Global Risk Appetite,US Economic Policy Uncertainties and Cross-Border Capital Flow

Based on the global asset portfolio model,this paper created a panel threshold model using EPFR fund data to empirically test the non-linear spillover effects of US economic policy uncertainties on cross-border capital flow for emerging economies.Our study led to the following findings:(1)When the level of global investor risk tolerance is high,rising US EPU will induce a capital inflow into emerging economies,as manifested in the“portfolio rebalancing effect.”When the level of global investor risk tolerance is below a critical threshold,this gives rise to risk aversion and emerging economies will experience net capital outflow,i.e.the“flight to quality effect”.(2)Equity fund investors have a lower risk tolerance threshold than bond fund investors.(3)According to our heterogeneity analysis,more attention should be paid to monitoring capital flow through actively managed funds,ETF funds,and retail investor funds.The economy should increase financial efficiency and economic resiliency to mitigate capital outflow pressures from the external environment.

Evolution of IMF’s Policy on Cross-border Capital Flows

The policy adjustments have undergone a few stages:allowing capital controls,advocating capital flow liberalization,allowing temporary capital controls in times of crisis,recognizing post-inflow surge management and recommending preemptive capital inflow management.

Research on decision-making behavior of multi-agent alliance in cross-border electricity market environment: an evolutionary game

Constructing a cross-border power energy system with multiagent power energy as an alliance is important for studying cross-border power-trading markets.This study considers multiple neighboring countries in the form of alliances,introduces neighboring countries’exchange rates into the cross-border multi-agent power-trading market and proposes a method to study each agent’s dynamic decision-making behavior based on evolutionary game theory.To this end,this study uses three national agents as examples,constructs a tripartite evolutionary game model,and analyzes the evolution process of the decision-making behavior of each agent member state under the initial willingness value,cost of payment,and additional revenue of the alliance.This research helps realize cross-border energy operations so that the transaction agent can achieve greater trade profits and provides a theoretical basis for cooperation and stability between multiple agents.

Impact of BRICS Trade Facilitation on China's Exports Using Cross-Border E-Commerce

With the rapid growth of the global digital economy, cross-border e-commerce, as an emerging form of trade, has gradually become a powerful engine to promote the development of global trade. BRICS is an important force in the global economy, and the progress of the BRICS countries' trade facilitation level has an important impact on the global trade environment. This paper conducts an in-depth study of the dynamic changes in BRICS trade facilitation from 2013 to 2022, and uses an extended gravity model to analyze the specific impact of this change on China's exports using cross-border e-commerce. The results show that although the BRICS countries have made some progress in trade facilitation, the overall level still needs to be improved, and there are obvious differences among member countries. However, the improvement of trade facilitation among BRICS countries has undoubtedly brought significant positive effects to China's exports using cross-border e-commerce.

Relationships among Social Capital, Positive Aspect, and Caregiver Burden in Dementia Families: A Mediating Model

Objective: To investigate the current situation and influencing factors of care giving burden among family caregivers with dementia and to analyze the Positive Aspect of caregivers between Social Capital and Caregiver Burden. Methods: A total of 205 elderly dementia patients and family caregivers were select from 3 tertiary hospital by convenience sampling method in Zhengzhou. The general information questionnaire. The Social Capital Scale for Caregiver of People with Dementia, The Positive Aspect of Care giving scale and The Caregiver Burden Inventory were utilized for investigation. Results: In this study the scores of the Social Capital Scale of Caregivers with dementia were (48.76 ± 6.44), the scores of the Positive Aspect of Care giving scale were (37.41 ± 4.29), and the scores of the Caregiver Burden Inventory were (64.43 ± 10.89). The results of multiple linear regression analysis showed that patient’s age, patient’s disease duration, social capital, and positive feelings were the main influencing factors of caregiver’s burden of care (P Conclusion: The burden of family caregivers is at a medium-high level, and it is recommended that the medical, social levels fully mobilize the social support system of caregivers from the caregivers’ conditions, increase the level of the caregivers’ social capital, and pay attention to the positive feelings of the caregivers and regulate them in time social alleviate the burden of their care giving.

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.

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.

Iran-Turkmenistan Relations:Cross-Border Ethnic Groups and Comprehensive Governance Strategies

This study delves into the bilateral relations between Iran and Turkmenistan,focusing on the multidimensional impacts of cross-border ethnic groups,cultural diplomacy,and energy cooperation.The research reveals that despite challenges in security cooperation,such as regional political ideological differences and uneven power distribution,Iran has adopted diverse strategies to enhance cultural identity,social cohesion,and promote economic cooperation.Iran actively seeks to repair relations with Turkmenistan by emphasizing shared historical and cultural backgrounds,particularly the presence of cross-border Turkmen ethnic groups.Specific measures include developing cultural tourism,organizing cultural weeks,and establishing commemorative days.In the economic sphere,the two countries have signed significant natural gas supply agreements,strengthening energy cooperation.Iranian leaders often emphasize“blood ties”and deep cultural connections in diplomatic statements,combining cultural diplomacy with practical economic cooperation.The study’s findings indicate that Iran’s initiatives have led to the reorganization of national space and social reconstruction in border regions,promoting changes in public policy.By integrating cultural identity,historical connections,and economic interests,Iran has adopted a sophisticated diplomatic approach,laying the foundation for more stable and enduring bilateral relations while contributing to regional stability and sustainable development.

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.

Micro,Small,and Medium Enterprises’Cross-Border Business Strategies

This paper explores the operational strategies of cross-border micro, small, and medium enterprises (MSMEs). Against the backdrop of globalization and digitalization, cross-border trade has become one of the important pathways for many MSMEs to achieve growth and competitive advantage. Firstly, the paper outlines the concept and characteristics of cross-border MSMEs, as well as the analysis of their operational environment in the context of globalization, including political, economic, social, technological, environmental, and legal factors. Secondly, the paper proposes operational strategies for cross-border MSMEs, including international market selection and positioning, cross-border marketing strategies, supply chain management, cross-border financial management, and cross-border risk management. Finally, the paper summarizes the importance of effectively implementing these strategies for cross-border MSMEs to seize international market opportunities, reduce operational risks, and enhance competitiveness and profitability.

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.

The Interrelationship between Culture and Capital Structure:Evidence from International Retailers

The present study investigates the influence of cultural factors in 2022 on the capital structure of global retailers.There are sixteen retailers from eight countries in the sample.In recent times,numerous academicians have taken an interest in examining the capital structure and business model of retailers,owing to their swift and consistent growth.However,the fact that the majority of research originates from the retailers’host country gives rise to debate regarding the applicability of the capital structure of said retailers to countries with distinct cultural environments.Consequently,academics have begun to investigate whether the capital structure of multinational retailers is impacted by the diversity of national cultures.

Venture Capital Syndication under Social Network Theory:Literature Review and Prospect

As an important channel for start-ups to obtain R&D funds and external knowledge and information resources,and as one of the key methods for investment institutions to leverage scale and synergy effects to enhance investment returns,venture capital syndication holds significant research value in the field of venture capital.This paper reviews the literature,summarizing the motivations behind the formation of joint investment networks,the conceptual characteristics of the three core theories of social network theory,and the empirical research on venture capital syndication within the framework of social network theory.It also highlights the existing research results,identifies gaps,and anticipates future research directions.

企业兼并整合管理的实证研究及启示——评GECapital成功的兼并整合管理

企业兼并尽管是企业扩张的有效途径 ,但在实践中有很高的失败率 ,其中很重要的原因是整合管理的失败。本文通过揭示GECapital成功整合管理的四大原则 ,从战略准备、专人负责、文化融合和计划调整四个方面提出了未来我国企业兼并整合管理可供操作的建议。

EMPIRICAL STUDY ON CAPITAL STRUCTURE OF LISTED COMPANIES IN CHINESE STOCK MARKET

Capital structure decision is an important issue of corporate finance.Theories show that,the corporate debt ratio is determined by many factors.This study conducts empirical work on capital structure theories,focusing on the corporate data of Chinese listed companies,by considering the intrinsic characteristics,utilizing the principal factor analysis and the ridge regression method.Our results suggest that a firms debt ratio has a positive relationship with its size,profitability and operating risk and has a negative relationship with its growth and non debt tax shield,while the long term leverage has a positive relationship with its collateral value of assets.

近代“Capital/资本”译名问题考略

本文以近代"Capital/资本"译名问题的确立过程为研究对象。作为一个在中国古典文献中早已存在,并且还被频繁使用的合成词,"资本"很早就成为"capital"的对译词。这一时期的"资本"只是作为一个表示金钱的普通词汇而存在,其在对译"capital"时的现代含义没有得到充分挖掘。从19世纪80年代开始,日文文献中也开始用"資本"去对译"capital"。并且由于相关介绍社会主义的译作、著作的缘故,"資本"开始首先在日语中获得了专业术语和政治术语的地位。此后,随着从日本而来的相关社会主义著作在中国的翻译和传播,在日语中作为一种专业术语和政治术语的"資本"一词也开始传入中国,这样,现代中国的"资本"一词也开始被作为"回归汉字借词"甚至是"日语新造借词"看待。

China's Industrial Upgrade and Human Capital Improvement

Based on statistics, this paper reviews China＇s economic growth and industrial upgrade since the reform and opening up in 1978 and estimates the contribution of industrial restructuring to economic growth. With the years of schooling as the proxy variable of human capital, this paper describes changes in China＇s labor competence during the industrial restructuring process. Then, this paper estimates China＇s future human capital demand and shortage based on economic and demographic forecast. Lastly, this paper proposes recommendations for improving human capital in China with skills development and education.

On Daniel Bell's The Cultural Contradictions of Capitalism

This article makes a brief introduces to Daniel Bell's The Cultural Contradictions of Capitalism which explores how a bourgeois economy coexists with an anti-bourgeois culture. This article is comprised of four parts including the concept of culture、the disjunction of three realms(economics, politics and culture)、the cultural contradictions of capitalism and the evaluation on Daniel Bell's theory. It offers a close look into the inner relation between different spheres in the capitalist society illustrated in Bell's book, and Bell's theory in terms of cultural contradictions of capitalism will be concretely elaborated.

Research on Development Mode and Strategies of Capitalization of Baise National Culture in China——A Case Study of Napo Black Cloth Zhuang

The paper had illustrated fruitful achievements Baise had gained in these years in terms of capitalization operation and capital increase of national culture,and generally analyzed deficiencies in capitalization of Baise national culture.It emphasized that utilization,integration and development of national cultural resources were not enough in intensity;capitalized degree of national culture was low and national cultural products were simple and low in level.Finally,the new mode was proposed to integrate national cultural resources,activate inner vitality of national cultural capital and renovate capitalization of national culture.

On the Industrial Capitalism(Reflected) in the Red Badge of Courage

Stephen Crane' s The Red Badge of Courage adopted the industrial capitalism as response to his motif to indicate that industrial capitalism had a swift development in 1890s in America,and meanwhile his novel was greatly influenced.