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.

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.

Intellectual Capital in Knowledge Management Organizations

This paper templet is copyright by Global Conference on Business and Social Science organized by Global Academy of Training&Research(GATR)Enterprise.Intellectual capital and knowledge are the most important assets of most organizations to ensure that determined or intended strategies can be implemented.The resource-based view of the firm considers the firm as a bundle of tangible resources,intangible resources,and organisational capabilities.An effective IC refers to the critical issues of organisational adaptation,survival and competence in the face of discontinuous environmental change.KM is essential for retaining employees’knowledge within a firm by using appropriate technology and tools to capture and store the knowledge residing in the minds of its employees,so it can be easily shared and reused.There is a growing realisation of the importance of the development and understanding of theory for both Intellectual Capital and Knowledge Management in relation to guide the successful development of Knowledge Management Organisations.This study is fundamental because it will provide the whole picture about the different levels of knowledge;individual,group and organizational,which express internal knowledge(formal and informal knowledge)and external knowledge such as customers and suppliers.The aim of this study is addressed some of the gaps in Intellectual Capital literature.It is necessary to investigate the interactions between IC components in Knowledge management organizations,which include human capital(HC),Organizational capital(OC),and Relational capital(RC).This is important in order to discover the extent to which these factors work together to achieve a network’s knowledge management in organization.

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.

Working capital management and corporate performance： Case of Malaysia

Working capital always being disregard in financial decision making since it involve investment and financing in short term period. However, it is an important component in firm financial management decision. An optimal working capital management is expected to contribute positively to the creation of firm value. To reach optimal working capital management firm manager should control the trade off between profitability and liquidity accurately. The intention of this study is to examine the relationship between working capital management and firm profitability. Cash conversion cycle is used as measure of working capital management. This study is used panel data of 1628 firm-year for the period of 1996-2006 that consist of six different economic sectors which are listed in Bursa Malaysia. The coefficient results of Pooled OLS regression analysis provide a strong negative significant relationship between cash conversion cycle and firm profitability. This reveals that reducing cash conversion period results to profitability increase. Thus, in purpose to create shareholder value, firm manager should concern on shorten of cash conversion cycle till optimal level is achieved.

New Basle Capital Agreement and Risk Management of China＇s Banking Industry

Adjustment of Basle Capital Agreement will influence the risk management and capital arrangement demand of the banks with different scales, operation level and environment. It will have widespread and profound effect on the competition strength of every country＇s banks in the global market. Starting with illustration of the present cond（tion of risk management in China＇s banks, the paper analyzes the major problems existing in the risk management system of China＇s banking industry, then puts forward some clues and suggestions to improve and better the risk management system of China＇s banking industry.

The impact of working capital management on credit rating

This study investigates the possible nonlinear relationship between working capital and credit rating.Furthermore,it examines the relationship between the three components of working capital(inventory,accounts receivable,and accounts payable)and a firm’s credit rating.Employing data for U.S listed firms for the period between 1985 and 2017,the results of our ordered probit model show a nonlinear relationship between working capital and its components and credit rating.Finally,we find that the deviation from the optimal working capital adversely affects the credit rating.The results of this study are of significant importance for policy makers,managers,decision makers,and credit-rating agencies,as they help highlight the importance of working capital management for a firm’s credit rating.

Working Capital Management and Firms’ Profitability: Evidence from Quoted Firms on the Nigerian Stock Exchange

Over the years, it appeared that firms failed to subject short-term investments to proper management thereby leading to either excessive or inadequate working capital which in turn affected their profitability. To empirically satisfy this, this paper examined working capital management and firms’ profitability in Nigeria quoted firms on Nigerian Stock Exchange (NSE). A panel data methodology was used with different regression estimators to analyze this relationship based on a balanced panel of 10 listed firms during the period 2008-2017. It was discovered that cash collection period and cash payment period exerted a negative impact on return on assets, though the impact was only significant for cash payment period on the ground of −0.064 (p = 0.000 −0.032 (p = 0.077 > 0.05). Also discovered was that both the current ratio and inventory period exerted a positive impact on return on assets, though the impact was only significant for current ratio on the ground of 8.172 (p = 0.000 0.05). The study concluded that working capital management affected firms’ profitability in Nigeria. Therefore it was recommended that while the shorter collection was maintained, payment to creditors should not be elongated so as to enjoy cash discount (if any) and that firms should be proactive in the management of raw materials in order to avoid idle resources that might negatively impact their financial performance.

30 years of reform of China's state-owned asset management system

Reform of China’s state-owned asset management system is an important component of China’s economic system reform,but also a key factor in rejuvenating the national economy.In this article,the authors analyzed the background of the reform,summarized the reform process and discussed related question on how to deepen the reform.

Instrumental Approach in Human Capital Management: A Conceptual Framework

Human Capital Management(HCM)is a management concept that demands theoretical foundations for implementation.It must not be easily equated with human resource management activities.HCM must include initiatives directly focused on the knowledge resources that are at the organization’s disposal.However,using only internal knowledge resources is not enough to raise the level of competitiveness.Organizations must reach outside their environment.It has been adopted that,in instrumental terms,HCM is based on intentionally selected and applied organizational,technical,social,formal,and legal,as well as economic and financial instruments in a manner that enables the organization’s goals to be achieved.At the inter-organizational level,HCM was included in the organization’s business ecosystem as the organization gains new opportunities to use the knowledge and human capital of its stakeholders thanks to its network connections.It is from this perspective that the article proposes the main concepts,goals and practices,methods that HCM can serve.

The Communication Analysis Among Stakeholders in Management of Children Education by the Poor Scholarship as Human Capital to Grow Quality Characteristics of Educational Basics

The economic crisis in 1997-1998 increased poverty to 49.5 million,but in 2005 decreased to 35.10 million,then in 2006 increased 39.05 million.The worst communities were workers,dependent families,small farmers and fishermen,informal sector workers,low-level civil servants,and people affected by natural disasters.The research design was cross sectional;the research was in Pangkal Pinang City in January 2016.The data were summarized by interview,observation,documentation,and Focus Group Discussion.Data analyses were flow model,product moment,and Likert scale.The result of the research shows the correlation between how to obtain the poor scholarship and the criteria of obtaining the poor scholarship that is very tight which is 0.453.The relation between the criteria of obtaining the poor scholarship and the determination of the poor scholarship is quite close which is 0.218.The relationship between the determination of the scholarship for poor students and obtaining the poor scholarship is 0.395.The correlation between how to get the poor scholarship and the poor scholarship receiver is quite close that is 0.190.The relationship between the determination of the poor scholarship and the impact of the poor scholarship is quite close that is 0.171.The relationship between using of the poor scholarship and the poor scholarship receiver is very close that is 0.297.The relation between the poor receiver and the impact of poor the scholarship is 0.270.

Earnings Management in State-Owned Enterprises in a Period of Macroeconomic Instability

The purpose of this paper is to examine whether and to what extend Greek state-owned enterprises engage in earnings management techniques during 2012-2016.Most prior studies on earnings management have used data from large economies with relative stable macroeconomic contexts(e.g.,USA).Our knowledge about earnings management in smaller economies is rather limited.To fill this void,we conducted our study in Greece and focused on the abovementioned period,which is very interesting given that Greece experienced a substantial political and macroeconomic instability(e.g.,four elections,one referendum,capital controls,and two memorandums).Two different models(i.e.,The Earnings Distribution Model and the Modified Jones Model)are used to provide answers to the research questions.The sample is composed of 50 state-owned enterprises.The results show that Greek state-owned enterprises did not adopt any earnings management techniques during the examined period.These results are rather robust given that they come from two different models.According to the literature,macroeconomic and political instability provide incentives to managers to use earnings management techniques.Interestingly though,our results suggest that this is not the case for a smaller economy.The findings of this study will allow investors,auditors,and users of the financial statements to make better decisions when studying companies that are experiencing those difficulties.The adoption of two different methods and the similar results is an indication of more robust and valid findings.

Is Earnings Management a Technique to Reduce Cost of Capital？ Exploratory Study on Indian Companies

Earnings management has attracted lots of academicians towards the research due to the emerging frauds and downfall of great corporate giants of the world. Mainly earnings measurement is based on the accounting estimates which managers can easily manipulate for their self-interest. The study investigates the relationship between cost of capital and the earnings measurement for the Indian firms. Measurement of earnings is mostly computed by taking either discretionary accruals （DAC） or non-discretionary accruals （NDAC）. Present study has used Dechow, Sloan, and Sweeney （1995） model for earnings measurement and for analyzing the results. Panel data regression has also been used. Findings of the study conclude that DAC has a significant influence on cost of capital, but NDAC has no influence.

Relationship Between Working Capital Management and Profitability in Turkey Industrial Listed Companies

The present study investigated the effect of working capital management component on corporate profitability. A sample of 106 firms listed on Borsa Istanbul Stock Exchange （BIST） for the period of 2003-2013 was used. The secondary data for analysis were taken from Bloomberg＇s Database. The present study aims to explore the effect of working capital management components on corporate profitability. We observed that there was a negative correlation between gross operating profit and accounts receivables （A/R）. We also found that there was a positive correlation between gross operating profit and number of days inventory. But they did not affect the profitability of firms in the study at a significant level.

Leadership,Knowledge Management,and Human Capital Development

This research highlights the need to develop a framework for leadership,human capital development,and knowledge management by reviewing existing literature in the field of research.The main aim of this research is to propose a model which supports the relationship between leadership(servant leadership,transformational leadership)and human capital development.The study also proposes that knowledge management(knowledge sharing,knowledge acquisition)will moderate the relationship between leadership(servant leadership,transformational leadership)and human capital development.A set of propositions that represent an empirically-driven research agenda,and also describe the relationships between the focal variables are presented to enhance audience’s understanding within a business context.

The Relationship Between Working Capital Management and Profitability of Companies Listed on the Johannesburg Stock Exchange

Efficient working capital management is an integral component of the overall corporate strategy to create shareholders＇ wealth. This paper seeks to extend findings regarding the relationship between working capital management and profitability. A sample of 69 companies listed on the Johannesburg Stock Exchange （JSE） for the period from 1998 to 2008 was selected. The results revealed a statistically significant negative relationship among profitability （as measured through gross operating profit）, the cash conversion cycle （CCC）, and number of days accounts receivable （AR）. The results also revealed a positive and significant relationship among profitability, the number of days accounts payable （AP）, and the number of days inventory （INV）. The results suggested that managers could increase their company＇s profitability by effectively managing the CCC and its components.

Central SOEs and State-owned Assets Management System Witness Great Reform&Development

Since the beginning of 2005, the central SOEs (state-owned enterprises) earnestly carried out and put into effect various strategies and policies as well as work plans of the Central Committee of the Party and the State Council.They kept forging ahead and carved out in an innovative spirit, and made great achievements worth celebrating in their various work.Both sales revenue and total profits of the central SOEs have been growing rapidly and synchronously, and the quality of the stateowned assets have been further improved and appeared a good momentum.……

The Impact of the Implementation of the New Regulations on Capital Management＇s Bank of China

Since China＇ s accession to WTO, opening up has intensified China＇ s ties with the international financial markets, financial markets have become increasingly frequent. However, with respect to foreign banks, capital management of commercial banks is only just beginning. Especially after the proposed Basel, how to adjust the capital assets of commercial banks is to enable them to comply with Basel II requirements, ensuring stability and development of the banking sector is the China Banking Regulatory Commission and the commercial banks. So, how intensive management can reduce capital occupation to increase the capital adequacy ratio is an important part of the commercial banks that must be studied.

Diagnosis on the Problem of the Human Resources Management of State-owned Enterprises

With the reform of the state-owned enterprises, the level of the human resources management of a lot of state-owned enterprises has been gradually improved. However, because of the macroscopic system, history, culture and their own reasons, there are still a series of problems in the human resources management of state-owned enterprises. In order to promote the reform of state-owned enterprises and to improve the competitiveness of enterprises, we should critically research these urgent problems. The paper will take an example of one company which was investigated by state-owned enterprises will be listed and analysed. the author, and the common problems which exist in most state-owned enterprises will be listed and analysed.

Scientific Management of Capital Construction in Health Service

On the basis of discussing the existing problems of the capital constrution in health service inHeilongjiang province and summing up the experience,the article points out that in order to makea good job of the scientific management of capital construction in health service,great importanceshould be attached to the following points:1.Make a good job of the reform of the managementsystem of capital construction,and strengthen and perfect the rational setups;2.Do not take onextra-programming project.Act strictly according to the procedure of examination and