The motivation of transaction with listed firms and their affiliates measured by performance

Shanyue Jin,Kangheum Yon 한국재무학회 2013 한국재무학회 학술대회 Vol.2013 No.11

We examine which intra-group transactions are efficient and which are inefficient with listed firms and their affiliates. We find that a group with high industry relation had a significantly positive effect on firm performance both in large business groups and small business groups. This is consistent with the business group efficiency theory. It is also found that in case counterparts are non-listed firms, higher intra-group transaction have a negative effect on firm performance in both groups. This indicates that intragroup transaction is inefficiently used not only in large business groups, but also in small business groups if counterpart belongs to the non-listed firms. Firms of large business groups inefficiently use the intra-group transaction while firms of small and medium business groups use efficiently in the industries of SI, advertisement, logistics or construction. It empirically proves that the government willing to regulate the above four industries of which involve in intra-group transaction of large business groups is correct.

중국 민영기업의 이사회 특징과 현금보유 가치 -A주 상장기업을 중심으로-

김산월 ( Shanyue Jin ) 한중사회과학학회 2017 한중사회과학연구 Vol.15 No.3

This study analyzed the effect of cash holdings on corporate value of private A-share listed companies in China and provided policy implications. The results of this study showed that the cash holdings of listed private companies in China had a negative significant effect on corporate value, indicating that there exist serious agency problems in Chinese private companies. It was also found that when the board size was larger, the ratio of independent directors was higher and the chairperson of the board simultaneously assumed the position of CEO, the value of cash holdings was significantly higher, while the ownership shares did not have a significant effect on the value of cash holdings. The policy implications of this study are summarized below. First, since there generally exist serious agency problems in listed private firms of China, it is urgent to improve the corporate governance that can efficiently address this issue. Second, strengthening the supervisory functions against the management by increasing the board size to a certain degree is a way of improving corporate values. Third, it is difficult to solve agency problems by increasing the ownership shares of the board. Fourth, securing independence, enhancing professionalism and establishing appropriate compensation systems for independent directors as well as increasing the ratio of independent directors can have a more positive effect on corporate value. Finally, firms employing professional managers should try to establish the systems to solve agency problems, including introduction of incentive systems for managers, improvement of corporate governance, etc.

계열사간 상품거래에서 거래상대기업의 특성에 따른 거래기업의 성과비교

김산월(Shanyue Jin),연강흠(Kang Heum Yon) 한국경영학회 2015 經營學硏究 Vol.44 No.1

How Does Corporate Intelligence Level Affect Corporate Sustainability? Evidence from China

Wenxuan Gao(Wenxuan Gao),Shanyue Jin(Shanyue Jin) The International Academy of Global Business and T 2023 The International Academy of Global Business and T Vol.19 No.3

Purpose - Facing the backdrop of the digital economy and industrial transformation, China is interested in smart manufacturing to promote transformation, economic growth, and development. Executive characteristics when employing smart technology play an important role. This study aims to explore the relationship between various qualities and the sustainable development of enterprises. Design/Methodology/Approach - This study investigates the impact of corporate intelligence level on corporate sustainability in the digital economy era using a fixed-effects model with Chinese A-share listed companies from 2011 to 2020. It also explores the moderating roles of executive technical backgrounds, overseas backgrounds, and age on the impact of corporate intelligence level on corporate sustainability. Findings - The findings show that corporate intelligence level can contribute to sustainable development. Executive technical backgrounds, overseas backgrounds, and age have positive moderating effects on corporate intelligence level, which can contribute to sustainable development. Research Implications - This study indicates that enterprises will promote sustainable development if they place value on the qualities our findings have highlighted. Our study thus enriches the relevant research on smart manufacturing and sustainable development.

Environmental, Social, and Governance Performance and Corporate Sustainable Development in China

Xuan Wang(Xuan Wang),Shanyue Jin(Shanyue Jin) The International Academy of Global Business and T 2023 The International Academy of Global Business and T Vol.19 No.1

Purpose - With the acceleration of global integration and the deepening of the market economy, sustainable development is receiving unprecedented attention worldwide. Corporate environmental, social, and governance (ESG) performance is one of the most important ways of promoting sustainable development. Companies with good ESG performance excel both operationally and financially, maintaining their competitive advantage and achieving sustainable corporate growth. This study examines the impact of ESG performance on corporate sustainability and identifies factors that influence this relationship from the perspective of external governance structures. Design/Methodology/Approach - This study investigates the impact of corporate ESG performance on corporate sustainability using a fixed-effects model with Chinese A-share listed companies from 2011 to 2020. It also explores the moderating roles of external audit quality, the shareholding ratio of institutional investors, and analyst attention on the impact of ESG performance on corporate sustainability. Findings - The findings show that corporate ESG performance can contribute to sustainable development. External audit quality, the shareholding ratio of institutional investors, and analyst attention have positive moderating effects on ESG performance, which can contribute to sustainable development. Research Implications - This study enriches theoretical research in ESG performance and sustainability, and identifies external governance factors that contribute to the relationship between the two. Consequently, it provides suggestions for listed company growth and sustainability practices

Does Blockchain Technology Promote the Quality of Enterprise Accounting Information?

Chun Wu(Chun Wu),Shanyue Jin(Shanyue Jin) The International Academy of Global Business and T 2022 The International Academy of Global Business and T Vol.18 No.5

Purpose - A crucial technology of the information society, blockchain technology has been introduced to more and more companies because blockchain technology can improve operation efficiency. This study aims to find how to apply blockchain technology to improve the quality of accounting information, so as to help investors better understand the company. Design/Methodology/Approach - This study conducts a fixed-effect regression analysis on the data of Chinese A-share listed companies from 2010 to 2019 to examine whether blockchain technology impacts the quality of accounting information. Findings - The empirical results show that investment in blockchain technology indeed positively affects the quality of enterprise accounting information. Furthermore, we found that the greater the attention of analysts, the higher the degree to which blockchain technology improves the quality of accounting information. Also, when the company has a stronger innovation ability, there is a higher degree to which blockchain technology improves the quality of accounting information. Research Implications - This study enriches the relevant research of the impact of blockchain technology on enterprise accounting information quality. It suggests that companies devoted to blockchain technology can promote trust between all parties and improve information transparency. Meanwhile, companies should increase R&D investment so that blockchain can effectively improve the quality of accounting information.

Channel-Aware Multilevel NOMA-ALOHA Game

Shanyu Jin(김선옥),Dongwoo Kim(김동우) 한국통신학회 2021 한국통신학회 학술대회논문집 Vol.2021 No.2

Non-orthogonal Multiple Access (NOMA) has become one of the most potential multiple access methods in future communication systems because of its ability to significantly improve the spectral efficiency. In this paper, we provide a multiuser user power allocation when applying the NOMA technique to ALOHA random access in fading environments. Considering the non-cooperative behavior of the ALOHA network, we set up a NOMA-ALOHA game to determine the power allocation. We use the power efficiency of each user with the instantaneous channel information to establish the payoff function and find a Nash equilibrium. The simulation result shows that the proposed game can reduce user conflicts and improve the utilization of network resources.

How Does Financial Technology Drive Enterprise Innovation in China?

Yuying Gao,Shanyue Jin 한국무역연구원 2022 The International Academy of Global Business and T Vol.18 No.1

Purpose – As a new product of the traditional financial empowerment form through digital technology, financial technology (Fintech) allows a new financial service model and brings changes to enterprises. This study aims to find the channels through which Fintech affects enterprise innovation in China from the perspective of financial management. Design/Methodology/Approach – This study constructs an econometric model using the data of Chinese A-share listed companies from 2011 to 2019 to examine the influence of Fintech development on enterprise innovation and its transmission mechanism. Findings – The empirical results show that the development of Fintech does indeed have a driving effect on enterprise innovation. Fintech promotes enterprise innovation by alleviating financial constraints, reducing the enterprise financial expense rate, and increasing the stability of the enterprise against the backdrop of the highquality development of China’s economy. Research Implications – This study implies that actively promoting the development of the Fintech industry can promote the innovative development of enterprises; thus, policy and technical support are indispensable for promoting the development of Fintech. Also, the government should improve the regulatory system of Fintech to prevent financial risk.

Low-carbon Management;Internal Control;and Innovation of State-owned Enterprises in China

Zhanshuang Liu,Shanyue Jin,Weidong Huang 한국무역연구원 2021 무역연구 Vol.17 No.1

Purpose Innovation is key for state-owned enterprises to realize the optimization;adjustment;and upgrading of their industrial structure. Both government supervision and internal control could impact the implementation of innovation strategies of state-owned enterprises. We empirically tested low carbon operations management and the role of internal control systems in state-owned enterprise innovation;as well as influence mechanisms. Design/Methodology/Approach This paper takes State-owned A-share listed enterprises in the Shanghai and Shenzhen stock exchanges from 2009 to 2017 as research panel data;and based on corporate governance theory constructs fixed effects models;and conducts analysis using SAS9.4 software for empirical research. Findings We found a significant positive correlation between internal control and state-owned enterprise innovation;which can improve input intensity and effectively guarantee the innovation output. There is a significant positive correlation between low-carbon management and innovation of state-owned enterprises which can improve the intensity of innovation input and significantly promote innovation output. Research Implications Our results reveal that low carbon operations have a regulating effect on the relationship between internal control and state-owned enterprise innovation. Under the environment of low-carbon management;enterprises can perfect the supervision mechanism of their internal control system and improve their innovation ability.

Charitable Donations and Debt Financing of Private Listed Companies in China

( Chen Yan ),( Jin Shanyue ) 한국외국어대학교 중국연구소 2020 中國硏究 Vol.84 No.-

As one of the main drivers of China’s national economic development, private enterprises with disadvantages in capital and other resources play a key role in charitable donations. Therefore, the motivations for, and effects of, donations from private enterprises are of great concern. The political relationship between firm executives and the market environment is essential to enterprises’ donations and the formulation of their business strategies. This study empirically examines the impact of corporate philanthropy on their financing constraints, as well as the moderating effects of political connections and degree of marketization. It analyzes data on A-share listed private enterprises on the Shanghai and Shenzhen stock exchanges from 2014 to 2018. It determines that enterprises’ donations are positively correlated with their debt financing, and that larger donations correlate with higher levels of debt financing. Political connections are more significant at the local level, and they moderate the impact of enterprises’ charitable donations on debt financing. In addition, the greater the degree of marketization in an area, the weaker the role of donations was in promoting enterprise debt financing. This study deepens the understanding of the relationship between the Chinese government and Chinese private enterprises, and provides enterprises a theoretical basis for making strategic decisions regarding their donations.