Research on the Influence of Equity Structure on Corporate Performance

Equity structure constitutes a crucial component of corporate internal governance.A scientifically and reasonably structured equity system aids in enhancing the level and efficiency of corporate governance.Through empirical analysis of data spanning from 2013 to 2022,the study aims to verify the influence mechanism of equity structure on corporate performance.The results indicate that enhancing equity concentration and balance positively impacts corporate performance,with this effect persisting over time.Consequently,optimizing the degree of equity concentration,shareholder types,and the board of directors’structure can assist enterprises in maximizing long-term value.

STUDY OF REENGINEERING THE STOCK EQUITY STRUCTURE IN CHINESE STATE-OWNED ENTERPRISE REFORM

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.

Two-tier control structure design methodology applied to heat exchanger networks

Because of its paramount importance in the successful industrial control strategy of a given heat exchanger network(HEN),the control structure designs for providing appropriate manipulated variable(MV)and controlled variable pairings have received considerable attention.However,quite frequently HENs with such control structures face the problem of hard constraints,typically holding the HENs at less controlled operating space.So both the MV pairings and the above control pairings should be considered to design a control structure.This paper investigates the systematic incorporation of the two pairings,and presents a methodology for designing such two-tier control structure.This is developed based on the sequential strategy,coupling an indirect-tier with direct-tier control structure design,wherein the intention is realized in the former stage and the latter is implemented for further optimization.The MV identification and pairing are achieved through variations in heat load of heat exchangers to design the indirect-tier control structure.Then the direct-tier control structure is followed the relative gain array pairing rules.With the proposed methodology,on the one hand,it generates an explicit connection between the MV pairings and the HEN configuration,and the quantitative interaction measure is improved to avoid the multiple solutions to break the relationship among all the control pairings into individuals;on the other hand,a two-tier control structure reveals control potentials and control system design requirements,this may avoid complex and economically unfavourable control and HEN structures.The application of proposed framework is illustrated with two cases involving the dynamic simulation analysis,the quantitative assessment and the random test.

Study on Influencing Factors of Capital Structure of Energy Listed Companies

Based on the determinative factors school of capital structure theory, this paper uses the data of 35 Chinese energy listed companies from 2000 to 2003, and adopts multi-variable regression method to make an empirical study of the influencing factors of their capital structure. The results indicate that the factors of size, income volatility, and the concentration of owner’s equity have positive relation with the capital structure, while the relation between profit- ability and capital structure is negative. It is also found that the influencing of growth and secured asset on the capital structure are relatively insignificant.

Customer Satisfaction and Hotel Brand Equity： A Structural Equation Modelling Study

In this paper, a structural equation modelling technique was used to examine the effect of brand equity on customer satisfaction in the Egyptian hotel industry. Brand equity was separated into four constructs （brand loyalty, perceived quality, brand awareness and brand associations）, and each one was examined individually. A sample of hotel guests, who accommodated at four- and five-star branded hotels, in four tourism destinations in Egypt, was selected. A structured questionnaire that included established scales was then used to measure brand loyalty, perceived quality, brand awareness, brand associations and customer satisfaction. Data were collected from 280 usable questionnaires answered by hotel guests, and the relationships among the four variables of brand equity and customer satisfaction were examined using correlation analysis and structural equation modelling. The study found that brand loyalty, brand awareness and brand associations all had a significant positive effect on customer satisfaction. Perceived quality, however, did not have any effect. These findings suggest that customer satisfaction is a reasonable measure for the success of branding activities, and that branding managers should focus on brand loyalty, awareness and associations to raise their customers＇ satisfaction.

Research on the Impact of Market Competition, Ownership Structure, and Corporate Social Responsibility

This article takes companies listed from 2014 to 2016 as research objects,relies on principal–agent theory,stakeholder theories,and reputation theories,and examines the ownership structure,market competition,and corporate social responsibility(CSR)using a multiple regression approach based on a hybrid ownership perspective.At the same time,the relationship between market competition and equity structure was studied.Research shows that product competition degree and CSR are in an inverted“U”relationship;ownership concentration is positively related to CSR;equity balance and CSR are negative.When related to market competition variables,the mixed-owned companies listed degree of ownership concentration are still positively related to CSR,and the linear relationship of negative balance of ownership balance becomes an inverted“U”-shaped curve relationship.The market competition has improved the restraint of CSR by the degree of ownership balance.

股权结构对企业市场价值影响研究——基于技术创新效率中介效应的视角

在美国竭力遏制中国创新技术发展并叠加国内经济新常态的背景下,研究企业技术创新效率,将有助于促进企业市场价值发展,引导企业重视技术创新的效率。论文通过采用沪深A股上市公司2010—2020的年度数据,实证探究企业市场价值、股权结构与技术创新效率三者之间的关系,得出如下主要结论:(1)适度的股权集中将有利于企业市场价值的提升,股权制衡度、机构持股、高管持股均显著正向影响企业市场价值。(2)高管持股(1、2期滞后)、股权集中度和股权制衡度(2期滞后)能通过影响企业的技术创新效率进一步间接作用于企业市场价值。(3)研究显示,技术创新效率是股权结构影响企业市场价值的中介变量。同时,在替换主要变量后,研究结论依然具有良好的稳健性表现。

供应链金融对中小企业融资约束的缓解效应

中小企业融资困难目前已成为政府、企业和学术界普遍关注的热点问题,供应链金融作为一种新兴的产融结合工具能够解决中小企业融资难题。本文以2012-2020年我国深交所创业板上市企业为研究对象,实证分析供应链金融对中小企业融资约束的作用机理。研究结果表明:供应链金融能够显著缓解中小企业融资约束。进一步研究发现,供应链金融能够降低企业权益融资成本和债务融资成本,优化企业自身资本结构,吸引更多的投融资;股权结构在供应链金融缓解中小企业融资约束之间调节效应显著,高股权集中度能够正向强化供应链金融对中小企业融资约束的缓解效应。透视供应链金融对融资约束的作用机理,以期为供应链金融领域的相关研究提供更全面的理论支持与经验证据。

2016-2021年我国中医卫生资源配置水平评价与区域差异分析

[目的]探究我国中医卫生资源配置水平的区域差异及演变趋势,为优化卫生资源配置提供参考。[方法]基于熵值法构建中医卫生资源配置水平综合评价指数,利用Dagum基尼系数和方差分解方法从空间和结构2个视角考察我国中医卫生资源配置水平的差异大小及来源。[结果]2021年我国中医卫生资源配置综合评价指数与2016年相比上升了76.92%,东中西部地区综合评价指数均值依次为0.261、0.252和0.339;样本期内我国中医卫生资源配置水平总体差异较小,基尼系数均值为0.269,超变密度是差异的主要空间来源,贡献率均值为40.28%,人力资源配置差异是差异的主要结构来源,贡献率均值为53.33%。[结论]中医卫生资源配置水平稳步提高,但总量不足;中医卫生资源配置水平的区域差异缩小,区域内存在两级分化现象,区域间差异有扩大化风险;中医卫生资源配置结构失衡,结构差异的贡献存在地区异质性。

商业银行股权结构、金融创新与经营绩效

商业银行作为我国金融体系的主体,在优化资源配置、赋能实体经济、推动经济高质量发展中的作用日益凸显。以我国上市商业银行2006-2021年面板数据为研究样本,从股权集中度和股权制衡度两方面入手,探究金融创新在股权结构与经营绩效之间发挥的作用。研究发现:(1)股权集中度与经营绩效间的倒“U”型关系在国有商业银行和股份制商业银行中显著存在,在城市商业银行和农村商业银行中未能显著体现;(2)股权制衡度与经营绩效间的正向关系显著存在于股份制商业银行、城市商业银行和农村商业银行中,在国有商业银行中未能显著体现;(3)金融创新在股权结构与经营绩效间发挥显著调节作用,其能够显著弱化股权高度集中对经营绩效提升的抑制作用,并显著促进股权制衡对经营绩效的正向作用。基于此,提出从优化股权结构方面改善经营绩效,主动应对市场变化以促进金融创新,强化外部监管并优化银行监管等政策建议。

卖空机制、股权结构与企业创新

企业卖空之后,卖空者对企业负面信息的关注会对管理层的创新决策产生影响。文章利用2007—2021年我国沪深A股上市公司的财务数据,对卖空机制与企业创新之间的关系进行了实证检验,并从股权集中度和股权制衡度两个角度出发研究股权结构在卖空与企业创新的关系中起到的作用。结果显示:随着卖空机制的引入企业创新水平有所提升,因此卖空机制对企业创新起促进作用,而股权集中度、股权制衡度在两者的关系中分别起到正向和负向调节作用;另外,卖空机制对于企业创新的促进作用在国有企业以及机构投资者持股比例较高的企业更加显著。本研究响应了党的二十大报告中指出的加快实施创新驱动发展战略,有利于从企业内部治理结构和外部治理机制同时入手,更加高效地促进企业创新。

股权结构与企业内部共同富裕

共同富裕是新时代新征程的重要使命,企业作为最活跃的市场主体,如何参与推进共同富裕是社会主义市场经济建设中的重要问题。本文基于优化股权结构的研究视角,以2011--2020年A股国有上市企业为研究样本,尝试通过构建企业内部共同富裕综合指标以实证检验股权主体的多元化、深入性与融合度对企业内部共同富裕的影响。研究发现:首先,股权主体多元化能够显著促进企业内部共同富裕,股权主体深入性、融合度与共同富裕之间存在“倒U型”关系;其次,当企业的内部资源效应越强,外部政府干预程度越低时,企业通过适度的股权结构优化便能达到内部共同富裕的最优点;最后,股权结构对企业内部共同富裕的影响在地方国企、垄断性行业以及地区市场化程度低的企业中更为明显。本文的研究结论对于我国进一步深化国有企业改革、推动实现共同富裕目标具有一定的参考价值。

城市空间结构与交通系统组织协调性评价——以广州市为例

城市空间结构与交通系统组织协调性是衡量城市交通总体运行效益的综合指标,强调全过程、全出行链的通行效率和城市整体效益。指出要实现城市空间结构与交通系统组织的协调就要最大化城市密度、城市布局和城市形态的效益,而时间效率和便捷是交通系统组织协调的重要目标。从交通需求层面出发,以目的地可及、目的地可达、公平可达、绿色可达为目标,构建城市空间结构与交通系统组织协调性评价体系,包含13项评价指标,重点体现人的需求这一核心要素。以广州市为例进行实证研究,结果显示,广州市城市空间结构与交通系统组织协调性得分71分,总体水平较好。其中人口与交通枢纽耦合度表现良好,枢纽型城市空间格局稳定发展;需要改善交通设施与重点功能组团耦合度、人口与就业岗位耦合度,同时要优化通勤时间及交通资源的均衡利用。

股权激励在企业应用中遇到的问题及解决方法

企业在人力资源管理中,会以激励作为重要的方式,加强内部人员和自身的黏性,避免出现人才流失的情况,同时有助于员工利益和企业利益的重合,对企业战略目标的实现起着较大的推动作用。股权激励起着纽带的作用,能够将产品市场、资本市场、人力资源市场有机地联系起来,实现价格传导、资源交换,加强企业内部的凝聚力,为企业经营和发展贡献重大价值。基于此,文章介绍股权激励模式,给出股权激励的相关理论,针对股权激励在企业中应用存在的各类问题,提供极具针对性的解决措施。

浅析滴滴出行在纽交所退市背后的管理漏洞

自2012年诞生以来,滴滴出行经历了一段充满挑战的发展历程,逐步发展成为全球最大的共享出行平台之一。然而,在迅速扩展的背后,滴滴出行也面临诸多管理问题,如内部协调、服务质量和用户体验等方面的挑战。为了应对这些问题,需要加强内部管理机制,优化决策执行效率,持续改进服务质量,并与政府和社会各界合作,共同解决共享经济中的社会问题和法律挑战。通过正视和及时解决这些问题,滴滴出行才能在竞争激烈的市场中保持领先地位,实现长期稳健发展的目标。

股权制衡视角下的家族控制权结构演变研究

采用2008~2019年的家族上市公司样本,基于家族控制权模型,探讨股权分散时代股权制衡如何影响家族控制权结构。研究发现,股权制衡度越高,控制家族在股权层面的超额控制越弱,而在董事会层面的超额控制增强,总的家族超额控制权扩大。进一步分析发现,股权制衡对家族超额董事委派的促进作用在存在股权威胁、无代际传承需求以及家族成员同时担任董事长和总经理时更加明显。在关联方交易上,董事会超额控制对股权层面超额控制形成协同,对股权制衡形成对抗。

数字化转型如何促进中国社会公平正义?——基于中国省级面板数据的实证检验

基于2000—2021年中国省级面板数据,运用面板数据模型、结构方程模型和多层线性模型研究了数字化转型对社会公平正义的影响机制。研究表明:数字化转型与社会公平正义显著正相关,社会经济发展水平在二者之间起部分中介作用,行业特征、区域差异和制度因素在二者之间起调节作用。可见,数字化转型不仅是一种技术变革,而且是一种社会变革,它可以为实现社会公平正义指引新的路径,提供新的动力。因此,要加快推进全要素数字化转型,提高社会资源配置效率,提高社会服务水平和质量,提高居民社会参与程度和参与能力。

我国体育上市公司股权结构优化研究——基于A股17家体育上市公司的实证分析

股权结构是公司治理的核心要素,是体育公司发展研究的重要内容之一。文章基于国泰安数据库、瑞思金融数据库以及上市公司年报相关数据,对2017一2020年我国A股17家体育产业上市公司的股权性质、股权集中度和股权制衡度的变化特点进行分析,阐述股权结构的演变规律、发展趋势并提出相应的优化策略。通过研究,主要得出以下结果:A股体育上市公司股权性质主要集中在境内非国有法人和境内自然人,国有法人持股比例逐年增加,境外资本持股比例逐年降低。不同公司股权集中度变化不同,但整体上呈现下降的趋势。股权制衡度变化呈现波动性特点,第二、三、四、五大股东对第一大股东行为的实施具有一定的制约作用。在股权结构与经营绩效相关性方面,股权集中度与经营绩效呈现正相关关系,股权制衡度与经营绩效呈现负相关关系。基于此,提出以下发展策略:适当增加国有股份比例,促进公司存续能力;保持股权适度集中,提高公司应对风险的能力;避免股权过度分散,降低管理高层监管的成本。

终极控制权、股权制衡度与股票特质风险关系研究

股权结构决定公司治理结构,合理的股权制衡可以强化监督,有效降低股价变动风险。以2010—2020年深沪A股上市公司为研究样本,基于风险承担视角,运用多元回归分析模型,对终极控股股东控制权与股票特质风险之间的关系进行实证研究。研究表明:终极控股股东控制权能够显著提高公司股票特质风险,风险承担在其中发挥着中介效应,信息不透明度正向调节终极控股股东控制权与股票特质性风险之间的关系,股权制衡度能够抑制终极控股股东控制权对股票特质风险的影响。