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.

Defining Cities by Water: Addressing Capital Misallocation in a Race to Conserve Resources

As part of its efforts to promote a sustainable and high-quality development,China has pledged to reduce water consumption and create a water-efficient society.On the basis of identifying the institutional root causes of excessive capital allocation and excessive water consumption in China’s water-intensive industrial sectors,this study elaborates how the national water-efficient cities assessment contributes to optimized capital allocation.Our research shows that national water-efficient cities assessment has motivated local governments to compete for water efficiency.To conserve water,local governments regulated the entry and exit of water-intensive enterprises,discouraged excessive investments in water-intensive sectors,and phased out obsolete water-intensive capacities within their jurisdictions.This approach has resulted in mutually beneficial outcomes,including improved allocation of capital,enhanced water efficiency,and reduced emissions.This paper offers policy recommendations for establishing a water-efficient society throughout the 14^(th) Five-Year Plan(2021-2025)period by presenting empirical evidence on the policy effects of resource efficiency evaluation.

The Interrelationship between Culture and Capital Structure:Evidence from International Retailers

The present study investigates the influence of cultural factors in 2022 on the capital structure of global retailers.There are sixteen retailers from eight countries in the sample.In recent times,numerous academicians have taken an interest in examining the capital structure and business model of retailers,owing to their swift and consistent growth.However,the fact that the majority of research originates from the retailers’host country gives rise to debate regarding the applicability of the capital structure of said retailers to countries with distinct cultural environments.Consequently,academics have begun to investigate whether the capital structure of multinational retailers is impacted by the diversity of national cultures.

采用非稳相偏振滤波的DAS-VSP数据P/S波分离方法及其应用

分布式光纤声学传感(DAS)因成本低、易布设以及高密度采样等优势正成为重要的地震观测技术,尤其是越来越多地与垂直地震剖面(VSP)结合,用于主动地震勘探或被动地震监测.DAS传感器通过感知弹性波场产生的轴向应变或应变速率来观测地震波场振动.然而,目前单分量DAS-VSP数据未完整地记录地下弹性波场的三维矢量振动信号,因此如何从中分离出P波或S波用于后续地震成像与参数反演是重要且很有挑战的课题.以弹性波传播理论为基础,本文根据P波和S波的频散关系估算接收点处各自的偏振方向,通过随频率和空间位置变化的偏振滤波实现DAS-VSP数据的P/S波分离.理论模型合成数据与东海实际DAS-VSP数据实验结果表明,该方法能有效地将P波和S波信号从单分量DAS-VSP数据中分离出来,可为后续纵横波速度反演、PP与PS波成像提供关键的数据预条件处理.

长庆安塞油田剩余油开发区DAS井地联采技术探索与实践

中国石油集团东方地球物理勘探有限责任公司结合长庆安塞油田开发区“三低”和“双复杂”的典型特点,面对老油田剩余油预测突出问题,从井地、井震协同一体化研究思路出发,开展国内首次面向开发区剩余油预测的多井DAS三维井地联采技术探索与实践,通过井地联合勘探实现地面地震测量和井中地震测量的优势互补,取得了良好成果。(1)通过井震同步井驱处理,三维地震资料保真度和分辨率明显提升,有效频带拓宽8%以上。(2)通过井地、井震一体化油藏静态描述剩余油预测研究,减少了单一地面地震解释成果多解性,可分辨更小地质单元,为油田精细开发提供了可靠的资料依据。(3)DAS三维井地联采配套技术支撑了安塞油田新增地质储量,并通过低产低效井组挖潜措施调整,提产效果明显。通过本次研究得出,井地联合立体探测是提升油田开发过程中微幅构造刻画和储层、流体预测精度的有效技术手段,形成的技术可推动物探技术向油田开发延伸、向井地立体探测发展,可为老油田稳产增效、推进高效开发提供支撑。

砂土含水率对DAS振幅响应影响的试验研究

利用分布式声波传感(DAS)技术和地下通讯光纤网进行周界安防(入侵)监控、管道泄漏监测、交通状况评估等是城市安全动态监测的新方向。为探究DAS监测过程中暗光纤周围岩土介质含水率变化对DAS振幅响应特性的影响,设计了小球撞击圆盘与小球直接撞击砂土面二种激振方式下五种质量含水率0%、5%、10%、15%和20%砂土的DAS振幅响应试验。试验结果表明:(1)小球自由下落撞击砂土面激发的振动信号和传感光纤圆环布设可提高DAS信噪比,试验装置可靠性高、试验结果重复性好;(2)受砂土似黏聚力和声波传播衰减两个因素共同影响,DAS信号振幅随砂土含水率变化存在一个临界含水率。当砂土含水率小于临界含水率时,DAS信号振幅随含水率增大而减小,而当砂土含水率大于临界含水率时,DAS信号振幅随含水率增大而增大;(3)因砂土似黏聚力作用和小球撞击时能量转化的差异,小球与砂土的接触形式对DAS振幅响应有显著影响。研究结果为城市地下工程安全动态DAS精细监测提供理论依据。

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.

Effects of financial development and capital accumulation on labor productivity in sub‑Saharan Africa:new insight from cross sectional autoregressive lag approach

This study aims to shed light on the effects of financial development and accumula-tion of capital on the productivity of labor in the sub-Sahara African region within the period of 1990–2018.In this work,we used the(dynamic)common correlated effects estimator-mean group and additional techniques such as cross-section autoregressive distributed lag to calibrate the sample into the African subregion to ensure robustness.The findings reveal that financial progress in the region over time leads to an increase in productivity of labor and also the accumulation of capital.Furthermore,financial markets have a progressive impact on the productivity of labor within sub-Saharan African regions.We extend the very limited literature on the nexus between financial development and labor productivity by incorporating capital accumulation into our model which has not been previously studied.

China's Actual Utilized Foreign Capital Reached New High in 2022

In 2022,China’ s actual utilized foreign capital reached a historical high.According to the data released by the State Council Information Office,China’s actual use of foreign capital continued to increase in 2022,reaching RMB 1.2trillion,which is a new high historically.

An Extended Fuzzy-DEMATEL System for Factor Analyses on Social Capital Selection in the Renovation of Old Residential Communities

China has been promoting the renovation of old residential communities vigorously.Due to the financial pressure of the government and the sustainability of the renovation of old residential communities,public-private partnerships(PPP)have already gained attention.The selection of social capital is key to improving the efficiency of the PPP model in renovating old residential communities.In order to determine the influencing factors of social capital selection in the renovation of old residential communities,this paper aims to find an effective approach and analyze these factors.In this paper,a fuzzy decision-making and trial evaluation laboratory(fuzzy-DEMATEL)technique is extended and amore suitable systemis developed for the selection of social capital using the existing group decisionmaking theory.In the first stage,grounded theory is used to extract the unabridged key influencing factors for social capital selection in the renovation of old residential communities.Secondly,by considering the impact of expert weights,the key influencing factors are identified.The interactions within these influencing factors are discussed and the credibility of the results is verified by sensitivity analysis.Finally,these key influencing factors are sorted by importance.Based on the results,the government should focus on a technical level,organizationalmanagement abilities,corporate reputation,credit status,etc.This study provides the government with a theoretical basis and a methodology for evaluating social capital selection.

Female directors in the boardroom and intellectual capital performance:Does the“critical mass”matter?

This research aims to investigate the influence of female directors on Intellectual Capital Performance(ICP)using a sample of manufacturing-listed companies in China.Our study investigates the link between having two or more female directors and the Modified Value-Added Intellectual Coefficient(MVAIC)methodology,employing the critical mass theory from 2004–2017.We find that having a critical mass of female directors(three or more)shows a significant positive impact on MVAIC and its components,including human capital efficiency,structural capital efficiency,relational capital efficiency,and physical capital efficiency,with physical capital being the critical driver.Our study reveals that the critical mass participation of female directors substantially influences the IC efficiency of privately owned companies compared to state-owned companies.Moreover,the number of female directors also affects the IC performance of manufacturing companies in multiple regions.Our findings support the validity of group classification identified by Kanter and Critical Mass Theory.To the best of our knowledge,this is one of the few pieces of research that studies the role of female board directors in IC performance and Chinese manufacturing firms using MVAIC as an IC measure.

A Study on Psychological Capital of Cultivating High-quality Professional Farmers in the Background of Rural Revitalization

Under the background of rural revitalization,high-quality professional farmers are the backbone of modern agriculture.The cultivation of high-quality professional farmers has developed rapidly and achieved particularly obvious results.The number and quality of professional farmers have been continuously improved,and the scope and level of security have been continuously improved,and remarkable achievements have been made.The significance of studying it lies in that,under the trend of developing modern agriculture,the change of psychological capital of high-quality professional farmers as the object of cultivation has an important influence on the effect of cultivation.Studying the change of psychological capital of high-quality professional farmers can better improve the enthusiasm of high-quality professional farmers and improve their sense of self-efficacy,cultivate optimism,increase resilience in the face of difficulties,and enhance hope for better development.By referring to relevant literature,the author learned the current research status of many aspects of the cultivation of high-quality professional farmers in China,and had a certain understanding of its current situation.At the same time,the cultivation of high-quality professional farmers in Shanghai is in the forefront of the whole country.The author takes the leaders of Shanghai Agricultural Cooperatives as the investigation objects,and based on the social capital theory,studies their psychological capital situation and the influence of external factors on psychological capital situation.Psychological capital emphasizes who you are and what you want to be,while social capital emphasizes who you know and focuses on networks and connections.It is hoped that this study can provide suggestions on how to effectively increase the psychological capital of high-quality professional farmers.

A Critical Review of the Effects of Stock Returns and Market Timing on Capital Structure

Capital structure is regarded as the combination of debt and equity firms used to finance operations and investments.The choice of capital structure significantly impacts a company’s cost of capital,profitability,and risk profile.Among a series of factors that affect capital structure,this paper focuses on stock returns and market timing.In this review,an array of papers is analyzed to summarize what current research claims regarding the influence of stock returns and market timing on capital structure.This paper centers on the stock return and market timing theories and also discusses other theories like the trade-off theory,the pecking order theory,and the signaling theory.

基于EMD-LSTM的DAS系统巷道安全监测方法

煤岩体的应力分布不均衡是造成巷道煤岩体坍塌的主要原因。实时了解和预测煤岩体安全性对保障煤矿安全生产和矿工生命安全具有重大意义。LSTM模型为光纤扰动预测提供了合适的技术方法,但光纤传感技术中后向瑞利散射信号具有非平稳特性,增加了预测难度。针对扰动预测精度低的问题,提出了一种基于EMD-LSTM的DAS系统巷道安全监测方法,以提高信号预测精度。使用EMD技术将解调信号分解成若干相对稳定的子序列,然后利用LSTM建模,通过多次迭代方式获得准确的预测结果。实验结果表明,该方法在保持实时性的同时,定位预测成功率达95%,预测解调信号波形失真度仅为0.035,较BP神经网络具有更优的综合性能和异常噪声数据消除效果,实现了精准预测,推动了DAS系统在结构检测中的实用化进程。

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.

Policy Capital Research on Cultivating High-Quality Farmers in the Context of Rural Revitalization

The Law of the People’s Republic of China on the Promotion of Rural Revitalization has come into effect on June 1,2021,which stipulates in Article 24 that the State shall improve the institutional mechanism for working with rural talents and promote the cultivation of high-quality farmers.In 2022 and 2023,the No.1 document of the Central Government both proposed“implementing a plan to cultivate high-quality farmers”,and in the report of the 20th Party Congress,General Secretary Xi once again emphasized“solidly promoting the revitalization of rural talents”.High-quality farmers have become the core talent component of the rural talent team.In this context,there is an urgent need for in-depth research on the cultivation of high-quality farmers in China.This paper takes the cooperative leaders in Shanghai as an example,summarizes the current situation of high-quality farmer cultivation in Shanghai through quantitative and qualitative analysis,and proposes policy capital,explores the remaining problems of high-quality farmer cultivation from the micro,meso and macro aspects of policy capital,and puts forward some targeted development opinions,hoping to help the cultivation of high-quality farmers.

基于无源移频MIMO实现传统单路DAS网络的性能提升研究

为了验证无源移频MIMO技术可有效提升5G室内网络性能,本文研究了在传统单路DAS场景下,通过进行无源移频MIMO改造提升5G上下行速率的试点情况。此研究给后续如何在现有5G室内网络低成本高效率提升5G网络性能提供了参考。

关节镜肘关节有限清理及松解术对风湿性关节炎肘关节僵直DAS28-CRP、HAQ等评分的影响及安全性分析

目的探究分析风湿性关节炎肘关节僵直患者接受关节镜肘关节有限清理并配以松解术联合治疗方案对其DAS 28-C反应蛋白检验结果、健康评估问卷(HAQ)评分结果的影响情况以及安全性。方法选取2022年1月-12月收治风湿性关节炎肘关节僵直患者33例,均在局部浸润麻醉下接受关节镜有限清理术,且对挛缩的关节囊与侧副韧带实施松解术,术后2周行随访调查,评价分析疾病活动评分(DAS 28-CRP检测结果、HAQ评分、Mayo肘关节功能评分、ROM屈伸功能评分)以及安全性情况。结果⑴相较于术前,术后2周DAS 28-CRP检测结果、HAQ结果改善效果明显,差异有统计学意义(P<0.05);⑵相较于术前,术后2周Mayo肘关节评分功能改善效果明显,日常活动能力明显升高,差异有统计学意义(P<0.05);⑶相较于术前,术后2周肘关节屈伸功能改善明显,差异有统计学意义(P<0.05)。肘关节僵直时间≥12个月的患者术后关节屈伸功能恢复程度,相较于<12个月患者明显较差,差异有统计学意义(P<0.05);⑷术后情况恢复良好,并发症发生率为0.00%。结论在风湿性关节炎肘关节僵直治疗中,运用关节镜肘关节有限清理并配以松解术联合治疗方案,能够有效改善患者的疼痛感,提高患者肘关节屈伸活动度,治疗安全性比较高,不会对患者自身带来极大伤害,使患者早日回归生活。

企业兼并整合管理的实证研究及启示——评GECapital成功的兼并整合管理

企业兼并尽管是企业扩张的有效途径 ,但在实践中有很高的失败率 ,其中很重要的原因是整合管理的失败。本文通过揭示GECapital成功整合管理的四大原则 ,从战略准备、专人负责、文化融合和计划调整四个方面提出了未来我国企业兼并整合管理可供操作的建议。

近代“Capital/资本”译名问题考略

本文以近代"Capital/资本"译名问题的确立过程为研究对象。作为一个在中国古典文献中早已存在,并且还被频繁使用的合成词,"资本"很早就成为"capital"的对译词。这一时期的"资本"只是作为一个表示金钱的普通词汇而存在,其在对译"capital"时的现代含义没有得到充分挖掘。从19世纪80年代开始,日文文献中也开始用"資本"去对译"capital"。并且由于相关介绍社会主义的译作、著作的缘故,"資本"开始首先在日语中获得了专业术语和政治术语的地位。此后,随着从日本而来的相关社会主义著作在中国的翻译和传播,在日语中作为一种专业术语和政治术语的"資本"一词也开始传入中国,这样,现代中国的"资本"一词也开始被作为"回归汉字借词"甚至是"日语新造借词"看待。