Improving Investment and Financing Mechanism, Speeding up the Energy Reform Process-Interpretation to Implementing Opinions on Deepening Reform of Investment and Financing System in Energy Industry

Under the context of economic transformation and upgrading and the continued advancement of supplyside reforms in China, the development of the energy industry is confronted with many problems and challenges, such as insufficient energy investment, a shortage of financing channels,and the low participation of social capital. In order to fully mobilize social capital to invest in energy, enhance energy investment efficiency, expand energy financing channels,and increase the vitality of the energy industry, the state has recently issued the Implementing Opinions on Deepening the Reform of Investment and the Financing System in the Energy Industry( "Opinions"). This paper provides a deep interpretation of this document from the perspectives of the background for the investment and financing system reform in the energy industry,the main content of the reform, the problems and challenges confronting the reform,and the expected effects from the reform, and analyzes the objectives, ideas and problems of the reform, in order to effectively promote the investment and financing system reform in the energy industry.

On the Establishment of an Effective Financing System for Housing

ＯｎｔｈｅＥｓｔａｂｌｉｓｈｍｅｎｔｏｆａｎＥｆｆｅｃｔｉｖｅＦｉｎａｎｃｉｎｇ ＳｙｓｔｅｍｆｏｒＨｏｕｓｉｎｇ（ＴｈｅＲｅｓｅａｒｃｈＧｒｏｕｐｏｎＨｏｕｓｉｎｇＲｅｆｏｒｍ．ＣｈｉｎｅｓｅＡｃａｄｅｍｙｏｆＳｏｃｉａｌＳｃｉｅｎｃｅｓ）Ｓｉｎｃ...

Contribution of the Tobacco Tax to the Financing of Health Systems in Democratic Republic of the Congo

Tobacco is an illicit product sold in the world and involves fatal communicable diseases and deaths. In several countries, tobacco revenue contributes to the health of victims. This study aimed to evaluate the contribution of tobacco taxes to the financing of the health system in Democratic Republic of the Congo (DRC) during the period of 3 years (from 2019 to 2021) in order to give some suggestions. A descriptive literature review on the tobacco tax was conducted from three tobacco tax collection services: the services of the General Secretariat of Health in DRC (SGSH), the Program of the National Health Account (PNHA) and the General Direction of Customs and Assizes (GDCA). The analysis revealed that no retrocession and no activity covered by the tax collected on tobacco does not contribute to the financing of the health sector, in order to reduce the burden of households already impoverished by diseases caused by tobacco.

Adaptability evolution of financing systems of mega projects

Mega projects require large funding,which often reaches tens or even hundreds of billions of yuan.In the state-oriented financing system,the huge fund gap has generally become an important factor restricting the development of mega projects worldwide.Since the 1980s,China’s long-span bridge projects have developed rapidly as typical mega projects as their financing systems have also undergone a series of changes and shown a high adaptability to complexity.However,the existing literature based on the perspective of evolution lacks focus on the complexity of mega project financing systems and its causes.Therefore,the complexity of the financing methods employed in the financing systems for China’s long-span bridges is analyzed in this work from the dimensions of time and regions through investigation and interviews.On the basis of the results and complex adaptive systems theory,the causes of the complexity are further explored in terms of the clustering effects of financing subjects and the deep uncertainty of financing environments.Then,the evolution rules of financing systems of mega projects are established from the aspect of financing subjects,financing environments,and financing methods.The research results can enrich decision-makers’understanding of the essential attributes and formation mechanism of the financing systems of mega projects and provide powerful support for decision-making in financing.

Critical Factors in Financing and Management of Light Rail Transit Systems： Delphi Methodology Approach

In recent years, a large number of LRT （light rail transit） networks and tramways have been built in Spain using the tender system. The rhythm of construction has been such that very few analyses have been carried out and those that have were only partially done because the main participants involved had ulterior motives which impeded their having a critical and independent opinion of the projects carried out. Within this framework, the Delphi methodology presents itself as a very useful instrument, as the intrinsic advantages that it has added to the characteristic that the experts who participate in the project can remain anonymous without detracting value from the conclusions obtained as these are grouped together according to their worth.

Pathway-dependency of Chinese Financial System Transition and Financing Difficulties of Private Business

Under the present situation of dramatic change of the national income distribution pattern, the dominant economy of our progressive reform has made a rapid change from the past government-direct-financing type to the present bank-indirect-financing type. In order to replace the function of government- investment in the state-owned economy, the direct and indirect financing channel of the process of our financial system transition has an obvious preference for its ownership system, and the small and medium-sized financial institutions matching with private business are in a weak state due to the constraints of system supply, these two factors result in the extreme asymmetric between the financial structure and economical structure. A major part of the financial resources are invested in those inefficient state-owned business, which involve the Private business into a difficult position of financing, and the whole financial system transition moves towards the factual pathway-dependency due to the system defect, accordingly the finance resources allocation enter into a system lock state with rather low efficiency, so it calls for some related system innovation to correct its pathway derivation.

SME share transfer system financing Efficiency Analysis

SME share transfer system financing has become the main theme of a new three-panel market.The efficiency of the new board of corporate finance and has become the core focus, more controversial aspects.SMEs in SME share transfer system market mainly private placement financing, equity financing pledge, and Transfer of Listing and mergers and acquisitions.This paper will be discussed by comparing the SMEs through SME share transfer system market financing, the use of a single sample T-test （One-Sample T Test） to verify the efficiency of the new board of corporate finance assets problem.

Rejuvenating Northeastern Area and Reforming the System of Investing and Financing

The system of investing and financing in northeastern area has the character of planned economy. Project conducting is our main strategy in any large-scale area rejuvenating plan, which has been proved lack of sustainable development. This paper proposes some suggestion to reform the system of investing and financing.

A Review on the Security of the Ethereum-Based DeFi Ecosystem

Decentralized finance(DeFi)is a general term for a series of financial products and services.It is based on blockchain technology and has attracted people’s attention because of its open,transparent,and intermediary free.Among them,the DeFi ecosystem based on Ethereum-based blockchains attracts the most attention.However,the current decentralized financial system built on the Ethereum architecture has been exposed to many smart contract vulnerabilities during the last few years.Herein,we believe it is time to improve the understanding of the prevailing Ethereum-based DeFi ecosystem security issues.To that end,we investigate the Ethereum-based DeFi security issues:1)inherited from the real-world financial system,which can be solved by macro-control;2)induced by the problems of blockchain architecture,which require a better blockchain platform;3)caused by DeFi invented applications,which should be focused on during the project development.Based on that,we further discuss the current solutions and potential directions ofDeFi security.According to our research,we could provide a comprehensive vision to the research community for the improvement of Ethereum-basedDeFi ecosystem security.

Impact of carbon disclosure on debt financing costs

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.

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.

Financing the Future

Two major finance forums in Beijing provide directions for developing sustainable climate funding.WHEN Mark Carney was the governor of the Bank of England,he found that the number of extreme weather events had tripled and the cost of these disasters increased fivefold in the past 25 years.The financial sector must do something to make a change,he thought.

Research on the Coordinated Development of Inclusive Finance and Financing for Small and Medium-sized Enterprises

As an important force in promoting economic and social development,small and medium-sized enterprises play a crucial role in enhancing China’s economic strength,creating employment opportunities,and promoting industrial structural transformation.However,due to their inherent weaknesses,small and medium-sized enterprises often face difficulties in financing within the traditional financial service system.This makes it difficult for small and medium-sized enterprises to inject vitality into the development of the market economy by expanding their financing scale.Since 2013,China has vigorously developed inclusive finance and extended the services of traditional financial institutions to small and medium-sized enterprises,providing policy guidance,resource support,and technical support to alleviate the financing difficulties of small and medium-sized enterprises.Based on this,this article focuses on the current financing problems faced by small and medium-sized enterprises and specifically elaborates on how to lower the financing threshold for small and medium-sized enterprises and broaden their financing channels through inclusive finance,in order to promote the development of inclusive finance and a virtuous cycle of financing for small and medium-sized enterprises.

Research on the High-Quality Development of Agricultural Supply Chain Financial Ecosystem Empowered by Science and Technology

A systematic perspective on agricultural supply chain finance can offer fresh insights into its development.The high-quality development of the agricultural supply chain finance ecosystem is crucial for the comprehensive revitalization of rural areas and the realization of agricultural power.Based on the current state of development of this ecosystem,this paper identifies several bottlenecks,such as insufficient policy and technical support in the macro-environment system,weak incentives for independent circulation within the industrial environment system,and inadequate motivation for stakeholders to participate in the micro-environment system.To address these issues,this paper proposes that the visualization,digitalization,and authenticity characteristics of the“blockchain+Internet of Things”technology architecture can effectively resolve these bottlenecks.Additionally,targeted strategies are suggested to promote the high-quality development of the agricultural supply chain finance ecosystem.

DEBT MATURITY STRUCTURE IN PROJECT FINANCING

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.

The Thinking of Financing under Dual Economies Character In Medium & Small Enterprises

In China,the dual economies show prominence in financial field.It leads to the serious dual credit ration and becomes one of the main cause which makes financing in medium & small sized enterprises becomes harder and harder.On basis of this situation,we theoretically pose that we can alleviate the difficulty through the dual cooperation of financial control and the deepening of finance.

Analysis of the Characteristics of Project Financing

Project financing is independent on the sponsors credit or tangible assets, but in the project's expected reliable, stable cash flow and future earnings as the fund source, and mainly to the project entity assets as a debt security financing. It will be of great theoretical and practical significance by conducting a detailed research on related concept and characteristics.

Financing strategies for coal-electricity supply chain under yield uncertainty

The financing strategies for a coal-electricity supply chain in which the coal company has capital constraint and faces yield uncertainty were studied. We propose an advance payment mechanism: in the coal company's initial production period, the electricity company provides advance payment to the coal company, and the coal company pays interest to the electricity company as the risk compensation. The optimal operation strategies for the coal company and the electricity company under the advance payment mechanism are derived and compared with those under the bank loan financing case. We find that,the expected profit functions of the coal company and the electricity company under the advance payment mechanism are the same with those under the case that the coal company has enough capital;under the advance payment mechanism, the profits of the coal company and the electricity company are higher than those under the bank financing case. We also discuss the compensation interest rate of the advance payment and the ordering and production quantities under the advance payment mechanism.

STUDY FOR THE BIFURCATION TOPOLOGICAL STRUCTURE AND THE GLOBAL COMPLICATED CHARACTER OF A KIND OF NONLINEAR FINANCE SYSTEM(Ⅰ)

Based on the work discussed on the former study, this article first starts from the mathematical model of a kind of complicated financial system, and analyses all possible things that the model shows in the operation of our country's macro_financial system: balance, stable periodic, fractal, Hopf_bifurcation, the relationship between parameters and Hopf_bifurcation, and chaotic motion etc. By the changes of parameters of all economic meanings, the conditions on which the complicated behaviors occur in such a financial system, and the influence of the adjustment of the macro_economic policies and adjustment of some parameter on the whole financial system behavior have been analyzed. This study will deepen people's understanding of the lever function of all kinds of financial policies.