Audit Committee, Value Creation Efficiency and Capital Employed Efficiency

This study contributes a number of innovative and interesting empirical findings with a view of four audit committee characteristics to predict overall value creation efficiency and capital employed efficiency using value added intellectual coefficient （VAICTM） method. Using purposive sampling, 34 property, real estate, and building construction firms listed on Indonesia Stock Exchange in 2011 were selected. Empirical findings could not provide a significant relationship between audit committee characteristics and the overall value creation efficiency as well as capital employed efficiency. This implies that currently, the number of members, number of meetings, number of independent commissioners, and accounting or finance expertise in audit committee cannot be expected as drivers of business value creation in Indonesian context, more specifically for property, real estate, and building construction industry. The overall lack of significant relationships may potentially result from limited human capacity, lack of financial expertise, and inadequate knowledge about the role of audit committee to add value to the business.

Testing the Semi-strong Form Efficiency of Islamic Capital Market With Response to Information Content of Dividend Announcement： A Study in Jakarta Islamic Index

The specific concepts of Islamic capital market are based on transparency, accountability, and no asymmetric information. A capital market is said to be efficient with respect to an information item if the prices of securities fully impound the return implication of that item. This study has two main objectives. Firstly, for testing the efficiency of Islamic capital market which focuses on Jakarta Islamic Index （JII）. Secondly, by this research finding the regulator can make a good solution to create the real Islamic capital market. This study concludes that the Islamic capital market is not efficient in information. This is proved by test, where the result for both mean adjusted model and market adjusted model shows not significant, which means that the stock price that occurred has not been able to reflect a strong relationship with the real conditions that exist within the company. The second conclusion is the magnitude of abnormal return suggests that the market still has asymmetric information that will cause the occurrence of abnormal return. This is very unfortunate because Islamic capital market should be efficient in reflecting information transparency that could create a fair price in accordance with the real condition of the company＇s stock issuance.

A Comprehensive Analysis of the Effects of Capital Regulation and Heterogeneity on Bank Efficiency

This article analyzes the impact of capital regulation on bank efficiency using panel data from 165 commercial banks in China from 2013 to 2019.The results indicate that cost efficiency changes slightly and profit efficiency fluctuates greatly.Under the pressure of capital regulation,the profit efficiency of commercial banks with sufficient capital improves,while profit efficiency of banks with insufficient capital decreases slightly,and the cost efficiency of all commercial banks increases.Based on the heterogeneity analysis of banks,it is found that the cost efficiency and profit efficiency of different types of commercial banks differ significantly in response to capital regulation.

A Literature Review of the Influence of Commercial Credit on the Efficiency of Enterprise Capital Allocation

The real economy is the main body of high-quality development,and the efficiency of capital allocation is an important manifestation of the development of the real economy.Therefore,it is very important to study the efficiency of capital allocation.As a representative of horizontal finance,commercial credit has a significant impact on the improvement of capital allocation efficiency.In view of this,this article combs the literature on commercial credit and capital allocation efficiency from the following aspects:firstly,by studying the literature,combing the literature on the macro-level,micro-level and economic effects of commercial credit;secondly,the measurement method of capital allocation efficiency And the influencing factors are systematically sorted out,and finally sorted out and evaluated the existing literature on the influence of commercial credit on the efficiency of capital allocation.

Does Margin Trading Enhance Information Efficiency of the Capital Market?——Evidence from China

On March 31,2010,China formally introduced a margin trading system,which announced that China's capital market has completed the transformation from a unilateral transaction model to a bilateral transaction model with a short-selling mechanism.However,the current development of China's margin trading and securities lending businesses is seriously unbalanced,and the scale of financing far exceeds the scale of securities lending.The short selling effect of securities lending exchanges is extremely limited,which to some extent violates the original intention of introducing the system.In order to help margin trading and securities lending to correct a healthy and sustainable development path,this article uses stock price synchronicity as a proxy indicator to measure the information efficiency of the capital market,explores the impact of the margin trading system on the information efficiency of the capital market,and study the detailed characteristics and economic consequences of the margin trading system.Aiming at this topic,this article analyzes the relationship between margin financing and securities lending and stock price synchronicity.Finally,it analyzes the influence of margin financing and securities lending system on stock price synchronicity from three dimensions of corporate governance,external supervision,and institutional environment mechanism.In terms of empirical research,this article takes advantage of the“quasi-natural experiment”provided by the gradual opening of margin trading and securities lending in China’s securities market,and selects listed companies on the Shanghai and Shenzhen stock exchanges from 2007 to 2019 as the research objects,starting from the perspective of stock price synchronicity,and passing The DID-FE model studies the impact of the margin trading and securities lending system on the information efficiency of the capital market.It uses three methods:parallel trend and dynamic testing,PSM-DID analysis,and placebo testing for robustness testing to solve the endogeneity problem of the experiment.This article also conducts deeper research on the subject based on the two dimensions of the impact mechanism of margin financing and securities lending and the size of the company,and finally discusses the economic impact of margin financing and securities lending on the level of company innovation.

Defining Cities by Water: Addressing Capital Misallocation in a Race to Conserve Resources

As part of its efforts to promote a sustainable and high-quality development,China has pledged to reduce water consumption and create a water-efficient society.On the basis of identifying the institutional root causes of excessive capital allocation and excessive water consumption in China’s water-intensive industrial sectors,this study elaborates how the national water-efficient cities assessment contributes to optimized capital allocation.Our research shows that national water-efficient cities assessment has motivated local governments to compete for water efficiency.To conserve water,local governments regulated the entry and exit of water-intensive enterprises,discouraged excessive investments in water-intensive sectors,and phased out obsolete water-intensive capacities within their jurisdictions.This approach has resulted in mutually beneficial outcomes,including improved allocation of capital,enhanced water efficiency,and reduced emissions.This paper offers policy recommendations for establishing a water-efficient society throughout the 14^(th) Five-Year Plan(2021-2025)period by presenting empirical evidence on the policy effects of resource efficiency evaluation.

A Study on Input-Output Efficiency of Citrus in Jiangxi Province

This paper analyzes the citrus input-output efficiency by using the DEA-Malmquist productivity index methods based on the data of six counties in Jiangxi Province from 2010 to 2013.The result shows that TFP of Jiangxi citrus is at low level overall,but the development is rapid.Technological progress is the driving force to promote productivity growth.Based on the static analysis study of six counties in 2013,it is found that the available input factors on the whole are in an ideal condition,and the citrus input factors in a few counties are redundant.Therefore,according to the results,the following policy recommendations are proposed:speeding up the intensive production of citrus in Jiangxi Province,to maximize the scale effect;adjusting the input ratio of various factors of production,so as to improve the citrus input-output efficiency.

The Return on Capital in China and Its Determinants~

This paper first estimates the overall return on capital in China between 1978 and 2013. It then identifies the determinants of return on capital by analyzing provincial panel data and breaks down the causes of swerves in capital return after the eruption of the global financial crisis in 2008. It finds that： （1） there is significant inertia in the return on capital,＂ （2） government intervention has significantly negative impact on capital return; （3） a significantly negative correlation is observed between investment rate and return on capital,＂ and （4） the increases in the shares of secondary and tertiary industries in the economy have significantly positive impact on return on capital. This paper concludes that the growth in investment rate and the expansion of government size are both important contributors to the recent decline in China＇s return on capital since the financial crisis.

Human Capital Structural Upgrade in Catch-Up Economies: An International Comparison

Based on international comparison, this paper arrives at the following conclusions:(1) with the progress of industrialization and rising per capita GDP, successful catch-up countries will experience an upgrade from low-level human capital to highlevel human capital;(2) the leap phenomenon exists in the deepening of high-level human capital and the universalization of tertiary education is normally completed within a relatively short period of time, which has cumulative causation with high productivity;(3) most developing countries face the critical mass of human capital upgrade, excessive lowlevel human capital and slow improvement of efficiency;(4) problems of China's human capital structure are mainly reflected in the excessive secondary human capital with poor quality and insufficient accumulation of tertiary human capital. According to the patterns of human capital deepening, the fostering of human capital in the current stage determines whether China's economic transition can succeed in the coming couple of decades. In order to mitigate the potential risks of belated transition, China must proactively seek the path of human capital upgrade.

Structural Characteristics and Risks of China's Economic Transformation and Paths to Efficiency Improvement

Based on the expanded growth accounting framework,this paper discussed the structural characteristics of China's economic transformation and its related issues and came up with the following conclusions:(1) China's economic growth has six structural characteristics-- demographic transition,industrial productivity redistribution,income distribution adjustments,increasing urbanization,decreasing capital efficiency and little room for total factor productivity improvement.These factors together may cause a slowdown in economic growth.(2) The risk of economic slowdown in China's economic transformation may be due to the readjustment of income distribution,excessive ineffective investment,increasing economic leverage ratio and fast growing service sector of industrial structure.(3) In response to the potential risks of China's economic slowdown,improving capital efficiency should be the focus of our policy.To establish an inefficient-enterpriseclearing mechanism as well as deepening the reform of corresponding system is the only way to a steady economic growth in the future.

Carbon emission efficiency of forest processing industries in China

This paper uses an input-output table of China's provinces(2007-2016) to measure carbon emissions of these industries.It employs a Malmquist-Luenberger(ML) index with expected and undesired outputs,and an absolute β convergence and a conditional β convergence model,to conduct an in-depth analysis of dynamic changes and spatial convergence.Carbon emission efficiency of forest processing industries in 25 regions,including Shanghai,Chongqing,Zhejiang,and Jiangsu are increasing,whereas those of Tianjin,Liaoning,Heilongjiang,and Tibet are decreasing.The main contributing factors of carbon emission efficiency in three major regions vary over time.Further,carbon emission efficiency in the eastern,central,and western regions all have absolute β convergence and conditional β convergence,indicating that different regions are developing toward their own goals and industry,yet regions with lower efficiency are catching up with those where with more efficient strategies in place.Finally,this paper proposes according recommendations.

Intellectual Capital and Business Performance in Professional Football Clubs： Evidence From a Longitudinal Analysis

This paper aims to explore the impact of intellectual capital efficiency （ICE） on firm performance in the context of professional football clubs. In particular, our aim is twofold： （1） to provide measures of ICE specifically tailored to professional football businesses; and （2） to empirically investigate whether some dimensions of ICE, namely, human capital and relational capital efficiency, are positively associated with sporting performance, here used as a proxy for business performance. This paper develops a quantitative analysis of club-level panel data using the statistical technique known as mixed-effects linear regression for longitudinal analysis. The research spans a time period of five years and specifically the sporting seasons from 2007/2008 up to 2011/2012. The empirical findings of this study provide tentative evidence that ICE, especially as far as relational capital is concerned, is positively associated with on-pitch performance of professional football businesses. On the counterpart, results for the impact of human capital efficiency （HCE） do not consistently come out with the （positive） expected signs. More specifically, our findings suggest that relational capital efficiency, meaning the ability to develop and nurture positive business relationship with relevant external stakeholders, is a significant consideration for football club managers; on the other, they might shed light on the actual business model of professional football clubs that, in our analysis, does not appear consistent with the long-held hypothesis of winning maximization. The main limitation of this study lies in the fact that our indicators do not fully capture all relevant dimensions of the intellectual capital （IC） construct.

Research on Labor Reallocation Efficiency of State-owned Industries

This article,which is based on panel data of Chinese state-owned industrial enterprises over the period 2006-2011,analyzes Labor reallocation Efficiency of State-Owned Enterprises with Syrquin＇s analysis of the total Reallocation effect of Resources. The results show that：①Labor allocation efficiency keeps a high level all the time;②The contribution that labor Reallocation efficiency makes to the growth of labor productivity has been at a low rate. Therefore, our government had better deepen the reform of state-owned enterprises and the evolvement of marketization

Study on the Interior Market Network Structure and Its Efficiency in a Knowledge Based Company

A knowledge based company is the microcosmic foundation of the knowledge economy, the design of its organization structure should amplify the company competence to be agile to the knowledge elements. This paper expounds an interior market network structure which is fit for the company intellectual capital operation, and analyses this organization pattern about the reasons of existence, the effectiveness of growing up in scale, the economies of knowledge distribution and the efficiency of operation, and it will provide some beneficial theoretical guidance about how can a company improve its competition competence in the knowledge environment through organization innovation.

Accounting information quality,governance efficiency and capital investment choice

This paper examines the relationship between accounting information quality and capital investment choice from the perspective of accounting information's governance function.Measuring capital investment choice as the correlation of growth of operating income between company and industry,this paper investigates whether and to what extent companies focus on their core business.The results show that the higher the quality of publicly listed firms' accounting information,the stronger that correlation,particularly when the corporate governance of the listed company is poor.The findings imply that accounting information quality can thus optimize the capital investment choice,which complements and strengthens the functioning of corporate governance.Hence,regulators should pay more attention to the market's power to supervise the behavior of listed firms,improve the governance functions of accounting information and increase the efficiency of capital allocation.

Capitalizing on multi-element interactions through bal-anced nutrition——A pathway to improve nitrogen use efficiency in China,India and North America

A viable option for increasing nitrogen (N) use efficiency and mitigation of negative impacts of N on the environment is to capitalize on multi-element interactions through implementation of nutrient management programs that provide balanced nutrition. Numerous studies have demonstrated the immediate efficacy of this approach in the developing regions like China and India as well as developed countries in North America. Based on 241 site-years of experiments in these countries, the first-year N recovery efficiency (RE) for the conventional or check treatments averaged 21% while the balanced treatments averaged 54% RE, for an average increase of 33% in RE due to balanced nutrition. Effective policies to promote adoption are most likely those that enable site-specific approaches to nutrient management decisions rather than sweeping, nation-wide incentives supporting one nutrient over another. Local farmers, advisers and officials need to be empowered with tools and information to help them define necessary changes in practices to create more balanced nutrient management.

Refining the Art of Reforming the Corporate Governance of Chinese State-Controlled Listed Companies： Venture Capital and Adaptive Efficiency

The corporate governance of Chinese state-controlled listed companies （SCLCs） has attracted much scholarly attention. Through reviewing the extant literature in this field, it is clear that the overwhelming majority is theoretically underpinned by the lens of agency costs. Another important perspective, adaptive efficiency, has yet to be equally emphasized by scholars. Reflecting on the experience of American venture capital （VC）, this article puts forth that the corporate governance of SCLCs has weakened the fundraising ability of Chinese domestic VC. Taking account of the positive link of a vibrant VC sector and the enhancement of adaptive efficiency, an obvious conclusion is that the corporate governance of SCLCs has already jeopardized the adaptive efficiency of the Chinese economy. Further, the normative implication of this finding is that the refined art of reforming the corporate governance of SCLCs ought to combine and harmonize agency costs with adaptive efficiency.

Did the Labor Contract Law Affect the Capital Deepening and Efficiency of Chinese Private Firms?

Since the implementation of the Labor Contract Law (LCL) in 2010, a significant increase in the capital/labor ratio, known as capital deepening, has occurred in private firms in China. However, the cause and impact of the capital deepening is still in question, as either technological change or a higher cost of labor might cause it. Using data from the Chinese Private Enterprise Survey in 2008 and 2012, two critical findings are reported in this study. First, pension coverage significantly affected the capital/labor ratio in private firms after 2010. Second, large private firms are able to generate higher total factor productivity after the implementation of the LCL because they can adjust their production function more easily than smaller competitors. These findings have policy implications for reforms in the Chinese labor market.

Financial Development, Foreign Direct Investment, and the Efficiency of Capital Allocation in China

We study the roles of local financial development and foreign direct investment, and more importantly, their interaction with one another, in local capital allocation, based on Chinese industrial and regional data. Our main finding is that, although local financial development and FDI each individually tended to improve the efficiency of local capital allocation during the sample period, they tended to compete and crowd out each other＇s effect, so that one impaired the individual function of the other. In particular, there exists a threshold value for local financial development, above which an increase in FDI reduces the efficiency of local capital allocation, rather than improve it. On the other hand, there exists a threshold value for FDI, above which further development in the local financial system lowers the efficiency of local capital allocation, rather than increase it. Our estimations suggest that the levels of FDI and local financial development in some relatively more developed Chinese regions have already surpassed such threshold values. We provide some interpretations of our findings and we discuss potential policy implications.

数字化转型对制造业企业创新效率的门槛效应研究

数字化转型可以突破研发资源配置时空边界,赋能制造业企业创新发展,但潜在的数字鸿沟问题也可能会加剧企业创新的不确定性。鉴于此,利用文本挖掘技术构造数字化转型指数,系统考察数字化转型对制造业企业创新效率的影响效应及作用机制,并选取2007—2022年中国A股制造业上市公司的微观数据进行实证分析。研究发现:数字化转型对制造业企业创新效率具有显著的门槛效应;对于大多数制造业企业来说,其数字化转型水平低于门槛值,数字化转型是提升制造业企业创新效率的助力,而非阻力;人力资本和公司治理是数字化转型影响制造业企业创新效率的传导路径。进一步研究发现,数字化转型对创新效率的门槛效应在国有企业和资本技术密集型制造业企业中更明显。研究结论为合理评估中国制造业推进数字化转型战略的实施效果提供了新视角,对国家充分发挥数字化转型战略与创新驱动发展战略的合力效应也具有政策启示意义。