From the perspective of financial distortoin and using the statistics China＇s industrial enterprises between 1999 and 2007,this paper examines the relationship between corporate ownership and ROIC （return on investe...From the perspective of financial distortoin and using the statistics China＇s industrial enterprises between 1999 and 2007,this paper examines the relationship between corporate ownership and ROIC （return on invested capital）.Our empirical results suggest that SOEs have a for lower ROIC average compared to enterprises of the forms of ownership,and that private enterprises have the highest ROIC.In addition,this paper＇s numerical simulation results indicate that if financial distortion is eliminated,so that more financial resources can be redirected to private enterprises with a higher ROIC,China＇s GDP growth could be increased by 2 to 8 per cent over the current level.展开更多
Small and micro enterprises play an extremely important role in the realization of employment, independent innovation,increasing taxes and so on, It is an important part of national economic development in China. Alth...Small and micro enterprises play an extremely important role in the realization of employment, independent innovation,increasing taxes and so on, It is an important part of national economic development in China. Although the government has introduced a series of supportive policies, but small and micro enterprises arc still faced with many development problems, small and micro enterprises face an important problem is financing difficulty, which relates to its health, sustainable and stable development. This paper analyzes the financing problem of small and micro enterprises from the new net loan mode of P2B, hoping to benefit the development of small and micro enterprises.展开更多
In search of private equity investment opportunities in China, one would be astonished by the rise of raw private entrepreneurship in this largest emerging market economy in the world. The country is experiencing a tr...In search of private equity investment opportunities in China, one would be astonished by the rise of raw private entrepreneurship in this largest emerging market economy in the world. The country is experiencing a transition from a planned, socialist economy to a market or mixed economy. The emergence of a significant private sector is one of the most important developments of the market-oriented reforms in China over the last quarter of a century. It is true that the transformation of public ownership into private ownership indeed gave a rise to the new private enterprises. Nevertheless, there is also an origination process of genuine private enterprises parallel to this privatization approach. In this paper, the concept of raw entrepreneurship is introduced to distinguish new, green-field private firms from the rest of the private sector that has emerged from older firms that have been converted from SOEs （state-owned enterprises） or COEs （collectively-owned enterprises）. It is also a concept that stresses the highly innovative manner in which private firms have emerged in China. This paper will explore deeply the concept of raw entrepreneurship through three case studies as well as theoretical analysis based on traditional wisdom.展开更多
For a long time, private lending is the main channel for SME financing, and play an important role in solving the problem of SME financing.In addition,private lending also promotes the operation of private capital,whi...For a long time, private lending is the main channel for SME financing, and play an important role in solving the problem of SME financing.In addition,private lending also promotes the operation of private capital,which is conducive to the development of the national economy.This paper expound the development status of private lending, based on analysis of the SWOT, analyzing the strengths and weaknesses of private lending and private lending opportunities and challenges in the process of legalization.In the end of this paper, the author proposes appropriate coping strategies to solve threats and weaknesses that may exist for the development of private lending.展开更多
This article attempts to examine the effect of the enterprise system and social environment under conditions of market transition on the wages of migrant workers using regression analysis of Pearl River Delta migrant ...This article attempts to examine the effect of the enterprise system and social environment under conditions of market transition on the wages of migrant workers using regression analysis of Pearl River Delta migrant worker survey data. The research found that among human capital variables, educational level and length of employment in their present firms have a significant positive effect on the wages of migrant workers, while age and gender also have a significant effect; among enterprise system variables, the type of work also significantly influences wages, demonstrating clear stratification. Industry, scale and firm type do not significantly influence wages, regardless of labor contract or labor supply status. Social capital variables and social environmental factors do not have a significant effect on peasant-worker wage levels. The article therefore concludes that migrant worker wages are highly marketized and are at one extreme of a segmented dual labor market. They lack intra-firm labor markets and promotion mechanisms, are little influenced by changes in labor market conditions, and show no regional variations. They represent low wages of an extreme rigidity.展开更多
文摘From the perspective of financial distortoin and using the statistics China＇s industrial enterprises between 1999 and 2007,this paper examines the relationship between corporate ownership and ROIC （return on invested capital）.Our empirical results suggest that SOEs have a for lower ROIC average compared to enterprises of the forms of ownership,and that private enterprises have the highest ROIC.In addition,this paper＇s numerical simulation results indicate that if financial distortion is eliminated,so that more financial resources can be redirected to private enterprises with a higher ROIC,China＇s GDP growth could be increased by 2 to 8 per cent over the current level.
文摘Small and micro enterprises play an extremely important role in the realization of employment, independent innovation,increasing taxes and so on, It is an important part of national economic development in China. Although the government has introduced a series of supportive policies, but small and micro enterprises arc still faced with many development problems, small and micro enterprises face an important problem is financing difficulty, which relates to its health, sustainable and stable development. This paper analyzes the financing problem of small and micro enterprises from the new net loan mode of P2B, hoping to benefit the development of small and micro enterprises.
文摘In search of private equity investment opportunities in China, one would be astonished by the rise of raw private entrepreneurship in this largest emerging market economy in the world. The country is experiencing a transition from a planned, socialist economy to a market or mixed economy. The emergence of a significant private sector is one of the most important developments of the market-oriented reforms in China over the last quarter of a century. It is true that the transformation of public ownership into private ownership indeed gave a rise to the new private enterprises. Nevertheless, there is also an origination process of genuine private enterprises parallel to this privatization approach. In this paper, the concept of raw entrepreneurship is introduced to distinguish new, green-field private firms from the rest of the private sector that has emerged from older firms that have been converted from SOEs （state-owned enterprises） or COEs （collectively-owned enterprises）. It is also a concept that stresses the highly innovative manner in which private firms have emerged in China. This paper will explore deeply the concept of raw entrepreneurship through three case studies as well as theoretical analysis based on traditional wisdom.
文摘For a long time, private lending is the main channel for SME financing, and play an important role in solving the problem of SME financing.In addition,private lending also promotes the operation of private capital,which is conducive to the development of the national economy.This paper expound the development status of private lending, based on analysis of the SWOT, analyzing the strengths and weaknesses of private lending and private lending opportunities and challenges in the process of legalization.In the end of this paper, the author proposes appropriate coping strategies to solve threats and weaknesses that may exist for the development of private lending.
文摘This article attempts to examine the effect of the enterprise system and social environment under conditions of market transition on the wages of migrant workers using regression analysis of Pearl River Delta migrant worker survey data. The research found that among human capital variables, educational level and length of employment in their present firms have a significant positive effect on the wages of migrant workers, while age and gender also have a significant effect; among enterprise system variables, the type of work also significantly influences wages, demonstrating clear stratification. Industry, scale and firm type do not significantly influence wages, regardless of labor contract or labor supply status. Social capital variables and social environmental factors do not have a significant effect on peasant-worker wage levels. The article therefore concludes that migrant worker wages are highly marketized and are at one extreme of a segmented dual labor market. They lack intra-firm labor markets and promotion mechanisms, are little influenced by changes in labor market conditions, and show no regional variations. They represent low wages of an extreme rigidity.
