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 State-Owned Capital Participation on ESG Performance of Private Enterprises

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.

Environmental Capital,Negative Externality and Carbon Finance Innovation

In the context of global climate change,the internalization of negative externality,which is brought about by the traditional mode of economic growth,has become an inevitable choice.In order to achieve the internalization,it is necessary to make innovations on the market mechanism and system,find the value of environmental capital,establish a new mode of economic growth based on environmental capital,and then transform the environmental capital,an exogenous factor of economic growth,into an endogenous factor.Of this,the key of market mechanism and system innovation is the financial innovation that is based on environmental capital and negative externality;the government defines the initial property right of environmental resources and establishes environment energy trading market,so as to guide enterprises to trade environmental resources(represented by carbon emission permit trading) based on the Clean Development Mechanism,and to vigorously develop environmental finance and carbon finance.

A joint inventory–finance model for coordinating a capital‑constrained supply chain with financing limitations

Faced with economic recession,firms struggle to find ways to stay competitive and maintain market share.Effective coordination of the supply chain can solve this problem,but this may fail if existing capital constraints and financial flows are ignored.This study addresses the challenge by exploiting coordination through joint decision-making on the physical and financial flows of a capital-constrained supply chain.We also consider the capital-constrained member’s financing limitations that lead to lost sales.Two scenarios based on non-coordinated and coordinated structures are modeled in the form of bi-objective optimization problems that simultaneously optimize system costs and service levels.The models are solved using the -constraint method.The results indicate that the non-coordinated model cannot satisfy more than about 50%of the demand due to capital shortage and financing limitations,while the coordinated model can satisfy all of the demand via internal financing.Furthermore,the proposed coordination scheme leads to cost reduction for the members and the total system.To motivate all members to accept the proposed coordination scheme,a cost-sharing mechanism is applied to the coordination procedure.Finally,a sensitivity analysis concerning financial parameters is provided for validating the coordination model.

Female directors in the boardroom and intellectual capital performance:Does the“critical mass”matter?

This research aims to investigate the influence of female directors on Intellectual Capital Performance(ICP)using a sample of manufacturing-listed companies in China.Our study investigates the link between having two or more female directors and the Modified Value-Added Intellectual Coefficient(MVAIC)methodology,employing the critical mass theory from 2004–2017.We find that having a critical mass of female directors(three or more)shows a significant positive impact on MVAIC and its components,including human capital efficiency,structural capital efficiency,relational capital efficiency,and physical capital efficiency,with physical capital being the critical driver.Our study reveals that the critical mass participation of female directors substantially influences the IC efficiency of privately owned companies compared to state-owned companies.Moreover,the number of female directors also affects the IC performance of manufacturing companies in multiple regions.Our findings support the validity of group classification identified by Kanter and Critical Mass Theory.To the best of our knowledge,this is one of the few pieces of research that studies the role of female board directors in IC performance and Chinese manufacturing firms using MVAIC as an IC measure.

Mixed oligopoly,state-owned banks’shareholding reform and foreign capital penetration

This paper examines the impact of the policy on eliminating the ratio of foreign shareholding in banks in a mixed oligopoly model.Its analytic results show that state-owned banks should encourage privatisation along with an increasing proportion of the domestic share in multinational banks.Furthermore,we argue that the increase in domestic stockholding of multinational banks raises domestic private firms’profits but decreases their social welfare in the deposit market.The results of numerical simulation show that when the quantity of private banks is fixed,foreign banks tend to enlarge their stake and strengthen their controlling power.

Impact of carbon disclosure on debt financing costs

Creditors,such as banks,often use disclosed environmental information to assess a company’s environmental risk and ensure the safety of debt funds.Consequently,carbon disclosures have become an important consideration for creditors when making investments.This study explores the relationship between carbon disclosure and debt financing costs using data on listed companies from 2008 to 2019.The results show that carbon disclosure can reduce the debt financing costs of enterprises,and that this influence is more significant for private companies than for state-owned enterprises.Instrumental variables and Propensity Score Matching(PSM)were used to evaluate the robustness of negative relationships.Furthermore,carbon disclosure has a more significant impact on debt costs with less environmental supervision pressure,weak residents’environmental awareness,and weak product market competition.These findings provide guidance for companies’carbon information disclosure and support the establishment of official carbon disclosure standards.

Will the State-owned Capital Transfer Policy Enhance the Sustainability of the Urban Employee Basic Pension Insurance Fund in China?

To analyze the efect of the state-owned capital transfer policy on the sustainability of China's urban employee basic pension insurance fund(CUEBPIF),this study develops an actuarial model for pension insurance.The results reveal the following:(i)Without policy intervention,the CUEBPIF would face a deficit in 2027 and a cumulative shortfall of RMB207.44 trillion by 2050,and the proportion of fiscal subsidies for the CUEBPIF in the total fiscal expenditure would increase to 12.86 percent in 2050.(i)Based on a delayed retirement policy,the transfer of 10 percent of state-owned capital can delay the onset of the fund deficit by 6 years,and the accumulated shortfall in 2050 would fall to RMB39.42 trillion,and the proportion of fiscal subsidies would decrease by I1.77 percentage points.(ii)The state-owned capital transfer policy can improve the sustainability of the CUEBPIF and reduce the burden of enterprise social security contributions when the transfer ratio increases to 20 percent.

Effort Levels of Capital-constrained Retailer under Bank Financing

In a supply chain with a retailer confronted with financial constraints,impacts on profits of the supply chain can be alleviated by increasing the retailer's efforts and market demand through external financing( bank). If the cost of bank lending is not very high,the capitalconstrained retailer can borrow money and make efforts. The reduction of bank interest rates,however,increases the retailer's efforts. We prove that there is a unique equilibrium point between the retailers. We find out the optimal interest rate of the bank and the optimal efforts by the retailer through numerical analysis and verify validity of the results.

The Impact of Capital Requirements on Companies＇ External Financing

The new prudential standards implemented by the Basel Committee treat banks＇ capital as a foundation for safety. The appropriate level of bank＇s capital helps to manage all kinds of risks with the special attendance on credit risk. The adequate capital base enables absorbing losses and maintaining bank＇s stability. The necessity to fulfill the capital requirements influences banks＇ credit policy and, as a result, the access to companies＇ external financing. The main purpose of the paper is to present the impact of the capital requirements implemented by Basel Committee （Basel III requirements） on companies＇ access to external finance. The paper discusses the changes in credit standards, the companies＇ external financing and formulates the prerequisites for the further development of companies＇ external financing. The paper contains the empirical data for largest European euro area countries regarding the GDP.

Financing & Capital-running of a Large Hydropower Project——10 years' financing strategy & practices in the Three Gorges Project

By summing up ten years’ decision making and practices in the Three Gorges Project(TGP)financing, this paper makes a thorough going analysis of the characteristics of financing and capital running in this large hydropower project. Meanwhile,the proposals are also presented in this paper for how to optimize the financing structure, lower the financing cost and set up a carrier for durative financing and capital running of this large hydropower project.

Dynamic Control and Optimization of Capital-Constrained Stochastic Inventory Systems

For most firms,especially the small-and medium-sized ones,the operational decisions are affected by their internal capital and ability to obtain external capital.However,the majority of the current studies on dynamic inventory control ignore the firm’s financial status and financing issues completely.An important question that arises is:what are the dynamic optimal inventory and financing policies for firms with limited capital and limited access to external capital?In this paper,we review some of the latest developments in this area.After a brief review of single period models,we focus on multi-period dynamic control of the firm who aims to optimize its xpected terminal wealth.Two cases are discussed in detail:self-finance and short term finance.In the first case,the firm has to rely on its own capital for all ordering decisions,while in the second,the firm can borrow short term loan from lenders.A detailed characterization of the optimal policy is presented and its managerial insights are discussed.Several possible extensions are suggested.

The impact of working capital management on credit rating

This study investigates the possible nonlinear relationship between working capital and credit rating.Furthermore,it examines the relationship between the three components of working capital(inventory,accounts receivable,and accounts payable)and a firm’s credit rating.Employing data for U.S listed firms for the period between 1985 and 2017,the results of our ordered probit model show a nonlinear relationship between working capital and its components and credit rating.Finally,we find that the deviation from the optimal working capital adversely affects the credit rating.The results of this study are of significant importance for policy makers,managers,decision makers,and credit-rating agencies,as they help highlight the importance of working capital management for a firm’s credit rating.

Capital Structure of Start-ups： Evidence on Non-accounting Characteristics

Research is scarce on non-financial characteristics, including owner characteristics and their influences on capital structure in the establishment phase. The objective of this study is to examine the factors affecting firms＇ availability of external finance, utilizing a sample of Finnish start-up micro firms. The overall purpose is not to produce a comprehensive model for capital structure, but to illustrate the importance of non-accounting characteristics in explaining the attractiveness of the new venture from the lender＇s point of view. The results show that a founder who has prior work experience from the same sector and has little or no personal financial property seems to have higher leverage. After splitting the data into survived and failed firms, lenders viewed work experience positively only in the sample of failed firms. In addition, limited liability companies, firms located in bigger cities, and firms with good demand evaluated by the lender have a lower level of leverage.

Logic paradox under current corporate finance

The current corporate finance is based on the theory framework of new classical economics. Therefore, the main contents such as free cash flow, NPV method and capital structure decision-making are still based on the balanced price of product and capital markets, they still can＇t reflect the essential character of corporation. The logic paradox, causes the current corporate finance study under a more and more embarrassing circumstance in the front of enterprise financial management practice, with the feature of value management.

An Empirical Test of Optimism Bias in Capital Budgeting Decisions

Behavioral finance is a field that is scrutinizing the adequacy of traditional financial theories using insights from the disciplines of psychology and sociology. Many studies within its realm test the stock market behaviors, and behavioral phenomena are still to be tested in the area of corporate finance. This study aims to contribute to the behavioral corporate finance literature by a research in one of the psychological phenomena affecting the decision makers＇ abilities to reach conclusions rationally. In this study, it is aimed to investigate one of the biases, namely, the optimism bias in corporate capital budgeting decisions. Optimism in decision making can be associated with estimating lower costs and higher revenues. Thus, by assessing the forecasts of decision makers, the existence of optimism in their decisions is tried to be seen. This study aims at contributing to the literature in that it is conducted in an emerging country like Turkey.

Research on Labor Reallocation Efficiency of State-owned Industries

This article,which is based on panel data of Chinese state-owned industrial enterprises over the period 2006-2011,analyzes Labor reallocation Efficiency of State-Owned Enterprises with Syrquin＇s analysis of the total Reallocation effect of Resources. The results show that：①Labor allocation efficiency keeps a high level all the time;②The contribution that labor Reallocation efficiency makes to the growth of labor productivity has been at a low rate. Therefore, our government had better deepen the reform of state-owned enterprises and the evolvement of marketization

The Financing Situation and Suggestion of the Construction of Indemnificatory Housing in the Background of Land Finance Transformation

In recent years, the Chinese government has taken lots of measures to expand domestic demand and promote economic growth in response to the financial crisis. Accelerating the construction of indemnificatory housing is one of the most important measures. In order to solve the problem of the insufficient supply of the indemnificatory housing, the government speed up the construction of indemnificatory housing and constantly expand the scale of the construction. With the increase of indemnificatory housing, the problem of construction fund is increasingly highlighted. Large-scale construction of indemnificatory housing in the short term results in large funds pressure. Indemnificatory housing fund has several notable features, it requires a large demand for money and the capital turnover time is quite long. Also, its poor liquidity makes it difficult to get your money out at any time. In this article, the present situation and existing problems of indemnificatory housing are analyzed, the countermeasures and suggestions are put forward combining the capital sources of indemnificatory housing, so as to provide reference for indemnificatory housing financing.

A Literature Review of the Influence of Social Capital on Commercial Credit

As a typical informal system,social capital plays an important supplementary role in China’s economic transition period.Informal finance based on commercial credit plays a role in the economic cycle.However,there is currently a lack of literature to directly examine the impact of social capital on the use of commercial credit by enterprises.This article aims to systematically sort out the theoretical development of social capital on commercial credit,which mainly includes the definition of social capital,its effects,the influencing factors of commercial credit,and the summary of the existing research results of social capital on commercial credit.It is hoped that this literature review will provide guidance for future research.

知识资本对企业数字化转型的影响机制

基于知识基础理论,采用2010—2021年中国A股上市公司为研究对象,实证考察知识资本对企业数字化转型的直接影响与通过缓解融资约束而产生的间接影响以及环境动态性和丰富性在知识资本与企业数字化转型之间的调节作用。研究表明,知识资本有效促进企业数字化转型,在一系列稳健性检验后依旧成立。知识资本对企业数字化转型的促进作用是通过缓解融资约束来实现的;环境动态性负向调节、环境丰富性正向调节该促进作用。进一步检验发现,在国有产权、高科技行业样本中,知识资本对企业数字化转型的影响更显著。研究结论为指导企业利用知识资本促进数字化转型提供经验启示。