The development of the socialist market economy demands the furtherintensification of the reform of the management operating system (MOS)of the state-owned assets, the strengthening of the efficiency in the man-agemen...The development of the socialist market economy demands the furtherintensification of the reform of the management operating system (MOS)of the state-owned assets, the strengthening of the efficiency in the man-agement of state-owned assets,and the improvement of the operating bene-展开更多
While the local government debts and local government financing vehicle(LGFV)bonds underwent reconstruction,in 2018 the new asset management regulation introduced some tighter measures to restrain shadow banking busin...While the local government debts and local government financing vehicle(LGFV)bonds underwent reconstruction,in 2018 the new asset management regulation introduced some tighter measures to restrain shadow banking business and to mitigate the moral hazard issue that led to an ongoing boom of the LGFV market.This paper examines the impacts of the 2018 new asset management regulation on the credit spread of newly issued LGFV bonds and explores how the new asset management regulation affects the implicit guarantee of local governments in the LGFV market that has piled up systemic risks.We find that the release of the new asset management regulation has raised the credit spread of LGFV bonds at issuance.More importantly,the credit spread becomes increasingly sensitive to the local governments’financial capacity and credibility right after the introduction of the new asset management regulation.Therefore,investors are compensated by more risk premiums for holding LGFV bonds issued by the local governments with a weaker balance sheet.Consequently,the implicit guarantee problem in the LGFV bond market has worsened.展开更多
This study is seeking an answer as to whether the efficient state and the state under the rule of law are indeed irreconcilable, as well as to whether these two categories are by nature to be seen as contrary concepts...This study is seeking an answer as to whether the efficient state and the state under the rule of law are indeed irreconcilable, as well as to whether these two categories are by nature to be seen as contrary concepts. The basic issue is whether efficiency is to be handled as an ＂extralegal＂ category, or whether legal regulation, in accordance with public administration traditions in Europe, can in itself meet the requirement of efficiency. Also the study presents the formation of the issue of conflict between the effective state and the state under the rule of law in Hungary after the election held in 2010 in the practice of economic policy and legislation of the Orban government. We are trying to answer the question of the tendency of power concentration to really menace the principles of a traditionally-formed state under the rule of law, as well as whether the economic policy of the government can be implemented effectively in a strongly centralized political and state administrative system.展开更多
Although many theories regarding the implementation of knowledge management （KM） in organizations have been proposed and studied, most applications tend to stand alone without incorporating the business processes. D...Although many theories regarding the implementation of knowledge management （KM） in organizations have been proposed and studied, most applications tend to stand alone without incorporating the business processes. Different categories of knowledge provide different benefits and how to integrate various categories of KM into a hybrid approach as an effective KM manner remains strategically important, and yet is still understudied. Therefore, in this paper a hybrid model that integrates principal KM applications for new service development （NSD） and the measurement of the resulting f＇mancial benefits have been developed. The proposed KM model incorporates newsgroups, knowledge forums, knowledge asset management and knowledge application processes as a hybrid means for sharing organizational knowledge along two axes, explicit vs. implicit and individual vs. collective. One of the largest management consulting companies in Taiwan, China, whose process model of NSD was standing alone with KM applications, was selected for the case study. A set of hybrid KM processes was developed to implement the proposed KM model, and it illustrates an application with greater financial benefits for integrating hybrid KM practices into the business process. Based on knowledge value added （KVA） validation, the proposed KM model provides a new operating system for sharing NSD knowledge within an organization. Through the case study by measuring the achieved financial results, the proposed KM model is found to provide an exclusive hybrid platform with an empirical process model to address innovative approaches and practical values of KM within an organization.展开更多
China quickens its pace of reorganizing state-owned enterprises with its fate up in the air in the past I two years, China Guoxin Holding Co. Ltd. was finally established by the State-owned
文摘The development of the socialist market economy demands the furtherintensification of the reform of the management operating system (MOS)of the state-owned assets, the strengthening of the efficiency in the man-agement of state-owned assets,and the improvement of the operating bene-
基金supported by the National Natural Science Foundation of China[Grant No.71773127]and by the Young Scientist Fund of the National Science Foundation of China[Grant No.72003191].
文摘While the local government debts and local government financing vehicle(LGFV)bonds underwent reconstruction,in 2018 the new asset management regulation introduced some tighter measures to restrain shadow banking business and to mitigate the moral hazard issue that led to an ongoing boom of the LGFV market.This paper examines the impacts of the 2018 new asset management regulation on the credit spread of newly issued LGFV bonds and explores how the new asset management regulation affects the implicit guarantee of local governments in the LGFV market that has piled up systemic risks.We find that the release of the new asset management regulation has raised the credit spread of LGFV bonds at issuance.More importantly,the credit spread becomes increasingly sensitive to the local governments’financial capacity and credibility right after the introduction of the new asset management regulation.Therefore,investors are compensated by more risk premiums for holding LGFV bonds issued by the local governments with a weaker balance sheet.Consequently,the implicit guarantee problem in the LGFV bond market has worsened.
文摘This study is seeking an answer as to whether the efficient state and the state under the rule of law are indeed irreconcilable, as well as to whether these two categories are by nature to be seen as contrary concepts. The basic issue is whether efficiency is to be handled as an ＂extralegal＂ category, or whether legal regulation, in accordance with public administration traditions in Europe, can in itself meet the requirement of efficiency. Also the study presents the formation of the issue of conflict between the effective state and the state under the rule of law in Hungary after the election held in 2010 in the practice of economic policy and legislation of the Orban government. We are trying to answer the question of the tendency of power concentration to really menace the principles of a traditionally-formed state under the rule of law, as well as whether the economic policy of the government can be implemented effectively in a strongly centralized political and state administrative system.
文摘Although many theories regarding the implementation of knowledge management （KM） in organizations have been proposed and studied, most applications tend to stand alone without incorporating the business processes. Different categories of knowledge provide different benefits and how to integrate various categories of KM into a hybrid approach as an effective KM manner remains strategically important, and yet is still understudied. Therefore, in this paper a hybrid model that integrates principal KM applications for new service development （NSD） and the measurement of the resulting f＇mancial benefits have been developed. The proposed KM model incorporates newsgroups, knowledge forums, knowledge asset management and knowledge application processes as a hybrid means for sharing organizational knowledge along two axes, explicit vs. implicit and individual vs. collective. One of the largest management consulting companies in Taiwan, China, whose process model of NSD was standing alone with KM applications, was selected for the case study. A set of hybrid KM processes was developed to implement the proposed KM model, and it illustrates an application with greater financial benefits for integrating hybrid KM practices into the business process. Based on knowledge value added （KVA） validation, the proposed KM model provides a new operating system for sharing NSD knowledge within an organization. Through the case study by measuring the achieved financial results, the proposed KM model is found to provide an exclusive hybrid platform with an empirical process model to address innovative approaches and practical values of KM within an organization.
文摘China quickens its pace of reorganizing state-owned enterprises with its fate up in the air in the past I two years, China Guoxin Holding Co. Ltd. was finally established by the State-owned
