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.

Liquidity Shock,Credit Constraint and the Development of Private vs.State-Owned Enterprises

Based on firm level data for the period of 1998-2007,this paper attempts to explain the growth differences between private enterprises and state-owned enterprises(SOEs)in China,in the context of liquidity shocks,and institutional and financial environments.It is found that(1)when liquidity tightens,the private enterprises face stricter credit constraints than SOEs,which restricts the development of private enterprise;(2)when liquidity becomes abundant,private enterprises face fewer financial limitations and grow much faster than SOEs;(3)the effect of liquidity shocks on the growth rate gap between private enterprises and SOEs has weakened during the period 2002-2007.These findings reveal that the credit discrimination against private enterprises can be mitigated by improving institutional and financial environments,which weaken the effects of liquidity shocks on firm growth.

Comparison of Entrepreneurship Environment for Executives between State-owned and Private Enterprises in China

This research aims at exploring the differences in the effects of environment on entrepreneurship growth between state-owned enterprises and private businesses. Through executive investigation, reasons are provided for better performance of private businesses. Environmental factors, including economic, legal, technological, cultural and social factors, which influence entrepreneurship growth, are examined to determine differences between state-owned enterprise and private business executives. It is found that the methods of executive assignment to managerial posts determine executives＇ effort towards entrepreneurship.

Private Placement,Employee Ownership Plan and Mixed Ownership Reform--A Case Study of Wuliangye Listed Company

The reform core of state-owned enterprises is to develop mixed-ownership’s economy effectively,therefore there are so many large-and medium-sized state-owned enterprises using a variety of resources,adopting various ways to realize mixed-ownership reforms,enriching the theories of mixed-ownership reform,and creating a large number of practical samples.Wuliangye Company,as a very famous making liquor company in China,has issued a large of new stocks to excellent dealers,administrative staffs,and outstanding employees,so that the company can draw into massive private capital in 2016,so Wuliangye Company have made the first step about mixed-ownership reform among Chinese state-owned enterprises.Through comparing the quantity of monetary capital and asset-liability ratio of Wuliangye Company before and after directional issuing new stocks,the distrust about only adding money and welfare tool for relative benefit people can be eliminated.Moreover,the affection of directional issuing new stocks can promote Wuliangye Company dealers and employees to hold shareholdings,and optimize ownership structure.Wuliangye Company has got the exploration for optimizing equity structure to solid foundation for speeding up stated-owned enterprises reform paces,also providing some useful experiences of other mixed-ownership reform,and the ways and patterns are worthy of learning and studying.

A Comparative Study of two Different Types of Enterprise Salary Mode

Human resource is the core of organizational development resources, the organization＇s competition more embodied in the talent competition. Pay as one of the important means of incentive talents, plays an important role in talent organization plan. Compensation management has become the core content of enterprise human resources management, compensation mode is about employee compensation management to study and the trend of the style, it provides reference for compensation managers implement compensation management activity basic paradigm or frame type style. Different modes of compensation, conveys the organization of different development direction, in determining job satisfaction, stimulate staff＇s work motivation, plays an important role in the enhancement enterprise cohesion, etc. This article through to the state-owned enterprise and private enterprise specific comparison on the differences of two compensation modes, to explore the adaptability of different mode of enterprise, for other enterprises to provide reference for reasonable and effective compensation system.

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.

Promoting Private Entrepreneurship for Deepening Market Reform in China： A Resource Allocation Perspective

After more than three decades of rapid growth, China＇s economy is going through an important turning point, where structural imbalances in both supply and demand sides must be addressed for a more moderate and sustainable growth path. By focusing on the structural changes to its ownership, a central element in China＇s economic transformation under market reform, the present paper highlights the importance of private entrepreneurship in deepening market reform and, thereby, in driving economic growth in a more efficient and sustainable way. Based on a perspective of resource allocation and a conceptual framework of entrepreneurship, the paper elaborates on the evolution of the private sector and its performance in the context of ownership reform, making comparisons with the performance of the state sector. The analysis suggests that there is further room for more productive use of economic resources, especially capital, land and natural resources, by increasing the participation of private entrepreneurs in industries with high entry barriers in favor of state-owned enterprises. Moreover, more competitive and equal access to productive resources through reform is needed to promote more productive entrepreneurship and to reduce rent-seeking activities.

The “China model” of SOE reform and its challenges

Editorial Note I Reform of state-owned enterprises (SOEs) has always been an important issue in economic and state policy circles.Through 30 years of reform,beginning in1978,China’s SOEs have achieved remarkable success.

A New Credit Spread to Predict Economic Activities in China

In recent years,the relationship between bond spreads and macro economy has been studied extensively by economists in western countries.However,few attentions were paid on this topic in China.This essay regards Chinese bond market as a complex system and constructs bond indices for China with the bottom-up approach.The authors use the data of 3,205 non-financial corporate bonds from February 2010 to October 2017 and construct a new spread noted as the PE SOE spread.The authors find that the PESOE spread has a negative impact on economic activities and has the best predictive ability at short-run forecasting horizons,owing to the institutional superiority of the stateowned enterprises in China.The Treasury bond yields are found to have the best predictive ability at long-run horizons.Both spread shock and Treasury yield shock could lead to deflation and declines in economic activities,and the Treasury yield shock has a more severe and persistent impact on the economy due to the financial accelerator mechanism.PESOE spread is proved to be a better indicator for Chinese corporate bond market and can be widely used not only in future Chinese economic studies,but also for Chinese government’s macroeconomic monitoring and warning.

民营企业身份认同与审计师选择

民营企业是推动质量强国建设、促进经济社会发展和共同富裕的重要力量,民营企业身份认同问题深刻影响其审计师选择的经营行为。本文以2003-2021年我国沪深A股非金融类上市民营企业数据为样本,考察民营企业身份认同问题对审计师选择的影响及其作用途径。研究发现,身份认同问题降低民营企业对高质量审计师的选择意愿,且短视行为、经营风险和额外成本在其中发挥部分中介作用。进一步研究发现,这一影响关系在市场化水平低的地区、《关于完善产权保护制度依法保护产权的意见》颁布前更为显著。本文从民营企业身份认同问题这一新视角拓展审计师选择的相关研究,厘清民营企业身份认同问题与审计师选择之间的作用机理,为推动政府依法保护民营企业产权和企业家权益、提升民营企业经济绩效,促进我国经济高质量发展提供经验证据和政策参考。