An effective going concern prediction model for the sustainability of enterprises and capital market development

The purpose of this study is to construct a two-stage effective and innovative going concern prediction model to predict going concern doubt for the sustainability of enterprises and capital market development. Samples of this study are the companies listed on the Taiwan Stock Exchange or the Taipei Exchange, totalling 196 companies and including 49 companies with going concern doubt and 147 normal companies (with no going concern doubt). The data are taken from the Taiwan Economic Journal (TEJ) and the Market Observation Post System during the period from 2001 to 2016 (totalling 16 years). This study adopts a two-stage way to construct the going concern prediction models. In Stage I, the traditional statistical method of stepwise regression (SR) and the data mining technique artificial neural network (ANN) are applied to select the important variables. In Stage II, two decision tree algorithms (data mining techniques): classification and regression tree (CART) and C5.0 are used to establish the prediction models. The results show that the SR + CART model has the highest going concern prediction accuracy, with an overall accuracy of 87.42%.     

State Capitalism Revisited: A Review of Emergent Forms and Developments

Even when the neoliberal ideology of the free market was more dominant than it now is, the state was involved in economic activities that could be undertaken by private firms. State capitalism takes increasingly diverse forms, including beyond direct, partial or even indirect ownership. This paper briefly reviews some of these forms without claiming to be exhaustive as the shape state capitalism takes differs widely across the institutionalized contexts of countries. We assess state capitalism using Polanyi’s double movement framework and argue that this framework needs adaptation to novel forms of state capitalism that include, e.g., state-owned multinationals and sovereign wealth funds.     

WHAT DO CITIZENS THINK ABOUT PUBLIC ENTERPRISES? SUBJECTIVE SURVEY DATA ON THE LEGITIMACY OF THE ECONOMIC ACTIVITIES OF THE GERMAN PUBLIC SECTOR

We analyse the legitimacy of public enterprises that perform economic activities by focusing on the citizens’ subjective preferences, i.e. determining their political legitimacy. Using data from a representative survey conducted among 318 citizens of the German state of Rhineland‐Palatine, we explore determinants for the support of either privatisation efforts or the instrumental thesis, a widespread principle in German‐speaking countries, which considers public enterprises solely as instruments to fulfil economic policy objectives. Our results indicate that the respondents’ perception of the efficiency of public enterprises as well as their personal economic situation are important factors for the support of privatisation. The influential factors for the use of public enterprises as policy instruments are political ideology, the perception of a higher security of supplying goods and services as well as opinions regarding corporate social responsibility. The subjective preferences of a (democratic) country's citizens are thus an important reason why the public sector should or should not play an active part in providing goods and services. This can play an important role when decision makers from the public sector are keen to take into account the citizens’ approval or disapproval of privatisation measures.     

我国民营企业发展问题研究

近年来 ,我国的民营企业呈现出了良好的发展势头 ,但也存在着宏观经济政策环境不够配套、企业内部治理结构不够合理等诸多问题 ,影响着民营企业的发展。因此 ,应从宏观经济环境和企业内部管理两个方面提出一些具有针对性的措施和对策。     

对科技型中小企业研发的新思考

研发是科技型中小企业技术创新的动力之源，也是企业在激烈的市场竞争中求生存、谋发展的必然选择。文章对影响企业的研发因素进行了分析，在此基础上，指出了企业进行研发的路径选择以及企业在研发中应当注意的一些问题。     

数字化赋能视角下小微企业生态竞争力影响因素研究

在经济转型升级和生态文明建设背景下,小微企业的生存发展要顺应绿色发展趋势,打造生态竞争力。随着数字化时代的到来,数字化赋能小微企业实现绿色发展提升其生态竞争力必将带来深远影响。为更好研究数字化环境下小微企业生态竞争力受哪些因素影响,给小微企业生态竞争力的培育提供一定的参考,在现有相关研究基础上,从小微企业外部环境与内部管理、生产及文化层面出发,对数字化环境下小微企业生态竞争力影响因素进行识别并确定权重;构建了五维数字化赋能视角下小微企业生态竞争力影响因素关系模型;最后给出研究结论并提出相关建议。     

The Technical Innovation Mode of the Knowledge Enterprises and the Government Substitute——The Management Innovation of the Chinese Knowledge Enterprises

The Chinese economists believe that the government substitute has the positive external effect on the management of the knowledge enterprises. The mix innovation mode of the government substitute will improve the efficiency of the technical innovation mode of the knowledge enterprises. The knowledge enterprises of the developing country can use the mix innovation mode of the government substitute for reference.     

林业企业实施森林认证的内在动力机制及其模型

实施森林认证行为是林业企业的一种全新的可持续发展模式。分析表明林业企业实施森林认证的动力在于：林业企业经营者实施森林认证的决策偏好、林业企业森林生态经济效益优化目标、森林可持续经营战略与林业企业可持续发展战略的拟合度、社会周围其它林业企业实施森林认证的状况、林业企业的竞争压力、政府及林业行政管理部门对森林认证的支持力度、市场准入制度变化、林产品市场体系规范化制度化状态等要素之间的相互促进关系。社会周围其它林业企业实施森林认证的状况、政府及林业行政管理部门对森林认证的支持力度、市场准入制度变化、林产品市场体系规范化制度化状态对林业企业实施森林认证模式具有间接影响,通过影响其它诸要素改变林业企业实施森林认证的动力。     

R&D based knowledge capital and future firm growth: Evidence from China’s Growth Enterprise Market firms

Building upon a dynamic stochastic general equilibrium (DSGE) model, this paper examines the role of knowledge-based capital (KC) in improving firms’ future growth in productivity. Based on the analysis of Chinese listed firms from 2006 to 2017 in the Growth Enterprise Market (GEM), we find KC often generates endogenous movements in productivity and earnings over the business cycles, suggesting that the nature of KC is pro-cyclical. Moreover, investment in KC is often classified as a corporate expense and is thus deducted from the current year’s profits. Therefore, firms with high R&D investments have significantly higher future productivity growth but lower current profitability than do those with lower R&D investments. Given these characteristics, KC’s benefits to productivity and future earnings are thus not immediate. For faster growth in the long term, firms should continue investing in KC even if they may face a short-term fall in corporate earnings as a result of internal knowledge investment, especially for fast-growing GEM firms.     

工业化进程中乡镇企业发展的资源消耗评价

中国工业化进程中伴随着日益凸显的资源约束问题,而乡镇企业在国民经济增长中占有较大的贡献份额和较高的资源消耗水平。技术进步是乡镇企业资源消耗变化的主要因素 结构调整在乡镇企业资源消耗变化中的作用很小,但是结构调整有利于乡镇企业资源消耗下降 偏向资本深化型的技术进步在大多数年份导致了乡镇企业资源消耗的上升 技术效率的提高是节能降耗的关键,尚有很大的提升空间。