Reflections on China＇s equity crowd-funding and guard against the risk of problems

At present, China＇s equity crowd-funding platform development like a raging fire, its business model is financing online for small and medium-sized enterprises, many investors to participate in the same project, while equity in return for a platform to receive a certain percentage of service charge. However, no related domestic regulatory measures, divorced from a legal gray zone, improper operation may become a pool of funds to engage in illegal fund-raising, illegal securities activities. Therefore, this article is based on two domestic representative platform-＂Angercrunch＂and ＂Dajiatou＂ to raise public equity, the comparative study of the problem currently facing a series of recommendations, including the introduction of regulation, improve the legal system, conduct investor risk education and self-education, etc.

Spatial Equity Evaluation of Rural Eldercare Service Resources Based on Accessibility: A Case Study of Huanxian County of Gansu Province, China

Safeguarding the elderly population in the countryside is an inherent requirement for alleviating social conflicts in rural areas and effectively carrying out China’s Rural Revitalization.The existing spatial mismatch between rural elderly service facilities and pop-ulation distribution in China aggravates the imbalance of facility resource space,how to improve the accuracy of demand and supply results and better measuring the spatial fairness of elderly service is significant to realize the optimal allocation of rural elderly service.Based on the above,this study pays attention to the refined needs of the elderly population,and focuses on the spatial equity of the rural elderly facilities,to make up for the short boards of the basic public services in the countryside and realize the all-round rural revitalization.This study takes Huanxian County in the hilly loess area of Longdong,China as an example and explores the spatial equity of rural elderly services by using the Urban Spatial Network Analysis(UNA)to measure the accessible quantity and supply capacity of elderly services.The results found that there were 553 rural eldercare service facilities in Huanxian County,including 285 eldercare facilities and 268 medical and health facilities,and the spatial distribution is characterized by a southward shift in the east and uneven regional distribution.Overall,the supply capacity of rural pension services was generally good,with the township center as the gathering point and spreading out in a faceted manner,with nearby townships forming a contiguous area;however,there were strong contrasts and obvious differences in the strength of supply capacity.However,the spatial equity of rural eldercare service was poor.In 42.05%of the eld-erly population grid cells,eldercare service spatial equity was extremely low.The spatial distribution also presented a northern preference over the southern,a western preference over the eastern,and a concentration along the highway.The study explored the realization of spatial equity in the optimal allocation of rural elderly services based on paying attention to the refined needs of the rural elderly pop-ulation,a vulnerable group,to provide a reference for solving the shortcomings of basic public services in rural areas.The fair allocation of rural elderly services demands that the spatial optimization of facility layout be organically coordinated with policy,management,and post-maintenance,and all elements in the rural territorial system be fully mobilized to achieve the basic guarantee of China’s rural elderly problems.

Research on the Influence of Equity Structure on Corporate Performance

Equity structure constitutes a crucial component of corporate internal governance.A scientifically and reasonably structured equity system aids in enhancing the level and efficiency of corporate governance.Through empirical analysis of data spanning from 2013 to 2022,the study aims to verify the influence mechanism of equity structure on corporate performance.The results indicate that enhancing equity concentration and balance positively impacts corporate performance,with this effect persisting over time.Consequently,optimizing the degree of equity concentration,shareholder types,and the board of directors’structure can assist enterprises in maximizing long-term value.

Research on the Impact of Equity Pledge on Company Value

This article aims to provide a literature review on the impact of equity pledges on corporate value,and to explore in depth the application of equity pledges as a financial tool in corporate governance and capital operation,as well as its multidimensional impact on corporate value.By reviewing and analyzing relevant literature both domestically and internationally,this article first defines the basic concept of equity pledges and then elaborates on the impact mechanism of equity pledges on company value from both positive and negative perspectives.In terms of positive impact,this article explores how equity pledges can promote corporate financing,optimize capital structure,and enhance the control of major shareholders over the company.In terms of negative impacts,the possible control risk,market risk,and potential damage to the interests of small and medium-sized shareholders brought about by equity pledges were analyzed.Furthermore,this article also discusses the differences in the impact of equity pledges on company value in different scenarios and proposes corresponding policy recommendations and research prospects.

Research on the Mechanism and Strategy of Equity Investment Driving the Transformation of New Material Innovation Achievements

Under the wave of global technological revolution,the new materials industry is facing difficulties in innovation and transformation.Equity investment has become a key driving force due to its flexible mechanism,risk sharing,and deep participation.Based on introducing the current development status of China’s new materials industry,this article reveals the mechanism of equity investment in financial support,risk management,incentive constraints,and resource integration.The article proposes optimization strategies,such as building an information-sharing mechanism and a diversified investment fund system,to promote the high-quality development of the new materials industry driven by innovation and provide strategic guidance for policymakers,investors,and enterprises.

Exploring the growth value equity valuation model with data visualization

The Growth Value Model(GVM)proposed theoretical closed form formulas consist-ing of Return on Equity(ROE)and the Price-to-Book value ratio(P/B)for fair stock prices and expected rates of return.Although regression analysis can be employed to verify these theoretical closed form formulas,they cannot be explored by classical quintile or decile sorting approaches with intuition due to the essence of multi-factors and dynamical processes.This article uses visualization techniques to help intuitively explore GVM.The discerning findings and contributions of this paper is that we put forward the concept of the smart frontier,which can be regarded as the reasonable lower limit of P/B at a specific ROE by exploring fair P/B with ROE-P/B 2D dynamical process visualization.The coefficients in the formula can be determined by the quantile regression analysis with market data.The moving paths of the ROE and P/B in the cur-rent quarter and the subsequent quarters show that the portfolios at the lower right of the curve approaches this curve and stagnates here after the portfolios are formed.Furthermore,exploring expected rates of return with ROE-P/B-Return 3D dynamical process visualization,the results show that the data outside of the lower right edge of the“smart frontier”has positive quarterly return rates not only in the t+1 quarter but also in the t+2 quarter.The farther away the data in the t quarter is from the“smart frontier”,the larger the return rates in the t+1 and t+2 quarter.

Harnessing AI to Foster Equity in Education: Opportunities, Challenges, and Emerging Strategies

In contemporary educational landscapes, Artificial Intelligence (AI) has emerged as a pivotal tool to promote equity and inclusivity. One of the most significant contributions of AI is its ability to facilitate personalized learning. Through the analysis of a student’s learning patterns, strengths, and weaknesses, AI-driven platforms can customize educational content, ensuring that each student receives instruction tailored to their individual needs. This personalization ensures that all students, regardless of their starting point, have an equal opportunity to progress and excel. This paper explores the utilization of AI in facilitating an equitable educational environment by analyzing the opportunities, challenges, and strategies pertinent to AI implementation. Through a comprehensive review of the current literature and case studies, this paper identifies promising avenues for leveraging AI to bridge educational gaps while also highlighting potential pitfalls and barriers to equity. This paper proposes actionable strategies and recommendations for stakeholders to cultivate an educational ecosystem that champions equity through the prudent integration of AI technology.

激励差异、行权约束与企业创新——来自医药上市公司股权激励的证据

医药企业创新活动具有研发经费投入高、风险高、回报率高、周期长的特点,医药企业如何开展创新激励成为提高其创新绩效的关键问题。使用2009—2022年医药类上市公司的数据探究股权激励对企业创新的影响,采用倾向得分匹配法和双重差分模型(PSM-DID)进行检验,并从激励契约条款的微观视角,就股权激励差异、行权有效期、行权业绩考核条件等激励契约条款的设计差异对企业创新的影响进行了系统分析。研究表明,股权激励可以显著提升企业创新水平,适当扩大股权激励差异有利于调动企业成员的竞争积极性,增强对企业创新的促进作用。在激励契约条款中,行权有效期设置越长,越能够对管理层和核心员工形成持续性激励和约束,进而促进企业创新;行权业绩考核设置越严格,管理层盈余管理和规避风险的动机越强,进而抑制企业创新。

股权结构对制造业企业绿色创新的影响研究

以2007-2022年A股制造业上市公司数据,实证检验了股权结构对企业绿色创新的影响及其机制。研究结果表明,股权集中度与企业绿色创新负相关,而股权制衡度与企业绿色创新正相关。机制分析表明,股权集中度以降低数字化转型水平阻滞企业绿色创新,融资约束在股权集中度与企业绿色创新之间发挥了遮掩效应;股权制衡度通过缓解企业融资约束、提高数字化转型程度促进企业绿色创新。另外,异质性分析发现,股权集中度与企业绿色创新的负相关性在国有企业和非重污染企业中更强;股权制衡度与企业绿色创新的正相关性在非国有企业、中小型企业和非重污染企业中更为显著。

碳减排“时-空-效-益”统筹理论:Ⅱ.空间统筹

《联合国气候变化框架公约》(UNFCCC)倡导缔约方承担“共同但有区别”的减排责任,指出“各缔约方应当在公平的基础上,根据它们共同但有区别的责任和各自的能力,为人类当代和后代的利益保护气候系统。”《联合国气候变化框架公约》体现出应对气候变化两个维度的公平性,即区域公平性和代际公平性。其中,区域公平性一般指国家之间应对气候变化的责任分担问题(如各国的减排目标设定、排放配额分配等)。作为碳减排“时-空-效-益”统筹理论系列论文的组成部分,围绕气候治理中区域公平性与主体间博弈问题,构建了空间统筹方法,应用于全球和国家层面最优减排路径研究,科学回答了各区域主体减排责任分担及局部与整体减排协同关系问题,为统筹局部减排与整体减排提供方法基础。

教育公平视野下普职分流的思考与启示

认同普职分流的观点主张普职分流有助于学生就业,有利于教育公平,有助于提升教育教学效率。反对普职分流的观点认为职业教育的专业对应的是社会底层的职业,依照才能选拔并不公平,不利于职教学生的发展。在目前的发展阶段,普职分流只是影响职业分层和教育公平的因素之一,它还受到社会、家庭、认知等诸多因素的影响。在推动现代教育体制高质量发展的背景下,需要通过实行普通教育与职业教育的错位发展,完善普职平等的教育制度,优化按劳分配的薪酬体系等措施,确保实现普职协调发展。

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。

股权激励对国企创新投入的影响研究——基于混合所有制改革背景

选取2014—2019年沪深混改国企为研究样本,实证检验高管和核心技术及业务人员股权激励与企业创新投入的关系。结果表明:非国有股权制衡在影响高管股权激励促进创新投入的作用上表现为双重调节效应,在地方国企中更为明显。高管政治晋升激励对高管股权激励与创新投入关系的影响因国企层级而不同,在地方混改国企表现为正向调节效应,在混改央企表现为负向调节效应。研究结论为高管股权激励通过公司治理渠道影响企业创新提供了证据。

职业教育强国建设的公平之维:理论意蕴与实践路向

职业教育强国是新时代职业教育改革与发展的目标与使命,职业教育公平是职业教育强国建设的本质内涵与内在逻辑,是职业教育强国的重要标志与理论监测点。公平视角下,职业教育强国建设蕴含“以职业教育强国家之公平”“以公平强国家之职业教育”以及“强国家职业教育之公平”的三重意蕴,以及职教体系、教育体系、中国社会、国际社会等四个维度的内部公平。建设新时代职业教育强国,要明确“一个不能少”的目标、保障“一种教育类型”的发展、提升“一技之长”的地位、把握“一种世界关系”的主动,切实增进职业教育在职教体系、教育体系、中国社会、国际社会的公平,为全面推进中华民族伟大复兴提供有力支撑。

基于地理信息技术的山地城市社区体育文化公园空间分布分析——以重庆市为例

社区体育文化公园作为居民身心健康发展的重要场域,研究其空间分布及影响因素具有重要意义。文章以具有典型山地城市特征的重庆市为例,运用核密度估算法、最小阻抗法、空间插值法和地理探测器对重庆92个社区体育文化公园进行深入分析。研究发现:重庆市社区体育文化公园主要分布在渝中、渝北、南岸、巴南西部临江一带,总体分布与城市发展具有耦合性,其空间分布主要受交通可达性、房价、人口密度和地势等因素影响,其中交通可达性和房价影响较大,人口密度和地势次之。文章提出以区域发展水平为着力点,建设多层级社区体育文化公园;秉持“以人为本”的核心理念,建设“亲民”社区体育文化公园;以山地城市独有的城市形态,丰富社区体育文化公园内部空间结构等优化配置建议,为社区体育文化公园的规划提供重要参考。

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。

“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。

国有上市公司国资监管与证券监管的制度协调研究

国有上市公司既具有上市公司属性、又具有国有属性,需同时遵守证券监管和国资监管的双重规则,而这双重规则之间可能存在冲突,造成国有上市公司治理违规的风险。这种冲突源于监管价值目标的差异:证券监管基于中小投资者保护的立场注重上市公司独立,而国资监管基于保障国有经济功能、维护国资经营安全的特性强调国有投资方的管控。对于身处交叉监管下的国有上市公司而言,解决冲突的根本路径在于分别从国资监管和证券监管两个维度进行制度矫正与协调。就国资监管而言,应切实从制度层面实现“管资产”到“管股权”的转变;就证券监管而言,则应正视国资监管的合理需求,以适度监管为原则,并确立结果导向的监管理念,在不实质损害资本市场中小投资者利益的情况下,对国资监管规则予以适当认可。

政府参与下考虑有限注意力的CCUS项目股权投资决策分析

碳捕获、利用与封存(carbon capture, utilization and storage, CCUS)项目的规模化需要风险资本支撑,然而气候政策与项目研发的不确定性造成注意力有限的风险投资机构投资意愿较低。为打破“能源企业不改造,风险投资机构不投资”的“囚徒困境”,本文基于投资方的注意力驱动交易行为构建了能源企业-风险投资机构-政府的演化博弈模型,从政策的“显著性”事件特征入手探讨政府在CCUS项目推广中的激励作用。结果表明:(1)向风险投资机构传递“显眼”信息的政府政策有助于打破当前融资困境;(2)三方参与概率高于30%即可实现CCUS项目股权投资的帕累托最优,且概率越高,演化速度越快;(3)政府实施的补贴和风险分担机制对融资的促进作用均显著,但初期风险分担机制因无法呈现“显著性”特征而难以吸引投资方注意力,效果弱于补贴机制。鉴于此,本文从引导多主体参与,建立信息披露机制,完善政府激励机制和提高碳资产管理效率等方面提出建议,以期为加快CCUS项目商业化提供理论借鉴。

2012—2021年我国专业公共卫生机构人力资源配置状况及公平性分析

目的:分析我国专业公共卫生机构人才队伍建设情况,为加强我国公共卫生人才队伍建设提供参考。方法:基于《中国卫生健康统计年鉴》数据,采用描述性统计分析、基尼系数和卫生资源集聚度等方法,分析2012—2021年我国专业公共卫生机构人才数量、质量及不同地区人力资源配置公平性。结果:2012—2021年,全国专业公共卫生机构人员数年均增长率为4.10%,每千人口专业公共卫生机构人员数年均增长率为3.71%;2021年,我国专业公共卫生机构人力资源按人口配置的基尼系数为0.1002,按地理面积配置的基尼系数为0.6706,21个省份的卫生资源集聚度值大于1。结论:十年间我国专业公共卫生机构人力资源总量稳步增长,质量有较大提升,但与预期发展目标尚有差距,不同专业公共卫生机构人力资源发展不均衡,公共卫生人力资源配置中人口公平性优于地理公平性,且省际差异显著。