绿色信贷政策、ESG表现与高污染企业资本结构调整

绿色信贷政策作为结构性去杠杆的重要举措,对于高污染企业资本结构升级大有裨益。与此同时,ESG概念的提出明确了企业发展需着重考量环境(E)、社会(S)和公司治理(G)三方面的表现,即企业ESG表现也将作用于高污染企业资本结构调整。因此,论文以2011—2020年中国A股上市的高污染企业为研究样本,基于ESG表现视角,探究绿色信贷政策对高污染企业资本结构调整的作用效果。研究表明:1)绿色信贷政策显著促进高污染企业资本结构调整,区分企业负债水平后发现,相比于低负债企业,绿色信贷政策显著加快高负债污染企业的资本结构调整速度;2)绿色信贷政策会提升高污染企业的ESG表现,企业ESG表现会削弱绿色信贷政策对高污染企业资本结构调整的促进效果;3)在深入探讨企业融资约束和商业信用程度的异质性是否会影响绿色信贷政策的实施效果时,发现相较于面临弱融资约束和拥有高商业信用的企业,绿色信贷政策显著促进面临强融资约束和低商业信用的高污染企业调整资本结构。因此,探讨绿色信贷政策与高污染企业资本结构调整的关系对优化信贷资源配置、推动高污染企业绿色转型意义重大。

On China's Capital Controls

Ⅰ. Introduction In the wake of the Debt Crisis of the early 1980s, the World Bank pub-lished a report to summarize developing countries’ experience in utilizingforeign capital. According to the report, "Foreign finance can promotegrowth through higher investment and technology transfers. It can allowcountries to adjust gradually to new circumstances in the world economy.

New Basle Capital Agreement and Risk Management of China＇s Banking Industry

Adjustment of Basle Capital Agreement will influence the risk management and capital arrangement demand of the banks with different scales, operation level and environment. It will have widespread and profound effect on the competition strength of every country＇s banks in the global market. Starting with illustration of the present cond（tion of risk management in China＇s banks, the paper analyzes the major problems existing in the risk management system of China＇s banking industry, then puts forward some clues and suggestions to improve and better the risk management system of China＇s banking industry.

Application of 3S Technology in Dynamic Monitoring of Capital Farmland

Firstly,this paper introduces current situations of protection of capital farmland. According to current situations,it analyzes significance in protecting capital farmland and significance and functions of application of 3S technology in dynamic monitoring of capital farmland. With the aid of examples,it discusses functions of remote sensing and GIS in dynamic monitoring of capital farmland. It is believed that 3S technology not only can provide accurate parcel data of capital farmland changes for reviewing land change survey,but also can provide data for monitoring development situations of capital farmland,as well as provide basic current information for decision-making department.

Comparing complications of outpatient management of slipped capital femoral epiphysis and Blount’s disease:A database study

BACKGROUND Currents trends in pediatric orthopaedics has seen an increase in surgeries being successfully completed in an outpatient setting.Two recent examples include slipped capital femoral epiphysis(SCFE)and Blount’s disease.Surgical indications are well-studied for each pathology,but to our knowledge,there is an absence in literature analyzing safety and efficacy of inpatient vs outpatient management of either condition.We believed there would be no increase in adverse outcomes associated with outpatient treatment of either conditions.AIM To investigate whether outpatient surgery for SCFE and Blount’s disease is associated with increased risk of adverse outcomes.METHODS The 2015-2017 American College of Surgeons National Surgical Quality Improvement Program Pediatric Registries were used to compare patient characteristics,rates of complications,and readmissions between outpatient and inpatient surgery for SCFE and Blount’s disease.RESULTS Total 1788 SCFE database entries were included,30%were performed in an outpatient setting.In situ pinning was used in 98.5%of outpatient surgeries and 87.8%of inpatient surgeries(P<0.0001).Inpatients had a greater percent of total complications than outpatients 2.57%and 1.65%respectively.Regarding Blount’s disease,outpatient surgeries constituted 41.2%of the 189 procedures included in our study.The majority of inpatients were treated with a tibial osteotomy,while the majority of outpatients had a physeal arrest(P<0.0001).Complications were encountered in 7.4%of patients,with superficial surgical site infections and wound dehiscence being the most common.1.6%of patients had a readmission.No differences in complication and readmission risks were found between inpatients and outpatients.CONCLUSION The current trend is shifting towards earlier discharges and performing procedures in an outpatient setting.This can be safely performed for a large portion of children with SCFE and Blount’s disease without increasing the risk of complications or readmissions.Osteotomies are more commonly performed in an inpatient setting where monitoring is available.

Study on the Influence of Farmer Social Capital on Cooperative Supply Willingness of Agricultural Disaster Reduction Public Goods——Based on the Investigation on 515 Farmers

Based on social capital theory,related factors of three dimensions( structure dimension,cognition dimension and relation dimension) of farmer social capital are taken as independent variables,and famer's willingness to cooperatively supply agricultural disaster reduction public goods is taken as dependent variable. Taking 515 farmers in 27 villages of Hubei Province as investigation objects,the influence of farmer social capital on cooperative supply willingness of agricultural disaster reduction public goods is explored by Logistic regression model. Research results show that social solidarity,common value concept,social trust and reciprocal content have positive impact on farmer's willingness of cooperative supply,while annual household income,number of agricultural disaster reduction public goods and social network have negative impact on farmer's willingness of cooperative supply.

The Analysis of the Governance Effect of Chinese Public Corporation Based on Capital Structure

Under the existed system, the capital structure is the basis of the corporate governance, the structure of the corporate governance is the reflection of the capital structure. The choice of the capital structure decides the level of the corporate governance to a great degree. This paper discusses the governance effect of Chinese public corporation in the view of capital structure. At last, the author suggests that the government should change the state of state-owned stock which takes a great proportion, make the state-owned stocks and corporation stocks enter and circulate in the market, develop investment banks, promote the stockholder＇s rights to circulate and recombine, enhance the supervision and the management of the stock markets, perfect the mechanism of the market＇s operation, set up the mechanism of the way to protect to pay back the debt, perfect the system of bankruptcy and develop the way of bond-financing, offset the drawbacks of the indirect-financing among banks and so on. All of the advice was given to perfect the public company＇s capital structure and improve the efficiency of the corporate governance.

China’s Earliest Capital

Anyang City,one of the eight historical capitals in China,is famous for its long history and rich culture.As the earliest capital of China,it is home to the oracle-bone inscriptions,the earliest known form of Chinese writing.The city is also the birthplace,the Chinese classic text of I Ching also known as the Book of Changes.

Analysis of TEDA's Present Situation in Drawing Capital from Transnational Corporations and Its Measures

Ⅰ. The present Situation of Transnational Corporations’ Investment in TEDA (1 ) General situation Since its founding ten years ago, especially since 1992. TEDA has achieved encouraging successesin undertaking major projects. drawing the attention of leading consortia, omnibearingly solicitingbusiness and drawing foreign capital. By September 30, 1994, TEDA had approved 2054 solely for-

ANHUI PROVINCIAL PEOPLE'S GOVERNMENT DECIDES TO SPEED UP THE USE OF FOREIGN CAPITAL

On February 12,the Anhui ProvincialPeople’s Government made a decisionon the speeding up of the use of foreigncapital.The decision involved the followingseven aspects: 1.To seize the opportunity to reviseideology and to open up a new situation formaking use of foreign capital.The decisionurges the various localities to seize the righttime to shift their focus to making good useof their own advantages,and improving thelocal investment climate and the quality ofservice in the light of their actual conditionsso as to absorb more foreign funds.Meanwhile,enterprises must be led to face the marketand to join equal competition so as to pushforward the use of foreign funds to a

Relationship Between Firm’s Social Capital and Innovation Performance:A Meta-Analysis

Despite a surge of studies examining the impact of firm’s social capital on the innovation performance,empirical research shows controversial results.To resolve this problem,this paper conducted a meta-analysis to restudy the relationship between firm’s social capital and innovation performance based on the empirical research results of 63 independent samples.This paper also identified some moderators affecting this relationship.The results indicated that the firm’s social capital-innovation performance link was positive and significant(r=0.363),and the age of the firm and the cultural context affected the impact of social capital on innovation performance to a large extent.Based on these findings,this paper developed recommendations for future research.

Speeding Up Tianjin's Municipal Highway Construction By Making Full Use of Foreign Capital

To introduce foreign capital for the municipal highway construction is a great measure to meet the development of the socialist market economy and to reform the investment system for the municipal highway construction. The aim of the reform lies in taking the construction and management of the municipal highway facilities as an industry to operate, widening the investment channel of the municipal highway construction and gradually forming a benign cycle of investment-construc-

The Capital Iron and Steel Corporation's Fast Development of Exposer Trade

The Capital Iron and Steel Corporation (Shou Gang) is one of the eight major iron and steel companies in China and one of the first state-owned enterprises to be selected as a testing ground for the reform programme, since it was authorized to manage its own foreign trade in 1981, the Corporation’s export trade has expanded steadily. Especially since 1992, its development in foreign trade has skyrocketed because China Shou Gang International Trade Construction Company was approved to be set up. In 1993, it exported 239,700 tons of steel. Its foreign exchange income reached US$630 million, of which the Shou Gang’s self-managed exports took up US$96.98 million. During the

Foreign Capital in China's Power Industry

There were 75 medium-to-large projects attracting foreign capital in the power industry sector from 1979 to 1995, expanding the power capacity of China by about 49 million kilowatts and utilizing US$17.3 billion of contractual foreign capital, accounting for 10 percent of total investment in power development in the same period. For-

St.PeterSburg:Rusia's Northern Capital

1.The Hermitage Museum(interior) 2.St.Isaac's Cathedral 3.Alexander Column in Palace Square 4.

A Study on the Capital System Reform Tendency of Chinese company

This paper will analyze the history and evolvements of capital system in order to grasp the tendency of capital system reform. Managers should give more attention to the establishing of reform institution and the supervising of company capital system＇ s operation in the process of reform. Managers should also attach great importance to the third party and creditors when they value the interests of shareholders. It is imperfect to only emphasis or value the interests of the shareholders or the third party and creditors. In addition, creditor＇ s self-protection of civil action should obtain much more approaches in the process of reform.