Investments in Human Capital： Elements of Investments, Their Valuation, and the Related Financial Performance Ratios

Investments in human capital （employees） include investments in the direct assurance of working abilities, investments in health and well-being, and investments in loyalty to the company. These investments are crucial for the long-term existence and development of a company, but their value is not disclosed on the assets side of the classical balance sheet. The most important argument of the mentioned approach＇s promoters is that the economic benefits stemming from such investments are uncertain. However, investments in human capital are those with the highest long-term benefits for the company. Therefore, human capital is the only element of the business process that can add value. Other elements （equipment, materials, and services） just transfer their value to products and services. In this paper, the elements of investments in human capital and the methods used to evaluate these investments are addressed. In addition, uniquely shaped financial performance ratios related to investments in human capital are presented along with the system of integrated ratios.

New Estimates of China＇s Infrastructure and Non- Infrastructure Capital Stocks and Their Output Elasticities

This paper classifies total fixed capital into three categories,namely,economic infrastructure capital,social infrastructure capital and non-infrastructure capital,and then offers complete and detailed estimates of the national time series data(1981-2012) and the provincial panel data of 31 administrative regions(1997-2012).On this basis,this paper estimates the output elasticities of the three categories of capital and then tests whether or not the production function of China shows constant returns to scale.

The Relationship Between Intellectual Capital （IC） and Stock Market Performance： Empirical Evidence From Italy

Intellectual capital （IC） is an important source of value for companies. The competitive firm invests in new productive ideas through scientific and technological researches of the human factor and services. The traditional factors of＂old economy＂ based on physical assets have been replaced or at least reinforced, with the belief that the ＂new economy＂ takes its steps mainly through IC. The knowledge workers, at every organizational level, have the knowledge that allows the organization to be competitive and deal with the complexity of the environment by creating intellectual added value. In particular, the proposed analysis consists with an empirical way to show other financial indicators and market-to-book （MTB） value from the perspective of creating value for shareholders based on the dynamics of companies＇ performance, as value-added intellectual capital （VAICTM） is capable of expressing a direct relationship with the return on equity （ROE）. The traditional financial information cannot ensure the high efficiency of a stock market and the need for IC reporting to explain intangible asset contribution in company performance.

Effect of Turkish Bank Capital Structure of Basel Ⅱ Criteria

Performing the functions of the bank＇s own funds lack of funds, those living in them to pass on more of those who use and quite a large amount of capital to determine the risks and managing them are facing. Chain of crises in financial markets spread to other sectors see that starting. This phenomenon depending on the potential risks of financial market actors, and especially banks, system identification, measurement, and control needs to be increased. This is referred to as the Basel Accords, depending on the needs the agreement of risk management has emerged. At first glance, the Basel Ⅱ Accord in terms of risk management in financial institutions risk management recommendations to the perception of the principles of the Basel Ⅱ Accord, but with a specific timetable, gradually emerges as a set of rules that must be passed as risk management. Finally, the financial crisis spread across the world from the United States, how much it reveals that risk management in the financial markets. In this study, capital adequacy ratio （CAR） banks operating in Turkey＇s correlation analysis investigated the effect of the banks.

Working Capital Management and Firms’ Profitability: Evidence from Quoted Firms on the Nigerian Stock Exchange

Over the years, it appeared that firms failed to subject short-term investments to proper management thereby leading to either excessive or inadequate working capital which in turn affected their profitability. To empirically satisfy this, this paper examined working capital management and firms’ profitability in Nigeria quoted firms on Nigerian Stock Exchange (NSE). A panel data methodology was used with different regression estimators to analyze this relationship based on a balanced panel of 10 listed firms during the period 2008-2017. It was discovered that cash collection period and cash payment period exerted a negative impact on return on assets, though the impact was only significant for cash payment period on the ground of −0.064 (p = 0.000 −0.032 (p = 0.077 > 0.05). Also discovered was that both the current ratio and inventory period exerted a positive impact on return on assets, though the impact was only significant for current ratio on the ground of 8.172 (p = 0.000 0.05). The study concluded that working capital management affected firms’ profitability in Nigeria. Therefore it was recommended that while the shorter collection was maintained, payment to creditors should not be elongated so as to enjoy cash discount (if any) and that firms should be proactive in the management of raw materials in order to avoid idle resources that might negatively impact their financial performance.

Piketty’s Capital-Income Theory Reconsidered for a Small Open Economy with Increasing Savings Rate

Since Piketty offered a new view of capital/income ratio, numerous attempts have been made to examine the relationship between return on capital, economic growth and the capital/income ratio. This paper attempts to shed new light on this field. More precisely, following recent literatures that pay attention to dynamics of external balance sheets of countries, we examine if Piketty’s results for large countries are robust for a country that takes the world rate of return on capital as given and whose savings rate increases gradually from negative value. It is revealed that for such a country, (1) Kuznets curve is drawn and (2) capital/income ratio decreases in accordance with a rise in savings rate and return on capital.

Calibrating the Level of Capital： The Way We See It

This paper aims to propose a framework for estimating the optimal levels of capital at banks, elaborating factors such as liquidity and macroeconomic conditions. Firstly, as a preamble, the authors attempt to reorganize the variety of policy proposals for enhancing financial sector regulation. In light of the broad perspective of the prudential policy framework, the authors discuss the role of bank capital in enhancing banking-sector resilience. Secondly, the authors lay out an early warning system （EWS） to predict a financial crisis where the role of capital and liquidity are explicitly captured. Then, the authors apply the EWS as a component of a cost-benefit analysis （CBA） to gauge the benefit from raising capital and liquidity requirements, as more stringent regulations are expected to reduce the probability of financial ,crisis. On the other hand, financial-sector regulations should come along with certain costs. To quantify the cost, the authors employ some existing macroeconomic models to estimate the cost of raising capital and liquidity requirements. Combining the EWS （for benefit calculation） with the macroeconomic models （for cost calculation）, the authors provide a full-fledged CBA framework that can detemaine the optimal levels of capital that strike the right balance between the costs and benefits of the financial-sector regulation. The main results indicate that the optimal level of bank capital would considerably vary depending on the level of liquidity indicators both on the asset and liability sides of banks＇ balance sheets as well as macroeconomic conditions, typically represented by housing market inflation. Finally, the CBA framework suggests that banks could stand in a better shape with a counter-cyclical capital buffer to be well-prepared for a prospective distress.

Determinant Factors of Capital Structure of Firms-An Empirical Analysis Based on Evidence From Chinese Listed Retail Companies

This paper investigates the effectiveness of various factors upon the capital structure decisions of Chinese firms by conducting an empirical analysis of Chinese-listed retail companies.An unbalanced panel dataset was formed with a sample of 110 companies observed for 12 years(2010~2021).Each observation is measured quarterly.Traditional explanatory variables are adopted in the study,including profitability,company size,tangibility of assets,internal financing ability,tax ratio,growth opportunities,and volatility.By employing the Fama-Macbeth approach,the regression results are interpreted to determine the impact of independent variables upon the leverage a company takes on.To solve the reverse causality problem,we include the lag term(last quarter’s data)of the debt-to-equity ratio as control variables.Consistent with previous theoretical and empirical studies,firms’leverage ratio is positively related to size,tangibility,tax ratio,and last quarter’s debt level.Companies’profitability and internal financing ability are negatively correlated with their debt-to-equity ratio.Firms’earning volatility and growth opportunities do not show significant relationship with the debt-to-equity ratio.The study has provided more empirical evidence on capital structure theories regarding emerging financial markets.

China's Construction Land Expansion and Economic Growth:A Capital-output Ratio Based Analysis

Since 2003, the Chinese Government has included land policy as an important component of macroeconomic policy. The present paper analyzes the impact of the expansion of construction land on economic growth in terms of the capital-output ratio. Using provincial panel data for China from 1999to 2005, we conclude that the excess expansion of China＇s construction land led to an increase in the capital-output ratio. Therefore, expanding construction land has made little contribution to economic growth. This paper argues that contractionary land policy does not deter high economic growth, and is a necessary condition for sustainable economic growth.

Power Ratio Gain Technique and General Integral Control

In conjunction with general integral control, and synthesizing Singular perturbation and Equal ratio gain techniques, this paper proposes a new control design technique, named Power ratio gain technique, and then by Lyapunov method, theorem to ensure regionally as well as semi-globally asymptotic stability is established in terms of some bounded information. The highlight point is that it not only inherits all the essences of Singular perturbation and Equal ratio gain techniques but also makes up for their shortcomings, and then the conservatism of control input can be improved by compromising the Power ratio coefficients. Theoretical analysis, design example and simulation results show that Power ratio gain technique is a simple, practical and powerful tool to deal with the uncertain nonlinear system.

Defected Ground Structure Multiple Input-Output Antenna For Wireless Applications

In this paper,the investigation of a novel compact 2×2,2×1,and 1×1 Ultra-Wide Band(UWB)based Multiple-Input Multiple-Output(MIMO)antenna with Defected Ground Structure(DGS)is employed.The proposed Electromagnetic Radiation Structures(ERS)is composed of multiple radiating elements.These MIMO antennas are designed and analyzed with and without DGS.The feeding is introduced by a microstrip-fed line to significantly moderate the radiating structure’s overall size,which is 60×40×1 mm.The high directivity and divergence characteristics are attained by introducing the microstripfed lines perpendicular to each other.And the projected MIMO antenna structures are compared with others by using parameters like Return Loss(RL),Voltage Standing Wave Ratio(VSWR),Radiation Pattern(RP),radiation efficiency,and directivity.The same MIMO set-up is redesigned with DGS,and the resultant parameters are compared.Finally,the Multiple Input and Multiple Output Radiating Structures with and without DGS are compared for result considerations like RL,VSWR,RP,radiation efficiency,and directivity.This projected antenna displays an omnidirectional RP with moderate gain,which is highly recommended for human healthcare applications.By introducing the defected ground structure in bottom layer the lower cut-off frequencies of 2.3,4.5 and 6.0 GHz are achieved with few biological effects on radio propagation in human body communications.The proposed design covers numerous well-known wireless standards,along with dual-function DGS slots,and it can be easily integrated into Wireless Body Area Networks(WBAN)in medical applications.This WBAN links the autonomous nodes that may be situated either in the clothes,on-body or beneath the skin of a person.This system typically advances the complete human body and the inter-connected nodes through a wireless communication channel.

Performance Analysis on Output SINR of Robust Two-Stage Beamforming

In this paper, we present a theoretical analysis of the output signal-to-interference-plus-noise ratio (SINR) for eigen-space beamformers so as to investigate the performance degradation caused by large pointing errors. For the sake of reducing such performance loss, a robust scheme, which consists of two cascaded signal processors, is proposed for adaptive beamformers. In the first stage, an algorithm possessing time efficiency is developed to adjust the direc-tion-of-arrival (DOA) estimate of the desired source. Based the achieved DOA estimate, the second stage provides an eigenspace beamformer combined with the spatial derivative constraints (SDC) to further mitigate the cancellation of the desired signal. Analysis and numerical results have been conducted to verify that the proposed scheme yields a better robustness against pointing errors than the conventional approaches.

Equal Ratio Gain Technique and Its Application in Linear General Integral Control

In conjunction with linear general integral control, this paper proposes a fire-new control design technique, named Equal ratio gain technique, and then develops two kinds of control design methods, that is, Decomposition and Synthetic methods, for a class of uncertain nonlinear system. By Routh’s stability criterion, we demonstrate that a canonical system matrix can be designed to be always Hurwitz as any row controller gains, or controller and its integrator gains increase with the same ratio. By solving Lyapunov equation, we demonstrate that as any row controller gains, or controller and its integrator gains of a canonical system matrix tend to infinity with the same ratio, if it is always Hurwitz, and then the same row solutions of Lyapunov equation all tend to zero. By Equal ratio gain technique and Lyapunov method, theorems to ensure semi-globally asymptotic stability are established in terms of some bounded information. Moreover, the striking robustness of linear general integral control and PID control is clearly illustrated by Equal ratio gain technique. Theoretical analysis, design example and simulation results showed that Equal ratio gain technique is a powerful tool to solve the control design problem of uncertain nonlinear system.

Output Feedback Nonlinear General Integral Control

This paper proposes an output feedback nonlinear general integral controller for a class of uncertain nonlinear system. By solving Lyapunov equation, we demonstrate a new proposition on Equal ratio gain technique. By using Equal ratio gain technique, Singular perturbation technique and Lyapunov method, theorem to ensure regionally as well as semi-globally exponential stability is established in terms of some bounded information. Moreover, a real time method to evaluate the ratio coefficients of controller and observer are proposed such that their values can be chosen moderately. Theoretical analysis and simulation results show that not only output feedback nonlinear general integral control has the striking robustness but also the organic combination of Equal ratio gain technique and Singular perturbation technique constitutes a powerful tool to solve the output feedback control design problem of dynamics with the nonlinear and uncertain actions.

Nonlinear General Integral Control Design via Equal Ratio Gain Technique

This paper proposes two kinds of nonlinear general integral controllers, that is, one is generic and another is practical, for a class of uncertain nonlinear system. By extending equal ratio gain technique to a canonical interval system matrix and using Lyapunov method, theorems to ensure regionally as well as semi-globally asymptotic stability are established in terms of some bounded information. Moreover, for the practical nonlinear integral controller, a real time method to evaluate the equal ratio coefficient is proposed such that its value can be chosen moderately. Theoretical analysis and simulation results demonstrated that not only nonlinear general integral control can effectively deal with the uncertain nonlinear system but also equal ratio gain technique is a powerful and practical tool to solve the control design problem of dynamics with the nonlinear and uncertain actions.

Factors Affecting the Ratio of Service Industry in GDP： A Comparative Analysis of China, Japan, and South Korea

Based on the input-output model and using a demand side approach, this paper surveys how factors such as consumption, investment, net export, intermediate input and price affect the ratio of China＇s service industry as compared with Japan and South Korea. An analysis of China＇s data indicates that price and residential consumption structure are key contributing factors to the rising ratio of the service industry. Conversely, intermediate input and government consumption are factors that lead to a decrease in the ratio of the service industry. An analysis of Japan and South Korea shows that price and residential consumption structures were linked to the rises in their service industry. This paper concludes that the ratio of China＇s service industry to gross domestic product （GDP） will continue to rise over the 12th Five-Year Plan period （2011-2015） and beyond.

劳动收入变化中的要素收入结构和技能溢价:理论与估计

提高劳动报酬在收入分配体系中的比重是构建新发展格局和实现共同富裕的重要驱动力,本文基于2010—2021年沪深A股上市公司构成的面板数据,从技能溢价和劳资收入比的视角出发,采用固定效应和Tobit模型探讨其对劳动收入份额的影响、作用机制以及其中存在的异质性。研究发现,技能溢价和劳资收入比对劳动收入份额呈显著的负向影响,在经过内生性问题处理和一系列稳健性检验后,结论依然成立。进一步研究发现,技能劳动雇佣比对技能溢价有显著的负向影响。因此,应继续推动技术创新和引导技术进步,改善不同技能劳动要素收入及资本要素收入的关系,以实现高质量发展与共同富裕的双赢。

数字金融、融资约束与企业资本劳动比

文章以2011—2021年中国沪深A股上市企业为研究样本,深入剖析了数字金融对企业资本劳动比的影响、作用机制以及异质性。研究发现,数字金融能够显著提升企业资本劳动比。机制分析发现,数字金融通过缓解融资约束有效提升企业资本劳动比。异质性检验发现,数字金融对企业资本劳动比的影响因数字金融结构、企业内部特征与外部环境的差异而存在异质性,具体为数字金融覆盖广度能够显著提升企业资本劳动比,数字化程度对企业资本劳动比的影响呈显著的正“U”型曲线,使用深度的影响不显著;数字金融对小规模企业、非国有企业、劳动密集型行业企业、非衰退期企业、东部地区企业以及市场化水平较高地区企业资本劳动比提升的促进作用更显著。对此,提出优化数字金融发展环境,引导企业利用数字金融提升资本劳动比,营造公平竞争的市场环境促进企业健康发展的建议。

积累率、再生产结构与经济增长——基于中国城市数据的实证研究

以价值衡量的净产出增长取决于社会中的积累率水平、追加资本的结构以及净产出增量的分配结构。经济增长是社会剩余和再生产结构的函数。本文运用我国1998—2019年4个直辖市和283个地级市(含省会城市)数据,对该结论进行了实证检验。研究结果显示:积累率、追加资本结构和劳动收入占比对我国经济增长具有显著性影响,这种影响在我国省会城市与非省会城市以及南方城市和北方城市间具有显著的异质性。在我国全面建设社会主义现代化国家的背景下,保持合宜的经济增长速度是维持社会稳定、实现发展目标的基础。随着我国资本密集度的不断提高、二元经济结构的调整、人口结构的变化以及创新型国家的建设,追加资本中可变资本比例的下降和劳动收入的不断上升,会对经济增长带来抑制作用。因此,应通过保持较高的积累率、调整投资方向、不断提高劳动生产率的方式获得理想的增长速度。