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学者姓名：刘琨
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Abstract ：
With the global value chain (GVC) emerging as the primary mode of international industrial division, occupying a high-end position within the GVC has become a significant indicator of a country's industrial development and upgrading success. For emerging markets, which are currently undergoing a reconstruction of the global industrial chain, the ability to achieve innovative transformation and enhance enterprise performance through reverse cross-border mergers and acquisitions (M&As) in high-end GVC industries is crucial for promoting industrial development and upgrading. Based on the cross-border M&A cases of Chinese listed companies from 2007 to 2019, this paper constructs an empirical model by subdividing the GVC status of the industries in which the M&A enterprises and the acquired enterprises are located and finds that the more the GVC status of the industry in which the acquired enterprise in the host country is located is higher than that of the industry in which the M&A enterprise is situated in the home country, the more it can inspire the M&A enterprises in the home country to promote the improvement of the performance of cross-border M&A. The enhancement is more pronounced in the case of the home country's acquiring firms with stronger innovation capacity. This mechanism, although lagging, is sustainable and robust. Further distinguishing the heterogeneity of the sample, the above empirical findings and moderating mechanism are more obvious when the M&A firms are in a capital market with good performance, belong to non-state-owned enterprises, and are in a tight financing environment. This conclusion can provide a decision-making reference for emerging markets to optimize the layout of overseas investment, guide investment, and promote enterprise innovation and transformation.
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| GB/T 7714 | Liu, Kun , Jiang, Ping , Guo, Na . Global value chain position, firm innovation, and cross-border mergers and acquisitions performance [J]. | HUMANITIES & SOCIAL SCIENCES COMMUNICATIONS , 2025 , 12 (1) . |
| MLA | Liu, Kun 等. "Global value chain position, firm innovation, and cross-border mergers and acquisitions performance" . | HUMANITIES & SOCIAL SCIENCES COMMUNICATIONS 12 . 1 (2025) . |
| APA | Liu, Kun , Jiang, Ping , Guo, Na . Global value chain position, firm innovation, and cross-border mergers and acquisitions performance . | HUMANITIES & SOCIAL SCIENCES COMMUNICATIONS , 2025 , 12 (1) . |
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Abstract ：
Compared to domestic mergers and acquisitions (M&As), the implementation of cross-border M&As by firms faces more uncertainties, and the risks of both M&A decisions and resource integration will increase. Using a sample of cross-border M&As from 2007 to 2020 in Chinese listed companies, this paper combines normative analysis and empirical tests to investigate the relationship between cross-border M&A and corporate investment efficiency. It further explores the regulatory mechanism of cross-border M&A on corporate investment efficiency. The results show that (1) cross-border M&As do not enhance the investment efficiency of Chinese enterprises; (2) cross-border M&As do not impact the investment efficiency of state-owned enterprises (SOEs) but exacerbate the inefficient investment of non-state-owned enterprises (non-SOEs), particularly in terms of over-investment. Heterogeneity tests reveal that the effect of cross-border M&As on investment efficiency is contingent upon various factors, including the type of property rights, financial constraints, and equity concentration of the merging companies. Furthermore, the level of economic development and governance in the host country and the degree of interconnectivity between the host and home nations also exert a notable influence.
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| GB/T 7714 | Liu, Kun , Zhu, Ying , Su, Xiao et al. Research on the impact of cross-border mergers and acquisitions on investment efficiency: evidence from Chinese listed companies [J]. | HUMANITIES & SOCIAL SCIENCES COMMUNICATIONS , 2025 , 12 (1) . |
| MLA | Liu, Kun et al. "Research on the impact of cross-border mergers and acquisitions on investment efficiency: evidence from Chinese listed companies" . | HUMANITIES & SOCIAL SCIENCES COMMUNICATIONS 12 . 1 (2025) . |
| APA | Liu, Kun , Zhu, Ying , Su, Xiao , Lu, Lingchen , Fu, Rui . Research on the impact of cross-border mergers and acquisitions on investment efficiency: evidence from Chinese listed companies . | HUMANITIES & SOCIAL SCIENCES COMMUNICATIONS , 2025 , 12 (1) . |
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With the increasingly stringent global restrictions on carbon emissions, firms are facing growing carbon risks, which may not only drive up firms' pollution control costs but also force them to improve investment efficiency by optimizing investment and saving costs. Taking the Paris Agreement event as the background and using the data of listed companies in China from 2007 to 2020 and a difference-in-differences model, this paper reveals that the increase in carbon risk can significantly improve the investment efficiency of China's carbon-intensive firms. In addition, we find that the increase in carbon risk can encourage firms to carry out mergers and acquisitions to improve investment efficiency. Our findings provide Chinese evidence for the effective link between carbon risk and firm investment efficiency and may serve as a decision-making reference for carbon-intensive enterprises to improve investment efficiency through merger and acquisition activities in the context of increasing carbon risk. © 2024 Elsevier Inc.
Keyword ：
Carbon-intensive enterprise Carbon-intensive enterprise Carbon risk Carbon risk M&A M&A The paris agreement The paris agreement
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| GB/T 7714 | Liu, K. , Su, X. , Lu, L. . Carbon risk and investment efficiency: A merger and acquisition perspective [J]. | International Review of Economics and Finance , 2024 , 95 . |
| MLA | Liu, K. et al. "Carbon risk and investment efficiency: A merger and acquisition perspective" . | International Review of Economics and Finance 95 (2024) . |
| APA | Liu, K. , Su, X. , Lu, L. . Carbon risk and investment efficiency: A merger and acquisition perspective . | International Review of Economics and Finance , 2024 , 95 . |
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The paper examines how central bank communication affects the macro information in analyst forecasts. Using quarterly data of Chinese-listed firms from 2007 to 2018, we find that richer and more frequent central bank communication increases the macro information contained in analyst forecasts. This effect is realized through the employment of in-house economists by security firms. In addition, we document that the effect of central bank communication on macroeconomic information in analyst forecasts is more salient under a contractionary monetary policy regime, during a bear market, or when the economic policy is more uncertain. We also show that analyst forecasts are more sensitive to central bank communication when firms that they follow are state-owned enterprises, have larger leverage ratios, or are located in more developed regions. In addition, analyst forecasts are more susceptible to central bank communication when the communication is in an informal oral format, when the public has more trust in the credibility of the central bank communication, and when the central bank pays more attention to expectation management after 2010. Finally, we show that richer and more frequent central bank communication also improves the accuracy of analyst forecasts.
Keyword ：
analyst forecasts analyst forecasts central bank communication central bank communication macro information macro information monetary policy monetary policy
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| GB/T 7714 | Chen, Dong , Liu, Kun , He, Lerong . Central bank communication and macro information in analyst forecasts: Evidence from Chinese listed firms [J]. | JOURNAL OF INTERNATIONAL FINANCIAL MANAGEMENT & ACCOUNTING , 2024 , 35 (2) : 501-533 . |
| MLA | Chen, Dong et al. "Central bank communication and macro information in analyst forecasts: Evidence from Chinese listed firms" . | JOURNAL OF INTERNATIONAL FINANCIAL MANAGEMENT & ACCOUNTING 35 . 2 (2024) : 501-533 . |
| APA | Chen, Dong , Liu, Kun , He, Lerong . Central bank communication and macro information in analyst forecasts: Evidence from Chinese listed firms . | JOURNAL OF INTERNATIONAL FINANCIAL MANAGEMENT & ACCOUNTING , 2024 , 35 (2) , 501-533 . |
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Abstract ：
With the increasingly stringent global restrictions on carbon emissions, firms are facing growing carbon risks, which may not only drive up firms' pollution control costs but also force them to improve investment efficiency by optimizing investment and saving costs. Taking the Paris Agreement event as the background and using the data of listed companies in China from 2007 to 2020 and a difference-in-differences model, this paper reveals that the increase in carbon risk can significantly improve the investment efficiency of China's carbon-intensive firms. In addition, we find that the increase in carbon risk can encourage firms to carry out mergers and acquisitions to improve investment efficiency. Our findings provide Chinese evidence for the effective link between carbon risk and firm investment efficiency and may serve as a decision-making reference for carbon-intensive enterprises to improve investment efficiency through merger and acquisition activities in the context of increasing carbon risk.
Keyword ：
Carbon-intensive enterprise Carbon-intensive enterprise Carbon risk Carbon risk M & M & The paris agreement The paris agreement
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| GB/T 7714 | Liu, Kun , Su, Xiao , Lu, Lingchen . Carbon risk and investment efficiency: A merger and acquisition perspective [J]. | INTERNATIONAL REVIEW OF ECONOMICS & FINANCE , 2024 , 95 . |
| MLA | Liu, Kun et al. "Carbon risk and investment efficiency: A merger and acquisition perspective" . | INTERNATIONAL REVIEW OF ECONOMICS & FINANCE 95 (2024) . |
| APA | Liu, Kun , Su, Xiao , Lu, Lingchen . Carbon risk and investment efficiency: A merger and acquisition perspective . | INTERNATIONAL REVIEW OF ECONOMICS & FINANCE , 2024 , 95 . |
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Abstract ：
当前对新型研发机构的评价体系以非量化指标为主,聚焦获取科研项目数量、申请专利等指标,未能充分凸显新型研发机构服务创新能力及其融合各类创新要素的能力,因此需建立更为科学的评价机制.共生视角对解决复杂性、多层次和动态跨域事务有借鉴意义,契合于新型研发机构创新绩效评价的运用场景,因而基于共生视角,以"技术-组织-环境"框架构建机构创新要素共生度测算模型,并使用凸显机构获取创新资源能力和服务支撑产业能力的评价指标构成创新绩效评价体系,利用熵值法测算每家机构的创新能力指标值.选取福建省2016-2018年认定的前3批64家新型研发机构作为样本进行测算,结果发现共生度对机构运行持续性和创新能力具有积极作用;具有公益属性、地处发达地区、服务战略性新兴产业的新型研发机构共生度相对更高,因此其创新能力也更强.可见,共生度可以作为认定和持续跟踪评价新型研发机构的一项关键指标.
Keyword ：
TOE框架 TOE框架 共生度 共生度 共生视角 共生视角 创新能力 创新能力 新型研发机构 新型研发机构 评价体系 评价体系 运行持续性 运行持续性
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| GB/T 7714 | 许建伟 , 刘琨 , 许玉平 . "技术-组织-环境"框架下新型研发机构共生度评价体系构建研究 [J]. | 科技管理研究 , 2024 , 44 (21) : 72-82 . |
| MLA | 许建伟 et al. ""技术-组织-环境"框架下新型研发机构共生度评价体系构建研究" . | 科技管理研究 44 . 21 (2024) : 72-82 . |
| APA | 许建伟 , 刘琨 , 许玉平 . "技术-组织-环境"框架下新型研发机构共生度评价体系构建研究 . | 科技管理研究 , 2024 , 44 (21) , 72-82 . |
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部门整体支出绩效评价是全面实施预算绩效管理的重要组成部分,也是进一步深化预算绩效管理改革的方向.通过剖析当前部门整体支出绩效评价的理论演进与操作实务,发现依然存在"碎片化"等问题,未能充分体现促进部门整体效能提升的功能作用.借鉴共生理论以实现复杂系统和谐统一为目标的理念,能很好实现部门整体支出绩效评价的"整体性"理念.因此,进一步融合共生理论设计部门整体支出绩效评价方案,并以福建省交通运输厅为典型案例验证评价方案的可操作性,对优化部门整体支出绩效评价具有启示意义.
Keyword ：
共生理论 共生理论 绩效评价 绩效评价 部门整体支出 部门整体支出
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| GB/T 7714 | 俞元鹉 , 刘琨 , 刘力田 . 共生理论视角下部门整体支出绩效评价研究 [J]. | 经济研究参考 , 2023 , (1) : 19-29 . |
| MLA | 俞元鹉 et al. "共生理论视角下部门整体支出绩效评价研究" . | 经济研究参考 1 (2023) : 19-29 . |
| APA | 俞元鹉 , 刘琨 , 刘力田 . 共生理论视角下部门整体支出绩效评价研究 . | 经济研究参考 , 2023 , (1) , 19-29 . |
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<正>一、引言全面预算绩效管理是推进国家治理体系和治理能力现代化的内在要求，作为缓解财政收支矛盾、提高国家治理效能的重要方法和工具，助力推动提高资金使用效益，切实提升财政保障能力，在当前显得尤其重要和紧迫。预算绩效评价结果应用是推动预算绩效管理的关键所在，评价结果应该及时被用于决策，促进预算绩效管理更好地发挥“指挥棒”作用，以有效提高财政管理水平，扩大政府支出效果。
Keyword ：
结果应用 结果应用
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| GB/T 7714 | 俞元鹉 , 刘琨 , 林若 et al. 关于推动建立健全财政重点评价结果应用制度的路径思考 [J]. | 预算管理与会计 , 2023 , 7 (04) : 28-34 . |
| MLA | 俞元鹉 et al. "关于推动建立健全财政重点评价结果应用制度的路径思考" . | 预算管理与会计 7 . 04 (2023) : 28-34 . |
| APA | 俞元鹉 , 刘琨 , 林若 , 林泽楠 . 关于推动建立健全财政重点评价结果应用制度的路径思考 . | 预算管理与会计 , 2023 , 7 (04) , 28-34 . |
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In recent years, the rise of investment protectionism has led to the decline of investment openness all over the world. Based on the perspective of valuation effects which affects changes in national external wealth, we carry out empirical analysis and find that investment openness has inhibitory effect on national external wealth in the short term but promotes it in the lag period. Furthermore, we use the open economy macroeconomic theory (NOEM) to construct DSGE model and find that reducing the degree of investment openness will lead to the rise of domestic investment asset prices and produce positive valuation effects, which will lead to the short term increase of national external wealth. However, this effect has poor persistence. In the long run, the reduction of openness will hinder transnational investment, reduce the income of transnational investment, and eventually lead to the deterioration of national external wealth. The DSGE model we constructed can be applicable for solving some problems for open economic policy. From the conclusion we have acquired, it is indicated that nations who want to maintain the steady growth of the external wealth should continue to improve investment openness and international investment environment, alleviate investment information asymmetry, and avert increasing investment protectionism.
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| GB/T 7714 | Liu, Kun , Lu, Lingchen , Xu, Jianwei . Impact of Investment Openness on National External Wealth: Based on Valuation Effects Perspective [J]. | DISCRETE DYNAMICS IN NATURE AND SOCIETY , 2022 , 2022 . |
| MLA | Liu, Kun et al. "Impact of Investment Openness on National External Wealth: Based on Valuation Effects Perspective" . | DISCRETE DYNAMICS IN NATURE AND SOCIETY 2022 (2022) . |
| APA | Liu, Kun , Lu, Lingchen , Xu, Jianwei . Impact of Investment Openness on National External Wealth: Based on Valuation Effects Perspective . | DISCRETE DYNAMICS IN NATURE AND SOCIETY , 2022 , 2022 . |
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This study investigates the influence of overseas ethnic Chinese networks on China's outward foreign direct investment using panel data from 2007 to 2018. The empirical results show that: first, overseas ethnic Chinese networks can promote outward foreign direct investment from China. Second, this influence is achieved through cultural identity. In addition, considering the heterogeneity of the business environment in host countries, we find that this transmission path is clearer in host countries with unhealthy business environments.
Keyword ：
Cultural identity Cultural identity outward foreign direct investment outward foreign direct investment overseas ethnic Chinese networks overseas ethnic Chinese networks
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| GB/T 7714 | Xu, Jianwei , Liu, Shengtong , Liu, Kun . Influence of overseas ethnic Chinese networks on China's outward foreign direct investment [J]. | JOURNAL OF INTERNATIONAL TRADE & ECONOMIC DEVELOPMENT , 2022 . |
| MLA | Xu, Jianwei et al. "Influence of overseas ethnic Chinese networks on China's outward foreign direct investment" . | JOURNAL OF INTERNATIONAL TRADE & ECONOMIC DEVELOPMENT (2022) . |
| APA | Xu, Jianwei , Liu, Shengtong , Liu, Kun . Influence of overseas ethnic Chinese networks on China's outward foreign direct investment . | JOURNAL OF INTERNATIONAL TRADE & ECONOMIC DEVELOPMENT , 2022 . |
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