Target Enterprises Research Articles

Comparative study of enterprise efficiency and environmental, social and governance performance before and after COVID‐19 epidemic—A study of China's A‐share listed Fintech companies

AbstractSince the outbreak of COVID‐19, it is worth noting how the enterprise efficiency and ESG performance of Chinese fintech enterprises are affected by pandemic. However, researches using Data Envelopment Analysis (DEA) to explore this issue are still very scarce. Therefore, this paper selects 45 A‐share listed fintech enterprises to construct A two‐stage RDM‐DDF efficiency analysis model, and evaluates the efficiency of different stages and different input–output indexes by using the window efficiency analysis method. At the same time, target enterprises were grouped according to their registered locations, so as to explore the regional differences in efficiencies and changes in the efficiency before and after the outbreak of COVID‐19. The analysis results show that: (1) Regional differences in corporate efficiency are quite pronounced. (2) There is no obvious positive correlation between ESG performance and traditional financial performance of target enterprises. (3) Following the outbreak of the COVID‐19 pandemic, the efficiency changes in target companies have been complex.

The “Supply-Side Reform Policy” and the Share of Labor Income in Enterprises

This article takes the supply-side structural reform launched in 2016 as a quasi-natural experiment and uses the “DID” method to analyze the relationship between the policy effects of supply-side reform and the labor income share. Firstly, the basic conclusion is that the “supply-side reform policy” can reduce the labor income share of enterprises in the “six major industries”. The correctness of the benchmark regression results was verified through a series of robustness tests. The results of the main regression were validated based on three different heterogeneity analysis perspectives: firm ownership, firm region, and government intervention. Secondly, two mediation mechanisms were examined, and the results showed that increasing operating income can positively enhance the “supply-side structural reform” in reducing the labor share of income in all enterprises, while increasing R&D investment can negatively enhance the effect of the “supply-side structural reform” on the reduction of the labor share of income in all enterprises. The heterogeneity of the two intermediary effects indicates that state-owned enterprises and private enterprises have different performances. The research results of this article indicate that the “supply-side reform policy” can effectively reduce the labor income share of target enterprises, reduce the proportion of excess employees, and enhance the vitality of target enterprises. The policy suggestion is to continue promoting supply-side structural reform, a policy which is in line with the requirements of the high-quality and sustainable development of Chinese enterprises.

Research on the Impact of Financing and Short selling System on Audit Quality

The margin trading and securities lending system, as a new type of financial tool, has a significant impact on the Chinese capital market, affecting audit quality from the perspective of credit information disclosure. This article selects A-share listed companies in Shanghai and Shenzhen from 2007 to 2023 as samples and uses a double difference model to study the impact of margin trading and securities lending on audit quality. Research has found that after the implementation of the margin trading and securities lending system, the audit quality of margin trading and securities lending target enterprises has significantly improved compared to non-margin trading and securities lending target enterprises. Therefore, while improving the margin trading and securities lending system, we should leverage the combined efforts of internal control and audit supervision to improve audit quality.

The impact of the "Belt and Road" initiative on the financialization of enterprises

In this paper, the implementation of the "Belt and Road" initiative is taken as a quasi-natural experiment under the background of the economy "moving from real to virtual". Using the data of Shanghai and Shenzhen stock markets from 2009 to 2020, this paper examines the impact of the Belt and Road Initiative on corporate financialization through the DID model, and conducts the corresponding robustness test. Findings: The Belt and Road Initiative significantly inhibits the financialization level of the target enterprises. Further research shows that the inhibition effect is more obvious in non-state-owned enterprises and enterprises with weak market competitiveness. The research in this paper shows that the "Belt and Road" Initiative plays an important role in guiding real enterprises to "get rid of virtual and return to real", and the research conclusion provides a new perspective for understanding the construction of the "Belt and Road" initiative.

Review and Improvement of Chemical Hazard Risk Management of Korean Occupational Safety and Health Agency.

In 2012, the Korean Occupational Safety and Health Agency developed Chemical Hazard Risk Management (CHARM) as a risk assessment tool. This study aims to reorganize the CHARM technique by complementing its logical loopholes, while evaluating the risk to enterprises and verifying this technique by applying it to some enterprises in Korea. The optimized technique changed the method of quantitative assessment and evaluation criteria, matched the risk level with the required control level, and specified the use of control practice. For the target enterprises, for several assessment methods, risk levels, hazard bands, exposure bands, and the risk assessment results were derived, and the same types of options were compared. Fewer informational methods resulted in more conservative results of risk levels and hazard bands. Since the control status of the enterprises could not be confirmed and the substances handled at the target enterprises were limited in this study, a follow-up study should be performed with more target materials and additional information on the current control status of the enterprises.

The role of HRM in the innovation of performance measurement and management systems: a multiple case study in SMEs

PurposeLiterature identifies the key relevance of human resource management (HRM) in the creation of an organisational performance measurement and management system, while, in practice, small and medium-sized enterprises (SMEs) continue to prioritise financial and operational aspects. This study aims to identify the main characteristics that typify an advanced performance measurement and management system in SMEs, according to the literature dedicated to performance measurement and HRM.Design/methodology/approachThrough a multiple-case study methodology, the research deeply investigates four European SMEs. Empirical data were collected through interviews, company documents and direct observations. Then, within- and cross-case analysis were implemented to analyse the data.FindingsIn designing organisational performance measurement and management systems in SMEs, HRM emerges as essential in supporting the enhancement of the maturity of performance measurement and the improvement of performance management. Through a framework based on the relevant literature, this research identifies three conceptual propositions that highlight the main characteristics that typify advanced performance measurement and management systems in SMEs.Research limitations/implicationsThe research identifies a conceptual framework suitable to investigate empirically the role of HRM in developing performance measurement and management systems at SMEs, and it lays the foundation for future broader empirical studies in this field.Originality/valueThis paper underlines HRM as an important driver in the creation of organisational performance measurement and management systems. Moreover, it suggests some key characteristics that such a system should develop to be effective in the target enterprises.

Cross-organizational Appointment of Corporate Executives and Merger and Acquisition Decisions：Evidence on the Industry Association Perspective

Merger and acquisition（M&A）is a very important financial decision-making activity of enterprises, and also a hot topic in China’s capital market now. The success of M&A will directly affect company value or shareholder wealth. Therefore, the information asymmetry in M&A has become a malignant tumor in the M&A market. Senior executives working in the “association” across organizations will enable enterprises to build a new social network, which may help to overcome the information asymmetry between master and target enterprises and improve the efficiency of effective identification of target enterprises.Evidenced on the listed companies of China’s A-share market in 2000-2015 as the research object, we analyze “association” executives across the organization at the size of the probability of successful M&A. It is found that corporate executives in the “association” across the organization will significantly increase the probability of successful M&A and the scale of M&A, and the influence is more significant in private enterprises and enterprises of high financing constraints. Further examination shows that the influence of executives’ cross-organizational position in the “association” on M&A probability and scale is only significant in national and provincial association organizations, but there is no result in the executive office of the municipal association. In addition, it is also found that executives’ cross-organizational position in the “association” can significantly improve corporate performance, market return and enterprise value after M&A, which further confirms, complements and strengthens that the impact of executives’cross-organizational position in the “association” on M&A decision-making will improve the company’s value effect.This paper not only enriches the literature on the influencing factors of M&A decision-making, but also provides new empirical evidence to solve the information asymmetry in M&A. Moreover, the subjects of sociology and public management are interdisciplinary with the research on corporate finance and accounting, which enriches the research objects in the fields of accounting and corporate finance, deepens and expands the literature on the influence of the “background” of corporate executives on corporate financial decision-making behavior, and provides a new perspective and explanation for the research on the social network of corporate executives, so it has a strong value and significance of policy application. In addition, the study provides necessary policy implications for regulators to identify the informal institutional factors behind M&A behaviors and strengthen the supervision on the M&A behaviors of listed companies, and provides references for social organization management departments to recognize and evaluate the functions of the “association”. All in all, this paper will improve and strengthen the management of social organizations.

Problems of ensuring the economic efficiency of the enterprise

The complexity, ambiguity, importance of the problem of ensuring the economic efficiency of the enterprise in a dynamic environment, the emergence of new market and internal threats and capabilities require constant research in the development of methodological approaches to ensure the economic efficiency of the enterprise. The problem of ensuring the economic efficiency of the company was successfully researched by both foreign and domestic scientists. However, despite the significant contribution of the aforementioned economists to the modern economic theory, some aspects of ensuring the economic efficiency of the enterprise need further study, since continuous changes in the external business environment form all new challenges and requirements for a modern enterprise management system in the context of ensuring the efficiency of their operation. In the process of research, methods of generalization, systematization, structuring, evaluation, critical and complex analysis were used. On the basis of the analysis of the main approaches to the definition of the essence of the concept of "management mechanism", the following interpretation is proposed: a set of certain means (levers, methods, tools, principles) of management, caused by causal relationships, through which the functions of management and management are carried out. actions contributing to the transformation of labor into the product of labor in accordance with the mission of the enterprise, that is, a combination of enterprise resources and business processes, organization and harmonization of their compliance with the target enterprises of the enterprise. In addition, the article examines the effectiveness of using such approaches to management in the context of the formation of a mechanism for managing economic efficiency: a reproductive approach, ecosystem approach, normative approach, tactical approach and strategic approach. It is substantiated that the complex approach is based on the principles of integration, the principle of complexity and the method of system analysis and synthesis, which allows to form an effective mechanism for managing efficiency with the possibility of its maximization.

Multi-attribute decision making of target enterprises in mergers and acquisitions

In this paper a new decision-making method was proposed by relying on the powerful fuzzy information expression ability of Vague set and the practicability of TOPSIS method and grey correlation method on the aspect of multi-attribute decision-making problems. Such new decision-making method based on the integrated TOPSIS method and grey correlation method of Vague set meets not only the decision-making requirements on the accuracy depicted by uncertain fuzzy information and the flexibility of disposal, but also meets the requirements of making comprehensive evaluation on the goodness and badness of decision-making scheme; it represents synchronously the dual-benchmark characteristics of position and shape similarity, and thereby provides a new thinking for the multi-attribute decision-making problems. Lastly, the paper took the selection of target enterprise under merger and acquisition as the analysis basis to describe the effectiveness and feasibility of the decision-making method.

Research on Performance and Valuation of Enterprises Placarded by Others Based on the Improved Panel Vector Auto-Regression Model

In recent years, enterprises, which were placarded, have become a heated issue in the secondary market in China. However, there still lack researches about the performance and valuation of those enterprises which were placarded. Therefore, it seems that it is lack of persuasion to use the word “barbarians” to define the enterprises which carry out placard. For the reasons above, this paper makes the use of the improved PVAR model to give an empirical analysis on the performance and valuation of the enterprises placarded, based on the samples between 2011 and 2015. First, this paper divides the whole samples into two subsample groups by the dummy variable, according to the certain point of time whether the enterprise has been placarded. After that, it build two PVAR models combining the performance indicators and the valuation indicators. The results show that the sensitivity of the target enterprise’s performance is not as good as its valuation. Second, the two subsample groups are analyzed by the impulse response function. It explains that placard creates an incentive effect for the target enterprise in the short term. Third, by using the variance decomposition, this paper achieves a conclusion that placard reduces the dependence of the target enterprise on the aspects of its valuation, profitability, size and risk. Therefore, placard is a good signal for those target enterprises on the whole, which brings a nice momentum for the enterprises on the valuation, profitability, size and risk in the short term. In the long run, the enterprises will adjust to a stable state based on the short-term changes. From this point of view, “barbarians at the gate” bring the motivation rather than chaos.

Legal Issues: Reining in Patent Trolls: Congress Tries Again

Recall from your high school civics class that any Congressional bill that has not been enacted into law at the end of the two-year Congressional session is said to have “died.” What your civics class may or may not have said, is that for some legislative proposals, it is very common for bills to be reintroduced in the next Congress, to either build on the work that already took place, or to get a new lease on life in the changed political climate that often accompanies a new session of Congress. Such is the case with the Innovation Act, a patent reform proposal first introduced in 2013 in the House of Representatives that died at the end of 2014 and has just been re-introduced into the new Congress (Introduced as H.R 9). The proposal was and remains a response to the perceived problem of “patent trolls”, persons or companies who buy up patents and then target enterprises and entrepreneurs who work in the same area of the patent and charge them with patent infringement. The classic and most pejorative patent troll business model is not the legitimate exploitation of the patent for innovation, but the generation of revenue through lawsuits, lawsuit settlements, or licensing fees under threat of a lawsuit.

Study Health and Safety Workplace in Small and Medium Size Enterprises (HSW-SMEs) in Iran, 2015

Background: Today, the growth of major industries depends on their appropriate interaction with small and medium enterprises (SMEs). In Iran, SMEs have 49 or fewer employees. The present study was an attempt to present an overall view of the condition of professional health and safety in such industries in order to gain information regarding activities related to occupational health and safety. Materials and Methods: This study was a cross-sectional enquiry, in which 541 SMEs in Arak, Iran, were selected through systematic sampling and questionnaires were mailed to these companies. The questionnaires were sent to the occupational health units of the health centers in order to investigate target industries. The collected data was entered into SPSS software and analyzed using descriptive statistical methods. Results: The total response rate of the SMEs was 59%. Approximately, 59.2% of the enterprises monitored their workplace every 6 months in order to reduce and control risks. In addition, 44% of the target enterprises had written and regulated health and safety policies. With respect to safety, 64.7% of the enterprises had included health and safety training in the work plans of all employees at all levels. Moreover, 72.3% trained their staff on how to use self-protection devices, and 69.7% of the target SMEs had safety and technical protection committees. Conclusion: Welfare facilities and health management in SMEs were satisfactory. With respect to safety management, it can be inferred from this study that the essential safety and health factors for SMEs include announcing and investigating accidents, and education safety, because 70% of the target enterprises performed these activities.

RESEARCH METHODOLOGY FUNDAMENTALS OF THE UKRAINIAN PROCESSING AND MANUFACTURING ENTERPRISES ECONOMIC POTENTIAL

The purpose of the paper is to find the most appropriate application ways for simulating of the business activities of the manufacturing and processing agriculture enterprises dealing in the corruptive Ukrainian environment and to overcome the fundamental methodology contradictions to be able to perform more accurate results of the economic potential assessment despite the sophisticated defects inherent in current industry sector. Methodology includes publication research, interviews and practical comparison of the published statistic data and real production volume, returns and other indicators to be able to estimate actual potential of the target enterprises. The paper comes through the classical analytical methods showing their application pros and contras in highly corruptive environment with the strong trend of data falsification. Results of the survey show the basic economic methods applicable for the research activity of processing and manufacturing enterprises operating in the field of agriculture. The authors’ experience picks up the problem of the urgent need of new methodology among vast abstractive researching executed by the majority of the scientists as they have some contradictions when we apply them for the real industry segment or even an enterprise. Corruption affecting the general statistic data misrepresents the facts therefore current (classic methods) are not able to show real economic trends in the industrial segment. So the authors persist on the significance of the corruption distortion considering e.g. to identify the actual macro- and microeconomic indicators, indexes and ratios we involve the stage researching system of multidimensional comparative analysis to rank received rating and find appropriate position for enterprise and as we cannot ignore a constantly growing shadow sector of Ukrainian economy we perform economic potential assessment of the target enterprise with the identification of the shadow sector with the help of the offered in the paper formula. This set of the mentioned above tools allows us to estimate the influence of the inner and outer environment influence into the researchable object and show the actual phenomena trends. Another benefits of the offered ranking system is involving of several scientific approaches (every approach obtains its own pros and contras) so if they deal together we increase our accuracy. Practical implications. Ukraine has been being independent over a quarter of a century and unfortunately corruption has penetrated into each and every sphere of social and economic life including agriculture and due to the a great deal of fabricated data leading domestic scientist to study the macro- microeconomic state and processes mostly from the abstractive point of view. Therefore the methodology clarification and algorithm of the analytical method application estimate the target enterprises’ economic potential more accurate. Value/originality. Considering the identification of the shadow industry sector (the volume Ukrainian scientists cannot ignore) we may avoid dramatic mistakes in researches defining macroeconomic indexes, other economic and financial options.

Study on Brand Mismatching toward the Acquiring Enterprise Brand Dilution—Based on a Prospective of Construal Level Theory

During the cross-border mergers and acquisitions process, there are numerous factors that affect the brand evaluation of acquiring enterprise, one important factor is brand matching between acquiring and target enterprises. Experiments draw conclusions that dilution does exist and construal level can moderate the negative impacts. These findings warn Chinese managers that brand mismatching between cross-border M & A may dilute the brand of acquiring enterprises.

Residual-Heat Utilization and Optimal Reformation in PVC Production

The paper takes the actual problems of target enterprises in PVC production as an example. The paper transforms residual-heat waste status in production and optimizes the key equipment, cooling water system of internal cooled of polymerization reactor, which not only reduces energy waster and reaction time of single reactor, but also improves production efficiency. So it saves energy for target enterprises and makes considerable economic benefit.

How Well Does Foreign Direct Investment Measure Real Investment by Foreign-Owned Companies? Firm-Level Analysis

​We study Foreign Direct Investment (FDI) as a measure of real investment (gross fixed capital formation) in foreign-owned companies. Our data include firm-level information on FDI in-flows and real investment of foreign-owned companies located in Finland. Our results suggest that the recorded annual inflows of FDI do not constitute an accurate measure of annual real investments in foreign-owned companies. Since the beginning of the global recession in 2008, FDI inflows have significantly underestimated real investments in foreign companies in Finland. We seek to explain these findings by describing Finnish FDI target enterprises and subgroups and the nature of their FDI flows from several perspectives. We show how FDI target enterprises use other sources of funding, in addition to FDI, and how a few large transactions, often related to cross-border mergers and acquisitions, can explain a great deal of the recorded annual FDI flows. We also describe how Finland’s FDI stock and flow data increasingly consist of funds that merely pass through the FDI enterprises and subgroups, arguably with little or no real economic linkage to the Finnish economy, and we present a method for estimating such pass-through funding.

How Well Does Foreign Direct Investment Measure Real Investment by Foreign-Owned Companies?: Firm-Level Analysis

We study how Foreign Direct Investment (FDI) measures gross fixed capital formation in foreign-owned companies. Our data include firm-level information on FDI inflows and real investment (Gross Fixed Capital Formation) by foreign-owned companies located in Finland. Our results suggest that the recorded annual inflows of FDI poorly measure annual real investments in foreign-owned companies. Since the beginning of the global recession in 2008, FDI has significantly underestimated real investments by foreign companies in Finland. We seek to explain these findings by describing Finnish FDI target enterprises and subgroups and the nature of their FDI flows from several perspectives. We show how FDI target enterprises use other sources of funding in addition to FDI, and how a few large transactions, often related to cross-border mergers and acquisitions, can explain a great deal of the recorded annual FDI flows. We also describe how Finland’s FDI figures increasingly consist of funds that merely pass through the FDI enterprises and subgroups, arguably with little or no real economic linkage to the Finnish economy, and present a calculation method for estimating such pass-through funding.

On Merging the Wind Power Equipment Manufacturing Enterprises into the Wind Power Generation Engineering Group

As one of the most important follow-up energy sources, wind energy has a good prospect. Wind power equipment manufacturing industry is at the upstream level of the wind power industry chain. The development of the wind power industry is inseparable from the wind power equipment, which promotes the development of the wind power equipment manufacturing industry. The wind power generation engineering group chooses the right time to go into wind power equipment manufacturing industry, which will be conducive to the development of the wind power industry of China, corresponds with the development of the wind energy of China and conforms to the trends new energy strategy. This article constructs a framework of the feasibility study on merging a wind power equipment manufacturing enterprise into a power generation engineering group. From forecasting the prospects of the wind power equipment market, screening the target enterprises and analyzing the risk factors, the article argues that merging the wind power equipment manufacturing enterprises into power generation engineering group is feasible.

A Study on Attracting Target Enterprises for Korean Port FTZ through Analysis of International Trading

A Study on Attracting Target Enterprises for Korean Port FTZ through Analysis of International Trading

BladeCenter solutions

The architecture and design of the IBM eServer™ BladeCenter® system make it an ideal platform for many information technology (IT) solutions. Its high availability, modularity, flexible infrastructure integration, and on demand configuration options have prompted developers within IBM and in end-user IT organizations to create solutions tailored to a particular industry or function. This paper describes the BladeCenter system in the application of several of these solutions—their target enterprises, end-users, and key benefits. High-performance and scientific clusters, branch-office-in-a-box, financial services, and hosted-client solutions are reviewed.