Study on the Influence of Farmer Social Capital on Cooperative Supply Willingness of Agricultural Disaster Reduction Public Goods——Based on the Investigation on 515 Farmers

Based on social capital theory,related factors of three dimensions( structure dimension,cognition dimension and relation dimension) of farmer social capital are taken as independent variables,and famer's willingness to cooperatively supply agricultural disaster reduction public goods is taken as dependent variable. Taking 515 farmers in 27 villages of Hubei Province as investigation objects,the influence of farmer social capital on cooperative supply willingness of agricultural disaster reduction public goods is explored by Logistic regression model. Research results show that social solidarity,common value concept,social trust and reciprocal content have positive impact on farmer's willingness of cooperative supply,while annual household income,number of agricultural disaster reduction public goods and social network have negative impact on farmer's willingness of cooperative supply.

Government Responsibility in New Rural Cooperative Medical Care System from the Perspective of Equity and Efficiency

Equity and efficiency,as two essential parts of social security,always influence construction of China's new rural cooperative medical care system.The new rural cooperative medical care system is a rural social security system particularly intended to make it more affordable for the rural poor.It is a multi-channel fundraising system with fund of comprehensive arrangement for serious disease composed by the government,collectives and individuals.Since its implementation,it has made considerable achievements,but there are still many apparent and hidden problems.Through analyzing existing problems in the implementation of new rural cooperative medical care system,from the perspective of equity and efficiency,it reached the conclusion that government should take corresponding responsibilities.At the same time of constantly increasing efficiency,it is recommended to attach importance to the equity,so as to realize the objective of improving the security level of new rural cooperative medical care system.

Case Study of the Ways Private Equity Funds Apply to Dodge Capital-flow Control

In this article,several cases are cited to demonstrate how foreign private equity firms circumvent Chinese government restrictions on capital flows and investing in strategic and sensitive sectors. Speci cally,private equities investing in Chinese companies to be listed abroad can use the Red-chip,Sheng Da or overseas option models. Private equities investing in domestically-listed Chinese companies can resort to foreign-funded banks,underground banking,stock-holder borrowing,stocks held by the third party,equity bonds or local investment company purchases.

Using SEM to Verify the Impacts of Accumulated Intellectual Capital on Organizational Performance of Taiwan Listed Biotechnology Companies With the Moderator of Brand Equity

The main purpose of this study is to verify the influence of accumulated Intellectual Capital （IC） on the organizational performance of biotechnology companies listed on the Taiwan Stock Exchange, with brand equity being the moderating variable. Financial and marketing section chiefs or employees of higher levels at Taiwan listed biotechnology companies were interviewed, with the companies＇ ROE （return on equity） data obtained from the Taiwan Economic Journal （TEJ） database. While convenience sampling was used to yield knowledge from the population, the linear Structural Equation Modeling （SEM） was adopted to verify the goodness-of-fit effects among the overall model, structural model, and measurement model. Findings from this study show that, at Taiwan listed biotechnology companies, IC accumulation and increased brand equity have significantly interactive influences on organizational performance.

An Empirical Studyon the Impact of Corporate Social ResponsibilityInformation Disclosure on EquityCapital Cost

Taking public companies of Shenzhen A-share as samples,the paper analyses the impact of CSR disclosure on the cost of equity capital and the differences in various disclosure ways.The empirical results show that:the CSR disclosure has negative correlation with the cost of equity capital,and different ways of disclosure are not relative to the cost of equity capital.Corporate social responsibility information disclosure plays a critical role in the company's management.

Enhancing the Performance of Consumer Goods Firms through the Equity Capital in Nigeria(2011-2021)

This study examined whether or not equity capital enhances the performance of listed consumer goods firms in Nigeria.The study purposively sampled fourteen(14)out of twenty-one(21)consumer goods firms listed on the Nigerian Exchange Group Plc.The study used secondary sources to obtain panel data from the annual financial statements of the selected companies.Data sourced for were analyzed using random effects model and arithmetical means.Findings from the study revealed that the coefficient of share capital is positive(0.903050)and statistically significant(p=0.0099<0.05),but the beta value of retained earnings is negative(−0.683966)and significant(p=0.0023<0.05)for listed consumer goods firms in Nigeria.The average results found that 45%and 7%of total assets of the firms were financed by retained earnings and share capital respectively.The study confirmed that the appropriate mode of finance that could be considered for the effective performance of the firms in Nigeria is the share capital.The study concluded that share capital enhanced the performance of firms while the retained earnings did not in the country.The research recommended that the government of Nigeria should try to rebrand its dead local enterprises especially the affected consumer goods firms to enable them to attract more foreign investors into the country to enhance its economic growth.

Game theory approach to optimal capital cost allocation in pollution control

This paper tries to integrate game theory, a very useful tool to resolve conflict phenomena, with optimal capital cost allocation issue in total emission control. First the necessity of allocating optimal capital costs fairly and reasonably among polluters in total emission control was analyzed. Then the possibility of applying game theory to the issue of the optimal capital cost allocation was expounded. Next the cooperative N person game model of the optimal capital cost allocation and its solution ways including method based on Shapley value, least core method, weak least core methods, proportional least core method, CGA method, MCRS method and so on were delineated. Finally through application of these methods it was concluded that to apply game theory in the optimal capital cost allocation issue is helpful to implement the total emission control planning schemes successfully, to control pollution effectively, and to ensure sustainable development.

Raising capital amid economic policy uncertainty:an empirical investigation

This paper investigates how economic policy uncertainty affects firms’frequency and their choice of financial instruments to raise capital.By applying a three-step sequential framework over a sample of 6834 publicly listed US non-financial firms,we find that during periods of high economic uncertainty,firms raise capital more frequently with a preference toward debt financing.The empirical findings suggest that firms prefer debt financing over equity financing to avoid ownership dilution and high equity premia.The rise in leverage during periods of high economic uncertainty highlights the importance of scrutinizing policy tools used to stabilize the economy during such times.

What Influences Cooperative Motivation of Foreign Brides From Southeast Asian Countries in Taiwan？

Because women in Taiwan have had more and more opportunities to receive higher education and engage in different kinds of work, they have had developed increasingly higher standards for their marriage partners. Men who are in the lower socioeconomic working classes such as those who work in agriculture, or fishing, or who are disabled can no longer compete in local marriage market. As a result, these men have begun to look for their brides from other countries to continue the family line, do the housework, and take care of their parents-in-law. In addition to the fact that these foreign brides are often young and from rural areas, language barriers and cultural differences make it difficult for them to raise and educate their children in Taiwan. The inability of these brides often leads to a higher percentage of children who are developmentally delayed, have poor pronunciation, behavior problems, and low academic achievement. Governmental agencies and schools recognize these issues and have tried to help foreign-born mothers take better care of their children. However, there are several influential factors that can limit the cooperative motivation of these foreign-born mothers, including language barriers, parenting stresses, low socioeconomic status, and cultural limitations. Therefore, governmental agencies and related professionals must take these factors into consideration to provide comprehensive services and a better learning environment.

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.

Does the EVA valuation model explain the market value of equity better under changing required return than constant required return?

Through the Economic-Value-Added(EVA)valuation model,the expected market value of equity can be determined by adding the book value of equity with the present value of expected EVAs under the assumption of constant required return and constant return on equity.The equation of EVA valuation model has taken its shape under the assumption of constant required return and constant return on equity.However,a large body of empirical evidence indicates that required rate of return never remain constant.The EVA-valuation model formulated under constant required return cannot be implemented under the scenario of changing required return.In this study,we explored whether the EVA valuation model could be implemented under changing required return by making any changes in the model and found that it could be implemented under the scenario of changing required return by replacing the book value of the equity of the existing model with the present value of required earnings or normal market earnings.We further examined whether the explanatory ability of the EVA valuation model under the assumption of changing required return is better than that of the valuation model under the assumption of constant required return.Relative information content analyses were conducted by considering sample of the intrinsic value of equities determined by valuation models and the market value of equities of 69 large-cap,88 mid-cap,and 79 small-cap companies.The results showed that the EVA-based valuation model with changing normal market return outperformed the EVA-based valuation model with constant required return.

实现共同富裕的一个路径探索:人力资本的增长与平衡效应检验

共同富裕是我国新发展阶段的一个远景目标,“富裕”和“共享”是实现共同富裕的关键。构造一个反映人力资本与城乡居民收入差距关系的理论模型,并基于经验证据检验人力资本通过增长效应和平衡效应推动“富裕”和“共享”,进而促进共同富裕的作用。研究发现,人力资本提升既有利于“蛋糕”做大,又能有效促进“蛋糕”更好地分配,显著提升了城乡居民可支配收入水平,且对农村居民收入的提升力度大于城镇居民,成为缩小城乡居民收入差距的关键变量,推动了“富裕”和“共享”目标的实现;中介效应检验证实了人力资本通过促进农村高技能劳动力流向城镇,间接推动城乡居民收入增长和差距缩小,从而实现其增长与平衡效应;分样本回归结果显示,人力资本的平衡效应在低收入省份更加明显,而在高收入省份不显著。

年报监管问询影响公司权益资本成本吗?——基于完善金融监管的视角

基于2015—2020年A股上市公司数据,从公司权益资本成本的角度考察了中国监管问询机制带来的经济后果。研究结果表明,与未收到年报问询函的公司相比,收到年报问询函的公司在收函后面临更高的权益资本成本。在此基础上,采用中介效应检验证实了投资者信心是年报监管问询影响权益资本成本的一条有效路径。进一步分析发现,分析师不倾向于跟踪预测被出具问询函的企业,但收到重组类函件的企业在收函后权益资本成本反而更低。作为事后监管的一种重要手段,证券交易所问询函形式并未因其“非处罚性”而丧失效力,其不但有助于投资者及时调整投资决策,同时也有助于警示上市公司主动规范其信息披露行为。

论注册资本认缴制的兴利除弊:兼论期限利益与交易安全的动态平衡

肇端于2005年《公司法》的注册资本认缴制改革具有正当性与合理性。认缴制的核心是创设了股东延期实缴出资的期限利益,尊重与保护期限利益是一般原则,出资义务加速到期是例外规则。股东期限利益的得丧变更均不妨碍股权的自由转让。认缴制未根本否定资本制度,一旦公司丧失偿债能力,期限利益立即终止,出资义务加速到来。公司不能清偿到期债务的识别标准是执行失败主义,出资加速到期不以股东或公司存在主观过错为要件。有必要建立股东加速出资信息公示制度与敦促债权人及时申报债权的公示催告程序,以确保债权人平等保护。不少判例追究股东恶意转让未实缴出资股权时对公司债权人的赔偿责任,建议以2023年新修订的《中华人民共和国公司法》为基础,完善平衡对冲制度,兼顾公司资本信用与股权流转自由,细化股权转让链条中出资义务加速到期的责任在前后手之间的配置规则。信息披露、5年最长实缴出资期限与出资加速到期连带之债的良性互动,有助于遏制注册资本认缴制的道德风险外溢。

基于价值链逻辑的历史文化整体性保护及其创新性发展

中华人民共和国成立以来,我国文化遗产保护传承体系在发展中完善,逐渐形成了增强文化自信、振奋民族精神的文化场域和整体性保护的中国方案,是铸牢中华民族共同体意识的重要基石。随着我国文物保护体系、历史文化名城名镇名村体系和传统村落,以及非物质文化遗产保护体系的多元化形态和价值凸显,新形势下适应文化遗产整体性保护的目标及其创新发展诉求,从文化遗产本体价值-关联价值-转译价值出发,基于价值链逻辑,阐释文化遗产的时空脉络和文化内涵,即文脉价值;针对现实矛盾与发展困境,从多头管理的现实出发,建构以历史文化价值保护为核心的制度体系和保障;从人与遗产环境的共生关系,认知其社会价值,并适应于社会经济需求和价值约束,实现文化传承与复兴发展,即从固守到“守正适变”的创造性转化和创新性发展。

“隔空猥亵”未成年人刑法规制的不足与完善

“隔空猥亵”行为隐蔽且持续,具有严重的社会危害性,侵害未成年人的身心健康,且示范效应明显,容易引起群体效仿。目前,对于“隔空猥亵”行为的规制,学界在其侵害法益、出罪事由以及是否需要规定为具体罪名等方面存在争议。事实上,“隔空猥亵”行为已经类型化,可增添网络实名认证来锁定隔空犯罪主体,并对不同行为进行分类以准确确定罪行,配置刑罚。针对现行刑法不能完全规制的元宇宙“性侵”行为,刑法需要增设“网络性侵罪”,规制包括“隔空猥亵”在内的利用网络和现代科技进行的违法行为。

中国碳排放权交易机制与实践:基于微观企业股权资本成本的视角

碳排放权交易市场作为企业减排增效的重要机制,引发了资本市场投资者对企业碳排放问题的关注,进而可能影响投资者对企业的风险评估与价值判断。手工整理中国各试点碳市场的控排企业名录发现:碳排放权交易机制显著提升了控排企业的权益资本成本,主要机制为投资者碳风险关注,但该市场机制存在明显的效应边界。进一步发现,当碳市场的初始配额实施部分竞价拍卖和非履约主体交易更为活跃,产品市场竞争程度更高和企业所在城市空气污染更为严重,以及企业非财务绩效表现更好时,碳排放权交易机制对企业权益资本成本的提升作用更为明显。研究结论有助于更为全面的评估我国碳市场建设的经济后果,为该低碳环保政策的持续推广提供理论依据与经验参考。

高管股权激励动态性与企业绩效——研发投入的中介效应

为了有效应对高管人力资本的动态性问题,企业亟须将传统的静态股权激励机制进行变革。本文基于第一类代理问题与动态激励相容的视角,采用2010—2021年中国上市公司的数据进行实证检验,研究高管股权激励动态性与企业绩效的关系,并探讨研发投入在其中可能存在的中介作用。研究发现:高管股权激励的动态性与长期成长性绩效显著正相关,与企业短期绩效不存在相关关系;高管股权激励的动态性与研发投入显著正相关;研发投入在高管股权激励动态性与企业长期绩效之间存在显著的中介作用。研究结论为中国上市企业优化高管股权激励机制、有效应对人力资本的动态性、促进研发,从而推动企业转型升级与持续成长提供可资参考的建议。

地方铁路引入社会资本的合作机制研究

地方铁路为地方经济和铁路行业的持续发展发挥了重要作用。随着地方政府铁路事权和支出责任的逐步增强,地方铁路建设发展面临着诸多问题。尤其是在引入社会资本时,地方政府与社会资本之间的责任和风险不能合理配置,这极大影响了地方铁路的健康发展。以罗定铁路为案例,通过分析政府为缓解债务压力引入民营资本,却被民营资本套牢又不得不重回政府主导的建设发展历程,阐明铁路实现可持续发展所要遵循的客观规律,进一步总结罗定铁路引入社会资本过程中的经验教训。认为地方政府应树立“有责政府”主体意识,重视铁路的经济属性、资本属性和风险属性,引入社会资本合作时要加强在市场准入、利益分配、风险分担和激励约束等方面的机制建设。

“央地合作”对地方国有企业创新质量的影响

在中央国有企业与地方国有企业间资源差异的基础上,以2008~2020年沪深A股地方国有上市企业为研究样本,考察“央地合作”中的股权融合模式对地方国有企业创新质量的作用效果及机制。研究发现,“央地合作”通过“增加创新资源”和“减少创新挤出”两条路径促进地方国有企业提高创新质量,且地方经济考核压力及地方国企依赖程度正向调节该过程。