Equity incentive, separation of two rights and corporate performance: research on corporate governance based on two types of agency costs

This paper discusses the impact of equity incentive and the separation of two rights on corporate performance and the intermediary role of two kinds of agency costs by using the revised stepwise method taking A-share listed companies as the research object and using the Jones model to remove the impact of earnings management on corporate performance. The classification of industry and nature is introduced to further judge the heterogeneity of the conclusions. The results show that equity incentive can significantly reduce the first kind of agency cost and improve corporate performance, but the intermediary effect of the first kind of agency cost between equity incentive and corporate performance is not significant. Limiting the degree of separation of the two rights can significantly reduce the second kind of agency cost to improve corporate performance, and the second kind of agency cost has a partial intermediary effect between the degree of separation of the two rights and corporate performance. The results of different industries are heterogeneous and need to be treated differently. It is further found that non-state-owned enterprises can improve corporate performance through governance measures, but state-owned enterprises have not achieved a significant governance effect. This paper clarifies the black box between corporate governance and corporate performance from the effects of the two types of agency costs and effectively supplements the existing research system, which also provides a reference for market regulators to formulate policies

De novo genome assembly and analysis of non-allelic recombination in pathogenic yeast Candida glabrata

Candida glabrata is an opportunistic pathogen in humans, responsible for approximately 20% of disseminated candidiasis. C. glabrata’s ability to adhere to host tissue is mediated by GPI-anchored cell wall proteins (GPI-CWPs); the corresponding genes contain long tandem repeat regions and form large gene families. These tandem repeats cause mis-assemblies of GPI-CWP genes in C. glabrata genome. Subtelomeres of C. glabrata are particularly rich in GPI-CWP genes, and share homology with each other. Consequently, the subtelomeres are mis-assembled in genome sequences assembled from short sequencing reads. In this thesis, we used the long single-molecule real time (SMRT) reads and performed de novo genome assembly of the C. glabrata genome to establish the correct structure of GPI-CWP genes and the subtelomeres. We assembled the genome of six C. glabrata strains: the type strain, CBS138; our lab strain, BG2; four serial clinical isolates, BG3993-96 to assess genome changes during infection. With high quality sequences in hand, we then assess recombinational exchange between GPI-CWP genes by non-allelic mitotic recombination. This question is difficult to address with normal aligners, and we developed a k-mer based method to identify recombination. Our assembly established the correct subtelomere structure of Candida glabrata, and provides correct structure of the GPI-CWP gene families. Our analysis of the clinical isolates showed a very modest level of genetic change during the period of infection. Two of the four isolates are hyperadherent, and we identified a mutation in the gene encoding the transcription factor Yap6 as a likely candidate resulting in this phenotypic change. Our k-mer based method was applied genome wide to identify non allelic mitotic recombination events including in complex repeat regions. We documented a higher apparent recombination rate between subtelomeric genes and overall between GPI-CWP genes, independent of their location. In addition, we could document mitotic exchange between non-subtelomeric, non-GPI-CWP genes