Abstract:User entrepreneurship has been a frontier topic in recent years. Based on the organismic integration theory of motivation, this research elaborates on the impacts of incentives for participation in communities and users’innovative behaviors on their entrepreneurial intentions and the moderating role of users’ role identity in virtual innovation communities. The results from two empirical studies indicate: 1) Incentives for participation in communities are positively related to users’innovative behaviors, which in turn increase users’ entrepreneurial intentions; 2) The influence of incentives for participation in communities on users’ entrepreneurial intentions is mediated by users’ innovative behaviors; 3) The indirect effect of incentives for participation in communities on users’ entrepreneurial intentions through innovative behaviors is moderated by role identity (i.e., volunteer role and entrepreneurial role). Specifically, the identity of the volunteer role has a negative moderating effect on the indirect relationship between incentives for participation in communities and users’ entrepreneurial intentions through users’ innovative behaviors; however, the identity of the entrepreneurial role has a positive moderating effect on this indirect relationship. By examining the factors influencing user entrepreneurial intentions in virtual innovation communities, this study reveals the formation mechanism of the users’ entrepreneurial intentions objectively and comprehensively from the level of incentives for participation. It contributes to user entrepreneurship theory, assists users in making entrepreneurial decisions scientifically, and promotes the success of innovation incubation in virtual innovation communities.

Abstract:Based on the type expansion model, this paper integrates intellectual property rights protection(IPRP), the cutting-edge technology gap, and technological catch-up into a general equilibrium analysis framework to study the dynamic impact mechanism between IPRP and technological progress in latecomer countries. Research has shown that the technological catch-up effect generated by independent innovation and technological imitation will dynamically change with the cutting-edge technology gap, resulting in a “threshold effect” on the impact of intellectual property protection on technological catch-up related to the technological gap. The “threshold effect” provides a reasonable explanation for the paradox of IPRP promoting and inhibiting technological progress at the national level, as well as the temporal inconsistency of IPRP policies in developed countries across different historical periods. Moreover, the ability of a country to transform basic innovation and absorb national technology will significantly affect this threshold value. Numerical simulations show that a consistently low level of IPRP can lead technology latecomers into a “technology catch-up trap”. As the technological gap narrows, gradually tightening IPRP policies from loose to strict is the optimal dynamic technology catch-up strategy.This approach helps developing countries to break free from the “technology catch-up trap” and complete the process of technology catch-up. The conclusion regarding threshold effect was verified using cross-border panel data and a threshold model, and the empirical results were not affected by endogeneity issues and different measurement methods of core indicators. This study is helpful for China to formulate optimal dynamic IPRP policies according to the times and local conditions, promote independent innovation, and drive high-quality economic development.

Abstract:This study examines how green technology innovation and corporate performance of electric power companies evolve synergistically from the perspective of social networks. In this paper, based on the green patent and basic operation data from power listed companies during 2009~2019, a two-layer network consisting of a decision layer and an influence layer is constructed. Deep learning is applied to fitting the mapping relationship between the two layers to establish a synergistic evolution mechanism model for enterprise green technology innovation and performance. In this model, enterprises act as nodes in each layer of the network, have social network properties, and exchange information in the network. Meanwhile, viewpoint dynamics simulation of inter-firm exchange is utilized to explain the evolutionary process, and the influencing factors and influence mechanisms behind enterprise green science and technology innovation decision are analyzed by comparing different green innovation game relationships among enterprises. It is found that: First, when the marginal utility of green science and technology innovation is high, the influence of inter-firm exchange on enterprise decision making is weak. At this time, enterprises should focus on their own operating conditions and improve their financial performance to provide a solid foundation for green science and technology innovation. Second, when the inter-firm green science and technology innovation relationship resembles a public goods game, the influence of enterprise decision making in the neighborhood is enhanced. The more frequent the inter-firm exchanges, the more active innovation is chosen by enterprises; the more frequent the inter-enterprise communication, the higher the proportion of enterprises choosing positive innovation, and the more significant the influence of enterprise operational ability on positive innovation. This study provides theoretical support for the decision regarding science and technology innovation in electric power enterprises and enriches the theory of green innovation and enterprise co-development.

Abstract:Introducing venture capital with an international background is a major policy aimed at nurturing startups by leveraging international capital, technology, and management expertise. This paper examines whether international venture capital can provide value-added services to enhance the innovation of startups by constructing a two-sided matching structural model and using data from Zero2IPO. Our findings reveal that startups backed by international venture capital exhibit higher pre-investment innovation potential compared to those backed by local venture capital, but their post-investment innovation performance is inferior. Mechanism analyses indicate that international venture capital with more experience investing in similar startups do not exert a more negative impact on innovation, ruling out the possibility of innovation expropriation. Furthermore, international venture capital fails to improve the post-investment innovation performance of startups through conventional investment strategies such as staged financing and syndication, suggesting that it fails to provide value-adding services due to the lack of efficient measures to overcome liabilities of foreignness. Following the market-oriented reform of the stock issuance regulation in 2013, the negative impact of international venture capital on startup innovation has been mitigated. These findings provide an empirical basis for transitioning China’s venture capital market opening-up from a factor-flow-oriented approach to an institution-oriented one.

Abstract:Buffer operators are important means of addressing the prediction trap problems caused by impact disturbances in a system. The existing buffer operators have some defects, such as the wide variety of formulas, the incompatibility between strengthening and weakening operators, and the difficulty in “low granularity” control of buffer intensity. To solve the problem, first the structures of various types of buffer operators are comprehensively analyzed, and a new intelligent buffer operator with a power exponent is constructed based on the principle of “new information priority”. Then, the relationship between the polarity of power exponent and the type of buffer operators is deduced and proven, and the effect of the power exponent on buffer intensity is studied. The results show that the new operator can realize the full compatibility between strengthening and weakening buffer operators, as well as allow for the free adjustment of buffer intensity. The intelligence of the new operator and the rationality of its buffering results are verified by analyzing the data from several typical sequences with buffering characteristics, and the prediction trap problems caused by impact disturbances in a system are addressed. The research is of great significance to the development and enrichment of buffer operator theory.

Abstract:The reform of the IPO registration system and carve-out rules provides new opportunities for the list companies. The paper conducts a case study on the equity carve-out of Shanghai Electric Group (SEG) to show how the enterprise seizes the opportunity to improve its overall performance. As a diversified businesses, SEG cannot ensure its subsidiary, Electric Wind Power, EWP, has the necessary funding for researching and producing wind turbine generator systems, especially as the development of the industry is accelerated by the “double-carbon” objective of the government and the industry is becoming increasingly competitive. The new IPO registration system and carve-outs policies enable SEG to conduct an equity carve-out, allowing EWP to become an independent company and go public on the Sci-Tech Innovation Board. Our study shows that the carve-out eliminates the diversification discount and realizes a high valuation for EWP, therefore alleviating the financial constraints. As the carve-out promotes the management incentives for the subsidiary and enhances decision-making efficiency, both the operating state and R&D output improve significantly, as does the competitive strength of EWP, ultimately leading to better business performance and increased shareholder wealth. The carve-out allows the subsidiary to operate independently and makes it unaffected by the risk events of SEG afterwards, although the stock price suffered short-term pressures. In summary, our case study proves that the new IPO registration system and carve-out rules remove institutional constraints, so that diversified companies can activate the development of their subsidiaries by carve-outs, thereby promoting the capital allocation efficiency of financial market.

Abstract:Although substantial financial reforms have been implemented, asset-debt maturity mismatch performs an exacerbated trend. From the perspective of human capital in the financial sectors, this paper provides an explanation using the sensitivity of fixed-assets investment to short-term debt. Specifically, this paper utilizes the 2008 Chinese National Economic Census to construct city-level measure of financial sectors’ human capital, and then matches the data with Chinese Industrial Enterprises Database over 2011-2013. The results show that human capital in the financial sector strengthens the positive effect of short-term debt on fixed-assets investment, especially for firms facing greater information asymmetry. Further, high-educated workers flowing to the financial sectors enhance their market power on credit allocation, resulting in decreased debt maturity provided for firms. These findings demonstrate that increasing human capital in the financial sectors lead to more serious mismatch of asset and debt maturity, which is conducive to explaining why China’s nonfinancial firms are using more and more short-term debt to invest fixed-assets.

Abstract:With the increasing uncertainty of global economic operation, macroprudential and government guarantee have gradually become important means to maintain financial stability. Therefore, a financial accelerator model containing uncertain risk shocks, government guarantees and macro-prudential is constructed to explore the optimal macro-prudential policies under risk shocks and the policy relationship between government guarantees and macro-prudential policies. The findings are as follows. First, macro-prudential monetary policy should simultaneously target multiple signal sources such as capital price and financing premium, while macro-prudential regulatory policy should target a single signal source of capital price. Second, both macro-prudential monetary policy and macro-prudential regulatory policy can weaken the risk impact, among which macro-prudential regulatory policy can directly affect the credit behavior of enterprises and financial intermediaries, with a better regulation effect. Although the combination of the two may produce a “stacking effect”, its effect on stimulating the economy is very limited. Third, government guarantee will also bring adverse consequences such as resource mismatch and crowding out effect while maintaining financial stability. Balancing monetary policy and macro-prudential supervision can effectively weaken the negative effects of government guarantees. Finally, the choice of monetary policy tools does not significantly affect the effect of macro-prudential policies. The paper conforms to the policy guideline of monetary policy and macro-prudential “two-pillar” regulation framework, and has certain reference significance for improving the financial supervision system and guarding the bottom line of financial risks.

Abstract:Since 2015, the agricultural “insurance+futures” mode has rapidly spread across the country, triggering widespread calls for financial subsidy support. In view of the liquidity constraints in the domestic agricultural futures market, this study conducts an in-depth discussion on the scale and method of financial subsidies for the “insurance+futures” mode. Taking corn as the research object, this paper first establishes a quantitative theoretical model of financial subsidies under liquidity constraints in the futures market. Based on the data after the reform of temporary corn purchase and storage policy in 2016, the empirical analysis finds that the carrying scale of the corn futures market for the “insurance+futures” mode is extremely limited, accounting for only 14.4〖WTXT〗%〖WTBZ〗 of the national total output. This indicates that the mode is not suitable for large-scale financial subsidies for the time being.The study further puts forward the implementation strategy of financial subsidies by steps, regions and stages, and suggests corresponding supporting measures.