No abstract

With the improvement of Chinese economic status, Chinese A‐share market has attracted more and more attention from international investors. Sub‐new stock is a general name for the companies which list less than a year, most companies of this category come from the China Growth Enterprise Market (GEM) and are high‐tech companies with high growth. To study the influence of major asset restructuring on the stock prices of different companies, this paper adopts the event study method to calculate the samples' abnormal return in a 20‐day window period, compares related party transactions and unrelated party transactions, as well as different payment methods for the restructuring. The analysis shows that the listed companies of Growth Enterprise Market can get higher excess returns, the sample of unrelated transaction obtains more abnormal income than the sample of related transaction. The research can provide a reference for local and international investors.

(1) Objective: to accelerate the digitalization of the elderly care service industry and the construction of the smart elderly care industry, this paper designs an intelligent e-procurement system for elderly suppliers selecting from the perspective of smart elderly care, which can enhance the efficiency of elderly care supply chains and assist manufacturers of elderly products in choosing a reliable, high-quality supplier during trades. (2) Methods: the e-procurement system, including six modules, is built with an improved dynamic Markov Decision Process selection model combined with an Analytic Network Process, bringing dynamic evolution of both inventory cost and purchasing cost into long-term reward calculation, and taking into account 15 common indexes and 7 specific indexes when evaluating suppliers’ competitiveness. (3) Results: a real sample shows that when facing 50 suppliers with 50 different quotations, the e-procurement system selects a stable and reliable supplier that brings the best long-term profits for demand enterprises in ten purchase periods, and it makes the selecting process more efficient and more prompt. (4) Conclusions: the model can be used in the circumstance where an elderly product producer is forced to decide on a long-term strategy or reselect a new stable supplier since it is focused on choosing long-term and high-quality suppliers over numerous periods.