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 ...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.展开更多
As an important pillar of national economic development,state-owned enterprises,their operational efficiency,and risk management ability are directly related to the stability and security of the national economy.As an...As an important pillar of national economic development,state-owned enterprises,their operational efficiency,and risk management ability are directly related to the stability and security of the national economy.As an important part of enterprise management,internal control management plays an irreplaceable role.Especially in the current domestic and international economic situation is complex and changeable,market competition is increasingly fierce environment,to strengthen the internal control management of state-owned enterprises and risk prevention measures is particularly important.This paper starts with the importance of internal control management and risk prevention for state-owned enterprises,and analyzes the problems and strategies in the internal control management and risk prevention of state-owned enterprises,in order to build a more comprehensive and efficient risk management system for state-owned enterprises to adapt to the ever-changing market environment and realize sustainable development.展开更多
Innovation is the source of power for high-quality development,and a relaxed institutional arrangement is a necessity for promoting innovation in enterprises.This paper examines the impact of fault tolerance on corpor...Innovation is the source of power for high-quality development,and a relaxed institutional arrangement is a necessity for promoting innovation in enterprises.This paper examines the impact of fault tolerance on corporate innovation,theoretically analyzes the positive effects of fault tolerance on stimulating innovation,and estimates the influence of fault tolerance on corporate innovation by using the panel data of listed manufacturing companies from 2007 to 2019,taking the quasi-natural experiment of fault-tolerance system in various places since the new round of stateowned enterprise(SOE)reform.This study finds that the fault-tolerance system has significantly improved the R&D investment and patent application of the pilot SOEs,but the incentive effect is mainly reflected in the utility model patents;fault-tolerance system mainly promotes corporate innovation by alleviating managers’career worries and improving governance ability.Furthermore,the fault-tolerance system is more effective for small and medium-sized SOEs with low market competition and can alleviate the restriction of agency cost on corporate innovation.In addition,the fault-tolerance system has not yet had a significant spillover effect on private enterprises.These results show that in the SOE reform,it is necessary to strengthen the institutional arrangement of fault tolerance and create a relaxed environment to encourage innovation;it is necessary to organically integrate fault-tolerancesystem design into executive measurement and corporate governance,promote faulttolerant system to be implemented in a wider range of enterprises,and enhance the incentive effect on high-quality innovation.展开更多
In the 21st century,with the development of the Internet,mobile devices,and information technology,society has entered a new era:the era of big data.With the help of big data technology,enterprises can obtain massive ...In the 21st century,with the development of the Internet,mobile devices,and information technology,society has entered a new era:the era of big data.With the help of big data technology,enterprises can obtain massive market and consumer data,realize in-depth analysis of business and market,and enable enterprises to have a deeper understanding of consumer needs,preferences,and behaviors.At the same time,big data technology can also help enterprises carry out human resource management innovation and improve the performance and competitiveness of enterprises.Of course,from another perspective,enterprises in this era are also facing severe challenges.In the face of massive data processing and analysis,it requires superb data processing and analysis capabilities.Secondly,enterprises need to reconstruct their management system to adapt to the changes in the era of big data.Enterprises must treat data as assets and establish a perfect data management system.In addition,enterprises also need to pay attention to protecting customer privacy and data security to avoid data leakage and abuse.In this context,this paper will explore the thinking of enterprise human resource management innovation in the era of big data,and put forward some suggestions on enterprise human resource management innovation.展开更多
This study explores the risk control and response strategies of state-owned enterprises in the context of big data.Global economic uncertainty poses new challenges to state-owned enterprises,necessitating innovative r...This study explores the risk control and response strategies of state-owned enterprises in the context of big data.Global economic uncertainty poses new challenges to state-owned enterprises,necessitating innovative risk management approaches.This article proposes response strategies from four key aspects:establishing a proactive risk management culture,building a foundation in technology and data,conducting big data-driven risk analysis,and implementing predictive analysis and real-time monitoring.State-owned enterprises can foster a proactive risk management culture by cultivating employee risk awareness,demonstrating leadership,and establishing transparency and open communication.Additionally,data integration and analysis,leveraging the latest technology,are crucial factors that can help companies better identify risks and opportunities.展开更多
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 ...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.展开更多
By the end of the century, the reform and development of China’s state-owned enterprises will create new prospects. The reform of state-owned foreign economic and trade enterprises should also see further breakthroug...By the end of the century, the reform and development of China’s state-owned enterprises will create new prospects. The reform of state-owned foreign economic and trade enterprises should also see further breakthroughs. At present, the following aspects are important: 1. Implement a Holdings System in the Reform of State-owned Foreign Economic and Trade Enterprises. The holdings system plays a major role in transferring the management mechanism of state-owned foreign economic and展开更多
This study focusses on the relationship between China’s accession to the World Trade Organisation(WTO)and its reform of stateowned enterprises(SOEs)and suggests that the major incentive for the Chinese government to ...This study focusses on the relationship between China’s accession to the World Trade Organisation(WTO)and its reform of stateowned enterprises(SOEs)and suggests that the major incentive for the Chinese government to join the WTO is to promote economic reforms through overcoming domestic obstacles.After other options such as decentralisation,legalisation,and privatisation failed to enhance viability of SOEs,the Chinese government began to rely on international institutions to enhance its credibility and harden the budget constraints on SOEs.The WTO is one of the most important international organisations and has binding force for its member states.China’s participation in the WTO will effectively harden budget constraints on its SOEs and improve the efficiency of these enterprises through introducing competition into the domestic market.Historical data support our argument and indicate that China has effectively enhanced the credibility of government commitments and promoted the reform of its SOEs since its accession to the WTO.展开更多
State-owned enterprises are important pillars of socialism with Chinese characteristics,and the modernization of their governance system and governance capacity is an important part of the modernization of the nationa...State-owned enterprises are important pillars of socialism with Chinese characteristics,and the modernization of their governance system and governance capacity is an important part of the modernization of the national governance system and governance capacity.Through case study and specific practice,this paper carries out an in-depth thinking and serious analysis on how to promote the modernization of the governance system and governance capacity of state-owned enterprises under the new situation and requirements.This paper puts forward three kinds of management and control mechanism to enhance core competence in addition to the specific implementation path by using digital governance means.展开更多
This paper analyzes the three main fundamental issues in the design of China's ETS pilots,including allowance allocation,price mechanism and state-owned key enterprises,and proposed suggested solutions.For the iss...This paper analyzes the three main fundamental issues in the design of China's ETS pilots,including allowance allocation,price mechanism and state-owned key enterprises,and proposed suggested solutions.For the issue of allowance allocation,we suggest that the gradual hybrid mode could be applied at the beginning,which starts with mainly free allocation and then increases auction ratio gradually.And grandfathering is a suitable method of free allocation.For the issue of price mechanism,we suggest a price floating zone with open market operation to reduce the uncertainty of prices.For the issue of state-owned key enterprises,we suggest a good coordination with SASAC,defining the state-owned property right and supervision right when state-owned key enterprises are involved into the carbon market,and the local government can set rules of allocation and transaction to limit their potential market power.展开更多
基金supported by the National Natural Science Foundation of China,“State-owned Capital Participation and Financial Behavior of Private Enterprises:A Study from the Perspective of‘Balance’and‘Complementarity’of Multiple Major Shareholders”(Grant No.72202230).
文摘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.
文摘As an important pillar of national economic development,state-owned enterprises,their operational efficiency,and risk management ability are directly related to the stability and security of the national economy.As an important part of enterprise management,internal control management plays an irreplaceable role.Especially in the current domestic and international economic situation is complex and changeable,market competition is increasingly fierce environment,to strengthen the internal control management of state-owned enterprises and risk prevention measures is particularly important.This paper starts with the importance of internal control management and risk prevention for state-owned enterprises,and analyzes the problems and strategies in the internal control management and risk prevention of state-owned enterprises,in order to build a more comprehensive and efficient risk management system for state-owned enterprises to adapt to the ever-changing market environment and realize sustainable development.
基金This paper is supported by the National Major Project Social Science Fund of China“Quality Governance System and Policy Research to Promote High-quality Development”(No.18ZDA079)Chinese Academy of Social Sciences’Innovation Engineering Project“Mechanism and Effect Evaluation of New-Era Growth Drive Transformation”(No.IQTE2020-01)China Academy of Social Sciences Youth Research Project“Research of Multi-level Capital Market Supporting Corporate innovation for High-Quality Development”(No.IQTE2019QNXM).This paper wins the third prize of Excellent Youth Economics Paper of Chinese Academy of Social Sciences(2022).
文摘Innovation is the source of power for high-quality development,and a relaxed institutional arrangement is a necessity for promoting innovation in enterprises.This paper examines the impact of fault tolerance on corporate innovation,theoretically analyzes the positive effects of fault tolerance on stimulating innovation,and estimates the influence of fault tolerance on corporate innovation by using the panel data of listed manufacturing companies from 2007 to 2019,taking the quasi-natural experiment of fault-tolerance system in various places since the new round of stateowned enterprise(SOE)reform.This study finds that the fault-tolerance system has significantly improved the R&D investment and patent application of the pilot SOEs,but the incentive effect is mainly reflected in the utility model patents;fault-tolerance system mainly promotes corporate innovation by alleviating managers’career worries and improving governance ability.Furthermore,the fault-tolerance system is more effective for small and medium-sized SOEs with low market competition and can alleviate the restriction of agency cost on corporate innovation.In addition,the fault-tolerance system has not yet had a significant spillover effect on private enterprises.These results show that in the SOE reform,it is necessary to strengthen the institutional arrangement of fault tolerance and create a relaxed environment to encourage innovation;it is necessary to organically integrate fault-tolerancesystem design into executive measurement and corporate governance,promote faulttolerant system to be implemented in a wider range of enterprises,and enhance the incentive effect on high-quality innovation.
文摘In the 21st century,with the development of the Internet,mobile devices,and information technology,society has entered a new era:the era of big data.With the help of big data technology,enterprises can obtain massive market and consumer data,realize in-depth analysis of business and market,and enable enterprises to have a deeper understanding of consumer needs,preferences,and behaviors.At the same time,big data technology can also help enterprises carry out human resource management innovation and improve the performance and competitiveness of enterprises.Of course,from another perspective,enterprises in this era are also facing severe challenges.In the face of massive data processing and analysis,it requires superb data processing and analysis capabilities.Secondly,enterprises need to reconstruct their management system to adapt to the changes in the era of big data.Enterprises must treat data as assets and establish a perfect data management system.In addition,enterprises also need to pay attention to protecting customer privacy and data security to avoid data leakage and abuse.In this context,this paper will explore the thinking of enterprise human resource management innovation in the era of big data,and put forward some suggestions on enterprise human resource management innovation.
文摘This study explores the risk control and response strategies of state-owned enterprises in the context of big data.Global economic uncertainty poses new challenges to state-owned enterprises,necessitating innovative risk management approaches.This article proposes response strategies from four key aspects:establishing a proactive risk management culture,building a foundation in technology and data,conducting big data-driven risk analysis,and implementing predictive analysis and real-time monitoring.State-owned enterprises can foster a proactive risk management culture by cultivating employee risk awareness,demonstrating leadership,and establishing transparency and open communication.Additionally,data integration and analysis,leveraging the latest technology,are crucial factors that can help companies better identify risks and opportunities.
基金Guangzhou Social Science Planning Project“Research on Countermeasures for Improving the Quality of New Professional Farmers in One Core,One Belt,and One District under the Background of Rural Revitalization”(Project No.2022GZGJ31)。
文摘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.
文摘By the end of the century, the reform and development of China’s state-owned enterprises will create new prospects. The reform of state-owned foreign economic and trade enterprises should also see further breakthroughs. At present, the following aspects are important: 1. Implement a Holdings System in the Reform of State-owned Foreign Economic and Trade Enterprises. The holdings system plays a major role in transferring the management mechanism of state-owned foreign economic and
文摘This study focusses on the relationship between China’s accession to the World Trade Organisation(WTO)and its reform of stateowned enterprises(SOEs)and suggests that the major incentive for the Chinese government to join the WTO is to promote economic reforms through overcoming domestic obstacles.After other options such as decentralisation,legalisation,and privatisation failed to enhance viability of SOEs,the Chinese government began to rely on international institutions to enhance its credibility and harden the budget constraints on SOEs.The WTO is one of the most important international organisations and has binding force for its member states.China’s participation in the WTO will effectively harden budget constraints on its SOEs and improve the efficiency of these enterprises through introducing competition into the domestic market.Historical data support our argument and indicate that China has effectively enhanced the credibility of government commitments and promoted the reform of its SOEs since its accession to the WTO.
文摘State-owned enterprises are important pillars of socialism with Chinese characteristics,and the modernization of their governance system and governance capacity is an important part of the modernization of the national governance system and governance capacity.Through case study and specific practice,this paper carries out an in-depth thinking and serious analysis on how to promote the modernization of the governance system and governance capacity of state-owned enterprises under the new situation and requirements.This paper puts forward three kinds of management and control mechanism to enhance core competence in addition to the specific implementation path by using digital governance means.
基金supported by Asian CORE program"Manufacturing and Environmental Management in East Asia" of the Japan Society for the Promotion of Science(JSPS)supported by the 2010 Key Project of Philosophy and Social Sciences Research,Ministry of Education:"Research on China's Emissions Trading System under Low-carbon Economy Transformation"(Grant No.10JZD0018)+1 种基金the New Century Excellent Talents Support Plan,Ministry of Education(Grant No.NCET-10-0646)the Key Project of the National Social Science Foundation of China(Grant No.12&ZD059)
文摘This paper analyzes the three main fundamental issues in the design of China's ETS pilots,including allowance allocation,price mechanism and state-owned key enterprises,and proposed suggested solutions.For the issue of allowance allocation,we suggest that the gradual hybrid mode could be applied at the beginning,which starts with mainly free allocation and then increases auction ratio gradually.And grandfathering is a suitable method of free allocation.For the issue of price mechanism,we suggest a price floating zone with open market operation to reduce the uncertainty of prices.For the issue of state-owned key enterprises,we suggest a good coordination with SASAC,defining the state-owned property right and supervision right when state-owned key enterprises are involved into the carbon market,and the local government can set rules of allocation and transaction to limit their potential market power.