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.

Central SOEs and State-owned Assets Management System Witness Great Reform&Development

Since the beginning of 2005, the central SOEs (state-owned enterprises) earnestly carried out and put into effect various strategies and policies as well as work plans of the Central Committee of the Party and the State Council.They kept forging ahead and carved out in an innovative spirit, and made great achievements worth celebrating in their various work.Both sales revenue and total profits of the central SOEs have been growing rapidly and synchronously, and the quality of the stateowned assets have been further improved and appeared a good momentum.……

The Separation of Powers from Functions and the Establishment of a New Structure of Management and Operation of State-owned Assets

The development of the socialist market economy demands the furtherintensification of the reform of the management operating system (MOS)of the state-owned assets, the strengthening of the efficiency in the man-agement of state-owned assets,and the improvement of the operating bene-

30 years of reform of China's state-owned asset management system

Reform of China’s state-owned asset management system is an important component of China’s economic system reform,but also a key factor in rejuvenating the national economy.In this article,the authors analyzed the background of the reform,summarized the reform process and discussed related question on how to deepen the reform.

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.

THE SPIRIT OF CAPITALISM, NON-EXPECTEDUTILITY AND ASSET PRICING

This paper investigates testable restrictions on the time-series behavior of consumption and asset returns implied by a representative agent model with the spirit of capitalism in which intertemporal preference is represented by a utility function that generalizes conventional, time-additive, expected utility. In the recursive structure of preference, the author examines the implication for cosumptions, portfolio holdings, and stock-market prices when investors accumulate wealth not only for the sake of consumption but also for wealth-induced social status. When investors care about relative social status, the propensity to consume and risk-taking behavior will depend on social standards, and stock prices will be volatible. Hence, the spirit of capitalism seems to be a driving force behind stock-market volatility and economic growth. Because the elasticity df substitution and the coefficient of relative risk aversion are independent and the spirit of capitalism is introduced, the equity premium puzzle can be partially explained in the model.

Soil Fertility Is a Productive Capital Asset

In recent years, the understanding of human health has progressed considerably, through the study and understanding of the symbiotic role played by the myriad microorganisms that populate the gut and do the digesting, and populate the skin and keep it healthy, and even populate the lining of the lungs and do the same. In plant life, it is the microorganisms in the soil—which “are” the soil’s fertility—which fulfil a similar symbiotic role in a healthy plant’s life, but as yet this is a subject most visible by its absence from all scientific discussion of good farming practice. The science underlying this understanding is summarised in this paper. Understanding this and nurturing the fertility of impoverished soil by “seeding it” with the appropriate mix of microorganisms is transformational for plant health and productivity. Significant results are indicated from early trial examples of doing this in rice, oil palm and tobacco cultivation in Malaysia.

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.

数据资产、人力资本升级与企业价值

在数字经济时代,数据资产在企业价值创造过程中发挥重要作用。区别于数据资产的规范性研究,本文采用文本分析法构建上市公司的数据资产指标,以2009—2020年沪深A股上市公司为样本,检验了数据资产对企业价值的影响,并进一步探讨了人力资本升级在数据资产影响企业价值过程中发挥的中介效应。研究结果表明:第一,数据资产是提升企业价值的有效驱动力,该结论经过一系列内生性分析和稳健性检验后依然成立;第二,从中介效应来看,数据资产带来的人力资本升级,即员工教育水平和技能水平的提高有利于提升企业价值;第三,对于高科技企业、非国有企业、行业竞争程度高的企业而言,数据资产对企业价值的提升效果更加显著。本文从企业价值的视角,检验了数据资产“入表”制度的有效性,不仅在理论上拓宽了数据资产领域的相关研究,也在实践中为企业利用数据资产优势赋能企业价值创造,发展新质生产力提供了有益参考。

考虑无形资产框架下全要素生产率对经济增长质量的贡献

在知识经济时代,无形资本被视为促进经济增长的重要决定因素。本文在对无形资产进行分类的基础上,估算了我国宏观层面的无形资产投资规模及无形资本存量,并将其引入增长核算模型,测算各类要素以及全要素生产率(TFP)对经济增长的贡献。研究得到以下结论:2003—2021年,我国无形资产投资规模增长快速,高于同时期的固定资产投资增速以及国内生产总值增速。从结构看,无形资产投资中创新资产占比最高,但其中的研究与试验发展支出还需要加强;计算机信息化资产和经济竞争力资产占比相对较低,尤其是经济竞争力资产中的员工人力资本和企业组织资本投资支出还有较大提升空间。从贡献率看,无形资本深化对经济增长质量的贡献率显著上升,近10年来贡献率上升近10个百分点;TFP对经济增长质量起到重要作用,在考虑无形资产要素后,TFP的贡献率有所下降,这表明以往TFP的测算可能被高估。

平台生态嵌入与传统企业价值链攀升——来自中国制造业上市公司的经验证据

数字经济时代下平台生态系统作为商业生态系统创新的新范式,为传统企业数智化转型提供了有利条件,推动了传统企业间的竞争手段由价格转向创新。作为反映企业竞争力的核心标志,价值链攀升是传统企业高质量发展的关键。为探寻平台生态嵌入对传统企业价值链攀升的影响,文章在理论分析二者作用机制的基础上,以2013—2020年中国制造业上市公司的相关数据为样本展开实证研究。研究发现:平台生态嵌入对传统企业价值链攀升存在显著促进作用,该影响随企业所处市场竞争强度提高而逐渐增强,且在区位、行业和企业层面上具有显著异质性;机制检验结果表明,人才赋能与创新驱动是实现平台生态嵌入对传统企业价值链攀升促进作用的重要机制,且传统企业固定资产投资对这一过程产生了一定的逆向调节作用。文章对深入理解传统企业嵌入平台生态从而实现价值创新具有一定参考意义。

国有资本经营预算实施如何影响地方国企现金持有?

党的二十大报告提出“健全现代预算制度”,其中强化国有资本经营预算统筹是深入推进现代预算制度改革的重点任务。基于此,选取2004—2019年中国A股地方国企与民企数据,运用交错双重差分模型,考察国有资本经营预算对地方国企现金持有的影响及作用机制。研究发现,国有资本经营预算实施增加了地方国企的现金持有,其主要途径源于对过度投资和金融资产投资的抑制。异质性分析表明,上述效应显著存在于位于国有资本发展程度较高的省份和东中部地区、控制链距离较短、内部控制较弱的地方国企中。进一步研究发现,国有资本经营预算实施增加地方国企现金持有,能够增加企业创新投入,最终提升企业价值。因此,地方国企应把握国有资本经营预算实施的契机,提高公司治理能力,增加创新投入,实现企业价值提升。

国资监管体制改革与国有企业投资效率

国资监管体制已由“管资产与管人管事相结合”的模式向以“管资本”为主的模式转变,这为国有企业的高质量发展提供了制度保障。本文以2009—2019年中国沪深A股上市国有企业为样本,实证检验国资监管体制改革对国有企业投资效率的影响。研究结果表明,国资监管体制改革显著提升了国有企业投资效率,代理成本降低与政府干预弱化在其中发挥了中介作用。进一步研究发现,政府治理水平在国资监管体制改革与国有企业投资效率之间具有正向调节作用。异质性分析发现,在非西部地区和金字塔层级低的国有企业中,国资监管体制改革对其投资效率的提升作用更显著。经济后果检验表明,国资监管体制改革通过提高国有企业投资效率提升了国有企业价值。研究结论为进一步深化国资国企改革提供了经验证据。

借贷便利创新工具、资产收益率与商业银行信用风险

本文基于2014—2021年中国203家银行的非平衡面板数据,考察借贷便利创新工具对商业银行信用风险的影响。实证分析发现:借贷便利创新操作会显著增加商业银行信用风险,该结论在考虑内生性问题以及进行一系列稳健性检验后依然成立。异质性检验显示,这一政策效应在区域性商业银行、规模较小的商业银行中表现得更为明显。中介效应模型检验表明,借贷便利创新工具通过抑制商业银行资产收益率的渠道增加信用风险。调节效应模型检验结果说明,资本监管力度和银行家乐观度的提高均会减弱借贷便利创新工具对商业银行信用风险的加剧效应。该研究结论对于中央银行适时适量地进行借贷便利操作和商业银行信用风险管理防控具有借鉴意义。

农民数字素养对农村家庭资产配置的影响

有效盘活农村资产是增加农民财富,缩小城乡差距的重要举措。文章基于中国家庭追踪调查(CFPS)三期面板数据,探究农民数字素养对农村家庭资产配置的影响。研究发现:农民数字素养对农村家庭资产配置有显著的正向作用,能有效促进农村家庭选择出租土地、住房和其他实物资产,推动农村家庭选择风险性金融资产;农民数字素养对农村家庭资产配置的影响因收入、年龄不同存在差异;拓展社会资本、促进农户创业是农民数字素养影响农村家庭资产配置的重要机制。因此,在数字乡村建设进程中不仅要关注数字基础设施等硬件支撑,更要注重作为主体的农民“软实力”的培育,要加快农村地区数字基础设施建设进程,出台农民数字素养培训教育的政策文件,建立农民数字素养培训教育的完善体系,促进农村家庭资产的有效配置,助力共同富裕目标实现。

数据资产获得投资者偏好了吗?——基于权益资本成本视角

数据资产是企业高质量发展的重要生产要素。本文基于2007—2021年沪深A股上市公司数据,从权益资本成本视角探究企业数据资产是否获得投资者的偏好。结果显示,企业数据资产获得了投资者偏好,具体表现为企业数据资产的标准差每增加1%,权益资本成本相对其平均值会减少1.36%。作用机制检验发现,数据资产通过“信息效应”“预期效应”和“价值赋能效应”降低了权益资本成本。异质性分析发现,数据资产对权益资本成本的降低作用在非国有性质、技术密集型行业和行业竞争程度高的企业中更加显著。本文从资本市场融资视角检验了企业数据资产的经济后果,为进一步推动企业数据资产的价值实现提供了启示和参考。