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.

Capital loss in China's agriculture

China’s agriculture has contributed a lot to industrialization but it has suffered a long run and severe capital loss. This paper provides an estimation model of capital loss in agriculture and gives some explanation in marginal approach. With an eye to a balanced and sustainable economy development, it is high time for government to do something for it.

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.

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

Analysis of Road Traffic Accident Costs in Sudan Using the Human Capital Method

In this study, we used the Human Capital (HC) accident analysis method, to determine the road traffic accident costs in Sudan in two successive years (2010 and 2011) with slight modifications to the recommended and known framework in the way it handles currently and future accident cost components. We evaluated and compared the significance and impact of the economic loss caused by road traffic accidents in Sudan using detailed information on road traffic accident casualties, classified by severity level, vehicle type, and other key parameters such as discount rates and medical and insurance information for Sudan in its entirety. The total cost of road traffic accidents in Sudan in 2010 was estimated at US $391 million, which represents 0.57% of the Gross Domestic Product (GDP), while in 2011 the cost was calculated to reach US $413 million, representing 0.62% of GDP. Findings show that the amount of accident costs is estimated to a certain extent at less than 1% of the total GDP of the country in the two estimation years, but we believe that the evaluation process used fulfilled the eligibility criteria of HC studies and that the produced values for Sudan are valid and reliable. Unit costs for each crash severity level were also estimated in the two years such as death, disability, serious injury, slight injury, and vehicle damage. Death or fatality was equal to US $38,932 and 39,508;disability was equal to US $43,113 and US $45,165;serious injury was equal to US $6963 and US $7596;slight injury was equal to US $2570 and US $3198 and vehicle damage only was equal to US $2268 and US $2579 in the assessment years 2010 and 2011, respectively.

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.

围产期丧失女性感知的二元应对及影响因素分析

目的调查围产期丧失女性感知的二元应对现状,并分析其影响因素。方法便利抽样法选取南京市某三级甲等医院产科住院的围产期丧失女性为研究对象,采用二元应对量表、积极心理资本问卷、领悟社会支持量表等对其进行调查。结果围产期丧失女性感知的二元应对总分为(131.97±17.45)分。多元线性回归分析显示,文化程度、生育压力、感知配偶孕期参与度、积极心理资本和领悟社会支持是围产期丧失女性感知的二元应对影响因素(均P<0.05)。结论围产期丧失女性感知的二元应对处于中等水平,医护人员应采取针对性措施,从积极心理资本和社会支持视角切入,从而提高其二元应对水平。

基于财富和生产双重属性视角的我国数字资本测度研究

数据是数字经济发展的关键生产要素,是国家基础性战略性资源。本文兼顾财富摸底和贡献衡量的双重需求,利用永续盘存法(PIM)新途径,系统测算1995—2021年我国数字资本的财富性资本存量总额、财富性资本存量净额、生产性资本存量和资本服务规模,继而分别刻画了数字资本财富积累的阶段性特征及其赋能经济增长贡献的变化趋势。研究表明:从财富积累特征看,财富性数字资本存量净额以21.12%的年均增速实现跨越式增长,表现出“加速–放缓–提速–阻滞”的四阶段变动特征。不同于其他类型数字资本的持续快速积累态势,融合数字软件资本积累更易受宏观经济形势的扰动。分行业看,数字经济与传统产业的融合呈现出“三产>二产>一产”的逆向渗透格局,且显现出数实融合过程中“不均”“不深”的特征。从赋能经济增长贡献看,基于数字资本服务测算得到的经济增长贡献率呈现“升–降–升”的N型增长趋势,且数字软件资本逐步取代数字硬件资本成为拉动经济增长的强劲动力。本文全方位地展示了数字资本“投资–消耗–积累–服务”的资本运动全过程,论证了将财富与生产双重属性置于同一资本测算框架的必要性,以及以资本服务测度资本投入的不可替代性。

考虑零售商资金约束和损失厌恶的延迟支付契约设计

本文研究当零售商存在自有资金约束且损失厌恶时,供应商应如何设计延迟支付契约,以及契约设计对零售商决策的影响。首先,构建博弈模型,并给出了转移价格-延迟支付契约和收益共享-延迟支付契约;其次,构建求解模型,给出供应商的最优契约决策、零售商的订购决策;接着,进一步分析了零售商损失厌恶程度和自有资金水平对供应商最优契约设计的影响。研究表明:当零售商的损失厌恶程度和自有资金水平低于某个临界值时,供应商偏好提供收益共享契约,零售商订购集中决策时的订购量;当零售商的损失厌恶程度和自有资金水平高于某个临界值时,供应商偏好提供转移价格契约,零售商的订购量少于集中决策时的订购量。最后,本文通过数值算例验证了上述结论。本文在一定程度上丰富了现有供应链延迟支付契约理论的研究,为供应链节点企业的相关决策提供了依据和参考。

考虑供应商损失规避性和资金约束的供应链决策

随着市场竞争日益激烈,在产出不确定的情况下,供应商资金不足尤为常见。基于此,构建了一个以风险中性制造商为领导者,以损失规避供应商为跟随者的Stackelberg博弈模型。在银行融资和制造商预付款融资两种模式下,分别给出了损失规避供应商的最优生产投入量决策和制造商的最优损失分担决策。通过理论和算例分析表明:当各参数在一定范围内取不同值时,供应商和制造商可能倾向于选择不同的融资模式;在预付款融资模式下,供应商为最大化损失规避,将采取更加保守的生产策略,此时,制造商会通过承担更多的损失分担比例来激励供应商增加生产投入量。

青年乳腺癌化疗患者社会影响现状及其影响因素分析

目的 对青年乳腺癌化疗患者社会影响现状调查,并分析其影响因素。方法 选取2022年4月—2023年9月徐州医科大学附属医院收治的90例青年乳腺癌化疗患者为研究对象,采用一般资料问卷、心理资本量表、失志量表、社会影响量表对入组青年乳腺癌化疗患者进行问卷调查。采用Pearson相关分析方法分别分析心理资本以及失志综合征对社会影响现状的影响。结果 本研究共纳入90例青年乳腺癌化疗患者,量表评估结果经Pearson相关分析后显示:心理资本与社会影响得分间呈负相关(r=-0.386,P=0.010);失志综合征得分与社会影响得分间呈正相关(r=0.413,P=0.015),相关关系均存在统计学意义。单因素分析如下:年龄、职业、医保类型、心理资本得分及失志综合征得分是青年乳腺癌化疗患者社会影响得分的独立危险因素(P <0.05)。回归分析如下:年轻、无固定职业、心理资本得分低、失志综合征得分高是青年乳腺癌化疗患者社会影响得分高的影响因素(均P <0.05)。结论 青年乳腺癌化疗患者心理资本得分处于较低水平、失志水平和社会影响水平处于一般水平。临床护理人员可以根据本研究结果,从提高青年乳腺癌化疗患者的心理资本水平、降低患者的失志水平入手,对降低青年乳腺癌化疗患者的社会影响水平有积极作用,有利于患者回归家庭和社会。

农村人力资本投资收益错位效应对农村经济的影响及对策

本文分析了农村人力资本投资在我国城乡公共教育投资不平衡的情况下,农村教育培养的人力资本通过升学和劳动力转移等形式大量流向城市或发达地区,造成农村人力资本严重流失。由于人力资本具有依附性,农村教育投资也随着农村人力资本流失而流失,形成了农村人力资本投资收益错位效应,并且在投资乘数的作用下,这种错位效应会进一步拉大城乡间、地区间的经济差距,尤其是城乡的收入差距,从而强化了二元经济结构,影响农村经济的发展。对此,本文提出了相应的对策建议。

大气污染对人体健康影响的经济损失研究

采用修正人力资本法,分析大气污染对人体健康影响的经济损失的影响因素,估算大气污染引起的过早死亡人力资本损失和大气污染造成的慢性支气管炎发病人力资本损失,并以广东省为例,估算出大气污染对人体健康影响的经济损失约为112.1亿元。

国外两种商业银行经济资本计量方法的比较分析

国外银行使用不同方法对经济资本进行计量,有的借助资本乘数计量经济资本,有的使用贷款组合的损失分布计量经济资本。本文对瑞士波士顿银行和美国银行采用的经济资本计量方法进行比较,分析这两种方法在我国商业银行运用的局限性以及改进的思路。

董事会资本、经营期望落差与战略变革

基于企业行为理论,以2007-2015年中国A股上市公司为样本,实证检验了经营期望落差与战略变革程度之间的关系,以及董事会资本对两者关系的调节作用。研究结果表明:(1)随着经营期望落差的扩大,企业实施战略变革的程度将增加;(2)董事会资本广度增强了经营期望落差与战略变革程度之间的正相关关系;(3)董事会资本深度削弱了经营期望落差与战略变革程度之间的正相关关系。

基于防护成本法的水源区生态补偿量研究——以南水北调中线工程水源区为例

目的为南水北调中线工程水源区生态补偿的量化提供依据。方法在分析环境污染实际治理成本和环境虚拟治理成本的基础上,采用防护成本法,对水源区的生态补偿进行量化计算。结果中线工程受益区应给予陕西水源区每年补偿89.81亿元。结论通过对水源区水生态现状与存在问题的总结,提出受水区补偿水源区水生态"恢复成本"的解决思路,探求对水源区流域水生态生态补偿的量化路径。

基于人力资本损耗计量环境污染经济损失的模型构建

基于人力资本损耗建立带有环境污染影响的人力资本存量计量模型,应用卢卡斯人力资本外部性内生生产函数,沿着环境污染—人力资本损耗—经济增长的路径,比较存在环境污染和不存在环境污染下的经济产出,可以间接衡量环境污染的经济损失,从而建立基于人力资本损耗的环境污染经济计量模型。

贷款损失准备金、资本监管与银行财务绩效

不考虑商业银行是否足额计提贷款损失准备金,提高资本监管要求将降低银行风险承担和改善银行财务绩效的观点是错误的。本文通过对美国银行业、我国4家国有控股商业银行及8家股份制商业银行的实证分析,发现资本监管对银行风险承担、资产收益率的影响是非线性的,依赖于贷款损失准备金计提的水平。银行充足地计提贷款损失准备金是保证资本监管绩效的重要因素。