Identifying Spatial Heterogeneity in the Effects of High-Tech Firm Density on Housing Prices:Evidence from Guangdong-Hong Kong-Macao Greater Bay Area,China

Innovation capitalization is a new concept in innovation geography research.Extant research on a city scale has proven that innovation is an important factor affecting housing prices and verified that innovation has a capitalization effect.However,few studies investigate the spatial heterogeneity of innovation capitalization.Thus,case verification at the urban agglomeration scale is needed.Therefore,this study proposes a theoretical framework for the spatial heterogeneity of innovation capitalization at the urban agglomeration scale.Examining the Guangdong-Hong Kong-Macao Greater Bay Area(GHMGBA),China as a case study,the study investigated the spatial heterogeneity of the influence of high-tech firms,representing innovation,on housing prices.This work verified the spatial heterogeneity of innovation capitalization.The study constructed a data set influencing housing prices,comprising 11 factors in 5 categories(high-tech firms,convenience of living facilities,built environment,the natural environment,and the fundamentals of the districts)for 419 subdistricts in the GHMGBA.On the global scale,the study finds that high-tech firms have a significant and positive influence on housing prices,with the housing price increasing by 0.0156%when high-tech firm density increases by 1%.Furthermore,a semi-geographically weighted regression(SGWR)analysis shows that the influence of high-tech firms on housing prices has spatial heterogeneity.The areas where high-tech firms have a significant and positive influence on housing prices are mainly in the GuangzhouFoshan metropolitan area,western Shenzhen-Dongguan,north-central Zhongshan-Nansha district,and Guangzhou—all areas with densely distributed high-tech firms.These results confirm the spatial heterogeneity of innovation capitalization and the need for further discussion of its scale and spatial limitations.The study offers implications for relevant GHMGBA administrative authorities for spatially differentiated development strategies and housing policies that consider the role of innovation in successful urban development.

Co-alignment between Environment Risk,Capital Structure,Growth and High-tech Firm Performance

To examine whether there is a co-alignment relationship between environment risk, capital structure, growth and high-tech firm performance, the environment risk was measured from the viewpoint of environment change, the long-term debt ratio was adopted as the measure of the capital structure, and the total asset growth and sales growth were chosen to measure the growth of high-tech firms. Regression analysis shows that there is a significant relationship between environment risk, growth and performance of hightech firms measured by the return on equity and cash flow, respectively.

US High-tech Firms Participating In China's 'Tri-gold Program'

The ’tri-gold program’ aiming at improving information exchange for China’s national economy has been put into practice. The ’Gold bridge’ project forms the infrastructure for the information exchange of the national economy. It makes great contributions to the control and decision-making of the country’s macro-economy, to the promotion of social productivity, and to relieving the bottleneck pressure on the parts of energy, communications and environment. The ’Gold Customs’ project aims at realizing paperless foreign trade. The ’Gold card’ project involves modern payment means, such as

Identification of an Aux/IAA regulator for flesh firmness using combined GWAS and bulked segregant RNA-Seq analysis in watermelon

Watermelon is a highly cultivated fruit crop renowned for its quality properties of fruit flesh.Among various quality factors,fruit flesh firmness is a crucial quality parameter influencing the fruit texture,shelf life and its commercial value.The auxin/indole-3-acetic acid(Aux/IAA)plays a significant role in fruit development and ripening of non-climacteric fruits.However,the regulatory mechanism of Aux/IAA in controlling fruit flesh firmness and ripening in watermelon remains unknown.In this study,we employed an integrative approach combining genome-wide association study(GWAS)and bulked segregant RNA-Seq analysis(BSR-Seq)to identify an overlapping candidate region between 12776310 and 12968331 bp on chromosome 6,underlying an auxin-responsive gene(Aux/IAA)associated with flesh firmness in watermelon.Transcriptome analysis,followed by real-time quantitative reverse transcription PCR(qRT-PCR),confirmed that the expression of Aux/IAA was consistently higher in fruits with high flesh firmness.The sequence alignment revealed a single base mutation in the coding region of Aux/IAA.Furthermore,the concomitant Kompetitive/Competitive allele-specific PCR(KASP)genotyping data sets for F2 population and germplasm accessions identified Aux/IAA as a strong candidate gene associated with flesh firmness.Aux/IAA was enriched in the plant hormone signal transduction pathway,involving cell enlargement and leading to low flesh firmness.We determined the higher accumulation of abscisic acid(ABA)in fruits with low flesh firmness than hard flesh.Moreover,overexpression of Aux/IAA induced higher flesh firmness with an increased number of fruit flesh cells while reducing ABA content and flesh cell sizes.Additionally,the allelic variation in Aux/IAA for soft flesh firmness was found to exist in Citrullus mucosospermus and gradually fixed into Citrullus lanatus during domestication,indicating that soft flesh firmness was a domesticated trait.These findings significantly enhanced our understanding of watermelon fruit flesh firmness and consequently the watermelon fruit quality.

Innovation and Firm Co-ownership Network in China’s Electric Vehicle Industry

Firms are embedded in complex networks,where diverse ideas combine and generate new ideas.Shareholders of firms are of-ten seen as critical external resources that have significant influence on firm innovation.The current literature tends to focus on the rela-tionship between firms and their shareholders,while paying less attention to the connections between firms with the same shareholders.This article identifies two types of network spillover effects,intra-city network effect and inter-city network effect,by visualizing the co-ownership networks in China’s electric vehicle(EV)industry.We find that firms with the same shareholders,which are defined as co-owned EV firms,are more innovative than non-co-owned ones.Furthermore,there are two dominant types of firm co-ownership ties formed by corporate and financial institution shareholders.While corporate shareholders help exploiting local tacit knowledge,financial institutions are more active in bridging inter-city connections.The conclusion is confirmed at both firm and city levels.This paper theor-izes the firm co-ownership network as a new form of institutional proximity and tested the result empirically.For policy consideration,we have emphasized the importance of building formal or informal inter-firm network,and the government should further enhance the knowledge flow channel by institutional construction.

Spatio-temporal evolution of the coordinated development of high-tech industry agglomeration and resource-environmental carrying capacity in the Yellow River Basin

Under the background of new infrastructure,the Yellow River Basin’s superior growth cannot be separated originating with the synergistic effect of scientific and technological inventiveness and ecological civilization construction.In light of the coupling coordination analysis of the coordination effect of provincial high-tech industry agglomeration and resource carrying capacity in the Yellow River Basin from 2009 to 2021,The evolution of the geographical and temporal pattern of development was investigated using the Moran index and kernel density estimation.The results show that the agglomeration of high-tech industries in the Yellow River Basin presents a development trend of seek improvement in stability,and there is a good coupling and coordination throughout the progression of scientific and technological innovation and the loading capacity of the resource,from the viewpoint of a time series.From the perspective of spatial pattern distribution,the whole basin aims at the lower reaches,accelerates the optimization of digital industry and promotes Yellow River Basin development of superior quality through innovation support and increase of input,and based on policy guidance.

Entrepreneurial Orientation and Performance of Chinese High-Tech Firms： The Mediating Role of Organizational Learning and Moderating Role of Firm Life Cycle

The evidence about how entrepreneurial orientation （EO） affects firms＇ performance remains inconclusive. This study joins the research by incorporating organizational learning （OL） as a micro-macro link and by extending empirical work to the largely underexplored context of Chinese high-tech industries. Results from a survey of 252 Chinese high-tech firms demonstrate： （1） entrepreneurial orientation is positively related to firm performance; （2） organizational learning is also positively related to firm performance; （3） organizational learning partly mediates the positive impact of entrepreneurial orientation on firm performance; and （4） high-tech companies in the start-up and growth stage are likely to demonstrate stronger linkages in the EO-OL-performance relationship than in mature stage, which shows that the EO-OL-performance relationship is moderated by firms＇ life cycle.

Research on Financial Targets Sequence of Impacting on Business Value—— Based on Data Analysis from Chinese High-tech Listed Firms of Unmodified Auditing Opinions

The high-tech listed firms are not only representative for mainstream of nongovernmental businesses, but also afflux new livingness into the capital market development in China. By considering our country＇s high-tech listed firms as study object, we have disclosed different degree between diverse financial targets and business value, built a financial targets sequence model of impact on business value. The study supplies a certain extent reference to valid supervising and exalting of firms＇ financial core.

加权firm阈值奇异值分解及其旋转机械故障诊断

奇异值分解(Singular value decomposition,SVD)作为一种有效的信号降噪方法广泛应用于旋转机械振动信号周期性瞬态冲击提取中。传统SVD以能量为导向,无法提取出能量较弱但含故障信息丰富的奇异分量(Singular Component,SC)。为此,提出加权firm阈值奇异值分解(Weighted Firm Singular Value Decomposition,WFSVD)方法。该方法首先引入平方包络谱峭度(Squared Envelope Spectrum Kurtosis,SESK)作为量化故障敏感度的指标,以评估各个SC所含故障信息的丰富程度;其次,将SESK作为权重因子引入到基于firm阈值的SC去噪中,设计基于SESK的加权firm阈值SC去噪策略;最后,重构信号,实现信号降噪并有效提取故障特征。对于仿真信号与试验数据的分析验证了所提方法在周期性微弱瞬态冲击提取及旋转机械故障诊断中的有效性。

Regional Innovation Policies for High-Technology Firms： The Importance of the Cluster Life Cycle

The present work makes an in-depth analysis of an aspect not yet sufficiently examined by the studies into regional innovation systems, relating to why the policy makers must adopt regional innovation policies in accordance with the development cycle of the active clusters in the territory. The analysis carried out in the course of the work contributes towards understanding the validity of an evolutionary-type development model for which the regional innovation policies for the growth of high-tech firms should dynamically change in relation to the various cluster stages. The development model proposed provides a framework for the policy makers in order to state more efficiently through time the regional innovation strategies.

SLAF marker based QTL mapping of fruit-related traits reveals a major-effect candidate locus ff2.1 for flesh firmness in melon

Flesh firmness(FF) is an important and complex trait for melon breeders and consumers. However, the genetic mechanism underlying FF is unclear. Here, a soft fruit melon(P5) and a hard fruit melon(P10) were crossed to generate F2, and the FF and fruit-related traits were recorded for two years. By performing quantitative trait locus(QTL) specificlocus amplified fragment(SLAF)(QTL-SLAF) sequencing and molecular marker-linkage analysis, 112 844 SLAF markers were identified, and 5 919 SNPs were used to construct a genetic linkage map with a total genetic distance of1 356.49 cM. Ten FF-and fruit-related QTLs were identified. Consistent QTLs were detected for fruit length(FL) and fruit diameter(FD) in both years, and QTLs for single fruit weight(SFW) were detected on two separate chromosomes in both years. For FF, the consistent major locus(ff2.1) was located in a 0.17-Mb candidate region on chromosome 2. Using 429 F2individuals derived from a cross between P5 and P10, we refined the ff2.1 locus to a 28.3-kb region harboring three functional genes. These results provide not only a new candidate QTL for melon FF breeding but also a theoretical foundation for research on the mechanism underlying melon gene function.

Resource constraints and firm innovation:When less is more?

This paper explores the relationship between resource constraints and innovation of new firms.Drawing upon the relevant literature,we incorporate resource constraints as the antecedent to the bricolage-innovation link.Compared to prior studies that treated resource constraints as a one-dimensional variable,we operationalize it along two dimensions:knowledge constraints and financial constraints.Our argument posits that knowledge constraints and financial constraints act as catalysts for innovation in new firms,with bricolage serving as a mediating role.To test our hypotheses,we conducted a survey involving 183 entrepreneurs in the United States.The data analysis demonstrates that bricolage fully mediates the relationship between knowledge con‐straints and innovation and partially mediates the relationship between financial constraints and innovation.Theoretical and practical implications are discussed.

The impact of political connections on firm pollution: New evidence based on heterogeneous environmental regulation

Increasing attention has been focused on the extent to which corporate political connections influence the growing pollution due to the rapid growth in the popularity of firm pollution in developing countries.We adopt a static threshold regression model to investigate the effects of heterogeneous environmental regulation on political connections and firm pollution based on the panel data from China’s A-share listed companies from 2012 to 2019.The empirical results show a non-linear relationship between the degree of political connection of listed company executives and the level of firm pollution.And the relationship between the two roughly presents a U-shaped relationship under the action of the marketincentive environmental regulation threshold.However,it roughly presents an inverted N-shaped relationship under the action of the command-control environmental regulation threshold.Additionally,the group test results show that the existence of regional and ownership heterogeneity causes certain differences in the environmental behaviour of politically connected enterprises.These findings indicate that diverse environmental regulations are needed to promote sustainable green development and to further expand the theoretical and practical exploration of political connections on firm pollution.

The Impact of the Establishment of National High-tech Zones on Total Factor Productivity of Chinese Enterprises

The National High-tech Zone(NHTZs)is an important strategic platform for cultivating high-tech industries and realizing high-quality economic development in China.Based on the combined data from 2006 to 2014 of the industrial enterprise database,the customs database,and the China Development Zones Audit and Announcement Catalogue(abbreviated asthe Catalogue),this paper systematically investigates the influence of the construction of NHTZs on enterprise’s total factor productivity(TFP).Results show that NHTZs have a positive impact on the TFP of enterprises in the zone,and this conclusion is still valid after considering endogeneity problems.Furthermore,the above productivity effects of NHTZs are heterogeneous in terms of enterprise ownership,external environment and establishment time,and NHTZs have greater stimulation effects on enterprise productivity after comparing with other types of functional zones.An investigation of the specific mechanisms at play shows that NHTZs promote the TFP of enterprises in the zone through the release of preferential policies,strengthening the“technology spillover effects”of imported intermediate goods,enhancing enterprise’s innovation ability and attracting talent.In addition,based on the decomposition of industry productivity,this paper also investigates the impact of NHTZs on changes in industry productivity and finds that NHTZs promote the overall productivity of specific industries mainly by stimulating the productivity improvement of incumbent enterprises and expanding the market share of high-productivity enterprises.Moreover,the preferential policies of NHTZs do not significantly stimulate high-productivity enterprises to enter the zones,nor do they cause low-productivity enterprises to exit.This research is helpful in objectively evaluating the economic effects of the NHTZs in China and in providing a theoretical basis for its further adjustment.

创新对企业MD&A叙述性信息披露策略的影响

研发和创新具有投入高、周期长和不确定性高的特征,这使得高创新企业面临较低的透明度和较高的专有成本。一方面为了满足投资者决策需要,防止信息不对称所导致的价值低估,企业有动机提供更多信息;另一方面创新所伴有的专有成本,又使得企业存在专有信息被现有和潜在竞争对手获取的顾虑,从而选择提供模糊信息的披露策略。本文利用2001—2019年A股上市公司数据,检验了企业创新对MD&A叙述性信息披露策略的影响。研究结果表明,随着企业创新的增加,企业叙述性信息披露的信息含量上升(文本相似度显著下降),但是披露的信息质量下降(文本可读性显著降低)。该结果说明管理层既希望向投资者传递更多信息,又担心来自竞争对手的威胁,即管理层会选择释放更多的叙述性信息并模糊表达。上述结果存在于行业竞争更激烈、融资约束程度较高和高管持股比例较高的情况下。本文结论对知识产权信息披露与管理层披露策略选择具有一定的借鉴意义。

技术创新激励政策与劳动收入份额:高新技术企业认定的证据

本文基于高新技术企业认定政策的实施构造准自然实验,采用双重差分模型实证考察技术创新激励政策对企业劳动收入份额的影响。研究结果显示,高新技术企业认定政策显著提高被认定企业的劳动收入份额,该正向影响在东部地区、资本密集度及外部融资依赖程度较高、内部控制质量较优的企业中更明显;认定政策带来的生产技术升级效应及外部融资约束缓解效应推动企业人力资本升级,进而提高劳动收入份额;认定政策的劳动收入份额提升效应随着地区市场化水平的提高而增强,随着企业政治关联水平的上升而减弱。此外,认定政策显著提高普通职工而非高管的劳动收入份额。上述结论为新时期进一步实施技术创新激励政策和优化初次收入分配格局提供理论依据和经验支持。

人工智能时代高新技术企业存在索洛悖论吗?

在人工智能时代,为了有效利用新一代通用目的技术,企业会进行大量的无形资本投资,包括重新设计业务流程、构建新商业模式以及相关的人力资本投资。虽然这些无形资本为企业创造了有价值的资产,但在增长核算中通常难以计量,从而导致“索洛悖论”。基于中国高新技术企业的股票市场估值,对其无形资本价值大小进行测算的结果表明:中国高新技术企业存在大量未被计量的无形资本,从而导致了人工智能时代的“索洛悖论”。因此,应积极活跃资本市场,特别是大力发展人工智能企业密集的创业板和科创板,满足人工智能企业的直接融资需求,以此支持人工智能技术的扩散与创新,克服“索洛悖论”,提升生产率。

客户资产减值与供应商企业投资

高效投资是产业链安全的重要保证,供应链信息溢出效应会导致客户信息对供应商企业投资产生影响。本文运用中国上市公司的供应商企业—客户关系数据,考察了客户资产减值如何影响供应商企业投资。研究发现,客户资产减值会降低供应商企业的投资水平,这验证了客户资产减值在供应链上存在溢出效应。进一步研究发现,客户资产减值通过使供应商企业的管理层产生悲观预期,以及加剧供应商企业的经营风险,进而降低供应商企业的投资水平,但未通过减少信贷资源供给影响供应商企业的投资。此外,对于非国有控股、较弱议价能力、较低行业资产流动性及较高客户媒体关注度的供应商企业,客户资产减值对其投资水平的负向影响更为明显。本文研究结论不仅为客户信息影响上游供应商企业投资提供了经验证据,而且还为监管层规范企业计提资产减值行为,进而提升供应链整体投资效率提供了政策启示。

家族企业更重视员工利益吗?——基于劳动力成本粘性的考察视角

家族企业追求“基业长青”,其在对待员工这一重要利益相关者时,是否会表现出显著的行为偏好和特征?本文切入劳动力成本粘性的研究视角,以2003年—2019年民营上市公司为对象,考察了家族企业劳动力成本的决策行为表现及其机理.研究结果表明,与非家族企业相比,家族企业进行劳动力成本调整时会表现出更强的粘性特征,且随着家族持股水平提升、进入代际传承阶段以及董事会中家族成员占比提高,劳动力成本粘性现象会更加突出.进一步研究发现:维护员工关系和保持良好声誉是造成这一现象的主要原因;家族企业中的劳动力成本粘性具体表现为用工粘性,而非薪酬粘性;行业竞争程度和非劳动密集性都会加剧家族企业的劳动力成本粘性;家族企业承担适当的劳动力成本粘性还有助于促进生产效率,实现劳资“互惠”.本文既丰富了家族企业行为特征和成本粘性影响因素的相关研究,也为处理劳资关系和实现共同富裕提供了一定的现实启示.

金融科技赋能下供应链金融对企业价值的影响

发展供应链金融对于深化金融供给侧结构性改革,增强金融服务实体经济具有不容忽视的重要战略意义.本文通过对2007年-2019年中国A股上市公司全部320.8万篇公告的文本数据信息进行收集整理,实证检验了上市公司发展供应链金融业务对企业价值的影响.研究结果表明:发展供应链金融在短期可以促进企业股价的上涨,在长期可以促进企业价值的提升,并且上市公司采用的供应链金融业务越多,公告中提到供应链金融词汇越频繁,这种提升效果越显著.发展供应链金融业务可以通过信号传递效应、风险承担效应、系统管理效应促进企业价值提高.在供应链金融相关公告中提到金融科技词汇的词频越高,上市公司获得的企业价值提升效果越强.金融科技可以为股票流动性较低、风险承担较弱的企业发展供应链金融业务起到更强的赋能效果.在进行一系列稳健性检验之后,上述结论依然成立.本文不仅为中国公司发展供应链金融业务提高企业价值,提供了基于公开市场数据大样本的实证证据,也对国家和地方政府支持供应链金融的发展具有现实启示。