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.

Spatio-Temporal Impact of Rural Livelihood Capital on Labor Migra- tion in Panxi, Southwestern Mountainous Region of China

Labor migration to urban centers is a common phenomenon in the Panxi region of the southwestern mountainous region of China, mainly owing to inadequate livelihood capital in rural areas. Numerous studies have been conducted to explore the relationship between labor migration and its causes, such as individual and family characteristics, but few studies have focused on livelihood capital. This paper examines the impact factors on labor migration employment location selection and duration from a household livelihood capital perspective. A case study of 279 households from 10 villages in the area was carried out in February 2016. We used both qualitative and quantitative methods to analyze the data. On the basis of the 279 questionnaires, the proportion of households with non-labor migration is 48.4%, whereas households with labor migration within a local city and migration across regions account for 28.7% and 22.9%, respectively. Social, financial, and human capitals are the primary factors that influence migrants' employment location choice positively. Among them, social capital has a significant impact on both migration within a local city and across regions; each of the regression coefficients is 1.111 and 1.183. Social, human, and financial capitals also have a positive impact on the duration of labor migration, and similarly, social capital is the highest coefficient with 2.489. However, physical capital only partly impacts labor migration across regions, whereas the impact of labor migration within a local city, and the duration, are not significant. Furthermore, the impact of household natural capital on migration space and time are all negative relationships, especially for labor migration across the regions and duration, with coefficient scores of 4.836 and 3.450, respectively. That is to say, a laborer is inclined to migrate within a local city for a short term, or not migrate at all, if natural capital is abundant. Our analysis results show that household livelihood capital has a strong spatio-temporal impact on labor migration.

Investments in Human Capital： Elements of Investments, Their Valuation, and the Related Financial Performance Ratios

Investments in human capital （employees） include investments in the direct assurance of working abilities, investments in health and well-being, and investments in loyalty to the company. These investments are crucial for the long-term existence and development of a company, but their value is not disclosed on the assets side of the classical balance sheet. The most important argument of the mentioned approach＇s promoters is that the economic benefits stemming from such investments are uncertain. However, investments in human capital are those with the highest long-term benefits for the company. Therefore, human capital is the only element of the business process that can add value. Other elements （equipment, materials, and services） just transfer their value to products and services. In this paper, the elements of investments in human capital and the methods used to evaluate these investments are addressed. In addition, uniquely shaped financial performance ratios related to investments in human capital are presented along with the system of integrated ratios.

China's Industrial Upgrade and Human Capital Improvement

Based on statistics, this paper reviews China＇s economic growth and industrial upgrade since the reform and opening up in 1978 and estimates the contribution of industrial restructuring to economic growth. With the years of schooling as the proxy variable of human capital, this paper describes changes in China＇s labor competence during the industrial restructuring process. Then, this paper estimates China＇s future human capital demand and shortage based on economic and demographic forecast. Lastly, this paper proposes recommendations for improving human capital in China with skills development and education.

The Relationship Between Intellectual Capital （IC） and Stock Market Performance： Empirical Evidence From Italy

Intellectual capital （IC） is an important source of value for companies. The competitive firm invests in new productive ideas through scientific and technological researches of the human factor and services. The traditional factors of＂old economy＂ based on physical assets have been replaced or at least reinforced, with the belief that the ＂new economy＂ takes its steps mainly through IC. The knowledge workers, at every organizational level, have the knowledge that allows the organization to be competitive and deal with the complexity of the environment by creating intellectual added value. In particular, the proposed analysis consists with an empirical way to show other financial indicators and market-to-book （MTB） value from the perspective of creating value for shareholders based on the dynamics of companies＇ performance, as value-added intellectual capital （VAICTM） is capable of expressing a direct relationship with the return on equity （ROE）. The traditional financial information cannot ensure the high efficiency of a stock market and the need for IC reporting to explain intangible asset contribution in company performance.

Effect of Turkish Bank Capital Structure of Basel Ⅱ Criteria

Performing the functions of the bank＇s own funds lack of funds, those living in them to pass on more of those who use and quite a large amount of capital to determine the risks and managing them are facing. Chain of crises in financial markets spread to other sectors see that starting. This phenomenon depending on the potential risks of financial market actors, and especially banks, system identification, measurement, and control needs to be increased. This is referred to as the Basel Accords, depending on the needs the agreement of risk management has emerged. At first glance, the Basel Ⅱ Accord in terms of risk management in financial institutions risk management recommendations to the perception of the principles of the Basel Ⅱ Accord, but with a specific timetable, gradually emerges as a set of rules that must be passed as risk management. Finally, the financial crisis spread across the world from the United States, how much it reveals that risk management in the financial markets. In this study, capital adequacy ratio （CAR） banks operating in Turkey＇s correlation analysis investigated the effect of the banks.

Investment Problems of China Rural Human Capital

The rural human capital refers to the condensation of the physical body, knowledge, skills, and all the abilities that can improve the capacity of the rural labor productivity. The ability is a form of human capital stock and it plays an important role in China＇s development of rural economy and society, but at present the situation of investment in human capital in rural areas is not optimistic. A lot of problems need to be solved such as the inadequate total investment and the irrational structure, as to these issues, strategies and recommendations were proposed in order to strengthen the human capital investment.

Working Capital Management and Firms’ Profitability: Evidence from Quoted Firms on the Nigerian Stock Exchange

Over the years, it appeared that firms failed to subject short-term investments to proper management thereby leading to either excessive or inadequate working capital which in turn affected their profitability. To empirically satisfy this, this paper examined working capital management and firms’ profitability in Nigeria quoted firms on Nigerian Stock Exchange (NSE). A panel data methodology was used with different regression estimators to analyze this relationship based on a balanced panel of 10 listed firms during the period 2008-2017. It was discovered that cash collection period and cash payment period exerted a negative impact on return on assets, though the impact was only significant for cash payment period on the ground of −0.064 (p = 0.000 −0.032 (p = 0.077 > 0.05). Also discovered was that both the current ratio and inventory period exerted a positive impact on return on assets, though the impact was only significant for current ratio on the ground of 8.172 (p = 0.000 0.05). The study concluded that working capital management affected firms’ profitability in Nigeria. Therefore it was recommended that while the shorter collection was maintained, payment to creditors should not be elongated so as to enjoy cash discount (if any) and that firms should be proactive in the management of raw materials in order to avoid idle resources that might negatively impact their financial performance.

Piketty’s Capital-Income Theory Reconsidered for a Small Open Economy with Increasing Savings Rate

Since Piketty offered a new view of capital/income ratio, numerous attempts have been made to examine the relationship between return on capital, economic growth and the capital/income ratio. This paper attempts to shed new light on this field. More precisely, following recent literatures that pay attention to dynamics of external balance sheets of countries, we examine if Piketty’s results for large countries are robust for a country that takes the world rate of return on capital as given and whose savings rate increases gradually from negative value. It is revealed that for such a country, (1) Kuznets curve is drawn and (2) capital/income ratio decreases in accordance with a rise in savings rate and return on capital.

The Cause Analysis of College Student Human Capital Depreciation in China

Human capital depreciation can be divided into stock depreciation and utility depreciation, which will cause the waste of human capital investment, and let human capital value fail to fully embody, affecting social development. In the critical time of China facing population aging and economic transformation, as the new human capital of the labor market, college students play an important role to social and economic development. Therefore, preventing and mitigating their human capital depreciation is necessary. This article focus on human capital investment and configuration stage, analyze the influence of unreasonable human capital investment system and separate labor market segmentation system to college student human capital depreciation, and put forword the corresponding countermeasures.

Calibrating the Level of Capital： The Way We See It

This paper aims to propose a framework for estimating the optimal levels of capital at banks, elaborating factors such as liquidity and macroeconomic conditions. Firstly, as a preamble, the authors attempt to reorganize the variety of policy proposals for enhancing financial sector regulation. In light of the broad perspective of the prudential policy framework, the authors discuss the role of bank capital in enhancing banking-sector resilience. Secondly, the authors lay out an early warning system （EWS） to predict a financial crisis where the role of capital and liquidity are explicitly captured. Then, the authors apply the EWS as a component of a cost-benefit analysis （CBA） to gauge the benefit from raising capital and liquidity requirements, as more stringent regulations are expected to reduce the probability of financial ,crisis. On the other hand, financial-sector regulations should come along with certain costs. To quantify the cost, the authors employ some existing macroeconomic models to estimate the cost of raising capital and liquidity requirements. Combining the EWS （for benefit calculation） with the macroeconomic models （for cost calculation）, the authors provide a full-fledged CBA framework that can detemaine the optimal levels of capital that strike the right balance between the costs and benefits of the financial-sector regulation. The main results indicate that the optimal level of bank capital would considerably vary depending on the level of liquidity indicators both on the asset and liability sides of banks＇ balance sheets as well as macroeconomic conditions, typically represented by housing market inflation. Finally, the CBA framework suggests that banks could stand in a better shape with a counter-cyclical capital buffer to be well-prepared for a prospective distress.

Research on Human Capital and Higher Education Based on the Perspective of Employment of College Students

The status of human capital should match economic development. Researching the unemployment of college students firstly needs to know about the economic development stage and economic structure in China. Employment of college students not only is the problem of unbalanced supply and demand of college students, but also has close relationship with supply-demand relationship of higher education market. Employment of college students has relationship with two markets, education market and labor market, in which higher education supply is middle. For two markets, the decision-making subject make the optimal decision according to the principle that marginal income is equal to marginal cost. Under the specific economic development stage and economic structure in China, the family has greater requirement on higher education in education market, and the supply of higher education is insufficient. For labor market, economic development is difficult to fully absorb the existing college graduates, and the supply of higher education is excess. The imbalance of two markets causes the increase of supply pressure of higher education and idle human resource.

Determinant Factors of Capital Structure of Firms-An Empirical Analysis Based on Evidence From Chinese Listed Retail Companies

This paper investigates the effectiveness of various factors upon the capital structure decisions of Chinese firms by conducting an empirical analysis of Chinese-listed retail companies.An unbalanced panel dataset was formed with a sample of 110 companies observed for 12 years(2010~2021).Each observation is measured quarterly.Traditional explanatory variables are adopted in the study,including profitability,company size,tangibility of assets,internal financing ability,tax ratio,growth opportunities,and volatility.By employing the Fama-Macbeth approach,the regression results are interpreted to determine the impact of independent variables upon the leverage a company takes on.To solve the reverse causality problem,we include the lag term(last quarter’s data)of the debt-to-equity ratio as control variables.Consistent with previous theoretical and empirical studies,firms’leverage ratio is positively related to size,tangibility,tax ratio,and last quarter’s debt level.Companies’profitability and internal financing ability are negatively correlated with their debt-to-equity ratio.Firms’earning volatility and growth opportunities do not show significant relationship with the debt-to-equity ratio.The study has provided more empirical evidence on capital structure theories regarding emerging financial markets.

从劳资对立到相互成就:对抗性劳动法制的反思和变革

西方资本主义国家的劳动法制以“劳资对立”为基础和逻辑,背景是大机器生产时代阶级对立的雇佣关系和中重度体力劳动,我国现行劳动法制在一定程度上受其影响。社会主义不存在劳动者和企业之间关系的根本性矛盾,而且公有制在我国占主导地位,劳动者远超“劳工”范围;普遍的脑力劳动和轻微体力劳动,高度市场化和科技进步条件下的灵活生产、工作,冲击着僵化的劳动法制;随着社会进步,越来越多的人出于兴趣志向和事业追求而工作;中国共产党的领导,确保中国不存在也不允许出现既得“利益集团”。故应当在此新的历史条件和国情基础上,构建一种劳动者和企业相互成就的和谐劳动关系与包容、柔性的社会主义劳动法制,一体适用于各种经营性的雇佣及劳动合作,劳动事故和失业等风险概由社会保险暨社会承担以解决个别企业经营及市场竞争的后顾之忧。

我国资本市场开放能否促进企业自主创新?——基于“沪深港通”交易制度的经验证据

自主创新能力提升是增强企业核心竞争力的关键因素,深入探究资本市场开放如何支持企业自主创新对于培育创新型经济发展至关重要。本文基于“沪深港通”交易制度的实施构造准自然实验,以识别资本市场开放对企业自主创新的影响。结果表明,我国资本市场开放通过优化投资者结构,降低企业风险承担,促使劳动力技能升级,最终助推企业自主创新能力提升。异质性分析表明,在融资约束较高、外部融资依赖程度较高、行业竞争度较高、全要素生产率较高、内部治理效率和外部监督水平较高的企业中,资本市场开放对其自主创新能力的助推效应更为凸显。“沪深港通”交易制度实施对标的企业周边非上市企业的自主创新及当地的创新创业活动均具有显著的正向溢出效应。本研究不仅为促进实体经济创新型发展提供新经验证据,也为完善金融支持创新体系提供重要的理论指导。

社会信用与企业韧性——基于社会信用体系改革试点的准自然实验

在当前全球经济环境不稳定的背景下,如何增强企业韧性是所有企业都要面临的重要问题。文章基于2007—2021年我国A股上市公司的平衡面板数据,测度了企业韧性水平,并以城市社会信用体系改革试点作为一项准自然实验,运用多时点DID模型实证检验了社会信用对企业韧性的影响。结果表明:社会信用提升能够显著增强企业韧性;社会信用主要通过提高城市人力资本水平、降低企业交易成本和提升企业劳动生产率三个机制来增强企业韧性。异质性分析发现:社会信用对企业韧性的增强作用在内部治理水平较低企业、非国有企业、市场化程度较低地区中的效果更大。文章为研究企业韧性的影响因素提供了新的视角,对如何增强企业韧性、实现企业高质量发展具有一定的启示。

数字劳动主体困境的生成机理与规制路径

数字劳动是数字时代全新的劳动范式。在资本逻辑统摄下,数字生产被以数字技术为中介的资本增殖所控制,形成了一个以数据为核心要素、以程序算法为生产条件的新剥削系统。资本逻辑全面渗入劳动主体的生活领域,推动着资本主义剥削系统从“物化系统”转变为“物性秩序”。在这一秩序内,数字劳动者被置于全时段和全领域的资本规训下,劳动者的主体性进一步丧失。数字技术强化了资本的社会权力属性,创造了数据这一新的生产要素,进一步剥夺了数字劳动者的自主性,数字劳动主体从“机器附庸”转变为“数字附庸”。破解数字劳动的主体困境,必须从社会主义制度入手,打破数字资本与数字技术之间以赚取最大利润为目的而加剧的劳动异化,规制数字资本的负面效应,将数字劳动创造的社会财富回归于人本质的占有。

劳动收入变化中的要素收入结构和技能溢价:理论与估计

提高劳动报酬在收入分配体系中的比重是构建新发展格局和实现共同富裕的重要驱动力,本文基于2010—2021年沪深A股上市公司构成的面板数据,从技能溢价和劳资收入比的视角出发,采用固定效应和Tobit模型探讨其对劳动收入份额的影响、作用机制以及其中存在的异质性。研究发现,技能溢价和劳资收入比对劳动收入份额呈显著的负向影响,在经过内生性问题处理和一系列稳健性检验后,结论依然成立。进一步研究发现,技能劳动雇佣比对技能溢价有显著的负向影响。因此,应继续推动技术创新和引导技术进步,改善不同技能劳动要素收入及资本要素收入的关系,以实现高质量发展与共同富裕的双赢。

低碳技术发展产业链风险评估

“双碳”目标下,低碳技术将迎来大规模发展,传统技术被加速替代,会对产业链相关行业原材料、资金、劳动力需求以及污染物排放等产生直接影响。因此,亟须提前评估低碳技术发展可能引发的关键要素失衡以及部分行业环境影响攀升风险,以避免威胁产业链安全,制约“双碳”目标实现。为此,选取未来有望大规模普及的电解水制氢、电化学储能、低碳发电技术、电弧炉炼钢技术及多通道燃煤等10类低碳技术作为研究对象,评估2024—2030年各项技术大规模普及对产业链相关行业原材料、资金、劳动力需求和污染物排放的综合影响,识别潜在风险。结果表明:钴、铜、镍、锂、锰等关键矿产资源对外依存度高且未来需求增长快,面临短缺风险相对更大;发展光伏发电技术对资金的需求最大;电化学储能技术普及引致的劳动力需求增长最快;关键低碳技术产业链上游的电气机械和器材制造业将面临严峻的资金和劳动力供给不足风险;煤炭采选业将面临一定的劳动力过剩风险;金属矿采选业将面临较大的环境污染上升风险。并进一步针对技术、组件、上中下游行业可能面临的风险提出了应对策略。

财产权的张力:洛克与马克思

洛克作为近代政治哲学财产权思想的开创者,在《政府论》中从自然权利论说出发,提出“劳动创造价值”的劳动所有权思想。马克思继承了洛克劳动所有权思想的核心,在劳动价值论的基础上发现剩余价值,揭露资本家对劳动者剩余价值的无偿占有,开启了财产权的资本逻辑批判。在《资本论》中,马克思发现资本主义财产权是以劳动所有权为外在形式,背后隐匿着否定自我所有的资本所有权,揭示了财产权的现代分离。马克思将洛克的劳动所有权发展为劳动力所有权,在重建个人所有制中实现人的自我所有,完成了对财产权的正义建构。