The optimization of government subsidies to enhance the efficiency of coal companies’green transformation constitutes a critical component in the pursuit of global sustainability.We investigate the influence mechanis...The optimization of government subsidies to enhance the efficiency of coal companies’green transformation constitutes a critical component in the pursuit of global sustainability.We investigate the influence mechanism of government subsidies on the green transformation using data from the listed coal companies in China from 2007 to 2022.According to our findings and hypothesis testing,previous government subsidies did not have a significant direct impact on coal companies’green transformation.Nevertheless,government subsidies can help coal companies transition to greener practices by promoting innovative green initiatives.Furthermore,we confirmed an indirect route:that government subsidies enable the adoption of low-carbon initiatives,which in turn could facilitate the transition of coal companies towards green practices.In addition,we discovered that the coal company’s digitization will improve this indirect route.Thus,we propose increasing the effectiveness of government subsidies in facilitating coal companies’transition to green practices by focusing on technological advancements and enhancing company digitalization.展开更多
With strong government advocacy and encouragement,many manufacturers hope to enter the remanufacturing market.Manufacturers who have entered the remanufacturing market hope to increase their profits through effective ...With strong government advocacy and encouragement,many manufacturers hope to enter the remanufacturing market.Manufacturers who have entered the remanufacturing market hope to increase their profits through effective decision-making.Using game-theoretic models,this study investigates manufacturers’conditions for introducing remanufactured products and the production decisions after the introduction by constructing a consumer utility model.Our study demonstrates that manufacturers’decision-making method directly affects their decision to introduce remanufactured products.If a manufacturer plans to introduce remanufactured products,they should adopt a centralized decision-making method for the two products.Under this decision-making method,when the ratio of the government subsidy to the cost of new products is not too large or too small,the manufacturer can introduce remanufactured products.Additionally,the range of the ratio of the government subsidy to the cost of new products is related to the difference between the ratio of the cost of remanufactured products to that of new products and the substitutability of the remanufactured products.Therefore,when formulating a subsidy,the government should control it within a reasonable range and formulate differentiated subsidy strategies based on different enterprises’specific conditions to give full play to the benefits of the government subsidy.Moreover,after the manufacturer has introduced remanufactured products,the consumer surplus and manufacturer’s profit increase with the government subsidy.However,social welfare increases only when the government subsidy is within a reasonable range.Furthermore,compared with subsidizing consumers,it is found that subsidizing the manufacturer does not affect their profit,the consumer surplus,and social welfare;however,the range within which the manufacturer can introduce remanufactured products narrows.展开更多
In this paper, we consider a single-period model comprised of an original manufacturer （OM） who produces only new products and a remanufacturer who collects used products from consumers and produces remanufactured p...In this paper, we consider a single-period model comprised of an original manufacturer （OM） who produces only new products and a remanufacturer who collects used products from consumers and produces remanufactured products. The OM and the remanufacturer compete in the product market. We examine the effects of government subsidy as a means to promote remanufacturing activity. In particularly, we consider three subsidy options： subsidy to remanufacturer, subsidy to consumers, and subsidy shared by remanufacturer and consumers. We find that the introduction of government subsidy on remanufacturer or consumers always increases remanufacturing activity. We also find that subsidy to remanufacturer is the best subsidy option, because subsidy to remanufacturer results in lower price of remanufactttred products, thus leading to higher consumer surplus.展开更多
The development of the new energy vehicle industry has become a key force driving the goals of carbon peak and carbon neutralization.To better guide future strategies,this study investigates the dual impact of subsidy...The development of the new energy vehicle industry has become a key force driving the goals of carbon peak and carbon neutralization.To better guide future strategies,this study investigates the dual impact of subsidy and dual-integral policies on the performance of new energy vehicle enterprises.This study first theorizes the influential mechanism according to the institutional-based approach and technical innovation theory,and then collects data from listed companies in the new energy vehicle industry from 2016 to 2020.The hypotheses are examined using a two-way fixed-effects model.The findings show that:(1)subsidy policies are can still improve enterprise performance,but not through green technology innovation;(2)the dual-credit policy can improve enterprise performance through green technology innovation;and(3)under current policy conditions,with subsidies declining annually,the interaction effects between the subsidy and dual-integral policies will also decrease.Thus,this study suggests that non-monetary industrial policy,represented by the dual credit policy is a more effective alternative to government subsidies.展开更多
Zombie companies have serious adverse effects on economic development.The relationship between government subsidies and zombie companies is a focus in China’s supply-side structural reform.In this paper,we classify c...Zombie companies have serious adverse effects on economic development.The relationship between government subsidies and zombie companies is a focus in China’s supply-side structural reform.In this paper,we classify companies into two categories:investment-constrained companies lacking investment opportunities,and fi nancing-constrained companies with limited sources of capital.Based on data of A-share listed companies from 2007 to 2016,this paper examines the relationship between government subsidies and the zombification of companies subject to different types of constraints.We find that more government subsidies have been allotted to investment-constrained companies than financing-constrained ones;government subsidy is one of the various factors that have contributed to company zombification,but the correlation is only significant for investment-constrained companies;financing subsidy dedicated to expanding corporate financing is more effective in helping investment-constrained companies than government subsidies in general,but neither government subsidies nor financing subsidies are effective in preventing investment-constrained companies from turning into zombies.In the robustness test that controls the endogeneity problem of reverse causality,replaces proxy variables,lags subsidy variables and discusses the zombification of loss-making enterprises,the results are still valid.This paper provides a heterogeneous perspective to study the connection between government subsidies and the formation of zombie companies,and in view of subsidy mismatch,puts forward recommendations regarding the use of government subsidies.展开更多
With the new round of scientific and technological revolution and industrial transformation,China has posited the direction of“new infrastructure”in 2020.As one of the seven major industries of the“new infrastruct...With the new round of scientific and technological revolution and industrial transformation,China has posited the direction of“new infrastructure”in 2020.As one of the seven major industries of the“new infrastructure”,the charging infrastructure(CI)industry not only supports the upgrade of the new energy vehicle industry but also provides developing platforms for emerging industries,such as wireless charging,energy storage,smart microgrid,and new energy consumption.Therefore,the government’s supporting role is crucial for the CI industry.To effectively explore the effectiveness of government’s subsidy policy in the CI industry and promote its healthy development,we employed a game model and discussed the government's evolution process of different game strategies between CI and battery-swapping station(BSS)operators in this study.First,China's government subsidies for the electric vehicle(EV)industry were classified into CIs and BSSs.The subsidies obtained by the CI operators were operating subsidies,whereas those obtained by BSSs were investment subsidies.Second,a game model was constructed,involving the government,operators,and users.The model used backward induction to seek the refined Nash equilibrium solution for CIs and BSS operators.The Nash equilibrium solution indicated that the optimal investment amount and BSS quantity of the operator were positively correlated with the government subsidy intensity.When the profitability of the operators increased and the amount of the subsidies increased,consumers’willingness to use EVs increased and the policy effects were closely related to the benefits of government management.The decisions made by either the users or the operators were inversely related to the operators’management efficiency.Besides,the subsidy policy was affected by the government management.Therefore,in the implementation stage of the government’s future subsidy policies,the government needs to innovate and improve management effectiveness.The government could use subsidy policies as a driving force for developing the CI industry to build a comprehensive ecosystem of the industry,which is also the next key point for the government to promote the development of the CI industry in the future.展开更多
Based on the background of China's emerging and transitional market,government subsidies to enterprises are regarded as a " helping hand" of promoting economic structural adjustment. In this paper,using ...Based on the background of China's emerging and transitional market,government subsidies to enterprises are regarded as a " helping hand" of promoting economic structural adjustment. In this paper,using China's A-share agricultural listed companies from 2010 to 2015 as research samples,we discuss the influence of government subsidies on research and development( hereinafter referred to as R & D) investment,and the difference in the relationships between the two from the perspective of different nature of property rights. The results show that,on the whole,the increase in government subsidies does not promote the intensity of R & D investment of agricultural listed companies. And after distinguishing the nature of property rights,the results show that state-owned enterprises can get more government subsidies than private enterprises,and the increase in government subsidies boosts the increase in R & D investment in private enterprises,but there is a negative correlation between government subsidies and R & D investment of state-owned enterprises. This conclusion can broaden the research perspective of the influence factors of corporate R & D investment,and it is of practical significance to further clarify the role of government subsidies in R & D investment decisions of enterprises with different nature of property rights.展开更多
In order to solve the problem of imbalance resource allocation and service income in the elderly care service industry,this article establishes three service income models in different situations for a single provider...In order to solve the problem of imbalance resource allocation and service income in the elderly care service industry,this article establishes three service income models in different situations for a single provider and a single integrator while considering the quality as well as government subsidies.The results showed that government subsidies can significantly improve quality efforts and service income with a mutual restriction between quality and service income.Government subsidies would have an impact on the quality,and they are more conducive to the service income of providers.When government subsidies are less than 80% of the service income,the incentive effect is better.展开更多
This paper introduces and analyzes Korea＇s NGV （natural gas vehicles） policy for soot-free bus fleet which intends to promote CNG （compressed natural gas） bus in metropolitan area for the reduction of air polluti...This paper introduces and analyzes Korea＇s NGV （natural gas vehicles） policy for soot-free bus fleet which intends to promote CNG （compressed natural gas） bus in metropolitan area for the reduction of air pollution from road sector. At the early stage, Korean goverrmaent established various supporting policy systems to encourage public transportation companies to purchase CNG buses as a means to replace diesel buses. It was evaluated as very successful with making net economic benefit of CNG bus promotion policy. During the 2nd stage, Korean government implemented CNG hybrid bus promotion policy to further reduce both air pollution and greenhouse gas. Now, a new social demand for the vehicles is zero-emission vehicles. The author asserts that current FCEV （fuel cell electric vehicle） should be considered as an alternative to zero-emission vehicles in Korea and suggests policy recommendation for the promotion of FCEV by referring the current CNG bus promotion policy in public transportation sector.展开更多
Based on the evolutionary game approach,this paper analyzes how the automaker makes rational production decisions under the influence of the government and consumers.A tripartite evolutionary game model of“government...Based on the evolutionary game approach,this paper analyzes how the automaker makes rational production decisions under the influence of the government and consumers.A tripartite evolutionary game model of“government-automaker-consumer”is established to explore the interactions under the condition of bounded rationality.The study shows that:1)The increase of credit price and credit ratio will promote the diffusion of new energy vehicles(NEVs).2)The cost premium of NEVs and the shrinking market will slow the spread of NEVs to some extent but will not prevent NEVs from becoming a trend in the automobile industry.However,the cost premium of fuel vehicles(FVs)will accelerate the development of the NEV industry.3)Government subsidies can promote the development of NEV industry to some extent,but they are not always effective.The government can simultaneously implement subsidies for automakers and consumers in the early stages,and choose to implement the subsidy only for consumers in the medium term.Additionally,there is no need to implement the subsidy policy at a later stage.展开更多
In this study,we advance the literature on export and government subsidy by examining their effects in the context of China,a fastgrowing emerging economy,and comparing the effects across ownership of enterprises.We e...In this study,we advance the literature on export and government subsidy by examining their effects in the context of China,a fastgrowing emerging economy,and comparing the effects across ownership of enterprises.We examine the relationship among export,government support and firms’innovation capability,and how these relationships differ between state-owned and private owned enterprises,by using a large data sample of Chinese firms(2003–2007).First,we find that there exists an inverted U-shaped relationship between export and innovation in state-owned enterprises,but not in private owned enterprises.Second,there is a positive effect of government subsidy on firms’innovation capability.Finally,from the sub-sample analyses,we identify differences in the impact of government support between SOEs and POEs.This study will inspire future research into these issues in the disciplines of marketing,management and international business.展开更多
The government subsidy plays an important role in the recycling and remanufacturing process of a closed-loop supply chain.This paper focuses on the impacts of different patterns of government subsidy on the chain memb...The government subsidy plays an important role in the recycling and remanufacturing process of a closed-loop supply chain.This paper focuses on the impacts of different patterns of government subsidy on the chain members'profits and the environment.Furthermore,we develop three models in a supply chain including a manufacturer,a retailer and a collector,namely(1)the government invests public service advertisement to stimulate the remanufacturing process(Model AS);(2)the government offers only monetary subsidy to the collector(Model MS);(3)the government allocates the subsidy into two parts,namely both advertisement and monetary subsidy(Model HS).We find that,no matter which subsidy pattern the government adopts,both the manufacturer and the collector are beneficiaries of the government subsidy,and that such subsidizing activity is definitely conducive to the environmental sustainability.Taking into account the chain members,profits and the environmental impact,the optimal hybrid subsidy scheme(Model HS)is more beneficial than that in both Model MS and Model AS,which can be attributed to the combination of the incentives provided by the public service advertisement and the price attraction by the monetary subsidy.We also find that,for single advertisement and monetary subsidy,the amount of government subsidy will decide their merits and demerits.The direct monetary subsidy in Model MS will have a greater influence regarding to the supply quantity of used products than the mere advertisement subsidy in Model AS when the subsidy is relatively large.展开更多
Government subsidies for some firms will have effects on the market entry,exit and scale of firms,result in misallocation of resource between firms,and reduce manufacturing productivity.Using data of Chinese industria...Government subsidies for some firms will have effects on the market entry,exit and scale of firms,result in misallocation of resource between firms,and reduce manufacturing productivity.Using data of Chinese industrial enterprises from 1998 to 2007,this paper studies the effect and micro-mechanism of misallocation caused by government subsidy on manufacturing productivity.Decomposition of manufacturing productivity indicates there is resource misallocation between firms and decreasing of manufacturing productivity.Empirical study shows that government subsidies constitute an important factor inducing this resource misallocation.Subsidies change extensive and intensive margins of market,distort resource allocation between firms and reduce manufacturing productivity,and the resource misallocation is more serious in industries with higher proportion of state-owned assets.Specifically,subsidies hinder entry and exit of firms in extensive margins,with subsidized firms having lower propability of market entry and exit compared with unsubsidized firms;subsidies promote scale of subsidized firms and crowds out market share of unsubsidized firms in intensive margins.The implication of this paper is that when providing subsidies government should take into consideration their effect on the firms’dynamic and resource allocation in the frame of general equilibrium.展开更多
This study evaluates the quality of accounting information provided by Chinese multinational corporations(MNCs)in relation to the issue of earnings management.Using a combined dataset of outward foreign direct investm...This study evaluates the quality of accounting information provided by Chinese multinational corporations(MNCs)in relation to the issue of earnings management.Using a combined dataset of outward foreign direct investment and financial statements by Chinese firms publicly listed on A-share markets between 2012 and 2017,we investigate whether Chinese MNCs are more inclined to manage earnings.We discover that these firms exhibited significant earnings management behavior and typically adjusted their earnings downward.We demonstrate that these effects were more pronounced among private MNCs than state-owned firms,and in host countries with weaker institutional quality.Further research reveals that after delaying the confirmation of current earnings,Chinese MNCs received higher government subsidies,and this pattern was particularly prevalent among private MNCs.We find no evidence that Chinese MNCs manipulated earnings to avoid paying taxes.展开更多
This study aims to investigate the main factors driving technological innovation within firms in the manufacturing and service sectors of the Czech Republic.We apply a binary logistic regression model to cross-section...This study aims to investigate the main factors driving technological innovation within firms in the manufacturing and service sectors of the Czech Republic.We apply a binary logistic regression model to cross-sectional data from 502 firms,obtained from the World Bank Enterprise Survey.The results of our empirical investigation show that certain elements of the business environment,such as the tax rate,serve as significant obstacles to firms’product innovations.The results also confirm that international technological linkagesdmeasured by international quality certificates and foreign technology licensesdaffect technological innovations.Moreover,we found that internal R&D activities positively impact technological innovation across all sectors;contrarily,we found that process innovation in the manufacturing sector is positively influenced by foreign technology licenses and business association membership.Process innovations in the service sector are positively correlated with external R&D and financing from banking institutions.Finally,business association membership does not positively influence technological innovation in the service sector.Our findings have salient implications for firm managers,policymakers,and scholars aiming to explore and improve innovation outcomes in transitional economies.展开更多
A trinomial tree model based on a real options approach was developed to evaluate the investment decisions on carbon capture,utilization,and storage(CCUS)retrofitted to the three main types of thermal power plants in ...A trinomial tree model based on a real options approach was developed to evaluate the investment decisions on carbon capture,utilization,and storage(CCUS)retrofitted to the three main types of thermal power plants in China under the same power generation and CO2 emissions levels.The plant types included pulverized coal(PC),integrated gasification combined cycle(IGCC),and natural gas combined cycle(NGCC)plants.We take into account a subsidy policy consistent with the 45Q tax credit of the U.S.,as well as uncertainty factors,such as carbon price,technological progress,CO_(2) geological storage paths,oil price,and electricity price.The results showed that the investment benefit of ordinary NGCC power plants is 93.04 million USD.This provides greater economic advantages than the other two plant types as their investment benefit is negative if the captured CO_(2) was used for enhanced water recovery(EWR),even if 45Q subsidies are provided.Compared with NGCC+CCUS power plants,PC+CCUS and IGCC+CCUS power plants have more advantages in terms of economic benefits and emission reduction.The 45Q subsidy policy reduced the critical carbon price,which determines the decision to invest or not,by 30.14 USDt^(-1) for the PC and IGCC power plants and by 15.24 USDt^(-1) for the NGCC power plants.Nevertheless,only when the subsidy reaches at least 71.84 USDt^(-1) and the period limit is canceled can all three types of power plants be motivated to invest in CCUS and used the capture CO_(2) for EWR.Overall,the government should focus on the application of CCUS in coal-fired power plants(in addition to developing gas power generation),especially when CO_(2) is used for enhanced oil recovery(EOR).The government could introduce fiscal policies,such as 45Q or stronger,to stimulate CCUS technology development in China.展开更多
Drawing on social exchange theory,this study uses data on China’s Shanghai and Shenzhen A-share listed companies from 2009 to 2016 to examine why zombie enterprises are‘‘stiff but deathless."We?nd that these e...Drawing on social exchange theory,this study uses data on China’s Shanghai and Shenzhen A-share listed companies from 2009 to 2016 to examine why zombie enterprises are‘‘stiff but deathless."We?nd that these enterprises are able to‘‘linger breathlessly"due to government support in the form of increased subsidies and bank loans.The government is more inclined to grant subsidies to zombie companies that assume greater policy burdens,speci?cally those offering more jobs.Furthermore,an enterprise’s property rights do not in?uence the level of‘‘blood transfusions"received,and government assistance fails to bolster operating effciency or value.This phenomenon is further explored in the context of the incentives local government offcials have to maintain employment stability.Our conclusions highlight the necessity and urgency of cleaning up zombie enterprises.展开更多
Engineering machinery manufacturing and remanufacturing are significant sources of greenhouse gases.In the context of emission reduction and resource recovery,the authors analyze the impact of current carbon quota all...Engineering machinery manufacturing and remanufacturing are significant sources of greenhouse gases.In the context of emission reduction and resource recovery,the authors analyze the impact of current carbon quota allocations and government subsidies policies on manufacturers' profits and recovery rates in a closed-loop supply chain.A simplified model consists of two manufacturers,one retailer and a third-party recycler.The study found that carbon quotas and government subsidies can both promote the improvement of recovery rates under certain conditions,and have similar effects in regulating interest distribution between manufacturers.The combination of the two methods can effectively realize the targets of recycling and carbon emissions reduction.展开更多
This paper investigates whether zombie firms demonstrate a tendency to invest in the financial sector,a practice we term financialization strategy.Unlike those in the United States,Japan,and Europe,we find that zombie...This paper investigates whether zombie firms demonstrate a tendency to invest in the financial sector,a practice we term financialization strategy.Unlike those in the United States,Japan,and Europe,we find that zombie firms in China are not necessarily small and that they rely heavily on government subsidies in addition to bank loans for survival.In addition,we document that zombie firms in China experience limited investment opportunities in their core businesses.This combination of readily available funding and limited investment opportunities jointly motivate the financialization of firms with zombie status.We further find that financialization is preferred by non-state-owned firms and by those located in regions with less developed markets.Finally,we suggest that a contagion effect can occur in terms of financialization in provinces that have a high percentage of zombie firms.This research sheds light on the effects of a triangular relationship among firms,government agencies,and financial institutions on both the operations of individual firms and overall market efficiency.展开更多
基金supported by the China National Natural Sciences Fund Project(Nos.71874190 and 72403233)Jiangsu Provincial Department of Science and Technology Program(Innovation Support Program Soft Science Research)(No.BR2023016-4)+2 种基金China Postdoctoral Science Foundation(No.2024M753503)Key Projects Funded by Jiangsu Social Science Fund(No.21GLA003)The Ministry of Education of Humanities and Social Science Project.
文摘The optimization of government subsidies to enhance the efficiency of coal companies’green transformation constitutes a critical component in the pursuit of global sustainability.We investigate the influence mechanism of government subsidies on the green transformation using data from the listed coal companies in China from 2007 to 2022.According to our findings and hypothesis testing,previous government subsidies did not have a significant direct impact on coal companies’green transformation.Nevertheless,government subsidies can help coal companies transition to greener practices by promoting innovative green initiatives.Furthermore,we confirmed an indirect route:that government subsidies enable the adoption of low-carbon initiatives,which in turn could facilitate the transition of coal companies towards green practices.In addition,we discovered that the coal company’s digitization will improve this indirect route.Thus,we propose increasing the effectiveness of government subsidies in facilitating coal companies’transition to green practices by focusing on technological advancements and enhancing company digitalization.
基金China-Germany Cooperation Project of the National Natural Science Foundation of China(No.M-0310)Innovative Research Group of the National Natural Science Foundation of China(No.72021002)China Scholarship Council.
文摘With strong government advocacy and encouragement,many manufacturers hope to enter the remanufacturing market.Manufacturers who have entered the remanufacturing market hope to increase their profits through effective decision-making.Using game-theoretic models,this study investigates manufacturers’conditions for introducing remanufactured products and the production decisions after the introduction by constructing a consumer utility model.Our study demonstrates that manufacturers’decision-making method directly affects their decision to introduce remanufactured products.If a manufacturer plans to introduce remanufactured products,they should adopt a centralized decision-making method for the two products.Under this decision-making method,when the ratio of the government subsidy to the cost of new products is not too large or too small,the manufacturer can introduce remanufactured products.Additionally,the range of the ratio of the government subsidy to the cost of new products is related to the difference between the ratio of the cost of remanufactured products to that of new products and the substitutability of the remanufactured products.Therefore,when formulating a subsidy,the government should control it within a reasonable range and formulate differentiated subsidy strategies based on different enterprises’specific conditions to give full play to the benefits of the government subsidy.Moreover,after the manufacturer has introduced remanufactured products,the consumer surplus and manufacturer’s profit increase with the government subsidy.However,social welfare increases only when the government subsidy is within a reasonable range.Furthermore,compared with subsidizing consumers,it is found that subsidizing the manufacturer does not affect their profit,the consumer surplus,and social welfare;however,the range within which the manufacturer can introduce remanufactured products narrows.
基金The authors thank the anonymous referees for their comments and suggestions. This research was supported by the Natural Science Foundation of China （Nos.71231007, 71373222, 71501149）.
文摘In this paper, we consider a single-period model comprised of an original manufacturer （OM） who produces only new products and a remanufacturer who collects used products from consumers and produces remanufactured products. The OM and the remanufacturer compete in the product market. We examine the effects of government subsidy as a means to promote remanufacturing activity. In particularly, we consider three subsidy options： subsidy to remanufacturer, subsidy to consumers, and subsidy shared by remanufacturer and consumers. We find that the introduction of government subsidy on remanufacturer or consumers always increases remanufacturing activity. We also find that subsidy to remanufacturer is the best subsidy option, because subsidy to remanufacturer results in lower price of remanufactttred products, thus leading to higher consumer surplus.
基金This research is supported by the National Natural Science Foundation of China[Grant number.71801190].
文摘The development of the new energy vehicle industry has become a key force driving the goals of carbon peak and carbon neutralization.To better guide future strategies,this study investigates the dual impact of subsidy and dual-integral policies on the performance of new energy vehicle enterprises.This study first theorizes the influential mechanism according to the institutional-based approach and technical innovation theory,and then collects data from listed companies in the new energy vehicle industry from 2016 to 2020.The hypotheses are examined using a two-way fixed-effects model.The findings show that:(1)subsidy policies are can still improve enterprise performance,but not through green technology innovation;(2)the dual-credit policy can improve enterprise performance through green technology innovation;and(3)under current policy conditions,with subsidies declining annually,the interaction effects between the subsidy and dual-integral policies will also decrease.Thus,this study suggests that non-monetary industrial policy,represented by the dual credit policy is a more effective alternative to government subsidies.
基金This paper is part of the“Research on Information Asymmetry and Government Subsidy Effi ciency Based on Agency Theory”(No.18BJY017)funded by the National Social Science Fund of China.
文摘Zombie companies have serious adverse effects on economic development.The relationship between government subsidies and zombie companies is a focus in China’s supply-side structural reform.In this paper,we classify companies into two categories:investment-constrained companies lacking investment opportunities,and fi nancing-constrained companies with limited sources of capital.Based on data of A-share listed companies from 2007 to 2016,this paper examines the relationship between government subsidies and the zombification of companies subject to different types of constraints.We find that more government subsidies have been allotted to investment-constrained companies than financing-constrained ones;government subsidy is one of the various factors that have contributed to company zombification,but the correlation is only significant for investment-constrained companies;financing subsidy dedicated to expanding corporate financing is more effective in helping investment-constrained companies than government subsidies in general,but neither government subsidies nor financing subsidies are effective in preventing investment-constrained companies from turning into zombies.In the robustness test that controls the endogeneity problem of reverse causality,replaces proxy variables,lags subsidy variables and discusses the zombification of loss-making enterprises,the results are still valid.This paper provides a heterogeneous perspective to study the connection between government subsidies and the formation of zombie companies,and in view of subsidy mismatch,puts forward recommendations regarding the use of government subsidies.
基金National Social Science Foundation of China Key Project“Technologydriven New Energy Vehicle Industry Business Model Innovation Research”[Grant Number.16AGL004].
文摘With the new round of scientific and technological revolution and industrial transformation,China has posited the direction of“new infrastructure”in 2020.As one of the seven major industries of the“new infrastructure”,the charging infrastructure(CI)industry not only supports the upgrade of the new energy vehicle industry but also provides developing platforms for emerging industries,such as wireless charging,energy storage,smart microgrid,and new energy consumption.Therefore,the government’s supporting role is crucial for the CI industry.To effectively explore the effectiveness of government’s subsidy policy in the CI industry and promote its healthy development,we employed a game model and discussed the government's evolution process of different game strategies between CI and battery-swapping station(BSS)operators in this study.First,China's government subsidies for the electric vehicle(EV)industry were classified into CIs and BSSs.The subsidies obtained by the CI operators were operating subsidies,whereas those obtained by BSSs were investment subsidies.Second,a game model was constructed,involving the government,operators,and users.The model used backward induction to seek the refined Nash equilibrium solution for CIs and BSS operators.The Nash equilibrium solution indicated that the optimal investment amount and BSS quantity of the operator were positively correlated with the government subsidy intensity.When the profitability of the operators increased and the amount of the subsidies increased,consumers’willingness to use EVs increased and the policy effects were closely related to the benefits of government management.The decisions made by either the users or the operators were inversely related to the operators’management efficiency.Besides,the subsidy policy was affected by the government management.Therefore,in the implementation stage of the government’s future subsidy policies,the government needs to innovate and improve management effectiveness.The government could use subsidy policies as a driving force for developing the CI industry to build a comprehensive ecosystem of the industry,which is also the next key point for the government to promote the development of the CI industry in the future.
文摘Based on the background of China's emerging and transitional market,government subsidies to enterprises are regarded as a " helping hand" of promoting economic structural adjustment. In this paper,using China's A-share agricultural listed companies from 2010 to 2015 as research samples,we discuss the influence of government subsidies on research and development( hereinafter referred to as R & D) investment,and the difference in the relationships between the two from the perspective of different nature of property rights. The results show that,on the whole,the increase in government subsidies does not promote the intensity of R & D investment of agricultural listed companies. And after distinguishing the nature of property rights,the results show that state-owned enterprises can get more government subsidies than private enterprises,and the increase in government subsidies boosts the increase in R & D investment in private enterprises,but there is a negative correlation between government subsidies and R & D investment of state-owned enterprises. This conclusion can broaden the research perspective of the influence factors of corporate R & D investment,and it is of practical significance to further clarify the role of government subsidies in R & D investment decisions of enterprises with different nature of property rights.
文摘In order to solve the problem of imbalance resource allocation and service income in the elderly care service industry,this article establishes three service income models in different situations for a single provider and a single integrator while considering the quality as well as government subsidies.The results showed that government subsidies can significantly improve quality efforts and service income with a mutual restriction between quality and service income.Government subsidies would have an impact on the quality,and they are more conducive to the service income of providers.When government subsidies are less than 80% of the service income,the incentive effect is better.
文摘This paper introduces and analyzes Korea＇s NGV （natural gas vehicles） policy for soot-free bus fleet which intends to promote CNG （compressed natural gas） bus in metropolitan area for the reduction of air pollution from road sector. At the early stage, Korean goverrmaent established various supporting policy systems to encourage public transportation companies to purchase CNG buses as a means to replace diesel buses. It was evaluated as very successful with making net economic benefit of CNG bus promotion policy. During the 2nd stage, Korean government implemented CNG hybrid bus promotion policy to further reduce both air pollution and greenhouse gas. Now, a new social demand for the vehicles is zero-emission vehicles. The author asserts that current FCEV （fuel cell electric vehicle） should be considered as an alternative to zero-emission vehicles in Korea and suggests policy recommendation for the promotion of FCEV by referring the current CNG bus promotion policy in public transportation sector.
基金supported by the National Natural Science Foundation of China under Grant Nos.71702112,72204001 and 71971049the Social Science Planning Fund of Liaoning Province under Grant No.L19CGL008The Economic and Social Development Project of Liaoning Province under Grant 2022lslybkt-027.
文摘Based on the evolutionary game approach,this paper analyzes how the automaker makes rational production decisions under the influence of the government and consumers.A tripartite evolutionary game model of“government-automaker-consumer”is established to explore the interactions under the condition of bounded rationality.The study shows that:1)The increase of credit price and credit ratio will promote the diffusion of new energy vehicles(NEVs).2)The cost premium of NEVs and the shrinking market will slow the spread of NEVs to some extent but will not prevent NEVs from becoming a trend in the automobile industry.However,the cost premium of fuel vehicles(FVs)will accelerate the development of the NEV industry.3)Government subsidies can promote the development of NEV industry to some extent,but they are not always effective.The government can simultaneously implement subsidies for automakers and consumers in the early stages,and choose to implement the subsidy only for consumers in the medium term.Additionally,there is no need to implement the subsidy policy at a later stage.
基金the Fundamental Research Funds for the Central Universities and the Research Funds of Renmin University of China(Grant No.11XNI001).
文摘In this study,we advance the literature on export and government subsidy by examining their effects in the context of China,a fastgrowing emerging economy,and comparing the effects across ownership of enterprises.We examine the relationship among export,government support and firms’innovation capability,and how these relationships differ between state-owned and private owned enterprises,by using a large data sample of Chinese firms(2003–2007).First,we find that there exists an inverted U-shaped relationship between export and innovation in state-owned enterprises,but not in private owned enterprises.Second,there is a positive effect of government subsidy on firms’innovation capability.Finally,from the sub-sample analyses,we identify differences in the impact of government support between SOEs and POEs.This study will inspire future research into these issues in the disciplines of marketing,management and international business.
基金The authors sincerely thank the referees for their much practical help to improve the quality of this paper.This research has been supported by National Social Science Foundation of China under Grant No.11&ZD165,Guangdong Planning Project of Philosophy and Social Science of China(No.GD19YGL18),the Startup Fund from Shenzhen University under Grant Nos.2019023,860-000002110361 and Natural Science Foundation of Hubei Province under Grant No.2019CFB120.
文摘The government subsidy plays an important role in the recycling and remanufacturing process of a closed-loop supply chain.This paper focuses on the impacts of different patterns of government subsidy on the chain members'profits and the environment.Furthermore,we develop three models in a supply chain including a manufacturer,a retailer and a collector,namely(1)the government invests public service advertisement to stimulate the remanufacturing process(Model AS);(2)the government offers only monetary subsidy to the collector(Model MS);(3)the government allocates the subsidy into two parts,namely both advertisement and monetary subsidy(Model HS).We find that,no matter which subsidy pattern the government adopts,both the manufacturer and the collector are beneficiaries of the government subsidy,and that such subsidizing activity is definitely conducive to the environmental sustainability.Taking into account the chain members,profits and the environmental impact,the optimal hybrid subsidy scheme(Model HS)is more beneficial than that in both Model MS and Model AS,which can be attributed to the combination of the incentives provided by the public service advertisement and the price attraction by the monetary subsidy.We also find that,for single advertisement and monetary subsidy,the amount of government subsidy will decide their merits and demerits.The direct monetary subsidy in Model MS will have a greater influence regarding to the supply quantity of used products than the mere advertisement subsidy in Model AS when the subsidy is relatively large.
基金Chongqing Social Science Planning Project“Research on the Impact Mechanism of Industrial Upgrading of the Integration of Chongqing’s Productive Service Industry and Manufacturing Industry from the Perspective of Value Chain”(2017QNJJ13)Chongqing Municipal Education Commission Science and Technology Project“Study of Chongqing Industry Dynamics and Manufacturing Transformation and Upgrading Based on Supply-Side Structural Reform”(KJ1709234).
文摘Government subsidies for some firms will have effects on the market entry,exit and scale of firms,result in misallocation of resource between firms,and reduce manufacturing productivity.Using data of Chinese industrial enterprises from 1998 to 2007,this paper studies the effect and micro-mechanism of misallocation caused by government subsidy on manufacturing productivity.Decomposition of manufacturing productivity indicates there is resource misallocation between firms and decreasing of manufacturing productivity.Empirical study shows that government subsidies constitute an important factor inducing this resource misallocation.Subsidies change extensive and intensive margins of market,distort resource allocation between firms and reduce manufacturing productivity,and the resource misallocation is more serious in industries with higher proportion of state-owned assets.Specifically,subsidies hinder entry and exit of firms in extensive margins,with subsidized firms having lower propability of market entry and exit compared with unsubsidized firms;subsidies promote scale of subsidized firms and crowds out market share of unsubsidized firms in intensive margins.The implication of this paper is that when providing subsidies government should take into consideration their effect on the firms’dynamic and resource allocation in the frame of general equilibrium.
基金the National Natural Science Foundation of China(Nos.72203061,72303157,and 72173082)the Ministry of Education Project of Key Research Institute of Humanities and Social Sciences at Universities in China(No.22JJD790011)the Fundamental Research Funds for the Central Universities(No.2021ECNU-HLYT033).
文摘This study evaluates the quality of accounting information provided by Chinese multinational corporations(MNCs)in relation to the issue of earnings management.Using a combined dataset of outward foreign direct investment and financial statements by Chinese firms publicly listed on A-share markets between 2012 and 2017,we investigate whether Chinese MNCs are more inclined to manage earnings.We discover that these firms exhibited significant earnings management behavior and typically adjusted their earnings downward.We demonstrate that these effects were more pronounced among private MNCs than state-owned firms,and in host countries with weaker institutional quality.Further research reveals that after delaying the confirmation of current earnings,Chinese MNCs received higher government subsidies,and this pattern was particularly prevalent among private MNCs.We find no evidence that Chinese MNCs manipulated earnings to avoid paying taxes.
文摘This study aims to investigate the main factors driving technological innovation within firms in the manufacturing and service sectors of the Czech Republic.We apply a binary logistic regression model to cross-sectional data from 502 firms,obtained from the World Bank Enterprise Survey.The results of our empirical investigation show that certain elements of the business environment,such as the tax rate,serve as significant obstacles to firms’product innovations.The results also confirm that international technological linkagesdmeasured by international quality certificates and foreign technology licensesdaffect technological innovations.Moreover,we found that internal R&D activities positively impact technological innovation across all sectors;contrarily,we found that process innovation in the manufacturing sector is positively influenced by foreign technology licenses and business association membership.Process innovations in the service sector are positively correlated with external R&D and financing from banking institutions.Finally,business association membership does not positively influence technological innovation in the service sector.Our findings have salient implications for firm managers,policymakers,and scholars aiming to explore and improve innovation outcomes in transitional economies.
基金the financial support of National Natural Science Foundation of China(71874193,71503249,71203008,71904014)the Asia-Pacific Network for Global Change Research(CBA2018-02MY-Fan)+2 种基金Huo Yingdong Education Foundation(171072)the Fundamental Research Funds for the Central Universities(Nos.2020YJSNY01,2020SKNY01)the Open Research Project of State Key Laboratory of Coal Resources and Safe Mining(China University of Mining and Technology,SKLCRSM19KFA14).
文摘A trinomial tree model based on a real options approach was developed to evaluate the investment decisions on carbon capture,utilization,and storage(CCUS)retrofitted to the three main types of thermal power plants in China under the same power generation and CO2 emissions levels.The plant types included pulverized coal(PC),integrated gasification combined cycle(IGCC),and natural gas combined cycle(NGCC)plants.We take into account a subsidy policy consistent with the 45Q tax credit of the U.S.,as well as uncertainty factors,such as carbon price,technological progress,CO_(2) geological storage paths,oil price,and electricity price.The results showed that the investment benefit of ordinary NGCC power plants is 93.04 million USD.This provides greater economic advantages than the other two plant types as their investment benefit is negative if the captured CO_(2) was used for enhanced water recovery(EWR),even if 45Q subsidies are provided.Compared with NGCC+CCUS power plants,PC+CCUS and IGCC+CCUS power plants have more advantages in terms of economic benefits and emission reduction.The 45Q subsidy policy reduced the critical carbon price,which determines the decision to invest or not,by 30.14 USDt^(-1) for the PC and IGCC power plants and by 15.24 USDt^(-1) for the NGCC power plants.Nevertheless,only when the subsidy reaches at least 71.84 USDt^(-1) and the period limit is canceled can all three types of power plants be motivated to invest in CCUS and used the capture CO_(2) for EWR.Overall,the government should focus on the application of CCUS in coal-fired power plants(in addition to developing gas power generation),especially when CO_(2) is used for enhanced oil recovery(EOR).The government could introduce fiscal policies,such as 45Q or stronger,to stimulate CCUS technology development in China.
文摘Drawing on social exchange theory,this study uses data on China’s Shanghai and Shenzhen A-share listed companies from 2009 to 2016 to examine why zombie enterprises are‘‘stiff but deathless."We?nd that these enterprises are able to‘‘linger breathlessly"due to government support in the form of increased subsidies and bank loans.The government is more inclined to grant subsidies to zombie companies that assume greater policy burdens,speci?cally those offering more jobs.Furthermore,an enterprise’s property rights do not in?uence the level of‘‘blood transfusions"received,and government assistance fails to bolster operating effciency or value.This phenomenon is further explored in the context of the incentives local government offcials have to maintain employment stability.Our conclusions highlight the necessity and urgency of cleaning up zombie enterprises.
基金supported by the National Natural Science Foundation of China (70921001,71431006,71271216)the Education Ministry Social Science of China (13JZD016)
文摘Engineering machinery manufacturing and remanufacturing are significant sources of greenhouse gases.In the context of emission reduction and resource recovery,the authors analyze the impact of current carbon quota allocations and government subsidies policies on manufacturers' profits and recovery rates in a closed-loop supply chain.A simplified model consists of two manufacturers,one retailer and a third-party recycler.The study found that carbon quotas and government subsidies can both promote the improvement of recovery rates under certain conditions,and have similar effects in regulating interest distribution between manufacturers.The combination of the two methods can effectively realize the targets of recycling and carbon emissions reduction.
基金financial support from the National Natural Science foundation of China(Project ID:71762025)National Accounting Top Talents of the Ministry of Finance of Chinathe financial support from the Young Scholar Start-up Program of Shenzhen University(Project ID:85203/00000536)
文摘This paper investigates whether zombie firms demonstrate a tendency to invest in the financial sector,a practice we term financialization strategy.Unlike those in the United States,Japan,and Europe,we find that zombie firms in China are not necessarily small and that they rely heavily on government subsidies in addition to bank loans for survival.In addition,we document that zombie firms in China experience limited investment opportunities in their core businesses.This combination of readily available funding and limited investment opportunities jointly motivate the financialization of firms with zombie status.We further find that financialization is preferred by non-state-owned firms and by those located in regions with less developed markets.Finally,we suggest that a contagion effect can occur in terms of financialization in provinces that have a high percentage of zombie firms.This research sheds light on the effects of a triangular relationship among firms,government agencies,and financial institutions on both the operations of individual firms and overall market efficiency.
