Franchise Value Change Information of State-owned Commercial Bank and Securities Investment Risk

The investment strategy choice of state-owned commercial bank is related to its franchise value change information. This paper analyzes the franchise value change information of state-owned commercial bank. The franchise value change information shows that the franchise value of state-owned Commercial Bank is descending. Along with the descending of the franchise value, state-owned commercial bank strengthens its high risk investment motive when it chooses its investment strategy. State-owned commercial bank tends to run the high risk of investing securities because its investment variety is very sparse. Based on the theoretical principle of how to control securities investment risk, this paper proposes some countermeasures and suggestions that state-owned commercial bank strengthen the control of its securities investment risk in order to perfect its investment strategy.

Evaluation on Optimal Scale of Rural Fixed-asset Investment-Based on Microcosmic Perspective of Farmers' Income Increase

The rural fundamental and productive fixed-asset investment not only makes active influence on the changes of farmers' operational,wages and property income,but it also has an optimal scale range for farmers' income increase. From the perspective of farmers' income increase,this article evaluates the optimal scale of rural fixed-asset investment by setting up model with statistic data,and the results show that the optimal scale of per capita rural fixed-asset investment is 76. 35% of per capita net income of rural residents,which has been reached in China in 2009. Therefore,compared with the adding of rural fixed-asset investment,a better income increase effect can be achieved through the adjustment of rural fixed-asset investment structure.

Research on the Asymmetric Effect of Fixed-Asset Investment on China's Primary Energy Production in the Context of Energy Transformation

Under China’s“Dual Carbon”target(DCT),“clean replacement”on the energy supply side and“electric energy replacement”on the energy consumption side are the ways to achieve energy transformation.However,energy projects have a long construction period,complex technology categories,and investment risks that greatly affect the development of energy transformation.Correctly judging the effect of investment changes on primary energy production is of great practical significance to the realization of the DCT.Based on this,NARDL and TVP-SV-VAR models are innovatively used to reveal the nonlinear effect of fixed-asset investment on China’s primary energy production.The results show that the marginal effect of investment growth on coal production is about 1.44 times that of investment reduction.Similarly,the marginal effect of oil and gas investment growth is about 1.21times that of investment reduction.Due to the influence of resource constraints,China’s traditional fossil energy still has varying degrees of path dependence on the investment-driven development model.For non-fossil energy,investment in hydropower and nuclear power has an inverse correlation with the change in production.Negative marginal efficiency and diseconomies of scale have hindered the development of the hydropower and nuclear power industries.In addition,the asymmetric effect is not yet significant for the short development time and technical constraints of wind and solar power.From the impulse response results,the impact curves of investment in wind and solar power are generally positive,and investment has different degrees of time-delay and time-varying effects on various energy production,which verifies the heterogeneity of investment adjustment mechanisms in different energy industries.

Comparative Analysis of the Determinants of China's State-owned Outward Direct Investment in OECD and Non-OECD Countries

Chinese outward direct investment （ODI） is expanding at an unprecedented rate. The present study augments the understanding of the determinants and drivers of Chinese ODI. It reviews the literature on Chinese 0191 and analyzes investment by state-owned enterprises （SOE） for the period 2003-2008, focusing specifically on the differences between the determinants of Chinese investment in developed （OECD） and developing （non-OECD） economies. In addition, the study assesses the appropriateness of the general framework used for investigating ODI determinants （Dunning＇s eclectic paradigm） to analyze the experience of Chinese SOE. The findings indicate that Dunning＇s eclectic paradigm provides an excellent theoretical framework for analyzing the determinants of Chinese SOE investment in developed countries, and provides a good starting point for analysis of Chinese investment in developing countries. However, Dunning＇s specification requires refinement for developing countries. This paper finds a distinct difference between the motivations for Chinese SOE investment in developed and developing countries.

State-owned Enterprises' Outward Investment and the Structural Reform in China

Since China＇s accession to the WTO in 2001, China has been on a steep learning curve in terms of engaging in outward direct investment, and state-owned enterprises （SOEs） have played a predominant role in this drive. We argue that investment overseas by SOEs is a double-edged sword as far as its impact on domestic reform is concerned. Investing overseas offers opportunities to deepen structural reform in China, but such investment could also strengthen the monopoly position of some SOEs, which is inconsistent with the objective of domestic reform. Therefore, it is important for China to deepen domestic reform with respect to competition, ownership and regulations, to maximize the benefits from investing overseas＇. The present paper also discusses how building market-compatible institutions will resuh in increased innovation. This provides opportunities for Chinese firms to effectively catch up with the advanced technologies to remain competitive in overseas markets.

State-owned Enterprises in China as Macroeconomic Stabilizers: Their Special Function in Times of Economic Policy Uncertainty

China has many state-owned enterprises(SOEs)and they have accounted for a large proportion of China's GDP over the last four decades.China's rapid growth contradicts literature that focuses on the inefficiency of SOEs.This study shows that,in periods of economic policy uncertainty(EPU),SOEs have performed a special function as"macroeconomic stabilizers."Using Chinese listed firm data from 2008 to 2019,we investigate five aspects of SOEs'unique functions as macroeconomic stabilizers:employment,investment,growth,financial operation,and expectations.When EPU increased,SOEs had more employment,higher investment expenditure,lower performance volatility,more robust financial structures,and more stable expectations than private firms.We employ the US-China trade war as an exogenous shock on EPU to conduct a difference-in-difference-in-differences approach to mitigate the problem of potentially omitted variables.The findings of this study provide a new perspective to better explain the functions of SOEs in the 21st century.

Garment and Cotton Textile Investments Soar The Analysis of Fixed-Asset Investment in China's Textile Industry from Jan.to Aug.2009

From Jan.to Aug.2009,total statistics-worthy fixed-assets investment (over CNY 5million) in the textile industry was up 6.55% to CNY 188.245 billion year-on-year,but that was 4.58 percentage points less than the growth rate of the same period last year.During the Jan.-Aug.

Fixed-asset investment in textile industry slows in Q1-Q3 as cubs weigh on economy

Fixed asset investment growth in China’s textile industry slowed in the first three quarters this year, mainly resulting from the yuan appreciation, the rising material and labor costs, as well as dismal overseas market hit by the subprime lending crisis. From January to September, the total fixed-assets investment in the textile industry was up 10.15% to RMB 202.269 billion year-on-year,

Building State-owned Assets Supervision System and Conducting Mixed Ownership Reforms to Reinforce Each Other’s Collaboration

Improving the state-owned assets supervision system(SOASS)can effectively get over the defects of systems and mechanisms and further promote the reform of mixed ownership of state-owned enterprises(SOEs);and the deepening of the reform can advance the change of the SOASS to the supervision on capital.By analyzing the relationship between the SOASS and the reform of mixed ownership of state-owned enterprises,we have found that collaborative promotion of the change of the SOASS to the supervision on capital and promotion of the reform of mixed ownership can do good to ameliorating the corporate management mechanism,improving the market-oriented management mechanism of enterprises and completing the medium-and long-term incentive mechanisms,etc.to enhance business operation efficiency.Due to such prevailing problems as relative dispersion and vagueness of the policies relating to deepening the reform of SOEs,inconsistent progress of the reform of state-owned assets(SOAs)and SOEs,and corporate reform focusing on apprence,improving the SOASS and deepening collaborative development of the reform of mixed ownership of SOEs are hindered by some constraints.To construct and improve the SOASS and the reform of mixed ownership collaboratively,we should make efforts to promote the reform in the following five aspects,namely,placing importance to policy coordination,boosting synchronism of the reform of SOAs and SOEs at different levels and in different areas to coordinate the nationwide reform of SOAs and SOEs,facilitating reform of the mechanism of enterprises of mixed ownership through mixed capital,and promoting the SOASS and stimulating classified monitoring and reform of mixed ownership based on classified reform of SOEs.

Global production aspirations and internationalization by state-owned enterprises:A Co-evolutionary view of statedriven industrialized economy

The study aims to explore whether internationalization by state-owned enterprises is a curse or blessing in the context of aspirant industrial economies,such as China.What do state-owned enterprises'global production aspirations,such as outward foreign direct investment,bring into their home country?To answer this question,this study proposes a unique,co-evolutionary perspective of the state-driven industrialized economy by leveraging insights from economic discoveries such as Adam Smith's wealth of nations,David Ricardo's comparative advantage,and Michael Porter's competitive advantage.This view suggests that an outward foreign investment strategy may likely provide state-owned enterprises with access to resources and advanced production technologies,enhance innovation capabilities,gain more competitive advantage,and achieve superior performance,thus leading to spillover effects on their home country's wealth,comparative advantage,and competitiveness.This study discusses China's grand policies,economic performance,and successful cross-border industrial acquisitions.

Spatial impact of digital finance on carbon productivity

Low carbon productivity has been identified as a key direction for China’s future development.As an important driving force for economic growth,the question of whether digital finance that is reliant on digital technology can support the development of a low-carbon urban economy remains unresolved.Based on the carbon productivity measured by panel data from 201 cities for the period 2011-2020,this study applies the spatial Dubin model and threshold regression model to explore the impact of digital finance on carbon productivity,yielding the following key conclusions.First,the spatial distribution heterogeneity of carbon productivity in China’s eastern region is higher than that in the western region,and both productivity and digital finance are characterized by high(low)-high(low)dotted spatial agglomeration.Second,digital finance can significantly improve carbon productivity via two transmission channels:the human capital and marketization effects.At the same time,digital finance exerts a spatial spillover effect on carbon productivity,and rising local digital finance levels will increase carbon productivity in neighboring areas.Heterogeneity analysis indicates that the spillover effect of digital finance in urban agglomerations and eastern regions is more significant.Third,fixed-asset investment has a positive nonlinear moderating effect on digital finance,thus improving carbon productivity.When the per capita investment in fixed assets does not exceed 682.73 yuan,digital finance exerts only a limit pulling effect on carbon productivity;when it is higher than this value,the pulling effect is intensified.