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 ...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.展开更多
As a necessary factor for a successful business,entrepreneurial spirit is an important means for enterprises to survive in the unstable environment of fierce competition. Under the circumstance of mass entrepreneurshi...As a necessary factor for a successful business,entrepreneurial spirit is an important means for enterprises to survive in the unstable environment of fierce competition. Under the circumstance of mass entrepreneurship and innovation,a large number of small and medium-sized private enterprises have emerged in all walks of life in China. This paper examines the differences in the definition of entrepreneurial spirit by different scholars,the influence of Chinese entrepreneurship on the development of small and medium-sized private enterprises,the origin of the spirit of private entrepreneurs with Chinese characteristics,and the disadvantages of the spirit of small and medium-sized private entrepreneurs in China. It is necessary to further improve entrepreneurial spirit to contribute to the development of small and medium-sized private enterprises and help China to build the national economic system.展开更多
Private business in China is the most active it has been for ages.The effects on China's economic develop-ment and on the country's system of public ownership are not to be un-derestimated.
China is currently in a period of economic transformation and the reform of the factor market still lags behind that of the product market.This study explores the reasons causing China's private enterprise to expa...China is currently in a period of economic transformation and the reform of the factor market still lags behind that of the product market.This study explores the reasons causing China's private enterprise to expand abroad from the perspective of domestic factor market imperfection.Using data for Chinese listed firms between 2002 and 2020,it examines whether outward foreign direct investment(OFDI)has been undertaken by private enterprises as a response to domestic factor market imperfection.It finds that private enterprises located in regions with greater factor market imperfection have had a greater tendency to engage in OFDI.This effect has been more pronounced among firms with high productivity or high innovation capability,and among medium and small private enterprises.展开更多
The relationship between government policy and economic development has been a long- standing topic of academic research andpolicy debate. The government of a transitional economy plays an important role in the proces...The relationship between government policy and economic development has been a long- standing topic of academic research andpolicy debate. The government of a transitional economy plays an important role in the process of economic development. Over the past three decades, the Chinese economy has been growing very rapidly, in particular because of the rapid development of the private sector. However, the performance of private enterprises is still affected by government policies. In the present paper, we examine the changes in large Chinese private enterprises performance during 2003-2006 and test the determinants of such changes. We conclude that the Chinese Government's discriminating policies against private enterprises are the main cause of the private sector's downturn.展开更多
This research aims at exploring the differences in the effects of environment on entrepreneurship growth between state-owned enterprises and private businesses. Through executive investigation, reasons are provided fo...This research aims at exploring the differences in the effects of environment on entrepreneurship growth between state-owned enterprises and private businesses. Through executive investigation, reasons are provided for better performance of private businesses. Environmental factors, including economic, legal, technological, cultural and social factors, which influence entrepreneurship growth, are examined to determine differences between state-owned enterprise and private business executives. It is found that the methods of executive assignment to managerial posts determine executives' effort towards entrepreneurship.展开更多
To implement the "A number of opinions from the State Council to encourage and guide private investment in the healthy development "(Guo Fa [2010] No.13),give full play to the important role of
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
Based on firm level data for the period of 1998-2007,this paper attempts to explain the growth differences between private enterprises and state-owned enterprises(SOEs)in China,in the context of liquidity shocks,and i...Based on firm level data for the period of 1998-2007,this paper attempts to explain the growth differences between private enterprises and state-owned enterprises(SOEs)in China,in the context of liquidity shocks,and institutional and financial environments.It is found that(1)when liquidity tightens,the private enterprises face stricter credit constraints than SOEs,which restricts the development of private enterprise;(2)when liquidity becomes abundant,private enterprises face fewer financial limitations and grow much faster than SOEs;(3)the effect of liquidity shocks on the growth rate gap between private enterprises and SOEs has weakened during the period 2002-2007.These findings reveal that the credit discrimination against private enterprises can be mitigated by improving institutional and financial environments,which weaken the effects of liquidity shocks on firm growth.展开更多
After more than three decades of rapid growth, China's economy is going through an important turning point, where structural imbalances in both supply and demand sides must be addressed for a more moderate and sustai...After more than three decades of rapid growth, China's economy is going through an important turning point, where structural imbalances in both supply and demand sides must be addressed for a more moderate and sustainable growth path. By focusing on the structural changes to its ownership, a central element in China's economic transformation under market reform, the present paper highlights the importance of private entrepreneurship in deepening market reform and, thereby, in driving economic growth in a more efficient and sustainable way. Based on a perspective of resource allocation and a conceptual framework of entrepreneurship, the paper elaborates on the evolution of the private sector and its performance in the context of ownership reform, making comparisons with the performance of the state sector. The analysis suggests that there is further room for more productive use of economic resources, especially capital, land and natural resources, by increasing the participation of private entrepreneurs in industries with high entry barriers in favor of state-owned enterprises. Moreover, more competitive and equal access to productive resources through reform is needed to promote more productive entrepreneurship and to reduce rent-seeking activities.展开更多
Based on extensive interviews in China and in Africa over 2 years, the present paper investigates Chinese private direct investment in Africa. Drawing on the Swedish Uppsala model, we explore two mian issues. First, d...Based on extensive interviews in China and in Africa over 2 years, the present paper investigates Chinese private direct investment in Africa. Drawing on the Swedish Uppsala model, we explore two mian issues. First, do Chinese private enterprises follow the linear mode to invest in Africa? Second, if not, how do they go out and develop their investments, and who helps them overcome the obstacles to investing in Africa? We find that very few Chinese private enterprises follow a linear internationalization process, and most depend on the local overseas Chinese network and other networks to facilitate their entry into the host market. The reason lies in that Chinese private enterprises are still at the early stage of internationalization. Entrepreneurship is one of the most important ownership advantages of Chinese private enterprises investing in Africa.展开更多
基金Guangzhou Social Science Planning Project“Research on Countermeasures for Improving the Quality of New Professional Farmers in One Core,One Belt,and One District under the Background of Rural Revitalization”(Project No.2022GZGJ31)。
文摘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.
基金Supported by Special Youth Project"A Comparative Study on the Cultivation Mode of Innovative Entrepreneurship Talents in China and South Korea"(120-1452226)
文摘As a necessary factor for a successful business,entrepreneurial spirit is an important means for enterprises to survive in the unstable environment of fierce competition. Under the circumstance of mass entrepreneurship and innovation,a large number of small and medium-sized private enterprises have emerged in all walks of life in China. This paper examines the differences in the definition of entrepreneurial spirit by different scholars,the influence of Chinese entrepreneurship on the development of small and medium-sized private enterprises,the origin of the spirit of private entrepreneurs with Chinese characteristics,and the disadvantages of the spirit of small and medium-sized private entrepreneurs in China. It is necessary to further improve entrepreneurial spirit to contribute to the development of small and medium-sized private enterprises and help China to build the national economic system.
文摘Private business in China is the most active it has been for ages.The effects on China's economic develop-ment and on the country's system of public ownership are not to be un-derestimated.
文摘China is currently in a period of economic transformation and the reform of the factor market still lags behind that of the product market.This study explores the reasons causing China's private enterprise to expand abroad from the perspective of domestic factor market imperfection.Using data for Chinese listed firms between 2002 and 2020,it examines whether outward foreign direct investment(OFDI)has been undertaken by private enterprises as a response to domestic factor market imperfection.It finds that private enterprises located in regions with greater factor market imperfection have had a greater tendency to engage in OFDI.This effect has been more pronounced among firms with high productivity or high innovation capability,and among medium and small private enterprises.
文摘The relationship between government policy and economic development has been a long- standing topic of academic research andpolicy debate. The government of a transitional economy plays an important role in the process of economic development. Over the past three decades, the Chinese economy has been growing very rapidly, in particular because of the rapid development of the private sector. However, the performance of private enterprises is still affected by government policies. In the present paper, we examine the changes in large Chinese private enterprises performance during 2003-2006 and test the determinants of such changes. We conclude that the Chinese Government's discriminating policies against private enterprises are the main cause of the private sector's downturn.
文摘This research aims at exploring the differences in the effects of environment on entrepreneurship growth between state-owned enterprises and private businesses. Through executive investigation, reasons are provided for better performance of private businesses. Environmental factors, including economic, legal, technological, cultural and social factors, which influence entrepreneurship growth, are examined to determine differences between state-owned enterprise and private business executives. It is found that the methods of executive assignment to managerial posts determine executives' effort towards entrepreneurship.
文摘To implement the "A number of opinions from the State Council to encourage and guide private investment in the healthy development "(Guo Fa [2010] No.13),give full play to the important role of
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support from the National Social Science Foundation of China(Project Number:17ZDA049,18VSJ070)the Natural Science Foundation of China(Project Number:71773071,71703066,71703088)Shanghai Pujiang Program(Project Number:16PJC034,17PJC045).The editors'and referees'constructive comments and kind work for the paper is also gratefully acknowledged.The authors accept responsibility for remaining errors.
文摘Based on firm level data for the period of 1998-2007,this paper attempts to explain the growth differences between private enterprises and state-owned enterprises(SOEs)in China,in the context of liquidity shocks,and institutional and financial environments.It is found that(1)when liquidity tightens,the private enterprises face stricter credit constraints than SOEs,which restricts the development of private enterprise;(2)when liquidity becomes abundant,private enterprises face fewer financial limitations and grow much faster than SOEs;(3)the effect of liquidity shocks on the growth rate gap between private enterprises and SOEs has weakened during the period 2002-2007.These findings reveal that the credit discrimination against private enterprises can be mitigated by improving institutional and financial environments,which weaken the effects of liquidity shocks on firm growth.
文摘After more than three decades of rapid growth, China's economy is going through an important turning point, where structural imbalances in both supply and demand sides must be addressed for a more moderate and sustainable growth path. By focusing on the structural changes to its ownership, a central element in China's economic transformation under market reform, the present paper highlights the importance of private entrepreneurship in deepening market reform and, thereby, in driving economic growth in a more efficient and sustainable way. Based on a perspective of resource allocation and a conceptual framework of entrepreneurship, the paper elaborates on the evolution of the private sector and its performance in the context of ownership reform, making comparisons with the performance of the state sector. The analysis suggests that there is further room for more productive use of economic resources, especially capital, land and natural resources, by increasing the participation of private entrepreneurs in industries with high entry barriers in favor of state-owned enterprises. Moreover, more competitive and equal access to productive resources through reform is needed to promote more productive entrepreneurship and to reduce rent-seeking activities.
文摘Based on extensive interviews in China and in Africa over 2 years, the present paper investigates Chinese private direct investment in Africa. Drawing on the Swedish Uppsala model, we explore two mian issues. First, do Chinese private enterprises follow the linear mode to invest in Africa? Second, if not, how do they go out and develop their investments, and who helps them overcome the obstacles to investing in Africa? We find that very few Chinese private enterprises follow a linear internationalization process, and most depend on the local overseas Chinese network and other networks to facilitate their entry into the host market. The reason lies in that Chinese private enterprises are still at the early stage of internationalization. Entrepreneurship is one of the most important ownership advantages of Chinese private enterprises investing in Africa.