持股方式无法显著调节“一带一路”倡议对实用新型专利产出的影响。

投资方增值服务对创业企业的作用效果及影响机制

增值服务对创业企业和投资方互动发展、实现双赢具有重要影响。探究投资方增值服务对创业企业的作用效果及影响机制有利于创业企业持续稳健发展和投资方实现投资增值,促进股权投资行业健康发展。选取投资方对创业企业投资后提供增值服务的4家企业作为典型案例,运用扎根理论构建了SETC理论模型,提炼出增值服务效果的主要影响机制。研究表明:增值服务的类型除了直接影响增值服务效果外,还可能引发投资方与创业企业之间的冲突,在外部环境和双方特质的驱动下影响增值服务效果。增值服务类型是影响增值服务效果的内部直接驱动因素,外部环境是影响增值服务效果的外部直接驱动因素,双方特质是情境驱动因素,创投冲突是中介驱动因素。

中国风险投资的新机遇:工业绿色低碳转型

工业绿色低碳转型需要长期稳定且庞大的资金供给,将私募股权投资(PE)和风险投资(VC)引入工业低碳转型领域,不仅能够完善我国工业低碳技术创新的投融资机制,弥补资金缺口,还能有效促进低碳科技成果转化和产业结构升级。工业低碳技术创新与VC/PE之间具有较强的契合性,投资活跃度、市场规模、绿色投资理念不断提升。节能和能效提升、再生资源利用、电气化、绿氢应用、工业数字化转型、碳捕集利用和封存六大领域将是VC和PE投资工业低碳技术的重要着力点。目前投资工业低碳技术创新仍存在一些问题,如低碳技术的界定、评价、标准化等工作尚不能满足绿色投资的需求,缺乏有经验的绿色基金管理机构,基金存续期较短导致VC/PE对低碳技术投资的耐心不足,VC/PE监管考核制度与创投资本的投资需求不相符等。借鉴国际上VC/PE支持工业低碳转型的诸多经验,建议我国应完善绿色低碳技术创新体系,支持和培育专注投资于低碳技术的VC/PE机构,鼓励包括社保基金在内的各类养老金和保险资金等长期资本参与创立和投资绿色技术基金,建立合理的基金分类管理和绩效评价机制。

股权再融资能促进“专精特新”企业发展吗?

构建现代化产业体系,推动经济高质量发展,需要高质量企业发挥领军作用。作为细分领域的领导者,“专精特新”企业具备领先的技术水平和产品质量,在制造业中起到了支柱作用,单项冠军企业是“专精特新”企业群体的代表。以2010—2021年上市单项冠军企业为研究样本,实证检验了股权再融资对“专精特新”企业主营业务增长率的影响。结果显示:股权再融资能够促进“专精特新”企业的主营业务收入增长率的增长,且这一结论具有稳健性;提高创新投入、提高生产能力在这一过程中起到了中介作用;异质性分析发现,在数字化转型程度高、管理层薪酬水平高的“专精特新”企业中,股权再融资才能有效发挥对主营业务收入的积极作用;进一步研究发现,股权再融资在“专精特新”企业的培育体系中发挥着重要作用,能够显著促进一般的“专精特新”企业成长为单项冠军企业,同时也证明了单项冠军企业作为“专精特新”企业中的排头兵,对当地其他“专精特新”企业主营业务发展起到了显著的带动作用。研究为论证股权再融资的积极影响提供了经验证据,并且对于如何有效发挥金融对实体经济的支持作用,以金融赋能“专精特新”企业发展提供了启示。

科技金融风口下投贷联动机制创新研究

2023年10月,中央金融工作会议明确提出加快建设金融强国的目标,并将科技金融列为五篇大文章之首。作为一种创新性金融服务模式,投贷联动机制深度融合了股权与银行贷款,与科技金融的属性高度契合。本文在分析投贷联动机制内涵、特点及类型的基础上,回顾了我国投贷联动机制的发展历程,剖析了当前我国投贷联动机制面临的发展困境,包括现有法律法规与政策的束缚、投贷双方联动机制的不完善、传统风险管理模式与目标客户的不匹配、股权投资机构发展缓慢及复合型科技金融专业人才匮乏等问题。为此,政府、投贷联动参与主体等各方需要采取更为有效的措施,共同推动投贷联动机制发展,以进一步做好科技金融这篇大文章。

数字鸿沟、家庭资本与教育投资

弥合数字鸿沟为缓解家庭教育投资不均衡提供了新思路。基于2020年中国家庭追踪调查(CFPS)数据库,以微观家庭为切入点,从数字接入、数字使用和数字意识等方面构建数字鸿沟综合评价体系,并引入家庭经济资本、家庭文化资本和家庭社会资本,实证检验数字鸿沟对家庭教育投资的影响和作用机制。研究发现:数字鸿沟具有扩大家庭教育投资差距的显著负向作用,且在东部发达地区和城镇地区影响更明显;机制分析表明,家庭资本是数字鸿沟演化为“家庭教育投资鸿沟”的重要传导渠道。进一步拓展分析表明,教育公平对共同富裕具有显著促进作用,有利于社会经济的整体繁荣。

混合所有制改革能促进企业绿色技术创新吗?——来自中国上市公司的经验证据

在既定的资源约束下,不同类型企业开展绿色技术创新的战略意愿与动力明显不同,因此从混合所有制改革的视角深入剖析如何提升企业绿色技术创新意愿与动力成为重要研究议题。该研究以2013—2020年中国沪深A股上市公司为实证研究样本,考察了混合所有制改革对企业绿色技术创新的影响及其内在机理。研究结果表明:(1)混合所有制改革显著促进了企业绿色技术创新,在考虑稳健性检验和内生性问题后研究结论依然成立。(2)内在机制检验结果表明,混合所有制改革主要通过强化内部控制水平、提高企业社会责任表现、促进企业环保投入的三重机制促进企业绿色技术创新,即混合所有制改革对企业绿色技术创新具有公司治理效应、利益相关方价值效应和资源配置效应。(3)异质性分析表明,在低市场化程度地区、竞争强度更大行业和环保敏感度更高行业中,混合所有制改革对企业绿色技术创新的促进效应更为明显。(4)进一步分析表明,非国有企业混合所有制改革对企业绿色技术创新的促进效应更为明显,且经济后果检验结果表明,混合所有制改革能够通过促进企业绿色技术创新最终提高企业财务绩效。该研究为深入推进混合所有制改革的绿色价值效应提供了经验证据,也为分类推进不同类型企业的混合所有制改革以促进企业绿色技术创新提供理论参考。

我国政府引导基金创新发展研究

在房地产行业回归居住和消费属性,以及高质量发展的迫切需求下,土地财政向着股权财政转变成为必然趋势。近年来,各地政府将建立政府和社会资本合作新机制,提高财政金融服务效能作为重要的政策引导,一方面可以培育当地产业,实现区域经济破圈发展,另一方面可以进一步扶持战略性新兴产业成长。但政府引导基金的发展仍然存在很多问题,本文在分析其发展现状的基础上,梳理总结了引导基金的各类运作模式、改革动向、发展中存在的问题和困境,提出明确政府与市场的职能边界并强化市场化运作机制,立足于区域比较优势发展产业集群,夯实数字化科技基础以提升精细化管理水平和完善激励约束机制以打通资金循环链条等建议。