In the context of economic globalization,while multinational enterprises from developed countries occupy a high-end position in the global value chain,enterprises from developing countries are often marginalized in th...In the context of economic globalization,while multinational enterprises from developed countries occupy a high-end position in the global value chain,enterprises from developing countries are often marginalized in the world market.In China,resource-based state-owned enterprises(SOEs)are tasked with the mission of safeguarding resource security,and their internationalization development ideas and strategic deployment are significantly and fundamentally different from those of other non-state-owned enterprises and large multinational corporations.This study provides ideas for the globalization policies of enterprises in developing countries.We consider J Group in western China as a case and discuss its productive investment and global production network development from 2010 to 2019.We found that J Group was‘Partly'globalized,and there are multiple core nodes with the characteristics of centralized and decentralized coexistence in the production network;in addition,the overall layout centre shifted to Southeast Asia and China;however,its global production was restricted by the enterprise's investment security considerations,support and restrictions of the home country,political security risk of the host country,and sanctions from the West.These findings provide insights for future research:under the wave of anti-globalization and'internal circulation as the main body',resource SOEs should consider the potential risk of investment,especially keeping the middle and downstream industrial chain in China as much as possible.展开更多
The advent of the era of the smart economy has made agricultural production more intelligent.An increasing number of companies have launched a series of investment activities aimed at smart agricultural production(SAP...The advent of the era of the smart economy has made agricultural production more intelligent.An increasing number of companies have launched a series of investment activities aimed at smart agricultural production(SAP).However,whether smart agricultural production investment(SAPI)impacts the stock market has yet to be confirmed.Therefore,based on the sample data of 118 listed companies in China from 2010 to 2019,this study empirically examines the impact of SAPI announcements on shareholder value,as indicated by abnormal returns of stocks.Further,we tested the moderating effect of certain characteristic factors on abnormal stock returns.The research results illustrate a significant positive connection between SAPI announcements and shareholder value.Moreover,considering the announcement content and company factors,this study investigates the impacts of different investment targets and industries on the market reaction to SAPI announcements.We find that non-agricultural companies have a more positive market reaction to SAPI than agricultural companies;the higher the liability-asset ratio,the more positive will be the stock market reaction to SAPI.展开更多
Indeed,there is some evidence the government’s stimulus package is producing results.Investment of cotton textile industry shows recovery progress and production remains stable.
基金supported by National Natural Science Foundation of China(Grants No.41971198 and 42371198)Fundamental Research Funds for the Central Universities(Grant No.lzujbky-2023-it24).
文摘In the context of economic globalization,while multinational enterprises from developed countries occupy a high-end position in the global value chain,enterprises from developing countries are often marginalized in the world market.In China,resource-based state-owned enterprises(SOEs)are tasked with the mission of safeguarding resource security,and their internationalization development ideas and strategic deployment are significantly and fundamentally different from those of other non-state-owned enterprises and large multinational corporations.This study provides ideas for the globalization policies of enterprises in developing countries.We consider J Group in western China as a case and discuss its productive investment and global production network development from 2010 to 2019.We found that J Group was‘Partly'globalized,and there are multiple core nodes with the characteristics of centralized and decentralized coexistence in the production network;in addition,the overall layout centre shifted to Southeast Asia and China;however,its global production was restricted by the enterprise's investment security considerations,support and restrictions of the home country,political security risk of the host country,and sanctions from the West.These findings provide insights for future research:under the wave of anti-globalization and'internal circulation as the main body',resource SOEs should consider the potential risk of investment,especially keeping the middle and downstream industrial chain in China as much as possible.
基金funded by Major Program of the National Social Science Foundation of China(grant number No.18ZDA060).
文摘The advent of the era of the smart economy has made agricultural production more intelligent.An increasing number of companies have launched a series of investment activities aimed at smart agricultural production(SAP).However,whether smart agricultural production investment(SAPI)impacts the stock market has yet to be confirmed.Therefore,based on the sample data of 118 listed companies in China from 2010 to 2019,this study empirically examines the impact of SAPI announcements on shareholder value,as indicated by abnormal returns of stocks.Further,we tested the moderating effect of certain characteristic factors on abnormal stock returns.The research results illustrate a significant positive connection between SAPI announcements and shareholder value.Moreover,considering the announcement content and company factors,this study investigates the impacts of different investment targets and industries on the market reaction to SAPI announcements.We find that non-agricultural companies have a more positive market reaction to SAPI than agricultural companies;the higher the liability-asset ratio,the more positive will be the stock market reaction to SAPI.
文摘Indeed,there is some evidence the government’s stimulus package is producing results.Investment of cotton textile industry shows recovery progress and production remains stable.
