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This paper aims to mainly investigate the role of trust, which is an important informal system, in executive compensation incentives.

Using the data of Chinese A-share private enterprises from 2003 to 2014, the paper estimates the effect that trust has on executive compensation incentives.

Results indicate that trust can significantly enhance the effectiveness of executive compensation incentives. Furthermore, the better the regional trust environment in which companies are located, the more pronounced the effect is. In particular, the effect of trust on executive compensation incentives is only significant when the formal legal system is immature. As companies continue to grow and develop and the formal system becomes perfect, the role of trust weakens. The formal system, including the corporate governance mechanism and perfect legislation, then becomes the key to promoting executive compensation incentives.

This paper provides evidence of the significance of both informal and formal systems. It not only emphasises the important role that the informal system has played in “the mystery of China’s economic growth” but also supports the “ruling the country by law” strategy for the sustainable development of China’s economy.

This paper reveals the relationship between the formal and informal systems, which provides a new perspective on and empirical evidence for the determinants of executive compensation incentives, and it also finds an explanation for the rapid growth of China’s economic development.

The purpose of this paper is to design a new trajectory error compensation method to improve the trajectory tracking performance and compliance of the knee exoskeleton in human–exoskeleton interaction motion.

A trajectory error compensation method based on admittance-extended Kalman filter (AEKF) error fusion for human–exoskeleton interaction control. The admittance controller is used to calculate the trajectory error adjustment through the feedback human–exoskeleton interaction force, and the actual trajectory error is obtained through the encoder feedback of exoskeleton and the designed trajectory. By using the fusion and prediction characteristics of EKF, the calculated trajectory error adjustment and the actual error are fused to obtain a new trajectory error compensation, which is feedback to the knee exoskeleton controller. This method is designed to be capable of improving the trajectory tracking performance of the knee exoskeleton and enhancing the compliance of knee exoskeleton interaction.

Six volunteers conducted comparative experiments on four different motion frequencies. The experimental results show that this method can effectively improve the trajectory tracking performance and compliance of the knee exoskeleton in human–exoskeleton interaction.

The AEKF method first uses the data fusion idea to fuse the estimated error with measurement errors, obtaining more accurate trajectory error compensation for the knee exoskeleton motion control. This work provides great benefits for the trajectory tracking performance and compliance of lower limb exoskeletons in human–exoskeleton interaction movements.

Visitor center plays an important role in the normal operation and sustainable development of scenic spots, especially as a portal image of its management. This paper presents resilience theory for visitor centers to identify some common issues in designing visitor centers in China scenic spots, including the lack of function, loss of architectural characteristics, and difficultly in adapting to changes in the number of visitors with periodic variations. The framework of resilience theory was set from four dimensions, namely, resilience and match in the composition of ontology function, the extended function, integration of buildings into the surrounding environment, and alternative construction technologies and materials. This theory was explained and analyzed with the application of the theory in practice in combination with the design of Mount Hua visitor center. Results showed that resilience theory yields good application effect.

The purpose of this paper is to use a dynamic model to investigate capital structure determinants for 178 firms listed on the Johannesburg Stock Exchange for the period 1998‐2008. The sample of firms is also used to examine the cost and speed of adjustment towards a target debt ratio.

A target adjustment model is estimated using a generalized method of moments technique to examine the cost and speed of adjustment towards a target debt ratio. The determinants of target capital structure for South African listed firms are also examined.

The results show that South African firms adjust relatively fast towards a target leverage level. It is also found that asset tangibility, growth, size and risk are positively related to leverage, while profitability and tax are negatively related to leverage. The results also suggest that capital structure decisions of South African listed firms follow both the pecking order and trade‐off theories of capital structure.

The sample chosen focused on listed firms, thus the results cannot credibly be generalized to all South African firms (listed and unlisted). Also, whilst a lot can be gleaned from the results, they may not be readily applicable to firms in other African countries.

The issue of dynamic adjustment towards a target or optimal debt ratio has not received sufficient attention in developing economies. Using data from an emerging economy, this paper attempts to fill this gap in the literature. A target adjustment model is estimated using a generalized method of moments technique.

This paper comes to the point from the tax competition of local government in investment promotion and capital introduction. This paper aims to empirically examine the internal mechanism of enterprises obtaining land resources from local government and its resulting equity investment increase and economic consequences of overinvestment.

The data of China’s A-share listed companies from 2007 to 2014 were used to test the relationship between the increase in enterprise equity investment and the acquisition of land resources and overinvestment. The descriptive statistics, correlation analysis and least squares linear regression were used to solve the above question.

One of the reasons for the enterprise equity increase is to obtain scarce land resources. The enterprise acquisition for land resources leads to overinvestment. The equity investment increase from obtaining land resources will further stimulate enterprise group to overinvest.

The authors could not get the actual data of land that subsidiaries have obtained directly. In this research, the authors get the data using consolidated statements and subsidiary statements indirectly.

The results make contributions to the influencing factors and economic consequence of the enterprise investment structural deviation.

It provides reference to optimize the “interaction” relationship between government and enterprises.

It identified the “dual-channel” conduction mechanism between land resource acquisition and enterprise overinvestment.

The purpose of this study is mainly to investigate the stimulating effect on technology transactions of trade competition resultant from RMB appreciation.

This study uses Chinese provincial panel data from 1998 to 2015 and utilizes GMM method to estimate the stimulating effect of RMB appreciation on technical transactions through trade competition.

The results demonstrate that RMB appreciation can encourage enterprises to make use of domestic technology market resources for innovation. Specifically, the increase in imports due to the appreciation of RMB can generate technology spill-over and significantly promote technology trade. The export competition resultant from RMB appreciation can also encourage domestic and foreign enterprises to enhance export competitiveness through increased technology transactions.

The current research investigates the impact of exchange rate on independent innovation, but this study demonstrates the influence of exchange rate on technology transactions. In addition, the data in this study cover 1998–2015 in China and thus contributes to determining the effects of exchange rate appreciation in emerging countries.

The purpose of the paper is to investigate compensation and related welfare issues in the case of the expropriation of land for urban redevelopment in China.

A mixed methods quantitative and qualitative approach was selected to undertake the research. This involved a wide ranging qualitative review of the academic and policy literature to explore the relevant arguments and issues, combined with a quantitative regression analysis of survey data collected from research subjects.

The research identified the complex and changeable phenomena of urban village redevelopment in China, and the variable compensation arrangements used. The research found that monthly family income before land expropriation, monthly family expense before expropriation, the location of the housing expropriation and family unit size are important determinants for the property holders chosen methods of compensation. It also found that an increase in family size leads to a decreasing probability that the expropriated farmers choose the single monetary compensation relative to the alternative option of housing compensation. The degree of satisfaction with compensation, changes in monthly family income and expense are found to be significant determinants for changes in life satisfaction.

The research made the following four recommendations based upon the qualitative and quantitative analysis: that local governments should pay closer governance/ political attention to changes in the welfare of the farmers/ villagers whose property has been expropriated; that central and local government should aim to improve the compensation system for rural land and property expropriation, to make the compensation policy be perceived as fairer and more reasonable by citizens; that a broad National standard of compensation be used within a pragmatic locally focussed regime; that the Chinese Central, Provincial and Local governments can devise improved policy tools and make more effective policy interventions by learning from the experiences (both successes and failures) of other countries approaches to this topic. It also suggested that further research be undertaken investigating the multitude of local level policy experiments, as a way of developing better National compensation standards based upon those compensation standards that appear to be working – and have citizen support – at the local level.

The literature review identified recent developments in Chinese urban studies and originally synthesised both recent and longstanding work on the issue of urban villages in China. The research also suggested changes to the National and Local legal and policy framework for compensation cases in urban redevelopment expropriation scenarios.