Pre-Initial Public Offering(Pre-IPO) investment is an extremely important investment method in private equity investment. It invests in the latest stage of the company's listing time. In the context of Chinese stock issuance registration system reform, a large number of small and medium-sized enterprises with technological attributes and high growth potential have begun to conduct IPOs. As the last opportunity for companies to replenish their "ammunition" before going public, Pre-IPO investment has gradually become a hot topic in the practical and academic circles. This article collected four financial indicators that may affect the Pre-IPO investment income(including profitability, solvency, growth potential and governance structure) and used a multiple regression model to examine the mechanism. This article has three research conclusions: First, the Pre-IPO investment still has considerable returnsin the current market environment, but the rate of return is gradually decreasing. Secondly, most of the Pre-IPO return is brought about by the successful listing of the invested company, and the return on total assets, current ratio, and total asset growth rate have a significantly positive impact on primary market investment income, while the controlling shareholder's shareholding ratio has a negative impact. The income from secondary market is much less than primary market, and it is mainly related to the profitability and solvency of the invested company. Profitability has a negative impact on the stock price, while solvency has a positive impact; Thirdly, with the launch of the Science and Technology Innovation Board and the implementation of the Registration System, investment institutions need to conduct a comprehensive inspection of the invested companies, such as the company's growth and internal governance structure. Companies listed on the Science and Technology Innovation Board need to pay more attention to their profitability and growth,while others need to pay more attention to the debt solvency and governance structure.

In recent years, with the increasing awareness of sustainable development, the ESG performance of enterprises has gradually attracted extensive attention from investors, and has a continuous impact on the long-term stable operation of enterprises. In the new stage of development, whether ESG performance can reduce the cost of corporate debt financing deserves further study. This paper takes domestic A-share listed non-financial companies with ESG ratings from 2011 to 2021 as samples to empirically study the impact of domestic corporate ESG performance on corporate debt financing costs. The empirical results show that: First, the improvement of ESG performance can effectively reduce the cost of corporate debt financing. Second, the moderating variable analysis shows that corporate transparency, CEO's academic background, and whether the company is in a recession period all have a positive moderating effect on the negative relationship between ESG performance and debt financing costs. However, the moderating effect of internal control and CEO's overseas study background on the relationship between ESG performance and debt financing cost is not significant. The innovation of this paper is that CEO characteristics (whether the CEO has overseas study background and academic background) are innovatively introduced as moderating variables, and further analysis is carried out to further analyze whether CEO characteristics play a moderating role in the relationship between ESG and debt financing costs.Key words: ESG, Corporate Debt Financing Costs, Internal Control , Corporate Transparency , CEO Characteristics

China’s digital economy has developed rapidly after the 19th National Congress of the Communist Party of China. As an important part of the digital economy, the application and development of digital finance has provided a better path for financial institutions about services innovation and business development. Small and medium-sized enterprises (SMEs) account for a large proportion of the number of enterprises in China. They affected the society deeply on various aspects such as economic growth, employment, and innovation. However, financing constraints characterized by “difficult requirements” and “high cost” have long restricted the development of small and medium-sized enterprises. In recent years, the growth rate of the international economy has slowed down in an all-round way due to the impact of the epidemic. The SMEs have become more severe in this environment with stronger demands for funds. The rapid development of digital finance provides a technical environment for substantially improving the availability of loans for SMEs. As the main source of financing for small and medium-sized enterprises, commercial banks can deal with the problem of information asymmetry between them and SMEs easily through comprehensive digital transformation. Furthermore, the digital transformation of commercial banks could alleviate the financing constraints of SMEs and allocate more credit resources for SMEs. This study uses Peking University’s digital financial inclusive index and the SMEs’ loan data from the specific commercial bank for empirical analysis. The results demonstrate that the development of digital finance can alleviate the financing constraints of SMEs and reduce the information asymmetry between banks and enterprises. Moreover, the digital finance could also improve the overall business efficiency of commercial banks. In addition, SMEs with relatively in-depth digital transformation are easier for taking advantage of the opportunity of digital financial development to alleviate their own financing constraints. This study provides effective suggestions for the administrative department to formulate relevant guiding policies for digital financial development, commercial banks’ digital business strategy formulation, and more financial resource allocation for SMEs with development prospects based on the research conclusions.

This study provides an in-depth investigation of customer management in the construction decoration industry, focusing on Shanghai A Construction Engineering Co., Ltd. By analyzing the company's operational data, the study emphasizes different ownership types of clients and examines factors influencing the profitability of high-quality client projects. The findings reveal that foreign-funded enterprise clients exhibit significant advantages in project quantity, profitability, and per capita output value within Shanghai A Construction Engineering Co., Ltd. While private and state-owned enterprises also have a certain number of projects, foreign-funded enterprises account for over 70% of the total projects. Moreover, the project profitability of foreign-funded enterprises is notably higher than that of the other two types. However, there is no significant difference in per capita output value among the three types of enterprises. Further regression analysis demonstrates that unique technologies and client-specific attributes have a significant positive impact on project profitability. This implies that enterprises with unique technologies and a deep understanding of client needs can achieve higher project profitability. Additionally, bidding quantities and contract amounts have a positive effect on per capita output value, indicating that participating in more bidding activities and securing high-value contracts can enhance project productivity. In conclusion, the research findings shed light on key aspects of customer management for small and medium-sized construction decoration enterprises. Foreign-funded enterprises possess advantages in project quantity, profitability, and per capita output value. Unique technologies and client-specific attributes have a positive influence on project profitability, while bidding quantities and contract amounts contribute to increased per capita output value. These research results provide valuable insights and guidance for small and medium-sized construction decoration enterprises to comprehend the importance of customer management and develop strategies to enhance profitability and performance. However, the specific implementation strategies need to be adjusted and optimized based on each company's unique circumstances to achieve the best outcomes.

This dissertation adopts a multi-case study method to conduct in-depth research on the competence of CEOs of several joint ventures between a leading company in the electric vehicle charging industry in China and various agencies of the Chinese government. It develops a theoretical model, highlighting how the competence of CEOs affects the market dominance of these joint ventures. The theoretical model proposes that CEOs with three competencies - firm goals, trustworthiness, and high professionalism - can achieve market dominance by efficiently managing alliance partners and management teams. Managing alliance partners requires identifying and meeting their needs, unifying them, and firmly implementing resolutions; managing teams requires building cross-institutional teams, establishing effective performance valuation channels, and promoting a unified multicultural mindset. Additionally, the model underscores two boundary conditions: complementary resources between alliance partners and strategic consensus between them. The main contribution of this study is to construct a theoretical model for general managers to achieve market dominance under mixed ownership, expanding and deepening research on strategic leadership in strategic alliances, and contributing new content to the innovation of business models in the electric vehicle charging industry.

This study focuses on China's mutual fund market and analyzes the impact of fund managers' past experience on their performance. The research results show that fund managers with management experience, including those who have held senior management positions, can significantly improve performance. This may be due to their excellent team coordination, strategic planning, and decision-making abilities. In contrast, managers with professional technical or accounting backgrounds may reduce performance, possibly because they rely too much on past investment experience, lack decision-making flexibility, and are unfamiliar with corporate management. For management-type fund managers, the postgraduate education of the fund manager and the number of award-winning funds of the fund company have a positive moderating effect on performance. However, factors such as the number of funds managed, the amount of assets under management, the number of managers and employees in the fund company, and the amount of newly issued funds may have a negative impact. These findings provide valuable references for fund managers and fund companies in improving performance, and have important implications in various aspects such as selecting fund managers, setting investment strategies, and managing the number and size of funds.

The pharmaceutical industry plays an important role in Chinese economic development. How to propel the innovation and growth of the pharmaceutical industry with capital market tools becomes an important question. With the increasing layout of venture capital (VC) in the pharmaceutical industry, the impact of VC participation on the innovation and growth of pharmaceutical enterprises should be carefully studied. For investment purposes, CVCs, which are established by industrial corporations, mainly focus on new technologies and modes in the relevant industrial chain of their parent companies, and try to establish strategic synergy through their equity investment. IVCs have no specific industry restrictions, and their purpose is to search for and identify innovative enterprises with high growth potentials, and to harvest financial gains by investing in them.In order to explore these issues, this paper collects and analyzes data from a sample of Chinese A-share listed pharmaceutical companies from 2015 to 2022, tests the impact of VCs on the innovation inputs, innovation outputs, and growth performance of this sample of companies, and examines the differences between the impacts of IVCs and CVCs on the relevant performance. It is found that VC investment has a significant positive impact on pharmaceutical firms' innovation input, innovation output, and firm growth. In particular, IVCs have a significant positive effect on innovation input, growth performance, and an insignificant effect on innovation output of pharmaceutical firms. CVCs, on the other hand, have a significant positive effect on innovation input, innovation output, and growth performance of pharmaceutical firms. In addition, the interaction between IVC and CVC can further enhance the innovation input level and growth performance level of pharmaceutical enterprises. This paper uncovers the differences in the impact of IVCs and CVCs on the innovation input, innovation output, and growth performance of pharmaceutical enterprises, expands the research on venture capital, enriches the driving mechanism of pharmaceutical enterprises' high-quality growth and innovation capability in the Chinese context. This paper also provides some insights into how pharmaceutical enterprises select VCs and how VCs can empower pharmaceutical enterprises in practice.

The pharmaceutical industry is closely related to the national economy and people's livelihood, with high drug prices and pressure on health insurance. The implementation of the band purchasing policy has made an important contribution to lowering drug prices, improving the balance rate of health insurance, reshaping the pattern of the pharmaceutical industry, and improving the efficiency of pharmaceutical production and circulation, but how the band purchasing policy affects the performance of the majority of pharmaceutical enterprises, and how the pharmaceutical enterprises can effectively deal with the challenges of environmental mutation and other related problems have not yet been effectively explored.To this end, this paper collects data from A-share listed pharmaceutical companies in China from 2014 to 2022, takes 2018 as the base year for the implementation of the "4+7" "band purchasing" policy, and utilizes a multi-period DID double-difference model for hypothesis verification. It is found that the implementation of the band purchasing policy significantly reduces the profitability performance and growth performance of pharmaceutical enterprises. Secondly, the implementation of enhanced innovation can moderate the negative impact of band purchasing on the growth performance of enterprises, and the expansion of exports and the enhancement of digitalization can significantly ii improve the negative impact of band purchasing on the profitability performance of enterprises, but has no effect on the growth performance of enterprises. In addition, this paper analyzes the process of pharmaceutical enterprises' implementation of enhancing innovation, expanding exports, and improving digitalization through case studies, and refines the strategic change process model of "coping strategy formation - coping strategy implementation - adaptation to the new state" under the sudden change environment. This paper explores the differentiated effects of coping strategies of different types of pharmaceutical enterprises in the face of the band purchasing policy, and provides some insights into the practice of related enterprises.

This paper first introduces the institutional background of the study. In the context of the transition from the approval system to the registration system in China, the gatekeeper role of IPO enterprises has changed from the supervisor to the market, which puts forward higher requirements for intermediary institutions such as securities companies. As an important market medium connecting IPO enterprises and external investors, securities companies are known as the "gatekeepers" of the capital market. They can authenticate and supervise the IPO enterprises they underwrite and/or sponsor. The impact of securities companies on the IPO process has also been a hot topic in the academic and practical circles. This paper examines the impact of internal control of securities companies on IPO companies.This study finds that the higher the level of internal control of securities companies, the higher the quality of IPO companies, including higher IPO information disclosure quality, lower IPO underpricing and higher post IPO performance. The mechanism test indicates that the internal control of securities companies can reduce employees' self-interest behavior and improving employees' work efficiency. Secondly, the impact is stronger in non-state-owned enterprises, when the reputation of securities companies is lower, and the external legal environment is lower. In addition, this study finds the compliance degree of internal control and the reliability of reporting of securities firms are important dimensions that affect the quality of IPO enterprises. iv The conclusions of this study have some practical significance. First, this study finds that the level of internal control of securities firms has an important impact on the quality of IPO enterprises. Therefore, improving the internal control of China's securities companies is an important work that needs to be grasped for a long time. The research conclusions of this paper have important research significance for further optimizing the gatekeeper responsibilities of securities companies and improving the efficiency of resource allocation in the IPO market under the background of the transition from the approval system to the registration system in China's IPO market.

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.