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 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.

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.

Will the State-owned Capital Transfer Policy Enhance the Sustainability of the Urban Employee Basic Pension Insurance Fund in China?

To analyze the efect of the state-owned capital transfer policy on the sustainability of China's urban employee basic pension insurance fund(CUEBPIF),this study develops an actuarial model for pension insurance.The results reveal the following:(i)Without policy intervention,the CUEBPIF would face a deficit in 2027 and a cumulative shortfall of RMB207.44 trillion by 2050,and the proportion of fiscal subsidies for the CUEBPIF in the total fiscal expenditure would increase to 12.86 percent in 2050.(i)Based on a delayed retirement policy,the transfer of 10 percent of state-owned capital can delay the onset of the fund deficit by 6 years,and the accumulated shortfall in 2050 would fall to RMB39.42 trillion,and the proportion of fiscal subsidies would decrease by I1.77 percentage points.(ii)The state-owned capital transfer policy can improve the sustainability of the CUEBPIF and reduce the burden of enterprise social security contributions when the transfer ratio increases to 20 percent.

国资监管体制改革与国有企业投资效率

国资监管体制已由“管资产与管人管事相结合”的模式向以“管资本”为主的模式转变,这为国有企业的高质量发展提供了制度保障。本文以2009—2019年中国沪深A股上市国有企业为样本,实证检验国资监管体制改革对国有企业投资效率的影响。研究结果表明,国资监管体制改革显著提升了国有企业投资效率,代理成本降低与政府干预弱化在其中发挥了中介作用。进一步研究发现,政府治理水平在国资监管体制改革与国有企业投资效率之间具有正向调节作用。异质性分析发现,在非西部地区和金字塔层级低的国有企业中,国资监管体制改革对其投资效率的提升作用更显著。经济后果检验表明,国资监管体制改革通过提高国有企业投资效率提升了国有企业价值。研究结论为进一步深化国资国企改革提供了经验证据。

大数据技术赋能财政科技资金监管:一种创新工具

财政科技资金是科技创新的基础条件。近年来,伴随内外环境变化及社会经济转型,基于财政科技资金投入规模持续扩大、资金监管日趋复杂的现状,大数据技术成为赋能财政科技资金监管的创新工具。针对当前资金监管在监督主体、资金配置、监管模式等方面存在的问题,大数据技术在重塑理念价值、重构组织结构与监管模式、增强监管的动态化与精确性等方面的作用明显。置于现实场域,以大数据技术赋能财政科技资金监管,应采取包容多元价值、强化大数据思维方式,构建权责清晰、高效互动的组织体系,完善监管机制、实现信息化运行管理等措施。

乡村民俗体育复兴的集体行动逻辑及其治理思考——基于湘西浦市龙舟活动的田野考察

学术界对集体行动的动力与实现机制所形成的三种解释范式具有较强的说服力,但仍无法对社会结构急剧变迁之下乡村民俗体育复兴的集体行动形成机制提供令人满意的回答。研究立足于乡村民俗体育复兴的集体行动,以集体行动的三个关键问题的解决为分析框架,对浦市龙舟活动复兴的全过程进行考察。研究发现,在缺乏外部强力支持的情况下,信任与认同为基础的社会资本、利益与互惠为纽带的权宜性承诺以及共享规范为依托的相互监督是影响乡村民俗体育复兴的关键变量,三者共同构筑实践中的集体行动逻辑。当人们拥有了对集体或文化的认同感,能够从个体层面认识到参与集体行动的重要性,且能从村落层面了解到大部分人遵守承诺并相互监督,可持续性的集体行动才能形成。这一经验事实显示,集体行动的形成并非一个线性过程,社会结构、利益追求、个体建构以及外部政治环境等多种因素共同发挥作用,兼顾多种因素及其相互间的作用变化是理解集体行动形成的复杂性和多样性的关键。

金融监管视角下风险投资赋能企业创新路径研究

基于创新驱动的视角,利用2009—2022年中国沪深A股上市公司数据对风险投资影响企业技术创新机制进行检验,并对金融监管在影响机制中的调节效果进行分析。研究发现:风险投资介入对企业创新具有正向影响;风险投资介入通过优化人力资本、加强企业创新投入、缓解企业融资约束提高企业创新能力;风险投资介入对企业创新的正向作用在高新技术企业和国有企业中更为显著;金融监管能够增强风险投资对企业创新的促进作用,其正向调节效应在非高新技术企业和民营企业中更加明显。研究重点关注宏观监管环境优化产生的正向调节效应,对监管准则的细化分类具有启示意义。

资本市场开放与企业策略性创新行为——基于外部监督的分析

文章立足于“沪港通”的制度背景,选取2010—2022年沪深A股非金融上市公司为研究对象,研究资本市场开放与企业策略性创新行为的关系。实证研究发现:第一,资本市场开放能提高授权专利中发明专利的占比,显著改善企业专利结构,提高专利质量;第二,从外部监督的角度机制分析发现,资本市场开放会通过增加监管机构和媒体监督产生聚光灯效应,进而减少通过策略性创新的市值管理行为;第三,动机分析发现,在资本市场开放下,企业出于防范崩盘风险和向市场传递特质性信息的目的,会减少策略性创新行为,提高专利质量;第四,资本市场开放对非国有企业和信息不对称较高的企业策略性创新行为抑制作用更加明显。本研究对于充分利用资本市场开放助力实体经济发展,推动企业实质性创新具有借鉴意义。

我国商业银行资本监管探析

有效的银行资本监管对银行业乃至整个经济都具有至关重要的作用。资本监管不仅是银行宏观审慎监管的核心,更能促使商业银行牢固稳健思想,从而控制整个银行业系统的风险。当前我国银行资本监管不断革新,对系统重要性银行、中小型银行都提出了挑战,并且反映出逆周期缓冲资本利用不足、金融风险监管缺乏前瞻性等问题,因而提出优化资本管理方式、加快金融创新、引导差异化发展策略、个别流动性标准、及时修正监管政策等政策建议。

困境与出路:操纵证券市场行为的治理对策分析

操纵证券市场行为通过虚构市场供求力量以扭曲股票交易价和交易量,并通过交易价差非法获利,破坏了公平有序的资本市场秩序。近年来,操纵证券市场行为出现复杂化、技术化、主体团伙化、跨市场、跨境化等特点,存在一定的治理困境,如犯罪手法不断演进凸显法律滞后;场外配资难以管理;操纵证券市场案件发现难、侦查认定难;跨市场、跨区域操纵交易致监管难度增大。为了防控操纵证券市场行为的发生,可以考虑采取科技赋能监管,加大监管力度;完善相关法律法规体系;减少犯罪黑数,提高违法犯罪成本;严格管理场外配资与出借证券账户行为;提高操纵证券市场行为的侦查能力等措施。

Abusive Supervision and Psychological Capital： A Mediated Moderation Model of Team Member Support and Supervisor-Student Exchange

Abstract Embedded in higher educational settings, this study examines the relationship between abusive supervision and psychological capital and the mechanism through which abusive supervision and team member support interact to influence psychological capital with supervisor-student exchange mediating the interaction with psychological capital. Data collected from 222 graduate students in six Chinese universities supports our mediated moderation model： abusive supervision negatively relates to psychological capital and supervisor-student exchange mediates the positive moderating effect of team member support on the relationship between abusive supervision and psychological capital. Theoretical and practical implications of these findings are discussed.

Building State-owned Assets Supervision System and Conducting Mixed Ownership Reforms to Reinforce Each Other’s Collaboration

Improving the state-owned assets supervision system(SOASS)can effectively get over the defects of systems and mechanisms and further promote the reform of mixed ownership of state-owned enterprises(SOEs);and the deepening of the reform can advance the change of the SOASS to the supervision on capital.By analyzing the relationship between the SOASS and the reform of mixed ownership of state-owned enterprises,we have found that collaborative promotion of the change of the SOASS to the supervision on capital and promotion of the reform of mixed ownership can do good to ameliorating the corporate management mechanism,improving the market-oriented management mechanism of enterprises and completing the medium-and long-term incentive mechanisms,etc.to enhance business operation efficiency.Due to such prevailing problems as relative dispersion and vagueness of the policies relating to deepening the reform of SOEs,inconsistent progress of the reform of state-owned assets(SOAs)and SOEs,and corporate reform focusing on apprence,improving the SOASS and deepening collaborative development of the reform of mixed ownership of SOEs are hindered by some constraints.To construct and improve the SOASS and the reform of mixed ownership collaboratively,we should make efforts to promote the reform in the following five aspects,namely,placing importance to policy coordination,boosting synchronism of the reform of SOAs and SOEs at different levels and in different areas to coordinate the nationwide reform of SOAs and SOEs,facilitating reform of the mechanism of enterprises of mixed ownership through mixed capital,and promoting the SOASS and stimulating classified monitoring and reform of mixed ownership based on classified reform of SOEs.

国资监管体制改革与国有企业全要素生产率

如何通过国资监管体制改革提高国有企业全要素生产率是决定国有经济高质量发展的关键所在。基于国有资本投资运营公司改革的准自然实验,采用双重差分模型考察国资监管体制改革对国有企业全要素生产率的影响机制。研究发现,国资监管体制改革可以显著提高国有企业全要素生产率。影响机制检验发现,国资监管体制改革可以通过降低代理成本和抑制管理层短视行为提高国有企业全要素生产率;政策性负担显著降低了国资监管体制改革对国有企业全要素生产率的促进作用。研究结论为构建以“管资本”为主的国资监管体制及促进国有经济高质量发展提供了经验证据和政策启示。

证监会随机抽查能提高资本市场信息效率吗?--基于“双随机、一公开”的准自然实验

通过手工收集证监会随机抽查上市公司的数据,基于“双随机、一公开”监管制度的准自然实验,构建多期DID模型实证检验了证监会随机抽查对资本市场信息效率的影响。研究结果表明,证监会随机抽查能够显著降低股价同步性,提高资本市场信息效率。一系列的稳健性检验仍然支持这一结论。揭示作用机理发现,随机抽查能够提高公司在市场中的关注度,并发挥监督效应,直接或间接提高资本市场信息效率。进一步分析发现,证监会随机抽查对股价同步性的降低作用在具有辖区实施方案、不放回抽样、低市场化程度地区、营商环境较差地区以及非国有企业中更显著。结论为政府监管行为能够提高资本市场信息效率提供了新的证据,为证监会随机抽查制度的进一步推行提供了政策启示。

商业银行会计准则与资本监管制度差异分析

2008年金融危机期间备受关注的会计问题和2019年我国发生的个别银行暴雷事件均与银行受到会计准则和资本监管两种不同制度约束有关,因此认识这两种制度的差异对分析和解决这些问题至关重要。文章系统分析会计准则与资本监管制度差异,认为前者致力于信息透明,是中立者;后者聚焦于金融稳定,是利益相关者,并指出这两种制度捆绑实施会产生负面效应:破坏市场信息透明度从而引发的市场信心涣散,扭曲银行投资决策并滋生操纵甚至欺诈。

中央环保督察、二代涉入与家族企业ESG责任评级

以中央环保督察制度作为准自然实验情境,选取2014年至2020年我国3022家家族企业,建立多期DID面板模型,研究发现:中央环保督察有利于提升家族企业ESG责任评级,二代涉入强化了两者间的正向关系。机制分析表明,中央环保督察在宏观层面通过约束效应与监督效应,在微观层面通过声誉价值与社会资本来提升家族企业ESG责任评级。进一步分析表明,对于“回头看”地区、低竞争行业的多代控制家族企业,中央环保督察对家族企业ESG责任评级的正向影响更显著。因此,应从深化家族二代涉入程度、增强家族企业ESG责任意识和提升家族企业声誉价值三个方面提升家族企业ESG责任评级。

影子银行业务对商业银行稳健性的影响效应研究

商业银行的稳定运营是中国金融体系健康成长的关键。以中国式影子银行业务为切入点,重点关注监管政策和商业银行竞争环境变化,利用“买入返售金融资产”“应收款项类投资”和“债权投资”科目之和测算中国式影子银行业务规模;应用固定效应模型,对38家上市商业银行2009年到2019年的季度数据样本进行面板回归,实证研究影子银行业务对商业银行稳健性的影响,并对同业竞争程度和资本监管压力的调节效应进行进一步研究。结果表明,同业竞争程度会通过风险发生机制,促进商业银行开展影子银行业务;而资本监管压力导致了商业银行的利润缺口,致使银行稳健性水平下降;基于我国的影子银行监管政策和宏观经济发展目标,进一步讨论如何利用好资本监管压力和同业竞争程度在影子银行风险传导路径中的调节效应,提出完善金融系统建设的相关结论与差异化的监管政策建议。

数字化国资监管的企业赋能效应

数字化国资监管具有制度叠加技术、集成叠加共享、监管叠加服务的特征,在解决信息不对称和改善委托代理关系等监管问题上具有优势。通过缓解监管焦虑、提高监管精度、扩大授权力度等,数字化国资监管能够实现释放活力效应,巩固国有企业的市场主体地位,促进企业数字化转型进程,提高企业智能化决策水平,增强企业业务创新能力,发挥激发动力效应。作为连接宏观管理和微观主体的物理信息系统,数字化国资监管形成系统合力的效应也十分显著。