Based on the sample data of Chinese listed companies, this paper finds that the increase in customer concentration significantly reduces the level of enterprise employment. The research results are robust to a series of tests. Further analysis shows that the increase of financing constraints, the increase of enterprise risk and the decrease of profitability are the mechanism of customer concentration affecting enterprise employment. In addition, the negative correlation between customer concentration and enterprise employment is stronger for enterprises with small size, fierce industry competition, and increasing economic policy uncertainty.

Chinese companies have a distinctive feature by embedding Communist Party of China (CPC) into governance structure. In this study, we examine the impact of embedded CPC governance on disclosure quality in Chinese private firms. We find that embedded CPC governance improves disclosure quality. We also document that internal control mediates the relationship between embedded CPC governance and disclosure quality. Further analyses show that our results are pronounced for private firms with greater peer pressure, stronger industry competition, and poorer information environments. Overall, our findings aid our understanding of the role of embedded CPC in influencing disclosure practices in private enterprises.

As a product of the integration of traditional finance and Internet technology, digital finance plays an important role in micro enterprise innovation and even macroeconomic development. Based on the data of China's A-share listed companies from 2011 to 2018, this paper explores the effect of the development of digital finance on enterprise innovation. The research finds that there is an inverted U-shaped relationship between the development of digital finance and enterprise innovation. Further research shows that this inverted U-shaped impact of digital finance is stronger on strategic innovation of enterprises, suggesting that enterprises pay more attention to the "quantity" rather than "quality" of innovation. Finally, the inflection point of the inverted U-shaped relationship is brought forward by the industry competition and media pressure. This paper not only enriches the research on the relationship between digital finance and enterprise innovation, but also provides a theoretical basis for the development of digital finance and the improvement of financial regulatory framework.

The Property Rights Theory states that clearly defined ownership is the premise of efficiency, while ambiguous property rights result in great externalities. We use the establishment of local SASACs as a quasi-natural experiment to investigate how unifying the supervision rights and responsibilities internalizes externalities and enhances SOEs’ innovation. The primary results show that the total innovation outputs and high-quality innovation outputs of SOEs governed by local SASACs (i.e., treatment group) improve after creating SASACs. The mechanism analyses show that both the pyramids level and risk-bearing level of local SOEs increase. In cross-sectional tests, we unravel that the innovation improvement effect is subject to the following five factors, including SASACs’ independence, local government quality, industry competition, SOEs managers’ motivation for promotion, and whether the SOE is in high-tech industry. Our paper provides empirical evidence for evaluating the innovation effect of the establishment of local SASACs with a quasi-natural experiment when the public ownership of SOEs does not change. Chun

这篇论文研究了国际投资银行业的发展趋势，用DDM，RESIDUAL INCOME 和PRICE MULTIPLES 三种方法探讨了美国高盛公司的股票价值，全文约60页,包括了作者能收集到的大部分高盛公司的资料。 SSRN 联接：（http://papers.ssrn.com/sol3/papers.cfm?abstract_id=577841） Preface Goldman Sachs Group (NYSE stock ticker: GS) is one of the leading investment banks and a Fortune 500 firm, with its IPO in 1999. In this paper, we will present a detailed stock analysis on GS stock. Our paper will focus on two aspects: 1. Illustrate investment banking industry competition drivers. 2. Value GS stock with three methods: Dividends Discount Model (DDM), Price/Earning Multiple and Residual income method. Charts in Main Text 1: Major Trend--Consolidation 2: Segments Trends Analysis 3: ROE of Industry Leaders 4: Major Cost Driver--Salary 5: GS Common-Size Income Statement 6: GS Five-Year Stock Chart 7: GS Valuation Ratios