本文基于马丁评价理论下的态度系统,对赛珍珠的语篇A Debt to Dickens进行研究。赛珍珠“文化边缘人”的身份,给她的生活带来了很多不安和惆怅,前期在众多东方人面孔的乡村,村民对其异域特色的样貌有许多偏见,因此她多用负面的判断和鉴...本文基于马丁评价理论下的态度系统,对赛珍珠的语篇A Debt to Dickens进行研究。赛珍珠“文化边缘人”的身份,给她的生活带来了很多不安和惆怅,前期在众多东方人面孔的乡村,村民对其异域特色的样貌有许多偏见,因此她多用负面的判断和鉴赏资源描述了一段孤独的生活;后期其寻找到小说的快乐后,沉迷于阅读的魅力,所以多用正面的判断和鉴赏资源写出了她的明朗。研究发现,全文的判断和鉴赏资源数量较多,情感资源出现较少。态度系统有利于分析文本所暗含的感情走向,给读者理解文本提供了一个新的视角。展开更多
Creditors,such as banks,often use disclosed environmental information to assess a company’s environmental risk and ensure the safety of debt funds.Consequently,carbon disclosures have become an important consideratio...Creditors,such as banks,often use disclosed environmental information to assess a company’s environmental risk and ensure the safety of debt funds.Consequently,carbon disclosures have become an important consideration for creditors when making investments.This study explores the relationship between carbon disclosure and debt financing costs using data on listed companies from 2008 to 2019.The results show that carbon disclosure can reduce the debt financing costs of enterprises,and that this influence is more significant for private companies than for state-owned enterprises.Instrumental variables and Propensity Score Matching(PSM)were used to evaluate the robustness of negative relationships.Furthermore,carbon disclosure has a more significant impact on debt costs with less environmental supervision pressure,weak residents’environmental awareness,and weak product market competition.These findings provide guidance for companies’carbon information disclosure and support the establishment of official carbon disclosure standards.展开更多
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 ...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.展开更多
This paper investigates the theoretical relationship between corporate governance,fair value accounting,and debt contracts.It primarily examines the individual impacts of corporate governance and fair value accounting...This paper investigates the theoretical relationship between corporate governance,fair value accounting,and debt contracts.It primarily examines the individual impacts of corporate governance and fair value accounting on debt contracts,while also exploring the influence of corporate governance on fair value accounting.The study emphasizes the importance of considering the interests and legal status of creditors in the context of debt contracts.The findings indicate that strong corporate governance can reduce the likelihood of debt default and that the company’s restructuring costs in the event of a default determine whether improved corporate governance will increase or decrease debt costs.Additionally,the study reveals that the strength of corporate governance affects the value relevance of fair value accounting.However,the impact of fair value accounting on debt contracts is not inherently positive or negative;for instance,companies may use fair value adjustments with manipulative intent to enhance performance.Ultimately,the research highlights that discussions about corporate governance should not prioritize shareholder interests exclusively but also consider the legitimate position of creditors.展开更多
Through the comparison of the sovereign debt risks of the two economies,this paper focuses on the analyses of the risk formation path and the fiscal sustainability at the macroeconomic level.Due to the differences in ...Through the comparison of the sovereign debt risks of the two economies,this paper focuses on the analyses of the risk formation path and the fiscal sustainability at the macroeconomic level.Due to the differences in the external resources and coping measures that affect the risk formation of the two economies,as well as the differences in the institutional roots that lead to the rise of debt risks,the impact mechanism of sovereign debt risks is also different.Finally,theoretical and policy implications are given.展开更多
After the decoupling of the US dollar from gold in 1971,US Treasuries replaced gold as the value benchmark of the international monetary system and acquired an exorbitant privilege.Subsequently,the total amount of US ...After the decoupling of the US dollar from gold in 1971,US Treasuries replaced gold as the value benchmark of the international monetary system and acquired an exorbitant privilege.Subsequently,the total amount of US debt exhibited an exponential expansion trend,unbound by any substantial constraints.The so-called debt ceiling is a partisan game rather than a rigid fiscal constraint on the United States.As long as there are no fundamental changes in the global monetary system,the international credit of US Treasuries will stay stable,and their trend of infinite expansion will be sustained.Massive quantitative easing policies have failed to significantly shake this stability,and the notion of global investors offloading US Treasuries is more an illusion than a fact.The exorbitant privilege of US Treasuries grants its federal government the“freedom to borrow,”shielding the American financial sector from due penalties during global financial crises and securing excessive returns in global capital cycles.In the old days when running“twin surpluses”on capital and current accounts,China kept the value of Renminbi low to support its export manufacturing sector along the southeast coast.As a result,China accumulated huge foreign exchange reserves,mainly US Treasuries.Nowadays,this practice is no longer necessary,yielding low returns and posing significant security risks.展开更多
Based on the concept of debt duration,this paper proposes the elasticity of cash flow.Then,the debt maturity structure in project financing is discussed.The results show that in the project financing structure,the deb...Based on the concept of debt duration,this paper proposes the elasticity of cash flow.Then,the debt maturity structure in project financing is discussed.The results show that in the project financing structure,the debt maturity structure is closely related with debt capacity.Higher debt ratio requires short term debt,and vise versa.展开更多
As a core issue in enterprise operation management,corporate financial risk is directly related to the survival and development of enterprises,and digital transformation has brought new challenges to the control of co...As a core issue in enterprise operation management,corporate financial risk is directly related to the survival and development of enterprises,and digital transformation has brought new challenges to the control of corporate financial risk.Based on the data of The Shanghai Stock Exchange(SSE)and Shenzhen Stock Exchange(SZSE)from 2009 to 2022,this paper analyzes the impact of digital transformation on corporate financial risk and the impact mechanism.The empirical study finds that digital transformation significantly increases the financial risk of enterprises,and shows differences among different regions,different risk factors,and enterprise natures,and substantially increases the corporate financial risk in the East and West,non-state-owned enterprises,high-risk and low-risk enterprises.The mechanism analysis found that digital transformation would affect the financial risk of enterprises by increasing their R&D investment and reducing their debt level.The conclusion improves insights and guidance for analyzing and managing financial risks in enterprises under digital transformation.展开更多
The surge in China's local government debt has made various sectors of society pay closer attention to the situation. First of all, four types of debt relations must be clarified: the relationship between asset and ...The surge in China's local government debt has made various sectors of society pay closer attention to the situation. First of all, four types of debt relations must be clarified: the relationship between asset and non-asset debt, the difference between long- term and short-term debt, the difference between debt in the form of bonds and debt in the form of bank loans, and the difference between debt listed in government budgets and other government debt. The development of long-term bonds is a fairly good choice for China to upgrade its consumption structure, accelerate urbanization, transform its economic development patterns, and meanwhile, to alleviate the mismatch between the financial powers of local governments and their administrative responsibilities.展开更多
In this in-depth exploration, I delve into the complex implications and costs of cybersecurity breaches. Venturing beyond just the immediate repercussions, the research unearths both the overt and concealed long-term ...In this in-depth exploration, I delve into the complex implications and costs of cybersecurity breaches. Venturing beyond just the immediate repercussions, the research unearths both the overt and concealed long-term consequences that businesses encounter. This study integrates findings from various research, including quantitative reports, drawing upon real-world incidents faced by both small and large enterprises. This investigation emphasizes the profound intangible costs, such as trade name devaluation and potential damage to brand reputation, which can persist long after the breach. By collating insights from industry experts and a myriad of research, the study provides a comprehensive perspective on the profound, multi-dimensional impacts of cybersecurity incidents. The overarching aim is to underscore the often-underestimated scope and depth of these breaches, emphasizing the entire timeline post-incident and the urgent need for fortified preventative and reactive measures in the digital domain.展开更多
Technical debt(TD)happens when project teams carry out technical decisions in favor of a short-term goal(s)in their projects,whether deliberately or unknowingly.TD must be properly managed to guarantee that its negati...Technical debt(TD)happens when project teams carry out technical decisions in favor of a short-term goal(s)in their projects,whether deliberately or unknowingly.TD must be properly managed to guarantee that its negative implications do not outweigh its advantages.A lot of research has been conducted to show that TD has evolved into a common problem with considerable financial burden.Test technical debt is the technical debt aspect of testing(or test debt).Test debt is a relatively new concept that has piqued the curiosity of the software industry in recent years.In this article,we assume that the organization selects the testing artifacts at the start of every sprint.Implementing the latest features in consideration of expected business value and repaying technical debt are among candidate tasks in terms of the testing process(test cases increments).To gain the maximum benefit for the organization in terms of software testing optimization,there is a need to select the artifacts(i.e.,test cases)with maximum feature coverage within the available resources.The management of testing optimization for large projects is complicated and can also be treated as a multi-objective problem that entails a trade-off between the agile software’s short-term and long-term value.In this article,we implement a multi-objective indicatorbased evolutionary algorithm(IBEA)for fixing such optimization issues.The capability of the algorithm is evidenced by adding it to a real case study of a university registration process.展开更多
Based on the China Global Investment Tracker(CGIT)database of 2005-2018,this paper creates a country-sector-year panel set for a study on the BRI’s investment effects on the transportation sector of BRI countries usi...Based on the China Global Investment Tracker(CGIT)database of 2005-2018,this paper creates a country-sector-year panel set for a study on the BRI’s investment effects on the transportation sector of BRI countries using the difference-in-differencesin-differences(DDD)method.Our study finds that the BRI has significantly increased transportation investments by Chinese companies in the BRI countries without causing significant rise in problem transactions.The"debt trap"narrative that the BRI aims to take control over host countries’sovereign rights in exchange for debt write-offs is not supported by evidence.Discussions on sub-samples reveal that the BRI has mainly propelled SOEs in making transportation investments to generate development effects in host countries,most of which are Asian countries,and that the preferred mode of investment is cross-border M&As.展开更多
This paper introduces how Longyuan Power Group Company successfully carried out foreign debt financing for Jiangsu's power projects through its overseas financing window-Xiongya (Virgin) Co. Ltd. The entire proces...This paper introduces how Longyuan Power Group Company successfully carried out foreign debt financing for Jiangsu's power projects through its overseas financing window-Xiongya (Virgin) Co. Ltd. The entire process of raising funds is revealed with regard to employment of foreign debt financing, selection of funded projects, preparation of project and financing documents, credit rating, roadshow, line of credit, and financing experiences.展开更多
文摘本文基于马丁评价理论下的态度系统,对赛珍珠的语篇A Debt to Dickens进行研究。赛珍珠“文化边缘人”的身份,给她的生活带来了很多不安和惆怅,前期在众多东方人面孔的乡村,村民对其异域特色的样貌有许多偏见,因此她多用负面的判断和鉴赏资源描述了一段孤独的生活;后期其寻找到小说的快乐后,沉迷于阅读的魅力,所以多用正面的判断和鉴赏资源写出了她的明朗。研究发现,全文的判断和鉴赏资源数量较多,情感资源出现较少。态度系统有利于分析文本所暗含的感情走向,给读者理解文本提供了一个新的视角。
文摘Creditors,such as banks,often use disclosed environmental information to assess a company’s environmental risk and ensure the safety of debt funds.Consequently,carbon disclosures have become an important consideration for creditors when making investments.This study explores the relationship between carbon disclosure and debt financing costs using data on listed companies from 2008 to 2019.The results show that carbon disclosure can reduce the debt financing costs of enterprises,and that this influence is more significant for private companies than for state-owned enterprises.Instrumental variables and Propensity Score Matching(PSM)were used to evaluate the robustness of negative relationships.Furthermore,carbon disclosure has a more significant impact on debt costs with less environmental supervision pressure,weak residents’environmental awareness,and weak product market competition.These findings provide guidance for companies’carbon information disclosure and support the establishment of official carbon disclosure standards.
基金supported by the National Natural Science Foundation of China,“State-owned Capital Participation and Financial Behavior of Private Enterprises:A Study from the Perspective of‘Balance’and‘Complementarity’of Multiple Major Shareholders”(Grant No.72202230).
文摘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.
文摘This paper investigates the theoretical relationship between corporate governance,fair value accounting,and debt contracts.It primarily examines the individual impacts of corporate governance and fair value accounting on debt contracts,while also exploring the influence of corporate governance on fair value accounting.The study emphasizes the importance of considering the interests and legal status of creditors in the context of debt contracts.The findings indicate that strong corporate governance can reduce the likelihood of debt default and that the company’s restructuring costs in the event of a default determine whether improved corporate governance will increase or decrease debt costs.Additionally,the study reveals that the strength of corporate governance affects the value relevance of fair value accounting.However,the impact of fair value accounting on debt contracts is not inherently positive or negative;for instance,companies may use fair value adjustments with manipulative intent to enhance performance.Ultimately,the research highlights that discussions about corporate governance should not prioritize shareholder interests exclusively but also consider the legitimate position of creditors.
文摘Through the comparison of the sovereign debt risks of the two economies,this paper focuses on the analyses of the risk formation path and the fiscal sustainability at the macroeconomic level.Due to the differences in the external resources and coping measures that affect the risk formation of the two economies,as well as the differences in the institutional roots that lead to the rise of debt risks,the impact mechanism of sovereign debt risks is also different.Finally,theoretical and policy implications are given.
文摘After the decoupling of the US dollar from gold in 1971,US Treasuries replaced gold as the value benchmark of the international monetary system and acquired an exorbitant privilege.Subsequently,the total amount of US debt exhibited an exponential expansion trend,unbound by any substantial constraints.The so-called debt ceiling is a partisan game rather than a rigid fiscal constraint on the United States.As long as there are no fundamental changes in the global monetary system,the international credit of US Treasuries will stay stable,and their trend of infinite expansion will be sustained.Massive quantitative easing policies have failed to significantly shake this stability,and the notion of global investors offloading US Treasuries is more an illusion than a fact.The exorbitant privilege of US Treasuries grants its federal government the“freedom to borrow,”shielding the American financial sector from due penalties during global financial crises and securing excessive returns in global capital cycles.In the old days when running“twin surpluses”on capital and current accounts,China kept the value of Renminbi low to support its export manufacturing sector along the southeast coast.As a result,China accumulated huge foreign exchange reserves,mainly US Treasuries.Nowadays,this practice is no longer necessary,yielding low returns and posing significant security risks.
文摘Based on the concept of debt duration,this paper proposes the elasticity of cash flow.Then,the debt maturity structure in project financing is discussed.The results show that in the project financing structure,the debt maturity structure is closely related with debt capacity.Higher debt ratio requires short term debt,and vise versa.
文摘As a core issue in enterprise operation management,corporate financial risk is directly related to the survival and development of enterprises,and digital transformation has brought new challenges to the control of corporate financial risk.Based on the data of The Shanghai Stock Exchange(SSE)and Shenzhen Stock Exchange(SZSE)from 2009 to 2022,this paper analyzes the impact of digital transformation on corporate financial risk and the impact mechanism.The empirical study finds that digital transformation significantly increases the financial risk of enterprises,and shows differences among different regions,different risk factors,and enterprise natures,and substantially increases the corporate financial risk in the East and West,non-state-owned enterprises,high-risk and low-risk enterprises.The mechanism analysis found that digital transformation would affect the financial risk of enterprises by increasing their R&D investment and reducing their debt level.The conclusion improves insights and guidance for analyzing and managing financial risks in enterprises under digital transformation.
文摘The surge in China's local government debt has made various sectors of society pay closer attention to the situation. First of all, four types of debt relations must be clarified: the relationship between asset and non-asset debt, the difference between long- term and short-term debt, the difference between debt in the form of bonds and debt in the form of bank loans, and the difference between debt listed in government budgets and other government debt. The development of long-term bonds is a fairly good choice for China to upgrade its consumption structure, accelerate urbanization, transform its economic development patterns, and meanwhile, to alleviate the mismatch between the financial powers of local governments and their administrative responsibilities.
文摘In this in-depth exploration, I delve into the complex implications and costs of cybersecurity breaches. Venturing beyond just the immediate repercussions, the research unearths both the overt and concealed long-term consequences that businesses encounter. This study integrates findings from various research, including quantitative reports, drawing upon real-world incidents faced by both small and large enterprises. This investigation emphasizes the profound intangible costs, such as trade name devaluation and potential damage to brand reputation, which can persist long after the breach. By collating insights from industry experts and a myriad of research, the study provides a comprehensive perspective on the profound, multi-dimensional impacts of cybersecurity incidents. The overarching aim is to underscore the often-underestimated scope and depth of these breaches, emphasizing the entire timeline post-incident and the urgent need for fortified preventative and reactive measures in the digital domain.
基金The authors would like to thank the Deanship of Scientific Research at Umm Al-Qura University for supporting this work by Grant Code:(22UQUyouracademicnumberDSRxx).
文摘Technical debt(TD)happens when project teams carry out technical decisions in favor of a short-term goal(s)in their projects,whether deliberately or unknowingly.TD must be properly managed to guarantee that its negative implications do not outweigh its advantages.A lot of research has been conducted to show that TD has evolved into a common problem with considerable financial burden.Test technical debt is the technical debt aspect of testing(or test debt).Test debt is a relatively new concept that has piqued the curiosity of the software industry in recent years.In this article,we assume that the organization selects the testing artifacts at the start of every sprint.Implementing the latest features in consideration of expected business value and repaying technical debt are among candidate tasks in terms of the testing process(test cases increments).To gain the maximum benefit for the organization in terms of software testing optimization,there is a need to select the artifacts(i.e.,test cases)with maximum feature coverage within the available resources.The management of testing optimization for large projects is complicated and can also be treated as a multi-objective problem that entails a trade-off between the agile software’s short-term and long-term value.In this article,we implement a multi-objective indicatorbased evolutionary algorithm(IBEA)for fixing such optimization issues.The capability of the algorithm is evidenced by adding it to a real case study of a university registration process.
基金supported by the National Natural Science Foundation of China(NSFC)Youth Program“Study on the Diffusion Mechanism and Policy Effects of Local Environmental Management Policies:an Example of the‘River Chief System’”(Grant No.:71903085)the National Social Science Foundation of China Key Research Program“Study on BRI Trade and Investment Liberalization and Facilitation:Quantitative Evaluation and Implementation Strategies”(Grant No.:18VDL014)”the National Social Science Foundation of China Key Program“Study on China’s Economic Growth Potentials and Drivers”(Grant No.:14ZDA023)。
文摘Based on the China Global Investment Tracker(CGIT)database of 2005-2018,this paper creates a country-sector-year panel set for a study on the BRI’s investment effects on the transportation sector of BRI countries using the difference-in-differencesin-differences(DDD)method.Our study finds that the BRI has significantly increased transportation investments by Chinese companies in the BRI countries without causing significant rise in problem transactions.The"debt trap"narrative that the BRI aims to take control over host countries’sovereign rights in exchange for debt write-offs is not supported by evidence.Discussions on sub-samples reveal that the BRI has mainly propelled SOEs in making transportation investments to generate development effects in host countries,most of which are Asian countries,and that the preferred mode of investment is cross-border M&As.
文摘This paper introduces how Longyuan Power Group Company successfully carried out foreign debt financing for Jiangsu's power projects through its overseas financing window-Xiongya (Virgin) Co. Ltd. The entire process of raising funds is revealed with regard to employment of foreign debt financing, selection of funded projects, preparation of project and financing documents, credit rating, roadshow, line of credit, and financing experiences.