Research on Firm Size, Firm Performance and Internal Auditing Modes——Based on Listed Manufacturing Companies of China

This paper is based on the samples of listed manufacturing companies of China, taking the financial performance as criterion, and then does research on the firm performance with different internal auditing modes, using Cross-sectional data to analyze the distribution of internal auditing modes and the characteristics of the firm performance. The conclusion is that setting up internal auditing is good for the development of companies, but the function of internal auditing has not been widelv fulfilled.

Dynamics of firm size in healthcare industry

Healthcare is one of the world’s fastest growing industries consisting of broad services offered by various hospitals, physicians, nursing homes, diagnostic laboratories, pharmacies and supported by drugs, pharmaceuticals, chemicals, medical equipment, manufacturers and suppliers. The industry is highly fragmented, comprising of various ancillary sectors namely medical equipment and supplies, pharmaceutical, healthcare services, biotechnology, and alternative medicines. The present study focuses on the pharmaceutical and biotechnology segments of the healthcare industry, and presents a stochastic analysis of the evolution over time of firm size. A dynamic model is proposed that attempts to predict the evolutionary process of firm size distribution based on industry and product characteristics. A validation exercise, applying the model to pharmaceutical and the biotechnology industries finds that the predictions from the model are very close to the actual trajectories of firm size distributions within these industries at the global level. The results show interestingly, that the drivers of firm size dynamics are industry level characteristics that can be estimated from historical data with some accuracy. Specifically, it is found that firm size distributions are approaching a long-run equilibrium at a faster rate in the case of the pharmaceutical industry and that the dispersion of the distributions are shrinking over time above all for the biotechnology industry.

Economy Firms up With a Drastic Rebound In Industrial Profit

The Chinese economy has shown more signs of robust health, with its major industrial firms posting a 13.9-percent growth in profits in March, compared to the previous year. The figure marked a drastic rebound from the 14-percent decline in the January-February period, according to data released on April 27 by the National Bureau of Statistics(NBS).

Cooperation Between Co-operative Business Organization and Investor Owned Firm to Stimulate Economic Growth of a Country： A Cooperative Advantage Approach

This study elaborates that the economic growth of a country depending on not only the business performance of the investor owned firms （IOFs）, but also the business surplus of the cooperative organizations （Co-ops）. The policy maker should have the level of understanding and competence to blend five different factors related to organizational structure and business model of the Co-ops and the IOFs to the five similarities factors on the managerial approach of them into one marked. The study investigated five similarities factors and included into a conceptual structural model with its six measurement models, economic growth model, general national factor model, market and industry factors model, Co-ops/IOFs opportunities/threat model, Co-ops/IOFs strength /weakness model, and lastly the Co-ops/IOFs firm dynamic/active： sales, profit, and lost model. Reliability of the six similarities measurement models was tested by the Delphi technique with a sample of 33 respondents. The study found that, apart from the six measurement models, it also has two intervening factor variables that will reduce the power and magnitude of the economic growth which will come from mismanagement of policy maker： These factors are the different in intemational culture among countries, and the global warming and natural disaster from the excess consumption and excess production. These selfish, competition and economic greedy of people will lead to economic, social, and natural disaster problems. To reduce the socioeconomic disadvantages and global disaster, board＇s committee, and Co-ops manager as well as chief executive officer （CEO） of the IOFs must have a good understanding on these five similarities factors. Appropriate management of these five similarities factors will lead the firms to reach their high managerial efficiency, customer value, firm value, and finally economic growth.

ZTE Positioned in the Leaders Quadrant in Leading Industry Analyst Firm Report

ZTE Corporation announced on July 14, 2010 that it has been positioned in the leaders quadrant in Gartner＇s Magic Quadrant for Softswitch Architecture Report.

链主企业生态主导力提升产业链韧性路径研究——以比亚迪和中国新能源汽车产业链为例

提升产业链供应链韧性和安全水平已成为新发展阶段推动我国高质量发展的关键着力点,具备生态主导力的链主企业在产业链韧性提升过程中扮演着支撑者、引领者和组织者的角色。以比亚迪和中国新能源汽车产业链为研究对象,采用扎根理论方法进行探索性单案例研究,探究链主企业生态主导力能力维度和产业链韧性提升路径。研究发现:①链主企业生态主导力包括技术创新引领能力、产业协作整合能力、数字转型赋能能力3个维度;②链主企业生态主导力通过促进产业链关键核心技术突破、产业链协同配套、产业链数字化转型3条路径提升产业链韧性,技术创新引领能力能够促进产业链关键核心技术突破,实现强链、补链,产业协作整合能力能够促进产业链协同配套,实现稳链、固链,数字转型赋能能力能够促进产业链数字化转型,实现延链、优链,从而显著提高产业链风险抵御能力、冲击恢复能力、链条升级能力。研究结论有助于拓展链主企业生态主导力与产业链韧性相关研究,为链主企业提升生态主导力和增强产业链韧性提供实践参考。

STANDING FIRM IN CHINA'S AUTO INDUSTRY——An Interview with Huang Xiaoping,General Manager of the Yuejin Auto Group Company

One day in April,our reporters visitedthis national super-large enterprise.Mr Huang Xiaoping,the generalmanager,briefed us on the company’s brilliantpast and bright future. The Yuejin Auto Group Company isfamed all over the world for producing YuejinBrand automobiles.In 1958,the firstgeneration of Yuejin Brand automobiles cameout,and China has since had its first

SWOT Analysis and Development Suggestions on HK Drugs of G Pharmaceutical Firm

Objective To make a SWOT analysis on HK drugs,the main gynecologic biological medicament of G pharmaceutical firm,and to put forward some suggestions for the future promotion and sustainable development of the drugs.Methods SWOT analysis mode was used to study the strengths,weaknesses,opportunities and the threats that the HK drugs of G pharmaceutical firm are having.Results and Conclusion HK drugs of G pharmaceutical firm should make good use of its own advantages and external opportunities,rely on professional self-management team,and strengthen marketing promotion and brand publicity to achieve better development.

Servitization, Industry Heterogeneity and Manufacturing Firm Performance

In the process of rapid economic development,the competition in the manufacturing industry is becoming more and more fierce.As a strategic measure for many manufacturing firms to successfully improve firm performance,servitization has gradually attracted the attention of more and more managers and scholars.The study collected and processed the annual reports of manufacturing firms that disclosed information on CNINF in 2017.Through a series of screening work,the annual reports of 260 firms were finally selected as sample data.Through the regression test of the data,this study mainly discusses whether the industry type can regulate the relationship between servitization and firm performance.The results show that servitization can have a positive impact on firm performance.In addition,industry type can be used as a moderating variable to moderate the relationship between servitization and firm performance.On this basis,this paper puts forward some suggestions and countermeasures for manufacturing firms.

会计师事务所行业专门化对企业创新的影响研究

以我国A股2007-2020年上市公司为样本,实证检验了会计师事务所行业专门化对企业创新的影响。研究结果证实,会计师事务所行业专门化显著促进了企业创新,表现为专利数量和专利质量的提升,这种促进作用主要通过缓解融资约束和抑制研发操纵的渠道实现。进一步研究发现,会计师事务所行业专门化对企业创新的激励效应在外部融资依赖程度高、内部治理水平差、市场竞争度低的企业表现得更加明显。同时,会计师事务所行业专门化通过促进企业创新推动了企业高质量发展。研究结论对加强资本市场中介机构职能化及专业化建设,服务国家创新驱动发展战略提供了经验支持。

金融化能够提升制造业企业盈利能力吗——来自中国A股市场的证据

以2012-2022年沪深A股制造业上市公司的财务数据为样本,实证检验制造业企业金融化对企业盈利能力的影响。研究表明:制造业企业金融化对制造业企业利润率有显著抑制作用;机制检验发现货币政策在二者关系中起调节作用,金融化通过挤出实体投资和加剧融资约束来抑制制造业企业利润率增长;大型企业、非国有企业以及持有长期金融资产的企业金融化对制造业企业利润率的抑制作用更显著。因此,应加强对制造业企业金融投资监管力度,强化供给侧结构性改革,将经济发展着力点放在实体企业上,以提升企业盈利能力为目的,促进制造业企业金融活动和生产经营的良性循环。

自由贸易试验区设立对制造业企业韧性的影响机制及其效应研究

制造业是立国之本、兴国之器、强国之基。增强制造业韧性是促进工业高质量发展的重要基石。基于2006—2020年中国沪深两市A股上市企业的面板数据,结合理论分析与实证检验,本文系统研究了自贸试验区设立对制造业企业韧性的影响机制及其效应。研究表明:自贸试验区设立对制造业企业韧性提升存在积极影响。机制分析表明:创新要素集聚在自贸试验区设立对制造业企业韧性影响中发挥了中介作用,其间接效应占总效应的9.62%;数字化转型、三类不同的产业集聚与自贸试验区设立的协同效应均在不同程度上强化了自贸试验区设立对制造业企业韧性的促进作用。异质性分析表明:对于东部地区,自贸试验区设立对制造业企业韧性存在明显的积极影响;随着与自贸试验区距离的增加,自贸试验区对周边城市制造业企业韧性的车头效应会呈现出“先增后减,再增再减,最终趋于0”的波浪式收敛变化趋势;对于初创期制造业企业,自贸试验区设立对其韧性水平有明显提升作用。

先进制造业上市公司ESG行为与企业绩效

本文以2013~2022年5110个A股先进制造业上市公司为样本,探究先进制造业企业ESG表现与企业绩效之间的关系,特别是技术创新和债务融资成本的中介作用。研究结果表明,先进制造业企业ESG表现对企业绩效具有显著的正向影响,在进行一系列稳健性检验后,该结论仍然成立。机制检验结果表明,先进制造业企业履行ESG责任可以通过提升技术创新水平,改善企业绩效;然而,债务融资成本的中介作用不成立。异质性研究表明,ESG表现对企业绩效的影响在大规模企业、非国有企业和非环保企业中尤为明显。研究为推进先进制造业企业ESG实践,驱动其可持续发展提供重要启示。

信息化建设与企业出口行为--基于“两化融合试验区”的准自然实验

信息化建设是促进经济发展方式转变、培育新兴产业和经济增长点的强大引擎,与微观企业的出口行为亦息息相关。然而关于政府以产业政策的形式主导推动的信息化建设是否存在贸易促进效应,现有研究往往语焉不详。文章基于2004—2013年我国工业企业数据,以2009年首批两化融合试验区的设立作为准自然实验,构建双重差分模型,考察以两化融合试验区表示的信息化建设对企业出口行为的影响。研究结果表明:两化融合试验区虽然促进了城市信息化水平提高,但对企业的出口概率和出口规模均具有显著的抑制效应;进一步机制检验发现,两化融合试验区主要通过“抑制生产率提升”和“拓展国内市场”两条渠道影响企业出口行为。最后,基于异质性分析发现,两化融合试验区对非国有企业、大中型企业、成长期和成熟期企业及东部地区企业的出口抑制作用更大。本文的研究结论有助于深化对两化融合试验区经济效果和微观企业出口行为的理解,为政府进一步合理推进两化融合战略提供了重要的政策启示。

企业数字化转型对产业链韧性的影响——基于产业链网络视角的分析

在数字经济浪潮下,企业数字化转型作为数字经济的优良助推器,为增强产业链韧性提供了新路径。本文基于产业链网络的一般特性视角对产业链韧性的内涵进行了分析,认为产业链韧性可分解为产业链网络节点韧性与产业链网络结构韧性两个维度,并利用2010~2022年A股上市公司数据,验证了企业数字化转型对产业链韧性的影响及其作用机制。研究发现,企业数字化转型显著增强了产业链韧性;该强化作用主要通过降低企业内部代理与生产成本以强健产业链网络节点以及降低企业外部交易成本以优化产业链网络结构来实现。进一步研究发现,国有企业和技术密集型企业的存在会放大企业数字化转型对于产业链韧性的强化作用,劳动密集型企业的存在则会抑制其强化作用。本文揭示了企业数字化转型强化产业链韧性的内在微观机制,为推动产业链数字化提升产业链韧性和安全水平提供了理论基础和政策启示。

领先企业创新投入对跟随企业创新投入的挤出效应

本文使用2013—2020年制造业上市公司数据,采用面板固定效应模型,从行业层面分析了市场中处于领先地位企业的创新投入对跟随企业创新投入的挤出效应,并探讨了行业竞争程度和行业管制对上述效应的调节作用。结果显示:行业内领先企业创新投入对跟随企业的创新投入具有挤出效应;行业竞争程度负向调节领先企业创新投入对跟随企业创新投入的挤出效应,即在竞争程度较高的行业,该挤出效应会被削弱;在政府管制程度较低的行业中领先企业创新投入对跟随企业创新投入的挤出效应较强,在政府管制程度较高的行业中该挤出效应则较弱。

产融合作与企业投资效率——基于试点城市的准自然实验

推进产融合作是我国引导金融支持实体经济的重要举措,对其效果与作用机理的剖析颇具意义。为检验金融部门的支持是否有助于提高实体经济的资源配置效率,本文利用“国家产融合作试点城市”的设立构建准自然实验,考察了产融合作对企业投资效率的影响。研究发现,产融合作引导金融部门支持实体经济,提升了企业投资效率。在影响机制方面,针对投资不足企业,产融合作增大了企业外部融资规模,从而缓解了投资不足;针对投资过度企业,产融合作则抑制了企业外部融资,从而减轻了过度投资。同时,企业融资约束越严重、信息不对称问题越突出,产融合作改善企业投资效率的作用越明显。进一步研究发现,企业成长性越高,产融合作减轻投资不足的作用越明显;企业成长性越低,则产融合作抑制过度投资的作用越显著。从经济后果来看,产融合作对企业投资效率的改善提高了企业价值。在深化金融供给侧结构性改革背景下,本文为理解产融合作优化资源配置的作用提供了新证据,对于完善产融合作试点工作以引导金融更好地服务于实体经济具有启示意义。

政府产业基金对企业创新的影响机制研究——政治关联视角

政府产业基金对我国中小企业创新的促进作用受到学界与企业界的广泛关注,在创新型国家建设过程中发挥着重要作用。不同于以往研究,基于手工构建的政府产业基金数据库并结合我国实际情况,从政治关联视角实证分析政府产业基金对企业创新的影响机制。结果发现,政府产业基金通过投资与企业形成的天然政治关联能够降低企业法律诉讼风险,形成正式产权保护制度替代机制。同时,这种政治关联可为企业生产经营活动提供资源,改善企业经营状况、缓解企业现金流压力,形成弥补融资缺口的替代机制。政府产业基金通过上述两种机制促进企业创新。结论可为政府产业基金对企业发展的作用机制研究提供新的解释,揭示在发展中国家发展政府产业基金的必要性。

城市营商环境、数字化转型与企业创新产出

基于数字经济视角,本文以中国上市高新技术企业为样本对象,构建城市营商环境评价指数,考察城市营商环境对企业创新的影响及其机制。研究发现:中国城市营商环境呈现先下降(2013—2015年)而后上升(2016—2021年)的阶段性变化特征,营商环境优化对高新技术企业创新具有促进作用;城市营商环境优化对企业创新的影响效应呈现企业、行业及区位的异质性,对非国有企业、制造业企业、东部地区企业的影响更大;数字化转型是城市营商环境影响企业创新的主要作用机制。