Relationship between R&D investment and business performance from the perspective of environmental regulation: Takeing the heavy-polluting industries from 2011 to 2016 as an example

In recent years, China has promulgated many laws and regulations of environmental protection, gradually forming an environmental regulation system, and most enterprises are under the dual pressure of environmental protection and business performance. It would be a significant way that enterprises undertake R&D activities for a change. This paper is based on the Shanghai and Shenzhen A-share listed heavy pollution enterprises in 2011-2016, which is based on the review and summary of research results of former researchers, combining with current environmental regulation situation of our country, raising the relevant hypothesis between environmental regulations, R&D investment and business performance against heavy pollution industry. Adopting the method of empirical research, it also built the linear regression model which employs the relevant financial data of heavy-polluting enterprises in China as the statistical research sample. The relationship for heavy-polluting enterprises affected by environmental regulations between environmental protection R&D investment and enterprise business performance was tested. The results show that there is a positive influence on the environmental R&D investment and business performance, and a lag effect upon the R&D investment of enterprises to business performance. Finally, the research results were used to evaluates problems existing in the R&D investment on pollution industry in China as well as business performance and we put forward some suggestions on improving environmental regulation standards and technology innovation consciousness as well as optimizing the structure of R&D investment.

An Analysis of the Business Climate and the Investment Intentions Trend in Post-revolutionary Tunisia

The paper examined the impact of business climate on the investment intentions of local enterprises,Mediterranean enterprises,and individual entrepreneurs in Tunisia.The paper has used both primary and secondary data.The secondary data is used for literature review and primary data has been collected by survey in Tunisia.Primary data were collected from 257 local and 204 Mediterranean businesses,including Large Corporations,Small businesses and SMEs,and 362 individual Tunisian investors,using a structured questionnaire via face-to-face interviews.Principal Component Analysis,t-test,ANOVA,post-hoc test,and the model of Multinomial Logistic Regression Analysis has been carried out to study the interrelationships among the variables in this paper.A descriptive analysis of the data has also been done.The paper found that the most important economic variables for local and Mediterranean enterprises are the“presence of support system”and“Investment Grants”.Though for the Individual Investors the most important economic variables are“Saturation of Market”,“Investment grants”,and“Data Access”.The social variables“safety in daily activities,safety while traveling”and“security level of governance”are the most important variables.Further,the most important political variables affecting investment decisions are“Good governance”and“Law enforcement”of local,Mediterranean enterprises,and individual investors.The paper also found that political dimensions have a significant impact on the investment intentions of local enterprises,while social dimensions have a significant impact on the investment intentions of Mediterranean enterprises.Moreover,economic dimensions have a significant impact on the investment decision of individual investors.The paper suggests that,by developing a favorable climate for businesses,the government should promote investment in Tunisia.Easy credit facilities should be provided to the entrepreneurs.There is a need to provide credit guarantee tools to small and medium-sized businesses for easy access to financial services.

The 13th China-ASEAN Business and Investment Summit Opened in Nanning

The China ASEAN Business and Investment Summit opened in Nanning,capital city of China’s southern Guangxi Zhuang autonomous region on September 11,along with the 13th China-ASEAN Expo.Chinese Vice-Premier Zhang Gaoli delivered a keynote speech at the opening ceremony of the summit.He said,the ASEAN-China dialogue relations.

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.

Employment Creation and Investment Attraction by Means of the Internet Portal of Puebla （Mexico） Government

Some transactional governmental services are now offered to citizens world-wide by means of the internet. Principally, these transactions consist of applications for birth certificates, tax payments, payments of fines, however, very rarely, or never can someone incorporate a business by means of e-government services. Rare also, are cases in which the consequences of business incorporation can be evaluated through the internet--for example employment creation or the attraction of investments. With respect to business incorporation the internet portal of the government of the state of Puebla is of no help, since it must be done in person in every case.

The Analysis and Assessment of the Creation Investment Risk in the High and New Technology, Enterprise

The creation risk investmentof the high and new technology enterprise isthe way to finance：and invest for the business period. After we putting the capital into the high and new. technology project.that is in the devetopment stage, the enterprise can, acquire high, increase, by the. support and assistance ＇of, the. capital and management. After the enterprise grew up, it can achieve high benefits by selling stock, attorning the enterprise, and dealing property rights, etc. Finally it secedes form the enterprise invested. The purpose of total analysis in the respective stage for the business investment cause including cause prosperities, object, risk, is to comprehensively understand the effect on the anticipation ratio of the benefit, investment distribution, the stock property proportion which is offered by the activity content, and the emphasis of the assessment in the respective stages of the creation risk investment cause.

Competitive Advantage of Libyan Business Environment

The economic development needs of developing countries require capital accumulation, which is no longer an easy task, even for industrialized countries. Although borrowing remains an important alternative, it has proved to be an expensive method in the long run. Consequently, to attract foreign direct investment （FDI）, developing countries have been liberalizing their economies, which is expected to contribute to job creation and income generation. Libya declared its intention to liberalize its economy and to integrate into the global economy in order to achieve comprehensive development. This study investigates and explores the condition of the Libyan business environment in relation to foreign and joint companies, particularly in the non-oil sectors. This paper aims to investigate whether or not the Libyan business environment is appropriate to attract foreign companies, particularly in the non-hydrocarbon sectors. The method used in this paper is based on creating Porter model of competitive advantage of in relation to attract FDI. The paper reveals clearly that apart from substantial oil reserves, Libya is rich in other resources. Despite these positive advantages, there are numerous obstacles and shortcomings associated with the Libyan business environment. It discovered that the general structure and policies in relation to the Libyan business environment still require considerable attention to bring about the political and administrative stability, as well as the stability of laws and regulations. Furthermore, intensive media campaigns need to be launched with all the necessary legal and political guarantees for attracting FDI into the country.

Modeling of Business Processes of Project Financing

Need of transformation of means of support of project financing for commercial banks is proved.The analysis and modeling of business processes of project management by the contextual chart and the chart of decomposition is carried out that allowed to describe the main stages of project financing.With use of tools of programming the business application of project management which will promote operational assessment on selection of introduced drafts is created.

A Study on Guangdong Province Foreign Trade Business Environment Evaluation and Optimization Research

By constructing a comprehensive evaluation system for Guangdong’s foreign trade business environment based on the annual data from 2015 to 2019,factor analysis and entropy weight method are adopted to analyze Guangdong’s foreign trade business environment in recent years.This study discusses the aspects that the government should focus on in order to improve the foreign trade business environment more effectively.The results of the study are as follows:first,the overall differences in the foreign trade business environment of the Pearl River Delta urban agglomeration are small,and the cities play an important role in improving the foreign trade business environment;second,the foreign trade business environment is not fully constrained by economic development,so the foreign trade business environment can be more advanced than the city’s economic level and serve as the impetus for economic growth;third,there has been an improvement in how the attractiveness of foreign capital influences the foreign trade business environment.The Regional Comprehensive Economic Partnership(RCEP)agreement should be implemented in local cities,in order to construct an institutional framework of fair competition,enhance the transparency of investment barriers,and strengthen the protection of foreign investors’rights.

Impact of host country's business environment on China's OFDI in Belt and Road countries:Based on the perspective of investment motives

This study used a two-step system generalized method of moments to examine the impact of the business environment in the Belt and Road countries on outward foreign direct investment(OFDI)of China while presenting a deeper investigation into the spatial characteristics of OFDI through a spatial error model.The results revealed that the impact mentioned above varies with different investment motivations.If Chinese businesses are motivated by local consumer markets or seeking a human workforce to make an outward direct investment,they will choose countries with poor business environments.They will select countries with stable business environments for their natural resources or strategic assets.Significant spatial agglomeration exists in China's OFDI in the countries and regions along the routes,while substantial evidence is absent on the business environment investment effect with different motivations.Finally,relevant recommen-dations concluded according to the study.

考虑耦合作用的电网业务组合投资优化

电网业务正处于传统业务向新兴业务变革的关键时期,由于电网业务发展的多样性,应考虑业务的相互影响,准确量化业务投资价值。分析业务间耦合作用,构建业务耦合作用评价体系,并通过Choquet模糊积分量化了电网业务耦合程度,构建适应未来发展新环境的电网业务投资价值评价体系,构建了考虑耦合作用的电网业务组合投资优化模型。在算例中,包含综合能源业务、储能业务、电动汽车业务的组合投资价值最高,为2.024,其中,业务基础投资价值为1.870,耦合投资价值为0.154。通过算例分析验证了考虑电网业务耦合作用的必要性与投资优化模型的适用性,支撑电网公司制定电网业务组合投资决策。

营商环境与企业“脱实向虚”

基于A股上市公司数据,探讨在“以国内大循环为主体,推动国内国际双循环相互促进”背景下的营商环境改善对企业“脱虚向实”的影响及其内在作用机制。研究发现,地区营商环境越好,企业的金融资产投资水平越低;基于“行政审批中心设立”的准自然实验,进一步证实营商环境的改善显著降低了企业的金融资产持有水平。机制检验发现,这一效应的产生是通过降低企业经营风险和提高实体投资效益两条路径实现的。拓展性研究发现,营商环境改善在降低企业金融资产投资的同时,提高了企业对研发的投资;这些效应在中小企业和非国有企业中尤为显著。上述结果表明营商环境的改善有助于激励企业“脱虚向实”,这在政策层面意味着改善营商环境可能是解决经济“脱实向虚”和民营企业、中小企业纾困发展两大问题的一剂良药。

东道国营商环境与中国对外直接投资:来自“一带一路”沿线国家的经验证据

基于“一带一路”沿线40个国家2008—2019年数据,利用修正后的投资引力模型考察东道国营商环境与中国对外直接投资之间的关系。研究表明:总体上,东道国营商环境的提高能够促进中国的对外直接投资。进一步研究表明:中国对“一带一路”沿线国家的对外直接投资存在地理区位异质性、发展程度异质性和营商环境子指标异质性;文化距离在东道国营商环境对中国对外直接投资的影响中存在负向调节效应。本文的研究为“一带一路”沿线国家优化营商环境,促进贸易投资提供了新的证据,并从政府与企业双重维度提出相应的政策建议。

A Research on Path Optimization for Business Structure of Chinese Investment Banks

Chinese investment banks, as a part of the financial market, play an important role in the development of the national economy. With the development of financial market after China＇s entry into WTO, the investment banks confront with immensely international competition. Meanwhile, Chinese investment banks are facing with problems such as elementary business structure, small capitalization and faultiness of governance, which lead to their less competitive power. This article conducts research from the perspective of path optimization of business structure of investment banks. Through economic analysis of path optimization of business structure, we conclude path optimization of business structure of domestic investment banks will lay a solid foundation for enhancing their competitive power. Whereafter this article constructs optimized path for business structure of Chinese investment banks and analyzes the influence factors of the optimized path. At last, this article advises on how to enhance the business structure of Chinese investment banks.

东道国营商环境对中国OFDI的影响

东道国营商环境总水平对中国对外直接投资有显著正向影响,营商环境各分项指标对中国对外直接投资的影响呈现出异质性;以经济发达程度为标准分组,发现对于发达国家以及发展中国家来说,营商环境总水平对中国对外直接投资有显著的正向影响;市场寻求动机、战略资产寻求动机,对中国对外直接投资有正向影响,效率寻求动机、资源寻求动机,对中国对外直接投资有抑制作用。为促进与世界其他国家在投资领域更深层次合作,需要做到合理选择目标东道国,完善投资风险防范和保障机制。

经营投资责任追究与国有企业投融资期限错配改善

经营投资责任追究作为国有企业改革的重要举措,对投融资决策行为有着重要影响。文章选取2011—2021年我国沪深A股上市企业为样本,实证检验了经营投资责任追究对国有企业投融资期限错配的影响。结果表明,经营投资责任追究能够显著改善国有企业投融资期限错配;机制检验显示,经营投资责任追究通过提高投资决策质量和强化管理层风险规避意识,改善国有企业投融资期限错配;异质性分析发现,在管理层过度自信程度较高、股权激励水平较低和内源融资能力较差时,经营投资责任追究改善国有企业投融资期限错配的作用更明显。研究结果有助于规范和约束管理层非理性决策行为,推动国有企业做强做优做大,对加快建设世界一流企业具有重要借鉴意义。

关于促进民间投资增长的建议

民企兴则经济兴,投资活则经济活。民营经济在稳住经济基本盘、扩大有效投资规模方面扮演着重要角色。然而,2023年民间投资的增速与占比均呈现下降趋势,存在动力不足、信心不足等现象。通过实地调研发现,目前民间投资仍面临政策不确定性大、“三重压力”((1))交织、所有制歧视、政务不诚信、融资成本高、房地产市场投资低迷等困难。建议多措并举,进一步优化民间投资统计口径、持续提升政策稳定性和透明度、着力扩大国内需求与推进高水平对外开放、营造公平竞争市场环境、健全账款拖欠长效解决机制、强化要素保障、加快建立重点民间投资项目库,根本上解决民间投资“不敢投、不愿投、不能投、不便投”问题,提振民间资本投资信心。

数字时代企业的业财融合与组织韧性研究

数字时代组织的形式、边界和运营方式发生了重大转变,企业的外部经营环境也面临着宏观环境不确定性、风险突发性、多变性等多重考验,这使得组织韧性成为管理与实践领域新的研究重点。基于此,本文将业财融合这一数字时代新兴的管理模式上升至组织战略层面,基于2006—2021年中国沪深A股上市公司数据,采用双向固定效应模型实证检验业财融合对组织韧性的影响及作用机制。研究结果表明:业财融合能够提升组织韧性;业财融合对高数字化转型程度企业、CEO具有财务背景企业、高业务复杂度企业组织韧性的提升作用更显著;业财融合通过加强内部控制质量和提高投资效率提升组织韧性。本文的研究结论对企业在数字时代提升组织韧性和克服传统风险管理所面临的问题具有一定的理论价值和现实意义。

我国交叉性金融业务分析与穿透式监管指数编制初探

中央金融工作会议提出防范风险跨区域、跨市场传递共振,中国人民银行提出构建以资管产品为代表的交叉性金融业务风险监测评估框架。通过对交叉性金融概念、衍生背景、演变历程、运行状况的分析,为提升我国交叉性金融风险管控能力提供有益参考。在交叉性金融统计数据缺口较大和信息公开程度较低的情况下,通过对资管产品与银行理财产品发展情况的分析了解我国交叉性金融业务的演变特征,同时通过构造投资广度指数与投资集中度指数为交叉性金融业务的穿透式监管提供有益的分析工具。研究发现,我国交叉性金融业务取得了长足的发展,交叉性金融业务野蛮扩张的势头得到了有效控制,交叉性金融业务发展的业务模式和资金运用方式都呈现出新的变化趋势。对投资广度指数和投资集中度指数进行试算分析发现,构造投资广度指数与集中度指数,能够加强对交叉性金融业务投资复杂程度的把握,仅依托公开数据即可初步实现穿透式监管。由于交叉性金融业务的底层资产难以穿透,蕴含着较大的系统性风险,因此应该规范交叉性金融业务活动,加强穿透式监管,避免金融风险的跨机构、跨市场传递共振;金融监管部门与金融机构应该积极依托业务数据对交叉性金融活动开展常规性和专项性的穿透式监管。

股权再融资能促进“专精特新”企业发展吗?

构建现代化产业体系,推动经济高质量发展,需要高质量企业发挥领军作用。作为细分领域的领导者,“专精特新”企业具备领先的技术水平和产品质量,在制造业中起到了支柱作用,单项冠军企业是“专精特新”企业群体的代表。以2010—2021年上市单项冠军企业为研究样本,实证检验了股权再融资对“专精特新”企业主营业务增长率的影响。结果显示:股权再融资能够促进“专精特新”企业的主营业务收入增长率的增长,且这一结论具有稳健性;提高创新投入、提高生产能力在这一过程中起到了中介作用;异质性分析发现,在数字化转型程度高、管理层薪酬水平高的“专精特新”企业中,股权再融资才能有效发挥对主营业务收入的积极作用;进一步研究发现,股权再融资在“专精特新”企业的培育体系中发挥着重要作用,能够显著促进一般的“专精特新”企业成长为单项冠军企业,同时也证明了单项冠军企业作为“专精特新”企业中的排头兵,对当地其他“专精特新”企业主营业务发展起到了显著的带动作用。研究为论证股权再融资的积极影响提供了经验证据,并且对于如何有效发挥金融对实体经济的支持作用,以金融赋能“专精特新”企业发展提供了启示。