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.

THE SPIRIT OF CAPITALISM, NON-EXPECTEDUTILITY AND ASSET PRICING

This paper investigates testable restrictions on the time-series behavior of consumption and asset returns implied by a representative agent model with the spirit of capitalism in which intertemporal preference is represented by a utility function that generalizes conventional, time-additive, expected utility. In the recursive structure of preference, the author examines the implication for cosumptions, portfolio holdings, and stock-market prices when investors accumulate wealth not only for the sake of consumption but also for wealth-induced social status. When investors care about relative social status, the propensity to consume and risk-taking behavior will depend on social standards, and stock prices will be volatible. Hence, the spirit of capitalism seems to be a driving force behind stock-market volatility and economic growth. Because the elasticity df substitution and the coefficient of relative risk aversion are independent and the spirit of capitalism is introduced, the equity premium puzzle can be partially explained in the model.

Mixed oligopoly,state-owned banks’shareholding reform and foreign capital penetration

This paper examines the impact of the policy on eliminating the ratio of foreign shareholding in banks in a mixed oligopoly model.Its analytic results show that state-owned banks should encourage privatisation along with an increasing proportion of the domestic share in multinational banks.Furthermore,we argue that the increase in domestic stockholding of multinational banks raises domestic private firms’profits but decreases their social welfare in the deposit market.The results of numerical simulation show that when the quantity of private banks is fixed,foreign banks tend to enlarge their stake and strengthen their controlling power.

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.

New Estimates of China＇s Infrastructure and Non- Infrastructure Capital Stocks and Their Output Elasticities

This paper classifies total fixed capital into three categories,namely,economic infrastructure capital,social infrastructure capital and non-infrastructure capital,and then offers complete and detailed estimates of the national time series data(1981-2012) and the provincial panel data of 31 administrative regions(1997-2012).On this basis,this paper estimates the output elasticities of the three categories of capital and then tests whether or not the production function of China shows constant returns to scale.

Impact of social capital on farmers' response to different policies for controlling agricultural non-point source pollution

Chinese society in rural areas is typically a geographically and genetically related society.Scattered farmers can be connected to form small groups through their social capital,which can affect farmers' agricultural activities in the process of controlling agricultural Non-point Source pollution.An ordered Logit model can be built to analyze the effects of social capital to farmers' responsive willingness to different measurements of controlling agricultural NPS pollution by using survey data in Shaanxi Province.This paper characterizes farmers' social capital in three dimensions:social trust,social participation and social network.The results indicated that farmers' social capital significantly affects farmers' response to different policies.When governments construct and implement policies to control agricultural NPS pollution,the effects of social capital need to be considered at same time with the effects of governmental supervision,market and education measurements.

Research on Labor Reallocation Efficiency of State-owned Industries

This article,which is based on panel data of Chinese state-owned industrial enterprises over the period 2006-2011,analyzes Labor reallocation Efficiency of State-Owned Enterprises with Syrquin＇s analysis of the total Reallocation effect of Resources. The results show that：①Labor allocation efficiency keeps a high level all the time;②The contribution that labor Reallocation efficiency makes to the growth of labor productivity has been at a low rate. Therefore, our government had better deepen the reform of state-owned enterprises and the evolvement of marketization

医学伦理学发展新阶段的历史使命

每个时代都有每个时代伦理学的主轴。当今医学伦理学面临崭新的境遇,资本、技术、权力和全民健康等问题,已经构成医学伦理学应对和挑战的主要课题。新形势向医学伦理学提出了种种新任务,探索完成这些新任务的政策建议和伦理举措;适应新形势医学伦理学如何加强自身理念的充实、创新和提高;在新情境下如何促进医学伦理学在医学领域内的全面覆盖,让医学伦理学在医学中深深扎根,促进医学技术更好地服务于人民大众的健康,都是开启医学伦理学新征程面临的担当。

非国有资本参股对国有企业数字化转型的影响研究

国有企业推进数字化转型在促进自身发展升级时也能产生广泛的社会价值。基于2007—2020年上市企业数据,对非国有资本参股与国有企业数字化转型的关系及其内在机理进行实证分析。研究结果表明:国有企业在数字化转型中面临情境式困境,非国有资本参股通过加强企业创新动力、激发高管企业家精神与完善人才激励机制促进数字化转型,从而实现国有经济的高质量发展,但其效果会因国有企业特征、非国有资本特征以及外部环境特征有所差异。

“强省会”战略促进非省会城市消费吗?

立足于虹吸效应和扩散效应,利用2006—2020年中国25个省份的246个非省会城市的面板数据,实证研究“强省会”战略对非省会城市的消费率和人均消费的非线性影响。参数估计结果显示,非省会城市的消费率和人均消费均与省会首位度呈现U型关系,而平均边际效应为负。异质性分析结果显示,省份首位度对非省会城市消费率和人均消费的平均边际影响在无强核和单强核省份均为正,在多强核省份皆为负。非参数估计结果显示,当省份首位度处于适当低的水平时,非省会城市消费率与其呈U型关系,但过高的省份首位度具有虹吸效应,不利于提升非省会城市消费率;而人均消费与其总体上呈U型关系,较高的省份首位度对非省会城市人均消费具有扩散效应。各地要因地制宜实施“强省会”战略,释放消费潜力,从而实现高质量发展。

新疆南疆地区农村人力资本投资对农民非农收入的提升路径研究——基于南疆四地州微观数据的考量

基于微观视角对南疆四地州农村短期人力资本投资进行分解,探究南疆四地州农村劳动力非农收入提升路径。通过对南疆四地州调查的数据进行贝叶斯网络构建,预测所构建指标与非农收入之间的因果关系及重要性;通过fsQCA分析法,以11个前因条件为依托,提取南疆四地州农村农民非农收入的提升路径。研究结果表明:农户非农收入与劳动力健康投资联系最为密切,且农户非农收入受限于自身禀赋;新疆南疆四地州非农收入有四条提升路径:“健康投资+自身禀赋+培训投资”驱动型、“自身禀赋+健康投资”推动型、健康较差的全要素推动型和受教育较差的全要素推动型。综合四条路径可知,劳动者年龄、受教育水平、健康状况、是否有职业证书、教育支出、医药费是南疆四地州非农收入提升的核心条件;从短期来看,非农收入的提升得益于农户自身资源禀赋和上年的短期技术培训投资。基于以上结论,提出建议:重视南疆四地州农村人力资本开发,增强财政支农力度,优先健康投资,兼顾技术培训投资,着重教育投资,做好农村人力资源向人力资本的转换,更好地服务于新疆农业现代化。

世界温州人民间外交的内在逻辑及其政策启示

新时代中国特色的外交倡导“民心相通”。世界温州人在全球范围内开展的各类民间交往活动具有鲜明的民间外交特性。世界温州人的民间外交行为并非孤立的,而是与其组织的社会与文化特征紧密相联的整体行为。世界温州人网络中蕴含着丰富的文化资本、社会资本和经济资本。其中,文化资本以泛家族主义的共同体意识为主要特征,社会资本以社会信任与社会规范为主要内容。三重资本之间的互动与相互转化是理解世界温州人民间外交活动的关键所在。世界温州人的民间外交行无意间践行着新时代“国之交在民相通”的外交理念,对我国持续推进“民心相通”的外交实践具有重要的启示。

非雇佣数字劳动的主体性反思

马克思的劳动异化理论,哈特和奈格里的非物质劳动社会学,福克斯的数字劳动异化分析,是当下阐释非雇佣数字劳动的基础性理论资源。非雇佣数字劳动指的是与数字劳动平台不存在雇佣关系的主体所参与的数字劳动,非雇佣数字劳动主体包括博主、出行信息平台用户、各媒体平台用户等。非雇佣数字劳动的核心要素是信息与符码转换而来的流量,而其背后的原动力却是资本权力的扩张与渗透。非雇佣数字劳动具有两方面的显著特征:一是劳动主体的广泛性,二是劳动场景的随机性。非雇佣数字劳动基于信息通信技术服务商所提供的信息服务而实现,同时存在劳动主体性消解的可能:信息符码转化成数据流量致使非雇佣数字劳动主体被抽象化,劳动主体以无偿性评价行为直接参与去主体性过程,劳动背后的资本野蛮生长直接侵蚀主体性。

“双向混改”情境下非控股股东治理机制与资本配置效率

本文在区分“双向”混合所有制改革两类混改情境的基础上,基于正式制度与非正式制度视角,从股权治理、高层治理、网络治理三个维度构建非控股股东治理参与度模型,考察了非控股股东参与治理与企业资本配置效率的内在关系。研究表明:在“双向”混改情境下,非控股股东参与治理能提高企业的资本配置效率;非控股股东参与治理提高国有企业的资本配置效率主要体现在制衡效应而非资源效应,非控股股东参与治理提高民营企业的资本配置效率主要体现在资源效应而非制衡效应;非控股股东参与治理能够通过缓解国有企业预算软约束和抑制国有企业过度投资来提高国有企业资本配置效率。本文有利于从“双向”混合所有制改革的视角引导非控股股东更好发挥治理作用。

非农就业、社会资本对农户农机租赁与雇工支出的影响研究——基于CFPS2018数据的实证分析

随着我国农村优质劳动力的大量外流,农业劳动力稀缺和老龄化问题日渐突出,租赁农机和农业雇工成为克服农户家庭劳动力约束的有效途径。同时,中国乡土社会普遍存在的以血缘和地缘为纽带的社会资本也可能影响农户的农机租赁和雇工支出。该文利用2018年中国家庭追踪调查数据,实证研究非农就业、社会资本对农户农机租赁和雇工支出的影响。研究表明,非农就业能够促进农户农机租赁行为,但会减少其雇工支出,而社会资本则会同时提高农户农机租赁与雇工支出。因此,应努力提高农机服务效率,设立农业雇工平台,构建多层次、多元化农机服务体系,缓解非农就业引致的农地弃耕撂荒问题,实现农户与现代农业的有机衔接。

工商资本下乡能促进农户增收吗?

工商资本下乡对优化城乡资源要素配置,促进农民共同富裕具有重要意义。本文采用2020年中国乡村振兴综合调查(CRRS)和浙大卡特—企研中国涉农研究数据库(CCAD)数据,分析工商资本下乡对农户收入的影响及作用机制。研究发现:工商资本下乡有利于提高农户收入水平,该结论在经过一系列稳健性检验后依然成立;在收入结构上,工商资本下乡主要提高了农户非农经营性收入和工资性收入,但降低了农业经营性收入;工商资本下乡通过推动农户家庭劳动力从本地务农向本地非农就业转移,提高非农就业率,从而促进总收入增加;工商资本下乡的增收效应对于不同受教育水平和经济状况的农户没有显著差异,这在一定程度上体现了工商资本下乡对农村弱势群体的帮扶作用;涉农第一产业、第二产业和第三产业的工商资本均有利于提高农户收入水平,且增收作用逐渐增强。本研究为推进工商资本下乡、实现农民富裕提供了经验证据。

农旅融合、要素流动与县域经济增长

农旅融合是践行“绿水青山就是金山银山”理念的良好载体和生动实践。在理论分析和模型推演的基础上,利用休闲农业与乡村旅游示范县政策设计准自然实验,并基于2008-2019年中国1778个县域的面板数据,采用多时点双重差分模型,考察农旅融合发展对县域经济增长的影响。结果表明,农旅融合发展对县域经济增长具有显著的推动作用。该结论在经过平行趋势检验、反事实检验等多重稳健性检验后依旧成立。机制分析表明,农旅融合发展主要是通过吸引资本流入、加快非农转移和推动技术进步来提高县域经济发展水平,进一步凸显出要素流动在县域经济增长过程中的传导作用。此外,从资源禀赋看,农旅融合经济增长效应的发挥,不仅依赖于县域内部旅游生态资源,对外部交通条件等基础设施也有较高要求。同时,东部地区县域的农旅融合发展能发挥出更明显的经济增长效应。可见,基于本地资源优势推进农旅融合发展,并进一步补齐县域交通等基础设施建设短板,是推动县域经济增长的重要选项。

基于健步悦骑指数和步行骑行潜力的街道分类研究——以首都功能核心区为例

作为全国政治中心、文化中心和国际交往中心的核心承载区,首都功能核心区提出了建设健步悦骑城区的要求。随着超大城市治理重心下移,有必要以行政区划的街道作为基层治理单元,推动非机动交通个性化、精准化改善。供给层面建立健步悦骑指数评估方法,需求层面建立步行骑行潜力判别方法,以此为基础面向步行和骑行分别构建街道分类矩阵,提出各类街道分类施策的发展目标、改善措施和时序安排。实例分析结果表明,首都功能核心区健步指数偏低、悦骑指数尚可,各街道的指数水平差异较大。针对街道分类,从改善非机动交通基础设施、管控小汽车出行、开展宣传教育体验活动等方面提出差异化的改造建议。