This paper explores the influence of the State Capital Investing and Operating Company(SCIOC)pilot reform on SOE bailout using a staggered differencein-differences model.Based on a sample of listed SOEs during 2011-20...This paper explores the influence of the State Capital Investing and Operating Company(SCIOC)pilot reform on SOE bailout using a staggered differencein-differences model.Based on a sample of listed SOEs during 2011-2018,we find that when the real controllers of listed SOEs enter the list of SCIOCs,soft budget constraints are alleviated and listed subsidiaries are less likely to become distressed.Mechanism tests indicate that SCIOCs help distressed firms through exiting the market,reducing bank loans,enhancing corporate governance,and improving operating efficiency.Heterogeneity tests show that the effect of SCIOC establishment is more significant in central and western regions,in public welfare and special function industries,for central SCIOCs,for state capital investing companies,when firms are organized in more layers,and for firms that engage in M&As.The empirical results show that the implementation of SCIOCs benefits both micro-enterprise development and state capital layout optimization.展开更多
The EU starts to worry about a possible domino effect from bailouts dragging down the entire euro zone While there has l o n g b e e n anticipation of Portugal’s need for an economic bailout,the country’s formal req...The EU starts to worry about a possible domino effect from bailouts dragging down the entire euro zone While there has l o n g b e e n anticipation of Portugal’s need for an economic bailout,the country’s formal request on April 6 still dealt a sobering blow to the current crisis in the EU.展开更多
Heavily calcified coronary lesions continue to represent a challenge for percutaneous coronary intervention(PCI),as they are difficult to dilate,and it is difficult to deliver and implant drug-eluting stents(DES)prope...Heavily calcified coronary lesions continue to represent a challenge for percutaneous coronary intervention(PCI),as they are difficult to dilate,and it is difficult to deliver and implant drug-eluting stents(DES)properly.Poor stent deployment is associated with high rates of periprocedural complications and suboptimal long-term clinical outcomes.[1]Thanks to the introduction of several adjunctive PCI tools,like cutting and scoring balloons,and to the novel intravascular lithotripsy technology,the treatment of such lesions has become increasingly feasible,predictable and safe.展开更多
基金supported by the Project of the Institute for State-Owned Enterprises,Tsinghua University(Research on the Improvement of State-Owned Capital Distribution based on the perspective of the State Capital Investing and Operating Company,No.iSOEYB202212)the Key Project of the National Natural Science Foundation of China(No.71790603)
文摘This paper explores the influence of the State Capital Investing and Operating Company(SCIOC)pilot reform on SOE bailout using a staggered differencein-differences model.Based on a sample of listed SOEs during 2011-2018,we find that when the real controllers of listed SOEs enter the list of SCIOCs,soft budget constraints are alleviated and listed subsidiaries are less likely to become distressed.Mechanism tests indicate that SCIOCs help distressed firms through exiting the market,reducing bank loans,enhancing corporate governance,and improving operating efficiency.Heterogeneity tests show that the effect of SCIOC establishment is more significant in central and western regions,in public welfare and special function industries,for central SCIOCs,for state capital investing companies,when firms are organized in more layers,and for firms that engage in M&As.The empirical results show that the implementation of SCIOCs benefits both micro-enterprise development and state capital layout optimization.
文摘The EU starts to worry about a possible domino effect from bailouts dragging down the entire euro zone While there has l o n g b e e n anticipation of Portugal’s need for an economic bailout,the country’s formal request on April 6 still dealt a sobering blow to the current crisis in the EU.
文摘Heavily calcified coronary lesions continue to represent a challenge for percutaneous coronary intervention(PCI),as they are difficult to dilate,and it is difficult to deliver and implant drug-eluting stents(DES)properly.Poor stent deployment is associated with high rates of periprocedural complications and suboptimal long-term clinical outcomes.[1]Thanks to the introduction of several adjunctive PCI tools,like cutting and scoring balloons,and to the novel intravascular lithotripsy technology,the treatment of such lesions has become increasingly feasible,predictable and safe.
