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The purpose of this paper is to empirically investigate the impact of equity market valuation and government intervention on the research and development (R&D) investments of listed companies in China and their relationship.

Using a manually collected R&D database in the period 2007–2015, this paper constructs a sample of 6,595 firm–year observations and applies the methods of pooled OLS regressions to examine the effects of market valuation and government intervention on corporate R&D expenditures.

This paper finds that market valuation enhances corporate R&D investments, but there is no evidence that government intervention may significantly affect the R&D investments. Government intervention also decreases the sensitivity of corporate R&D investment to stock price, which implies that government intervention weakens the promotion of market mechanism to corporate R&D investment. Furthermore, these effects are stronger in the non-state-owned firms and the non-regulated industries.

This study suggests that the functional borders of markets and government should be reasonably defined and markets play a decisive role in resource allocation to improve corporate innovation and national innovation.

This paper provides a micro view of the relationship between market and government at the stage of transitional economy in China as well as directions for further research on the relationship between stock prices and corporate investments.

This paper aims to investigate the wear behaviors of aged metal matrix composites and of the as-cast Al-Si alloy by using a pin-on-disk wear testing machine at room temperature.

Hypoeutectic (Al-7Si) alloy reinforced with low volume fractions of SiC particles (SiC_p) and graphite (Gr) particles were prepared by the stir-casting process. It was found that the addition of 9 Wt.% of SiC_p and 3 Wt.% of Gr particles conferred a beneficial effect in reducing the wear rate of the composites.

The worn-out surfaces of the specimens were examined using scanning electron microscopy (SEM); the extensive micro cracking occurs on the surface of the Al-7Si alloy tested at lower loads. The growth of these microcracks finally led to the delamination of the base alloy surface. The reinforcements (SiCp and Gr) particles tended to reduce the extent of plastic deformation in the surface layer, thereby reducing extensively the occurrence of micro cracking in the composites.

From the results, it is revealed that the quantity of wear rate was less for aged specimens compared to the as-cast specimens. The worn-out surfaces were studied using electron dispersive spectroscopy, and wear debris was analyzed using SEM.