scholarly journals The Influence of Industrial Policy on Innovation in Startup Enterprises: An Empirical Study Based on China's GEM Listed Companies

Complexity ◽  
2021 ◽  
Vol 2021 ◽  
pp. 1-15
Author(s):  
Fang Wang ◽  
Deyong Zhu
Keyword(s):  
Development Strategy ◽  
Industrial Policy ◽  
Financial Support ◽  
Listed Companies ◽  
Three Dimensions ◽  
Practical Significance ◽  
Industrial Policies ◽  
Government Subsidies ◽  
Innovation Output ◽  
The Impact

This study uses China’s Growth Enterprises Market (GEM) listed companies from 2011 to 2017 as samples to examine the impact of industrial policies on innovation in startups from three dimensions, namely, selective industrial policies, government subsidies, and financial support. The results show that selective industrial policies have no effect on the innovation output of startups. Financial support can significantly promote the innovation output of entrepreneurial enterprises; structural differences exist in the impact of government subsidies on the innovation of entrepreneurial enterprises. The influence of industrial policy on the innovation of entrepreneurial enterprises depends on the research and development intensity of enterprises, the level of regional economic development, the leadership structure of enterprises, and other factors. This study’s findings have significant practical significance for the implementation of a national innovation-driven development strategy and to guide industrial policies that better promote enterprise innovation.

scholarly journals The Impact of Blockchain Technology on Stock Price: An Emprical Study

2021 ◽  
Vol 96 ◽  
pp. 04008
Author(s):  
Minhe Xu
Keyword(s):  
Stock Price ◽  
Quantitative Research ◽  
Rapid Development ◽  
Listed Companies ◽  
Theoretical Research ◽  
Practical Significance ◽  
Future Research ◽  
Event Analysis ◽  
Blockchain Technology ◽  
The Impact

With the rapid development of blockchain technology, more and more attention has shifted from the theoretical research of blockchain technology to the application of specific business of the company. However, there are few literatures on the quantitative research on the impact of blockchain technology on the company's market value after it is applied to the company's actual business. In this paper, 73 listed companies published blockchain application announcements from 2016 to 2019 are selected as the research objects, and the short-term event analysis method is used to quantitatively analyze the impact of the application about blockchain technology on the market performance of listed companies. The results show that: after the announcement of blockchain application in their own business, listed companies have a more significant abnormal income, which shows that the capital market has a significant positive response to the application of blockchain. Finally, this paper puts forward the theoretical and practical significance, limitations and future research.

scholarly journals The Impact of Financial Support on Innovation Efficiency of Government Subsidies From the Perspective of DEA-Tobit——An Empirical Study Based on Chinese New Energy Vehicle Enterprises

2021 ◽  
Author(s):  
Sha Zhang ◽  
Fang Chen
Keyword(s):  
Financial Support ◽  
Negative Impact ◽  
Positive Impact ◽  
Reference Value ◽  
Chinese Government ◽  
Operating Cycle ◽  
Government Subsidies ◽  
New Energy ◽  
New Energy Vehicle ◽  
The Impact

Abstract The new energy vehicle enterprises is a strategic emerging industry in China, so more and more government subsidies to promote innovative development are being accepted by new energy vehicle enterprises. What is the innovation efficiency of new energy vehicle enterprises receiving government subsidies? With the acceleration of the process of global economic financialization, whether financial support can promote the innovation efficiency of government subsidies and how enterprises should allocate financial assets have become issues that need to be deeply considered. Based on the annual report data of China's domestic listed new energy vehicle enterprises from 2015 to 2020, the relationship between government subsidies and enterprise innovation efficiency is empirically tested, and the impact of financial support on enterprise R&D innovation efficiency is investigated. The empirical results show that government subsidies are wasteful and fail to effectively promote R&D innovation, and the innovation efficiency of government subsidies is positively influenced by firm nature and firm age, while the total asset turnover ratio, operating cycle and firm size have a negative impact on innovation efficiency. Further research found that there is an inverted U-shaped relationship between financial support and the innovation efficiency of government subsidies. A certain degree of financial support has a positive impact on the innovation efficiency of government subsidies, but excessive financial support has a negative impact on the innovation efficiency of government subsidies. The conclusion provides empirical evidence for the Chinese government to improve the subsidy policy and standardize the development of new energy vehicle enterprises, and has a certain reference value for guiding new energy vehicle enterprises to reasonably allocate financial support.

scholarly journals The New Empirics of Industrial Policy

2021 ◽  
Author(s):  
Nathaniel Lane
Keyword(s):  
Research Design ◽  
Industrial Policy ◽  
Policy Evaluation ◽  
Empirical Work ◽  
Empirical Literature ◽  
Industrial Policies ◽  
The World ◽  
The Impact

Nations have and will continue to shape their economies through industrial policy. Nevertheless, the empirical literature on these interventions is thin, dwarfed by the attention industrial policies receive from policymakers across the world. In this paper, I discuss the difficulties of empirically studying industrial policy and review how new econometric work is confronting these issues. Through careful research design and attention to institutional detail, I argue that emergent studies are rapidly expanding what we know—and updating what we thought we knew—about these policies. As well, I argue tools from policy evaluation allow us to study the impact of endogenous industrial interventions. This review is a proposal to take industrial policy, along with their complexities, more seriously as objects of inquiry. Doing so requires not only more serious evaluations of past policy but also a reevaluation of past empirical work and consensus.

scholarly journals Heterogeneity of Top Management Team and Earnings Management: An Empirical Analysis of A-Share Listed Companies during 2010-2017

2021 ◽  
Vol 292 ◽  
pp. 02021
Author(s):  
Mian Kou
Keyword(s):  
Earnings Management ◽  
Significant Negative Correlation ◽  
Listed Companies ◽  
Governance Structure ◽  
Education Level ◽  
Management Team ◽  
Three Dimensions ◽  
Strategic Decisions ◽  
Professional Background ◽  
The Impact

The behavior of corporate earnings management is an important factor restricting the development of the industry. Based on the senior echelon theory, TMT’s demographic characteristics such as the cognitive basis, observation, values and other characteristics, affect their strategic decisions, and thus affect the company’s performance and development of the industry. This paper selected 3588 listed companies from 2010-2017 using the revised Jones model to measure the earnings management degree of listed companies, and analyzed the impact of senior management team members on enterprise earnings management in three dimensions of age, education level and professional background. The study found there is no obvious correlation between the age heterogeneity of TMT and the degree of earnings management; the heterogeneity of the education level and the heterogeneity of professional background have a significant negative correlation with the degree of earnings management. This study can improve the corporate governance structure, promote the reform of the market supervision mechanism, protect the rights and interests of investors, and then promote the healthy development of the industry.

scholarly journals An Empirical Analysis of the Impact of Fiscal and Tax Incentives on Enterprise Technological Innovation - Taking Listed Companies on GEM as Examples

2018 ◽  
Vol 11 (12) ◽  
pp. 42
Author(s):  
Junda Yang ◽  
Yun Xia ◽  
Liu Yang ◽  
Zhongtao Zhang
Keyword(s):  
Development Strategy ◽  
Technological Innovation ◽  
Economic Structure ◽  
Listed Companies ◽  
Tax Incentives ◽  
Tax Policies ◽  
Development Mode ◽  
Study Results ◽  
The Government ◽  
The Impact

Enterprise technological innovation is the backbone of the transformation of economic development mode in China, the optimization of economic structure, and the realization of national innovative development strategy. In order to promote the transformation and upgrading of the economic structure and encourage the the development of technological innovation of enterprises, a series of fiscal and tax policies which encourage technological innovation are introduced in China. Although the fiscal and tax incentives are generally adopted by the governments of the world, the research conclusions of the academia on the implementation effect of fiscal and tax policies are not unified. For this reason, in this paper, based on the data of listed companies on the Growth Enterprise Market from 2011 to 2017, the STATA 14.0-version software is used to analyze the sample data, and the relationship between the current fiscal policies and technological innovation is explored. The study results show that the fiscal and tax incentives positively affect the technological innovation of enterprises, which provides an important theoretical basis for the government to further improve fiscal and tax policies. Finally, based on the previous research contents, the corresponding conclusions are summarized, and relevant suggestions for improving the fiscal and tax incentive policies are proposed.

scholarly journals Financing Constraints and Stock Price Volatility Empirical Evidence from Shanghai and Shenzhen A-share listed Companies

2021 ◽  
Vol 235 ◽  
pp. 01029
Author(s):  
Xuan Xiang ◽  
Fei Dong ◽  
Junxiu Chen
Keyword(s):  
Stock Prices ◽  
Stock Price ◽  
Price Volatility ◽  
Listed Companies ◽  
Practical Significance ◽  
Financing Constraints ◽  
Cross Sectional ◽  
Stock Price Volatility ◽  
The Impact ◽  
A Share

Based on the theoretical analysis of financing constraints and stock price volatility, the hypothesis of “corporate financing constraints inhibiting corporate stock price volatility” is proposed. After data cleaning, the cross-sectional data based on A-share was used to make an empirical analysis of the relationship between financing constraints and stock price volatility of listed companies in 2018 through regression model. The study found that when companies relax financing constraints, due to widespread overinvestment, the stock price of companies will fluctuate more. In addition, we have shown that by replacing the return of financing constraint indicators and the regression of subsamples based on enterprise size, market type and ownership, the conclusion of the study is more robust. The research reveals the mechanism of the impact of financing constraints on the volatility of corporate stock prices. The conclusions have practical significance for investors, corporations and relevant regulatory authorities.

scholarly journals SYSTEMATIZATION OF THEORETICAL-METHODOLOGICAL APPROACHES TO NEW INDUSTRIAL POLICIES

2020 ◽  
pp. 27-34
Author(s):  
EKA LEKASHVILI
Keyword(s):  
Industrial Policy ◽  
Competitive Advantages ◽  
Research Activity ◽  
Industrial Policies ◽  
Theoretical Perspectives ◽  
National Economic ◽  
Level Of Knowledge ◽  
Methodological Approaches ◽  
The Impact ◽  
National Competitive Advantage

Economic policy is a constant resistance between economic and theoretical perspectives and political expediency. Industrial policy arise more on the basis of a normative approach as it aims to improve the economic situation of the country. The new industrial policy means the formation of firms by the state, their aggregation, support of innovations and competitive advantages in frame of open economy.The goal of the research is to study the theoretical and methodological approaches of new industrial policies in order to form a theoretical framework for assessing practical industrial policy.In the concepts of new industrial policy, we consider the endogenous theory of growth, based on the level of knowledge and research activity in the country; National Competitive Advantage Theory; National Innovation Systems Concept, which is based on the impact of the national economic-political situation, trade policy, education sector and institutions on innovation. Furthermore, we will analyze the results of advanced research on new industrial policy issues

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