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 Mixed Ownership Reform of State-Owned Enterprises from the Perspective of Marxist Political Economy

Under China’s socialist system,state-owned enterprises are key forces driving the economic trajectory and providing strong momentum.These enterprises not only bear the crucial responsibility of advancing the process of national modernization but also serve as the core of the national economic lifeline through their irreplaceable status and function amidst changing times.In the new era,with the advent of the technological revolution and the wave of globalization,state-owned enterprises face unprecedented opportunities and challenges.As a significant aspect of state-owned enterprise reform,the mixed ownership reform is not only a transformation in the structure of enterprise ownership but also a reflection of China’s broader,comprehensive reform efforts.By deeply advancing this reform,it will help optimize the allocation of state-owned assets and significantly boost technological and management innovation within state-owned enterprises,ensuring their competitiveness in the intense market environment.Therefore,this paper will conduct an in-depth analysis of the mixed ownership reform of state-owned enterprises from the perspective of Marxist political economy.

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.

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.

U-Pb Zircon Dating of the Granitic Conglomerates of the Hutuo Group:Affinities to the Wutai Granitoids and Significance to the Tectonic Evolution of the Trans-North China Orogen

The Wutai Complex associated with the adjacent Fuping and Hengshan Complexes represents the best and dassical cross-section in the middle segment of the Trans-North China Orogen, generally divided into Eastern and Western Blocks. Unconformably overlying the Wutai and Fuping Complexes is the Hutuo Group considered as the youngest lithostratigraphic unit in the region and important both for interpreting Precambrian history as well as the overall evolution of the Trans-North China Orogen. Lack of knowledge about provenance of the sedimentary rocks in this group has hindered understanding of the depositional environments and tectonic significance. LA-ICP-MS was applied to obtain U-Pb zircon ages for the granitic pebbles, the lowest lithostratigraphic rock of the Hutuo Group, which, combined with previous lithostratigraphic, geochronological, structural and metamorphic data, provides new constraints on the sedimentary provenance and tectonic evolution of the region. The sequence of the Hutuo Group ranges upward from lower basal conglomerates and volcaniclastic rocks （Doucun Subgroup）, through clastic sediments, slates, dolomites and marbles （Dongye Subgroup）, to sandstones and conglomerates at the top （Guojiazhai Subgroup）. Zircons from granitic pebbles preserved in the Doucun Subgroup basal conglomerates give weighted mean ^207pb/^206pb ages between 2517 Ma and 2566 Ma, which are the same as those for the late Archean Wutai Granitoids, indicating that the pebbles were derived from the Wutai granitic intrusions （2566-2515 Ma）. Based on the new data and previous studies, combined with an igneous zircon crystallization age of 2087±9 Ma obtained for volcanics in the Hutuo Group, the Hutuo Group was deposited in a subduction-related retro-arc foreland basin environment that developed behind the Wutai arc during the eastward-directed subduction of the Western Block beneath the western margin of the Eastern Block. This basin underwent long-lived sedimentation and finally closed during the -1850 Ma collisional event that resulted in the final amalgamation of the North China Craton.

Origin and depositional characteristics of supported conglomerates

The origin and depositional characteristics of supported conglomerates in the Mahu Sag, Junggar Basin, Xinjiang, China, are examined. Based on the terminological comparison, modern sedimentary survey and core description, the initial connotation and similarities and differences in definition between supported conglomerates and other similar concepts are discussed, the modern sedimentary environment in which supported conglomerates develop is analyzed, and the sedimentological characteristics of supported conglomerates formed in different depositional environments revealed by the cores of Mahu conglomerate oil field in the Junggar Basin are described. The supported conglomerate is similar in texture to grain supported conglomerate and openwork conglomerate but has differences from them, so it is suggested to keep the term "supported conglomerate", but the formation mechanism of supported conglomerate needs to be re-examined. Through field survey of modern sediments in Baiyanghe alluvial fan, Huangyangquan alluvial fan, and Wulungu Lake in Xinjiang, it is found that supported gravels not only formed by flooding events but also by sieving, avalanching, fluvial sorting as well as wind and wave reworking in the depositional environments such as inter-mountain creek, colluvium fan, gravel channel on gobi and the fan surface, lake beach, delta front, subaerial debris flow and subwater grain-flow etc. Supported gravels could form supported conglomerate after being buried. Supported conglomerates of seven different origins have been recognized in the cores of the Triassic and Permian stratum of Mahu Depression, Junggar Basin, namely, supported conglomerates in gravel channel deposits, in wind reworked channel deposits, in gravel beach bar deposits, in wave reworked delta front deposits, in mouth bar deposits and in debris flow deposits respectively. The study shows the supported conglomerates may be formed by a single depositional event or by multi-events during the post-depositional sedimentary reworking and even in diagenesis stage. Through flume experiment, numerical simulation, empirical model and modern sediment survey, infiltration process of gravelly channel can be reconstructed and the primary pore structure of supported gravel can be estimated. Statistics on physical properties of various types of reservoirs in Triassic Baikouquan Formation of Mahu oilfield show that granule conglomerate and pebbly conglomerate have higher porosity and permeability, while the cobble and coarse pebble conglomerate have lower permeability, which indicates that the supported gravels are easy to be reworked by post depositional filtration and diagenesis, and thus decrease in porosity and permeability.

Research on Financial Performance of State-owned Enterprise Mixed Ownership Reform

Mixed ownership is an important form of realization of China＇s economic system reform and development, and it is also the main direction of state-owned enterprise reform. In order to further promote the deepening of the reform of mixed ownership, this paper randomly selects 200 listed state-owned enterprises as research objects, and studies the trends of the financial performance of these enterprises from the mixed state-owned enterprises and non-mixed-modification enterprises in the five years from 2013 to 2017, and compares their various trends. Financial indicators, a comprehensive evaluation of the problems and causes in the reform of the mixed ownership system, and then propose countermeasures to further deepen the reform of mixed ownership based on the research conclusions.

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

Petrology Characters of Conglomerates in Baikouquan Formation, Mahu Sag, Junggar Basin

Mahu Sag, one of the most oil and gas bearing sags in Junggar basin, is in the northwestern margin of the basin. On gentle slope region of the sag, a serial of large scale coarse fan delta deposits were developed in Triassic Baikouquan Formation. In order to understand the petrology characters of conglomerates in Baikouquan Formation, based on lots of cores, grain size analysis, normal thin sections, casting thin sections, scanning electron photomicrographs, mineral composition identifications, clay mineral and bulk composition identifications of X-ray diffraction, were comparatively studied for Xiazijie and Huangyangquan fan-delta in Mahu Sag. Mineral composition of conglomerates is main tuff, while eurite, dacite, rhyolite, andesite and granite are common. However, more tuff and granite, less eurite and andesite in Xiazijie fan-delta, there is no rhyolite in Huangyangquan fan-delta. Kaolinization and chloritization of conglomerates are ubiquitous in the formation. The content of chlorite and kaolinite is higher in Xiazijie fan-delta, with lower illite-smectite and illite. There is less feldspar of clastic and more calcite of cement in Xiazijie fan-delta.

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.

Similarity-based laboratory study of CO_(2) huff-n-puff in tight conglomerate cores

Tight conglomerate reservoirs are featured with extremely low permeability,strong heterogeneity and poor water injectivity.CO_(2) huff-n-puff has been considered a promising candidate to enhance oil recovery in tight reservoirs,owing to its advantages in reducing oil viscosity,improving mobility ratio,quickly replenishing formation pressure,and potentially achieving a miscible state.However,reliable inhouse laboratory evaluation of CO_(2) huff-n-puff in natural conglomerate cores is challenging due to the inherent high formation pressure.In this study,we put forward an equivalent method based on the similarity of the miscibility index and Grashof number to acquire a lab-controllable pressure that features the flow characteristics of CO_(2) injection in a tight conglomerate reservoir.The impacts of depletion degree,pore volume injection of CO_(2) and soaking time on ultimate oil recovery in tight cores from the Mahu conglomerate reservoir were successfully tested at an equivalent pressure.Our results showed that oil recovery decreased with increased depletion degree while exhibiting a non-monotonic tendency(first increased and then decreased)with increased CO_(2) injection volume and soaking time.The lower oil recoveries under excess CO_(2) injection and soaking time were attributed to limited CO_(2) dissolution and asphaltene precipitation.This work guides secure and reliable laboratory design of CO_(2) huff-n-puff in tight reservoirs with high formation pressure.

Profit Delivery Proportion,Operation Performance and Bond Rating of Agricultural State-owned Enterprises

The distribution relationship between the profits of state-owned enterprises and the state has been constantly changing with the times. From the state implementing the policy that state-owned enterprises not pay profits to the state in 1994 to the constant growth of stateowned enterprises in the 21st century,their profits have become more and more abundant. Until 2007,the state issued a document stipulates that the state-owned enterprises should pay part of their profits to the state,but at the initial stage of trial implementation of the policy,the implementation was not effective,and finally in 2010 the state officially announced the collection of profits from state-owned enterprises and increased the proportion of collection. From the perspective of agricultural state-owned enterprises,using the difference-in-difference( DID)model,this paper studied the state policy of increasing the profit delivery proportion of state-owned enterprises in 2020. Through CSMAR database,we selected agricultural state-owned listed companies in the 2008-2013 as samples,tested the impact of the implementation of the new policy in 2010 on the operation performance of agricultural state-owned enterprises,evaluated the implementation effect of the policy through comparing the operation performance before and after the policy,and explored whether the policy has an impact on the bond rating. Through empirical research,it found that increasing the profit delivery proportion of state-owned enterprises is helpful for improving the operation performance of state-owned enterprises and improving the quality of bond ratings,and this policy has more prominent effects on stimulating the performance of monopolistic state-owned enterprises. Therefore,collection of some profits from state-owned enterprises can promote better development of state-owned enterprises and also benefit both the state and the people.

Petrographic Studies on Hydrothermally Altered Conglomerates at Naer Creek, Sichuan Province, China

Based on analysing the wall rock alterations and related rocks which were used as a hint for mineral deposits and as a basis of mechanism research of fluid rock interaction, according to the results of petrographic analysis, the authors of this paper consider that the hydrothermally altered conglomerates have the following features. First, the conglomerates studied can be divided into two groups: Group A consists mainly of the gravels of granite and basalt; Group B is mainly composed of the gravels of basalt, limestone, mudstone and granite. Second, three distinct hydrothermal alterations or diagenesis were distinguished in Group A, that is, pre depositional hydrothermal alteration of the volcanic gravels (saussuritzation chloritization, epidotization chloritization, albitization and sericitization), mechanical diagenesis and post diagenetic hydrothermal alteration (epidote chlorite and prehnite calcite association). Third, the Group B is subjected mainly to pre depositional hydrothermal alteration; the alteration types are the same as of Type A. Last, the origin of the post diagenetic hydrothermal alteration of Group A is presumed to be related to the ascending of thermal water along the Naer Creek fault.

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.

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.

Research on evaluation model of technology innovation ability of state-owned enterprises in northeast industry base

The paper viewed the current problem that state-owned enterprises in northeast industry base hadn＇t technologies of their own intellectual property right, whose sources mainly depended on imitation and introduction from abroad. Operational evaluation method and index criteria system of enterprises technology innovation ability were put forward in this paper, different enterprises may revise the model according to their actual situations to evaluate the enterprise technological innovation ability scientifically and quickly. The findings will be helpful to correlative departments to formulate the related policies and also has important theoretical and practical value in technological innovation project of enterprise.

Thoughts on Stimulating the Employee’s Work Efficiency in State-Owned Enterprises

State-owned enterprises are the basic guarantee of China’s economic and social development,the leading force in the field of strategic competition,but also the main provider of national social wealth accumulation.Although in many strategic areas,the operating efficiency of state-owned enterprises cannot be simply measured by the input profit margin;state-owned enterprises use state and social resources to operate.Shouldering the responsibility of preserving and increasing the value of state-owned assets also is the responsibility of all state-owned enterprise managers and employees.However,the management efficiency of state-owned enterprises is relatively low,and employees’performance management and incentives have been lack of innovation and improvement.This paper analyzes the current state-owned enterprises in China,the characteristics of performance management,as well as the problems faced,and discusses the measures to encourage the efficiency of state-owned enterprises employees.

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.

Discussion on the relationship between Construction of Forest Towns and Reform & Development of State-owned Forest Farms

In recent years, China's social economy has continued to develop. While paying attention to the pursuit of the economy, people are paying more and more attention to the pursuit of quality of life. China has vast territory and abundant resources, forest resources are particularly rich, in order to make full use of forest resources and regulate the use and protection of forests, China has promoted the development of forestry by deepening the construction and reform of state-owned forest farms, and using forest resources to obtain benefits to meet people's living needs. This paper explores the necessity and advantages of building a forest town by analyzing the reform and development situation of state-owned forest farms.