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.

Comparative Analysis of Energy Characteristics of Two Southwest Vortices in Sichuan Under Similar Circulation Backgrounds

Based on ERA5 reanalysis data,the present study analyzed the thermal energy development mechanism and kinetic energy conversion characteristics of two extreme rainstorm processes in relation to the shallow southwest vortex in the warm-sector during a“rain-generated vortex”process and the deep southwest vortex in a“vortex-generated rain”process.The findings were as follows:(1)During the extreme rainstorm on August 11,2020(hereinafter referred to as the“8·11”process),intense surface heating and a high-energy unstable environment were observed.The mesoscale convergence system triggered convection to produce heavy rainfall,and the release of latent condensation heat generated by the rainfall promoted the formation of a southwest vortex.The significant increase(decrease)in atmospheric diabatic heating and kinetic energy preceded the increase(decrease)in vorticity.By contrast,the extreme rainstorm on August 16,2020(hereinafter referred to as the“8·16”process)involved the generation of southwest vortex in a low-energy and highhumidity environment.The dynamic uplift of the southwest vortex triggered rainfall,and the release of condensation latent heat from rainfall further strengthened the development of the southwest vortex.The significant increase(decrease)in atmospheric diabatic heating and kinetic energy exhibited a delayed progression compared to the increase(decrease)in vorticity.(2)The heating effect around the southwest vortex region was non-uniform,and the heating intensity varied in different stages.In the“8·11”process,the heating effect was the strongest in the initial stage,but weakened during the vortex's development.On the contrary,the heating effect was initially weak in the“8·16”process,and intensified during the development stage.(3)The available potential energy of the“8·11”process significantly increased in kinetic energy converted from rotational and divergent winds through baroclinic action,and the divergent wind energy continued to convert into rotational wind energy.By contrast,the“8·16”process involved the conversion of rotational wind energy into divergent wind energy,which in turn converted kinetic energy back into available potential energy,thereby impeding the further development and maintenance of the southwest vortex.

Internal Control Management and Risk Prevention Measures of State-Owned Enterprises

As an important pillar of national economic development,state-owned enterprises,their operational efficiency,and risk management ability are directly related to the stability and security of the national economy.As an important part of enterprise management,internal control management plays an irreplaceable role.Especially in the current domestic and international economic situation is complex and changeable,market competition is increasingly fierce environment,to strengthen the internal control management of state-owned enterprises and risk prevention measures is particularly important.This paper starts with the importance of internal control management and risk prevention for state-owned enterprises,and analyzes the problems and strategies in the internal control management and risk prevention of state-owned enterprises,in order to build a more comprehensive and efficient risk management system for state-owned enterprises to adapt to the ever-changing market environment and realize sustainable development.

Research on Influencing Factors and Countermeasures of Risk Control of State-Owned Enterprises under the Background of Big Data

This study explores the risk control and response strategies of state-owned enterprises in the context of big data.Global economic uncertainty poses new challenges to state-owned enterprises,necessitating innovative risk management approaches.This article proposes response strategies from four key aspects:establishing a proactive risk management culture,building a foundation in technology and data,conducting big data-driven risk analysis,and implementing predictive analysis and real-time monitoring.State-owned enterprises can foster a proactive risk management culture by cultivating employee risk awareness,demonstrating leadership,and establishing transparency and open communication.Additionally,data integration and analysis,leveraging the latest technology,are crucial factors that can help companies better identify risks and opportunities.

The CCD instrument background of the SMILE SXI

The ESA and CAS SMILE mission orbit is highly elliptical and will pass through multiple radiation environments.The Soft X-ray Imager(SXI)instrument aboard has a radiation shutter door designed to close when the surrounding radiation flux is high.The shutter door will close when passing below an altitude threshold to protect against trapped particles in the Earth’s Van Allen Belts.Therefore,two radiation environments can be approximated based on the shutter door position:open and closed.The instrument background for the CCDs(Charge-Coupled Devices)that form the focal plane array of the SXI were evaluated for the two environments.Due to the correlation of the space environment with the solar cycle,the solar minima and maxima,the background was also evaluated at these two extremes.The results demonstrated that the highest instrument background will occur during solar minima due to the main contributing source being Galactic Cosmic Rays(GCRs).It was also found that the open background was highest for solar minima and that the closed background was highest during solar maxima.This is due to the radiation shutter door acting as a scattering centre and the changes in the energy flux distribution of the GCRs between the two solar extremes.

STABILITY OF TRANSONIC SHOCKS TO THE EULER-POISSON SYSTEM WITH VARYING BACKGROUND CHARGES

This paper is devoted to studying the stability of transonic shock solutions to the Euler-Poisson system in a one-dimensional nozzle of finite length.The background charge in the Poisson equation is a piecewise constant function.The structural stability of the steady transonic shock solution is obtained by the monotonicity argument.Furthermore,this transonic shock is proved to be dynamically and exponentially stable with respect to small perturbations of the initial data.One of the crucial ingredients of the analysis is to establish the global well-posedness of a free boundary problem for a quasilinear second order equation with nonlinear boundary conditions.

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.

Characteristics of Lightning Activity in Southeast China and its Relation to the Atmospheric Background

Based on the lightning observation data from the Fengyun-4A(FY-4A)Lightning Mapping Imager(FY-4A/LMI)and the Lightning Imaging Sensor(LIS)on the International Space Station(ISS),we extract the“event”type data as the lightning detection results.These observations are then compared with the cloud-to-ground(CG)lightning observation data from the China Meteorological Administration.This study focuses on the characteristics of lightning activity in Southeast China,primarily in Jiangxi Province and its adjacent areas,from April to September,2017–2022.In addition,with the fifth-generation European Centre for Medium-Range Weather Forecasts reanalysis data,we further delved into the potential factors influencing the distribution and variations in lightning activity and their primary related factors.Our findings indicate that the lightning frequency and density of the FY-4A/LMI,ISS-LIS and CG data are higher in southern and central Jiangxi,central Fujian Province,and western and central Guangdong Province,while they tend to be lower in eastern Hunan Province.In general,the high-value areas of lightning density for the FY-4A/LMI are located in inland mountainous areas.The lower the latitude is,the higher the CG lightning density is.High-value areas of the CG lightning density are more likely to be located in eastern Fujian and southeastern Zhejiang Province.However,the high-value areas of lightning density for the ISS-LIS are more dispersed,with a scattered distribution in inland mountainous areas and along the coast of eastern Fujian.Thus,the mountainous terrain is closely related to the high-value areas of the lightning density.The locations of the high-value areas of the lightning density for the FY-4A/LMI correspond well with those for the CG observations,and the seasonal variations are also consistent.In contrast,the distribution of the high-value areas of the lightning density for the ISS-LIS is more dispersed.The positions of the peak frequency of the FY-4A/LMI lightning and CG lightning contrast with local altitudes,primarily located at lower altitudes or near mountainsides.K-index and convective available potential energy(CAPE)can better reflect the local boundary layer conditions,where the lightning density is higher and lightning seasonal variations are apparent.There are strong correlations in the annual variations between the dew-point temperature(Td)and CG lightning frequency,and the monthly variations of the dew-point temperature and CAPE are also strongly correlated with monthly variations of CG lightning,while they are weakly correlated with the lightning frequency for the FY-4A/LMI and ISS-LIS.This result reflects that the CAPE shows a remarkable effect on the CG lightning frequency during seasonal transitions.

Gravitational Waves Background, as Well as Some UFO, FRB and Supernova Flares, Are Due to Compressibility of the Spacetime (CoST)

The recently observed gravitational wave background is explained in terms of the quantum modification of the general relativity (Qmoger). Some UFO, FRB and supernova flares also can be explained in terms of Qmoger.

Optimal Insurance with Background Risk under the Ambiguity and Belief Heterogeneity Structure

In this paper, we discuss the optimal insurance in the presence of background risk while the insured is ambiguity averse and there exists belief heterogeneity between the insured and the insurer. We give the optimal insurance contract when maxing the insured’s expected utility of his/her remaining wealth under the smooth ambiguity model and the heterogeneous belief form satisfying the MHR condition. We calculate the insurance premium by using generalized Wang’s premium and also introduce a series of stochastic orders proposed by [1] to describe the relationships among the insurable risk, background risk and ambiguity parameter. We obtain the deductible insurance is the optimal insurance while they meet specific dependence structures.

Game analysis of control right of state-owned shares under the background of the mixed ownership

Since the Third Plenary Session of the 18 th Central Committee of the Communist Party of China, the concept of the mixed ownership economy has received extensive attention from all sectors of society, which has effect on a coming new round of reformation on enterprise property. However, in order to take control of the state-owned shares in the end making the state ownership economy become the principal position and to enlarge the scale of state-owned shares, which guides the common development with the non-public sectors of the economy, how to determine the proportion of state-owned shares? Under the background of the mixed ownership reformation, the article explains the mixed ownership by explaining how to enlarge the state-owned assets controlling scale and how to improve the stateowned company 'economic effi ciency and how to protect the interests of small shareholders. The final conclusion is that the SASAC should use the thinking of relative holdings, instead of the absolute control thinking, and should make use of the games among the large shareholders and the pyramidal ownership structure to make the pattern of ownership diversify.

Ratio of Gravitational Force to Electric Force from Empirical Equations in Terms of the Cosmic Microwave Background Temperature

Previously, we presented several empirical equations using the cosmic microwave background (CMB) temperature. Next, we propose an empirical equation for the fine-structure constant. Considering the compatibility among these empirical equations, the CMB temperature (Tc) and gravitational constant (G) were calculated to be 2.726312 K and 6.673778 × 10−11 m3∙kg−1∙s−2, respectively. Every equation could be explained in terms of the Compton length of an electron (λe), the Compton length of a proton (λp) and a. Furthermore, every equation could also be explained in terms of Avogadro’s number and the number of electrons in 1 C. However, the ratio of the gravitational force to the electric force cannot be uniquely determined when the unit of the Planck constant (Js) is changed. In this study, we showed that every equation can be described in terms of Planck constant. From the assumption of minimum mass, the ratio of gravitational force to electric force could be elucidated.

Correspondence Principle for Empirical Equations in Terms of the Cosmic Microwave Background Temperature with Solid-State Ionics

Previously, we presented several empirical equations using the cosmic microwave background (CMB) temperature that were mathematically connected. Next, we proposed an empirical equation for the fine-structure constant. Considering the compatibility among these empirical equations, the CMB temperature (Tc) and gravitational constant (G) were calculated to be 2.726312 K and 6.673778 × 10-11 m3·kg-1·s-2, respectively. Every equation can be explained in terms of the Compton length of an electron (λe), the Compton length of a proton (λp) and α. However, these equations are difficult to follow. Using the correspondence principle with the thermodynamic principles in solid-state ionics, we propose a canonical ensemble to explain these equations in this report. For this purpose, we show that every equation can be explained in terms of Avogadro’s number and the number of electrons in 1 C.

Fertility Expression of TGMS-Genes in the Backgrounds of indica CMS-lines,B-lines and R-lines of Hybrid Rice

The generation fertility of 51 F1, 19 F2 and 6 BC1 between 3 thermo-sensitive genic male sterile lines （TGMS-lines） Pei＇ai 64S, 6311S and 360S, and the three lines of hybrid rice including 7 indica cytoplasmic male sterile lines （CMS-lines） and their corresponding maintainer lines （B-lines） and 3 indica restorer lines （R-lines） were investigated to study the expression of TGMS-genes in the backgrounds of the three lines of hybrid rice. Pei＇ai 64S has stronger fertility restoring （Rf） genes for CMS-lines and its TGMS trait is governed by 2 pairs of independent recessive genes; The TGMS trait of 6311S is governed by a single recessive gene with weaker Rf-gene in 6311S and the TGMS trait of 360S is governed by a single recessive gene with no Rf-gene in 360S. The investigation on the fertility of F1 plants between 5 CMS-lines and 4 TGMS generations selected from F2 plants of 4 CMS-lines x 6311S confirmed that the expression of TGMS-gene was controlled by Rf-gene in the genetic background of cytoplasm of CMS-lines, but not affected by Rf-gene in the genetic background of normal fertile cytoplasm. The potential breeding strategies of TGMS-lines with cytoplasm of CMS-lines and CMS-lines with the nucleus of TGMS-genes were discussed.

Exploring New Ways to Deepen the Reform of State-owned Foreign Economic and Trade Enterprises

By the end of the century, the reform and development of China’s state-owned enterprises will create new prospects. The reform of state-owned foreign economic and trade enterprises should also see further breakthroughs. At present, the following aspects are important: 1. Implement a Holdings System in the Reform of State-owned Foreign Economic and Trade Enterprises. The holdings system plays a major role in transferring the management mechanism of state-owned foreign economic and

A Nonparametric Approach to Foreground Detection in Dynamic Backgrounds

Foreground detection is a fundamental step in visual surveillance.However,accurate foreground detection is still a challenging task especially in dynamic backgrounds.In this paper,we present a nonparametric approach to foreground detection in dynamic backgrounds.It uses a history of recently pixel values to estimate background model.Besides,the adaptive threshold and spatial coherence are introduced to enhance robustness against false detections.Experimental results indicate that our approach achieves better performance in dynamic backgrounds compared with several approaches.

Cross-correlation of 21 cm and soft X-ray backgrounds during the epoch of reionization

The cross-correlation between the high-redshift 21 cm background and the Soft X-ray Background （SXB） of the Universe may provide an additional probe of the Epoch of Reionization. Here we use semi-numerical simulations to create 21 cm and soft X-ray intensity maps and construct their cross power spectra. Our results indicate that the cross power spectra are sensitive to the thermal and ionizing states of the intergalactic medium （IGM）. The 21 cm background correlates positively to the SXB on large scales during the early stages of the reionization. However as the reionization develops, these two back- grounds turn out to be anti-correlated with each other when more than - 15% of the IGM is ionized in a warm reionization scenario. The anti-correlated power reaches its maximum when the neutral fraction declines to 0.2-0.5. Hence, the trough in the cross power spectrum might be a useful tool for tracing the growth of HII regions during the middle and late stages of the reionization. We estimate the detectability of the cross power spectrum based on the abilities of the Square Kilometre Array and the Wide Field X-ray Telescope （WFXT）, and find that to detect the cross power spectrum, the pixel noise of X-ray images has to be at least 4 orders of magnitude lower than that of the WFXT deep survey.

Cross-correlations between 21 cm,X-ray and infrared backgrounds

The history of the cosmological reionization is still unclear. Two ionizing sources, stars and QSOs, are believed to play important roles during this epoch. Besides the 21 cm signals, the infrared emission from PopⅢ stars and X-ray photons from QSOs can be powerful probes of the reionization. Here we present a cross-correlation study of the 21 cm, infrared and X-ray backgrounds. The advantage of doing such crosscorrelations is that we could highlight the correlated signals and eliminate irrelevant foregrounds. We develop a shell model to describe the 21 cm signals and find that PopIII stars can provide higher 21 cm signals than QSOs. Using the ROSAT data for X-ray and AKARI data for infrared, we predict various cross power spectra analytically and discuss prospects for detecting these cross-correlation signals in future low frequency radio surveys. We find that, although these cross-correlational signals have distinct features, so far, they have been difficult to detect due to the high noise of the soft X-ray and infrared backgrounds given by ROSAT and AKARI.

Fundamental issues and solutions in the design of China's ETS pilots:Allowance allocation,price mechanism and state-owned key enterprises

This paper analyzes the three main fundamental issues in the design of China's ETS pilots,including allowance allocation,price mechanism and state-owned key enterprises,and proposed suggested solutions.For the issue of allowance allocation,we suggest that the gradual hybrid mode could be applied at the beginning,which starts with mainly free allocation and then increases auction ratio gradually.And grandfathering is a suitable method of free allocation.For the issue of price mechanism,we suggest a price floating zone with open market operation to reduce the uncertainty of prices.For the issue of state-owned key enterprises,we suggest a good coordination with SASAC,defining the state-owned property right and supervision right when state-owned key enterprises are involved into the carbon market,and the local government can set rules of allocation and transaction to limit their potential market power.

Modernization of Governance System and Governance Capability of State-Owned Enterprises

State-owned enterprises are important pillars of socialism with Chinese characteristics,and the modernization of their governance system and governance capacity is an important part of the modernization of the national governance system and governance capacity.Through case study and specific practice,this paper carries out an in-depth thinking and serious analysis on how to promote the modernization of the governance system and governance capacity of state-owned enterprises under the new situation and requirements.This paper puts forward three kinds of management and control mechanism to enhance core competence in addition to the specific implementation path by using digital governance means.