Corporate executives have the decision-making power of resource allocation, and efficient resource allocation is an important measure of high-quality development of enterprises. It is a focal issue whether the compensation incentive can promote the executives to make better use of the enterprise resource allocation. We investigate this question using the data of the Chinese listed companies in 2015–2019 based on Data Envelopment Analysis (DEA) and fixed effect model. The results show the following: (1) both monetary compensation incentive and equity incentive can significantly improve the efficiency of resource allocation, and the former is more significant; (2) there is an inverted U-shaped relationship between perquisite consumption incentive and resource allocation efficiency; (3) the above conclusion is still true in state-owned enterprises; (4) in private enterprises, the effect of equity incentive is more effective, but the effect of perquisite consumption incentive is less significant. The results highlight the relationship between compensation incentive and enterprise resource allocation. Our study is expected to guide the executives to formulate reasonable compensation incentives and improve the efficiency of resource allocation.
Risk dynamic early warning is of great importance for financing risk decision-making. Intellectual property (IP) pledge financing is an effective way to alleviate the financial difficulties for technologically small- and medium-sized enterprises (SMEs). It is very important to study the financing risk decision-making because of its higher risk compared with other mortgage loans. Based on Kalman filter, we establish the pledge financing risk decision-making model and extract the key variables affecting financing risk by principal component analysis. We test the model with 88 listed SMEs. The results show that the average error between the predicted and the real values is 8.5% and the overall recognition accuracy of the model is 89.1%. The risk decision-making model has high discriminant accuracy and can provide evidence to risk decision-making.
With China's strong support for innovation and development, the policies of government guidance funds are an important driving force for leading innovation and economic transformation, and the effect of its related policies is of great significance. This paper selects 518 policies related to government guidance funds in the Beijing–Tianjin–Hebei region from 2005 to 2018 as the research object and constructs a policy efficiency evaluation indicator system from three dimensions of policy intensity, policy objectives and measures. The analytic hierarchy process (AHP) and entropy method are used to weight the output level of policy innovation performance and economic performance of government guidance funds, and grey relational analysis (GRA) is used to measure the relationship between policies of government guidance funds and innovation performance and economic performance, and corresponding policy recommendations based on the research results. The results of the research show that the policy efficiency of the government guidance funds in Tianjin and Hebei is relatively high, and the policy efficiency of the Beijing government guidance funds needs to be improved. In general, the policy efficiency of the government guidance funds needs to be further improved.
With the prosperity of venture capital, all kinds of government venture capital guiding funds have sprung up, and the scale is explosive growth. However, the current investment of government guiding funds in enterprises has not fundamentally solved the financial difficulties in the early development of enterprises. This study examines the determinants of investment timing of government guiding funds. We investigate this question using the data of China’s new three board companies that have been invested by government guiding funds in the year of 2015-2016. We find that government guiding funds enter the enterprises into developed areas earlier. The innovation ability and the market competitiveness of the invested enterprises are positively correlated with the investment timing of government guiding funds. There is no significant relationship between the investment proportion of government guiding funds and the timing of entering the enterprises. The research of this paper can provide theoretical reference for the subsequent optimization of the resource allocation and provide ideas and methods for the policy improvement and management optimization of government venture capital guiding funds in the future.
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