The Relationship between Government Subsidies and Research & Development Investment of Chinese Agricultural Listed Companies

Based on the background of China's emerging and transitional market,government subsidies to enterprises are regarded as a " helping hand" of promoting economic structural adjustment. In this paper,using China's A-share agricultural listed companies from 2010 to 2015 as research samples,we discuss the influence of government subsidies on research and development( hereinafter referred to as R & D) investment,and the difference in the relationships between the two from the perspective of different nature of property rights. The results show that,on the whole,the increase in government subsidies does not promote the intensity of R & D investment of agricultural listed companies. And after distinguishing the nature of property rights,the results show that state-owned enterprises can get more government subsidies than private enterprises,and the increase in government subsidies boosts the increase in R & D investment in private enterprises,but there is a negative correlation between government subsidies and R & D investment of state-owned enterprises. This conclusion can broaden the research perspective of the influence factors of corporate R & D investment,and it is of practical significance to further clarify the role of government subsidies in R & D investment decisions of enterprises with different nature of property rights.

构建中国航天器物权法律制度的功能考察与立法研究

A legal regime for property rights of spacecraft in China is of great significance for expanding new-types of international collaboration and promoting commercial space development in China.China has so far yet to establish the relevant legal regime that governs the property rights of spacecraft,this has therefore resulted in the lack of rule and fundamental law with respect to domestic commercial space development and international space collaboration.In contrast,under legislation,the legal regime of property right registration for commercial spacecraft was introduced by Congress in the United States of America(the U.S.A.)in 1984.This effectively promoted the commercial space development in the U.S.A.Similarly,the Civil Code of the People’s Republic of China(effective as from January 1,2021)has specified a legal regime of property right registration for aircraft and ships thereby having effectuated the flourishing development of China’s aviation and maritime industries.Constructing a legal regime for the property rights of spacecraft in China is meant to include but not be limited to the establishment of registration regime of property rights,a distinct regime of ownership,and a registration regime for mortgage and financial leasing in connection with spacecraft.It is recommended that establishment of the registration and exchange centers for property rights of spacecraft be considered in the cities of Beijing and Shanghai.These would operate as centers managing the property right registration and transaction settlement associated with spacecraft along with their effective payloads so as to create the formation of a transaction mechanism for domestic spacecraft and their effective payload applications,thus providing a legal basis for activities such as financing,investment and transfer of ownership,involving spacecraft developed in China.This would drive China’s aerospace industry to be better integrated with the global aerospace market.Formation of a registration regime for property rights of spacecraft in China is advised to take into account a variety of legislation modus such as mandatory registration,optional registration,a mechanism taking effect as a result of registration or against a third party as a result of registration or with a coverage of certain crucial legislative aspects specifically the registration body,registration subject,registration type,validity of registration,types of right,etc.

Study on Water Pollution and Control in China

In recent years, water pollution has become increasingly serious in China. Meanwhile, decrease of water bodies in quality, frequent pollution incidents, safety of drinking water and water shortage have become prominent day by day. However, water pollution can not be controlled effectively. To clear underlying reasons for increasingly worsening water environment, the external effects of pollution behavior and fictitious property right of pollution control bodies were analyzed using property right theory, and then internal reasons for serious water pollution were discussed. Fi- nally, control measures of water pollution were put forward.

Customer Concentration and Corporate Social Responsibility——An Empirical Study Based on Chinese Agricultural Listed Companies

Taking the agricultural companies listed in the A-share markets in Shanghai and Shenzhen as samples,the relationship between customer concentration and corporate social responsibility was studied. In addition,the regulatory role of property rights and regional factors was examined. The results showed that the degree of customer concentration is negatively related to the degree of fulfillment of corporate social responsibility; for companies with different property rights and regions,there are significant differences in the influence of customer concentration on corporate social responsibility. In non-state-owned enterprises and mid-western areas,customer concentration has a greater impact on corporate social responsibility.

An Empirical Study on CEO’s Academic Experience and Financing Constraints-Taking Shanghai and Shenzhen A-Share Listed Companies as Samples

Taking A-share listed companies in Shanghai and Shenzhen from 2007 to 2018 as samples,this paper analyzes the influence of CEO’s academic experience on corporate financing constraints.The empirical results show that there is a negative correlation between CEO’s academic experience and enterprise financing constraint level.Compared with state-owned enterprises,the academic experience of CEO in private enterprises is significantly negatively correlated with the level of corporate financing constraints.It also suggests that CEO’s academic experience can significantly reduce the level of financing constraints in the company samples audited by accounting firms(not Big 4).The conclusion of this paper is helpful to enrich the research of manager characteristics and corporate governance.At the same time,the research in this paper has reference significance for enterprises to ease the level of financing constraints.

Monetary policy,government control and capital investment:Evidence from China

This study examines how the relationships between local governments and local enterprises moderate the effect of targeted monetary policies through different action-propagating mechanisms. First, we investigate the impact of monetary policies on enterprise investment in areas with different institutional environments. Second, we investigate the impact of monetary policies on stateowned enterprises(SOEs) with different property rights structures. Third, we examine how political connections can influence the action-propagating mechanism of monetary policies. We conclude that in China monetary policies have different effects on SOEs and on private enterprises with or without political connections. Specifically, local government interventions can significantly weaken and distort the effects of monetary policies, such that the intended reduction in investment is noticeably alleviated for SOEs and private enterprises with close links to local governments.