Research on the Influence of Equity Structure on Corporate Performance

Equity structure constitutes a crucial component of corporate internal governance.A scientifically and reasonably structured equity system aids in enhancing the level and efficiency of corporate governance.Through empirical analysis of data spanning from 2013 to 2022,the study aims to verify the influence mechanism of equity structure on corporate performance.The results indicate that enhancing equity concentration and balance positively impacts corporate performance,with this effect persisting over time.Consequently,optimizing the degree of equity concentration,shareholder types,and the board of directors’structure can assist enterprises in maximizing long-term value.

Exploring the growth value equity valuation model with data visualization

The Growth Value Model(GVM)proposed theoretical closed form formulas consist-ing of Return on Equity(ROE)and the Price-to-Book value ratio(P/B)for fair stock prices and expected rates of return.Although regression analysis can be employed to verify these theoretical closed form formulas,they cannot be explored by classical quintile or decile sorting approaches with intuition due to the essence of multi-factors and dynamical processes.This article uses visualization techniques to help intuitively explore GVM.The discerning findings and contributions of this paper is that we put forward the concept of the smart frontier,which can be regarded as the reasonable lower limit of P/B at a specific ROE by exploring fair P/B with ROE-P/B 2D dynamical process visualization.The coefficients in the formula can be determined by the quantile regression analysis with market data.The moving paths of the ROE and P/B in the cur-rent quarter and the subsequent quarters show that the portfolios at the lower right of the curve approaches this curve and stagnates here after the portfolios are formed.Furthermore,exploring expected rates of return with ROE-P/B-Return 3D dynamical process visualization,the results show that the data outside of the lower right edge of the“smart frontier”has positive quarterly return rates not only in the t+1 quarter but also in the t+2 quarter.The farther away the data in the t quarter is from the“smart frontier”,the larger the return rates in the t+1 and t+2 quarter.

Harnessing AI to Foster Equity in Education: Opportunities, Challenges, and Emerging Strategies

In contemporary educational landscapes, Artificial Intelligence (AI) has emerged as a pivotal tool to promote equity and inclusivity. One of the most significant contributions of AI is its ability to facilitate personalized learning. Through the analysis of a student’s learning patterns, strengths, and weaknesses, AI-driven platforms can customize educational content, ensuring that each student receives instruction tailored to their individual needs. This personalization ensures that all students, regardless of their starting point, have an equal opportunity to progress and excel. This paper explores the utilization of AI in facilitating an equitable educational environment by analyzing the opportunities, challenges, and strategies pertinent to AI implementation. Through a comprehensive review of the current literature and case studies, this paper identifies promising avenues for leveraging AI to bridge educational gaps while also highlighting potential pitfalls and barriers to equity. This paper proposes actionable strategies and recommendations for stakeholders to cultivate an educational ecosystem that champions equity through the prudent integration of AI technology.

A Historical Review of the Development of Women’s Higher Education in China (1908-2020): Stages, Explanations, and Trends

The development of women’s higher education in China can be divided into four stages:emergence(1908-1948);foundation(1949-1976);accelerating development(1977-2008);and the qualitative leap(2009-2020).This work considers the principal institutional mechanisms that contributed to this development.First,flexibly planned parenthood gradually promoted gender equality and openness in society facilitated by systematic“awards,grants,and loans”initiatives to support women’s higher education economically.Second,compulsory education ensured that left-out and migrant children had access to higher education.Third,effective connectivity across different education types bridged education gaps between those with different levels of education.Fourth,China made great efforts to invite and integrate international experiences that promoted the development of women’s higher education.Looking beyond these achievements,we also discuss the future trends of women’s higher education in China.

Comments on Montesquieu's Equity Theory

Montesquieu’s equity theory is not only the reflection of sharp confrontation between French bourgeoisie and despotism in the middle period of 18thcentury,but also is the continual caused by British Bacon’s experimentalism and French Descartes’s rationalism,etc.Montesquieu acutely criticized the decayed social order of feudalism,but also showed his compromising,mild,and rigorous character because the revolution had not succeeded yet.Montesquieu considers that"law"exists in anything as well as the beginning and end of human society.The spirit of"natural law"is"peace";the spirit of"man-made law"is"equality".However,in society and country,equality and freedom are lost easily,so they need to be guaranteed by the spirit and power of law.Therefore,not only"virtue","simplicity","restraint",and"toleration",etc.are required,but also power balance is needed.

Analysis and outlook of applications of blockchain technology to equity crowdfunding in China

Equity crowdfunding via the Internet is a new channel of raising money for startups.It features low barriers to entry,low cost,and high speed,and thus encourages innovation.In recent years,equity crowdfunding in China has experienced some developments.However,some problems remain unsolved in practice.Blockchain is a decentralized and distributed ledger technology to ensure data security,transparency,and integrity.Because it cannot be tampered with or forged,the technology is deemed to have great potential in the finance industry.This study examines current problems in the practice of equity crowdfunding in China.Based on the analysis of the characteristics of blockchain technology,this study further explores its practical applications in equity crowdfunding.1)Blockchain technology may be a secure,efficient,low-cost solution for the registration of stocks and shares of a firm financed by crowdfunding;2)Blockchain technology simplifies the transaction and transfer of crowdfunding equities,and thus facilitates their circulation;3)Blockchain technology enables peer to peer transactions between investors and entrepreneurs,and solves the problems of regulatory compliance and security of fund management;Blockchain technology can be used to develop a voting system for crowdfunders,which enables them to be involved in corporate governance.This helps protect the rights and interests of small investors;5)Blockchain technology helps regulators know about market conditions,and supports regulatory activities such as managing investors and fighting money laundering.

Regional Equity and Influencing Factor of Social Assistance in China

Social assistance is the last safety net in the social security system and plays a vital role in poverty alleviation in countries around the world. Promoting the equal financial assistance is meaningful to achieve equalization of social assistance. Based on the provincial panel data from 2002 to 2017, this paper analyzes the dynamic characteristics and main influencing factors of the equity of social assistance in China, using the Theil index and geographically weighted regression(GWR) model. The results suggest that the level of per capita social assistance expenditure(PSAE) in China keeps increasing year by year, but the changes in different regions and provinces are quite different. These changes not only significantly changed the spatial pattern of PSAE in China, but also greatly improved its spatial coupling with the deeply impoverished areas. Further analysis shows that the regional inequality of PSAE between provinces is obvious during the study period, and the inter-regional inequality is significantly higher than the intra-regional inequality.This makes inter-regional inequality become the main source of the regional inequality of PSAE in China for a long time. According to GWR results, there is obvious spatiotemporal heterogeneity in the influence intensity and direction of the per capita financial revenue,urbanization rate, urban unemployment rate, natural disaster-affected area, and transfer payment intensity on the PSAE. The urbanization rate and per capita financial revenue are the main driving factors of PSAE, and the impact intensity of per capita financial revenue tends to strengthen. The remaining three factors have a positive effect on PSAE, but the effect intensity is not high.

How does Covid-19 affect global equity markets?

This study applies OLS,panel regression and Granger causality test to investigate the impact of the Coronavirus disease 2019(Covid-19)outbreak on the global equity markets during the early stage of the pandemic.We find that the Covid-19 outbreak has a significant negative impact on the overall equity index return of the eight economies even at 0.1%significance level.Furthermore,the pandemic has a more significant impact on the European countries than on the East Asian economies.The results have three main implications.Firstly,policy makers should react fast to mitigate the impact of a crisis.Secondly,investors should be aware of an outbreak of disease or other risks and adjust their investments accordingly.Furthermore,the Covid-19 outbreak results in a shift of power from the west to the east.

Equity of Accessibility to Health Care Services and Identification of Underserved Areas

Characterizing the availability of opportunities to residents has been a long-term aim in health care geographic investigation.It is important to measure the degree of inequity in health care accessibility and to identify underserved areas, due to the uneven distribution of health care services. In this study, JavaScript was used to calculate travel time based on Amap, as this can provide a more reliable data support to measure the health care accessibility in Xi’an communities, China. Based on the overall equity, herein, an attempt was made to quantify the equity of health care accessibility, and to identify health care underserved areas inside the different communities. Results show that the accessibility to low-level health care services is high in the northern areas and low in the southern areas, while the accessibility to high-level and comprehensive health care services shows a clear core-periphery spatial structure. Moreover, the overall equity of the health care accessibility is relatively low, and the inequity of high-level health care accessibility is further aggravated.Furthermore, the quantified equity of accessibility to high-level and comprehensive health care services in the central urban areas is better;however low-level health care services are relatively inadequate. There are significant differences among health care underserved areas, in particular, for the worst equity and the lowest accessibility areas(A1) and the worse equity and the lowest accessibility areas(B1) in high-level underserved areas. Notably, the sharing of health care services and the reasonable flow of health technical personnel among different levels of health institutions can make the high-level health care services in the central urban areas have a greater trickle effect on the surrounding areas.

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.

Impact of the COVID‑19 outbreak on the US equity sectors:Evidence from quantile return spillovers

The aim of this study is to examine the extreme return spillovers among the US stock market sectors in the light of the COVID-19 outbreak.To this end,we extend the now-traditional Diebold-Yilmaz spillover index to the quantiles domain by building networks of generalized forecast error variance decomposition of a quantile vector autoregressive model specifically for extreme returns.Notably,we control for common movements by using the overall stock market index as a common factor for all sectors and uncover the effect of the COVID-19 outbreak on the dynamics of the network.The results show that the network structure and spillovers differ considerably with respect to the market state.During stable times,the network shows a nice sectoral clustering structure which,however,changes dramatically for both adverse and beneficial market conditions constituting a highly connected network structure.The pandemic period itself shows an interesting restructuring of the network as the dominant clusters become more tightly connected while the rest of the network remains well separated.The sectoral topology thus has not collapsed into a unified market during the pandemic.

Does the EVA valuation model explain the market value of equity better under changing required return than constant required return?

Through the Economic-Value-Added(EVA)valuation model,the expected market value of equity can be determined by adding the book value of equity with the present value of expected EVAs under the assumption of constant required return and constant return on equity.The equation of EVA valuation model has taken its shape under the assumption of constant required return and constant return on equity.However,a large body of empirical evidence indicates that required rate of return never remain constant.The EVA-valuation model formulated under constant required return cannot be implemented under the scenario of changing required return.In this study,we explored whether the EVA valuation model could be implemented under changing required return by making any changes in the model and found that it could be implemented under the scenario of changing required return by replacing the book value of the equity of the existing model with the present value of required earnings or normal market earnings.We further examined whether the explanatory ability of the EVA valuation model under the assumption of changing required return is better than that of the valuation model under the assumption of constant required return.Relative information content analyses were conducted by considering sample of the intrinsic value of equities determined by valuation models and the market value of equities of 69 large-cap,88 mid-cap,and 79 small-cap companies.The results showed that the EVA-based valuation model with changing normal market return outperformed the EVA-based valuation model with constant required return.

COVID-19 Vaccine Allocation: Modeling Health Outcomes and Equity Implications of Alternative Strategies

Given the scarcity of safe and effective COVID-19 vaccines,a chief policy question is how to allocate them among different sociodemographic groups.This paper evaluates COVID-19 vaccine prioritization strategies proposed to date,focusing on their stated goals;the mechanisms through which the selected allocations affect the course and burden of the pandemic;and the main epidemiological,economic,logistical,and political issues that arise when setting the prioritization strategy.The paper uses a simple,agestratified susceptible–exposed–infectious–recovered model applied to the United States to quantitatively assess the performance of alternative prioritization strategies with respect to avoided deaths,avoided infections,and life-years gained.We demonstrate that prioritizing essential workers is a viable strategy for reducing the number of cases and years of life lost,while the largest reduction in deaths is achieved by prioritizing older adults in most scenarios,even if the vaccine is effective at blocking viral transmission.Uncertainty regarding this property and potential delays in dose delivery reinforce the call for prioritizing older adults.Additionally,we investigate the strength of the equity motive that would support an allocation strategy attaching absolute priority to essential workers for a vaccine that reduces infectionfatality risk.

Empirical Study on Customer Equity of the Pesticide Industry

The focus of modern marketing has shifted from products and enterprise level of traditional marketing to customer level,and customer equity is receiving closer attention. No. 1 document of central government proposed innovating agricultural production and operation system and establishing new agricultural business entities. Seizing these customers becomes a great challenge for pesticide enterprises in the new trend. Therefore,pesticide enterprises need to find out key factors driving customer equity,so as to carry out pertinent marketing and grab the maximum market share. Based on the first-hand survey data,this paper analyzed the influence of value equity,brand equity and relation equity on customer equity by factor analysis and structural equation analysis. It found that the relation equity has the highest driving effect,especially training,community building and visiting experience. Finally,it came up with some recommendations to make pertinent marketing.

An Analysis on Efficiency and Equity of Fixed-Time Ramp Metering

Various traffic management strategies have been developed to alleviate the congestion on freeways. The equity issue has been considered as one of the major challenges for the implementation of some traffic control strategies, especially ramp metering. This paper presents a comparative evaluation of the efficiency and equity performance of a traffic control strategies namely Fixed Time Ramp Metering (FTRM). Instead of focusing on a single equity measure and/or indicator, different approaches to the equity concept are discussed and various equity measures are examined. The equity and efficiency performance of traffic control strategies are compared and evaluated by incorporating them into the simulated corridor. The Bosporus Bridge of Istanbul O-1 Freeway, Turkey is used as a test-bed for the simulation model and the control strategy is employed through microscopic traffic flow simulation software, VISSIM AG. The findings from the simulations show that the equity and efficiency properties of the network vary with the measures and indicators taken into account. The results also suggest that the trade-off between equity and efficiency can be observed for some measures, whereas regarding to other measures the trade-off is not validated.

Investor Sentiment and Cross-Sectional Return after Share Issuance:Evidence from Seasonal Equity Offering in China Market

Our research on private placement of equity on China capital market reveals that firms prefer to equity financing when their stock price is overvalued and investor sentiment is high,following the market timing hypothesis.However,after private issuance,we document a significant positive abnormal return within three years.We believe firms choose to polish their financial statement before the exit of institutional investors and controlling shareholders.Through manipulation of discretional accruals,firms improve the profitability and market valuation,and help institutional investors and controlling shareholders obtain the abnormal return after private placement of equity.Nevertheless,such manipulation cannot be sustained and will do harm to other investors in the long-term.

Is the Equity Transfer Agreement of a Chinese-Foreign Contractual Joint Venture Valid? A Case Comment on Xianyuan v.Zhongxin

Under Chinese law, when parties have signed an equity transfer agreement of the Chinese-Foreign contractual joint venture, they need to report to the examination and approval authority for approval. However, due to imperfection of and conflicts among laws and regulations as well as misunderstanding of the above system, it is always difficult for judges to determine the validity of such equity transfer agreement under the administrative approval system. Among the three categories of FIEs provided in Chinese law 1, scholars have had a comprehensive discussion over equity transfer agreement involving Sino-Foreign Equity Joint Venture Enterprises, but this case is concerned with the equity transfer agreement of a Chinese-Foreign contractual joint venture. In this case, the People's Supreme Court holds that the equity transfer agreement that has not undergone the approval procedures are not valid but not void. Furthermore, the parties that are bound to submit the agreement to the approval authority shall perform their duties of this kind.

美国“equity”与司法审查制度比较研究

"equity",在我国通常翻译为"衡平法"。它不仅仅有"衡平法"的一面,还有"平衡措施"、"平衡原则"更加丰富的含义。它是一个复杂的概念体系,同时也是一个制度体系。在美国,它的发展和演化与司法审查交相辉映并行不悖。"equity"与司法审查制度都具有"反民主"的特征,它们的理论基础和实践成果大致相同,但它们适用的范围、运用的主体、程序和运作以及目的都有很大的差异。对美国"equity"和司法审查制度追根溯源,梳理它们的来龙去脉,认清它们的共性和差异,有助于加深对美国的法治理念、人权观念以及权力制衡设计的理解,对我国的社会主义法治也不无裨益。

Impacts of equity structure on audit fees: Evidence from Chinese A-share listed companies in Shanghai Stock Exchange

Based on the data of 923 Chinese listed companies in 2013 to 2014, we investigated the impact of company equity structure on audit fees from the perspective of cross section and period duration. It is found that there is a positive correlation between the proportion of state-owned shares in listed companies and audit fees. To be more specific, there is a U-shaped relation between audit fees and equity concentration which is represented by the proportion of the largest shareholder. And the equity restriction ratio, represented by the sum of the proportion of the second largest shareholder to the tenth, has a positive effect on audit fees.

Optimal Nonlinear Distance Toll for Cordon-Based Congestion Pricing Considering Equity Issue

In order to address the optimal distance toll design problem for cordon-based congestion pricing incorporating the issue of equity,this paper presents a toll user equilibrium( TUE) model based on a transformed network with elastic demand,to evaluate any given toll charge function. A bi-level programming model is developed for determining the optimal toll levels,with the TUE being represented at the lower level.The upper level optimizes the total equity level over the transport network,represented by the Gini coefficient,where a constraint is imposed to the total travel impedance of each OD pair after the levy. A genetic algorithm( GA) is implemented to solve the bi-level model,which is verified by a numerical example.