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.

Impact of web-based positive psychological intervention on emotions,psychological capital,and quality of life in gastric cancer patients on chemotherapy

BACKGROUND Gastric cancer is a malignant digestive tract tumor that originates from the epithelium of the gastric mucosa and occurs in the gastric antrum,particularly in the lower curvature of the stomach.AIM To evaluate the impact of a positive web-based psychological intervention on emotions,psychological capital,and quality of survival in gastric cancer patients on chemotherapy.METHODS From January 2020 to October 2023,121 cases of gastric cancer patients on chemotherapy admitted to our hospital were collected and divided into a control group(n=60)and an observation group(n=61)according to the admission order.They were given either conventional nursing care alone and conventional nursing care combined with web-based positive psychological interventions,respectively.The two groups were compared in terms of negative emotions,psychological capital,degree of cancer-caused fatigue,and quality of survival.RESULTS After intervention,the number of patients in the observation group who had negative feelings toward chemotherapy treatment was significantly lower than that of the control group(P<0.05);the Positive Psychological Capital Questionnaire score was considerably higher than that of the control group(P<0.05);the degree of cancer-caused fatigue was significantly lower than that of the control group(P<0.05);and the Quality of Life Scale for Cancer Patients(QLQ-30)score was significantly higher than that of the control group(P<0.05).CONCLUSION Implementing a web-based positive psychological intervention for gastric cancer chemotherapy patients can effectively improve negative emotions,enhance psychological capital,and improve the quality of survival.

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.

Construction of Regional Ecological Capital Operation Mechanism System from the Perspective of Green Economy Development

Green development has gradually become the main theme of the current world economic development.Green transformation development and cracking the contradiction between ecology and economy need to build an effective ecological capital operation system and mechanism to support,encourage the effective operation of regional ecological capital,promote the appreciation and preservation of ecological capital,and escort the operation.This paper constructs a four-in-one regional ecological capital operation mechanism system,in which the"accumulation mechanism"is the prerequisite,the"conversion mechanism"is the key link,the"compensation mechanism"is an important supplement,and the"incentive mechanism"is the safeguard measure,which aims to ensure the smooth progress of the construction of beautiful China in the new era and realize the socialist modern power.

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.

Venture Capital Syndication under Social Network Theory:Literature Review and Prospect

As an important channel for start-ups to obtain R&D funds and external knowledge and information resources,and as one of the key methods for investment institutions to leverage scale and synergy effects to enhance investment returns,venture capital syndication holds significant research value in the field of venture capital.This paper reviews the literature,summarizing the motivations behind the formation of joint investment networks,the conceptual characteristics of the three core theories of social network theory,and the empirical research on venture capital syndication within the framework of social network theory.It also highlights the existing research results,identifies gaps,and anticipates future research directions.

On Daniel Bell's The Cultural Contradictions of Capitalism

This article makes a brief introduces to Daniel Bell's The Cultural Contradictions of Capitalism which explores how a bourgeois economy coexists with an anti-bourgeois culture. This article is comprised of four parts including the concept of culture、the disjunction of three realms(economics, politics and culture)、the cultural contradictions of capitalism and the evaluation on Daniel Bell's theory. It offers a close look into the inner relation between different spheres in the capitalist society illustrated in Bell's book, and Bell's theory in terms of cultural contradictions of capitalism will be concretely elaborated.

On the Industrial Capitalism(Reflected) in the Red Badge of Courage

Stephen Crane' s The Red Badge of Courage adopted the industrial capitalism as response to his motif to indicate that industrial capitalism had a swift development in 1890s in America,and meanwhile his novel was greatly influenced.

THE SPIRIT OF CAPITALISM, NON-EXPECTEDUTILITY AND ASSET PRICING

This paper investigates testable restrictions on the time-series behavior of consumption and asset returns implied by a representative agent model with the spirit of capitalism in which intertemporal preference is represented by a utility function that generalizes conventional, time-additive, expected utility. In the recursive structure of preference, the author examines the implication for cosumptions, portfolio holdings, and stock-market prices when investors accumulate wealth not only for the sake of consumption but also for wealth-induced social status. When investors care about relative social status, the propensity to consume and risk-taking behavior will depend on social standards, and stock prices will be volatible. Hence, the spirit of capitalism seems to be a driving force behind stock-market volatility and economic growth. Because the elasticity df substitution and the coefficient of relative risk aversion are independent and the spirit of capitalism is introduced, the equity premium puzzle can be partially explained in the model.

On Reformation and the Development of Capitalism

Due to Reformation movement in the 16th century,Protestantism came into being.Lutheranism,Calvinism and Puritanism rationalized and justified worldly economic activity.The Protestant asceticism was considered favorable to the development of capitalistic economy.Religious reform was in a certain degree beneficial to the development of capitalism.This thesis mainly discusses the influence of Reformation upon the development of capitalism.

Development,Capitalism Transformation and Marxism

Development,Capitalism Transformation and

Three Tales of Capitalism and Creative Economy

The aim is to examine how the creative economy develops in shareholder,state,and stakeholder capitalism.In the shareholder capitalism,the creative economy is headed by large companies in cooperation with governments,which replicate pregiven formulas of governance with no consideration of local specificities,and reinforces the exclusion of small and medium-sized creative enterprises.The state capitalism has the government authorities as the main drivers of the creative economy’s growth,which is usually connected to their political interest in preserving authority and manipulating the population.In the stakeholder capitalism,companies should pay their fair share of taxes,show zero tolerance for corruption,uphold human rights throughout their global supply chains,and advocate for a competitive level playing field.These elements create the specific conditions for a more diversified set of actors leading the initiatives dedicated to the development of creative economy.

The Spiritual Principles of Restorative Justice and the Efficiency Principles of Modern Capitalism:A Path Towards Reconciliation?

Restorative justice represents a paradigm shift away from a retributive approach to justice to one of restoration as a way of healing the harms to individuals and communities that have been affected by crime.It works from a recognition and acceptance of the interrelationships and interdependencies of individuals within a community.Sustainable development operates from the same point of view,recognizing that to heal and sustain the physical environment,interrelationships and interdependencies must be recognized.In the restorative process,in order for a healing to take place the victim’s voice is made prominent and the offender must take responsibility and be accountable for the harm that has occurred.In the context of more and more acceptance by corporations of the importance of sustainability,and by inference the acceptance of the paradigm shift that sustainability relies on,will corporations become ready to participate in restorative processes?

The Ethical Foundation Underlying the Spirit of Capitalism:A Comparative Study of Max Weber and Yu Yingshi

This paper makes a comparative study of Max Weber's The Protestant Ethic and The Spirit of Capitalism and Yu Yingshi's The Confucion Ethic and the spirit of Merchants,in order to conclude the similarities in the two ethics underlying the development of capitalism.

How Capitalism Creates Peace in Don Quixote While Non-Capitalism Induces Violence

This article reasons that free-market capitalism produces peace in Don Quixote while its absence induces violence. Specifically, it shows readers： that when Don Quixote＇s characters inherit peace transpires but when they are extorted gore happens; that a modem salary causes peace in Don Quixote while a feudal Mercedes causes conflict; that when contracts are honored Don Quixote＇s characters are calm but when contracts are breached its＇ characters are violent; that figures in Don Quixote who work for a living are tranquil while those who do not work fight; that peaceful capitalism in Don Quixote is separate from, and better than, violent corsair anti-capitalism; thatCapitalism＇s profit motive does not cause slavery in Don Quixote but feudal suppression of human fi＇eedom does; that peaceful economic justice is adjudicated by civil judges, such as Sancho Panza, while bloody economic injustice is inflicted by either vigilantes （in Don Quixote＇s Case） or monarchical brutality （in the Holy Brotherhood＇s case）; and penultimately, that when the novel＇s financial disputes are decided by law courts peace ensues but when they are not violence happens.Finally, this article fmishes, by enumerating specific areas of future research on capitalism in Don Quixote. Scholars interested in Emre Gurgen＇s full scholarship, can visit his personal author website at www.don-quixote-explained.com

In the Arms of Unconsciousness:Capitalism,Creative Economy,and the End of Rest in Gustavo Vinagre’s Unlearning to Sleep

The aim of the article is to explore the relation among capitalism,creative economy,and the end of rest in Gustavo Vinagre’s movie Unlearning to Sleep.The main argument indicates that,in the context of the imperatives within the inhumane temporalities of the 24/7 society,sleep and rest may represent an inevitable and anomalous resistance to the demands of the capitalist order in which creative economy is immersed and exposed in the movie.

ONGOING PREDICAMENTS OF CAPITALISM AND FUTURE TREND OF WORLD ORDER

According to the viewpoint of historical materialism,the economic base determines the superstructure.In the long process of its development,capitalism has not only shaped political and economic institutions within countries but also profoundly impacted the development and transition of the world order.However,since the international financial crisis

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.