Under China’s socialist system,state-owned enterprises are key forces driving the economic trajectory and providing strong momentum.These enterprises not only bear the crucial responsibility of advancing the process ...Under China’s socialist system,state-owned enterprises are key forces driving the economic trajectory and providing strong momentum.These enterprises not only bear the crucial responsibility of advancing the process of national modernization but also serve as the core of the national economic lifeline through their irreplaceable status and function amidst changing times.In the new era,with the advent of the technological revolution and the wave of globalization,state-owned enterprises face unprecedented opportunities and challenges.As a significant aspect of state-owned enterprise reform,the mixed ownership reform is not only a transformation in the structure of enterprise ownership but also a reflection of China’s broader,comprehensive reform efforts.By deeply advancing this reform,it will help optimize the allocation of state-owned assets and significantly boost technological and management innovation within state-owned enterprises,ensuring their competitiveness in the intense market environment.Therefore,this paper will conduct an in-depth analysis of the mixed ownership reform of state-owned enterprises from the perspective of Marxist political economy.展开更多
This study takes debt financing as the entry point and explores the impact of state-owned capital participation in private enterprises from the perspectives of“unarticulated rules”and“articulated rules”.The study ...This study takes debt financing as the entry point and explores the impact of state-owned capital participation in private enterprises from the perspectives of“unarticulated rules”and“articulated rules”.The study finds that state-owned capital participation significantly reduces the debt financing costs of private enterprises and expands the scale of their debt financing.This conclusion remains valid after a series of endogeneity and robustness tests.Further analysis of the mechanism reveals that state-owned capital participation improves the debt financing of private enterprises through multiple channels:Enhancing their social reputation,mitigating the“statistical bias”they face,optimizing their information quality,and reducing the“shareholder-creditor”agency problems.This paper conceptualizes these benefits as the“complementary advantages of heterogeneous shareholders”.This not only constructs a theoretical framework for“reverse mixed-ownership reform”but also better narrates the Chinese story of“mixed-ownership reform”by adopting a more universally applicable theory of equity structure.Additionally,the paper supplements existing research on the macro-and meso-level relationship between the government and the market by exploring the government’s positive role at the micro-level.展开更多
As an important pillar of national economic development,state-owned enterprises,their operational efficiency,and risk management ability are directly related to the stability and security of the national economy.As an...As an important pillar of national economic development,state-owned enterprises,their operational efficiency,and risk management ability are directly related to the stability and security of the national economy.As an important part of enterprise management,internal control management plays an irreplaceable role.Especially in the current domestic and international economic situation is complex and changeable,market competition is increasingly fierce environment,to strengthen the internal control management of state-owned enterprises and risk prevention measures is particularly important.This paper starts with the importance of internal control management and risk prevention for state-owned enterprises,and analyzes the problems and strategies in the internal control management and risk prevention of state-owned enterprises,in order to build a more comprehensive and efficient risk management system for state-owned enterprises to adapt to the ever-changing market environment and realize sustainable development.展开更多
By the end of the century, the reform and development of China’s state-owned enterprises will create new prospects. The reform of state-owned foreign economic and trade enterprises should also see further breakthroug...By the end of the century, the reform and development of China’s state-owned enterprises will create new prospects. The reform of state-owned foreign economic and trade enterprises should also see further breakthroughs. At present, the following aspects are important: 1. Implement a Holdings System in the Reform of State-owned Foreign Economic and Trade Enterprises. The holdings system plays a major role in transferring the management mechanism of state-owned foreign economic and展开更多
In this paper,it is first briefly described the basic situation and current policies of state owned enterprise reform in China.Then the major issues in the reform process are identified,the possible solutions in term...In this paper,it is first briefly described the basic situation and current policies of state owned enterprise reform in China.Then the major issues in the reform process are identified,the possible solutions in terms of reengineering stock equity structure and state share circulation are discussed,and finally some suggestions are made for the further state owned enterprise reform.Basing on the theory on the modern corporation system,relevant experiences of market economy nations and the practice of Chinese enterprise system reform.The approaches to determine the proportion of state share in the future corporations are proposed.Since the public ownership is not ideologically appropriate,the establishment of social security fund and mutual fund investment companies are suggested as new and acceptable pattern of public ownership.It is believed that these companies will be the major institutional shareholders in the future corporations.Their stock equity structure would mainly consist of institutional shareholders,which will be both consistent with international norms of modern corporations and with socialist public ownership with Chinese characteristics.展开更多
While China's economic growth has been impressive since 1978, regional disparity in terms of provincial per capita GDP has been increasing. On the other hand, this rapid but uneven growth was accompanied by China&...While China's economic growth has been impressive since 1978, regional disparity in terms of provincial per capita GDP has been increasing. On the other hand, this rapid but uneven growth was accompanied by China's deepening openness and structural reforms including the development of non-state-owned enterprises (non-SOEs) and fiscal decentralization. Based on quantitative analyses, this paper tries to explore the features of regional disparity in China and the relationships between regional growth and China's openness and economic structure reforms in the period from 1981 to 2000. The paper finds that the catching-up of the coastal region to the initially rich provinces, which are mainly located in inland areas, brought about a convergence of the growth pattern across provinces in the 1980s.The subsequent divergence in the provincial growth rates between the coast and the interior generated an enlarging regional disparity in China in the 1990s. The ever-faster growth in the coastal region was benefited by China's openness and the development of non-state-owned enterprises. The development of non-state-owned enterprises underlies the higher operational efficiency in the coastal region. Additionally, with the insignificant regression results, fiscal decentralization was observed to facilitate faster growth in the coast region. The findings justify the initiative of the 'West Region Development Strategy' and offer some policy implications for China.展开更多
Mixed ownership is an important form of realization of China＇s economic system reform and development, and it is also the main direction of state-owned enterprise reform. In order to further promote the deepening of ...Mixed ownership is an important form of realization of China＇s economic system reform and development, and it is also the main direction of state-owned enterprise reform. In order to further promote the deepening of the reform of mixed ownership, this paper randomly selects 200 listed state-owned enterprises as research objects, and studies the trends of the financial performance of these enterprises from the mixed state-owned enterprises and non-mixed-modification enterprises in the five years from 2013 to 2017, and compares their various trends. Financial indicators, a comprehensive evaluation of the problems and causes in the reform of the mixed ownership system, and then propose countermeasures to further deepen the reform of mixed ownership based on the research conclusions.展开更多
State-owned enterprises are important pillars of socialism with Chinese characteristics,and the modernization of their governance system and governance capacity is an important part of the modernization of the nationa...State-owned enterprises are important pillars of socialism with Chinese characteristics,and the modernization of their governance system and governance capacity is an important part of the modernization of the national governance system and governance capacity.Through case study and specific practice,this paper carries out an in-depth thinking and serious analysis on how to promote the modernization of the governance system and governance capacity of state-owned enterprises under the new situation and requirements.This paper puts forward three kinds of management and control mechanism to enhance core competence in addition to the specific implementation path by using digital governance means.展开更多
This paper analyzes the three main fundamental issues in the design of China's ETS pilots,including allowance allocation,price mechanism and state-owned key enterprises,and proposed suggested solutions.For the iss...This paper analyzes the three main fundamental issues in the design of China's ETS pilots,including allowance allocation,price mechanism and state-owned key enterprises,and proposed suggested solutions.For the issue of allowance allocation,we suggest that the gradual hybrid mode could be applied at the beginning,which starts with mainly free allocation and then increases auction ratio gradually.And grandfathering is a suitable method of free allocation.For the issue of price mechanism,we suggest a price floating zone with open market operation to reduce the uncertainty of prices.For the issue of state-owned key enterprises,we suggest a good coordination with SASAC,defining the state-owned property right and supervision right when state-owned key enterprises are involved into the carbon market,and the local government can set rules of allocation and transaction to limit their potential market power.展开更多
The distribution relationship between the profits of state-owned enterprises and the state has been constantly changing with the times. From the state implementing the policy that state-owned enterprises not pay profi...The distribution relationship between the profits of state-owned enterprises and the state has been constantly changing with the times. From the state implementing the policy that state-owned enterprises not pay profits to the state in 1994 to the constant growth of stateowned enterprises in the 21st century,their profits have become more and more abundant. Until 2007,the state issued a document stipulates that the state-owned enterprises should pay part of their profits to the state,but at the initial stage of trial implementation of the policy,the implementation was not effective,and finally in 2010 the state officially announced the collection of profits from state-owned enterprises and increased the proportion of collection. From the perspective of agricultural state-owned enterprises,using the difference-in-difference( DID)model,this paper studied the state policy of increasing the profit delivery proportion of state-owned enterprises in 2020. Through CSMAR database,we selected agricultural state-owned listed companies in the 2008-2013 as samples,tested the impact of the implementation of the new policy in 2010 on the operation performance of agricultural state-owned enterprises,evaluated the implementation effect of the policy through comparing the operation performance before and after the policy,and explored whether the policy has an impact on the bond rating. Through empirical research,it found that increasing the profit delivery proportion of state-owned enterprises is helpful for improving the operation performance of state-owned enterprises and improving the quality of bond ratings,and this policy has more prominent effects on stimulating the performance of monopolistic state-owned enterprises. Therefore,collection of some profits from state-owned enterprises can promote better development of state-owned enterprises and also benefit both the state and the people.展开更多
The paper viewed the current problem that state-owned enterprises in northeast industry base hadn＇t technologies of their own intellectual property right, whose sources mainly depended on imitation and introduction f...The paper viewed the current problem that state-owned enterprises in northeast industry base hadn＇t technologies of their own intellectual property right, whose sources mainly depended on imitation and introduction from abroad. Operational evaluation method and index criteria system of enterprises technology innovation ability were put forward in this paper, different enterprises may revise the model according to their actual situations to evaluate the enterprise technological innovation ability scientifically and quickly. The findings will be helpful to correlative departments to formulate the related policies and also has important theoretical and practical value in technological innovation project of enterprise.展开更多
State-owned enterprises are the basic guarantee of China’s economic and social development,the leading force in the field of strategic competition,but also the main provider of national social wealth accumulation.Alt...State-owned enterprises are the basic guarantee of China’s economic and social development,the leading force in the field of strategic competition,but also the main provider of national social wealth accumulation.Although in many strategic areas,the operating efficiency of state-owned enterprises cannot be simply measured by the input profit margin;state-owned enterprises use state and social resources to operate.Shouldering the responsibility of preserving and increasing the value of state-owned assets also is the responsibility of all state-owned enterprise managers and employees.However,the management efficiency of state-owned enterprises is relatively low,and employees’performance management and incentives have been lack of innovation and improvement.This paper analyzes the current state-owned enterprises in China,the characteristics of performance management,as well as the problems faced,and discusses the measures to encourage the efficiency of state-owned enterprises employees.展开更多
The purpose of this paper is to examine whether and to what extend Greek state-owned enterprises engage in earnings management techniques during 2012-2016.Most prior studies on earnings management have used data from ...The purpose of this paper is to examine whether and to what extend Greek state-owned enterprises engage in earnings management techniques during 2012-2016.Most prior studies on earnings management have used data from large economies with relative stable macroeconomic contexts(e.g.,USA).Our knowledge about earnings management in smaller economies is rather limited.To fill this void,we conducted our study in Greece and focused on the abovementioned period,which is very interesting given that Greece experienced a substantial political and macroeconomic instability(e.g.,four elections,one referendum,capital controls,and two memorandums).Two different models(i.e.,The Earnings Distribution Model and the Modified Jones Model)are used to provide answers to the research questions.The sample is composed of 50 state-owned enterprises.The results show that Greek state-owned enterprises did not adopt any earnings management techniques during the examined period.These results are rather robust given that they come from two different models.According to the literature,macroeconomic and political instability provide incentives to managers to use earnings management techniques.Interestingly though,our results suggest that this is not the case for a smaller economy.The findings of this study will allow investors,auditors,and users of the financial statements to make better decisions when studying companies that are experiencing those difficulties.The adoption of two different methods and the similar results is an indication of more robust and valid findings.展开更多
Performance management has become a competitive advantage of enterprises to cultivate core competitiveness of strategic initiatives, but how to act performance management out scientifically has been difficult. An uncl...Performance management has become a competitive advantage of enterprises to cultivate core competitiveness of strategic initiatives, but how to act performance management out scientifically has been difficult. An unclear understanding of the various issues often results in improper handling counterproductive. Thus, we should analyze human resource performance management problems and their causes, and only on this basis can we establish and implement effective hunlan resource management system dynamic performance during the difficulties and the main factors that should be considered to elaborate.展开更多
Taking a balanced panel data consisting of 4365 firm-year observations drawn from the listed state-owned enterprises in Shanghai and Shenzhen Stock Exchange over 2007-2015 as the research sample,the paper examines the...Taking a balanced panel data consisting of 4365 firm-year observations drawn from the listed state-owned enterprises in Shanghai and Shenzhen Stock Exchange over 2007-2015 as the research sample,the paper examines the effect of the employees’pay-performance sensitivity(PPS)on the future firm performance from the two competing perspectives of“incentive effect”and“risk-aversion effect”,adopting the method of multiple regression analysis based on OLS and applying the SPSS23 as the data processing tool.Theoretical analysis and empirical results demonstrate that there is a positive link between the employees’PPS and the future firm performance.To improve the employees’PPS can stimulate the engagement of the employees,improve their working quality,enrich their workplace innovative behavior,and further lead to higher future firm performance.Meanwhile,the positive effect of the employees’PPS on the future firm performance is,on average,lower than that of the top executives’PPS on the future firm performance.Implications of the findings are provided in the end.展开更多
文摘Under China’s socialist system,state-owned enterprises are key forces driving the economic trajectory and providing strong momentum.These enterprises not only bear the crucial responsibility of advancing the process of national modernization but also serve as the core of the national economic lifeline through their irreplaceable status and function amidst changing times.In the new era,with the advent of the technological revolution and the wave of globalization,state-owned enterprises face unprecedented opportunities and challenges.As a significant aspect of state-owned enterprise reform,the mixed ownership reform is not only a transformation in the structure of enterprise ownership but also a reflection of China’s broader,comprehensive reform efforts.By deeply advancing this reform,it will help optimize the allocation of state-owned assets and significantly boost technological and management innovation within state-owned enterprises,ensuring their competitiveness in the intense market environment.Therefore,this paper will conduct an in-depth analysis of the mixed ownership reform of state-owned enterprises from the perspective of Marxist political economy.
基金supported by the National Natural Science Foundation of China,“State-owned Capital Participation and Financial Behavior of Private Enterprises:A Study from the Perspective of‘Balance’and‘Complementarity’of Multiple Major Shareholders”(Grant No.72202230).
文摘This study takes debt financing as the entry point and explores the impact of state-owned capital participation in private enterprises from the perspectives of“unarticulated rules”and“articulated rules”.The study finds that state-owned capital participation significantly reduces the debt financing costs of private enterprises and expands the scale of their debt financing.This conclusion remains valid after a series of endogeneity and robustness tests.Further analysis of the mechanism reveals that state-owned capital participation improves the debt financing of private enterprises through multiple channels:Enhancing their social reputation,mitigating the“statistical bias”they face,optimizing their information quality,and reducing the“shareholder-creditor”agency problems.This paper conceptualizes these benefits as the“complementary advantages of heterogeneous shareholders”.This not only constructs a theoretical framework for“reverse mixed-ownership reform”but also better narrates the Chinese story of“mixed-ownership reform”by adopting a more universally applicable theory of equity structure.Additionally,the paper supplements existing research on the macro-and meso-level relationship between the government and the market by exploring the government’s positive role at the micro-level.
文摘As an important pillar of national economic development,state-owned enterprises,their operational efficiency,and risk management ability are directly related to the stability and security of the national economy.As an important part of enterprise management,internal control management plays an irreplaceable role.Especially in the current domestic and international economic situation is complex and changeable,market competition is increasingly fierce environment,to strengthen the internal control management of state-owned enterprises and risk prevention measures is particularly important.This paper starts with the importance of internal control management and risk prevention for state-owned enterprises,and analyzes the problems and strategies in the internal control management and risk prevention of state-owned enterprises,in order to build a more comprehensive and efficient risk management system for state-owned enterprises to adapt to the ever-changing market environment and realize sustainable development.
文摘By the end of the century, the reform and development of China’s state-owned enterprises will create new prospects. The reform of state-owned foreign economic and trade enterprises should also see further breakthroughs. At present, the following aspects are important: 1. Implement a Holdings System in the Reform of State-owned Foreign Economic and Trade Enterprises. The holdings system plays a major role in transferring the management mechanism of state-owned foreign economic and
基金Supported by National Natural Science Foundation of China(No.79770 0 63)
文摘In this paper,it is first briefly described the basic situation and current policies of state owned enterprise reform in China.Then the major issues in the reform process are identified,the possible solutions in terms of reengineering stock equity structure and state share circulation are discussed,and finally some suggestions are made for the further state owned enterprise reform.Basing on the theory on the modern corporation system,relevant experiences of market economy nations and the practice of Chinese enterprise system reform.The approaches to determine the proportion of state share in the future corporations are proposed.Since the public ownership is not ideologically appropriate,the establishment of social security fund and mutual fund investment companies are suggested as new and acceptable pattern of public ownership.It is believed that these companies will be the major institutional shareholders in the future corporations.Their stock equity structure would mainly consist of institutional shareholders,which will be both consistent with international norms of modern corporations and with socialist public ownership with Chinese characteristics.
文摘While China's economic growth has been impressive since 1978, regional disparity in terms of provincial per capita GDP has been increasing. On the other hand, this rapid but uneven growth was accompanied by China's deepening openness and structural reforms including the development of non-state-owned enterprises (non-SOEs) and fiscal decentralization. Based on quantitative analyses, this paper tries to explore the features of regional disparity in China and the relationships between regional growth and China's openness and economic structure reforms in the period from 1981 to 2000. The paper finds that the catching-up of the coastal region to the initially rich provinces, which are mainly located in inland areas, brought about a convergence of the growth pattern across provinces in the 1980s.The subsequent divergence in the provincial growth rates between the coast and the interior generated an enlarging regional disparity in China in the 1990s. The ever-faster growth in the coastal region was benefited by China's openness and the development of non-state-owned enterprises. The development of non-state-owned enterprises underlies the higher operational efficiency in the coastal region. Additionally, with the insignificant regression results, fiscal decentralization was observed to facilitate faster growth in the coast region. The findings justify the initiative of the 'West Region Development Strategy' and offer some policy implications for China.
文摘Mixed ownership is an important form of realization of China＇s economic system reform and development, and it is also the main direction of state-owned enterprise reform. In order to further promote the deepening of the reform of mixed ownership, this paper randomly selects 200 listed state-owned enterprises as research objects, and studies the trends of the financial performance of these enterprises from the mixed state-owned enterprises and non-mixed-modification enterprises in the five years from 2013 to 2017, and compares their various trends. Financial indicators, a comprehensive evaluation of the problems and causes in the reform of the mixed ownership system, and then propose countermeasures to further deepen the reform of mixed ownership based on the research conclusions.
文摘State-owned enterprises are important pillars of socialism with Chinese characteristics,and the modernization of their governance system and governance capacity is an important part of the modernization of the national governance system and governance capacity.Through case study and specific practice,this paper carries out an in-depth thinking and serious analysis on how to promote the modernization of the governance system and governance capacity of state-owned enterprises under the new situation and requirements.This paper puts forward three kinds of management and control mechanism to enhance core competence in addition to the specific implementation path by using digital governance means.
基金supported by Asian CORE program"Manufacturing and Environmental Management in East Asia" of the Japan Society for the Promotion of Science(JSPS)supported by the 2010 Key Project of Philosophy and Social Sciences Research,Ministry of Education:"Research on China's Emissions Trading System under Low-carbon Economy Transformation"(Grant No.10JZD0018)+1 种基金the New Century Excellent Talents Support Plan,Ministry of Education(Grant No.NCET-10-0646)the Key Project of the National Social Science Foundation of China(Grant No.12&ZD059)
文摘This paper analyzes the three main fundamental issues in the design of China's ETS pilots,including allowance allocation,price mechanism and state-owned key enterprises,and proposed suggested solutions.For the issue of allowance allocation,we suggest that the gradual hybrid mode could be applied at the beginning,which starts with mainly free allocation and then increases auction ratio gradually.And grandfathering is a suitable method of free allocation.For the issue of price mechanism,we suggest a price floating zone with open market operation to reduce the uncertainty of prices.For the issue of state-owned key enterprises,we suggest a good coordination with SASAC,defining the state-owned property right and supervision right when state-owned key enterprises are involved into the carbon market,and the local government can set rules of allocation and transaction to limit their potential market power.
文摘The distribution relationship between the profits of state-owned enterprises and the state has been constantly changing with the times. From the state implementing the policy that state-owned enterprises not pay profits to the state in 1994 to the constant growth of stateowned enterprises in the 21st century,their profits have become more and more abundant. Until 2007,the state issued a document stipulates that the state-owned enterprises should pay part of their profits to the state,but at the initial stage of trial implementation of the policy,the implementation was not effective,and finally in 2010 the state officially announced the collection of profits from state-owned enterprises and increased the proportion of collection. From the perspective of agricultural state-owned enterprises,using the difference-in-difference( DID)model,this paper studied the state policy of increasing the profit delivery proportion of state-owned enterprises in 2020. Through CSMAR database,we selected agricultural state-owned listed companies in the 2008-2013 as samples,tested the impact of the implementation of the new policy in 2010 on the operation performance of agricultural state-owned enterprises,evaluated the implementation effect of the policy through comparing the operation performance before and after the policy,and explored whether the policy has an impact on the bond rating. Through empirical research,it found that increasing the profit delivery proportion of state-owned enterprises is helpful for improving the operation performance of state-owned enterprises and improving the quality of bond ratings,and this policy has more prominent effects on stimulating the performance of monopolistic state-owned enterprises. Therefore,collection of some profits from state-owned enterprises can promote better development of state-owned enterprises and also benefit both the state and the people.
文摘The paper viewed the current problem that state-owned enterprises in northeast industry base hadn＇t technologies of their own intellectual property right, whose sources mainly depended on imitation and introduction from abroad. Operational evaluation method and index criteria system of enterprises technology innovation ability were put forward in this paper, different enterprises may revise the model according to their actual situations to evaluate the enterprise technological innovation ability scientifically and quickly. The findings will be helpful to correlative departments to formulate the related policies and also has important theoretical and practical value in technological innovation project of enterprise.
文摘State-owned enterprises are the basic guarantee of China’s economic and social development,the leading force in the field of strategic competition,but also the main provider of national social wealth accumulation.Although in many strategic areas,the operating efficiency of state-owned enterprises cannot be simply measured by the input profit margin;state-owned enterprises use state and social resources to operate.Shouldering the responsibility of preserving and increasing the value of state-owned assets also is the responsibility of all state-owned enterprise managers and employees.However,the management efficiency of state-owned enterprises is relatively low,and employees’performance management and incentives have been lack of innovation and improvement.This paper analyzes the current state-owned enterprises in China,the characteristics of performance management,as well as the problems faced,and discusses the measures to encourage the efficiency of state-owned enterprises employees.
文摘The purpose of this paper is to examine whether and to what extend Greek state-owned enterprises engage in earnings management techniques during 2012-2016.Most prior studies on earnings management have used data from large economies with relative stable macroeconomic contexts(e.g.,USA).Our knowledge about earnings management in smaller economies is rather limited.To fill this void,we conducted our study in Greece and focused on the abovementioned period,which is very interesting given that Greece experienced a substantial political and macroeconomic instability(e.g.,four elections,one referendum,capital controls,and two memorandums).Two different models(i.e.,The Earnings Distribution Model and the Modified Jones Model)are used to provide answers to the research questions.The sample is composed of 50 state-owned enterprises.The results show that Greek state-owned enterprises did not adopt any earnings management techniques during the examined period.These results are rather robust given that they come from two different models.According to the literature,macroeconomic and political instability provide incentives to managers to use earnings management techniques.Interestingly though,our results suggest that this is not the case for a smaller economy.The findings of this study will allow investors,auditors,and users of the financial statements to make better decisions when studying companies that are experiencing those difficulties.The adoption of two different methods and the similar results is an indication of more robust and valid findings.
文摘Performance management has become a competitive advantage of enterprises to cultivate core competitiveness of strategic initiatives, but how to act performance management out scientifically has been difficult. An unclear understanding of the various issues often results in improper handling counterproductive. Thus, we should analyze human resource performance management problems and their causes, and only on this basis can we establish and implement effective hunlan resource management system dynamic performance during the difficulties and the main factors that should be considered to elaborate.
基金This research was supported by the National Natural Science Foundation of PRC under Grant"71872149".
文摘Taking a balanced panel data consisting of 4365 firm-year observations drawn from the listed state-owned enterprises in Shanghai and Shenzhen Stock Exchange over 2007-2015 as the research sample,the paper examines the effect of the employees’pay-performance sensitivity(PPS)on the future firm performance from the two competing perspectives of“incentive effect”and“risk-aversion effect”,adopting the method of multiple regression analysis based on OLS and applying the SPSS23 as the data processing tool.Theoretical analysis and empirical results demonstrate that there is a positive link between the employees’PPS and the future firm performance.To improve the employees’PPS can stimulate the engagement of the employees,improve their working quality,enrich their workplace innovative behavior,and further lead to higher future firm performance.Meanwhile,the positive effect of the employees’PPS on the future firm performance is,on average,lower than that of the top executives’PPS on the future firm performance.Implications of the findings are provided in the end.
