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This paper aims to explore whether the development of competitive computer gaming (eSports) industries is sustained in China. In doing so, we apply the Generalized Supremum Augmented Dickey-Fuller (GSADF) method to investigate when the bubbles originated and crashed in the Chinese eSports market from 2014 to 2021. Utilizing the data of the Chinese Electronic Sports Thematic Index (CESI), the empirical outcomes show that the Chinese eSports industry may deviate from its market value and that the industry witnesses bubble behaviors. The latent reasons might be attributed to government policies, economic growth, stock market crises, and venture capital investments. Therefore, to promote the stabilized and sustained development of the eSports industry in China, regulators and authorities should pay attention to the evolution of bubbles. Moreover, maintaining policy consistency and continuity may be beneficial in stabilizing investors' expectations and reducing speculative investment behaviors. [ABSTRACT FROM AUTHOR]

Purpose: This paper aims to examine whether managerial sentiment, extracted from annual reports, is associated with corporate risk-taking in the context of Chinese companies. This study expands the vein of literature on overconfidence theory. Design/methodology/approach: By leveraging textual analysis on Chinese listed companies' annual reports, the authors construct firm-level managerial sentiment during 2007 and 2021 to examine how managerial sentiment influences corporate risk-taking after control for firm characteristics. Corporate risk-taking is denoted by corporate investment engagements: capital expenditures and net fixed asset investment. Findings: Results show that incentives for corporate risk-taking are likely to increase with the positive managerial sentiment and decrease with the negative sentiment in companies' annual reports. Positive managerial sentiment is associated with over-/under-investment and low/high investment efficiency. Further additional tests show that the managerial sentiment effect only holds during low economic uncertain years and samples of private-owned firms. Furthermore, the robust tests indicate that there is no endogenous issue between managerial sentiment and corporate risk-taking. Research limitations/implications: Annual report textual-based managerial sentiment may not perfectly reflect managers' lower frequency sentiment (e.g. weekly, monthly and quarterly sentiment). Future studies could attempt to capture managers' on-time sentiment by using media sources and corporate disclosures. Practical implications: To the best of the authors' knowledge, this paper is the first research to provide insights into supervising managers' corporate decisions by observing their textual information usage in corporate disclosure. Moreover, the approach of measuring managerial sentiment might be a solution to monitoring managerial class. Originality/value: This paper contributes to the literature on accounting and finance studies, adding another piece of empirical evidence on content analysis by examining a unique language and institutional context (i.e. China). Besides, the paper notes that in line with the English version disclosure, based on Chinese semantic words, managerial sentiment in the Chinese-speaking world has magnitude on corporate decisions. The research provides insights into supervising managers' corporate decisions by observing their textual information usage in corporate disclosure. Moreover, the approach to measuring managerial sentiment may be a practical solution to monitoring managerial class. [ABSTRACT FROM AUTHOR]

In the case of China, there is a need of green energy system to boost growth and environment. However, the current growth of urbanization is putting high pressure on energy system through financial capital. Hence, it is a need to develop such path through renewable energy consumption, capital development, and urbanization to enhance the performance of development and environment. Therefore, this paper contributes to the literature by adding the asymmetries between renewable energy, urbanization, economic growth, and capital investment by covering the period from 1970 to 2021. For this purpose, we apply the nonlinear autoregressive distributed lag model to find the nonlinearities between the variables under study. The findings confirm the asymmetric short- and long-term relationships between the variables. In this sense, capitalization shows the short- and long-term asymmetric impacts on renewable energy consumption. In addition, urbanization and economic growth have long-term asymmetric and positive impacts on renewable energy consumption. At last, this paper provides applicable and practical policy implications for China. [ABSTRACT FROM AUTHOR]

This paper investigates the effect of Chinese outward foreign direct investment (FDI) on youth unemployment in sub-Saharan Africa (SSA) by using a modified labour demand model to identify the investment sources that are helpful for reducing youth unemployment in the region. The model is applied to a panel of 42 countries for the period 2003–2021 using random-effect, and generalized method of moment (GMM) estimators for robustness check. Our results suggest that Chinese FDI has direct short-term reducing effect on youth unemployment in SSA. The direction of China's capital investment to infrastructure development and other labour-intensive activities leads to immediate reduction in youth unemployment. However, overtime, due to absence of linkages with domestic firms, and thus lack of demand effects, Chinese FDI becomes insignificant for employment creation. Our results also indicate that Other FDI does not lead to significant reduction in youth unemployment both currently and overtime. Our analysis gives partial support to the argument that the impact of Chinese FDI may differ from those of developed countries. Finally, we could not find evidence that the effect of FDI on employment depends on host country human capital and institutional quality. Several specifications of the empirical model are tested, and explanations are provided for the results. Policy implications are highlighted, especially the need to attract more job absorbing FDI and improve domestic absorptive capacity. [ABSTRACT FROM AUTHOR]

This paper examines whether increased export opportunity improved the relative demand for skilled labors in China's migrants, and whether such effects further improved their investments in their next generation's education. To answer these questions, by employing the National Migrant Monitoring Data, Manufacturing Enterprise Survey, China Customs Database and China's Population survey data, and using international demand shocks to construct instrumental variables, we find that export opportunities do increase the demand for skilled migrants, their wages and the probability that they bring their school-age children to cities. These results indicate that export opportunities not only increase the demand and return for skilled migrants, but also promote the accumulation of human capital for the next generation. [ABSTRACT FROM AUTHOR]

With the continuous promotion of China's innovation-driven development strategy, the role of technological innovation on economic development has become increasingly important. In this context, the support of R&D capital investment for technological innovation also becomes non-negligible. This leads to the question of whether the allocation of R&D capital is reasonable and whether there is room for further improvement. This paper is based on inter-provincial panel data from 2009 to 2020, which are classified based on China's National Bureau of Statistics for R&D funding sources in high-tech industries and incorporated into an overall discussion framework. Using STATA16 statistical software, the R&D innovation output of high-tech industries is inves-tigated by building a PVAR model with the perspective of funding sources of R&D input intensity. The study results show that (1) the increase in the intensity of enterprises' own capital investment has a positive impact on innovation output because it can generate a financial "reservoir" effect to support technological innovation. (2) the increase in the intensity of government capital invest-ment has a positive impact on innovation output because it can alleviate the loss of income of en-terprises due to "R&D spillover" and will send a positive signal to the market. (3) the foreign in-vestment intensity has a positive impact on the innovation output of enterprises due to the com-bined effect of "spillover effect" and "crowding out effect". (4) the increase of other capital in-vestment intensity also has a neutral effect on the increase of innovation output under the current financial market environment. Finally, based on the above findings, corresponding policy impli-cations are drawn. This study will help to improve the understanding of R&D capital allocation imbalance and R&D input and output issues in developing countries and provide a reference for policy makers. [ABSTRACT FROM AUTHOR]

The analysis of influencing factors serves as the cornerstone for the research on smart community construction. Drawing upon both field research and extensive literature study, this paper explores the influencing factors of China's smart community construction and its effective paths by taking 52 national pilot zones for community governance and service innovation in China as examples. In the constructed analytical framework of influencing factors, elements such as economic development, capital investment, information infrastructure, community governance, public support system, and smart platform are included. By the use of the qualitative comparative analysis (QCA) method, the results of the study show that community governance, public support system, and smart platform are necessary conditions for smart community construction, while economic development, capital investment and information infrastructure play a leading role in the four combined paths. Finally, this study provides a new perspective for theoretical research, a reference forgovernmental departments to make decisions, and experience for the construction of smart communities in other developing countries. [ABSTRACT FROM AUTHOR]

Balancing economic growth with resources and the environment to achieve sustainable development is a key issue in the development of all countries, and researchers are trying to find feasible development paths. The aim of this study is to examine the impact of human capital levels on green economic efficiency (GEE) and the underlying mechanisms in 280 prefecture-level cities in China and covering the 2003–2019 period. In addition, we calculate GEE including undesired outputs based on a super-efficiency slack-based measure (SBM) model, and we construct panel regression and moderating effect models for empirical studies. The results of the baseline regression study show that the improvement in the human capital level contributes to the GEE of prefecture-level cities. Among the control variables, the economic development level, foreign direct investment (FDI), city size, and the science and technology innovation (STI) level positively affect GEE, while industrialization and environmental regulation negatively affect GEE. The study results concerning the mechanism of action indicate that industrial structure upgrading plays a positive moderating role. That is, industrial structure upgrading can strengthen the effect of human capital on GEE, which is further clarified. This study suggests that government policies must favor the cultivation of high-level human capital, especially in the environmental protection industry, and that talent support strategies should be differentiated between regions to promote industrial structure upgrading and human capital matching through green technology development. Modern human capital theory reveals the important role of human capital in improving economic efficiency and provides new ideas for achieving sustainable development. This paper explores the role of human capital in improving the GEE based on the human capital perspective, which is important for research on the pathways to achieve sustainable development. [ABSTRACT FROM AUTHOR]

With a persistent global economic slump, governments encourage economic growth by expansionary fiscal policies through tax cuts. Total factor productivity (TFP) is an important determinant of corporate development and economic growth. Taking China's 2008 Corporate Income Tax Reform as a quasi‐natural experiment, this paper uses data from China's A‐share listed companies from 2003 to 2018 and difference‐in‐differences analyses to identify the impact of corporate income tax (CIT) rate changes on TFP. The findings indicate that reducing the CIT rate positively impacts corporate TFP through two available channels: corporate investment and human capital investment. Additionally, the effects of reducing the CIT rate on TFP are primarily significant in non‐state‐owned, smaller and more financing‐constrained enterprises. [ABSTRACT FROM AUTHOR]

Copyright of Transformations in Business & Economics is the property of Vilnius University and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)

Agricultural ecological capital investment aims to achieve the coordinated and sustainable development of agricultural and rural ecology, economy, and society through a series of inputs to a specific range of agricultural ecological resources, ecological environment, and ecological service capacity. Based on the macro data of 31 provinces (including autonomous regions and municipalities) in China, this paper uses coupling coordination and linear regression models to study the impact of agricultural ecological capital investment on green circular economy development. At the same time, considering the differences between active and passive investment, their impacts on green circular economy development are discussed, respectively. The empirical conclusions are as follows. First, agricultural ecological capital investment plays a significant role in promoting the development of the green circular economy on the whole, but the roles of active investment and passive investment are different. Second, agricultural ecological capital investment positively impacts the development of the green circular economy by increasing green inventions and promoting green credit index. Third, the impacts mechanisms of active and passive investment have on green circular economy are different. Fourth, the impact of agricultural ecological capital investment on the green circular economy is regionally heterogeneous. [ABSTRACT FROM AUTHOR]

Using the data of private listed companies in east China coastal cities from 2009 to 2014, this paper empirically tested the impact of social capital on investment of private enterprises in east coastal areas within the context of economic transformation. The results show that political connections, financial relations, and commercial association relations have significant impacts on private enterprise investment in east China coastal cities. However, with the increasingly fair competition market environment and the anti-corruption activities, it finds that the influence of hierarchical social capital (such as political relations) on private enterprise investment in east China coastal cities is gradually decreasing, while market based social capital (such as business association relations) still maintains a significant positive impact on private enterprise investment in east China coastal cities. [ABSTRACT FROM AUTHOR]

Espionage (also known as corporate, industrial, or economic espionage, and more recently, cyber espionage) is stealing trade secrets from an organization or government entity for personal gain or a benefit to a country. Espionage was historically linked to military or homeland security defenses or high-tech industries, but has evolved to threaten products, procedures, and even ideas for any industry, large or small. The amount of capital spent by the United States for research and development is higher than in any country worldwide. It involves efforts and resources for developing unique products or processes to give them an edge in the business world. The adverse effects of stolen trade secrets cause substantial damages. Victims may suffer the following consequences: loss of valuable employees, lost revenue, loss of investments used for research and development, interrupted or halted products, a damaged reputation, or bankruptcy. The objective of this paper is to shed light on the most prevalent thief in the loss of trade secrets in the United States, the People's Republic of China, how those losses impact our economy, and ways we can protect ourselves in the future. [ABSTRACT FROM AUTHOR]

Since its traditional comparative advantages are on the wane, China should use digital economy to enhance its competitiveness of manufacturing export. Based on microscopic data of various regions in China from 2013 to 2020, this paper studies the relationship between digital economy and China’s competitiveness of manufacturing export, the internal mechanism of their influence, and the boundary conditions for the establishment of the relationship between digital economy and competitiveness of manufacturing export. Our conclusions include that: there is a significant positive spatial correlation between digital economy and export competitiveness; digital economy can not only enhance the export competitiveness of the region, but also have a positive impact on that of adjacent regions; innovation efficiency, the accumulation of human capital and synergistic agglomeration exerts a mediating effect when digital economy impacts China’s export competitiveness; and with the share of import trade as the threshold variable, the facilitating effect of digital economy on the export competitiveness of the western region is lower than that of the eastern region before the threshold, but significantly higher than that of the eastern, central and northeastern regions as well as the whole country after the threshold. Therefore, China should vigorously promote the construction of new digital infrastructure in the western region, and give full play to the role of new digital infrastructure in promoting trade upgrade. Through the improvement of human capital quality, the centralized development of digital economy and the overall improvement of innovation efficiency, we should gradually improve the international competitiveness of China’s export enterprises. [ABSTRACT FROM AUTHOR]

This article incorporates foreign intellectual capital in trade channels and in foreign direct investment channels into the unified analysis framework, using 1990-2015 transnational panel data to calculate the effects of domestic, especially in coastal regions and foreign intellectual capital spillover on total factor productivity of host countries. It is found that domestic intellectual capital investment is the main source of technological progress in host countries, and from the whole sample, foreign direct investment is the main channel for cross-border overflow of intellectual capital, while import trade has no significant impact on total factor productivity. According to the grouping, only developing countries will experience intellectual capital overflow through import trade with developed countries, while foreign direct investment between various types of countries will promote growth of total factor productivity. [ABSTRACT FROM AUTHOR]

Facing the new era of construction of socialism with Chinese characteristics, it is critical for the northeastern region of China to hold this new chance for its overall revitalization. The foundation and key of this revitalization lie in finding out problems in the urban development and then putting forward feasible countermeasures. This paper studies 34 prefecture-level cities in northeast China, and uses the coordination index to analyze the relationship between land and population, economy, and investment, of different types of cities in the region from 2000 - 2014, in order to discover problems in its urban development and provide planning countermeasures. Data shows that in northeast China, the imbalance between urban land expansion and population is significant, the imbalance between urban land use and either economic development or capital investment is periodical, for which the primary reasons include strong centralization effect of center cities, limited input on land resources, and weak industrial competitiveness. Correspondingly, the paper proposes planning strategies in terms of vitalizing stock land, enriching land use functions, and coordinating industrial resources, with an expectation of providing both the theoretical foundation for the economic revival in the northeastern region and a guidance on practice of revitalization strategies in all cities of the region. [ABSTRACT FROM AUTHOR]

This paper investigates how excess control rights of the ultimate owners in pyramids influence corporate value. Analyzing a hand-collected cross-section of 1420 initial public offerings (IPOs) in China with family control from 2003 to 2016, we find that the impact of excess control rights on IPO long-term returns is significantly negative. The ultimate controlling owners can gain more private benefit of control via the account information channel and the trading information channel. Specifically, the accounting information channel is identified through fund occupation, capital expenditure reductions, and related-party transactions; and the trading information channel is established with stock price nonsynchronicity, turnover and volatility. Furthermore, we propose four mechanisms of corporate governance that mitigate the negative relationship between excess control rights and IPO long-term returns: (1) high analyst coverage, (2) low shareholding and high salary of top executives, (3) the non-duality of chairpersons and CEOs, and (4) CEO turnover. We also document that firms with excess control rights undertake poorer ex post operating efficiency than those without. Our results have policy implications for the role of large shareholders in the development of financial markets. [ABSTRACT FROM AUTHOR]

Using longitudinal data from the China Education Panel Survey (CEPS), this paper employed a set of techniques to investigate the mechanism through which participation in structured extracurricular activities affects students' academic performance. The main findings are as follows: (1) high SES students were more likely to participate in extracurricular activities than low SES children. (2) Students' social relationships in school, including supportive friendships and teacher praise, are positively associated with academic performance. (3) Participation in extracurricular activities had no direct impact on eighth grade students' academic performance or any indirect effects by structuring students' social relationships in school. Our findings suggest that extracurricular participation does not contribute to students' academic performance in a context characterised by a high-stakes testing system such as that of China. In such a context, engagement in extracurricular activities, as a way to accumulate cultural capital, may facilitate individuals' future socioeconomic success on condition that their educational success is foreseeable. [ABSTRACT FROM AUTHOR]

This paper aims to broaden the scope of analysis of the contemporary global land rush by examining crop booms not only outside, but inside China; and investment flows not only from China, but also within and into China. It does so by examining the eucalyptus and sugarcane sectors in southern China, which have witnessed investment booms during the past decade, with capital being infused by both domestic capital and foreign capital, including Finnish, Indonesian, and Thai companies. Our argument addresses three key issues: (a) explaining why foreign and domestic companies enter into a multitude of lease and grower contracts involving holders of micro-plots, (b) revisiting the notion of extra-economic coercion, and (c) a critique of thinking about flows of large-scale investments centred primarily on nationality. These issues are central in current debates in the land grabs literature, and our study offers a different perspective from dominant narratives. [ABSTRACT FROM PUBLISHER]

This paper investigates the impacts of educational factors on economic growth across 31 provinces during 1996 and 2010 in China. A spatial panel estimation model is applied to study the impacts of education on economic growth taking into account the spatial spillover effects in Feder model and the cumulative effect. The results reveal that (1) educational factors are significantly spatially autocorrelated. Educational factors have spatial spillover effects. Regional differences of education impacts still exist. (2) Average schooling year has a more positive effect on economic output than capital investment and labor force. Basic education might play a more important role in economic growth. (3) Education sector also benefits non-education sectors on economic growth if “spatial effects of economic shocks” are considered. Some policies that may enhance education development and their impacts on economic growth are proposed. [ABSTRACT FROM PUBLISHER]

China's research and development (R&D) policy has changed considerably over recent decades, and great changes occurred in 2006 when the main programme objective of China's R&D changed from the 863 Programme and 973 Programme to the National Science and Technology Major Project. One topic that has drawn extensive attention is whether the investment reform improved R&D productivity in China. Using a unique panel dataset from 160 universities, this paper examines the effect of the investment reform on productivity improvement in China's agricultural biotechnology sector. We use a panel count data model with a dynamic feedback mechanism to model the knowledge production process. Strong evidence indicates that the investment reform greatly contributes to knowledge output production in China's agricultural biotechnology sector. We also find that the input quality is more important than the absolute quantity; human research capacity exhibits the greatest contribution to the output of patents; past knowledge accumulation helps produce more patents; and entry barriers to patent production exist in China's agricultural biotechnology sector. Moreover, the patent explosion in China may have been largely caused by improvements in the human capital input quality. [ABSTRACT FROM AUTHOR]

This paper begins by showing that even after conditioning for factors that might justifiably lead to a country having relatively high leverage, China remains a debt outlier. In this sense, China can be regarded as over-leveraged and its debt levels may present potential risks to growth and financial stability. The corporate sector is central to China's debt story, accounting for two-thirds of the total. Moreover, the corporate sector has been mostly responsible for China's leverage cycles, including the leveraging up since 2008 and an earlier deleveraging phase starting in 2003. Two major but under-appreciated drivers of Chinese corporate leverage cycles are then identified. The most important is the share of internally funded corporate capital expenditure, which is a combined consequence of evolving corporate earnings and capital expenditure. The second is the rising importance of real estate and construction firms as holders of corporate debt. China's corporate leverage landscape is also shown to be more complex than a story of zombie state-owned enterprises in industrial segments with excess capacity being ever-greened with loans from state banks. A balanced mix of policy responses will be needed to manage a warranted and orderly deleveraging cycle in the years ahead. [ABSTRACT FROM AUTHOR]

The allocation mechanism of carbon abatement quotas is a vital issue in the carbon emission abatement (CEA) for the environment and sustainability. The conventional CEA allocation focuses on the imposition of carbon quotas but hardly considers the techniques or mechanisms of abatement. The neglect of the abatement mechanisms may cause inapplicability and unavailability in the practical implementation of CEA allocation. To fill this gap, this paper firstly recognizes and distinguishes two kinds of non-separable relationships among energy inputs, capital investments, and carbon emission. Thereafter, three carbon abatement mechanisms are formed and defined. Then, three scenarios of carbon abatement, named managerial, technical, and hybrid scenarios, are constructed based on the carbon abatement mechanism, in which the carbon emission is, respectively, abated by reducing energy inputs and increasing capital investment and the hybrid measure of energy decrease and capital investment increase. With the developed carbon abatement mechanisms, a carbon abatement allocation application of the regional highway transportation systems in China is illustrated. It finds that the carbon abatement allocations based on the proposed carbon abatement mechanisms help to narrow the regional highway transportation system gaps in China, and the outputs perform the best under the managerial scenario. The Eastern bears more carbon abatement burdens than the Central and West under both managerial and technical scenarios. The Central and West can improve their outputs and bear more carbon abatement burden under hybrid scenarios. The central authority can choose the CEA technique and allocation scheme in line with its preference and observation. [ABSTRACT FROM AUTHOR]

Under current Chinese Government reforms, Chinese State- Owned Enterprises (SOEs) will be under closer scrutiny on asset management, capital investment efficiency and competitiveness. The use of post-project appraisals to understand project performance and root causes of outcomes is not new to Chinese SOEs; however, effectively harnessing the benefits of post-project appraisals has been challenging for these enterprises. The objective of this paper is to discuss the obstacles Chinese SOEs face, which stem mainly from organisational and cultural factors. Most of the challenges identified can be addressed if there is a strong commitment from the senior executive team to use project appraisals as a basis for continued improvement. [ABSTRACT FROM AUTHOR]

Many localities in China are faced with an outdated, segmented infrastructure system and a shrinking budget. However, the state‐led promotion of Public–Private Partnerships (PPPs) in China is providing an innovative solution. This paper looks at financing innovations in China such as industrial funds and asset‐backed securitisation for PPP projects. Particularly, this paper empirically studies the characteristics of project revenue bonds and PPP asset‐backed securities (PPP–ABS) in China. The study finds that the majority of social investors remain state‐owned enterprises (SOEs) and returns on whole business securitisation (WBS) of projects could vary with the volume issued and the credit of the company. Securitisation not only solves the problem of limited source of financing, but also improves the efficiency of management. While securitisation of PPP projects can succeed in tapping social capital to invest infrastructures, the banking system should handle with caution the credit risk and default risk caused by rising leverage of PPP special purpose vehicles (SPVs). [ABSTRACT FROM AUTHOR]

This paper examines how wage payments and fixed asset investments are determined, and their interrelationship, under China's imperfect financial and labor markets. We collect aggregate data on wages, the financial market, and fixed asset investments from several statistical yearbooks. The main results are as follows: (1) borrowing constraints hinder wage payments, but this phenomenon is not observed in the state-owned and foreign-funded units; (2) in the nonstate-owned sector, there is a strong reliance on internal reserves that is not observed in the state-owned units, suggesting that the nonstate-owned sector is treated differently in the financial market; and (3) in the state-owned units, wage growth has a positive correlation with fixed asset investments, whereas in the nonstate-owned sector, this relationship is not observed. This implies that in the nonstate-owned sector, the underpayment of wages may be used as a survival strategy to conduct business under financial constraints. [ABSTRACT FROM AUTHOR]

Purpose: The purpose of this paper is to investigate how corporate cash holdings changes across firm life cycle and how firms undergo heterogeneous dynamic cash adjustment as they advance from one stage to the next stage. Design/methodology/approach: This study uses an extensive data set of 2,994 Chinese A-listed firms. The authors use generalized method of moments (GMM) and Fisher Panel unit root testing to investigate the targeting behavior of Chinese firms. Findings: The uni-variate investigation reveals that firms in the growth stage exhibits the highest cash levels and firms in the decline stage report the lowest cash levels. As growth firms have high investment needs, they may require raising external capital to meet investment needs. To avoid the costly external financing, firms in growth stage tend to hold more cash. The GMM estimation reveals that along all the phases of firm life cycle there are evidences of trade-off behavior of corporate cash holdings. The authors report that adjustment rate increases as firms enters into the growth stage. Practical implications: The findings provide both theoretical and practical insight to align cash policies with the available strategic choices along firm life cycle in an emerging market characterized by market imperfections. Originality/value: The study is unique from the context that it is applying robust methodology to one of rarely investigated area in corporate cash policy. The peculiar Chinese study setting characterized by higher information asymmetry, high cost of external financing and heterogeneous access to financing sources provide theoretical and empirical underpinnings to investigate and gain insight about how corporate cash policy can be aligned with strategic choices available across different stages of life cycle. [ABSTRACT FROM AUTHOR]

Based on a database of 200 listed firms from the Growth Enterprise Market of China, this paper employs regression models to investigate the significance of IPO capital expenditure to firms' operating performance. It suggests that a vast majority of pre-IPO money is spent on business development to promote operating performance in order to meet IPO requirements. After the IPO, most of the money is transferred to equity investments in order to increase the firms' market value quickly, which leads to operating performance decline and deterioration. [ABSTRACT FROM AUTHOR]

Copyright of Shipin Kexue/ Food Science is the property of Food Science Editorial Department and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)

Copyright of Transactions of the Chinese Society of Agricultural Engineering is the property of Chinese Society of Agricultural Engineering and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)

This paper investigates the impact of labor protection on the labor investment efficiency of labor-intensive enterprises. Based on data from A-share listed companies in China, we introduce difference-in-differences design to identify the impact of The Labor Contract Law on enterprises' employment investment and business decision-making. We find that improving labor protection reduces the efficiency of labor investment in labor-intensive enterprises. Improvements in labor protection also cause over-employment, especially in state-owned enterprises. Further tests suggest that labor protection affects the expansion of employees in different ways in state-owned and private enterprises. In private enterprises, labor protection promotes the adjustment and upgrading of human capital structures. We also find that labor protection can improve labor costs for labor-intensive enterprises, but that it has a negative effect on enterprise innovation. This paper provides a clear policy reference for understanding the structural distortion of human capital in the transformation and upgrading of Chinese enterprises. [ABSTRACT FROM AUTHOR]

Education, as one of the forms of human capital investment, especially in developing countries, is considered an important way for families to get rid of generational poverty. The contradictory "poverty caused by education" is an education problem in the new era. It is a social phenomenon in which family members (children) receive education and cause family economic poverty. Based on the connotation of "poverty caused by education," this paper analyzed its formation mechanism from the three levels of society, family, and school and tried to give some suggestions to reduce the risk of "poverty caused by education effectively.". [ABSTRACT FROM AUTHOR]

Political budget cycles in democracies have been extensively analyzed, but few studies of non-democracies exist. This paper explores political budget cycles in China's provinces. Using data from Chinese provinces from 1980 to 2006, the analysis finds that the effects of a provincial leader's tenure on political budget cycles are minimal, implying a weak causal relationship between spending composition and a politician's time in office at the provincial level. However, there exists a national coordinated cycle associated with the timing of the National Congress of the Communist Party (NCCP). Two years prior to the NCCP, politicians are likely to shift public spending toward capital expenditures, such as innovation funds and capital construction, and away from current expenditures, such as agricultural subsidies. The opposite pattern occurs during the year of the NCCP, when politicians increase current expenditures, such as social expenditures and government administration, and decrease capital expenditures. The increased capital expenditures 2 years prior to the NCCP are accompanied by an increase in taxation and total aggregate spending. The empirical results indicate that provincial budget cycles are mainly driven by national policies rather than by provincial leaders' personal career incentives. Chinese leaders' fiscal behaviors are constrained by the dynamics of the national leadership transition, resulting in similar distortions to those found in the democratic countries. [ABSTRACT FROM AUTHOR]

Building upon recent research into the underestimation of China’s official final consumption expenditure, this paper investigates the quality of China’s investment data. We strictly follow the official method to estimate the annual gross fixed capital formation (GFCF) expenditure from 2004 to 2012, and the resulting figures are significantly different from the official statistics. This implies that the ‘total investment in fixed assets’ data, which are the primary source for the estimation of GFCF, grossly exaggerate actual investments, and that the official GFCF figures are not, strictly speaking, independently estimated, as they are purported to be. We deduce that the official gross capital formation figure is more or less a residual item obtained by subtracting final consumption and net exports from the official GDP figure that is calculated based on the production-cum-income approach. As a result, the underestimation of China’s consumption expenditure automatically translates into overestimation of investment expenditure. We conclude that China’s official consumption and investment statistics cannot be trusted as the basis for policy discussions and academic research. [ABSTRACT FROM PUBLISHER]

This paper examines the existence and coincidence of pre‐ and‐post stock price multiple bubbles in Chines and Pakistani capital markets under China Pakistan Economic Corridor regime using generalized supremum augmented Dickey–Fuller (GSADF) test with weekly closing prices for the period 2013–2018 for different market indices of Pakistan Stock Exchange (PSX), Shanghai Stock Exchange, and Shenzhen Stock Exchange. Empirical results depict that multiple stock bubbles exist in PSX at the end of 2016 and as well as in Chinese stock markets in the mid of 2014–2015 and these stock price bubbles are correlated between Pakistan and China. The present study is expected to be pioneer in its nature to apply GSADF for the identification of multiple stock bubbles in emerging stock markets of Pakistan and China which can be further used for comparison of stock bubbles in other regional markets such as BRICS or SAARC regions. [ABSTRACT FROM AUTHOR]

Tian, F. and Liu, L. 2019. The impact of intellectual capital spillover on total factor productivity: An empirical study in coastal regions of China. In: Gong, D.; Zhu, H., and Liu, R. (eds.), Selected Topics in Coastal Research: Engineering, Industry, Economy, and Sustainable Development. Journal of Coastal Research, Special Issue No. 94, pp. 576–583. Coconut Creek (Florida), ISSN 0749-0208. Journal of Coastal Research, Special Issue No. 94, pp. 920–925. Coconut Creek (Florida), ISSN 0749-0208. This article incorporates foreign intellectual capital in trade channels and in foreign direct investment channels into the unified analysis framework, using 1990–2015 transnational panel data to calculate the effects of domestic, especially in coastal regions and foreign intellectual capital spillover on total factor productivity of host countries. It is found that domestic intellectual capital investment is the main source of technological progress in host countries, and from the whole sample, foreign direct investment is the main channel for cross-border overflow of intellectual capital, while import trade has no significant impact on total factor productivity. According to the grouping, only developing countries will experience intellectual capital overflow through import trade with developed countries, while foreign direct investment between various types of countries will promote growth of total factor productivity. [ABSTRACT FROM AUTHOR]

The central environmental protection inspection is an institutional innovation in China that aims to supervise enterprises by monitoring government environmental enforcement. This paper examines the effectiveness of central environmental protection inspection in improving enterprise environmental performance by using a quasi-natural experiment of the first round of central environmental protection inspection. The study reveals that the central environmental protection inspection improves enterprise environmental performance by strengthening local government environmental enforcement and environmental attention. This is evidenced by the increase in enterprise environmental capital expenditure and the decrease in pollution discharge fees. The impact of central environmental protection inspection on enterprise environmental performance is strengthened by local governments' environmental regulation and environmental fiscal expenditure, as well as by public participation. Under the pressure of central environmental protection inspection, heavily polluting enterprises engage in production process improvement and R&D investment, which can improve their economic performance. This can ultimately lead to a competitive advantage for enterprises, promoting a win-win situation for both environmental and economic performance. [ABSTRACT FROM AUTHOR]

Purpose: This study aims to examine the venture capital (VC) industry in China. It has demonstrated a history of high growth with significant variations over time. The authors have examined the trends and determinants of VC investments in China over a 20-year period from 1995 to 2014. They find that the aggregate amount of VC investments, the total number of venture deals and the average amount of venture investments per deal in China are all significantly impacted by macroeconomic conditions (i.e. GDP, export, money supply), technology innovations and financial market indicators (i.e. initial public offerings (IPOs), interest rate, price-to-earnings ratio, etc.). They also find that the 2007 China A-Share stock market crash and the subsequent global financial crisis have motivated VCists in China to adjust their investment strategies and risk levels by allocating more capital to later-stage investments and securing more deals with later-round financings. However, after the 2008 global financial crisis, the China's venture industry has recovered faster compared to the US counterpart response. Design/methodology/approach: The authors first perform trend analysis of VC investments at an aggregate level, by stages of development, and across industry from 1995 to 2014.To test H1 and H2, the authors use multiple regression models with lagged explanatory variables. To test H3, the authors use univariate tests to compare the measures of VC investments at an aggregate level, stage funds ratios, stage deals ratios and financing series ratios during both a five-year and seven-year time windows around the 2007 A-Share stock market crash and the subsequent financial crisis. Findings: The development of the VC industry in China has demonstrated a history of high growth with significant variation over time. The authors find that the aggregate amount of VC investments, the total number of venture deals and the average amount of venture investments per deal in China are all significantly impacted by macroeconomic conditions (i.e. GDP, export, money supply), technology innovations and financial market indicators (i.e. IPOs, interest rate, price-to-earnings ratio, etc.). The authors also find that the 2007 China A-Share stock market crash and the subsequent global financial crisis have motivated VCists in China to adjust their investment strategies and risk by allocating more capital to later-stage investments and securing more deals with later-round financings. However, the China VC industry has recovered faster compared to the USA just after the 2008 global financial crisis. Research limitations/implications: There are also limitations in the study. The VC data in China in the earlier 1990s might not be very reliable due to the quality of statistics. Therefore, the trend analysis and discussions mainly focus on the time after 2000. Also, the authors cannot find VC financing sequence data for the analysis. Second, there is no doubt that the policy impact from Chinese transforming economic system and government policies on its VC industry is substantial (Su and Wang, 2013). However, they cannot find an appropriate variable to be included in the empirical models to consider this effect. Further study on this area would provide meaningful information. Third, although the authors have done comparison study between the VC industry in China in this study and the VC industry in the US documented in Ning et al. (2015) and discussed some interesting findings, more in-depth research in this area will be very useful. Practical implications: The findings have meaningful implications for VCists and start-up companies seeking equity financings in China. VCists should closely monitor macroeconomic and market conditions to make appropriate adjustments to their risk and investment strategies. Entrepreneurs seeking equity financings for their business could also monitor the identified macroeconomic and market indicators, which can help them with their timing and to negotiate a better equity financing deal. VC financing is more likely to succeed when key macroeconomic and market indicators become favorable. Originality/value: This paper contributes to the literature by testing the supply and demand theory on the VC market proposed by Poterba (1989) and Gompers and Lerner (1998) from the macroeconomic perspective using 20 years' VC data from China. The authors also examine how the 2007 A-Share stock market crash and the subsequent financial crisis affected VCists to adjust their risk levels and investment strategies. It provides useful information for international academia and policymakers to understand the quick rise of China VC industry. The authors also find that the macroeconomic drivers of VC industry are somewhat different under different economic systems. [ABSTRACT FROM AUTHOR]

This paper uses the Cultural Revolution in China as a quasi-experiment to analyze the long-term impact of interrupted education during an economic transition with many opportunities that reward educational qualifications. We focus on the remedial human capital investment decisions taken by individuals whose education was interrupted by the Cultural Revolution. We find substantial increases in schooling levels among the adult cohorts as they invest in continuous education to compensate for their interrupted schooling and to take advantage of new opportunities afforded by the economic transition. The initial lower level of education caused by the institutional shock can be largely remedied. [ABSTRACT FROM AUTHOR]

The purpose of establishing a strategic partnership between the Czech Republic and the People's Republic of China was to increase investment activity between countries. The aim of the paper is to map the main Chinese capital holders and their investment activities that were boosted by the Czech system of investment incentives. The investigation is based on data from Czech National Bank and Czech national agency CzechInvest using case study approach. In the period 1993 - 2017, the investment amounted for 6.67 billion CZK. It counts for 29% of all Chinese investment representing supported projects by the Czech system of investment incentives. The rest two thirds of Chinese capital goes to core Czech regions. [ABSTRACT FROM AUTHOR]

The aim of this paper is to analyze the concept of Public Private Partnership in Beijing cultural tourism. According to some experts, an important reason why cultural tourism PPP is difficult to land lies in the government's lack of predictability of its own affordability. For the government, whether it is capital investment or subsidies, it will be a long-term burden. It may not be obvious for one project, but if there are too many projects, it will cause local government financial pressure and will greatly increase the risk of exceeding public budget. [ABSTRACT FROM AUTHOR]

Abstract: International capacity cooperation (国际产能合作) exports China's Keynesian project system, offshoring its excess industrial capacity as fixed‐capital investment. Leveraged against foreign exchange reserves, the central policy banks and sovereign wealth funds push credit through a variety of purpose‐built infrastructure investment funds to provincial governments, state‐owned enterprises and ultimately to offshore projects. This paper explores the historical institutional development of funds used to channel central government funds through China's financial bureaucracy into target countries. We explore the export of the policy bank model, provincial implementation and recipient regional industrial policy, and examine the role of international capacity cooperation in China's international trade and investment strategy and its implications for China's domestic industrial policy. We conclude with post‐Keynesian analyses of China's export of industrial overcapacity while maintaining a closed financial model which is likely to introduce excessive risk to the global capital pool. [ABSTRACT FROM AUTHOR]

This paper empirically analyzes the impact of Chinese minimum wage regulations on the firm decision to invest in physical and human capital. We exploit the geographical and inter-temporal variations of county-level minimum wages in a panel data set of all state-owned and all above-scale non-state-owned Chinese firms covering the introduction of the new Chinese minimum wage regulations in 2004. In our basic regressions including all Chinese firms, we find significant negative effects of the minimum wage on human capital investment rates and no overall effects on fixed capital investment rates. When grouping firms by their ownership structure, we find that these results hold for most firms. Foreign-owned firms are an exception to some extent, because the likelihood that they invest in human capital has not decreased in response to the policy. [ABSTRACT FROM AUTHOR]

Based on China’s national innovation-driven strategy, green technological innovation is an important means to alleviate economic -environmental contradictions. This paper builds on three-dimensional framework of market institution technology based on the theory of‘ asymmetric innovation’ and deconstructs it into five subdivision indicators of marketization, environmental regulation, government funding, R&D capital investment, and R&D personnel investment. Using a combination of QCA (Qualitative Comparative Analysis) and NCA (Necessary Condition Analysis), from a configuration perspective, this research focuses on the regional differences, key driving factors, and realization paths of China’s green technology innovation. The analysis shows that: ① The distribution of China’s green technological innovation presents obvious regional differences and concentrated radiation effects. The level of green technological innovation decreases from the eastern coast, the southern coast, the northern coast, the middle reaches of the Yangtze River, the southwest, the middle reaches of the Yellow River, the northeast, to the northwest comprehensive economic zone. The concentrated radiation effect in coastal areas is significant. ② The NCA method shows that the marketization process, environmental regulations, government funding, R&D capital investment and R&D personnel investment are all necessary conditions (insufficient) for achieving green technological innovation at a level of 20% and above. The necessity of R&D capital investment, marketization process and R&D personnel investment is more obvious. The QCA necessary condition analysis shows that R&D capital investment is the necessary condition for achieving green technological innovation, and there is no necessary condition for non-green technological innovation. The QCA necessary condition analysis result is a subset of the NCA result, and the conclusions of the two methods are complementary. ③ The QCA configuration analysis shows that there are two paths to achieve high-level green technological innovation, namely, a market-driven path led by the technological investment and a free and open type led by technological investment. There are two paths leading to non-high-level green technological innovation, namely the multi-factor scarce path and the resource curse type under market constraints path. This research enriches the theory of technological innovation, highlights the Chinese context of asymmetric innovation, and provides policy recommendations to regional governments for more innovative incentives and optimizations and the discovery of feasible paths of green technological innovation. [ABSTRACT FROM AUTHOR]

International technology spillovers have important impacts on innovation quality. In this paper, we integrate three main sources of international technology spillovers – imports, inward foreign direct investment (FDI), and outward FDI – into the framework of China's innovation quality. Accordingly, we empirically investigate the characteristics and channels of international technology spillovers that affect innovation quality. We find that, first, overall, the main sources of international technology spillovers that can significantly affect China's innovation quality focus on imports and outward FDI, especially imports, which plays a more dominant role; second, the characteristics of technology spillovers vary across different regions, that is, imports promote innovation quality more significantly in eastern and western China than in the central region, where only outward FDI affects innovation quality significantly; third, the channels of these three kinds of international technology spillovers that affect innovation quality cannot be separated from R&D capital investment and R&D personnel input. Our study not only enriches the extant literature about international technology spillovers affecting innovation quality but also sheds light on how to achieve high-quality economic development in China. [ABSTRACT FROM AUTHOR]

In this paper, we examine the influence of investment of corporate capital, which we capture through heterogeneous company information technology utilization, on labor demand and labor income share. We find that increased investment in information technology by enterprises is associated with a general decrease in the proportion of labor income and the demand for labor. We also find that if the market power of enterprises in the industry is greater, the increase in investment of enterprise information technology capital is even less conducive to the willingness of enterprises to hire workers. Our results have implications for guidance towards corporate (information technology) investment decision-making. [ABSTRACT FROM AUTHOR]

An investment-oriented environment and its regulations are the inevitable background when major economies face investment-driven economic development. While technological innovation helps form a compensatory or cost-based development path for economic growth, human capital plays a regulatory role in this development path as the largest dynamic and unstable variable. This research thus conducts a regulatory framework with an empirical study of the threshold effect from different levels of human capital investment on technological innovation and economic growth in four industries. The main conclusions are as follows: 1)We divide technological innovation caused by investment-based environmental regulation into active technological innovation.Passive technological innovation and subsequently identify the quantitative change effect of technological innovation on economic growth under investment-based environmental regulation. 2)Taking the human capital of different industries as threshold variables, we examine the threshold effect of investment-based environmental regulations and confirm the threshold value of different industries. 3)Through lagging second-order stability analysis, we basically solve the endogenous problem of investment-based environmental regulations, in which the relevant estimation conclusions appear more robust. Lastly, this research offers corresponding policy recommendations. [ABSTRACT FROM AUTHOR]

The industrial sector has significantly contributed to global climate change and urban air pollution while driving economic development. This paper takes the synergistic CO2 and SO2 emission reduction in China's industrial sector as an entry point quantifies the synergistic CO2 and SO2 emission reduction effect using the Kaya extension model and analyzes the synergistic emission reduction expansion mechanism in depth. It is found that the synergistic effect of CO2 and SO2 in the industrial sector is prevalent in most provinces in China. Every 10,000 tons of CO2 emission reduction leads to 1600 tons of SO2 emission reduction. Regional heterogeneity also clarifies that there are differences in synergistic emission reduction among different provinces, with most regions having a significant positive effect of synergistic emission reduction, while a small number of regions have an inverse effect, and direct SO2 reduction measures should be considered separately. The interaction effect analysis found that energy efficiency improvement in the industrial sector is the critical path to synergistic effect enhancement. At the same time, R&D expenditure and fixed asset investment have a weak effect on synergistic emission reduction. The interaction of the three factors can synergize the emission reduction effect by more than twice. The study's findings can be used as a reference for China's industrial sector to achieve the goal of reducing pollution and carbon emissions and for the practice of regional synergistic emission reduction, as well as for the formulation of international synergistic emission reduction policies. [ABSTRACT FROM AUTHOR]

Corporate venture capital refers to the direct venture investment in private companies made by non-financial corporations with specific core business. Along with rapid growth of Chinese economy, domestic venture capital has gone through a fantastic development among which corporate venture capital is an outstanding one. The study on the different types of venture captital, especially corporate venture capital, is required by the establishment and improvement of the mutiple-level capital market in China. Only on the basis of through understanding of the traits, advantages and disadvantages of corporate venture capital evaluation, we can set a better platform for its further development, contributing to the promotion of the entire venture capital market. In this paper, we utilize Hamacher operations to develop some intuitionistic fuzzy aggregation operators: intuitionistic fuzzy Hamacher weighted geometric (IFHWG) operator, intuitionistic fuzzy Hamacher ordered weighted geometric (IFHOWG) operator and intuitionistic fuzzy Hamacher hybrid geometric (IFHHG) operator. The prominent characteristic of these proposed operators are studied. Then, we have utilized these operators to develop some approaches to solve the intuitionistic fuzzy multiple attribute decision making problems for investment performance evaluation of corporate venture capital. Finally, a practical example for investment performance evaluation of corporate venture capital is given to verify the developed approach and to demonstrate its practicality and effectiveness. [ABSTRACT FROM AUTHOR]

Traditional olefins production is heavily dependent on oil. In the background of the scarcity of oil and richness of coal in China, olefins production from coal has been attracting more attention of the chemical process industry. The first coal based methanol-to-olefins (CMTO) plant has been commercialized in China. For shorter process route and lower capital cost, Fischer–Fropsch has been put forward in the last few years. The coal based Fischer–Tropsch-to-olefins (CFTO) process is designed in this paper and then its techno-economic and environmental performance was detailed studied in this paper, in comparison with the CMTO. Results show that at the present olefins selectivity, the CFTO suffers from relative lower energy efficiency and higher CO 2 emissions. In economic aspect, the capital investment and product cost of the CFTO are roughly equivalent to that of the CMTO. Although the conversion route of the CFTO is shorter, its techno-economic performance is still inferior to that of the CMTO. It is also found that increase of olefins selectivity by cracking oil or decrease of CO 2 selectivity by improving catalyst could significantly improve the performance of the CFTO. [ABSTRACT FROM AUTHOR]