Government subsidies, dual-credit policy, and enterprise performance: Empirical evidence from Chinese listed new energy vehicle companies

The development of the new energy vehicle industry has become a key force driving the goals of carbon peak and carbon neutralization.To better guide future strategies,this study investigates the dual impact of subsidy and dual-integral policies on the performance of new energy vehicle enterprises.This study first theorizes the influential mechanism according to the institutional-based approach and technical innovation theory,and then collects data from listed companies in the new energy vehicle industry from 2016 to 2020.The hypotheses are examined using a two-way fixed-effects model.The findings show that:(1)subsidy policies are can still improve enterprise performance,but not through green technology innovation;(2)the dual-credit policy can improve enterprise performance through green technology innovation;and(3)under current policy conditions,with subsidies declining annually,the interaction effects between the subsidy and dual-integral policies will also decrease.Thus,this study suggests that non-monetary industrial policy,represented by the dual credit policy is a more effective alternative to government subsidies.

Can the low-carbon city pilot policy promote the upgrading of high-carbon emitting enterprises? Evidence from China

As a crucial environmental reform system to realize“carbon peaking”and“carbon neutrality”,the pilot policy of low-carbon cities(LCCs)puts pressure and challenges on high-carbon emitting enterprises(HCEEs)while providing opportunities for these firms to take the path of independent transformation.Employing the data of Chinese listed enterprises from 2006 to 2016 and adopting a difference-in-differences(DID)model,we evaluated the impact of LCC construction on the upgrading of HCEEs and its mechanisms.The results indicate that LCC construction enhances the upgrading of HCEEs in the pilot cities.The conclusions remain stable after a series of robustness tests.The mechanism analysis reveals that LCC construction triggers the upgrading of HCEEs by promoting resource allocation efficiency,R&D investment,and green technology innovation.The heterogeneity results indicate that this positive effect is more pronounced for HCEEs in regions with more stringent environmental law enforcement.This study also observes that the upgrading impact is more promi‐nent for state-owned enterprises,enterprises with higher bargaining power,and enterprises whose managers have a long-term vision.The above results provide directions for upgrading HCEEs and replicable evidence for cities in developing economies to fulfill the win-win target of environmental protection and economic transfor‐mation.

Preferential Policy and Tax Regulations Income Tax of Enterprises and Local Income Tax

*Newly-built joint ventures engaged in new and high technological enterprises shall enjoy a 15 percent reduction of income tax for two years, or a 24 percent reduction for two years and a 50 percent reduction in the following three years. A choice between the two may be decided by the said enterprises. **Service industry, those enterprises with a foreign capital of more than US$5 million shall be exempt from the tax

The Impact of Generic Drug Consistency Evaluation Policy on Pharmaceutical Enterprises

Objective To study the impact of consistency evaluation policy on pharmaceutical enterprises from four aspects:reference preparations,evaluation methods,input costs,and market competitions,and government incentives for generic drug manufacturers,so as to put forward relevant suggestions.Methods Literature research method and statistical analysis method were used to provide data support for paper writing,making suggestions,and enhancing the predictability of policy.Results and Conclusion Some pharmaceutical enterprises faced difficulties in obtaining reference preparations,high input costs for exploring evaluation methods,and greater market competition.Consistency evaluation is a key measure to comprehensively improve the quality and efficacy of generic drugs.However,difficulties in obtaining reference preparations,high input costs and complex evaluation methods all affect the enthusiasm of companies.Therefore,national and local regulatory agencies have issued some supporting policies,which should be improved to assist enterprises in conducting consistency evaluations.

New Policy on Reforming State-owned Enterprises

Inthereformofstate-ownedenterprisesinChina,whatmeasureswillbeadoptedbytheChinaStateEconomicandTradeCommission?Inanswertothisquestion,Mr.HouYunchun,spokesmanfortheChinaStateEconomicandTradeCommission,saidasfollows:Someneedtobeorganizedintolargergroups...

The Impact of SO_(2)Emission Trading Policy on Enterprise Performance

We used the latest database of Chinese industrial enterprises to make an empirical test of the relationship between the SO_(2)emissions trading pilot(ETP)policy implemented in 2007 and enterprise performance based on a difference-in-difference(DID)method since the ETP policy tends to be a“quasi-natural experiment.”The empirical results show that the ETP policy has a significant promotion effect on enterprise performance,which provides evidence supporting the“Porter hypothesis”in China.Heterogeneous regression results show that ETP policies play a vital role in promoting development in heavily polluting industries,state-owned enterprises,and central regions.The test results of the mechanism demonstrate that the ETP policy has two mechanisms to affect enterprise performance:“improving the total factor productivity of the enterprise”and“increasing the extra cost of the enterprise.”There are two policy implications of our research:first,government departments should strive to explore and implement relevant market-based environmental regulations and policies;second,government departments should vigorously support small and medium-sized enterprises and backward areas in the west while focusing on heavily polluting industries and making the best use of environmental regulations in pollution control,which are the key points for China to win the defense of the blue sky.

State-owned Enterprises in China as Macroeconomic Stabilizers: Their Special Function in Times of Economic Policy Uncertainty

China has many state-owned enterprises(SOEs)and they have accounted for a large proportion of China's GDP over the last four decades.China's rapid growth contradicts literature that focuses on the inefficiency of SOEs.This study shows that,in periods of economic policy uncertainty(EPU),SOEs have performed a special function as"macroeconomic stabilizers."Using Chinese listed firm data from 2008 to 2019,we investigate five aspects of SOEs'unique functions as macroeconomic stabilizers:employment,investment,growth,financial operation,and expectations.When EPU increased,SOEs had more employment,higher investment expenditure,lower performance volatility,more robust financial structures,and more stable expectations than private firms.We employ the US-China trade war as an exogenous shock on EPU to conduct a difference-in-difference-in-differences approach to mitigate the problem of potentially omitted variables.The findings of this study provide a new perspective to better explain the functions of SOEs in the 21st century.

Policy Recommendations for Developing Foreign-invested Enterprise in China

China has undergone the three major stages in its development of foreign-invested enterprise: exploratory development, accelerated development and innovative development. This harnessing of foreign investment has resulted in tremendous success for China, including making up for the funds shortage for economic construction, promoting corporate technological progress and management expertise, easing employment pressure, increasing fiscal revenue and boosting trade. At the same time, there have been problems, including questions of economic security, environment and energy issues, unequal competition and problems with the management of foreign-invested enterprises. To promote the development of foreign-invested enterprises in both a healthy and rapid fashion, China should look toward "maintaining policy continuity, promoting the forward-looking nature of policy, strengthening policy guidance and highlighting policy innovativeness."

The Impact of Industrial Policy on Photovoltaic Enterprise Risk Using an LDA Based-Deep Neural Network Model

The development and utilization of new and renewable resources of energy has become an important layout of the development strategy in China.Photovoltaic industry is an important strategic emerging industry for the development and utilization of new energy in China.Therefore,it is important for the government to make policy to ensure the stable and orderly development of photovoltaic enterprises to accelerate the industrial structure transition in China.This paper collects the policies on photovoltaic industry,and then analyzes the industrial policy with Latent Dirichlet Allocation(LDA).LDA is generally used in document topic label extraction and recommendation system.However,this paper applies it to policy theme analysis to study the impact of policy information flow on the risk of photovoltaic enterprises.Previous studies on photovoltaic enterprise risk examined traditional financial indicators,such as asset-liability Ratio and ROE.However,the textual information in the industrial policy has rarely been studied to quantitatively analyze photovoltaic enterprise risk.In our proposed method,LDA is first used to extract the text features hiding in the text of the industrial policies,and deep neural networks then are trained on the data,which include the text features and traditional numeric features for predict photovoltaic enterprise risk.The experimental results show that the industrial policy of the current quarter has a significant effect on photovoltaic enterprise risk.Compared with this,the industrial policy of last quarter has a weak impact on the photovoltaicenterprise risk.The proposed model is a useful tool for the prediction of the photovoltaic enterprise risk.

The policy of private enterprises to invest overseas released

To implement the "A number of opinions from the State Council to encourage and guide private investment in the healthy development "(Guo Fa [2010] No.13),give full play to the important role of

Will the State-owned Capital Transfer Policy Enhance the Sustainability of the Urban Employee Basic Pension Insurance Fund in China?

To analyze the efect of the state-owned capital transfer policy on the sustainability of China's urban employee basic pension insurance fund(CUEBPIF),this study develops an actuarial model for pension insurance.The results reveal the following:(i)Without policy intervention,the CUEBPIF would face a deficit in 2027 and a cumulative shortfall of RMB207.44 trillion by 2050,and the proportion of fiscal subsidies for the CUEBPIF in the total fiscal expenditure would increase to 12.86 percent in 2050.(i)Based on a delayed retirement policy,the transfer of 10 percent of state-owned capital can delay the onset of the fund deficit by 6 years,and the accumulated shortfall in 2050 would fall to RMB39.42 trillion,and the proportion of fiscal subsidies would decrease by I1.77 percentage points.(ii)The state-owned capital transfer policy can improve the sustainability of the CUEBPIF and reduce the burden of enterprise social security contributions when the transfer ratio increases to 20 percent.

CCPIT Builds Innovation Platform to Benefit Enterprise with FTA Policies

On Aug.28,at the CCPIT regular press conference,Yan Yun,deputy director of CCPIT Commerce Legal Service Center,said that to promote the implementation of free trade agreement between China and South Korea,China and Australia,CCPIT Commerce Legal Service Center will improve its services,innovate its service platform and offer FTA favorable policy support to more enterprise.

Analysis of Human Rights Policies of Chinese-funded Overseas Enterprises

Since China＇s reform and opening-up, Chinese enter- prises investing overseas have increased rapidly,expanding the scale of overseas investment. Ministry of Commerce data from the 2010 statistical bul- letin detailing China＇s foreign direct investment show that as of the end of 2010, more than 13,000 Chinese and foreign-invested enterprises in China have directly invested in more than 16,000 enterprises overseas, with cumulative net foreign direct investment of 317.21 billion U.S. Dollars.

Problems and Countermeasures of Internal Control Management in High-tech Enterprises

The wave of the socialist market economy has continually invaded,which has already caused a serious impact on the survival of many enterprises in China at this stage.In order to obtain development,traditional enterprises must follow the trend of the times to carry out their own reform and progress.For many high-tech enterprises,the most important issue is how to achieve internal control management,with rationalization means to gradually promote the corresponding work and economic benefits of enterprises,not only to save time,but also to improve the corresponding work efficiency,moreover,it is necessary to be able to promote the establishment of a relatively complete internal control management system in the actual work process of high-tech enterprises,in order to solve and prevent some problems that have emerged or need to be emerged.

Practical Effects and Theoretical Significance of Enterprises’Human Rights Policies——Taking Fortune Global 500 as an Example

The United nations guiding Principles on Business and human Rights requires enterprises to formulate human Rights policies and specify criteria for content and form to fulfill their responsibilities in this area.Research into the human rights policies enacted by the Fortune global 500 enterprises in 2021 reveals aclearl trend and the great practical and theoretical significance of enterprises’human rights policies can be identified.In practice,the widespread application of international human rights norms to enterprises’human rights policies is becoming a universal corporate practice that incorporates both formulation and implementation mechanisms,but there are distinct differences in the application of international human rights norms by enterprises from different countries and industries.Meanwhile,the trend in applying these enterprises’human rights policies reveals a key theoretical significance,i.e.,the trend toward the privatization of human rights norms is breaking away from the theoretical basis of“public law”in the traditional international human rights law.The social norms,including international guidelines and industry norms,are being transformed into“hard law”;and the effect of domestic legislation on enterprises’responsibilities in human rights in other countries transcends national borders and suggests new theoretical possibilities for the extraterritorial extension of a country’s legal will.While enterprises’human rights policies may have become customary rules for international business,there are still many limitations and challenges to their application,which may also pose limitations to their practical effects and theoretical significance.Recommendations are made in the hope that the Chinese government and enterprises will pay attention to the significance of enterprises’human rights policies and improve their understanding and application of the policies to promote global human rights governance in a more equitable,just,reasonable,and inclusive direction.

Enterprise Value Valuation-BYD as an Example Based on SWOT Model and Multiple Regression Model

BYD is one of the largest new energy vehicle companies in China.Analyzing its scenario and the factors that affect its value helps to understand and identify development opportunities and potential problems.On one hand,this paper makes a qualitative analysis of BYD,using SWOT model to study the internal capability and external environment of BYD.On the other hand,the multiple regression model is used for quantitative analysis of BYD’s enterprise value,and the model is established based on three factors:enterprise fundamentals,investor behavior and psychology,and macroeconomic policy uncertainty,and the stepwise regression is carried out.The results show that the increase of institutional investors’shareholding ratio,the increase of investor sentiment index,and the increase of M2 growth rate will increase the overall enterprise value,while the increase of economic policy uncertainty will decrease the enterprise value.

CEO Power, CEO Age and the Policy Instrument Property of State-Owned-Enterprises

In this paper, we examine the relationship between CEO power, CEO age and the efficiency of policy implementation in listed corporations controlled by each province＇s State-owned Assets Supervision and Administration Commission （SASAC） in China. We find that CEOs with more power implement policy are more efficiently. We also find that younger powerful CEOs will act more effectively than their older competitors. The reason for the difference is that younger powerful CEOs in state-owned companies are incentivized to implement their policy tasks to gain promotions or political capital. Our results are important to future SOE reform and to understanding the characteristics of SOEs as policy instruments.

产业政策促进企业创新的传递机制与情境条件——来自沪深A股上市公司的经验证据

近年来,随着中国企业逐渐接近技术创新的前沿,技术追赶的空间被进一步压缩,经济发展和产业政策面临着越来越大的挑战。文章以2008—2021年沪深A股上市公司为样本,考察产业政策对企业创新的影响,并分析了其传递机制和情境条件。实证结果表明,产业政策对企业的创新活动表现出“双重利好”效应,将同时提高被支持行业中企业的创新数量与创新质量。传递机制分析表明,产业政策主要通过抑制企业金融化程度、提高政府补贴力度、降低债务融资成本、带来更多分析师关注等中介因素驱动企业创新水平的提升。情境条件分析发现,产品竞争市场治理、新闻媒体治理、公司治理、研发投入和高管团队研发经验会加强产业政策对企业创新的正向效应。进一步研究表明,发明专利对企业价值有正向影响且该效应具有一定的持续性,而非发明专利对企业价值有负向影响且该效应不具有持续性。研究揭示了产业政策促进企业创新的传递机制与情境条件,为客观评估中国产业政策的经济效应提供了微观依据。

Government Policies and Private Enterprise Development in China:2003-2006

The relationship between government policy and economic development has been a long- standing topic of academic research andpolicy debate. The government of a transitional economy plays an important role in the process of economic development. Over the past three decades, the Chinese economy has been growing very rapidly, in particular because of the rapid development of the private sector. However, the performance of private enterprises is still affected by government policies. In the present paper, we examine the changes in large Chinese private enterprises performance during 2003-2006 and test the determinants of such changes. We conclude that the Chinese Government＇s discriminating policies against private enterprises are the main cause of the private sector＇s downturn.