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Registration system reform and initial public offering ownership preference:Evidence from China

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China Journal of accounting Research 2024年第1期17卷 74-95页

作者： Xihao Wu Di Zhang Zhongxin Wu international business school Hainan UniversityChina

Whether registration system reform(RSR)can curb administrative intervention and create a fair market environment has long been a concern in China.We explore this issue from the perspective of the initial public offering(IPO)preference based on the entropy balancing method,and findings are as follows.First,an IPO ownership preference exists under approval system.That is,state-owned enterprises(SOEs)are more likely than private enterprises to obtain IPO approval.However,RSR significantly changes this preference,especially for non-politically connected private enterprises.Second,the post-IPO market performance of SOEs is inferior to that of private enterprises under approval system,thus excluding the view that approval is prioritized for SOEs because of superior performance.Third,compared with SOEs,private enterprises are more likely to switch the issuance system from approval system to registration system;this change makes it easier for them to obtain IPO approval,indicating that private enterprise owners perceive the registration channel to be fairer.Fourth,the effect of RSR on IPO ownership preference mainly occurs in companies in three major urban agglomerations in China—the Pearl River Delta,the Yangtze River Delta,and the Beijing–Tian jin–Hebei region—and in technology-intensive industries.Collectively,our findings reveal that RSR cultivates a fairer IPO approval process.

关键词： Registration system reform Administrative intervention Approval system IPO ownership preference

Stock transferability,the managerial learning effect and corporate innovation

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China Journal of accounting Research 2024年第1期17卷 1-27页

作者： Xuehang Yu Junxiong Fang school of business East China University of Science and TechnologyChina school of accounting Zhejiang University of Finance and EconomicsChina

This paper considers stock halts to study the impact of stock liquidity loss on the managerial learning effect based on stock prices.We examine stock halts’impact on corporate innovation and find that discretionary halts hinder innovation.We also find that discretionary halts reduce information quality and increase financial constraints and agent costs.Cross-sectional tests show that this negative impact is more pronounced in samples with high shareholding ratios by large shareholders,institutional investors and private firms.The results indicate that the loss of non-institutional stock trading rights,represented by discretionary stock halts,affects revelatory price efficiency in the secondary market,hinders managers’learning effect and affects enterprises’production and operation decisions.These findings have policy implications for stock circulation-right protection and Chinese capital-market reform.

关键词： Stock circulation rights loss Discretionary stock halt Managerial learning effect Innovation

Import Policy Uncertainty and Innovation

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China & World Economy 2024年第1期32卷 197-230页

作者： Lingshan Chen Yunong Li Qian Xie Mao Zhou school of international business Southwestern University of Finance and Economics(SWUFE)China school of international business SWUFEChina Institute of Economics Chinese Academy of Social SciencesChina

The Chinese government has emphasized innovation as the primary driving force for economic development in the new era.This paper studies the effect of import policy uncertainty(IPU)on the innovation activity of Chinese manufacturing firms.It establishes a simple model to show that the presence of IPU encourages innovation and that a reduction in IPU discourages innovation.It distinguishes the almost unnoticed IPU reduction from tariff reduction on China's WTO accession and develops a novel difference-in-differences specification that identifies the negative effect of IPU reduction on innovation using updated data for Chinese manufacturing and patent filings.The result holds after a battery of identification assumptions and robustness checks are considered.The import channel explains about two thirds of the effect of IPU on innovation,but not all of the effect.Finally,this paper examines the effect across firms of different levels of productivity and ownership types and patents of different categories.

关键词： import policy uncertainty innovation patent WTO

Grassland-type ecosystem stability in China differs under the influence of drought and wet events

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Journal of Arid Land 2024年第5期16卷 615-631页

作者： CAO Wenyu BAI Jianjun YU Leshan school of Geography and Tourism Shaanxi Normal UniversityXi'an 710119China international business school Shaanxi Normal UniversityXi'an 710119China

Ecological stability is a core issue in ecological research and holds significant implications forhumanity. The increased frequency and intensity of drought and wet climate events resulting from climatechange pose a major threat to global ecological stability. Variations in stability among different ecosystemshave been confirmed, but it remains unclear whether there are differences in stability within the sameterrestrial vegetation ecosystem under the influence of climate events in different directions and intensities.China's grassland ecosystem includes most grassland types and is a good choice for studying this issue.This study used the Standardized Precipitation Evapotranspiration Index-12 (SPEI-12) to identify thedirections and intensities of different types of climate events, and based on Normalized DifferenceVegetation Index (NDVI), calculated the resistance and resilience of different grassland types for 30consecutive years from 1990 to 2019 (resistance and resilience are important indicators to measurestability). Based on a traditional regression model, standardized methods were integrated to analyze theimpacts of the intensity and duration of drought and wet events on vegetation stability. The resultsshowed that meadow steppe exhibited the highest stability, while alpine steppe and desert steppe had thelowest overall stability. The stability of typical steppe, alpine meadow, temperate meadow was at anintermediate level. Regarding the impact of the duration and intensity of climate events on vegetationecosystem stability for the same grassland type, the resilience of desert steppe during drought was mainlyaffected by the duration. In contrast, the impact of intensity was not significant. However, alpine steppewas mainly affected by intensity in wet environments, and duration had no significant impact. Ourconclusions can provide decision support for the future grassland ecosystem governance.

关键词： grassland ecosystem stability resistance resilience different climate types drought climate event wet climate event

Mixed Integer Robust Programming Model for Multimodal Fresh Agricultural Products Terminal Distribution Network Design

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工程与科学中的计算机建模(英文) 2024年第1期138卷 719-738页

作者： Feng Yang Zhong Wu Xiaoyan Teng business school University of Shanghai for Science and TechnologyShanghai200093China school of Management Shanghai University of International Business and EconomicsShanghai201620China

The low efficiency and high cost of fresh agricultural product terminal distribution directly restrict the operation of the entire supply network.To reduce costs and optimize the distribution network,we construct a mixed integer programmingmodel that comprehensively considers tominimize fixed,transportation,fresh-keeping,time,carbon emissions,and performance incentive costs.We analyzed the performance of traditional rider distribution and robot distribution modes in detail.In addition,the uncertainty of the actual market demand poses a huge threat to the stability of the terminal distribution network.In order to resist uncertain interference,we further extend the model to a robust counterpart form.The results of the simulation show that the instability of random parameters will lead to an increase in the cost.Compared with the traditional rider distribution mode,the robot distribution mode can save 12.7%on logistics costs,and the distribution efficiency is higher.Our research can provide support for the design of planning schemes for transportation enterprise managers.

关键词： Fresh agricultural product terminal distribution network rider delivery robot delivery uncertainty

Bureaucratic Culture and Innovation

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China & World Economy 2024年第3期32卷 31-66页

作者： Shigang Li Kexin She Li Zhang international school of business and Finance Sun Yat-sen UniversityChina National school of Development Peking UniversityChina international school of business and Finance Key Laboratory of Mesoeconomics and Coordinated Development of Regions and IndustriesSun Yat-sen UniversityChina

This study explores the effects of bureaucratic culture on innovation.We define bureaucratic culture as a culture in which power and officials are held in the highest regard.Using panel data of publicly listed Chinese manufacturing firms from 2007 to 2015,we found that bureaucratic culture negatively correlated with firms'patent output.A mechanism analysis shows that bureaucratic culture hindered corporate innovation by reducing firms'research and development inputs and decreasing innovation efficiency.Furthermore,we provided evidence that anti-corruption campaigns and the development of formal institutions could neutralize the negative impact of bureaucratic culture on corporate innovation.This study is the first to investigate quantitatively the causal effect of bureaucratic culture on corporate innovation and it can deepen the understanding of the relationship between culture and innovation in China.We speculate that promoting a creative culture,particularly one that fosters entrepreneurial spirit,is of utmost importance.

关键词： bureaucratic culture corporate innovation economic growth talent allocation

Source localization in signed networks with effective distance

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Chinese Physics B 2024年第2期33卷 577-585页

作者：马志伟孙蕾丁智国黄宜真胡兆龙 Zhejiang Normal University School of Computer Science and TechnologyJinhua 321004China Shanghai business school School of Business and EconomicsShanghai 200235China Jinhua Polytechnic School of Information EngineeringJinhua 321016China

While progress has been made in information source localization,it has overlooked the prevalent friend and adversarial relationships in social networks.This paper addresses this gap by focusing on source localization in signed network models.Leveraging the topological characteristics of signed networks and transforming the propagation probability into effective distance,we propose an optimization method for observer selection.Additionally,by using the reverse propagation algorithm we present a method for information source localization in signed networks.Extensive experimental results demonstrate that a higher proportion of positive edges within signed networks contributes to more favorable source localization,and the higher the ratio of propagation rates between positive and negative edges,the more accurate the source localization becomes.Interestingly,this aligns with our observation that,in reality,the number of friends tends to be greater than the number of adversaries,and the likelihood of information propagation among friends is often higher than among adversaries.In addition,the source located at the periphery of the network is not easy to identify.Furthermore,our proposed observer selection method based on effective distance achieves higher operational efficiency and exhibits higher accuracy in information source localization,compared with three strategies for observer selection based on the classical full-order neighbor coverage.

关键词： complex networks signed networks source localization effective distance

FinTech Can Prevent the Formation of Zombie Firms:Evidence from China

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Social Sciences in China 2024年第1期45卷 111-133页

作者： Jiang Jiatong Yang Lu Yin Zhentao school of international Trade and Economics University of International Business and Economics school of Public Policy&Management Tsinghua University Institute of Finance and Banking Chinese Academy of Social Sciences

The interplay between financial technology(FinTech)and real economy firms has garnered considerable attention.This paper explores the relationship and mechanism between FinTech and corporate zombification using the data of Chinese A-share listed firms in China from 2011 to 2021.The research findings reveal that FinTech significantly inhibits firm zombification,and FinTech breadth and depth both play a significant role in restraining firm zombification.Mechanism exploration indicates that,on the one hand,FinTech reduces friction in the financial market,inhibiting firm zombification by improving firm investment efficiency,especially alleviating under-investment.On the other side,FinTech indirectly affects the technological investment,production,and operation of firms,thereby inhibiting firm zombification by increasing their total factor productivity.Heterogeneity analysis suggests that the inhibitory effect of FinTech on corporate zombification is more pronounced for non-stateowned firms and small-sized firms,as well as those in manufacturing industries and highly competitive industries.This paper provides some novel evidence on evaluating the effect of FinTech on firms and also offers new insights for efficient governance of zombie firms.

关键词： FinTech zombie firms investment efficiency total factor productivity

The Sequential Pricing of Ride-Hailing System with Rental Service in the Context of Fleet Electrification

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Journal of Systems Science and Systems Engineering 2024年第1期33卷 77-105页

作者： Yaoyao Ku Peng Wu Qiang Ren Yiqing Wang business school Sichuan UniversityChengdu610065China

Surging demand and reduced capacity in the ride-hailing industry have prompted numerous ride-hailing platforms to build their own car-rental services catering to drivers who do not possess private vehicles. However, the trade-off between the ride-hailing service and the car-rental service is an important issue that is still unclear in theory. Moreover, ride-hailing platforms are transitioning towards all-electric fleets in the context of Carbon Neutrality goals and government regulations. This paper considers a ride-hailing system comprising a monopolist ride-hailing platform, an electric vehicle (EV) rental firm, and a gasoline vehicle (GV) rental firm. Furthermore, we build a stylized model to study the sequential pricing of the system. The equilibrium outcomes show the significant impact of the ride-hailing platform’s decision to continue or withdraw offering EV rental services on EV and GV drivers’ net earnings, rental prices, and wages. The ride-hailing platform providing EV rental services increases EV drivers’ net earnings but decreases the GV driver wages and rental prices. However, the EV rental service offered by the ride-hailing platform does not necessarily lead to an increased total profit for the system. The improved profitability of the system by the ride-hailing platform providing EV rental services is contingent upon lower rider prices and higher fuel costs. The ride-hailing platform’s EV rental services provision also effectively fosters the ride-hailing fleet’s electrification. Furthermore, as the number of riders increases, the ride-hailing platform should reduce the commission rate for EV drivers to maintain competitiveness and profitability.

关键词： Ride-hailing system car rental fleet electrification sequential pricing differential wage scheme