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 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.

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.

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.

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.

Venture Capital Syndication under Social Network Theory:Literature Review and Prospect

As an important channel for start-ups to obtain R&D funds and external knowledge and information resources,and as one of the key methods for investment institutions to leverage scale and synergy effects to enhance investment returns,venture capital syndication holds significant research value in the field of venture capital.This paper reviews the literature,summarizing the motivations behind the formation of joint investment networks,the conceptual characteristics of the three core theories of social network theory,and the empirical research on venture capital syndication within the framework of social network theory.It also highlights the existing research results,identifies gaps,and anticipates future research directions.

企业兼并整合管理的实证研究及启示——评GECapital成功的兼并整合管理

企业兼并尽管是企业扩张的有效途径 ,但在实践中有很高的失败率 ,其中很重要的原因是整合管理的失败。本文通过揭示GECapital成功整合管理的四大原则 ,从战略准备、专人负责、文化融合和计划调整四个方面提出了未来我国企业兼并整合管理可供操作的建议。

EMPIRICAL STUDY ON CAPITAL STRUCTURE OF LISTED COMPANIES IN CHINESE STOCK MARKET

Capital structure decision is an important issue of corporate finance.Theories show that,the corporate debt ratio is determined by many factors.This study conducts empirical work on capital structure theories,focusing on the corporate data of Chinese listed companies,by considering the intrinsic characteristics,utilizing the principal factor analysis and the ridge regression method.Our results suggest that a firms debt ratio has a positive relationship with its size,profitability and operating risk and has a negative relationship with its growth and non debt tax shield,while the long term leverage has a positive relationship with its collateral value of assets.

近代“Capital/资本”译名问题考略

本文以近代"Capital/资本"译名问题的确立过程为研究对象。作为一个在中国古典文献中早已存在,并且还被频繁使用的合成词,"资本"很早就成为"capital"的对译词。这一时期的"资本"只是作为一个表示金钱的普通词汇而存在,其在对译"capital"时的现代含义没有得到充分挖掘。从19世纪80年代开始,日文文献中也开始用"資本"去对译"capital"。并且由于相关介绍社会主义的译作、著作的缘故,"資本"开始首先在日语中获得了专业术语和政治术语的地位。此后,随着从日本而来的相关社会主义著作在中国的翻译和传播,在日语中作为一种专业术语和政治术语的"資本"一词也开始传入中国,这样,现代中国的"资本"一词也开始被作为"回归汉字借词"甚至是"日语新造借词"看待。

China's Industrial Upgrade and Human Capital Improvement

Based on statistics, this paper reviews China＇s economic growth and industrial upgrade since the reform and opening up in 1978 and estimates the contribution of industrial restructuring to economic growth. With the years of schooling as the proxy variable of human capital, this paper describes changes in China＇s labor competence during the industrial restructuring process. Then, this paper estimates China＇s future human capital demand and shortage based on economic and demographic forecast. Lastly, this paper proposes recommendations for improving human capital in China with skills development and education.

On Daniel Bell's The Cultural Contradictions of Capitalism

This article makes a brief introduces to Daniel Bell's The Cultural Contradictions of Capitalism which explores how a bourgeois economy coexists with an anti-bourgeois culture. This article is comprised of four parts including the concept of culture、the disjunction of three realms(economics, politics and culture)、the cultural contradictions of capitalism and the evaluation on Daniel Bell's theory. It offers a close look into the inner relation between different spheres in the capitalist society illustrated in Bell's book, and Bell's theory in terms of cultural contradictions of capitalism will be concretely elaborated.

Research on Development Mode and Strategies of Capitalization of Baise National Culture in China——A Case Study of Napo Black Cloth Zhuang

The paper had illustrated fruitful achievements Baise had gained in these years in terms of capitalization operation and capital increase of national culture,and generally analyzed deficiencies in capitalization of Baise national culture.It emphasized that utilization,integration and development of national cultural resources were not enough in intensity;capitalized degree of national culture was low and national cultural products were simple and low in level.Finally,the new mode was proposed to integrate national cultural resources,activate inner vitality of national cultural capital and renovate capitalization of national culture.

On the Industrial Capitalism(Reflected) in the Red Badge of Courage

Stephen Crane' s The Red Badge of Courage adopted the industrial capitalism as response to his motif to indicate that industrial capitalism had a swift development in 1890s in America,and meanwhile his novel was greatly influenced.

19世纪末美国来华传教士眼中的“美丽苏州”——以《姑苏景志》(“Beautiful Soo”,the Capital of Kiangsu)为例

《姑苏景志》是美国来华传教士杜步西撰写的关于苏州的英文书籍,从历史起源、历代名士、经济状况、风土人情、城市风貌、秀丽风光等方面向读者真实再现了19世纪末古城苏州的历史风貌。《姑苏景志》不仅有助于西方人了解苏州风貌、体验苏州风情,而且书中所记载的相关内容有着很高的史料价值,对进一步挖掘苏州历史和旅游资源,打造苏州城市形象具有很好的历史借鉴意义。

Health and Economic Impacts of Air Pollution in China: A Comparison of the General Equilibrium Approach and Human Capital Approach

In China, combustion of fossil fuels and biomass has produced serious air pollution that does harm to human health. Based on dose-response relationships derived from epidemiological studies, the authors calculated the number of deaths and people with health problems which were thought to be attributable to China＇s air pollution in the year of 2000. In order to estimate the corresponding economic impacts from the national point of view, the general equilibrium approach was selected as an analysis tool for this study. A computable general equilibrium （CGE） model was constructed involving 39 sectors and 32 commodities. The human capital approach （HCA） was also used for comparison. The economic burden of disease for people estimated by HCA was equivalent to 1.26‰ （ranging from 0.44‰ to 1.84‰） of China＇s gross domestic product （GDP）. China＇s GDP loss estimated by the general equilibrium approach reached 0.38‰ （ranging from 0.16‰ to 0.51‰）. The difference between the two approaches and the implications of the results were discussed.

Human Capital Structure and Economic Growth:From the Perspective of New Structural Economics

The Chinese economy has achieved remarkable development over the past 40 years of reform and opening-up.However,with the narrowing of potential for efficiency improvement from resources reallocation and changes in population age structure,the Chinese economy has moved from high-speed growth to high-quality development.In this setting,understanding factor endowment and comparative advantages of the economy from a perspective of human capital structure so as to enhance industrial structure adaptability by riding the trend is of significance for cultivating new driving force for economic development.This paper,following a theoretical paradigm of new structural economics,demonstrates how human capital structure matches industrial structure and the presence of optimal human capital structure using mathematical deduction.On this basis,national level panel data and instrumental variables are adopted for generalized method of moments,the results of which shows that there are varied impacts on economic growth in light of different human capital structure characteristics.The proportions of high-level human capital and medium-level human capital boost economic development,while that of low-level human capital has an inhibitory effect on economic growth.The policy implication of this study is that large economies should diversify efforts as per different human capital structure characteristics in terms of development need of tapping growth impetus from human capital structure improvement.It is of equal importance to raise the proportion of high and medium human capital in order to stimulate economic growth and to cut the proportion of low human capital that hinders economic development.

Big Metadata,Smart Metadata,and Metadata Capital:Toward Greater Synergy Between Data Science and Metadata

Purpose： The purpose of the paper is to provide a framework for addressing the disconnect between metadata and data science. Data science cannot progress without metadata research.This paper takes steps toward advancing the synergy between metadata and data science, and identifies pathways for developing a more cohesive metadata research agenda in data science. Design/methodology/approach： This paper identifies factors that challenge metadata research in the digital ecosystem, defines metadata and data science, and presents the concepts big metadata, smart metadata, and metadata capital as part of a metadata lingua franca connecting to data science. Findings： The ＂utilitarian nature＂ and ＂historical and traditional views＂ of metadata are identified as two intersecting factors that have inhibited metadata research. Big metadata, smart metadata, and metadata capital are presented as part ofa metadata linguafranca to help frame research in the data science research space. Research limitations： There are additional, intersecting factors to consider that likely inhibit metadata research, and other significant metadata concepts to explore. Practical implications： The immediate contribution of this work is that it may elicit response, critique, revision, or, more significantly, motivate research. The work presented can encourage more researchers to consider the significance of metadata as a research worthy topic within data science and the larger digital ecosystem. Originality/value： Although metadata research has not kept pace with other data science topics, there is little attention directed to this problem. This is surprising, given that metadata is essential for data science endeavors. This examination synthesizes original and prior scholarship to provide new grounding for metadata research in data science.

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.

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.

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.