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.

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.

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.

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.

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.

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.

Cross-border Urban Networks Based on Manufacturing Global Value Chain:A Study of Listed Companies in Western China

Cross-border investment is essential for western China’s globalization.Global value chain(GVC)forms cross-border investment networks between industries in western China and overseas cities.Focusing on GVC,this study uses the social network analysis method,entropy method,multi-index comprehensive evaluation method,and quadratic assignment procedure analysis method to examine the characteristics and influencing factors of the urban networks of research and development(R&D),production,and sales formed as a result of the overseas investments of listed manufacturing companies in western China.Results showed that the three types of investment networks involved multiple industry types and multiple central cities with differentiated diversity and multicentrality.The R&D urban network’s leading sub-industries were the mechanical equipment and instruments,medicine and biological products,and metal and nonmetal industries.The destination cities were mostly those home to educational and scientific research centers.The production urban network’s leading sub-industries were the mechanical equipment,instrument,and food and beverage industries.The destination cities were mostly regional central cities in developing countries.The sales urban network’s leading sub-industries were the mechanical equipment and instrument,metal and nonmetal,and petrochemical and plastics industries.The destination cities were numerous and scattered.In addition,the R&D urban network easily formed specialized clusters,core nodes easily controlled the production urban network,and individual nodes did not easily control the sales urban network.Technological and economic system advantages greatly impacted the three network types.Considering the different influencing factors,this study suggests optimizing the institutional investment environment to narrow the institutional gap,adjusting and optimizing the investment layout to expand overseas markets,and increasing R&D funds to stimulate technological progress and overseas investments in western China.

Intellectual Capital in Knowledge Management Organizations

This paper templet is copyright by Global Conference on Business and Social Science organized by Global Academy of Training&Research(GATR)Enterprise.Intellectual capital and knowledge are the most important assets of most organizations to ensure that determined or intended strategies can be implemented.The resource-based view of the firm considers the firm as a bundle of tangible resources,intangible resources,and organisational capabilities.An effective IC refers to the critical issues of organisational adaptation,survival and competence in the face of discontinuous environmental change.KM is essential for retaining employees’knowledge within a firm by using appropriate technology and tools to capture and store the knowledge residing in the minds of its employees,so it can be easily shared and reused.There is a growing realisation of the importance of the development and understanding of theory for both Intellectual Capital and Knowledge Management in relation to guide the successful development of Knowledge Management Organisations.This study is fundamental because it will provide the whole picture about the different levels of knowledge;individual,group and organizational,which express internal knowledge(formal and informal knowledge)and external knowledge such as customers and suppliers.The aim of this study is addressed some of the gaps in Intellectual Capital literature.It is necessary to investigate the interactions between IC components in Knowledge management organizations,which include human capital(HC),Organizational capital(OC),and Relational capital(RC).This is important in order to discover the extent to which these factors work together to achieve a network’s knowledge management in organization.

Effects of financial development and capital accumulation on labor productivity in sub‑Saharan Africa:new insight from cross sectional autoregressive lag approach

This study aims to shed light on the effects of financial development and accumula-tion of capital on the productivity of labor in the sub-Sahara African region within the period of 1990–2018.In this work,we used the(dynamic)common correlated effects estimator-mean group and additional techniques such as cross-section autoregressive distributed lag to calibrate the sample into the African subregion to ensure robustness.The findings reveal that financial progress in the region over time leads to an increase in productivity of labor and also the accumulation of capital.Furthermore,financial markets have a progressive impact on the productivity of labor within sub-Saharan African regions.We extend the very limited literature on the nexus between financial development and labor productivity by incorporating capital accumulation into our model which has not been previously studied.

China's Actual Utilized Foreign Capital Reached New High in 2022

In 2022,China’ s actual utilized foreign capital reached a historical high.According to the data released by the State Council Information Office,China’s actual use of foreign capital continued to increase in 2022,reaching RMB 1.2trillion,which is a new high historically.

An Extended Fuzzy-DEMATEL System for Factor Analyses on Social Capital Selection in the Renovation of Old Residential Communities

China has been promoting the renovation of old residential communities vigorously.Due to the financial pressure of the government and the sustainability of the renovation of old residential communities,public-private partnerships(PPP)have already gained attention.The selection of social capital is key to improving the efficiency of the PPP model in renovating old residential communities.In order to determine the influencing factors of social capital selection in the renovation of old residential communities,this paper aims to find an effective approach and analyze these factors.In this paper,a fuzzy decision-making and trial evaluation laboratory(fuzzy-DEMATEL)technique is extended and amore suitable systemis developed for the selection of social capital using the existing group decisionmaking theory.In the first stage,grounded theory is used to extract the unabridged key influencing factors for social capital selection in the renovation of old residential communities.Secondly,by considering the impact of expert weights,the key influencing factors are identified.The interactions within these influencing factors are discussed and the credibility of the results is verified by sensitivity analysis.Finally,these key influencing factors are sorted by importance.Based on the results,the government should focus on a technical level,organizationalmanagement abilities,corporate reputation,credit status,etc.This study provides the government with a theoretical basis and a methodology for evaluating social capital selection.

Female directors in the boardroom and intellectual capital performance:Does the“critical mass”matter?

This research aims to investigate the influence of female directors on Intellectual Capital Performance(ICP)using a sample of manufacturing-listed companies in China.Our study investigates the link between having two or more female directors and the Modified Value-Added Intellectual Coefficient(MVAIC)methodology,employing the critical mass theory from 2004–2017.We find that having a critical mass of female directors(three or more)shows a significant positive impact on MVAIC and its components,including human capital efficiency,structural capital efficiency,relational capital efficiency,and physical capital efficiency,with physical capital being the critical driver.Our study reveals that the critical mass participation of female directors substantially influences the IC efficiency of privately owned companies compared to state-owned companies.Moreover,the number of female directors also affects the IC performance of manufacturing companies in multiple regions.Our findings support the validity of group classification identified by Kanter and Critical Mass Theory.To the best of our knowledge,this is one of the few pieces of research that studies the role of female board directors in IC performance and Chinese manufacturing firms using MVAIC as an IC measure.

A Study on Psychological Capital of Cultivating High-quality Professional Farmers in the Background of Rural Revitalization

Under the background of rural revitalization,high-quality professional farmers are the backbone of modern agriculture.The cultivation of high-quality professional farmers has developed rapidly and achieved particularly obvious results.The number and quality of professional farmers have been continuously improved,and the scope and level of security have been continuously improved,and remarkable achievements have been made.The significance of studying it lies in that,under the trend of developing modern agriculture,the change of psychological capital of high-quality professional farmers as the object of cultivation has an important influence on the effect of cultivation.Studying the change of psychological capital of high-quality professional farmers can better improve the enthusiasm of high-quality professional farmers and improve their sense of self-efficacy,cultivate optimism,increase resilience in the face of difficulties,and enhance hope for better development.By referring to relevant literature,the author learned the current research status of many aspects of the cultivation of high-quality professional farmers in China,and had a certain understanding of its current situation.At the same time,the cultivation of high-quality professional farmers in Shanghai is in the forefront of the whole country.The author takes the leaders of Shanghai Agricultural Cooperatives as the investigation objects,and based on the social capital theory,studies their psychological capital situation and the influence of external factors on psychological capital situation.Psychological capital emphasizes who you are and what you want to be,while social capital emphasizes who you know and focuses on networks and connections.It is hoped that this study can provide suggestions on how to effectively increase the psychological capital of high-quality professional farmers.

Digital Development Rights in Developing Countries:Where the Governance Rules for Cross-Border Data Flows

The digital development rights in developing countries are based on establishing a new international economic order and ensuring equal participation in the digital globalization process to achieve people's well-rounded development in the digital society.The relationship between cross-border data flows and the realization of digital development rights in developing countries is quite complex.Currently,developing countries seek to safeguard their existing digital interests through unilateral regulation to protect data sovereignty and multilateral regulation for cross-border data cooperation.However,developing countries still have to face internal conflicts between national digital development rights and individual and corporate digital development rights during the process of realizing digital development rights.They also encounter external contradictions such as developed countries interfering with developing countries'data sovereignty,developed countries squeezing the policy space of developing countries through dominant rules,and developing countries having conflicts between domestic and international rules.This article argues that balancing openness and security on digital trade platforms is the optimal solution for developing countries to realize their digital development rights.The establishment of WTO digital trade rules should inherently reflect the fundamental demands of developing countries in cross-border data flows.At the same time,given China's dual role as a digital powerhouse and a developing country,it should actively promote the realization of digital development rights in developing countries.

A Critical Review of the Effects of Stock Returns and Market Timing on Capital Structure

Capital structure is regarded as the combination of debt and equity firms used to finance operations and investments.The choice of capital structure significantly impacts a company’s cost of capital,profitability,and risk profile.Among a series of factors that affect capital structure,this paper focuses on stock returns and market timing.In this review,an array of papers is analyzed to summarize what current research claims regarding the influence of stock returns and market timing on capital structure.This paper centers on the stock return and market timing theories and also discusses other theories like the trade-off theory,the pecking order theory,and the signaling theory.

Analysis of the Development Environment and Trend of Cross-Border E-commerce in China

With the conclusion of the novel coronavirus pandemic and the increasingly complex market environment,China’s cross-border e-commerce has entered a new phase of development.The external landscape is evolving rapidly,and there is a gradual improvement in laws and regulations governing cross-border e-commerce,coupled with increased government support.Despite the impact of the COVID-19 pandemic on the market economy,overall development has been steadily improving.The Internet population is expanding,the online retail market is experiencing rapid growth,the consumption structure is undergoing transformation and upgrading,and the e-commerce market is demonstrating significant potential.The advancement of technologies such as big data,artificial intelligence,blockchain,and supply chain has provided more efficient operational support for the cross-border e-commerce industry.Against the backdrop of the emergence of new forms of cross-border e-commerce in China post-pandemic,this paper utilizes the PEST model to analyze the macro environment of cross-border e-commerce in China and project its future development trends.

A Comprehensive Measurement Study Analyzing Cross-Border Logistics in Harbin New District

The business environment is an important index for measuring the international competitiveness of a country or region.Improving the business environment not only helps the logistics industry reduce costs and increase efficiency but also promotes the transformation and upgrading of the logistics sector.This paper focuses on the business environment of cross-border logistics enterprises in Harbin New District as the research object.It constructs the business environment index system of logistics enterprises in Harbin New District through empirical research using the subjective weighting method.The research data are then analyzed to identify the shortcomings in optimizing the business environment of cross-border logistics in Harbin New District.The paper proposes countermeasures and suggestions,aiming to provide a decision-making reference for promoting the high-quality development and all-round revitalization of Harbin New District.

Digital Marketing and B2B Cross-Border E-Commerce: A Case Study of Alibaba International Station in China

The rapid development of the“Internet+”has ushered in a new era of global digital technology innovation.Concurrent with the deepening trends of economic globalization and integration,international trade is progressively undergoing extensive digitization,with cross-border e-commerce emerging as a significant manifestation of this transformation.Within this landscape,the cross-border e-commerce B2B platform is anticipated to become a pivotal driver for China’s cross-border trade growth,representing a strategic opportunity for trade transformation.This paper provides a comprehensive examination of the concepts,characteristics,and development status of cross-border e-commerce and B2B platforms,considering both global and Chinese perspectives.Focusing on a prominent case study,Alibaba International Station,a B2B cross-border e-commerce platform,the paper delves into its business model and core competencies,offering a thorough analysis of its role in the intricacies of international e-commerce and its contribution to the field.Drawing on insights gained,the paper concludes by presenting targeted recommendations from both the platform and government perspectives.These suggestions are informed by a nuanced understanding of the development opportunities and challenges facing China’s cross-border e-commerce B2B platforms.

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.