How R&D investment promotes green technology innovation in the context of digitalization?-An empirical analysis based on provincial panel data

Green technology innovation is an important driving force and source to promote my country’s high-quality development,and it is the core path to achieve sustainable development.This paper uses my country’s provincial panel data from 2016 to 2019 to study the impact mechanism of R&D investment on green technology innovation,and introduces the level of digitization,using the panel threshold model to discuss its role in the impact mechanism of R&D investment on green technology innovation.The study found that when the level of digitalization in a region is low,increasing R&D investment does not necessarily improve the ability of green technology innovation;when the level of digitalization is relatively high,R&D investment has a positive role in promoting green technology innovation.Therefore,it is necessary to improve policies to encourage enterprises to increase investment in research and development;at the same time,it is necessary to promote the coordinated development of digital foundation,digital investment,digital literacy,digital economy and digital application,and promote the deep integration of digitalization and green technology innovation.

Research on the Threshold Effect of China’s Pharmaceutical Export Trade on Internal and External R&D Investment

Objective To study the threshold effect of export trade on internal and external R&D investment in China’s pharmaceutical industry,and to provide reference for some pharmaceutical enterprises to improve the investment.Methods The panel data of pharmaceutical industry in 25 provinces and cities in China from 2009 to 2019 were selected to conduct empirical analysis by establishing a threshold regression model,and a better export trade interval was obtained.Results and Conclusion There is a threshold value for the effect of new product export on both internal and external R&D expenditures,and the threshold values are 845.2788 million yuan and 318.4198 million yuan,respectively.There is a single threshold effect of export trade on both internal and external R&D investment in China’s pharmaceutical industry,and the effect of export trade on internal and external R&D investment changes from negative to positive as the export trade develops from low to high.

政府采购对企业R&D投入的影响

针对政府采购对企业R&D投入激励的有效性问题,基于2011—2013年中国上市中小企业政府采购数据,采用倾向得分匹配法,研究政府采购、公司内部治理与企业R&D投入之间的关系。研究结果表明,政府采购能够有效促进企业R&D投入,且这种影响因公司治理结构的不同而表现出明显的差异;政府采购对国有性质、股权分散、股权制衡及董事会规模较小的企业R&D投入的促进效应更加显著。

Corporate managers,price noise and the investment factor

This study investigates the impact of flows between bond and equity funds on investment factors over the period 1984–2015.It determines contemporaneous mispricing effects and a statistical reversal relation between these flows and both legs of the investment factor.The statistical reversal relationship between previous flows and the investment factor is economically significant.A one-standard-deviation shock to flows causes a 0.29%decrease in investment factor returns,which are reversed within 5 months.A trading strategy based on signals from past flows and the investment factor outperforms the market by 0.68%in the months following positive flows and produces significant alphas after accounting for well-known equity risk factors.The findings are interpreted as evidence in favor of a behavioral explanation,in which sentiment influences actual managerial decisions.When retail investors and managers are swept up in market euphoria,retail investors shift their holdings from bond to equity mutual funds,and high-investment firms invest more aggressively.Market-level euphoria has a different impact on high-and low-investment firms,and thus the investment factor can be influenced.Hence,the mispricing occurs during these periods,and the reversal relationship is especially pronounced for a high-investment portfolio versus a low-investment portfolio.As a result,during the months following periods of positive flows,the investment factor outperforms the market factor.Interestingly,this study’s measure of flows,which serves as a proxy for market-level euphoria,outperforms other measures of investor sentiment.

Financing constraints and corporate investment:an empirical analysis of china’s manufacturing firms

With the measurement of dividend payout ratio, logistic regression index value and the firm size financing constraints, this paper investigated the investment behavior of China’s manufacturing firms over the period from 1998 to 2003, and the relationship between financing constraints and corporate investment using the OLS regression method. The empirical evidence shows that there are certain extent financing constraints in China’s manufacturing firms, but the results are different with different variables to measure the financing constraints.

Socio-economic and energy-environmental impacts of technological change on China's agricultural development under the carbon neutrality strategy

Promoting agricultural modernisation through technological change is an important strategy for China.China's carbon neutrality strategy is leading to systemic socio-economic changes that could exacerbate the uncertainty of agricultural development.Therefore,applying a computable general equilibrium(CGE)model,this study characterises the agricultural sector in detail,introducing endogenous technological change proxied by research and development(R&D)to assess the impact of different technological change scenarios on agricultural development under the carbon neutrality target.The results show that allocating carbon revenue for R&D inputs can mitigate the significant negative impact of achieving carbon neutrality on knowledge capital and production in agricultural sectors.Overall,using carbon revenue only for R&D input in crop sectors has the optimal effect on increasing the agricultural sectors'knowledge capital,improving crop production and profit,reducing crop external dependence and promoting the synergistic reduction of carbon and pollutant emissions.However,this scenario has the largest negative impact on macro-economics and household welfare.In contrast,allocating carbon revenue to promote technological change in broader non-energy sectors or both crops and non-energy sectors can effectively mitigate negative socio-economic impacts,but the positive impact on agricultural development is minimal.These findings provide practical insights for the rational use of carbon revenue to expand agricultural R&D investment and ensure balanced agricultural and economic development under the carbon neutrality target.

Effects of investment on energy intensity:evidence from China

This article explores the effects of investment upon energy intensity by applying a unique panel data of China's 27 provinces between 2004 and 2013.In addition,it also particularly stuthes other factors,such as energy price,economic structure,and urbanization.The results,based on four econometric regression model results,suggest that in general,the indigenous investment on research and development is a more powerful tool to decrease China's energy intensity regardless of region disparity.The foreign direct investment(FDI) has a prominent but not persistent effect on energy intensity.However,the outward direct investment has not shown its significant impact on energy intensity.At the level of an aggregate economy and China's eastern region,the results demonstrate that FDI improves energy efficiency significantly.For the central and western provinces,FDI does not support the similar conclusion.Based on these analyses,we present the corresponding regional policies for policymakers.

Alternative measure of financial development and investment-cash flow sensitivity:evidence from an emerging economy

This study examines the impact of financial development on corporate investment in terms of their influence on financing constraints.This study also tries to find the effect of financial development on the investment-cash flow sensitivity across the size,degree of financial constraints and group affiliation of the firm.This study employs dynamic panel data model or more specifically system generalized method of moments(GMM)estimation technique.The estimation results reveal that cash flow affects the investment decision of the company positively,which implies that Indian firms are financially constrained.Also,we observe that financial development reduces the investment-cash flow sensitivity and the effect of financial development is more prominent for small size and standalone firms.The results are robust across the period and,for both financially constrained and unconstrained firms.This study contributes to the existing literature by analyzing the impact of financial development on the role of cash flow in determining investments undertaken by the Indian firms,which is an unexplored issue from an emerging market perspective.

高管股权激励、R&D投入与企业创新绩效

随着市场竞争日益加剧,创新成为企业获得持续竞争的重要来源,越来越多的企业通过增加创新研发投入来促进企业绩效提升,而高管作为企业创新研发投入的决策者起着关键作用。选取2012-2020年我国A股上市公司数据作为样本,运用多元回归和中介模型,就高管股权激励、R&D投入与企业创新绩效的关系以及研发投入的中介作用进行实证研究。结果表明:高管股权激励和R&D投入力度越大,企业创新绩效越好;高管股权激励有利于提高企业的R&D投入,且可通过R&D投入的中介作用来提升企业创新绩效。

Research on the Relationship between Export Orientation and R&D Investment of China’s Pharmaceutical Industry in Different Regions

Objective To study the relationship between export orientation and research and development(R&D)investment so as to provide suggestions and references for improving the R&D investment level and innovation capabilities of pharmaceutical industry due to the progress of globalization and the continuous development of export trade of China’s pharmaceutical industry.Methods The relevant data of China’s pharmaceutical industry from 2001 to 2016 was selected to establish an error correction model based on the co-integration theory,and then the Granger causality test was conducted to determine the relationship between the export orientation and R&D investment of China’s pharmaceutical industry in different regions.Results and Conclusion It is found that the export orientation of the pharmaceutical industry in different regions has a significant negative impact on the investment of R&D.Among them,the middle region has the greatest impact,followed by the eastern and western regions.The export orientation of the pharmaceutical industry in the middle region has a lag effect on R&D investment,and the lag phase is two years.

Deepening China's Investment System Reform——The State Development Investment Corporation

The Chinese government set up the State Development Bank against the background of the Chinese economic system being transformed from planned to market. In May 1995, the State Development Investment Corporation was established. Does this mean that China’s investment system reform is advancing at a much

Demonstration Analysis of Relationship Between R&D Investment and GDP

To reveal the quantitative relationship between research and development (R&D) investment and gross domestic product (GDP) in China, we have demonstrated and analyzed the relationship between R&D investment and science and technology (S&T) progress, and based on a mount of S&T statistical data, have proceeded demonstration research of the relationship between R&D investment and GDP in China with Solow and vector auto regression (VAR) models. Cubic curve fitting and cross-correlation analysis of them with SPSS have shown that there is a strong synchronic relationship between R&D investment and GDP.

Corporate R&D and Creditor Value: A Contingency Perspective

This study investigates the relationship between corporate R&D and creditor value.The empirical results suggest that such relationship is contingent on the situations of existing R&D investment and institutional arrangement of corporate governance.We find that R&D investment increases creditor value when insufficient R&D threatens survival,while reduces creditor value when such threat is mitigated.Moreover,such curvilinear relationship is mainly driven by firms with relatively weak managerial entrenchment.Hypotheses are tested with 98 U.S.listed firms in manufacturing sector over 2001-2007.

Problems and Countermeasures of Social Responsibility Investment(SRI)in China in the New Era

Social responsibility investment(SRI)has gradually become a new investment concept in the world.In the context of the new era,SRI has such problems in China such as lack of sufficient policy guarantee,SRI awareness of investors and evaluation awareness of consumers on corporate social responsibility(CSR),and low degree of information disclosure of CSR.This paper puts forward some countermeasures to improve policies,laws and regulations on SRI in China,as well as the information disclosure system of social responsibility.This paper discusses enlightenment of the research progress of foreign SRI to China to promote the further development of SRI in China.

The Impact of State Policies on Investment Project Management in Polish Industrial Construction Sector

In this paper,we discuss the influence of economic,environmental and legal policies of the state on the management of investment projects in the area of industrial construction in Poland.Our empirical study relies on conducting a questionnaire survey.A total of 158 Polish companies dealing with industrial construction took part in the survey.Then,the collected questionnaires were subjected to a thorough analysis and interpretation,with the use of a method called the exploratory factor analysis(EFA).Our research reveals the key factors influencing successful investment project management in the Polish industrial construction sector.These factors have been identified as the“availability of technology in a stable political system”,“stability of the economic and tax systems”,“stable social system policy,stability and transparency of the legal system”and a“well-targeted environmental policy”.A key conclusion that can be drawn from our study is that an efficient management of investment projects in the industrial construction industry is significantly influenced by properly shaped and stable economic,environmental,and legal policies of the state.

Foreign Investment & China's Shipbuilding Industry——Interview with General Manager Wang Rongsheng of China Shipbuilding Industry Corporation

"China’s shipbuilding industry has boomed in the last 15 years since the end of the 1970s and has drawn attention of international shipbuilding and shipping circles even though a gap still remained between China and advanced shipbuilding countries including Japan and South Korea. China ranks among advanced shipbuilding countries relying on its own investment and enterprise development. China has opened its shipbuilding industry to the outside world for wider cooperation and more foreign involvement."