The Impact Of Performance Expectation Gap On Corporate Strategic Change—Evidence from Listed Companies in the IT Industry

Based on the panel data of Chinese listed companies in the information technology industry from 2007 to 2018, this paper uses a fixed-effect model to study the relationship between corporate performance expectation gap and strategic change and analyzes the moderating effect of private benefits of management control and equity incentive. It is found that the greater the gap between corporate performance expectations is, the lower the frequency of corporate mergers and acquisitions is, and the higher the frequency of corporate asset divestment is. Further research finds that private benefits of management control weaken the positive correlation between corporate performance expectation gap and asset stripping frequency. Equity incentive strengthens the negative correlation between corporate performance expectation gap and corporate mergers and acquisitions frequency, and the positive correlation between corporate performance expectation gap and corporate asset stripping frequency. Based on this, when enterprises carry out strategic change, enterprises should choose the direction of strategic change according to the degree of performance expectation gap, and promote the effective realization of strategic change by improving the governance of the board of directors and optimizing the management incentive mechanism.

Research on the Formation, Breakthrough and Countermeasures of the Captive Governance Mode of China’s Sporting Goods Original Equipment Manufacturer (OEM) Companies

The integration of China’s sporting goods industry into the global value chain (GVC) has brought opportunities for the development of the industry. However, the both-ends-abroad OEM production mode is "locked" in the low value-added processing and production link in the GVC, which is located at the lowest end of the GVC. When international financial crisis breaks out, the orders of domestic OEM companies decrease significantly, which directly affects the development of the companies. Thus, it indicates that China's sporting goods OEM companies should not rely too much on international processing and export trade, but to rely on the local market to build a national value chain (NVC), integrate domestic and foreign sellers and suppliers and form an orderly product competition and certain market share ability through corporate mergers and acquisitions, product outsourcing, etc. Through the leverage of NVC, leading companies can achieve the expansion of the competitive advantages. Cultivate domestic multinational companies that can compete with international multinational companies in NVC, so that they can focus on the governance and control of the core links of the value chain, realize independent product research and development, brand and sales channel construction, support and help small and medium-sized domestic enterprises take the path of professional development in NVC, actively guide and encourage cooperation with the core to create value chain advantages, and achieve win-win cooperation and products’ functional upgrade.

COMPARATIVE ANALYSIS OF THE STATE AND REGULATION OF AGRICULTURE IN JAPAN , SOUTH KOREA AND CHINA

The article is devoted to the study of general and special characteristics of the condition and state regulation of agriculture in three East Asian countries: China, Japan, and South Korea. It is determined that there are several historical similarities associated with the Asian way of production, low land use, high dependence on food imports, rapid urbanization and high population density. The topic of food security is relevant for all three countries. The comparative analysis made it possible to identify and specify important differences in the process and results of the modernization of agriculture in the three countries. Especially in terms of the level and speed of technical and technological development, domestic state support for agriculture, foreign trade policy, changes in the trade balance for agricultural goods, the inclusion of countries in the import of GM seeds and the production of organic food, positions in the ratings of the global food security index. The article focuses on the issues of commercialization of biotechnological crops and China's strategy aimed at future global dominance in the field of agricultural science and technology. Using the mechanism of international corporate mergers and acquisitions, the Chinese company with state participation entered the top five world leaders in the production of GM seeds and IT platforms for precision farming.