Whether the mixed-ownership reform whereby the state invests in nonstate enterprises will be effective is a question that has attracted widespread attention and discussion.This paper uses sample data from family-owned...Whether the mixed-ownership reform whereby the state invests in nonstate enterprises will be effective is a question that has attracted widespread attention and discussion.This paper uses sample data from family-owned enterprises listed from 2009 to 2016 and empirically tests the impact of equity participation by the state in the family enterprises on their innovation input and the underlying mechanisms.Our results show that state investment has positive impacts on innovation input in the family enterprises.This effect is even more significant for high-tech family enterprises and/or those family enterprises confronting high policy uncertainty.Our results also reveal that when state investment is accompanied by a greater degree of state participation in enterprise operations or when the investment originates locally,there is a greater increase in innovation input.Further analysis of the underlying mechanisms reveals that state investment increases innovation input by increasing both willingness to innovate and the resources available for innovation.This paper provides new theoretical support and empirical evidence for pushing the mixed-ownership reform and stepping up the sustainable development of non-state enterprises including family ones.展开更多
Background： Among numerous health benefits, sports participation has been shown to reduce the risk of overweight and obesity in children and adolescents. Schools represent an ideal environment for increasing sports p...Background： Among numerous health benefits, sports participation has been shown to reduce the risk of overweight and obesity in children and adolescents. Schools represent an ideal environment for increasing sports participation, but it is unclear how access and choice influence participation and whether characteristics of the school sports program differentially influence boys＇ and girls＇ participation. The purpose of this study was to evaluate the characteristics of high school athletic programs and determine the extent to which these characteristics influenced boys＇ and girls＇ sports team participation. Methods： Longitudinal telephone surveys were conducted with 1244 New Hampshire and Vermont students. Students self-reported their sports team participation at baseline （elementary school） and follow-up （high school）. High school personnel were surveyed to assess sports oppor- tunities, which were defined for this analysis as the number of sports offered per 100 students （i.e., choice） and the percent of sports offered that did not restrict the number of players （i.e., access）. Results： Approximately 70% of children participated on at least one sports team, including 73% of boys and 66% of girls. We detected sta- tistically significant interactions between sex and two school opportunity variables： 1） the number of sports offered per 100 students （i.e., choice） and 2） the percent of sports offered that did not restrict the number of players （i.e., access）. After controlling for children＇s baseline sports participation and other covariates, boys were more likely to play on at least one sports team per year if their school did not restrict participation in the most popular sports （relative risk, RR = 1.12, p 〈 0.01）; in contrast, girls were more likely to play on at least one sports team per year if their school offered a wider variety of sports （RR = 1.47, p 〈 0.001）. Conclusion： Sports participation has previously been shown to confer a number of health benefits; as such, school sports programs may be an important, effective, and underused target for public health efforts, including obesity prevention programs. Efforts to increase physical activity among youth should consider both access and choice in school athletic programs. Schools may need to use different strategies to increase sports participation in boys and girls.展开更多
Based on the data of 923 Chinese listed companies in 2013 to 2014, we investigated the impact of company equity structure on audit fees from the perspective of cross section and period duration. It is found that there...Based on the data of 923 Chinese listed companies in 2013 to 2014, we investigated the impact of company equity structure on audit fees from the perspective of cross section and period duration. It is found that there is a positive correlation between the proportion of state-owned shares in listed companies and audit fees. To be more specific, there is a U-shaped relation between audit fees and equity concentration which is represented by the proportion of the largest shareholder. And the equity restriction ratio, represented by the sum of the proportion of the second largest shareholder to the tenth, has a positive effect on audit fees.展开更多
文摘Whether the mixed-ownership reform whereby the state invests in nonstate enterprises will be effective is a question that has attracted widespread attention and discussion.This paper uses sample data from family-owned enterprises listed from 2009 to 2016 and empirically tests the impact of equity participation by the state in the family enterprises on their innovation input and the underlying mechanisms.Our results show that state investment has positive impacts on innovation input in the family enterprises.This effect is even more significant for high-tech family enterprises and/or those family enterprises confronting high policy uncertainty.Our results also reveal that when state investment is accompanied by a greater degree of state participation in enterprise operations or when the investment originates locally,there is a greater increase in innovation input.Further analysis of the underlying mechanisms reveals that state investment increases innovation input by increasing both willingness to innovate and the resources available for innovation.This paper provides new theoretical support and empirical evidence for pushing the mixed-ownership reform and stepping up the sustainable development of non-state enterprises including family ones.
基金funded by the U.S.National Institute of Environmental Health Sciences(ES014218)the U.S.National Cancer Institute(CA94273)
文摘Background： Among numerous health benefits, sports participation has been shown to reduce the risk of overweight and obesity in children and adolescents. Schools represent an ideal environment for increasing sports participation, but it is unclear how access and choice influence participation and whether characteristics of the school sports program differentially influence boys＇ and girls＇ participation. The purpose of this study was to evaluate the characteristics of high school athletic programs and determine the extent to which these characteristics influenced boys＇ and girls＇ sports team participation. Methods： Longitudinal telephone surveys were conducted with 1244 New Hampshire and Vermont students. Students self-reported their sports team participation at baseline （elementary school） and follow-up （high school）. High school personnel were surveyed to assess sports oppor- tunities, which were defined for this analysis as the number of sports offered per 100 students （i.e., choice） and the percent of sports offered that did not restrict the number of players （i.e., access）. Results： Approximately 70% of children participated on at least one sports team, including 73% of boys and 66% of girls. We detected sta- tistically significant interactions between sex and two school opportunity variables： 1） the number of sports offered per 100 students （i.e., choice） and 2） the percent of sports offered that did not restrict the number of players （i.e., access）. After controlling for children＇s baseline sports participation and other covariates, boys were more likely to play on at least one sports team per year if their school did not restrict participation in the most popular sports （relative risk, RR = 1.12, p 〈 0.01）; in contrast, girls were more likely to play on at least one sports team per year if their school offered a wider variety of sports （RR = 1.47, p 〈 0.001）. Conclusion： Sports participation has previously been shown to confer a number of health benefits; as such, school sports programs may be an important, effective, and underused target for public health efforts, including obesity prevention programs. Efforts to increase physical activity among youth should consider both access and choice in school athletic programs. Schools may need to use different strategies to increase sports participation in boys and girls.
文摘Based on the data of 923 Chinese listed companies in 2013 to 2014, we investigated the impact of company equity structure on audit fees from the perspective of cross section and period duration. It is found that there is a positive correlation between the proportion of state-owned shares in listed companies and audit fees. To be more specific, there is a U-shaped relation between audit fees and equity concentration which is represented by the proportion of the largest shareholder. And the equity restriction ratio, represented by the sum of the proportion of the second largest shareholder to the tenth, has a positive effect on audit fees.
