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 y...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.展开更多
Since 1865, the scholars from different countries have been studying the Genoese Massari＇s ledger of 1340. The authors have used a fundamentally new approach when studying this famous register. The authors have also ...Since 1865, the scholars from different countries have been studying the Genoese Massari＇s ledger of 1340. The authors have used a fundamentally new approach when studying this famous register. The authors have also analyzed the full-scale financial processes （from registering the expenses of the commune to their coverage by revenue） instead of analyzing some separate transactions which could prove the presence of the double-entry when registering each economic fact. This becomes possible as a result of the reconstruction of medieval entries and registers in the form of a modem account and the construction of the computer model of the whole ledger of 1340. The model of the system is formed according to seven summits of the revenue of the commune, which are distributed upon many factors of registered expenses and united into 17 reporting points. The special attention is paid to the date of the transaction. The authors have found many answers to some questions which were mysteries before. The explanation is given to the sales of goods below the purchasing price and to the exchange of money with significant losses.展开更多
The super-deduction of research and development(R&D)expenses is at the core of the policy to stimulate enterprise innovation in China.This paper identifies whether firms are supported by the super-deduction polici...The super-deduction of research and development(R&D)expenses is at the core of the policy to stimulate enterprise innovation in China.This paper identifies whether firms are supported by the super-deduction policies for R&D expenses and uses the diferencein-diferences method to investigate the impact of the policies on R&D investment.The results show that changes in policy in 2013 significantly increased the R&D investment of firms engaging in key state-supported technologies.Policy changes in 2016 significantly increased the R&D investment of firms engaging in non-key-state-supported technologies.Enterprises not only invested all their tax incentives in R&D activities but also increased their investment in self-raised funds.The super-deduction policy had different impacts on different industries,firms with different boards,and firms with diferent ownership.The policy significantly affected the manufacturing and construction industries,the Small and Medium Enterprise Board,and non-state-owned enterprises.Through a mechanism analysis,we found that the policy significantly reduced the user cost of R&D and increased the net cash flow of enterprises,which could raise a firm's R&D investment.It is necessary to increase policy support,expand the scope of super-deductible expenses,and increase the super-deduction rate based on industry classification according to the sensitivity of different industries to the policy.展开更多
Health care costs are high and continue to rise in most major economies,and the health savings account(HSA)is often viewed as an appealing way to contain health care costs because it can potentially solve the moral ha...Health care costs are high and continue to rise in most major economies,and the health savings account(HSA)is often viewed as an appealing way to contain health care costs because it can potentially solve the moral hazard spending caused by traditional health insurance.This study uses data from the China Household Finance Survey(CHFS)to empirically examine the effectiveness of HSAs in containing medical expenses and reducing moral hazard.The findings show that HSAs that restrict the use of funds may lead enrollees to discount the value and thus spend more on health care.In addition,the positive effect of HSAs on medical expenses is larger for the relatively healthier group,which may suggest that moral hazard exists regarding the use of HSA funds.The empirical estimates of the HSA effect on medical expenses are robust when a set of covariates are controlled,and HSA balances are instrumented using housing savings account balances.展开更多
文摘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.
文摘Since 1865, the scholars from different countries have been studying the Genoese Massari＇s ledger of 1340. The authors have used a fundamentally new approach when studying this famous register. The authors have also analyzed the full-scale financial processes （from registering the expenses of the commune to their coverage by revenue） instead of analyzing some separate transactions which could prove the presence of the double-entry when registering each economic fact. This becomes possible as a result of the reconstruction of medieval entries and registers in the form of a modem account and the construction of the computer model of the whole ledger of 1340. The model of the system is formed according to seven summits of the revenue of the commune, which are distributed upon many factors of registered expenses and united into 17 reporting points. The special attention is paid to the date of the transaction. The authors have found many answers to some questions which were mysteries before. The explanation is given to the sales of goods below the purchasing price and to the exchange of money with significant losses.
文摘The super-deduction of research and development(R&D)expenses is at the core of the policy to stimulate enterprise innovation in China.This paper identifies whether firms are supported by the super-deduction policies for R&D expenses and uses the diferencein-diferences method to investigate the impact of the policies on R&D investment.The results show that changes in policy in 2013 significantly increased the R&D investment of firms engaging in key state-supported technologies.Policy changes in 2016 significantly increased the R&D investment of firms engaging in non-key-state-supported technologies.Enterprises not only invested all their tax incentives in R&D activities but also increased their investment in self-raised funds.The super-deduction policy had different impacts on different industries,firms with different boards,and firms with diferent ownership.The policy significantly affected the manufacturing and construction industries,the Small and Medium Enterprise Board,and non-state-owned enterprises.Through a mechanism analysis,we found that the policy significantly reduced the user cost of R&D and increased the net cash flow of enterprises,which could raise a firm's R&D investment.It is necessary to increase policy support,expand the scope of super-deductible expenses,and increase the super-deduction rate based on industry classification according to the sensitivity of different industries to the policy.
文摘Health care costs are high and continue to rise in most major economies,and the health savings account(HSA)is often viewed as an appealing way to contain health care costs because it can potentially solve the moral hazard spending caused by traditional health insurance.This study uses data from the China Household Finance Survey(CHFS)to empirically examine the effectiveness of HSAs in containing medical expenses and reducing moral hazard.The findings show that HSAs that restrict the use of funds may lead enrollees to discount the value and thus spend more on health care.In addition,the positive effect of HSAs on medical expenses is larger for the relatively healthier group,which may suggest that moral hazard exists regarding the use of HSA funds.The empirical estimates of the HSA effect on medical expenses are robust when a set of covariates are controlled,and HSA balances are instrumented using housing savings account balances.
