Mar 2022, Volume 16 Issue 1

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    Hai Li, Jinqiang Zhu

    In many study fields, scholars have extensively explored the linear relationships between variables. But some recent studies have shown that the linear models sometimes fail to reflect true relationships between variables and often misguide practice. Therefore, scholars strongly advocate exploring the curvilinear relationships between variables. Drawing on previous studies and the principles of mathematical statistics, this paper combines the linear relationship and the curvilinear relationship and divides the curvilinear relationship into four categories according to the quadratic coefficient of the quadratic curve and the coefficient of the linear model. Meanwhile, according to their characteristics in the economic and management practice, this study names these four types of curvilinear relationships as Gradually Getting Better effect, Too Much of a Good Thing effect, A Little Bad Thing effect or Catfish effect, and Prolonged Illness Makes the Patient a Good Doctor effect, respectively. Then these four types of curvilinear effects are discussed from four aspects in this paper: data analysis methods, theoretical connotation, application examples and theoretical explanation. Finally, the application of these curvilinear effects in future research is outlooked.

    Junwei Shi, Ying Liu

    In this paper, a theoretical frame on how the IT investment influences the innovation performance of enterprise is set up, and the data of Chinese industrial listed companies is used to conduct an empirical test. The study shows that IT investment can improve the innovation performance of enterprises on the whole, but there is heterogeneity among different types of enterprises. Specifically, IT investment of low-innovation strategy-oriented enterprises has a stronger effect on innovation performance than high-innovation strategy-oriented enterprises; IT investment of large enterprises has a more significant effect on innovation performance; and IT investment of state-owned enterprises has a stronger effect on innovation performance than that of non-state-owned enterprises. These conclusions not only provide microscopic evidence for the promotion of innovation performance by IT investment of industrial enterprises, but also have important policy implications for the integration of informatization and industrialization and the construction of a digital China.

    Yuejun Tang, Jingjing Zuo

    When human capital becomes the most important strategic capital, an entrepreneurial enterprise has to reform and innovate its corporate governance around human capital and its dynamism so as to acquire the capacity of sustainable endogenous growth. This article is intended to discuss the meaning and adaptability of Huawei's characteristic systems and mechanisms and then proceeds to introduce the general design of entrepreneurial enterprises’dynamic ownership governance platform and the possible effect of corporate governance. Subject to existing Chinese laws and regulations and with full consideration of the dynamics of human capital, this article recommends an entrepreneurial enterprise to set up a dynamic ownership governance platform, innovate and optimize its corporate governance structure and relevant mechanisms and promote the gradual socialization of its founder/founding team's rights to earnings, control and management; then put in place scientific and proper counterbalance mechanisms in accordance with the principle of separation of powers and incentive compatibility, reform its selection of managing staff and introduce market mechanisms to promote fair competition and dynamic incentive compatibility between its founder/founding team and other key stakeholders. This article is meant to facilitate an entrepreneurial enterprise to turn to socialization corporate governance, and acquire the motivation and gradually form the capacity for endogenous growth.

    Hongwei Liao, Yongfei Liu

    Improving the state-owned assets supervision system (SOASS) can effectively get over the defects of systems and mechanisms and further promote the reform of mixed ownership of state-owned enterprises (SOEs); and the deepening of the reform can advance the change of the SOASS to the supervision on capital. By analyzing the relationship between the SOASS and the reform of mixed ownership of state-owned enterprises, we have found that collaborative promotion of the change of the SOASS to the supervision on capital and promotion of the reform of mixed ownership can do good to ameliorating the corporate management mechanism, improving the market-oriented management mechanism of enterprises and completing the medium- and long-term incentive mechanisms, etc. to enhance business operation efficiency. Due to such prevailing problems as relative dispersion and vagueness of the policies relating to deepening the reform of SOEs, inconsistent progress of the reform of state-owned assets (SOAs) and SOEs, and corporate reform focusing on apprence, improving the SOASS and deepening collaborative development of the reform of mixed ownership of SOEs are hindered by some constraints. To construct and improve the SOASS and the reform of mixed ownership collaboratively, we should make efforts to promote the reform in the following five aspects, namely, placing importance to policy coordination, boosting synchronism of the reform of SOAs and SOEs at different levels and in different areas to coordinate the nationwide reform of SOAs and SOEs, facilitating reform of the mechanism of enterprises of mixed ownership through mixed capital, and promoting the SOASS and stimulating classified monitoring and reform of mixed ownership based on classified reform of SOEs.

    Jieying Gao, Yonghui Lian

    This paper analyzes the stability and marketization of the RMB exchange rate after China introduced the foreign exchange rate reform by linking the RMB exchange rate with the offshore and onshore markets on August 11, 2015 (“8/11”). Under the framework of dynamic analysis, through Granger causality test, VAR model and DCC-MVGARCH model, the empirical analysis is conducted about the three market exchange rate linkages of CNY, NDF and CNH from May 2012 to December 2018. Then, the direction and degree of the linkage between the RMB's offshore and onshore exchange rates before and after the“8/11” exchange rate reform are compared. The research results show that: (1) since the “8/11”exchange rate reform, the RMB exchange rate has become more flexible; (2) the price-determining power of the RMB exchange rate may be weakened, and policy adjustment should take effect; and (3) the prerequisites, under which the offshore market can play a role, are the development of the market itself. This paper proposes that: (1) the onshore and offshore markets should develop in a collaborative manner to further increase exchange rate elasticity and flexibility; (2) close attention should be paid to the relationship between the offshore and onshore markets, and policy determination and flexibility should be maintained; and (3) the offshore market should be improved and play a due role.