Matching Items (188)
Description人口的老龄化不仅对养老事业提出更高的要求，也对养老服务产业人才的培养提出要求。但是青年学生选择涉老服务专业的意愿却非常低。因此，为了探究职业学院如何增强涉老服务专业吸引力这一问题，本文以学生为主体视角，利用相关理论，对于影响青年学生选择涉老服务专业的因素进行全面的分析，并结合深度访谈和调查法，提出并建构了相关的理论模型。首先，通过深度访谈和焦点小组讨论，结合对现有的文献的分析，本文提出了影响青年学生选择职业院校涉老服务专业的各种因素，主要包括：个人未来风险感知、家庭经济资本、社会信息评价、校企合作水平、专业课程建设水平、学生激励水平、师资队伍建设水平。之后，本文通过调查法，基于社会认同理论构建了本文的研究模型，并通过结构方程模型对所构建的模型进行检查。
本文的研究结果表明：个人未来风险感知对学生专业认同度产生负面影响；家庭经济资本对学生专业认同度产生负面影响；社会信息评价对学生专业认同度产生正面影响；校企合作水平对学生专业认同度产生正面影；专业课程建设水平对学生专业认同度产生正面影响；学生激励水平对学生专业认同度产生正面影响；师资队伍建设水平对学生专业认同度产生正面影响；学生专业认同度对学生专业选择意愿产生正面影响。
基于上述研究结论，本文选取了个人未来风险感知、家庭经济资本、社会信息评价、校企合作水平、专业课程建设水平、学生激励水平、师资队伍建设水平等因素对于广东岭南职业技术学院涉老服务专业的现有吸引力进行了分析和评估，并从这些视角进一步了对如何提升招生吸引力问题进行探讨，为提高涉老服务专业对于青年学生的吸引力，得出了相关管理建议。
ContributorsZhou, Lanqing (Author) / Shen, Wei (Thesis advisor) / Wu, Fei (Thesis advisor) / Pei, Ker-Wei (Committee member) / Arizona State University (Publisher)
Created2021
Description本文在对分子诊断与基因测序相关概念以及文献进行分析和整理的基础上，通过批判分析找到当前研究的空白之处。在此基础上，从理论角度对研发投入、团队背景、应用场景等因素对公司财务绩效的作用机理以及销售模式对研发投入与公司财务绩效关系的调节机理进行分析并提出相关研究假设。利用华大基因、达安基因、凯普生物、金域医学、迪安诊断、艾德生物、透景生命、贝瑞基因等8家分子诊断与基因测序领域上市公司的数据实证了上述研究假设。研究发现：（1）研发投入能够显著促进分子诊断与基因测序公司的财务绩效，但是这种作用效力较小。公司规模和债务水平的提高会降低公司财务绩效，机构投资人持股比例和市场推广费用对公司财务绩效的影响不显著。
（2）创业团队背景的不同并不会导致分子诊断与基因测序公司财务绩效产生差异。
（3）采取直销模式的分子诊断与基因测序公司财务绩效要优于代销和混合模式，后两者公司财务绩效没有显著差异；与代理模式相比，采取直销模式的公司其研发对公司财务绩效的促进作用更加明显，混合模式公司则没有显著差异。
（4）不同产品应用场景的分子诊断与基因测序公司财务绩效，肿瘤的最好，传染病其次，遗传病的排在最后。
ContributorsGuan, Jian (Author) / Shen, Wei (Thesis advisor) / Jiang, Zhan (Thesis advisor) / Sun, Tianshu (Committee member) / Arizona State University (Publisher)
Created2022
Description
Entrepreneurship entails a transition from status quo to a founder/leader of a new organization, and the dominant view in the literature focuses on opportunities in a hypothetical situation, namely an entrepreneurial option. This study shifts the attention from an entrepreneurial option to a current situation and proposes that a perception of costliness in status quo as a driver of entrepreneurial decisions and strategies. Specifically, I propose that a perception of inequality due to the local hierarchy of an organization engenders motivation of disadvantaged employees to become a leader of his/her own entrepreneurial organization. Utilizing hierarchy-based power dynamics and attribution biases, I theorize that i) status gap between a leader and a member and ii) status distinctiveness of a leader in the current organization affect an entrepreneurial decision because of inequality perception. Furthermore, I hypothesize that entrepreneurial organizations driven by such status inequality are more likely to replicate the local structure of the previous employer in terms of status hierarchy to compensate for the perceived disadvantages in the previous employer. The empirical analyses of this study investigate entrepreneurial decisions and entrepreneurial team formation of jazz musicians from jazz discographies between 1950 and 2018, and I found supportive results. This study contributes to the entrepreneurship and inequality literature by bridging two research spaces. It first uncovers the roles of a negative perception of the status quo in entrepreneurship, in addition to the established idea of a positive perception of an alternative option. It also suggests a novel explanation of the long-standing question of inequality reproduction by looking at whether and how inequality spreads via entrepreneurship.
ContributorsJeon, Chunhu (Author) / Shen, Wei (Thesis advisor) / Bundy, Jonathan N (Thesis advisor) / Certo, S. Trevis (Committee member) / Arizona State University (Publisher)
Created2022
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
With the increasing aging population in China, the public's emphasis on health has been on the rise. Many innovative pharmaceutical companies have undertaken multiple rounds of financing, with some going public through IPOs. As a high-tech industry, it is essential to study the relationship between the level of corporate publicity and the financing process.This study collected information on the number of promotional articles, timing, and platforms of dozens of pharmaceutical companies that have already gone public through IPOs using Python. An analysis was conducted on the temporal variations of promotional articles for ten representative companies. It was found that the number of promotional articles experienced a significant increase in the month of IPO or the month before, and remained relatively high even after the IPO.
Furthermore, the Pearson correlation coefficient method was used to analyze the correlation between the number of promotional articles and various stages of financing. The study found a positive correlation between the daily average number of promotional articles before IPO and the final financing amount. Additionally, a strong positive correlation was observed between the daily average number of promotional articles from 7 days before IPO to IPO day and the turnover rate on IPO day. Grey correlation analysis was also employed to analyze the impact of publicity on the financing amount of each
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financing round, revealing that the financing round and the Shanghai Composite Index had a significant influence.
Finally, a multiple regression analysis was conducted to examine the relationship between the pre-IPO financing scale, IPO-day trading amount, and the level of corporate publicity. The regression results indicated that the pre-IPO financing scale was mainly influenced by the number of promotional articles in the 7 days preceding IPO, particularly for pharmaceutical companies listed on the A-share market. Moreover, a negative correlation was observed between the financing round and the financing amount, particularly among companies that experienced a decline in share price on the IPO day. However, the study found a weak association between the IPO-day trading amount and the level of corporate publicity, primarily observed among pharmaceutical companies listed on the A-share market.
ContributorsMiao, Yujia (Author) / Shen, Wei (Thesis advisor) / Jiang, Zhan (Thesis advisor) / Cheng, Shijun (Committee member) / Arizona State University (Publisher)
Created2024
Description
Solar power, as an important part of renewable energy, has become one of the main choices for countries around the world in their energy strategic layout due to its cleanliness, renewability, and distributed attributes. In the context of the booming photovoltaic industry, China has emerged a large number of excellent photovoltaic companies, driving the whole industry to reduce costs and increase efficiency, making many contributions to the grid parity of photovoltaic power generation. In the development lifecycle of the photovoltaic industry, various companies choose different competitive strategies to deal with industry cyclical changes and external uncertainty based on their core competitiveness and market opportunities. Vertical integration is one of the strategic paths chosen by many photovoltaic companies. Therefore, it is an important issue to explore the impact of vertical integration on the development of Chinese photovoltaic companies.Based on the data of China's A-share listed photovoltaic companies from 2018 to 2022, this paper uses panel fixed effect model to empirically test the impact of vertical integration on corporate valuation, explores its influencing mechanism, and further analyzes the moderating effect of enterprise heterogeneity factors. The research in this paper shows that: (1) under other conditions unchanged, vertical integration significantly improves the valuation level of enterprises, and this positive impact will not change with the measurement method of enterprise valuation level. This is because the higher the vertical integration degree of enterprises, the stronger their ability to respond to external uncertainty. The more enterprises can obtain capital market preferences, the higher the enterprise valuation will be. This also means that the higher the vertical integration degree of photovoltaic enterprises, the higher their market share is, and they are more able to avoid the impact of external uncertainty, thus obtaining a higher valuation level in the secondary market. (2) The intermediary effect test shows that the channel for vertical integration of photovoltaic enterprises to affect enterprise valuation levels is to increase their market share. (3) Further heterogeneity analysis shows that enterprise profitability and enterprise size positively regulate the impact of vertical integration on enterprise valuation, while enterprise management shareholding ratio and enterprise operating cost ratio will weaken the positive promotion effect of vertical integration.
The research conclusions of this paper provide micro-empirical evidence for how photovoltaic companies can improve their enterprise valuation, and also provide some management references for other unlisted companies in the same industry.
Keywords: Photovoltaic enterprises; Vertical integration; Corporate valuation; Fixed effect model
ContributorsZheng, Ren (Author) / Shen, Wei (Thesis advisor) / Wu, Fei (Thesis advisor) / Zhao, Yanfei (Committee member) / Arizona State University (Publisher)
Created2024
Description城投债是地方政府投融资平台作为发行主体发行的债券，所融资金多被投入地方政府基础设施建设或者公益性项目，拥有地方政府信用的隐性担保。城投债在一定程度上缓解了地方政府在城市发展过程中资金的短缺问题，在我国城市化进程，促进当地经济发展，引导产业转型升级等方面做出了重大贡献。 随着城投债不断发展，代表城投债信用风险的主要考量点-城投债信用利差愈发备受关注。因为无论是城投债的承销机构，还是城投债的投资机构，包括涉及到城投债风险管控的政策制定部门，都会关注到城投债信用利差，那么影响城投债信用利差的影响因素有哪些呢，这些影响因素有哪些是对城投债信用利差有显著影响呢。 本文首先对城投债相关理论概念，包括政府投融资平台、城投债概念以及相关文献综述做了介绍；并指出了之前研究的一些不足之处等问题。同时对城投债的发展概况做了简要描述并进行了相关统计；其次针对影响城投债信用风险的相关因素进行了详细的分析，主要包括宏观经济因素分析、地方政府影响因素分析、发债主体影响因素分析和债项自身影响因素分析；通过分析每一种影响因素的具体情况，假设相关因素与信用利差的关系。然后再提取二手数据通过实证验证回归分析的方法分别验证假设是否成立，找出影响城投债信用风险的主要共同影响因素，同时得出影响最为强烈的几种因素。最后根据上述分析得出的相关结论， 提出防范与降低城投债信用风险的对策和建议。 该研究一方面引导市场正视城投债信用利差的各种因素，明确我们平时认为的影响因素和理论研究得出的影响因素是否一致；继而找到影响城投债信用利差的关键因素，供城 投债承销机构及投资机构做参考，同时提示城投债风险防范应重点关注的核心问题，为防范和降低城投债风险提供重要参考。
ContributorsLi, Juhui (Author) / Gu, Bin (Thesis advisor) / Liang, Bing (Thesis advisor) / Wang, Tan (Committee member) / Arizona State University (Publisher)
Created2019
Description疫情期间，人们与社区发生了高频链接。流调、核酸、求助，社区工作者无时不刻出现在人们的生活中。社区作为中国基层治理的基础单元，政府需要上而下到社区执行防控工作，百姓则自下而上需要社区提供服务和帮助、向上反映各类居民诉求。伴随着中国的城镇化进程，全中国有9万个城市社区、400万社区工作者，社区参与主体从居委会、物业到民非组织，不断地进化。在人们对未来生活需求不断提高的时侯，社区服务提供者协同社区各主体，实现数字社区可持续发展？本研究围绕“社区服务提供者如何在后疫情时代构建可持续的社区协同机制？”这一研究问题，首先，对数字社区可持续发展和数字社区协同机制相关研究进行梳理和回顾；第二，将以数字社区建设和协同治理为出发点，以七彩集团为研究样本，分析其实际运营的滨江缤纷未来社区和萧山瓜沥未来社区案例，归纳总结其协同治理的具体措施；第三，结合理论规范分析，提出“数字社区协同机制-协同绩效”的理论框架和作用边界；第四，运用问卷调查结合因子分析的方法，对这些具体措施能够实际提高企业绩效进行问卷发放和数据验证。
本研究得到以下三个主要结论：（1）数字社区中可持续性发展协同治理机制是社区运营主体利用数字化技术对社区内参与提供和使用服务的治理活动进行约束、激励、引导和管理的一系列制度安排，同时包括政策治理、社区文化和市场共建三种不同作用机制。（2）数字社区中，治理政策机制仅在社团主体中作用显著；社区文化除了在社区物业中作用有限，在其他所有主体中均发挥重要作用；市场共建则是在社团、物业和居民业主中发挥作用。（3）协同机制通过政策治理、社区文化、市场共建影响社区内不同主体的感知和行为，而数字技术作用一种新兴的支撑性技术能够对上述作用产生不同的增强作用，进而促进协同绩效提升。
本研究通过聚焦于社区运营六方主体的角色分工、各自诉求，进一步讨论如何应用最新数字经济和技术来找到可持续发展的协同机制，为后疫情时代中国社区的良性发展找到解决方案。
ContributorsXu, Xiaowei (Author) / Shao, Benjamin (Thesis advisor) / Zhang, Anmin (Thesis advisor) / Gu, Bin (Committee member) / Hong, Yili (Committee member) / Arizona State University (Publisher)
Created2023
Description并购重组一直是提升企业经营效率、增强市场活力的重要力量。我国政府也一直积极鼓励企业间的并购重组以推动资源的优化配置，使得我国并购重组市场一直较为活跃，交易数量和规模屡创新高。然而交易双方的信息不对称可能导致并购方支付过高的并购溢价，损害并购方价值。针对这一问题，证监会于 2008 年开始实施《上市公司重大资产重组管理办法》，要求当标的资产估值是基于未来预期收益时，如果标的资产未来三年的实际盈利低于承诺利润，交易对方需以现金或股份形式对并购方进行补偿。因此，业绩承诺的政策初衷是防止被并购方操纵资产价格、保护并购方和外部投资者的利益。但近年来，部分公司与标的方合谋制定高业绩承诺以换取高估值溢价，继而引发财务造假、减持套现、利益输送、股价崩盘等一系列问题，比如曾被称为“游戏第一股”的掌趣科技从 2013 年开始疯狂并购多家公司并签订相应业绩承诺，公司股价随之飙升，华谊兄弟等大股东和管理层趁机大规模减持，累计套现近60亿，导致中小股东利益严重受损，资本市场对业绩承诺的质疑也日益增加。因此并购重组业绩承诺实现的影响因素及其作用机制成为近年来学术界的研究热点。上市公司进行并购交易时，通常会根据自身财务状况、股权结构、融资成本等因素设计并购支付方式。根据中国证监会 2014 年发布的 《关于修改＜上市公司收购管理办法＞的决定》 的规定，上市公司收购可采用现金、证券、现金与证券相结合等合法方式支付收购价款。收购方无论采取何种支付方式，都是期望通过优化配置资源、改善经营绩效和增加股东财富。自股权分置改革以来，我国的资本市场正不断完善，并购支付方式也逐渐走向多元化。但是由于信息不对称等问题的存在，业绩承诺协议中的支付方式选择和补偿方式选择也可能会滋生并购双方进行利益输送的温床。因此，在该背景下，研究支付方式对业绩承诺的影响机制具有重要的理论和现实意义。
本文以2014-2018年我国A股主板上市公司为研究样本，以“提出问题-理论分析-实证分析-研究结论”为基本思路，运用委托代理理论、信息不对称理论、信号传递理论以及控制权等理论，分析企业并购支付方式的影响因素和支付方式对业绩承诺影响的作用机制，并提出本文的研究假设，通过描述性统计分析、二元逻辑回归和多元线性回归分析等研究方法对研究假设进行实证检验，得出本文的研究结论。
本文主要的研究工作和内容如下：
根据本文的研究主题，梳理了并购、支付方式、业绩承诺等方面已有研究文献，指出已有研究文献的贡献和不足，进而提出本文的研究问题。
在理论分析和作用机理方面，本文运用代理理论、信息不对称理论、融资优序理论、控制权理论等针对支付方式的影响因素以及支付方式对业绩承诺影响的机理进行分析，据此提出本文的研究假设。
在实证研究方面，运用描述性统计分析、二元逻辑回归和多元线性回归分析等方法检验了股权集中度、现金持有量和市场估值对支付方式选择的影响，利用中介效应检验验证了资本结构、股权制衡以及税负协同在支付方式与业绩承诺之间的作用路径，得出本文的实证结论，最后采用更换实证模型方法和主要研究变量的方法进行了相应的稳健性检验。
最后给出本文的主要研究结论，指出本文的研究局限和未来研究方向。
本文的主要研究结论如下： （1）股票支付方式更有利于实现业绩承诺。通过多元统计回归分析和中介效应检验，以及现金支付和股权支付下的业绩承诺兑现进行均值差异检验，均发现两种不同支付方式下的业绩承诺兑现效果是显著存在差异的。（2）在理论上解释了支付方式影响业绩承诺的机理。运用信息不对称下的信号理论、资本结构理论、公司控制权以及协同理论,阐述了支付方式影响业绩承诺的机理,业绩承诺的兑现是支付方式、资本结构、公司控制权结构等多种因素综合作用的结果。选择不同的支付方式来源于企业不同的融资方式，差异化的融资方式就会导致企业在并购完成后形成不同的资本结构和股权结构，从而给企业带来财务协同和管理协同效应，同时，由于我国税收制度的改革，对不同的支付方式均能够影响并购参与方的税收变化，能够产生税收协同效应，从而有利于实现企业的业绩承诺。
（3）在并购支付方式影响因素的研究中，运用多元回归统计回归的方法分析方法验证了现金持有量、股权集中度和市场估值是影响企业并购支付方式的重要因素。其中，股权集中度与支付方式的回归系数为负数，说明股权集中度越高，企业越倾向于选择现金支付；现金持有量与股份支付之间存在负相关的关系，即公司现金持有水平越高，企业越偏好选择现金支付；市场估值与股份支付的回归系数为正，说明企业并购支付方式具有择时效应，当上市公司股价较高时，上市公司会利用股票溢价来减少实际支付的金额。
（4）在支付方式对业绩承诺的兑现的研究中，运用逻辑回归和中介效应检验的方法，证实了支付方式能够对业绩承诺直接产生影响外，还发现资本结构、股权制衡和税负在其中发挥了中介的作用，其中相比现金支付，股权支付会引起股权结构和债务结构的变化，通过风险共担以及股权结构的优化，在一定程度上能够一直股权制衡带来的寻租成本，从而有利于业绩承诺的兑现。股权支付能够获得递延交纳资本利得税、应计折日和资产增加等税收协同，也助力了业绩承诺的实现。与此同时，发现并购企业自身规模、被并购企业的规模、并购的类型以及是否是关联并购也起到了一定的影响，这为企业如何实现业绩承诺提供了参考。
本文的创新之处体现在：
（1）研究视角的创新。以往关于并购支付方式的研究主要关注支付方式的选择对并购绩效的影响，鲜少考虑业绩承诺这一前提下二者之间的关系。本文综合考量当并购双方签订业绩承诺的情况下，企业的并购目标不同于简单追求控制权的转移，增加了对并购长期战略目标的关注，分析支付方式对业绩承诺的影响及其作用机制。本文基于业绩承诺视角研究支付方式对并购绩效的影响，进一步扩展了并购领域的研究视角。
（2）研究方法的创新。利用中介效应检验模型验证支付方式对业绩承诺的影响。支付方式作为并购战略的重要组成部分，对于能否顺利实施并购战略具有重要的意义，以往的研究大多选择结构方程进行因素检验，本文采用中介效应的三步法进行验证，发现支付方式既有直接效应，同时还验证了资本结构、股权制衡和税收协同的部分中介作用，本研究有助于丰富和完善支付方式对业绩承诺影响的研究内容。
（3）研究方向和内容的创新。本文采用本文改变现有文献通过设置虚拟变量的方式将股份支付和现金支付截然分开，把并购案例中股份支付对价与并购支付总对价之间的比率作为并购支付变量，并购支付变量设计成连续变量；同时，本文以并购完成后样本公司的资本结构、股权制衡和税负变化衡量并购带来的协同效应为中介变量，详细分析支付方式对业绩承诺影响的作用机制，完善并丰富了并购领域的研究。
ContributorsPan, Jie (Author) / Pei, Ker-Wei (Thesis advisor) / Chen, Xin (Thesis advisor) / Jiang, Zhan (Committee member) / Gu, Bin (Committee member) / Arizona State University (Publisher)
Created2023
Description本文通过分析F证券公司某营业部13000余名投资者从2019到2021年的交易和持仓数据，以及研究投资者处置效应的各主要性质，本文发现，投资者的处置效应造成了相当一部分交易损失。在投资者个人特征方面，风险评级越高的投资者处置效应越弱，印证了处置效应与风险厌恶的关系。更为重要的是，投资者的投资组合分散程度与处置效应负相关、投资组合彩票性质与处置效应正相关。这分别印证了风险厌恶和主观概率作为累积前景理论的核心组成部分，对处置效应的影响。本研究由此得出针对散户投资者的投资建议：在分散化投资的同时，有意识地克服出盈保亏的倾向；侧重于配置安全边际高的股票，减少对于彩票型股票的配置。
ContributorsGong, Haifeng (Author) / Shen, Wei (Thesis advisor) / Wu, Fei (Thesis advisor) / Li, Xianglin (Committee member) / Arizona State University (Publisher)
Created2023