Targeting A-share listed family firms on the Shanghai and Shenzhen Stock Exchange, this study focuses on the special situation of state-owned equity participation in non-state-owned enterprises. Specifically, we explore the relationship between state-owned equity participation, intergenerational succession in family firms, and innovation investments. The results reveal a prominent "double-edged sword" effect of state-owned equity participation on family firms; that is, there is a reversed U-shaped relationship between shareholding proportion and innovation investment. To some extent, the intergenerational succession of family firms moderates the reversed U-shaped relationship. Moreover, the double-edged sword effect of state-owned equity is more prominent in family businesses that are created by the entrepreneur from scratch. Compared to existing research arguing for the linear relationship between state-owned equity participation and innovation investment by enterprises, we reveal the impact of the excessive supervision effect arising from the increase in state-owned equity holdings on family firms' innovation. This study confirms the double-edged sword effect of state-owned equity participation in family firms and further explores the influence of intergenerational succession and the heterogeneity of family firms on such an effect. By revealing the double-edged sword effect of state-owned equity holdings, this study enriches the research on the participation of private enterprises in mixed-ownership reform.
It is of great importance to study the unsteady fluid flow in the fracture network in rock mass and to simulate the seepage field in the fractured rock mass. The random distribution of the fracture network in rock mass is simulated by the Monte-Carlo method. The numerical program is developed based on the mathematical model of unsteady seepage in the fracture network. A case study is carried out by means of the program. It can be concluded that (1) the hysteresis of the hydraulic head distribution in the unsteady seepage field occurs in the case when the boundary condition is varying; (2) the hysteresis of the hydraulic head distribution in the unsteady seepage field is more obvious on the condition of the randomly variable apertures than the uniform apertures; (3) the seepage discharge is centralized in the larger-aperture channel; and (4) the hydraulic head distribution in the unsteady seepage field can be effected greatly by the variable apertures when the boundary hydraulic head conditions of the upstream and the downstream are varying greatly.
Seepage coefficient of earth-rockfill dam is analyzed as the back analysis parameters by the real water head.Considering the parameter of inverse problems on seepage flow such as high computational cost,the optimization probability of crossover and mutation determinated difficultly,premature convergent,adaptive genetic algorithm is proposed to overcome the limitation of simple genetic algorithm.At the same time,simple genetic algorithm and adaptive genetic algorithm are used to analyze the parameter of the simple two dimension fracture network under the same condition.The result shows that the method is effective in improving the computational convergence and overcoming the premature of simple genetic algorithm partly.So adaptive genetic algorithm is efficient and feasible in back analysis for seepage coefficient of earth-rockfill dam.
Contrary to subsidiaries' governance of domestic companies,foreign subsidiaries' governance of multinational companies,not only deals with the relationship between the internal shareholders and board of directors,but also copes with the relations of different stakeholders in the host countries different from the home environment and overcomes the liability of foreignness resulting from institutions,culture and other factors,which has become the important issue that scholars concern. At the same time,new phenomena and problems have emerged in foreign subsidiaries' governance of MNCs in emerging economies,and existing theories cannot explain the problems well. This paper incorporates latest network governance research achievements into the governance framework of foreign subsidiaries of MNCs,reviews current literature based on the analytical frameworks of internal,external and network governance of foreign subsidiaries of MNCs,and puts forward the new trend of theory construction in future foreign subsidiaries' governance of MNCs based on these new phenomena and problems,to provide reference for follow-up research and the practice of foreign subsidiaries' governance of Chinese multinational companies.
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