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State-owned enterprise (SOE) reforms may play a vital role in R&D investment. This paper investigates the impact of mixed ownership reform of SOEs in China on R&D investment. Using a large sample of Chinese SOEs for the 2009–2018 period, we find that the reform has a positive effect on R&D investment. The result is robust to a battery of robustness tests and more prominent for firms with non-state-owned large shareholders holding more shares relative to state-owned large shareholders, and for firms with less stress from local officials pursuing political promotion. Furthermore, we find that to compensate for the adverse impact of R&D on the political promotion of the CEO, non-state-owned large shareholders allow the CEO to increase perk consumption. Our study suggests that the ongoing mixed ownership reform in China improves the SOEs’ efficiency.

Prepaid service is not only a financial tool, but also a common promotion mode in tourism and hospitality. Due to the limited resources of the enterprise, the enterprise needs to reasonably allocate the promotion resources to maximize the effectiveness of the promotion. As two common promotion purchase restrictions, limited-time promotion and limited-quantity promotion how to interact with prepaid services in the form of discounts or freebies to enhance consumers’ willingness to share is the focus of this study. This study carried out three experiments based on framing effect theory, stimulus-organism-response theory, and social capital theory, which has found that the prepaid service mode moderates the relationship between promotion purchase restrictions and consumers’ willingness to share. When the prepaid service mode is a discount type, the limited-quantity promotion can generate higher sharing willingness than the limited-time promotion, and the perceived scarcity plays a mediating role. When the prepaid service mode is a freebie type, the limited-time promotion can generate higher sharing willingness than the limited-quantity promotion, and the perceived certainty of opportunity plays a mediating role.