State-Owned Capital Participation in Private Enterprises:A Perspective of Debt Financing

This study takes debt financing as the entry point and explores the impact of state-owned capital participation in private enterprises from the perspectives of“unarticulated rules”and“articulated rules”.The study finds that state-owned capital participation significantly reduces the debt financing costs of private enterprises and expands the scale of their debt financing.This conclusion remains valid after a series of endogeneity and robustness tests.Further analysis of the mechanism reveals that state-owned capital participation improves the debt financing of private enterprises through multiple channels:Enhancing their social reputation,mitigating the“statistical bias”they face,optimizing their information quality,and reducing the“shareholder-creditor”agency problems.This paper conceptualizes these benefits as the“complementary advantages of heterogeneous shareholders”.This not only constructs a theoretical framework for“reverse mixed-ownership reform”but also better narrates the Chinese story of“mixed-ownership reform”by adopting a more universally applicable theory of equity structure.Additionally,the paper supplements existing research on the macro-and meso-level relationship between the government and the market by exploring the government’s positive role at the micro-level.

An Analysis on the Disparity of the Private Investment in Human Capital between Urban and Rural Residents in Guangxi

The constant growth of human capital is the essential force of Economic growth. The deep research on private investment in urban and rural human capital in Guangxi is necessary for developing economy and narrowing urban-rural gap. Through the analysis on the historic statistics, it is found that there were disparities total quantity and investment structure of private investment in human capital of urban and rural residents. By using the ELES model, the marginal investment trend, investment demand, elastic income, own-price elasticity and mutual-price elasticity of private investment in human capital of urban and rural residents are analyzed. It is pointed out that income is the key factor that affects the private investment in human capital of urban and rural residents. In Guangxi, the private investment and marginal investment in human capital of urban and township residents are higher than that of rural residents;the own-price elasticity and mutual price elasticity of rural residents' private investment in human capital are all higher than that of urban residents'.

Case Study of the Ways Private Equity Funds Apply to Dodge Capital-flow Control

In this article,several cases are cited to demonstrate how foreign private equity firms circumvent Chinese government restrictions on capital flows and investing in strategic and sensitive sectors. Speci cally,private equities investing in Chinese companies to be listed abroad can use the Red-chip,Sheng Da or overseas option models. Private equities investing in domestically-listed Chinese companies can resort to foreign-funded banks,underground banking,stock-holder borrowing,stocks held by the third party,equity bonds or local investment company purchases.

Board Characterstics and Capital Structure： An Empirical Study on China＇s Private Listed Companies

Board of directors is one of the important parts of the corporate internal governance mechanism. Using panel data from 144 China＇s private listed companies during 2001-2003, this paper empirically studies the relationship between board characteristics and capital structure with the methods of pooled OLS, first-order difference model and fixed ,effect model.

Impact of State-Owned Capital Participation on ESG Performance of Private Enterprises

As global investors and stakeholders increasingly prioritize environmental,social,and governance(ESG)performance,corporate social responsibility and sustainability have become crucial factors in determining corporate success.In the context of China’s robust economy,the involvement of state-owned capital exerts a profound impact on the ESG performance of private enterprises.This paper,starting from the perspective of ESG,analyzes how state-owned capital participation influences the ESG performance of private enterprises.Additionally,it proposes recommendations for the involvement of state-owned enterprises in private enterprises,aiming to foster the sustainable development of private enterprises and enhance their social responsibility.

The Effects of Director Ownership on Capital Adequacy and Risk Taking Among Private Commercial Banks in Bangladesh Within the Basel Capital Adequacy Framework

The study examines the effect of director’s ownership on capital adequacy and risk taking of private commercial banks in Bangladesh within the Basel capital adequacy framework.The secondary panel data were obtained from annual report of quoted 20 private commercial Banks in Bangladesh as compiled in the Dhaka Stock Exchange for the period 2015 to 2019.The study finds the director’s ownership concentration plays an important role in capital formation that contributes to reducing excess risk taking.However,the presence of director’s ownership in capital adequacy influences risk-taking practices of banking industries.These results support the research on capital formation and risk taking.The study adds a new dimension to the capital mechanism research that could be a valuable source of knowledge for policy makers and regulators of financial industries.As this study covers the role of director’s ownership on capital adequacy and risk taking,it could be useful for capital formation,regulation,and policy making.

Enhancing Private Healthcare Effectiveness in Lagos State, Nigeria: An Overview of the Effect of Quality Improvement Initiatives and Implications for Sustainable Healthcare Delivery

Background: Nigeria, a nation grappling with rapid population growth, economic intricacies, and complex healthcare challenges, particularly in Lagos State, the economic hub and most populous state, faces the challenge of ensuring quality healthcare access. The overview of the effect of quality improvement initiatives in this paper focuses on private healthcare providers in Lagos State, Nigeria. The study assesses the impact of donor-funded quality improvement projects on these private healthcare facilities. It explores the level of participation, perceived support, and tangible effects of the initiatives on healthcare delivery within private healthcare facilities. It also examines how these initiatives influence patient inflow and facility ratings, and bring about additional benefits and improvements, provides insights into the challenges faced by private healthcare providers in implementing quality improvement projects and elicits recommendations for improving the effectiveness of such initiatives. Methods: Qualitative research design was employed for in-depth exploration, utilizing semi-structured interviews. Private healthcare providers in Lagos involved in the SP4FP Quality Improvement Project were purposively sampled for diversity. Face-to-face interviews elicited insights into participation, perceived support, and project effects. Questions covered participation levels, support perception, changes observed, challenges faced, and recommendations. Thematic analysis identified recurring themes from interview transcripts. Adherence to ethical guidelines ensured participant confidentiality and informed consent. Results: Respondents affirmed active involvement in the SP4FP Quality Improvement Project, echoing literature emphasizing private-sector collaboration with the public sector. While acknowledging positive influences on facility ratings, respondents highlighted challenges within the broader Nigerian healthcare landscape affecting patient numbers. Respondents cited tangible improvements, particularly in staff management and patient care processes, validating the positive influence of quality improvement projects. Financial constraints emerged as a significant challenge, aligning with existing literature emphasizing the pragmatic difficulties faced by private healthcare providers. Conclusions: This study illuminates the complex landscape of private healthcare provision in Lagos State, emphasizing the positive impact of donor-funded quality improvement projects. The findings provide nuanced insights, guiding policymakers, healthcare managers, and practitioners toward collaborative, sustainable improvements. As Nigeria progresses, these lessons will be crucial in shaping healthcare policies prioritizing population well-being.

Multi-party semi-quantum private comparison protocol of size relation based on two-dimensional Bell states

Currently,all quantum private comparison protocols based on two-dimensional quantum states can only compare equality,via using high-dimensional quantum states that it is possible to compare the size relation in existing work.In addition,it is difficult to manipulate high-dimensional quantum states under the existing conditions of quantum information processing,leading to low practicality and engineering feasibility of protocols for comparing size relation.Considering this situation,we propose an innovative protocol.The proposed protocol can make size comparison by exploiting more manageable two-dimensional Bell states,which significantly enhances its feasibility with current quantum technologies.Simultaneously,the proposed protocol enables multiple participants to compare their privacies with the semi-quantum model.The communication process of the protocol is simulated on the IBM Quantum Experience platform to verify its effectiveness.Security analysis shows that the proposed protocol can withstand common attacks while preserving the privacies of all participants.Thus,the devised protocol may provide an important reference for implementation of quantum private size comparison protocols.

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.

Impact of correlated private signals on continuous-time insider trading

A model of continuous-time insider trading in which a risk-neutral in-sider possesses two imperfect correlated signals of a risky asset is studied.By conditional expectation theory and filtering theory,we first establish three lemmas:normal corre-lation,equivalent pricing and equivalent profit,which can guarantee to turn our model into a model with insider knowing full information.Then we investigate the impact of the two correlated signals on the market equilibrium consisting of optimal insider trading strategy and semi-strong pricing rule.It shows that in the equilibrium,(1)the market depth is constant over time;(2)if the two noisy signals are not linerly correlated,then all private information of the insider is incorporated into prices in the end while the whole information on the asset value can not incorporated into prices in the end;(3)if the two noisy signals are linear correlated such that the insider can infer the whole information of the asset value,then our model turns into a model with insider knowing full information;(4)if the two noisy signals are the same then the total ex ant profit of the insider is increasing with the noise decreasing,while down to O as the noise going up to infinity;(5)if the two noisy signals are not linear correlated then with one noisy signal fixed,the total ex ante profit of the insider is single-peaked with a unique minimum with respect to the other noisy signal value,and furthermore as the noisy value going to O it gets its maximum,the profit in the case that the real value is observed.

Impact of web-based positive psychological intervention on emotions,psychological capital,and quality of life in gastric cancer patients on chemotherapy

BACKGROUND Gastric cancer is a malignant digestive tract tumor that originates from the epithelium of the gastric mucosa and occurs in the gastric antrum,particularly in the lower curvature of the stomach.AIM To evaluate the impact of a positive web-based psychological intervention on emotions,psychological capital,and quality of survival in gastric cancer patients on chemotherapy.METHODS From January 2020 to October 2023,121 cases of gastric cancer patients on chemotherapy admitted to our hospital were collected and divided into a control group(n=60)and an observation group(n=61)according to the admission order.They were given either conventional nursing care alone and conventional nursing care combined with web-based positive psychological interventions,respectively.The two groups were compared in terms of negative emotions,psychological capital,degree of cancer-caused fatigue,and quality of survival.RESULTS After intervention,the number of patients in the observation group who had negative feelings toward chemotherapy treatment was significantly lower than that of the control group(P<0.05);the Positive Psychological Capital Questionnaire score was considerably higher than that of the control group(P<0.05);the degree of cancer-caused fatigue was significantly lower than that of the control group(P<0.05);and the Quality of Life Scale for Cancer Patients(QLQ-30)score was significantly higher than that of the control group(P<0.05).CONCLUSION Implementing a web-based positive psychological intervention for gastric cancer chemotherapy patients can effectively improve negative emotions,enhance psychological capital,and improve the quality of survival.

Defining Cities by Water: Addressing Capital Misallocation in a Race to Conserve Resources

As part of its efforts to promote a sustainable and high-quality development,China has pledged to reduce water consumption and create a water-efficient society.On the basis of identifying the institutional root causes of excessive capital allocation and excessive water consumption in China’s water-intensive industrial sectors,this study elaborates how the national water-efficient cities assessment contributes to optimized capital allocation.Our research shows that national water-efficient cities assessment has motivated local governments to compete for water efficiency.To conserve water,local governments regulated the entry and exit of water-intensive enterprises,discouraged excessive investments in water-intensive sectors,and phased out obsolete water-intensive capacities within their jurisdictions.This approach has resulted in mutually beneficial outcomes,including improved allocation of capital,enhanced water efficiency,and reduced emissions.This paper offers policy recommendations for establishing a water-efficient society throughout the 14^(th) Five-Year Plan(2021-2025)period by presenting empirical evidence on the policy effects of resource efficiency evaluation.

Construction of Regional Ecological Capital Operation Mechanism System from the Perspective of Green Economy Development

Green development has gradually become the main theme of the current world economic development.Green transformation development and cracking the contradiction between ecology and economy need to build an effective ecological capital operation system and mechanism to support,encourage the effective operation of regional ecological capital,promote the appreciation and preservation of ecological capital,and escort the operation.This paper constructs a four-in-one regional ecological capital operation mechanism system,in which the"accumulation mechanism"is the prerequisite,the"conversion mechanism"is the key link,the"compensation mechanism"is an important supplement,and the"incentive mechanism"is the safeguard measure,which aims to ensure the smooth progress of the construction of beautiful China in the new era and realize the socialist modern power.

Research on the Innovative Decisions of Supermarket Private Brands and Designated Manufacturers

One of the core competencies of a supermarket lies in its branding.With the continuous development of the market economy and the ongoing evolution of consumer demand,private brands have progressively emerged as significant contributors to supermarket growth.However,a pivotal developmental challenge for supermarkets is navigating the innovative decision-making process between private brands and designated manufacturers.This paper aims to investigate the innovative decisions between private brands and designated manufacturers,along with the relevant promotional strategies employed during entry into the United States market.

Research on the Development Path and Mechanism of“Double-Qualified”Teachers in Private Universities Under the Background of Digital Transformation

This article explores the development path and mechanism of“double-qualified”teachers in private universities under digital transformation.Through literature review,theoretical analysis,and other research methods,this study conducts an in-depth analysis of the impact of digital technology on the development of“double-qualified”teachers in private colleges and universities and puts forward corresponding strategies and suggestions.Research shows that digital transformation provides new opportunities and challenges for developing“double-qualified”teachers in private colleges and universities.To adapt to this trend,teachers must continuously improve their digital skills,and schools should establish a complete incentive mechanism and evaluation system,strengthen school-enterprise cooperation and the integration of industry and education to promote the comprehensive development of“double-qualified”teachers,and provide a useful guideline for private universities to promote the development of“double-qualified”teachers in digital transformation.

Comparative Analysis of Differences among Northern,Jiangnan,and Lingnan Classical Private Gardens Using Principal Component Cluster Method

This paper investigates the design essence of Chinese classical private gardens,integrating their design elements and fundamental principles.It systematically analyzes the unique characteristics and differences among classical private gardens in the Northern,Jiangnan,and Lingnan regions.The study examines nine classical private gardens from Northern China,Jiangnan,and Lingnan by utilizing the advanced tool of principal component cluster analysis.Based on literature analysis and field research,273 variables were selected for principal component analysis,from which four components with higher contribution rates were chosen for further study.Subsequently,we employed clustering analysis techniques to compare the differences among the three types of gardens.The results reveal that the first principal component effectively highlights the differences between Jiangnan and Lingnan private gardens.The second principal component serves as the key to defining the types of Northern private gardens and distinguishing them from the other two types,and the third principal component indicates that Lingnan private gardens can be categorized into two distinct types as well.

A Study on the Internal Control and Countermeasures of Fixed Assets in Private Universities:A Case Study of N College

Fixed assets in universities occupy an important position in university management due to their wide coverage and large amount of money.Due to insufficient funding supply,private universities mainly focus on the allocation and utilization of fixed assets,which reflects the overall characteristics of cautious allocation,maximum utilization,and delayed elimination in the actual management of fixed assets.This article aims to conduct research and analysis on the entire lifecycle process of the allocation,use,and disposal of fixed assets in private universities,summarize the problems existing in the internal control of fixed assets in private universities,and propose corresponding countermeasures and suggestions in a targeted manner.

Research on the High-Quality Development Path of Listed Private Education Groups

The rapid growth of the education industry and private education groups has brought the high-quality development of listed private education companies into focus for both the educational sector and the capital market.This study employs the fuzzy-set qualitative comparative analysis(fsQCA)method to explore pathways to high-quality development for these companies.Necessity analysis confirms that no single factor guarantees a company’s success,highlighting the importance of multi-factor interactions.Three main paths to high-quality development are identified:human resource optimization,precise market positioning,and comprehensive advantage.Conversely,four development paths for non-high-level companies are identified:dual insufficiency in resources and market,high turnover and over-investment,scale expansion with resource mismatch,and inadequate human resource development.The findings indicate that optimal allocation of educational resources,precise market positioning,rational resource allocation,and staff training are crucial for achieving high-quality development.Robustness tests,which raise the consistency threshold,verify the reliability and stability of the results.These findings provide a reference for policymakers,investors,and managers in the education industry.

Challenges and Countermeasures for Private Universities in Providing Education for International Students

Private universities are one of the forces driving the internationalization of higher education in China.Private universities are taking advantage of the trend to provide education for international students,playing an important role in the high-quality development of higher education in China.However,they also face challenges such as insufficient policy support,lack of management experience,and limited enrollment channels.Breakthroughs can be made through methods such as refining content,expanding enrollment channels,and attracting talent.