Real Enterprise Research Articles

Трансформация технологий профессионального образования в условиях цифровизации

The aim of study is to develop a technology for effective interaction between universities and business based on the analysis of the problems of vocational education in the era of digital transformation. The article examines the changes that have occurred in the business processes of organizations and highlights the key gaps between the level of graduate qualifications and employer requirements. To solve the identified problems, it is proposed to establish a systemic collaboration between business, science and education. The following forms of interaction between business and universities are being explored: case study technologies, educational hackathons and scientific crowdsourcing. These technologies can bring mutual benefits to all stakeholders. For the interaction of the educational and scientific components of the university, a new concept of student association called student scientific enterprise is proposed. This association is built on the principles of self-organization and self-government and has the characteristics of a real enterprise. Its main goal is to involve students in scientific work and adapt young people to future professional activities. Scientific novelty: a theoretical model of collaboration between business and universities for mutual benefit has been developed. As a result of the study, forms of interaction among science, professional education and business were proposed.

The Impact of R&D Investment on The Financialization of Enterprises —— Take The Manufacturing Industry as An Example

In recent years, the excessive investment of entity enterprises leads to the phenomenon of enterprise financialization, which makes the development of entity enterprises fall into a vicious circle. How to restrain the excessive financialization trend of enterprises and promote the high-quality development of real enterprises has become an urgent problem to be solved. Based on the financial data of listed companies in A-share manufacturing industry from 2008 to 2022, this paper studies the possible inhibitory effect of enterprise R&D investment on finalized investment from the perspective of asset allocation and market competition. The results show that R&D investment is significantly negatively correlated with the level of enterprise financialization, that is, R&D investment can restrain enterprise financialization to a certain extent. Further research shows that increasing cash holding and increasing market power are two intermediary paths for R&D investment to restrain the financialization of enterprises.

Impact of economic policy uncertainty on systemic risk of real enterprises: Evidence from China

This work examines the impact of economic policy uncertainty on the systemic risk of Chinese real firms from the perspectives of financing constraints and external guarantees. The findings suggest that economic policy uncertainty significantly enhances the systemic risk of real firms. The mechanism test shows that economic policy uncertainty will enhance the level of systemic risk of enterprises by exacerbating their financing constraints and expanding the scale of external guarantees. Heterogeneity analysis shows that the negative impact of economic policy uncertainty on systemic risk is more obvious in enterprises with investment and financing maturity mismatches and poorer corporate governance.

Research on Enterprise Financial Information Risk Identification and Dynamic Control Management Model Based on Genetic Algorithm

In the contemporary global economic landscape, the imperative for enterprise financial informatization as a catalyst for efficiency, cost reduction, and innovation is evident. However, the deepening integration of informatization introduces corresponding risks, necessitating the establishment of effective risk management systems. This paper proposes a genetic algorithm-based model for enterprise financial informatization risk management, aiming to offer precise and actionable solutions. The study integrates genetic algorithms to enhance the adaptability and flexibility of the risk management model in the dynamic information environment. Through in-depth research on corporate financial informatization risks, a multi-dimensional risk management control model is constructed, considering technical, organizational, and environmental factors. The genetic algorithm introduces a new perspective for model optimization, enabling efficient search and optimization capabilities. The model not only identifies but also controls and governs risks, providing timely intervention and effective risk management. Moreover, the genetic algorithm facilitates intelligent decision support for risk management by adapting to changing environments. Empirical analysis validates the model’s feasibility and effectiveness in real enterprise cases, emphasizing its practicality.

Investment and financing maturity mismatch: Moderating role of financialization in regulatory context for A-share listed Chinese companies

As the financialization issue is getting more and more attention, the behavioral motives and effects behind this appearance should not be ignored, and it is of great practical significance for the high-quality development of China's real economy to explore the impact and mechanism of the financialization trend on the investment and financing maturity mismatch of China's real enterprises. Using sample data of Chinese A-share listed companies from 2013 to 2020, this article empirically examines the impact of financialization on the investment and financing maturity structure from a new perspective of asset classification by using a fixed-effect model, and explores the mechanism of the financial regulatory environment's moderating effect on the relationship between the two mentioned above. The study shows that: there is an inverted U-shaped nonlinear relationship between the financialization of investment income and fixed income and “maturity mismatch “. The term mismatch of investment and financing increases with the degree of financialization, after reaching the critical point, it eases with the deepening of financialization. However, the specific point of view is different. In the sample interval, the investment income financialization exacerbates the investment and financing maturity mismatch more obviously; the fixed income financialization inhibits the investment and financing maturity mismatch more obviously. Under the different perspectives of the firms' ownership nature, financing constraints, and principal-agent problems, there are differences in the impact of firms' allocation of different types of financial assets on the investment and financing term structure. In addition, the regulatory effect of financial supervision weakens the inverted U-shaped relationship of investment income financialization with investment and financing maturity mismatch; it enhances the inverted U-shaped relationship between fixed income financialization and investment and financing maturity mismatch. In general, financial supervision has had a significant positive effect on investment and financing maturity mismatches. The findings have important policy implications in terms of corporate real investment, financial market development, and financial regulation, which can help promote China's economic development and stability.

СУЧАСНІ ТЕНДЕНЦІЇ РОЗВИТКУ СИСТЕМ КОМПЕНСАЦІЇ РЕАКТИВНОЇ ПОТУЖНОСТІ

This paper surveys current trends and developments in reactive power compensation systems, elucidating their significance in enhancing system capacity and flexibility. By analyzing the capacity factor enhancement enabled by reactive power compensation, the study underscores its role in optimizing electricity delivery, thus conserving energy resources and facilitating the integration of renewable energy sources. It explores the key models and concepts driving advancements in reactive power compensation within power grids. As modern electrical systems grow in complexity, ongoing research into improving compensation methods becomes imperative to ensure the reliability and efficiency of industrial power grids. Future endeavors will involve developing a model utilizing real-world enterprise data to investigate the effects of technological variations in filter parameters on the performance of complex reactive power compensation schemes, encompassing both filters and capacitor banks. Keywords: reactive power, compensation systems, filter-compensating circuit, industrial power grid, electric power. Context. The paper considers the current trends used in the field of reactive power compensation, and the main directions of development of modern methods of reactive power compensation. Objective. The purpose of the work is to overview of current trends in the development of reactive power compensation systems, as well as an overview of possible ways of their effective application in various industrial networks. Methods. The paper presents a key aspect of reactive power compensation is its ability to increase system capacity and flexibility. By improving the capacity factor, utilities can deliver electricity more efficiently, reducing the need for excess capacity and thus conserving energy resources. In addition, this process plays an important role in supporting the integration of renewable energy sources such as wind and solar power, which often introduce volatility into electricity generation schemes. Results. The paper presents the main models and concepts in the field of reactive power compensation in power grids. Conclusions. Given the growing complexity of modern electrical systems, it is important to continue research into improving methods and means of reactive power compensation to ensure the reliability and efficiency of industrial power grids. In further research, it is planned to develop a model using a real enterprise as an example and investigate the impact of technological deviations of filter parameters on the steady-state and transient performance of complex reactive power compensation schemes, including not only filters but also capacitor banks.

Auto-Formula: Recommend Formulas in Spreadsheets using Contrastive Learning for Table Representations

Spreadsheets are widely recognized as the most popular end-user programming tools, which blend the power of formula-based computation, with an intuitive table-based interface. Today, spreadsheets are used by billions of users to manipulate tables, most of whom are neither database experts nor professional programmers. Despite the success of spreadsheets, authoring complex formulas remains challenging, as non-technical users need to look up and understand non-trivial formula syntax. To address this pain point, we leverage the observation that there is often an abundance of similar-looking spreadsheets in the same organization, which not only have similar data, but also share similar computation logic encoded as formulas. We develop an Auto-Formula system that can accurately predict formulas that users want to author in a target spreadsheet cell, by learning and adapting formulas that already exist in similar spreadsheets, using contrastive-learning techniques inspired by "similar-face recognition" from compute vision. Extensive evaluations on over 2K test formulas extracted from real enterprise spreadsheets show the effectiveness of Auto-Formula over alternatives. Our benchmark data is available at https://github.com/microsoft/Auto-Formula to facilitate future research.

Study on the Motivation of Nonlinear Trajectory of Corporate Financialization and the Impact of Financial Performance

With the continuous changes in the global market environment and the intensification of trade friction between China and the United States, the downward pressure on China's real economy has increased. Entity enterprises have been involved in the financial and real estate and other virtual economy, in order to obtain high profits, the entity enterprise "de-realization to virtual" phenomenon is becoming more and more serious. In recent years, the state has introduced a series of policies to guide manufacturing enterprises to "return to the real", of which "deleveraging" in the supply-side structural reform has become an important means to regulate the disconnection between the real and the virtual economy. How to guide and promote the manufacturing enterprises to "return to reality" is the key to promote the high-quality development of China's economy, but how the impact needs to be studied in depth. Taking Huamao shares as a case study, this study selects 15 key financial indicators between 2010 and 2022, and applies the entropy method to quantitatively analyze the differential impact on financial performance of the company's financialization behavior between 2010 and 2019 and its de-financialization process from 2020 to the present. By deeply exploring the non-linear development trajectory of financialization and its specific impact on the financial performance of the company, this paper reveals that Huamao's financialization behavior, while promoting investment returns, has generated investment substitution effects and in turn has generated obvious crowding-out effects on the company's main business, thus weakening the profitability of the company. In view of this, it puts forward relevant policy suggestions for the financialization of manufacturing enterprises, which helps to guide industrial capital to return to the main business and accelerate the upgrading and transformation of manufacturing industry under the background of revitalization of the real economy vigorously advocated by the state and has certain guiding significance, and emphasizes the importance of returning to the manufacturing industry and the necessity of returning to the industry as the core engine for promoting the long-term and stable growth of China's economy in order to provide a reference path for the development of other financialized real enterprises. It emphasizes the importance and necessity of the return of the manufacturing industry as the core engine for promoting the long-term stable growth of China's economy, with a view to providing a reference path for the development of other financialized real enterprises.

THE VIRTUAL DEGREE OF LEVERAGED CAPITAL WITHIN CHINESE ENTERPRISES

The transition of China's tangible real economy to an intangible economy, along with phenomena such as capital idling and shadow banking, has significantly altered the relationship between financial markets and actual enterprises. As leveraged capital flows into real enterprises, it is crucial to discern how much is allocated to operational endeavors versus financial market investments. Leveraging the logic of asset allocation and capital acquisition in real enterprises, we developed a model to discern the allocation of leveraged capital. Through descriptive analysis, we delineate the landscape of Chinese listed companies' utilization of leveraged capital for financial assets. Our findings reveal that the proportion of Chinese enterprises holding leveraged capital has steadily risen, surpassing 86.53%, with an increasing trend in leveraged enterprises utilizing capital for financial asset acquisition, growing from 35.02% to 79.12% annually. Among leveraged enterprises investing in financial assets, the portion of leveraged capital directed toward such investments escalates annually, from 20.44% to 46.37%. However, as leveraged capital increases, the ratio allocated to financial assets diminishes. Approximately 14.38% of all leveraged enterprises allocate more than 50% of their financial assets through leveraged capital, with the proportion of enterprises solely reliant on leveraged capital for financial asset purchases steadily increasing, reaching 23.35% in 2020, predominantly concentrated in the manufacturing sector. This research holds theoretical significance for understanding the dichotomy between the virtual and tangible applications of leveraged capital at the microlevel. It uncovers the logical mechanisms governing leveraged capital and disparate asset allocations, fostering opportunities for quantitative exploration of the interplay between finance and the tangible economy. Additionally, our insights provide valuable reference points for regulatory bodies seeking to fortify oversight over leveraged capital utilization.

Study on the Influence of Government Key Customers on the Enterprise “from Real to Virtual”

Taking China’s Shanghai and Shenzhen A-share listed companies from 2007 to 2020 as samples, this paper studies the influence of government background key customers on the financialization of real enterprises. The research finds that the government background big customers reduce the degree of financialization of real enterprises; The heterogeneity test found that, compared with state-owned enterprises, the inhibition effect of big customers with government background on the financialization of real enterprises was more significant in non-state-owned enterprises and industries with fierce competition; The mechanism test found that the government background large customers suppressed the financialization of real enterprises by easing the financing constraints and improving the net profit level. Research shows that the government, as a major customer of enterprises, is an important means to give play to the visible hand of the government, which can effectively reduce the level of financialization of real enterprises and promote high-quality economic development, and can be an important starting point for the country to prevent systemic financial risks.

Dynamic scheduling of decentralized high-end equipment R&D projects via deep reinforcement learning

Distributed research and development (R&D) plays a pivotal role in high-end equipment manufacturing enterprises, significantly impacting interdisciplinary innovation and expediting development cycles. In the uncertain environment characterized by random arrivals of new projects, achieving dynamic scheduling and real-time coordination for decentralized R&D projects is a challenging problem. This paper studies a dynamic decentralized resource-constrained multi-project scheduling problem with product transfers (DDRCMPSP-PT). The objective is to minimize the development cycle after initial local schedules are generated to minimize the individual project makespan. To tackle the problem, we develop a decentralized multi-agent system using the dynamic coordination mechanism for resource assignment (DMAS/DCMRA). An up-to-date deep reinforcement learning (DRL) algorithm, dueling double deep Q-learning (D3QN) with prioritized replay, is employed to select the optimal strategy to resolve the global resource conflicts adaptively. Two priority rules are presented based on the structural properties and make up the action space of the DRL agent together with ten high-quality priority rules. Extensive simulation experiment results based on real enterprise cases reveal that the DMAS/DCMRA outperforms all traditional priority rule-based methods. The proposed priority rules also show competitive performance compared to other priority rules, which validates the applicability and superiority of the proposed method. This research offers a new agile project management technique for organizations running multiple R&D projects and managing crucial bottleneck resources.

“Tax reduction” and the financialization of real enterprises: Evidence from China’s “VAT reform”

Structural tax reduction represents a crucial measure supporting the advancement of real enterprises, with discernible policy spill-over effects on corporate asset allocation. This paper empirically examines the impact of tax reduction on the financialization of real enterprises, utilizing data from Chinese listed companies spanning the years 2009 to 2016 and anchored in the policy shock induced by the “VAT Reform”. The findings suggest that the tax reduction effect resulting from the “VAT Reform” significantly suppresses the financialization of real enterprises, with this policy effect gradually diminishing from the third year onward. Further heterogeneity analysis reveals that tax reduction exerts a more pronounced impact in curbing the intensity of corporate financialization, particularly in private enterprises and companies facing higher financial constraints. Subdividing the term structure of financial assets indicates a significant reduction in the allocation of long-term financial assets for both state-owned and private enterprises. Remarkably, state-owned enterprises show no significant change in the allocation of short-term financial assets, while private enterprises witness a substantial increase in short-term financial asset allocation. Further tests validate the conclusion that increased investment in operating assets by enterprises supports the established impact. The research enriches the literature on corporate financialization, offering a novel evaluative perspective for assessing the effects of the “VAT Reform” policy.

Digital Transformation Strategy for Financial Management of Entity Enterprises in the Information Age

Abstract This study is dedicated to exploring the effectiveness of digital transformation of financial management of real enterprises in the information age. The annual reports of enterprises are collected from 2011 to 2022 by web crawler technology, and text mining algorithms, such as TF-IDF and LDA theme model, are used to establish a measurement index system of digital transformation of financial management, which is calculated by entropy weight-TOPSIS method. The results show that keywords related to digital transformation, such as “informatization” and “intelligence”, appear frequently, and the importance of the theme changes significantly in different transformation stages. During the rapid transformation period, the frequency of words such as “industrial internet” and “smart grid” exceeds 400 times. Some companies have seen significant improvements in debt servicing, operations and profitability. Digital transformation of financial management is efficacious in improving operational efficiency and profitability. Still, it is a dynamic process that requires enterprises to choose appropriate strategies based on their characteristics. The study emphasizes that enterprises should pay close attention to integrating and applying emerging digital technologies and optimize their internal governance structure to promote sustainable performance improvement.

Human capital in corporate strategy structure: approaches to harmonization

The importance of human capital accumulation is increasing among the competitive advantages of a company. However, the attention paid to it in the practice of management is not sufficient. Strategic human capital does not form in the long term. This study identifies the key elements that are necessary in forming a human capital strategy. The applied methodology rests on a fusion of theoretical approach to human capital and strategic planning, public materials describing the practice of forming long-term attitudes in the documents of Russian companies and statistical data. The main research methods are a complex approach, comparative, statistical analysis and observation, together with the author's approach to highlighting the format of a real enterprise strategy. The study has shown that currently corporations are considering the concept of human capital strategy only within the framework of human resource management The infrastructure component and other factors remain outside the framework of this long-term planning. However, the researchers describe this concept in sufficient details, highlighting a number of key aspects that contribute to the formation of this intangible asset. We propose a structure and a number of key attributes of the human capital strategy such as urgency, degree of detailization, publicity, etc. We substantiate the need to identify three areas of development in the long term, which are coordinated with other strategic decisions. These include employee development, knowledge infrastructure formation and corporate social infrastructure construction.

Проблеми імпортозаміщення та їх вирішення на машинобудівних підприємствах

The article presents the results of a study of the problem of import substitution at two levels of management, namely: macro- and micro-level. The aim of the article is to substantiate the scientific, methodical and practical aspects of import substitution in the current conditions of enterprise activity. On the basis of the analysis of the works of well-known experts on the problems of export-import activity, it is proposed to consider import substitution as a process of ensuring the efficiency of activity by: production of own competitive products with high added value; replacement of imported raw materials, materials and components with domestic ones that have a lower cost; diversification of production of quality products of lower value, which replaces imported products in the domestic market. Such a definition specifies the ways of import substitution in the conditions of a real enterprise. The problems and prospects of implementation of the import substitution strategy in the machine-building industry are considered. An analysis of the implementation of the import substitution strategy at the enterprise of JSC «Ukrainian Energy Machines» has been carried out. Some aspects of methodological support for determining import substitution at enterprise have been proposed. A multifactorial regression model of dependence of profitability of enterprise activity on the volume of exported products and volumes of imported raw materials, materials and components has been developed. On the basis of the SWOT analysis, effective ways to implement the import substitution strategy at the enterprise to improve the efficiency of its activities have been identified.

ПРОГНОЗУВАННЯ ФІНАНСОВИХ ПОКАЗНИКІВ СУБ’ЄКТА ПІДПРИЄМНИЦЬКОЇ ДІЯЛЬНОСТІ: ВИБІР ОПТИМАЛЬНОГО МЕТОДУ

The use of economic and mathematical methods for solving financial problems is an integral part of effective management of enterprise resources and making sound economic decisions. This approach is becoming increasingly important in today’s world, as the dynamism of the financial environment and the variety of factors influencing the economy require complex analysis and precise calculations. The use of mathematical tools also allows to reduce the risks of making wrong decisions and improve the quality of forecasts. The article considers the necessity of forecasting financial indicators of a business entity as a process of predicting future financial results and the state of the enterprise for effective management and strategic decision-making, which gives an opportunity to ensure better resource planning, timely response to changes and reduce financial risks, contributing to the business sustainability and success. An analytical straight-line alignment of the dynamics of the amount of net revenue from sales was carried out on the basis of the financial statements of a real enterprise; a straight line equation characterising the amount of revenue from sales was derived and its forecast value for 2024 was calculated. The equation of the second-order parabola, which characterizes the trend in the value of sales revenue, was also derived and its forecast value for 2024 was found. For each method, the value of the standard square deviation of the actual levels of the dynamic series from the adjusted ones, i.e. the relative error of calculations, was calculated, and the optimal forecasting option was chosen – the one with the smaller relative error. It was found that the straight line more accurately reflects the main trend of a series of dynamics, which characterises the amount of revenue from sales of a business entity. On the basis of this conclusion and the obtained forecast data for 2024, the lower and upper limits of the projected value of sales revenue were calculated. It is concluded that forecasting of the financial performance of an enterprise allows to find optimal options for further development and planning of business activities and is a promising and relevant direction of predicting trends in the development of an enterprise, contributes to effective management and making sound strategic decisions.

Research on the Influence of Housing Prices on the Economic Performance of Chinese Real Enterprises

According to the Report of the 20th National Congress of the Communist Party of China, with importance of developing China’s real economy has become increasingly prominent, the economic development should focus on the real economy. Moreover, the various impacts brought by housing price changes in recent years are also intertwined with the sustained and superior economic development in China. With this context in mind, this paper uses panel data of housing prices and real enterprise performance in 30 major Chinese provinces and cities from 2005 to 2020—aside from Hong Kong, Macao, Taiwan, and Xizang—to empirically test the relationship between housing prices and the economic performance of real enterprises in China. The findings indicate that there is a nonlinear link between housing prices and real firms' economic performance and that excessively high housing prices are detrimental to real companies' ability to function economically. Further investigation employing heterogeneity analysis reveals that the limitation of exorbitant housing prices has a greater impact on entity companies in China's west and center.

Impact of Economic Policy Uncertainty on the Financialization of Firms: Evidence from China

This paper aims to explore the impact of economic policy uncertainty on the degree of financialization of enterprises. Taking the A-share listed companies in Shenzhen and Shanghai from 2003 to 2022 as an example, the research shows that economic policy uncertainty has a promoting effect on the financialization trend of enterprises. Economic policy uncertainty significantly increases the proportion of financial asset investment of real enterprises, aggravates the financialization trend of enterprises, and produces the worry of industrial hollowing out. To restrain the process of enterprise "from real to virtual", this paper puts forward corresponding solutions from the level of state and enterprise.

Regional Integration, Venture Capital and Firm-based Innovation

Venture capital is a source of living water for enterprises' basic innovation. In this paper, we select investment events in East and Central China from 2005-2019, and use the Yangtze River Delta integration as a natural experiment to test the effect of integration policies on the promotion of basic innovation by VCs by applying a multi-period DID model. The study finds that: (1) regional integration enhances the level of basic innovation of VC-intervened firms; (2) regional integration policies shorten the institutional distance between VCs and invested firms' cities, which in turn enhances the promotional effect of venture capital on the basic innovation of firms; (3) under the background of regional integration, the growth of basic innovation of state-owned VC-intervened firms and strategic emerging firms is more significant than that of private VC-intervened firms and traditional firms; (4) the growth of basic innovation of state-owned VC-intervened firms and strategic emerging firms is more significant than that of private VC-intervened firms. emerging firms have faster growth in basic innovation. The findings of the study are of great significance in identifying the extent of the impact of integration development strategy on VC's promotion of enterprises' fundamental innovation, and in targeting the direction of development of China's venture capital, and in promoting the improvement of the innovation capacity of real enterprises.

ADM: Appraiser Decision Model for Empowering Industry 5.0-Driven Manufacturers toward Sustainability and Optimization: A Case Study

Whilst it was thought that Industry 4.0 (I 4.0) would support sustainable growth, it overlooked or misinterpreted many current sustainability issues, which gave rise to the Industry 5.0 (I 5.0) agenda. Such a revolution facilitates sustainable development through its three dimensions. Therefore, I 5.0 promotes more effective management of business environment as supply chain resources. Although artificial intelligence (AI) and big data analytics (BDA) are becoming more well-liked in the context of supply chains, research to this day is fragmented into research streams that are mostly determined by the publishing outlet. This study appraises the ability of these techniques in manufacturing enterprises toward sustainability based on a set of criteria. Hence, we identified the criteria which related to AI and BDA. The various techniques as entropy and weighted sum models of multi-criteria decision-making (MCDM) techniques are working under the authority of single values neutrosophic sets (SVNSs) to enhance and boost these techniques in uncertain situations. The constructed appraiser decision model (ADM) is applied to real enterprises to validate this model.