企业风险投资引领创投新模式

近年来,企业风险投资(Corporate Venture Capital,简称CVC)在中国股权投资市场中的角色愈发凸显。CVC不仅为被投企业注入资金,更在推动产业升级、促进生态构建方面发挥着不可小觑的作用。当下,CVC与被投企业之间的关系也已远超传统的投资与被投资框架,演变成一种深度的融合共生状态。

莱茵金属告别活塞生产

杜塞尔多夫莱茵金属股份公司(Rheinmetall AG of Düsseldorf)正在剥离其小口径活塞生产业务,这是其战略调整的重要一步。莱茵金属(Rheinmetall)和考米坦斯资本股份公司(Comitans Capital AG)现已签署了集团整个小口径活塞组织的买卖协议。因此,在其民用部门运营中,莱茵金属继续推行一项战略,即在未来专注于内燃机的新技术和替代品。双方已同意不披露购买价格。

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.

Mixed-ownership Reform:Private Firms’Role in Targeted Poverty Alleviation-A Perspective on Resource Complementarity and Check&Balance

Targeted poverty alleviation(TPA)serves as a winning formula for fighting poverty and has generated valuable experiences for achieving common prosperity.The mixed-ownership reform has enhanced corporate economic performance.However,further testing is required to assess whether enterprises contribute to the improvement of distribution by participating in TPA.Taking A-share-listed private enterprises between 2016 and 2021 as research samples,we conducted an investigation into the extent and manner in which the mixed-ownership reform contributes to TPA.Our research reveals that a higher proportion of state capital equity participation is correlated with a greater level of private enterprises’contribution to TPA.This indicates that the mixed-ownership reform is beneficial for prompting private enterprises to shoulder responsibilities for building a society of common prosperity.As shown by the mechanism test,state capital equity participation encourages private enterprises to contribute to TPA primarily by alleviating corporate financing constraints through the resource complementarity effect.In contrast,the check&balance effect of promoting corporate poverty alleviation by mitigating the principal-agent problem has not yet been significantly demonstrated.Regarding the poverty alleviation model,state capital equity participation prompts private enterprises to contribute to TPA through industrial development,educational investment,and environmental protection,emphasizing a combination of providing external assistance and cultivating endogenous development capacity.In terms of TPA regions,state capital equity participation plays a significant role in supporting economically less-developed regions,regions with high unemployment rates,and central and western regions.This paper provides new empirical evidence for deepening mixed-ownership reforms and advancing common prosperity.

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.

Mindfulness training in medical education as a means to improve resilience,empathy,and mental health in the medical profession

The high rates of depression,burnout,and increased risk of suicide among medical students,residents,and physicians in comparison with other careers signal a mental health crisis within our profession.We contend that this crisis coupled with the inadequate acquisition of interpersonal skills during medical education results from the interaction between a challenging environment and the mental capital of individuals.Additionally,we posit that mindfulness-based practices are instrumental for the development of major components of mental capital,such as resilience,flexibility of mind,and learning skills,while also serving as a pathway to enhance empathy,compassion,self-awareness,conflict resolution,and relational abilities.Importantly,the evidence base supporting the effectiveness of mindfulness-based interventions has been increasing over the years,and a growing number of medical schools have already integrated mindfulness into their curricula.While we acknowledge that mindfulness is not a panacea for all educational and mental health problems in this field,we argue that there is currently an unprecedented opportunity to gather momentum,spread and study mindfulness-based programs in medical schools around the world as a way to address some longstanding shortcomings of the medical profession and the health and educational systems upon which it is rooted.

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.

The Impact of the Digital Economy on Rural Residents’Working Hours:Mechanisms and Empirical Evidence

The rapid development of the digital economy has provided a new impetus for rural residents to extend their working hours.Based on the data collected by the China Labor-force Dynamics Survey(CLDS)in 2014,2016,and 2018,this paper measured the development level of the digital economy in China from the perspectives of internet development and digital financial inclusion,and tested the mechanisms of how the digital economy affected rural residents’working hours.The results showed that the digital economy extended rural residents’working hours by expanding information channels and enhancing human capital,and this mechanism was affected by heterogeneity in rural residents’educational background,age,and social capital.Building on these findings,this paper holds that to increase rural residents’income by extending their working hours and achieving common prosperity for all,it is necessary to expand the opportunities for rural residents to participate in skills training and promote their accumulation of human capital.

Selective Technology Importation and the Convergence in the Late Qing Dynasty: Evidence from Wired Telegraph

Using the adoption and expansion of wired telegraph in China during the late 19^(th) century,this paper investigates the effect of cost reductions for knowledge exchange on China’s industrial growth before the outbreak of the War of Resistance Against Japanese Aggression(1931-1945),thus testing Baldwin’s theory of“the Great Convergence”in which developing countries are empowered by information and communication technologies.Based on panel data of 1858-1937,we found that wired telegraph access had a significantly positive effect,as well as a long-term growth effect,on the entry of industrial enterprises.Our mechanism analysis indicates that wired telegraph access accelerated early-stage industrialization in localities by encouraging market integration,human capital accumulation,and auxiliary commercial organizations.Only a few countries firmly asserted their telegraph sovereignty and set up their own workforce educational system during telegraph adoption.This explains why the Great Convergence arising from technology importation only occurred in a small number of countries.Our findings contribute to understanding the source of China’s modern industrial progress,as well as why global inequities remain.

REDISSE in Benin and Lessons Learned for the Management of Public Health Emergencies after Five Years of Implementation

Introduction: Benin was embarked on phase 3 of the REDISSE Benin project (Regional Disease Surveillance Systems Enhancement) which began in 2018. The objectives were in five key components namely, Surveillance and health information;Laboratory capacity building;Emergency preparedness and response;Human resources management for effective disease surveillance and epidemic preparedness;and Institutional Capacity Building, Project Management, Coordination and Advocacy. After five years of implementation, this study aimed at the documentation of lessons learned and best practices. Methods: A descriptive cross-sectional study. Apart from individual semi-structured interviews, a thematic workshops bringing together the project’s main stakeholders recruited on an exhaustive way by component to identify and validate lessons learned, good practices and propose improvement mechanisms to be taken into account by the sector. Criteria were set up and used to validate best practices and lessons learned. Results: A total 54 (Surveillance workshop), 47 (Preparedness & response workshop), 53 (Human Resources workshop), 26 (Laboratories workshop) participated to the thematic workshops, and five interviews. The good practices (33: 9 for animal health, 7 for human health and 17 crosscutting) and lessons learned (10: 3 for animal health and 7 for human health) have been identified and have been the subject, depending on the case, of proposals for improvement or conditions necessary for their maintenance. Discussion: The richness of a project lies not only in the immediate achievement of its results, but also and above all, in its usefulness for similar interventions, whether in the local, regional, national or international context. It is in this context that the REDISSE project has set out to make public the various lessons learned and best practices from the implementation of its activities over a period of some five consecutive years.

焦点

维达国际正式从港交所退市APRIL完成强制性收购据RyanbenCapital报道8月16日,纸业巨头维达国际(03331.H K)正式退市,结束其在中国香港17年多的上市地位。此前,维达国际获印度尼西亚富豪Sukanto Tanoto(陈江和)旗下亚太资源集团(APRIL)子公司IsolaCastleLtd(要约人),以每股要约价23.50港元、涉约11.107亿股,总价达261亿港元的要约收购。

碱回收炉吹灰系统节能增效技术

克莱德工业有限公司是原先的克莱德贝尔格曼美国分公司,2019年被Wynnchurch Capital收购,主要专注于全球浆纸行业的锅炉清灰技术,目前在全球各大洲拥有多个分公司,产品和技术如图1所示。近十几年,克莱德发展的碱炉节能增效的三个主要技术有高效喷嘴技术、低压吹灰技术和智能吹灰系统。

System and Realization Path of Xi Jinping's Eco-poverty Alleviation Concept under the Vision of Green Development

Since the 18 th National Congress of the Communist Party of China,General Secretary Xi Jinping delivered a series of speeches on ecological environment and poverty governance,forming the Xi Jinping's eco-poverty alleviation ideology.In this paper,the Xi Jinping's eco-poverty alleviation ideology is taken as the research object.Using the methods of literature analysis and comparative analysis,the origin of eco-poverty alleviation theory is explored from the common prosperity theory and the theory of ecological capital,and the practice foundation is found out from practical cases.The relationship between the ecological damage and poverty is systematically analyzed,and the mechanism of ecological poverty is explored in detail.The basic connotation of Xi Jinping's eco-poverty alleviation is expounded,and it consists of three parts:guiding ideology layer,implementation layer,and guarantee layer.By perfecting and innovating the market mechanism,social management mechanism,performance evaluation mechanism,integration mechanism with other poverty alleviation methods,and ecological immigration mechanism of ecological poverty,the realization of Xi Jinping's eco-poverty alleviation concept could be guaranteed.

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.

Simulation Modelling and Techno-Economics of Supercritical Carbon Dioxide Recompression Closed Brayton Cycle

In recent years, there has been global interest in meeting targets relating to energy affordability and security while taking into account greenhouse gas emissions. This has heightened major interest in potential investigations into the use of supercritical carbon dioxide (sCO2) power cycles. Climate change mitigation is the ultimate driver for this increased interest;other relevant issues include the potential for high cycle efficiency and a circular economy. In this study, a 25 MWe recompression closed Brayton cycle (RCBC) has been assessed, and sCO2 has been proposed as the working fluid for the power plant. The methodology used in this research work comprises thermodynamic and techno-economic analysis for the prospective commercialization of this sCO2 power cycle. An evaluated estimation of capital expenditure, operational expenditure, and cost of electricity has been considered in this study. The ASPEN Plus simulation results have been compared with theoretical and mathematical calculations to assess the performance of the compressors, turbine, and heat exchangers. The results thus reveal that the cycle efficiency for this prospective sCO2 recompression closed Brayton cycle increases (39% - 53.6%) as the temperature progressively increases from 550˚C to 900˚C. Data from the Aspen simulation model was used to aid the cost function calculations to estimate the total capital investment cost of the plant. Also, the techno-economic results have shown less cost for purchasing equipment due to fewer components being required for the cycle configuration as compared to the conventional steam power plant.

BRIEFS

Kenya’s tea output in the first 10 months of 2023 rose 8.58 percent,partly boosted by the ongoing El Niño rains,the Tea Board of Kenya(TBK)said in a report released in January in the capital of Nairobi.

南非企业合作推进高温堆HTMR-100首堆建设

【南非斯特迪克环球公司网站2024年4月8日报道】南非斯特迪克环球公司(Stratek Global)近日与科雅资本投资公司(Koya Capital)签署合作协议,将联合推进南非首座小型高温气冷堆HTMR-100的融资和建设。HTMR-100估计造价为90亿南非兰特(4.8亿美元),基于球床模块堆(PBMR)设计,使用三元结构各向同性(TRISO)燃料,以氦气为冷却剂,能够发电(3.5万千瓦)和提供工艺热(10万千瓦)。

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.

行业

资本事儿胜宏科技拟收购APCB公司100%股权8月10日,胜宏科技发布公告称,公司拟通过全资子公司新加坡胜宏及PSL以现金形式收购由APCB Capital Limited、RED NOBLE LIMITED和SMART EXPLORER LIMITED共同持有的APCB公司100%股份,收购总价不超过2.787亿元。APCB公司的中文名称为竞亿电子(泰国)有限公司,位于泰国大城府,主要生产多层线路板。本次交易完成后,胜宏科技将间接持有APCB公司100%股权,并将其纳入公司合并报表范围。此外,本次交易交割完成后,胜宏科技将通过新加坡胜宏及PSL向APCB公司增资5亿元,用于支持APCB公司生产经营。

Gibson:VLCC船台告急

近期,油轮经纪公司Gibson指出,2027年中国船厂船台基本已满,上海外高桥和大连船舶重工或还有几个船台,而韩国也仅剩12个船台。Gibson在一份每周报告中指出,“自今年年初以来,油轮和液化石油气(LPG)船领域新船需求增长的步伐相当不寻常,除了Capital和Frontline已订购的10艘船之外,中国和韩国还有多达15艘超大型油轮(VLCC)处于意向书阶段。由于VLCC船队大约有30%的船舶达到了15年或更长船龄,到2027年还将有25%的船舶面临超龄,尤其是与低订单(2024年交付一艘船)相结合,因此,我们看到在这个领域有一个很好的投资故事可以讲”。