Mixed-ownership Reform:Private Firms’Role in Targeted Poverty Alleviation-A Perspective on Resource Complementarity and Check&Balance

Targeted poverty alleviation(TPA)serves as a winning formula for fighting poverty and has generated valuable experiences for achieving common prosperity.The mixed-ownership reform has enhanced corporate economic performance.However,further testing is required to assess whether enterprises contribute to the improvement of distribution by participating in TPA.Taking A-share-listed private enterprises between 2016 and 2021 as research samples,we conducted an investigation into the extent and manner in which the mixed-ownership reform contributes to TPA.Our research reveals that a higher proportion of state capital equity participation is correlated with a greater level of private enterprises’contribution to TPA.This indicates that the mixed-ownership reform is beneficial for prompting private enterprises to shoulder responsibilities for building a society of common prosperity.As shown by the mechanism test,state capital equity participation encourages private enterprises to contribute to TPA primarily by alleviating corporate financing constraints through the resource complementarity effect.In contrast,the check&balance effect of promoting corporate poverty alleviation by mitigating the principal-agent problem has not yet been significantly demonstrated.Regarding the poverty alleviation model,state capital equity participation prompts private enterprises to contribute to TPA through industrial development,educational investment,and environmental protection,emphasizing a combination of providing external assistance and cultivating endogenous development capacity.In terms of TPA regions,state capital equity participation plays a significant role in supporting economically less-developed regions,regions with high unemployment rates,and central and western regions.This paper provides new empirical evidence for deepening mixed-ownership reforms and advancing common prosperity.

The Impact of Short Selling Disclosure Regulatory Constraint on the Lending Market and Stock Ownership

We examine the impact of the short sell disclosure(SSD)regime on the stock lending market and investor behaviors,employing a staggered difference-indifference(DiD)methodology.Our research reveals that the introduction of the disclosure regime enhances market transparency,resulting in a diminished appeal of stock ownership in the lending market for active investors.This shift is accompanied by a reduction in information leakage risks and longer loan durations.Specifically,our analysis reveals a significant decrease in the risk of loan recall by 4.87%,accompanied by an average increase of 23.72%in loan duration for short selling activities.Furthermore,the cost associated with short-sell disclosure causes a decline in both lending supply and short demand.

Property Attribute and Property Ownership of Virtual Property

Virtual property has increasingly become a key issue,particularly regarding its nature,ownership,and goodwill acquisition,all of which are worthy of study.Analyzing these issues can contribute to a better understanding of how to develop laws and regulations to protect virtual property.

Research on Mixed Ownership Reform of State-Owned Enterprises from the Perspective of Marxist Political Economy

Under China’s socialist system,state-owned enterprises are key forces driving the economic trajectory and providing strong momentum.These enterprises not only bear the crucial responsibility of advancing the process of national modernization but also serve as the core of the national economic lifeline through their irreplaceable status and function amidst changing times.In the new era,with the advent of the technological revolution and the wave of globalization,state-owned enterprises face unprecedented opportunities and challenges.As a significant aspect of state-owned enterprise reform,the mixed ownership reform is not only a transformation in the structure of enterprise ownership but also a reflection of China’s broader,comprehensive reform efforts.By deeply advancing this reform,it will help optimize the allocation of state-owned assets and significantly boost technological and management innovation within state-owned enterprises,ensuring their competitiveness in the intense market environment.Therefore,this paper will conduct an in-depth analysis of the mixed ownership reform of state-owned enterprises from the perspective of Marxist political economy.

The CPC’s Century-Long Exploration of a Socialist Ownership System

Throughout its century-long history,the Communist Party of China(CPC)has been striving to explore and implement an ownership system of the means of production.Upon its founding in 1921,the Party envisioned to create a sole ownership system after the victory of the National Revolution.In war times,land issues dominated the agenda of the Party’s work on the ownership structure since most of its bases and liberated areas were in the countryside.After the founding of the People’s Republic of China in 1949,China established a basic socialist economic system through“one industrialization and three transformations,”i.e.socialist industrialization and the transformations of agriculture,artisanal production,and capitalist industry and commerce.This nascent socialist economic system was characterized by the sole public ownership of the means of production and a highly centralized planned economy.Since the reform and opening up in 1978,the Party took bold steps to explore and reform the socialist ownership system under the principle to keep public ownership as the mainstay and allow diverse forms of ownership to develop side by side.In the new era,the Party has redefined China’s basic socialist economic system by creating a mixed ownership structure at two levels with public ownership as the mainstay.China’s increasing economic vitality and dynamism have witnessed the exploration and growth of this mixed ownership system.

Ownership Structure and Earnings Quality of Listed Financial Firms in Nigeria

The study determined the effect of ownership structure on earnings quality of listed financial firms in Nigeria.The study employed secondary data.The study population comprised all the 16 listed financial firms on the Nigerian Stock Exchange.Purposive sampling technique was adopted to select top 10 banks whose shares are consistently traded on the stock market.Data for ownership structure and earnings quality were sourced from the audited financial statements of the selected firms and the Nigerian Stock Exchange Factbook over a period of 10 years(2009-2018).Collected data were analyzed using pooled ordinary least square,fixed effect and random effect estimation techniques.The result from the study showed that institutional ownership(t=4.3,p˂0.05)had a positive and statistically significant relationship with earnings quality while ownership concentration(t=-2.5,p˂0.05)had a negative and significant relationship with earnings quality.The study recommended that the institutional ownership which shows a positive relationship with earnings quality enables improved earnings of the sampled listed banks.More institutional participation should be allowed in the Nigerian listed banks as it was proved that they have the power to monitor the affairs of managers as this will have a positive impact on earnings.Concentration ownership gives managers incentives to manage earnings to achieve short term opportunistic interest;therefore it should not be encouraged.

Modeling household car ownership using ordered logistic regression model

Considering both the discrete and ordered nature of the household car ownership an ordered logistic regression model to predict household car ownership is established by using the data of Nanjing Household Travel Survey in the year 2012. The model results show that some household characteristics such as the number of driver licenses household income and home location are significant.Yet the intersection density indicating the street patterns of home location and the dummy near the subway and the bus stop density indicating the transit accessibility of home location are insignificant.The model estimation obtains a good γ2 the goodness of fit of the model and the model validation also shows a good performance in prediction.The marginal effects of all the significant explanatory variables are calculated to quantify the odds change in the household car ownership following a one-unit change in the explanatory variables.

Investor Protection,Ownership Structure and Corporate Valuation

The purpose of this paper is to investigate the relationship between investor protection, ownership structure and corporate valuation. La Porta showed that there existed a simple linear relationship between corporate valuation and the holding percentage of controlling shareholders. But recent empirical evidence does not support it. A nonlinear relationship is proved between ownership structure and corporate valuaton by relaxing the assumption of La Porta＇s model in this paper. There exists a positive relation between investor protection and corporate valuation. Our empirical research shows that this relation is significantly positive indeed.

Comparative Analysis of Managerial Ownership and Its Effect on Corporate Performance in Selected Asian and European Transition Economies

This paper analyzes determinants and consequences of managerial ownership within ownership structures of the selected European and Asian transition countries. Focus of the analysis is the influence of the specific unification of ownership and control on corporate performance. Findings in the paper are based on research that produced empirical data for Croatia which is subsequently compared with evidence from other Asian and European transition countries facing the same issues. Consequently, transitional ownership structures, influenced by actual privatization process, like emergent corporate governance mechanisms, highly concentrated ownership and undeveloped markets for corporate control are also described. Research findings show that direct or indirect managerial ownership are important phenomena in transition countries, research has also shown that stable and concentrated managerial ownership have positive effects on firms＇ profitability in the observed transitional environments.

Car Ownership and the Impact of Built Environment, Demographics and Transport Systems

Auto ownership is one of the most important linkages between travel demand and land use. Residents in denser, urban or more transit accessible neighborhoods tend to own fewer cars. Car ownership influences almost all aspects of travel behavior, including travel frequency, travel distances, mode choice and time-of-day choice. At the same time, car ownership affects residential location choices, as households owning cars are less likely to choose urban neighborhoods than households without cars. This paper describes a new microscopic auto-ownership model that has been estimated with survey data. The model is fully integrated with a land use and a transportation model to capture： （1） how owning a car affects travel behavior and location choice; and （2） how the built environment and the transportation needs affect auto-ownership decisions. The model has been validated against census data and is fully operational.

Corporate Governance, Ownership and Financial Distress of Publicly Listed Companies in China

This paper examines the effects of internal control mechanisms on the financial distress of publicly listed companies in China. Using t-test and Logistic regression analysis, we investigated the following aspects: ownership by top managers and the CEO, the number of directors, the percentage of inside directors, CEO duality, and ownership concentration. The empirical tests indicate a lower probability of financial distress when ownership by top managers and that by the CEO are higher. The evidence also shows that a combination of two parts, the CEO and the chairman of the board, may influence the internal control system of a publicly listed companies.

Impact of Enterprise Ownership and Size on Registered Hematotoxicity in Benzene-exposed Workers

Benzene is a classified as ahuman carcinogen that can cause myelodysplastic syndrome and acute myelogenousleukemia;.This compound is also a potent toxin suppressing the bone marrow.Accordingly,benzene causes serious hematological adverse effects,such as pancytopenia and aplastic

Research on Financial Performance of State-owned Enterprise Mixed Ownership Reform

Mixed ownership is an important form of realization of China＇s economic system reform and development, and it is also the main direction of state-owned enterprise reform. In order to further promote the deepening of the reform of mixed ownership, this paper randomly selects 200 listed state-owned enterprises as research objects, and studies the trends of the financial performance of these enterprises from the mixed state-owned enterprises and non-mixed-modification enterprises in the five years from 2013 to 2017, and compares their various trends. Financial indicators, a comprehensive evaluation of the problems and causes in the reform of the mixed ownership system, and then propose countermeasures to further deepen the reform of mixed ownership based on the research conclusions.

Support Vector Machine Prediction Modeling for Automobile Ownership

To address some inherent defects of artificial neural networks, such as insufficient generalization performance, local extremum problem, and dimensional catastrophe problem, a support vector machine was proposed and applied to the modeling of automobile ownership prediction. By analyzing the data on automobile ownership and its influencing factors, the learning sample couples for automobile ownership prediction modeling were constructed, and support vector machine (SVM) was used to regression the nonlinear function relation of automobile ownership prediction model, and the established automobile ownership prediction model was used to predict the automobile ownership in different years. To reduce the impact on the accuracy of automobile ownership prediction caused by the large order of magnitude difference between the data of automobile ownership and its influence factors, the normalization method was used to pre-process the automobile ownership and its influence factors, and the inverse normalization was used to process the automobile ownership prediction results. The comparison between the automobile ownership prediction results and the statistical results shows that the automobile ownership prediction model has good generalization performance, and the support vector machine is an effective method to model the automobile ownership prediction.

Does Hospital Ownership Influence Hand Hygiene Compliance?

The issue as to whether hospital ownership has an impact on the quality of care has long been a serious concern. Hand hygiene（HH） compliance is regarded as an important indicator of the quality of care in the control of hospital-acquired infections. However, little information is available on whether hospital ownership influences HH compliance. In this study, of 229 hospitals selected from Hubei province in China, 152 were public and 77 were private hospitals. A total of 23 652 healthcare workers（HCWs） were surveyed, using a convenience sampling. HH compliance, the WHO＇s ＂My Five Moments for hand hygiene＂（5 MHH）, among HCWs, together with the factors of hospital ownership, training frequency, bed occupancy rates, etc. were collected. Univariate analysis and ordinal logistic regression analysis were used to analyze factors affecting HH compliance. Overall, HH compliance rates were 67% and 79% for public and private hospitals, respectively. The HH compliance rates of HCWs and 5 MHH were between 55% and 95%, and influenced by hospital ownership（P〈0.05）, excluding compliance rate at the moment after body fluid exposure, and other influence factors included training frequency and bed occupancy rate（P〈0.05）. HH compliance is better in private than in public hospitals. Hospital ownership is a significant factor affecting HH compliance, in addition to training frequency and bed occupancy rate.

Analysis on "State Ownership of Climate Resources"

Climate resources are not scarce resources, nor do they conform to basic characteristics of the legal conception of ＂objects＂ which is used in the legal context. It is a violation of jurisprudence to assign ownership of climate resources. The provisions of local regulation which stipulate that climate resources belong to the state and government therefore has the jurisdiction over the climate probe activities, which is not only counter to higher laws, but also goes against the Constitution. That makes the provisions invalid. Besides, state ownership of climate resources also creates the possibility for the state to take on liabilities for damage caused by climate disasters. The motivation for the above provisions in local regulation is to acquire the administrative approval rights and economic benefits hiding behind those rights. So the basic principles for exercising state power should be in line with basic jurisprudence and conform with provisions of the Constitution and higher laws.

>Problems and Countermeasures of Collective Land Ownership Disputes in Beijing

In 2010, No.1 document of central government demanded strengthening mediation and settlement of ownership of rural collective land, to complete confirmation of right and registration and issue of certificate of rural collective land in 3 years. However, the mediation and settlement of land ownership in China still remain at starting stage, and there are many problems in both theory and practice. In this situation, this paper summarizes current situations of disputes about ownership of collective land in Beijing, analyzes causes of disputes, introduces existing working mechanism, methods and problems of dispute mediation and settlement, and finally presents feasible recommendations, in the hope of providing guidance for mediation and settlement of land ownership disputes.

Civil Society in Traditional China: Governance and Ownership System——Evidence from Construction and Management of Public Facilities in the Qing Dynasty

This paper focuses on the bridge council and free ferry services as the private organizers of public infrastructure construction in the Qing Dynasty, uncovers the legal entity ownership system and governance model with China's native origin, and reveals the attributes and characteristics of ownership by legal entities in China's traditional era. Bridge councils and free ferry services are non-profit and non-government public-interest institutions, whose members were elected by local communities. These councils were responsible for the fundraising, construction, and long-term maintenance and operation of public facilities and infrastructure at the grassroots level. They adopted open and transparent management procedures and could coordinate cross-jurisdictional affairs and mediate disputes. They possessed independent assets such as lands and fund reserves, and such exclusive legal-entity ownership received protection from the government and under the laws. Such form of legal-entity ownership provided the institutional foundation for the development of clans, temples, charitable groups, academies of classical learning, and various associations and societies. These self-organizing groups demonstrate remarkable mobilization and organizational capabilities and institutional creativity of civil society in traditional China. They served as a link between the government and communities and played a unique and active role in maintaining social order at the grassroots level.

Study on the Ownership of Plant Genetic Resources on Farmers' Land

In order to protect Chinese farmers' sharing benefits and make legal preparation for accession to the International Treaty on Plant Genetic Resources for Food and Agriculture, this paper analyzed differences between state sovereignty and ownership of genetic resources and between natural resources and plant genetic resources on farmers' land. Then, it studied the regulations of the United States, European Union and Indian on the ownership of plant genetic resources on farmers' land. On the basis of the analysis and study, the authors stated that the sovereignty of plant genetic resources can not replace the ownership system. The plant genetic resources on farmers' (community) land should be in the possession of farmers or communities, which should be confirmed by the State.

Natural Monopoly and Mixed Ownership Reform--Based on Natural Experiment and Cost Function Analysis Method

Despite a multitude of theoretical discussions on China's mixed ownership reform, very few studies have addressed realistic questions concerning the implementation of the reform. The Resolutions of the Third Plenum of the 18 th CPC Central Committee and other reform strategies have outlined the reform of sectors with natural monopoly, including urban public utility sectors. The question is how mixed ownership reform should be carried out in sectors of natural monopoly, or which public utilities sectors should enjoy priority of mixed ownership reform. To answer this question, this paper employs data of large public utility enterprises in China from 1998 to 2008, and estimates the natural monopoly attribute at the industry level and corporate total factor productivity(TFP) using cost function analysis method excluding the impact of product price factor. Based on the difference-indifferences-in-differences(DDD) method of natural experiment, an empirical test is carried out for the relationship among natural monopoly, mixed ownership reform and corporate productivity. Our results suggest that:(1) Statistically, mixed ownership reform cannot significantly increase corporate TFP in sectors with natural monopoly;(2) mixed ownership reform should not be carried out indiscriminately on a nationwide basis and for all public utilities sectors. Such an attempt of reform without distinguishing natural monopoly and the level of competitiveness is fraught with policy uncertainties;(3) relative to sectors with natural monopoly, corporate productivity in competitive sectors after mixed ownership reform will improve more significantly and enjoy greater "policy dividends" of institutional reform. Therefore, mixed ownership reform should be carried out first in competitive sectors.