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Using the data of listed companies which got equity refinancing in China's A-share stock market during the period of 2002-2005, this paper undertakes an exploratory study on excessive equity financing behaviors of listed companies from the perspective of ultimate controller's benefit invasion towards minority shareholders. The results show that, firstly, the deviation of ultimate control rights and...
In recent years, with the rapid development of small and medium-sized enterprises in China, the partial enterprises have been constructed to be the new power to promote the domestic economic growth. However, due to the particularity of organization structures, corporate standards and business risks, the participation of VC and PE institutions is very important for the development of enterprises. This...
This paper explores the relationship between institutional ownership and corporate governance in China. In order to study the role of institutional investors in corporate governance, the author first studies the relation between institutional ownership and corporate performance. The empirical results show that institutional ownership is not only positively correlated with current corporate performance,...
This study considers how organizational slack (unabsorbed and absorbed) changes and affects firm performance in the different stage of IT investment. We test hypotheses using finance data (1994-2008) from 196 manufacturing listed companies in China. The results indicate there is higher unabsorbed slack in the early stage of IT investment, and there is higher absorbed slack in the run-in stage of IT...
The organizational structure of R&D institutions is more inclined to localize, which is bound to have some certain interactions with the main bodies of China's regional innovation system. The paper selects the relevant data of China in 2007, analyzing the interactive situations between transnational corporations' R&D institutions and the main bodies of China's regional innovation system. Summarize...
At present, the debate on the organizational forms of venture capital funds in China is increasingly fierce, and with the development of venture capital industry, its institutional innovations are more worthy of attention. This paper argues that Corporations is a realistic choice of venture capital industry in China, meanwhile, the institutional innovations as well as the possible innovation direction...
Cash profit of enterprises can reflect the quality of accounting profit accurately, and decide the magnitude of scheduling space and the support degree that provided by accounting profit for investing activities. However, as the unique characteristics of securities market in China, state-owned large shareholder and the “internal control” problems still exist in most listed companies, it is considered...
Based on investigation and collection of disclosed information of listed companies on SEM board in China, the paper studies the influence of venture capital to technological innovation in SMEs by analyzing the proportion of venture capital holding as well as the investment and yield of technical innovation in SMEs. Research showed that investment of venture capital in SMEs enabled SMEs to have more...
Focusing on behavioral corporate finance, we argue that personal characteristics of chief executive officers, in particular overconfidence, can account for the widespread distortion of overinvestment in China. Based on the data of Chinese listed companies from 2004-2008, we study the relationship between managerial overconfidence and corporate overinvestment. The main result is that managerial overconfidence...
For Small and medium-sized Enterprises, economic globalization has created new competitors, especially in low labor cost countries, but also greater incentives and opportunities to access the various markets and knowledge sources needed to build lasting competitive advantage through continuous innovation. Small and medium-sized Enterprises are a heterogeneous population of firms whose contributions...
The large fund demand and the high degree of risk of independent innovation make the capital market play a key role in constructing the independent innovation system. In China, the stock market takes the important responsibility in the capital market. The investigations on independent innovation ability of listed companies can effectively reflect the influences of stock market both in enterprise independent...
Risk identification is the chief step of risk management in enterprises' international operation, and also the premise and base of risk avoidance and countermeasure. This research takes Chinese enterprises' international operation as the research background. Based on theoretical deduction of the international risk classification and identification, through empirical research about measure of risk...
This paper integrates the strategic management perspectives of ldquoresource-basedrdquo and ldquopositioningrdquo to simultaneously examine the mediating effect of knowledge management (KM) and the moderating effect of industry setting on the performance impact of information technology (IT). Data collected from 236 firms operating in China replicated and extended research findings of previous studies,...
One of the main purposes of Chinese ldquogoing outrdquo strategy is to get the access to overseas advanced technology and enhance Chinese firmpsilas technological innovation capability. As an integral part of ldquogoing outrdquo strategy, outward foreign direct investment (FDI) can facilitate technology spillover into home country through R&D resources sharing mechanism, one-way technology communication...
A lot of empirical studies have been done on corporate dividend policy using firm-data, mostly for the US but seldom for emerging markets. In China, corporate dividend policy is still a new phenomenon. Based on the Signaling Theory (Lintner, 1956), two models are established to examine the relationship between corporate dividend policy and financial performance of Chinese listed companies. Sample...
Managing electronic cooperation in the manufacturer-supplier relationship is a key to successful development of an interorganizational systems (IOS) usage, and identifying the determinants of relational governance is important. However, limited empirical researches have been made to validate the effects of relational governance on IOS usage between trading partners. From several perspectives, We build...
We test the factors which affect the executive equity-based incentive levels after equity division reform, and get a different conclusion from prevenient domestic research. The equity-based incentive levels are significant negative correlation with equity concentration, the character of controlling shareholder, the proportion of independent directors and the enterprise scale. The equity-based incentive...
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