Research on the Promotion Mechanism of“Innovation-Capital”Interactive Co-operation——Taking WuXi App Tec As an Example

Based on the case of WuXi App Tec,this paper explores the mechanism of private innovative enterprises to realize enterprise value growth through innovation-capital interaction in the framework of life growth cycle.This paper constructs a mechanism of interactive coexistence of innovation and capital,which has certain enlightenment and reference significance for innovative enterprises to realize technology catch-up and improve their independent innovation ability through capital operation.

An improved portfolio optimization model for oil and gas investment selection

For oil company decision-makers,the principal concern is how to allocate their limited resources into the most valuable opportunities.Recently a new management philosophy,＂Beyond NPV＂,has received more and more international attention.Economists and senior executives are seeking effective alternative analysis approaches for traditional technical and economic evaluation methods.The improved portfolio optimization model presented in this article represents an applicable technique beyond NPV for doing capital budgeting.In this proposed model,not only can oil company executives achieve trade-offs between returns and risks to their risk tolerance,but they can also employ an ＂operational premium＂ to distinguish their ability to improve the performance of the underlying projects.A simulation study based on 19 overseas upstream assets owned by a large oil company in China is conducted to compare optimized utility with non-optimized utility.The simulation results show that the petroleum optimization model including ＂operational premium＂ is more in line with the rational investors＇ demand.

The state capital investing and operating company pilot reform and SOE bailouts

This paper explores the influence of the State Capital Investing and Operating Company(SCIOC)pilot reform on SOE bailout using a staggered differencein-differences model.Based on a sample of listed SOEs during 2011-2018,we find that when the real controllers of listed SOEs enter the list of SCIOCs,soft budget constraints are alleviated and listed subsidiaries are less likely to become distressed.Mechanism tests indicate that SCIOCs help distressed firms through exiting the market,reducing bank loans,enhancing corporate governance,and improving operating efficiency.Heterogeneity tests show that the effect of SCIOC establishment is more significant in central and western regions,in public welfare and special function industries,for central SCIOCs,for state capital investing companies,when firms are organized in more layers,and for firms that engage in M&As.The empirical results show that the implementation of SCIOCs benefits both micro-enterprise development and state capital layout optimization.

Building State-owned Assets Supervision System and Conducting Mixed Ownership Reforms to Reinforce Each Other’s Collaboration

Improving the state-owned assets supervision system(SOASS)can effectively get over the defects of systems and mechanisms and further promote the reform of mixed ownership of state-owned enterprises(SOEs);and the deepening of the reform can advance the change of the SOASS to the supervision on capital.By analyzing the relationship between the SOASS and the reform of mixed ownership of state-owned enterprises,we have found that collaborative promotion of the change of the SOASS to the supervision on capital and promotion of the reform of mixed ownership can do good to ameliorating the corporate management mechanism,improving the market-oriented management mechanism of enterprises and completing the medium-and long-term incentive mechanisms,etc.to enhance business operation efficiency.Due to such prevailing problems as relative dispersion and vagueness of the policies relating to deepening the reform of SOEs,inconsistent progress of the reform of state-owned assets(SOAs)and SOEs,and corporate reform focusing on apprence,improving the SOASS and deepening collaborative development of the reform of mixed ownership of SOEs are hindered by some constraints.To construct and improve the SOASS and the reform of mixed ownership collaboratively,we should make efforts to promote the reform in the following five aspects,namely,placing importance to policy coordination,boosting synchronism of the reform of SOAs and SOEs at different levels and in different areas to coordinate the nationwide reform of SOAs and SOEs,facilitating reform of the mechanism of enterprises of mixed ownership through mixed capital,and promoting the SOASS and stimulating classified monitoring and reform of mixed ownership based on classified reform of SOEs.