Against the backdrop of China's rapidly expanding economy and constantly changing stock market, the dispersion of stock structure has become particularly noteworthy among listed businesses. Even though still a minority, those listed businesses without an actual controller are becoming more prevalent, and their continued growth justifies studying them as an individual group. Management, in which resides the core value of a business, has a peculiar impact on how well a company performs. This study examines the relationship between management heterogeneity and corporate performance with an emphasis on heterogeneous notable traits in the management of listed businesses without an actual controller. Generally speaking, it consists of three sections: in the first section, the mechanism with which the three heterogeneity dimensions, including gender, age, and professional background of the management, affect corporate performance, is examined; in the second section, the black box of the process through which team cooperation, a mediating variable, affects corporate performance in terms of the three heterogeneity dimensions and its mediating effect in between are analyzed; in the last section, based on the above study, a further analysis is made into the moderating effect of moderating variables such as regional cultural and habit differences in China on the mediating variable, as well as the conditions under which moderating variables can affect corporate performance and their functions. This study, covering 229 listed companies with no actual controller trading A-shares from 2016 to 2021 (A-shares are the stock shares of mainland China-based companies that trade on the two Chinese stock exchanges, the Shanghai Stock Exchange (SSE) and the Shenzhen Stock Exchange (SZSE)), The novelty of this study lies in two aspects: First, it is the first study that introduces regional cultural and habit differences as moderating variables, and it has found that the mechanisms and moderating effects of different heterogeneity dimensions of the management on team cooperation and corporate performance are not the same. Second, it is the first that proposes and measures the concept of team cooperation and has preliminarily validated its importance to corporate performance.

Photovoltaic industry, as a strategic emerging industry supported by the national policy for a long time, is an important part of new energy industry, which is crucial for China to realize the upgrading of its energy structure and practice the goal of "carbon peak and carbon neutrality". Photovoltaic industry is characterized by long R&D investment cycle, strong scale effect, high risk of technology selection, etc. Therefore, the study of photovoltaic industry can help to explore the development law of emerging industries, and has a strong inspirational role in promoting the transformation of industrial development and the construction of independent innovation of enterprises. Silicon link is the upstream link of PV manufacturing industry, with high technical barriers, and is the most representative link of PV industry. This paper selects all the PV enterprises in the upstream silicon link of the PV industry chain as the research object according to the standards of the PV industry, by combing the industrial development history and technological change of such enterprises, and trying to explore the basic influencing factors affecting their technological routes by focusing on the technological route disputes between mono-crystalline and polycrystalline in the process of their development, creatively identifying the competitive strategies and decomposing them in the perspectives of costs, efficiency, environmental externalities and transaction costs, by constructing the basic factors affecting their technological routes. We creatively identify the competitive strategies and decompose them from the perspectives of cost, efficiency, environmental externalities, and transaction cost, and try to answer the question of what characteristics of technology routes can help enterprises gain competitive advantages from the perspective of the final development of enterprises through the construction of theoretical models and case studies, and then explore the specific influencing factors affecting the selection of different technology routes by enterprises. In this way, we can provide suggestions for improving the development quality of China's photovoltaic industry, realizing sustainable development, and contributing to the rapid development of China's strategic emerging industries.

With the development of the Science and Technology Innovation Board, equity incentives have gradually evolved into the "standard configuration" for listed companies on the board in recent years. However, due to the short opening time of the Science and Technology Innovation Board in China, the equity incentive system on the board is still constantly being explored and advanced. Therefore, studying the relationship between equity incentives and corporate performance of listed companies on the Science and Technology Innovation Board is of great practical significance for promoting the long-term development of the company.Therefore, based on a systematic review of domestic and foreign research results, combined with the basic theory of equity incentives, this article selected listed companies on the Science and Technology Innovation Board in China that implemented equity incentives from January 1, 2019 to December 31, 2022 as research samples, and used equity incentives as explanatory variables. This study adopts factor analysis to evaluate corporate performance through a comprehensive index, based on the operational capability, cash flow ability, and growth potential of companies. Finally, a regression analysis model is created using current period regression, lagged one period, and lagged two periods regression methods to examine the relationship between equity incentives and corporate performance of listed companies on the Science and Technology Innovation Board. The relationship between equity incentives and R&D investment is analyzed using lagged two periods, and TobinQ is also analyzed Zscore conducted regression analysis to verify the conclusion of the relationship between equity incentives and corporate performance. Empirical research analysis shows that under comprehensive indicators, there is no significant promoting effect between equity incentives and corporate performance of companies listed on the Science and Technology Innovation Board. Compared with companies in other listed sectors, the equity incentive effect of companies listed on the Science and Technology Innovation Board is strengthened. Equity incentives of companies listed on the Science and Technology Innovation Board are conducive to improving Tobin Q performance without increasing bankruptcy risk. Equity incentives of companies listed on the Science and Technology Innovation Board can enhance R&D investment. Based on empirical research results, this article intends to provide comprehensive suggestions for better implementation of equity incentives for listed companies on the Science and Technology Innovation Board. Finally, this article proposes future research directions.

At present, the photovoltaic industry has entered into the stage of affordable power generation, with power generation costs tending towards thermal power. China has also gradually cancelled various subsidy policies, and the risks faced by enterprises have changed to a certain extent. This paper aims to explore the characteristics and causes of financial crises faced by photovoltaic enterprises through horizontal and vertical comparisons, and analyze the relationship between financial crisis management capabilities and performance. By identifying the risk areas that are most likely to turn into crises and developing crisis response strategies in advance, we provide useful exploration at the practical level to enhance the competitiveness of Chinese photovoltaic enterprises.

On January 30, 2019, the China Securities Regulatory Commission issued the Implementation Opinions on the Establishment of the Science and Technology Innovation Board on the Shanghai Stock Exchange and the Pilot Registration-based System, announcing the establishment of a new Science and Technology Innovation Board(STAR). The STAR Market is an important measure in China's capital market reform, aiming to promote the transformation of China's economy from a stage of rapid growth to a stage of high-quality development. The companies listed on the Science and Technology Innovation Board are mainly scientific and technological innovation enterprises that are at the forefront of the world's science and technology, the main battlefield of the economy, and the major needs of the country, in line with the national strategy, breaking through key core technologies, and with high market recognition. Since its launch on July 22, 2019, to May, 15, 2023, there are 522 companies have been listed on the STAR Market, with a total market capitalization of more than RMB 7 trillion. The successful listing of these enterprises will provide strong support for the deep integration of China's high-tech industries and strategic emerging industries.This paper analyzes the influencing factors of IPO listing pricing on the STAR Market, and studies 1478 companies listed on the three listing platforms of the STAR Market, ChiNext and Hong Kong stocks. Through descriptive statistical analysis and multivariate regression model, the influencing factors of the 1st day and the 20th day were empirically studied. The results of the study will provide a pricing reference for ii listed companies in the future, and provide a reference for policymakers to meet the expectations of the new regulatory reforms. Through analysis of multiple factors includes but not limited as the NR,IPE, LEAD, ISCA, T10, AOL, BC, STL, RDI, CAGR, DTOR, these influencing factors have an important impact on the IPO of the STAR Market.

With the increasing aging population in China, the public's emphasis on health has been on the rise. Many innovative pharmaceutical companies have undertaken multiple rounds of financing, with some going public through IPOs. As a high-tech industry, it is essential to study the relationship between the level of corporate publicity and the financing process.This study collected information on the number of promotional articles, timing, and platforms of dozens of pharmaceutical companies that have already gone public through IPOs using Python. An analysis was conducted on the temporal variations of promotional articles for ten representative companies. It was found that the number of promotional articles experienced a significant increase in the month of IPO or the month before, and remained relatively high even after the IPO. Furthermore, the Pearson correlation coefficient method was used to analyze the correlation between the number of promotional articles and various stages of financing. The study found a positive correlation between the daily average number of promotional articles before IPO and the final financing amount. Additionally, a strong positive correlation was observed between the daily average number of promotional articles from 7 days before IPO to IPO day and the turnover rate on IPO day. Grey correlation analysis was also employed to analyze the impact of publicity on the financing amount of each ii financing round, revealing that the financing round and the Shanghai Composite Index had a significant influence. Finally, a multiple regression analysis was conducted to examine the relationship between the pre-IPO financing scale, IPO-day trading amount, and the level of corporate publicity. The regression results indicated that the pre-IPO financing scale was mainly influenced by the number of promotional articles in the 7 days preceding IPO, particularly for pharmaceutical companies listed on the A-share market. Moreover, a negative correlation was observed between the financing round and the financing amount, particularly among companies that experienced a decline in share price on the IPO day. However, the study found a weak association between the IPO-day trading amount and the level of corporate publicity, primarily observed among pharmaceutical companies listed on the A-share market.

This paper analyzes China's transformative changes over the past four decades through a microeconomic lens focused on enterprises. Market-oriented non-state-owned enterprises have emerged as a pivotal force driving China's economic development within this context. The article investigates the determinants of their development. Notably, more than half of market-oriented non-state-owned enterprises have entered the inheritance stage, necessitating the exploration of novel attributes for sustained growth.The study's research scope is defined across four dimensions, with a specific focus on approximately 4,000 market-oriented non-state-owned enterprises. It investigates the driving factors behind sustained performance growth at various stages of these enterprises, emphasizing five variables: "partnership governance, entrepreneurial spirit, development strategy, incentive mechanisms, and innovation capability." Employing a combination of "typical case studies" and "group validation" methods, the research examines the factors influencing sustained growth in these enterprises and their interrelationships. The goal is to construct a model for enterprise succession and development, ultimately offering recommendations to foster sustained growth. The research paper is structured into an introduction, literature review and theoretical foundation, typical case studies, empirical research on a group, and a conclusion. ii Key findings include: Partnership governance positively impacts partners' entrepreneurial spirit, promoting sustained performance growth. Trajectory-oriented development strategies, effective incentive mechanisms, and leading innovation capabilities have a positive moderating effect on entrepreneurial spirit, fostering sustained performance growth. During the innovation development phase, partnership governance significantly influences entrepreneurial spirit with a noteworthy environmental moderation effect. The paper recommends implementing a "Dual-Factor Improvement Model" that enhances both partnership governance systems and the selection and functioning mechanisms of entrepreneurial spirit partners. This approach aims to boost partners' entrepreneurial spirit and facilitate high-quality succession in market-oriented non-state-owned enterprises，，ultimately achieving sustained high-quality growth. In conclusion, this research contributes to a deeper understanding of sustained performance growth in enterprises. It offers valuable insights for the succession and development of market-oriented non-state-owned enterprises and innovation-driven entrepreneurship. This research holds significant value in advancing sustained high-quality development among market-oriented non-state-owned enterprises in China, optimizing resource allocation, and nurturing talented individuals.

This article first reviews the development process and research status of ESG, pointing out that there has been less attention paid to the impact of executive teams on corporate ESG performance in existing studies, while studying the impact of executive team background on corporate ESG performance has important theoretical and practical significance. This article starts from two aspects: the overseas background and academic background of the executive team, and uses empirical research methods to examine the impact of the background characteristics of the executive team on the ESG performance of enterprises.This study found that firstly, the larger the proportion of executive members with overseas backgrounds, the better the ESG performance of a company. The research results indicate that overseas experience and experience can influence executive behavior and make decisions that are beneficial for the ESG performance of the company. Secondly, the larger the proportion of executive members with academic backgrounds, the better the ESG performance of the enterprise. The research results indicate that the academic background of the executive team can significantly improve their learning and information collection abilities, thereby making them more proficient in ESG related decision-making, and thus having a positive promoting effect on the ESG performance of the enterprise. Heterogeneity analysis shows that the impact of overseas and academic backgrounds of executive teams on ESG performance is more pronounced in state- ii owned enterprises, when the external legal environment of the enterprise is more perfect, and when the proportion of executive shareholding is higher. Further research has found that the overseas background of the board of directors also has a positive impact on the ESG performance of enterprises. In addition, this study found that the improvement of ESG performance by the overseas background of the executive team is mainly reflected in the two dimensions of ESG society and governance, while the improvement of ESG performance by the academic background of the executive team is mainly reflected in the two dimensions of ESG environment and society. This article starts with the latest business philosophy of enterprise ESG performance, examining the impact of executive team background characteristics on enterprise ESG performance, enriching research on the economic consequences of executive team background characteristics, and expanding research on the influencing factors of enterprise ESG performance. The research conclusions of this article contribute to a deeper understanding and understanding of the scenarios in which background characteristics of executive teams may play a role, and also contribute to a deeper analysis of the possible influencing factors of ESG performance in enterprises. The research conclusions of this article have certain practical guiding significance for the construction of ESG system and the formation of executive teams in Chinese listed companies.