Game theory approach to optimal capital cost allocation in pollution control

This paper tries to integrate game theory, a very useful tool to resolve conflict phenomena, with optimal capital cost allocation issue in total emission control. First the necessity of allocating optimal capital costs fairly and reasonably among polluters in total emission control was analyzed. Then the possibility of applying game theory to the issue of the optimal capital cost allocation was expounded. Next the cooperative N person game model of the optimal capital cost allocation and its solution ways including method based on Shapley value, least core method, weak least core methods, proportional least core method, CGA method, MCRS method and so on were delineated. Finally through application of these methods it was concluded that to apply game theory in the optimal capital cost allocation issue is helpful to implement the total emission control planning schemes successfully, to control pollution effectively, and to ensure sustainable development.

Is Earnings Management a Technique to Reduce Cost of Capital？ Exploratory Study on Indian Companies

Earnings management has attracted lots of academicians towards the research due to the emerging frauds and downfall of great corporate giants of the world. Mainly earnings measurement is based on the accounting estimates which managers can easily manipulate for their self-interest. The study investigates the relationship between cost of capital and the earnings measurement for the Indian firms. Measurement of earnings is mostly computed by taking either discretionary accruals （DAC） or non-discretionary accruals （NDAC）. Present study has used Dechow, Sloan, and Sweeney （1995） model for earnings measurement and for analyzing the results. Panel data regression has also been used. Findings of the study conclude that DAC has a significant influence on cost of capital, but NDAC has no influence.

Concerning the Capitalization Restriction of Training Cost According to IAS 38

In today＇s knowledge-based economy, the role played by human capital in the determination of the market value of a firm is recognized. To be able to persist in the open competition, entities are forced to invest increasingly in the professional training of their employees. Inconsistent with this rising importance is the prohibition to capitalize professional training cost according to international accounting standards （IAS） 38.69 （b）. Highly qualified employees ensure competitive advantages and thus lead to an increase in shareholder value. Regarding the financial statement as a primary source of information, it does not seem reasonable to leave such a valuable resource completely unnoticed in the balance sheet. Consequently, a truthful representation of a firm＇s asset should take training costs into account. This article pleads for a limitation of this general legal prohibition and analyzes under which premises those expenditures for training can comply with the common criteria of capitalization according to IAS 38.

An Empirical Studyon the Impact of Corporate Social ResponsibilityInformation Disclosure on EquityCapital Cost

Taking public companies of Shenzhen A-share as samples,the paper analyses the impact of CSR disclosure on the cost of equity capital and the differences in various disclosure ways.The empirical results show that:the CSR disclosure has negative correlation with the cost of equity capital,and different ways of disclosure are not relative to the cost of equity capital.Corporate social responsibility information disclosure plays a critical role in the company's management.

Analysis of Road Traffic Accident Costs in Sudan Using the Human Capital Method

In this study, we used the Human Capital (HC) accident analysis method, to determine the road traffic accident costs in Sudan in two successive years (2010 and 2011) with slight modifications to the recommended and known framework in the way it handles currently and future accident cost components. We evaluated and compared the significance and impact of the economic loss caused by road traffic accidents in Sudan using detailed information on road traffic accident casualties, classified by severity level, vehicle type, and other key parameters such as discount rates and medical and insurance information for Sudan in its entirety. The total cost of road traffic accidents in Sudan in 2010 was estimated at US $391 million, which represents 0.57% of the Gross Domestic Product (GDP), while in 2011 the cost was calculated to reach US $413 million, representing 0.62% of GDP. Findings show that the amount of accident costs is estimated to a certain extent at less than 1% of the total GDP of the country in the two estimation years, but we believe that the evaluation process used fulfilled the eligibility criteria of HC studies and that the produced values for Sudan are valid and reliable. Unit costs for each crash severity level were also estimated in the two years such as death, disability, serious injury, slight injury, and vehicle damage. Death or fatality was equal to US $38,932 and 39,508;disability was equal to US $43,113 and US $45,165;serious injury was equal to US $6963 and US $7596;slight injury was equal to US $2570 and US $3198 and vehicle damage only was equal to US $2268 and US $2579 in the assessment years 2010 and 2011, respectively.

Evaluating the moderated-mediation effects of switchingcosts in the link between social capital and NPD performance

In this study,we explore the causes and performance outcomes of switching costs in the context of new product development(NPD)from both the supplier and customer perspectives,and discuss the role that switching costs play as moderators and mediators in the relationship between social capital and NPD performance.Based on data from 214 Chinese manufacturers,we employ the structural equation model to test our conceptual model and hypotheses.The results indicate that relationship quality and customer involvement positively and negatively affect switching costs,respectively,and that switching costs negatively affect NPD performance.Switching costs mediate and moderate the relationship between social capital and NPD performance.Furthermore,switching costs significantly and positively moderate the relationship between relationship quality and NPD performance.On the other hand,switching costs insignificantly and negatively moderate the relationship between customer involvement and NPD performance.The theoretical and managerial implications of the findings are discussed.

Regional Difference in Social Capital and Its Impact on Regional Economic Growth in China

Social capital has played an increasingly important role in regional development.China is a country with high stocks of social capital.Using several different indicators of social capital,this study tries to research the regional disparities in social capital and the influence of social capital on economic growth of China in 1978-2004.Measuring social capital with indicators of associations,charities and blood donation rates,this study finds significant regional disparities in social capital at provincial level in China.Those indicators for social capital are highly correlated with regional economic performance.Statistical analysis shows that social capital has a significant and positive effect on a long-term provincial economic growth.This relationship exists after controlling policy,macro location factors,and per capita GDP in the initial year.The empirical findings indicate that institutions,culture and social relations are critical for regional development in China.Therefore,the creation and support of social capital should be paid more attention to when making regional policy.

Optimal dividend and capital injection problem with a random time horizon and a ruin penalty in the dual model

In the dual risk model, we consider the optimal dividend and capital injection problem, which involves a random time horizon and a ruin penalty. Both fixed and proportional costs from the transactions of capital injection are considered. The objective is to maximize the total value of the expected discounted dividends, and the penalized discounted both capital injections and ruin penalty during the horizon, which is described by the minimum of the time of ruin and an exponential random variable. The explicit solutions for optimal strategy and value function are obtained, when the income jumps follow a hyper-exponential distribution.Besides, some numerical examples are presented to illustrate our results.

A Simplified Approach for Implementing Capital Gain Tax in Stock Marketing

The sustainability of a country inevitably depends on proper taxation system. To date, there are many taxes implemented by the ruling authorities of a country. The taxes that are sourced from stock markets or share markets are paramount to better govern a country. The capital gain tax (CGT), which is incurred in disposing the shares or stocks owned by an investor or an institution, is one of the taxes implemented in stock markets. Though in the past many attempts have been made to properly streamline the CGT, the methodologies or the approaches used in the implementation of CGT, even in the United States, are not well-grounded from a scientific point of view. Therefore, in this paper, a simplified approach based on the assumption that the CGT is implemented on a yearly basis is proposed. The CGT is calculated for each stock owned by an investor or an institution. The approach is implemented using an open access platform: AMP (Apache-MySQL-PHP). Subsequently, the proposed approach is tested using some hypothetical data. The proposed approach, which is easy-to-use, practical and un-biased, is of use to any country that is willing to progress towards the sustainability. Moreover, the proposed approach with the current technology will enhance the developing nations which have large size of informal economy, on designing and implementing effective tax policies and administrations.

Analysis on Capitalization of Rural Land Ownership in China by Law and Economics

To find solutions for legal system for capitalization of rural land ownership in China,this paper studied and analyzed existing problems in rural land system and legal environment using legal theory and transaction cost theory. Results indicated that(i) the restriction of institutional condition upon property right and transaction is more essential,and key points include the relationship of entities of right formed jointly by the state,collective and farmers,accurate positioning of property right structure,and security for land appreciation income right and allocation mechanism;(ii) the land property right structure should select a legal structure with minimum transaction cost. It is concluded that entitling the ownership to a single entity is an economical method to eliminate current conflict of rural land right.

Estimating the severity levels of road traffic crashes in Bahrain with crash costs estimated with different approaches

An important issue in analyzing accident blackspots is the estimation of severity levels of different types of accidents.This study aims to estimate the severity level of accidents in Bahrain using crash costs.These crash costs were calculated by the Human Capital Approach(HCA)and total reported costs from the victims.The data was collected from the General Directorate of Traffic,insurance companies,Ministry of Works(MoW)and Ministry of Health.It was found,from the survey responses,that there was no significant effect of victim characteristics on the total cost of the accidents.The severity levels were found to be higher than those found in previous literature or adopted by local authorities which could be attributed to the economic conditions of Bahrain.Moreover,the weights found by both approaches were different from each other.Therefore,it is recommended to use the HCA approach due to its comprehensive calculations involving future costs.

年报监管问询影响公司权益资本成本吗?——基于完善金融监管的视角

基于2015—2020年A股上市公司数据,从公司权益资本成本的角度考察了中国监管问询机制带来的经济后果。研究结果表明,与未收到年报问询函的公司相比,收到年报问询函的公司在收函后面临更高的权益资本成本。在此基础上,采用中介效应检验证实了投资者信心是年报监管问询影响权益资本成本的一条有效路径。进一步分析发现,分析师不倾向于跟踪预测被出具问询函的企业,但收到重组类函件的企业在收函后权益资本成本反而更低。作为事后监管的一种重要手段,证券交易所问询函形式并未因其“非处罚性”而丧失效力,其不但有助于投资者及时调整投资决策,同时也有助于警示上市公司主动规范其信息披露行为。

数字化转型能提升国有企业资本配置效率吗?

进入数字经济时代,数字化转型已成为国有企业高质量发展的必经之路。在此背景下,探究数字化转型与资本配置效率之间的内在逻辑关系,对增强国有企业活力和提升国有企业资本效率具有重要理论和实践意义。以2009-2021年沪深A股上市的非金融国有企业为样本,从外部成本以及内部治理两个层面实证检验数字化转型对国有企业资本配置效率的影响效果及作用机制。结论说明:1)数字化转型能够显著改善国有企业资本要素错配,提升国企资本配置效率。2)机制分析表明,数字化转型能通过缓解信息不对称、降低代理成本以及改善融资约束,优化国有企业资本要素配置。3)从市场、政府以及国有企业自身层面来看,首先数字化转型在一定程度上能替代外部不完备的资本市场。在资本市场发育程度较低环境中,数字化转型更能改善国有企业资本要素错配。其次较高的财政补贴隐含过多的政策性负担,弱化数字化转型对国有企业资本效率提升效果。最后在较高水平内部控制环境中,数字化赋能显著提升国企资本配置效率。研究有助于深化数字化转型赋能国有企业资本配置效率的效果和机制,为探究我国国有企业高质量发展提供学理依据及决策参考。

社会信用与企业韧性——基于社会信用体系改革试点的准自然实验

在当前全球经济环境不稳定的背景下,如何增强企业韧性是所有企业都要面临的重要问题。文章基于2007—2021年我国A股上市公司的平衡面板数据,测度了企业韧性水平,并以城市社会信用体系改革试点作为一项准自然实验,运用多时点DID模型实证检验了社会信用对企业韧性的影响。结果表明:社会信用提升能够显著增强企业韧性;社会信用主要通过提高城市人力资本水平、降低企业交易成本和提升企业劳动生产率三个机制来增强企业韧性。异质性分析发现:社会信用对企业韧性的增强作用在内部治理水平较低企业、非国有企业、市场化程度较低地区中的效果更大。文章为研究企业韧性的影响因素提供了新的视角,对如何增强企业韧性、实现企业高质量发展具有一定的启示。

企业数字化转型促进了资本跨区域流动吗——基于异地并购视角的研究

加快资本跨区域流动对构建以国内大循环为主体、国内国际双循环相互促进的新发展格局具有重要的战略意义。本文以2008—2022年中国A股上市公司为样本,借助异地并购这一重要的资本跨区域流动形式,考察新发展格局下企业数字化转型对资本跨区域流动的影响。研究发现:企业数字化转型通过降低并购交易成本和提高集团管控能力,有效地促进了异地并购决策,尤其对跨省并购决策的促进作用更显著。异质性分析结果表明,当并购企业所在地区市场化程度更高、税负水平更低、数字金融发展水平更高以及目标企业所在地区营商环境更好时,企业数字化转型对异地并购决策的促进作用更强;同时,这一促进作用在民营企业、非高新技术企业以及高管具有金融背景或海外背景的企业中更显著。本研究丰富了数字经济时代资本跨区域流动驱动因素的研究,从异地并购视角提供了企业数字化转型促进资本跨区域流动的微观证据。

跨境电商改革与出口企业数字技术创新——基于跨境电子商务综合试验区的准自然实验

跨境电子商务综合试验区建设是我国积极推进制度型开放的重要举措,税费优惠和管理服务完善等跨境电商改革不仅能够激励外贸增长,还会对出口企业产生成本降低效应、人力资本提升效应和内部治理优化效应等积极影响,从而促进出口企业的数字技术创新。将跨境电子商务综合试验区建设作为一项准自然实验,采用沪深A股出口企业2007—2020年的数据,运用多期双重差分模型分析发现:跨境电子商务综合试验区建设(跨境电商改革)显著促进了试验区出口企业的数字技术发明专利增长,跨境电商改革可以通过降低融资成本和经营成本、提高技术人员占比和高学历人才占比、提升公司治理水平和内部控制质量等路径促进出口企业的数字技术创新,跨境电商改革对融资约束程度较高、地区人力资源丰富、ESG表现较差、环境不确定性较强的出口企业具有更为显著的数字技术创新促进作用。应持续推进和不断深化跨境电商改革,并充分发挥制度型开放对企业创新发展的激励作用。

“隔空猥亵”未成年人刑法规制的不足与完善

“隔空猥亵”行为隐蔽且持续,具有严重的社会危害性,侵害未成年人的身心健康,且示范效应明显,容易引起群体效仿。目前,对于“隔空猥亵”行为的规制,学界在其侵害法益、出罪事由以及是否需要规定为具体罪名等方面存在争议。事实上,“隔空猥亵”行为已经类型化,可增添网络实名认证来锁定隔空犯罪主体,并对不同行为进行分类以准确确定罪行,配置刑罚。针对现行刑法不能完全规制的元宇宙“性侵”行为,刑法需要增设“网络性侵罪”,规制包括“隔空猥亵”在内的利用网络和现代科技进行的违法行为。

中国碳排放权交易机制与实践:基于微观企业股权资本成本的视角

碳排放权交易市场作为企业减排增效的重要机制,引发了资本市场投资者对企业碳排放问题的关注,进而可能影响投资者对企业的风险评估与价值判断。手工整理中国各试点碳市场的控排企业名录发现:碳排放权交易机制显著提升了控排企业的权益资本成本,主要机制为投资者碳风险关注,但该市场机制存在明显的效应边界。进一步发现,当碳市场的初始配额实施部分竞价拍卖和非履约主体交易更为活跃,产品市场竞争程度更高和企业所在城市空气污染更为严重,以及企业非财务绩效表现更好时,碳排放权交易机制对企业权益资本成本的提升作用更为明显。研究结论有助于更为全面的评估我国碳市场建设的经济后果,为该低碳环保政策的持续推广提供理论依据与经验参考。

完善债券契约条款是作茧自缚吗?基于资本结构调整速度的视角

基于手工搜索的中国上市公司债券契约条款信息,构建契约条款指数,研究了债券契约条款对资本结构调整速度的影响。结果发现:债券契约条款的增加有助于提高公司资本结构调整速度。分契约条款类型来看,期权条款类、限制资产转移类、限制投资类和事件驱动类的契约条款显著提高了资本结构调整速度。债券契约条款主要通过影响债务融资方式促进公司资本结构向上调整。异质性检验发现,在国有公司和法律环境较好的公司中,债券契约条款与资本结构调整速度的正相关关系更显著。良好的公司信息透明度和内部控制有助于强化债券契约条款对公司资本结构调整速度的正向作用,并且完备的债券契约条款有助于降低公司融资成本,提高资本结构调整速度。本文研究表明,完善债券契约条款产生的约束并非是债券发行人作茧自缚,而是有助于公司降低融资成本,实现更加灵活调整资本结构的目标。