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.

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.

Research on the Application of Virtual Simulation Experimental Teaching in the Securities Investment Course

With the rapid development of information technology and the increasing complexity of the financial market,the teaching methods and means of the Securities Investment course in universities are facing new challenges and opportunities.The purpose of this paper is to discuss the application and construction path of virtual simulation experimental teaching in the Securities Investment course.Firstly,it analyses the problems existing in the teaching of traditional securities investment courses,such as the disconnection between theory and practice and the single teaching mode.In order to solve these problems,this paper puts forward the necessity of introducing virtual simulation experimental teaching and details the specific application path of virtual simulation experimental teaching in the Securities Investment course.

Teaching Reform and Practice of Finance under the Background of New Liberal Arts

Under the background of new liberal arts,the problems existing in the teaching process of Finance were re-examined.For instance,the setting of teaching objectives does not meet the requirements of construction of new liberal arts,and teaching content emphasizes theory;teaching method is single,and teaching assessment is not reasonable.It is proposed that the curriculum reform should be carried out from five dimensions:teaching objective,teaching content,teaching method,practice system and teaching evaluation,so as to meet the requirements of construction of new liberal arts.

Innovation and Development Strategies of Investment and Financing Modes for Circular Economy

Circular economy adapts to large-scale production, has higher requirement on technical level, and possesses positive externality. There- fore, circular economy requires a lot of financial support. Facing investment and financing problems of circular economy by enterprise, the govern- ment should strengthen the regulatory role, increase investment support on circular economy, strengthen the bank＇s green credit business, reduce barriers to business loans, diversify financing channels for enterprises, guide social investment＇s flow direction, and promote circular economy form- ing larger scale, thereby providing policy support for building a resource-saving and environment-friendly society.

Thoughts on Promoting the Investment and Financing Development of Enterprises'Intellectual Property Rights from the Perspective of Intellectual Property Strategy

With the in-depth implementation of China's intellectual property strategy,the situation of intellectual property protection in China has been further improved,the enthusiasm of the public for entrepreneurship and innovation has been further stimulated,people's awareness of intellectual property rights has been further enhanced,and the value of intellectual property rights has been further recognized by people.As a new economic form,"intellectual property economy"plays an increasingly important role in our socialist market economy.At the same time,China's intellectual property still faces some prominent problems,especially in the field of intellectual property investment and financing,such as difficult valuation,management and liquidation.From the perspective of the implementation of intellectual property strategy and starting from the investment and financing of intellectual property rights of small and medium-sized enterprises,this paper introduces the basic concepts of intellectual property investment and financing,the development status and existing problems of intellectual property investment and financing of small and medium-sized enterprises,and puts forward some suggestions for improving the investment and financing policy of intellectual property rights.

Research on Mechanism of Diversified Investment and Financing in Building Ecological Cities

Ecological city is the advanced mode of harmonious development of city. Constant improvement is being made in the development of ecological city. However, building ecological city is an enormous project that calls for a huge amount of capital. The government fund is far from adequate. This paper probes into the fund issue and discusses in detail the mechanism of investment and financing in building ecological city from various aspects such as diversification of the investment subjects and the modes of financing.

Financing constraints and corporate investment:an empirical analysis of china’s manufacturing firms

With the measurement of dividend payout ratio, logistic regression index value and the firm size financing constraints, this paper investigated the investment behavior of China’s manufacturing firms over the period from 1998 to 2003, and the relationship between financing constraints and corporate investment using the OLS regression method. The empirical evidence shows that there are certain extent financing constraints in China’s manufacturing firms, but the results are different with different variables to measure the financing constraints.

Determination of the Financing Scale,Time Limit and Returns from the Investment in BOT Projects

The key aspect to the successful implementation of BOT concept is the raising of finance by project sponsor,so financial engineering techniques and capital structuring skills are required to find the proper mix of debt and equity.The capital structure and present a model to determine the equity level from the aspects of financing scale,construction time and return on investment are analyzed.The resulting model can help the sponsor to avoid the capital risk,and offer the government a criterion to evaluate management ability of the sponsor.To show the application and availability of this model,a case study is conducted.Thus,this paper is concern with the determination of financing scale,construction time,and return on investment which would assist the sponsor to ensure that the equity level for optimal capital structure is available prior to the implementation stage in BOT project operation.

A Comparative Analysis of the Old Medical Structure and the ACO Vision 2030 in Saudi Arabia

This article explores the progress of the healthcare sector in the Kingdom of Saudi Arabia over the past two decades. Through continuous coordination and efforts to improve the quality and quantity of health services, the government has significantly increased the availability of health facilities across the nation. This steady growth has allowed the country to maintain an upward trajectory in healthcare sector development in comparison to other countries. The Saudi Arabian government is preparing to implement Accountable Care Organizations (ACOs) as part of their “Vision 2030.” By aligning with the goals of this visionary roadmap, the government aims to address the challenges faced by the existing healthcare system under the Ministry of Health (MOH). This strategic move is expected to transform the healthcare sector, positioning Saudi Arabia at par with its international counterparts and bolstering its economic competitiveness. This article highlights the historical context of Saudi Arabia’s healthcare system, and compares it with the forthcoming ACO implementation under “Vision 2030.” This information provides valuable insights into the trajectory of the country’s healthcare landscape and the potential impact of ACOs in shaping the Kingdom’s future in healthcare and economic development overall.

Supply-Side Structural Reform, Digital Economy and Corporate Default Risk

In recent years, a lot of corporate defaults have had an impact on the capital market. How to prevent corporate default risks has become an important topic of concern for the academic community, enterprises and the government. We took China’s A-share listed companies from 2012 to 2018 as a sample, and used the double difference method to analyze the impact of supply-side structural reforms on corporate default risks. We found that supply-side structural reforms have reduced the risk of corporate default, and the inhibitory effect has gradually increased. In the relationship between supply-side structural reforms and corporate default risks, corporate financing capabilities have played an intermediary role. Supply-side structural reforms can improve the company’s endogenous financing capabilities, thereby reducing the risk of corporate default. However, we also found that the mediating effect of a company’s exogenous financing capability is not significant. At the same time, the regression results show that the digital economy can play a regulatory role. It can not only actively regulate the relationship between supply-side structural reforms and corporate default risks, but also mediate the mediating effect of corporate endogenous financing capabilities. The results of this article provide some evidence for the synergy between supply-side structural reforms and the digital economy.

Finance & Infrastructure Lead New Wave of the Belt and Road Investment

Recently,EY released its report Navigating the Belt and Road:Financial sector paves the way for infrastructure,which raises the fact that with the roll-out of the 'One Belt,One Road' initiative and the implementation of a series of reform measures,Chinese enterprises’outbound investments,led by infrastructure construction,continued its

Study on Investing and Financing Development in Rural Area:A Case Study of Guangxi Zhuang Autonomous Region

"Surplus income" of farmers has been increasing steadily with the marked improvement of rural economy. However,development of rural financing market in China is rather backward. To satisfy the financing requirement of farmers and meet the demand of the construction of new countryside as well as harmonious society,development of financing market in rural area is eager to be quickened. Taking Guangxi Autonomous Region as an example,there are problems in rural investing and financing development. Firstly,farmers are in lacking of accurate understanding of investing and financing. Secondly,investors in rural area lack professional knowledge about financing generally. Thirdly,rural area has underdeveloped information degree as well as imperfect investing and financing environment. Fourthly,there are no financial products developed for rural area. Fifthly,economic development is unbalanced and relatively underdeveloped in rural area. Lastly,rural financial market has long been neglected by financial intermediaries. In order to cope with these problems,firstly,farmers should be assisted to establish accurate financial awareness and master necessary financial knowledge. Secondly,local intermediaries like securities firms and banks should be encouraged to exert impact on rural financial market. Thirdly,financial products suitable for Guangxi rural area are to be developed. Fourthly, construction and perfection of rural financial market should be quickened. Lastly,rural economic development should be quickened to enlarge capital source of financing.

Comprehensive Reform and Construction of Small Towns:A Case Study of Ningde City

Taking Ningde City as an example,this paper analyzed current situations of construction and comprehensive reform of small towns.It further discussed existing problems and causes in the construction and comprehensive reform of small towns.Finally,it came up with pertinent recommendations,in the hope of providing some valuable references for construction and comprehensive reform of small towns in Ningde City.

Financial frictions and the cash flow – external financing sensitivity: evidence from a panel of Pakistani firms

This paper uses a large panel of Pakistani non-financial firms over the period 2000-2013 to examine the role of financial constraints in establishing the relationship between cash flow and external financing.The results reveal that there exists a negative and significant relationship between external financing and cash flow.The finding of the substitutionary relation between internal funds availability and external financing has been viewed as evidence supporting the pecking order theory of capital structure.Yet,we show that this negative relationship is weak in case of financially constrained firms.We also analyze how credit multiplier affects external financing decisions of financially constrained and unconstrained firms.The results show that for financially unconstrained firms,the negative sensitively of external financing increases with asset tangibility.However,for financially constrained firms,the negative sensitivity of external financing to cash flow either decreases or turns positive as the tangibility of assets increases.This finding implies that financially constrained firms benefit more from investing in tangible assets because such assets not only help relax financial constraints but also having a potential to be a direct source of funds in periods of negative cash flow shocks.

Deepening China's Investment System Reform——The State Development Investment Corporation

The Chinese government set up the State Development Bank against the background of the Chinese economic system being transformed from planned to market. In May 1995, the State Development Investment Corporation was established. Does this mean that China’s investment system reform is advancing at a much