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.

Internal Control Management and Risk Prevention Measures of State-Owned Enterprises

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.

Does Property Rights Reform Improve the Efficiency of China's State-owned Banks?

China ＂s state-owned banks have undergone radical changes over the past two decades, including partial privatization and listing in both the Hong Kong Stock Exchange and the Shanghai Stock Exchange. This paper evaluates the effects of these changes by analyzing the efficiency of Chinese banks over the period 1998-2012 using two frontier techniques and comparative analysis. The findings suggest that the performance and technical efficiency of the Big Four banks improved considerably after property rights reform, but this improvement is not sufficient to keep the banks at the production frontier. Tobit regressions confirm that static ownership effects are negative but that the property rights reform has had significant and positive effects on the technical efficiency of state-owned commercial banks. GDP growth and the financial crisis have had positive effects on the efficiency of Chinese banks, which is more significant for joint stock commercial banks than state-owned commercial banks. The results indicate the value of ownership reforms of state-owned asset management companies and insurance companies and the establishment of a countercyclical capital buffer.

An 80-GHz DCO utilizing improved SC ladder and promoted DCTL-based hybrid tuning banks

An 80-GHz DCO based on modified hybrid tuning banks is introduced in this paper.To achieve sub-MHz frequency res-olution with reduced circuit complexity,the improved circuit topology replaces the conventional circuit topology with two binary-weighted SC cells,enabling eight SC-cell-based improved SC ladders to achieve the same fine-tuning steps as twelve SC-cell-based conventional SC ladders.To achieve lower phase noise and smaller chip size,the promoted binary-weighted digi-tally controlled transmission lines(DCTLs)are used to implement the coarse and medium tuning banks of the DCO.Compared to the conventional thermometer-coded DCTLs,control bits of the proposed DCTLs are reduced from 30 to 8,and the total length is reduced by 34.3%(from 122.76 to 80.66μm).Fabricated in 40-nm CMOS,the DCO demonstrated in this work fea-tures a small fine-tuning step(483 kHz),a high oscillation frequency(79-85 GHz),and a smaller chip size(0.017 mm^(2)).Com-pared to previous work,the modified DCO exhibits an excellent figure of merit with an area(FoMA)of-198 dBc/Hz.

The Mechanism of Internet Finance on the Assets and Business of Commercial Banks in China

Internet finance has structural impact and market impact on commercial banking.Various forms of Internet finance such as third-party payment,crowdfunding,P2P lending,and internet money funds have emerged.Due to their low cost,high efficiency,and diversification characteristics,an increasing number of people are utilizing Internet finance for their businesses.This trend significantly affects traditional commercial banking operations and presents challenges.In order to gain competitive advantages through Internet finance,this paper explores how commercial banks can leverage their traditional business models.It introduces the concept,model,and characteristics of Internet finance;analyzes the importance of asset management for commercial banks;examines the influence of Internet on commercial bank’s asset management;finally proposes countermeasures for the development of Internet finance.It is advocated that commercial banks should actively explore the road of“structured finance”with all-round structural reform in the future.

Developing an Abstraction Framework for Managing and Controlling Saudi Banks’ Cybersecurity Threats Based on the NIST Cybersecurity Framework and ISO/IEC 27001

Saudi Arabian banks are deeply concerned about how to effectively monitor and control security threats. In recent years, the country has taken several steps towards restructuring its organizational security and, consequently, protecting financial institutions and their clients. However, there are still several challenges left to be addressed. Accordingly, this article aims to address this problem by proposing an abstract framework based on the National Institute of Standards and Technology (NIST) Cybersecurity Framework and International Organization for Standardization/International Electrotechnical Commission (ISO/IEC 27001). The framework proposed in this paper considers the following factors involved in the security policy of Saudi banks: safety, Saudi information bank, operations and security of Saudi banks, Saudi banks’ supplier relationships, risk assessment, risk mitigation, monitoring and detection, incident response, Saudi banks’ business continuity, compliance, education, and awareness about all factors contributing to the framework implementation. This way, the proposed framework provides a comprehensive, unified approach to managing bank security threats. Not only does the proposed framework provide effective guidance on how to identify, assess, and mitigate security threats, but it also instructs how to develop policy and procedure documents relating to security issues.

Research on Influencing Factors and Countermeasures of Risk Control of State-Owned Enterprises under the Background of Big Data

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.

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.

Automated Clearing System on Deposit Money Banks’Performance:Experience from the Nigerian Banks

This study majorly examined the effect of automated cheque clearing system on banks.Specifically,this study examined the effect of automated cheque clearing system on total deposits of deposit money banks in Nigeria.Data were extracted from the CBN Statistical Bulletin(2020).Using the ordinary least square method of analysis via E-views 10,the findings of the study revealed that deposit money banks’total deposits increased significantly owing to the decline in the value of cheques cleared,since the adoption of the automated cheque clearing system in Nigeria.Guided by the findings of this study,the researcher recommended that the regulatory authorities and banks should continue to liaise with each other on how to improve the efficiency of automated services so as to improve customer satisfaction and patronage.

Spatiotemporal characteristics of seed rain and soil seed bank of artificial Caragana korshinskii Kom. forest in the Tengger Desert, China

Vegetation restoration and reconstruction are effective approaches to desertification control and achieving social and economic sustainability in desert areas.However,the self-succession ability of native plants during the later periods of vegetation restoration remains unclear.Therefore,this study was conducted to bridge the knowledge gap by investigating the regeneration dynamics of artificial forest under natural conditions.The information of seed rain and soil seed bank was collected and quantified from an artificial Caragana korshinskii Kom.forest in the Tengger Desert,China.The germination tests were conducted in a laboratory setting.The analysis of species quantity and diversity in seed rain and soil seed bank was conducted to assess the impact of different durations of sand fixation(60,40,and 20 a)on the progress of vegetation restoration and ecological conditions in artificial C.korshinskii forest.The results showed that the top three dominant plant species in seed rain were Echinops gmelinii Turcz.,Eragrostis minor Host.,and Agropyron mongolicum Keng.,and the top three dominant plant species in soil seed bank were E.minor,Chloris virgata Sw.,and E.gmelinii.As restoration period increased,the density of seed rain and soil seed bank increased first and then decreased.While for species richness,as restoration period increased,it gradually increased in seed rain but decreased in soil seed bank.There was a positive correlation between seed rain density and soil seed bank density among all the three restoration periods.The species similarity between seed rain or soil seed bank and aboveground vegetation decreased with the extension of restoration period.The shape of the seeds,specifically those with external appendages such as spines and crown hair,clearly had an effect on their dispersal,then resulting in lower seed density in soil seed bank.In addition,precipitation was a crucial factor in promoting rapid germination,also resulting in lower seed density in soil seed bank.Our findings provide valuable insights for guiding future interventions during the later periods of artificial C.korshinskii forest,such as sowing and restoration efforts using unmanned aerial vehicles.

Research on Early Warning of Banking Crises from the Perspective of Credit Structures

The relationship between credit expansion and banking crises is complex and cannot be fully explained by total credit alone.A systematic analysis of the relationship between the amount and structure of total credit and banking crises is important for an objective prediction of the influence of potential financial risks.This paper,drawing on data from 15 selected countries,delves into the power of credit indicators in the early warning of banking crises from the perspectives of industrial structure,sector structure,and term structure of credit.Various machine learning methods were used,including Logistic Regression,Random Forest,Decision Tree,Support Vector Machine(SVM),Bagging,and Boosting models.The empirical findings indicate that credit expansion plays a crucial role in triggering banking crises.However,total credit is better suited for the early warning of short-term banking crises,whereas credit structure is more useful for the early warning of long-term banking crises.Moreover,in an early warning system,identifying key early warning indicators is more meaningful than merely increasing the number of indicators.Machine learning can somewhat enhance the early warning power,but it may not always be robust.Therefore,more attention should be paid to potential systemic banking crises resulting from an imbalance in credit structure while regulating the total credit threshold.

ISO Certification and Technical Efficiency in the Banking Sector:An Evidence from WAEMU’s Countries Using the DEA Method

In the view of the international organization of standardization,the introduction of ISO standards is typical of quality management systems oriented towards strengthening the efficiency of enterprises.Business banks are not excluded from this requirement.The current study aims to evaluate the effect of ISO certification on the technical performance of WAEMU banks.Using BCEAO data(2020),the DEA model and Tobit estimates show that ISO certification has no effect on the efficiency scores of the banks in the sample.It is therefore appropriate for these banks to work on improving their business climate.

基于回答集编程的Banks选举求解方法

采用启发式算法的Banks选举在进行求解时执行效率较低。为解决该问题,提出一种基于回答集编程(ASP)的求解方法。通过建立Banks选举问题到ASP问题的映射,编写相对应的ASP,调用回答集求解器进行求解,得到的每一个ASP模型就是Banks选举问题的一个解。实验结果表明,当问题规模为200时,该方法的求解时间为4.196 s,求解效率高于手工启发式方法。

基于Auto bank的某水库大坝渗流安全评价

以富水水库为例,依托达西定律和渗流理论基础,并结合Auto bank有限元软件分析了水库在正常高水位、设计洪水位、校核洪水位下坝体及坝基的渗流状况,计算结果表明水库日渗漏量远小于允许日渗漏量,水库渗漏量满足规范要求。大坝各工况最大渗透坡降均小于规范允许值,渗透变形满足规范要求。左坝肩存绕渗现象,建议加强监测。

Combination Patterns and Depositional Characteristics of Ordovician Carbonate Banks in the Western Tarim Basin,China

The combination patterns and depositional characteristics of the carbonate banks are investigated based on outcrop sections, thin sections, and carbon isotopes of Ordovician in the western Tarim Basin, China. Four carbonate bank combination patterns are deposited in the Ordovician, western Tarim Basin, including： Reef-Bank Complex （RBC）, Algae-Reef-Bank Interbed （ARBI）, Thick-Layer Cake Aggradation Bank （TLCAB）, and Thin-Layer Cake Retrogradation Bank （TLCRB）. All combination patterns show clear periods vertically. The RBC is mainly composed of reefs and bioclastic banks, and the dimension of the RBC depends on the scale of the reefs. Bioclastic banks deposits surround the reefs. The range of the ARBI is determined by the scale of algae-reefs, algae peloid dolomite microfacies and algal dolomite microfacies deposit alternating vertically. TLCAB and TLCRB are deposited as layer-cakes stacking in cycles and extending widely with cross bedding developed. The grains of TLCAB and TLCRB are diverse and multi-source. With the impacting of relative sea level change, biological development and geomorphology, the ARBI, TLCAB or TLCRB, RBC are successively developed from the Lower Ordovician Penglaiba Formation to the Middle Ordovician Yijianfang Formation. The depositional environment analysis of Ordovician indicates that the RBC and ARBI can form effective oil and gas reservoirs, and the TLCAB and TLCRB have the potential to form the huge scale oil and gas reservoirs and to be the crucial targets of exploration for the Ordovician carbonate banks in the future.

The impact of FinTech start-ups on incumbent retail banks’share prices

Background:This study aims to clarify the role of FinTech digital banking start-ups in the financial industry.We examine the impact of the funding of such start-ups on the stock returns of 47 incumbent US retail banks for 2010 to 2016.Methods:To capture the importance of FinTech start-ups,we use data on both the dollar-volume of funding and number of deals.We relate these to the stock returns with panel data regression methods.Results:Our results indicate a positive relationship exists between the growth in FinTech funding or deals and the contemporaneous stock returns of incumbent retail banks.Conclusions:Although these results suggest complementarity between FinTech and traditional banking,we note that our results at the banking industry level are not statistically significant,and that the coefficient signs for about one-third of the banks are negative,but not statistically significant.Since the FinTech industry is young and our sample period short,we cannot rule out that our findings are spurious.

Priori knowledge based a bathymetry assessment method using the sun glitter imagery:a case study of sand waves on the Taiwan Banks

High resolution optical satellite imageries containing the sun glitter,similar to synthetic aperture radar（SAR） imageries,are useful in identifying and mapping of bottom topography in shallow waters.The errors in the previous studies are corrected,and a method for mapping submarine bottom topography is developed using the sun glitter satellite imagery.The method is established on the basis of empirical description of a sand wave using an equation with two unknowns named r and k.In order to determine r and k,a ＂trial and error＂ approach is introduced and testified by a case study on the Taiwan Banks using an ASTER imagery.The results show that the inversed water depths match well with the sounding water depths.The agreement between the inversed results and the in situ measurements is about 78% by comparing 371 points.Moreover,this method has the advantage in keeping the original appearance of a sand wave,especially in positions around the sand wave crest.The fine agreement indicates that the imaging model is flexible and the approach developed is feasible.