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- Language: English
- Member of: ASU Electronic Theses and Dissertations
Description
This paper analyzes China's transformative changes over the past four decades through a microeconomic lens focused on enterprises. Market-oriented non-state-owned enterprises have emerged as a pivotal force driving China's economic development within this context. The article investigates the determinants of their development. Notably, more than half of market-oriented non-state-owned enterprises have entered the inheritance stage, necessitating the exploration of novel attributes for sustained growth.The study's research scope is defined across four dimensions, with a specific focus on approximately 4,000 market-oriented non-state-owned enterprises. It investigates the driving factors behind sustained performance growth at various stages of these enterprises, emphasizing five variables: "partnership governance, entrepreneurial spirit, development strategy, incentive mechanisms, and innovation capability." Employing a combination of "typical case studies" and "group validation" methods, the research examines the factors influencing sustained growth in these enterprises and their interrelationships. The goal is to construct a model for enterprise succession and development, ultimately offering recommendations to foster sustained growth.
The research paper is structured into an introduction, literature review and theoretical foundation, typical case studies, empirical research on a group, and a conclusion.
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Key findings include: Partnership governance positively impacts partners' entrepreneurial spirit, promoting sustained performance growth. Trajectory-oriented development strategies, effective incentive mechanisms, and leading innovation capabilities have a positive moderating effect on entrepreneurial spirit, fostering sustained performance growth. During the innovation development phase, partnership governance significantly influences entrepreneurial spirit with a noteworthy environmental moderation effect.
The paper recommends implementing a "Dual-Factor Improvement Model" that enhances both partnership governance systems and the selection and functioning mechanisms of entrepreneurial spirit partners. This approach aims to boost partners' entrepreneurial spirit and facilitate high-quality succession in market-oriented non-state-owned enterprises，，ultimately achieving sustained high-quality growth.
In conclusion, this research contributes to a deeper understanding of sustained performance growth in enterprises. It offers valuable insights for the succession and development of market-oriented non-state-owned enterprises and innovation-driven entrepreneurship. This research holds significant value in advancing sustained high-quality development among market-oriented non-state-owned enterprises in China, optimizing resource allocation, and nurturing talented individuals.
ContributorsDeng, Cheng (Author) / Shen, Wei (Thesis advisor) / Cheng, Shijun (Thesis advisor) / Wu, Fei (Committee member) / Arizona State University (Publisher)
Created2023
Description
The pharmaceutical industry plays an important role in Chinese economic development. How to propel the innovation and growth of the pharmaceutical industry with capital market tools becomes an important question. With the increasing layout of venture capital (VC) in the pharmaceutical industry, the impact of VC participation on the innovation and growth of pharmaceutical enterprises should be carefully studied. For investment purposes, CVCs, which are established by industrial corporations, mainly focus on new technologies and modes in the relevant industrial chain of their parent companies, and try to establish strategic synergy through their equity investment. IVCs have no specific industry restrictions, and their purpose is to search for and identify innovative enterprises with high growth potentials, and to harvest financial gains by investing in them.In order to explore these issues, this paper collects and analyzes data from a sample of Chinese A-share listed pharmaceutical companies from 2015 to 2022, tests the impact of VCs on the innovation inputs, innovation outputs, and growth performance of this sample of companies, and examines the differences between the impacts of IVCs and CVCs on the relevant performance. It is found that VC investment has a significant positive impact on pharmaceutical firms' innovation input, innovation output, and firm growth. In particular, IVCs have a significant positive effect on innovation input, growth performance, and an insignificant effect on innovation output of pharmaceutical firms.
CVCs, on the other hand, have a significant positive effect on innovation input, innovation output, and growth performance of pharmaceutical firms. In addition, the interaction between IVC and CVC can further enhance the innovation input level and growth performance level of pharmaceutical enterprises.
This paper uncovers the differences in the impact of IVCs and CVCs on the innovation input, innovation output, and growth performance of pharmaceutical enterprises, expands the research on venture capital, enriches the driving mechanism of pharmaceutical enterprises' high-quality growth and innovation capability in the Chinese context. This paper also provides some insights into how pharmaceutical enterprises select VCs and how VCs can empower pharmaceutical enterprises in practice.
ContributorsZhang, Pei (Author) / Zhu, David (Thesis advisor) / Yan, Hong (Thesis advisor) / Wu, Fei (Committee member) / Arizona State University (Publisher)
Created2023
Description
This paper studies the spillover effect of star funds in the Chinese mutual fund market. I show that star funds can attract more capital inflows to their sibling funds (managed by same fund manager) and family funds (managed by same fund company). The spillover effect is stronger for sibling funds.Further, I propose two mechanisms of spillover effect of star funds. The first mechanism is related to investors’ limited attention and ability. Star funds can easily attract investors’ attention among numerous fund products. The high degree of attention of star funds makes their related funds (e.g., family funds and sibling funds) get more attention, thus attracting more capital flows. I show that the spillover effect of star funds to their sibling funds is stronger among funds with a higher proportion of individual investors. Due that individual investors are more limited in attention and more easily pay attention to sibling funds, the result thus verifies the mechanism to a certain extent.
The second mechanism is about performance correlation. Investors choose sibling or family funds of star funds because they expect their future performance to be as excellent as that of star funds. I find that the performance correlation between sibling funds and star funds is stronger than that between family funds and star funds. Combined with the result that the spillover effect of star funds on sibling funds is stronger than that on family funds, it verifies the mechanism to some extent.
This paper is of great significance for understanding the spillover effect of star funds.
ContributorsZhou, Xiaolei (Author) / Shi, Zhan (Thesis advisor) / Yu, Xiaoyun (Thesis advisor) / Wu, Fei (Committee member) / Arizona State University (Publisher)
Created2023