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.

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.

Mixed oligopoly,state-owned banks’shareholding reform and foreign capital penetration

This paper examines the impact of the policy on eliminating the ratio of foreign shareholding in banks in a mixed oligopoly model.Its analytic results show that state-owned banks should encourage privatisation along with an increasing proportion of the domestic share in multinational banks.Furthermore,we argue that the increase in domestic stockholding of multinational banks raises domestic private firms’profits but decreases their social welfare in the deposit market.The results of numerical simulation show that when the quantity of private banks is fixed,foreign banks tend to enlarge their stake and strengthen their controlling power.

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.

Knowledge and Social Capital： Drivers for Sustainable Local Growth

This paper presents a knowledge resources perspective for territorial competitiveness and sustainability. The latter is defined as a pathway promoted by a plurality of public and private actors, in the for-profit and non-profit sectors, who find that relationships and social cohesion are the drivers for the construction of shared territorial governance. This study integrates an extensive literature review with data from longitudinal empirical research. Authors have adopted the methodology of qualitative research-based case study. In particular, this paper focused the analysis on a project of territorial governance promoted in the Marches region of Italy. This region was selected as a case study, because it is emblematic of the Italian context; the territory is characterized by small businesses diffused throughout the socio-economic fabric and by the proactive role taken by local governments. The perspective offers a powerful instrument for raising awareness of the gaps that local policymakers should address through their initiatives in the knowledge economy.

Zakat, Local Social Organization, and Social Capital in Rural Economic Development

Zakat as a source of development funding encourages well functioning of local organizations and social capital formation. Zakat management conducted by an organization with a set of norms promotes the development of local community organizations＇ function for the rural economic development activities. A case study was conducted in the Village of Patila, South Sulawesi Province. The community in this village successfully managed the selfsupporting development of social and agriculture infrastructures. Data collected were the activities of local organization of the board members of the mosque and educational development foundations, farmer group, and collective stall group. The results showed that a community truth on the mosque and educational development foundations was formed by the social infrastructure development of mosque and schools through the effectiveness of the zakat payment by rules （norms）. Both development foundations could function well through the network with villagers who migrate to other island as a potential zakat payer. Strengthening the social development organization supported the development of collective stall and pump farming system. The process of social and economic development in the Village of Patila as well as social capital formation encouraged people to carry out selfsupport development activities.

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

地方品质、人力资本积累与城市经济增长

人力资本是促进经济增长的关键因素,是我国经济高质量发展的核心动力。城市通过提升地方品质来增加人力资本积累,对于促进城市经济增长至关重要。本文基于新空间经济学理论,利用全国284个城市2010—2019年的面板数据,从人力资本的需求视角出发,分析地方品质对城市经济增长的影响及作用机制。研究发现,地方品质对城市经济增长存在明显的促进作用,在使用系统GMM和工具变量缓解内生性及多种稳健性检验后,这一结论依然成立。机制分析表明,地方品质能够吸引劳动力流入,特别是高技能劳动力的流入,提高本地区创新型人才的集聚水平,促进城市人力资本积累。异质性分析表明,在城市特征方面,地方品质对大城市或者中心城市经济增长的影响效应更显著;在空间特征方面,地方品质对西部地区城市和国家级城市群内城市经济增长的影响效应更显著。本文从地方品质的视角切入来解释城市经济增长问题,为探讨中国城市高质量发展的新路径提供了经验启示。

风险资本、政府引导基金与区域产业演化

当前国际形势下国家间技术封锁与产业“卡脖子”风险愈发严重,如何运用风险资本与政府引导基金实现区域产业破局已成为研究热点。现有研究探讨了风险资本以及政府引导基金的空间分布与区位选择,并揭示了其各自对区域经济发展的作用机制,然而较少有研究关注风险资本与政府引导基金的互动作用,尚未揭示其相互联结并影响区域产业发展的内在逻辑。基于案例研究,对桂林、重庆等城市产业发展经验以及风险投资企业的战略选择进行分析探讨,结果发现,风险投资能够为地方企业提供本地和非本地资源,而政府引导基金则在区域产业演化过程中起到了重要的调节作用。政府力量的缺乏可能导致本地资源供应不足,致使区域丧失具有潜力的新兴企业,不利于区域竞争力形成。与此同时,以风险投资与政府引导基金为代表的地方多元主体互动过程,有利于在支持新兴产业发展的同时形成政府主体与市场主体互利共赢局面。

农业强国背景下新型经营主体农业创新能力研究——以四川省为例

新形势下,提升新型农业经营主体的创新能力成为实施农业强国战略的重要途径之一。结合问卷调查法、层次分析方法和计量经济学方法,选取四川省5个经济片区为样板研究区域,系统实证评估了新型经营主体的创新能力及其分析其影响因素。结果表明:(1)不同类型的新型农业经营主体在创新能力上表现出不同差异;(2)负责人的教育程度、职称和年龄对新型农业经营主体的创新能力产生显著正面影响;(3)参与产学研合作和获得政府财政支持能显著提升其创新能力。基于结论,建议相关部门从提高农民专业合作社、家庭农场品牌建设和产品研发能力及强化农业龙头企业推广示范新品种、新技术等方面来提高新型经营主体的创新能力;在能力提升方面,应重视发展新型农业经营主体的人力资本和社会资本,确保其创新能力的持续增长。

地方本科高校服务乡村人才振兴的现实逻辑与实现路径

“乡村振兴战略全面推进”是“十四五”期间经济社会重要发展目标之一,是我国新发展阶段社会主义现代化建设的重要组成部分,而乡村人才振兴是全面推进乡村振兴的重点。地方本科高校人才培养与乡村振兴人才需求具有逻辑一致的可能,但地方本科高校人才供给与乡村振兴人才需求存在失调现象,两者之间供需结构性矛盾突出,供需数量不匹配,学生就业能力与乡村基层实际需求错位,无法有效满足未来乡村人才振兴需求。地方本科高校服务乡村人才振兴的实现路径体现为构建“三融三化”应用型人才培养模式,地方政府、企业要提供优质的公共服务,厚植人才发展“土壤”;地方本科高校充分发挥社会服务能力,提升乡村人力资本整体水平;提升地方本科高校科技成果转化,激发产业新活力。

资本市场健康发展与统一大市场建设:破除中国地方保护的政治经济分析

加快建设全国统一大市场是构建新发展格局的基础支撑和内在要求,促进要素资源在更大范围内顺畅流动首先必须要打破地方保护和市场分割。在政治经济学范式下,对中国资本市场健康发展与统一大市场建设过程中所面临的地方保护主义进行深入研究,可以发现地方市场分割和资本无序扩张的历史、发展和动因以及地方市场分割与资本无序扩张之间的演进关系,从而进一步评估中国资本市场相关政策的治理效果,并在此基础上提出规范资本市场发展以破除地方保护主义的有效途径。地方市场分割加剧了资本无序扩张,导致地区间及产业间资本配置失衡,严重影响中国资源配置效率,不利于全国统一大市场建设,中国应加快健全资本市场法律法规,建设统一开放的资本市场,实现经济的高质量发展。

我国地方债危机处置的理论与借鉴——基于债务货币化的考察

当前,我国地方债规模过大,经济增速趋缓,多地债务相继逾期,一旦爆发债务危机,或危及国家金融安全。学界对当今中国语境下地方债货币化与恶性通胀关系的研究仍有不足,尚不足以指导解决现实问题。基于此,在经济思想史和经济史视角下,探讨部分经典货币理论和典型事件适用前提和产生背景,探寻我国债务货币化的科学理论支撑,借鉴巴西地方债危机成功处置的经验。研究发现,债务货币化并不必然引发恶性通胀,而正是我国妥善化解地方债务风险的可行选择;“国家资本结构”理论为其提供了中国特色的理论支撑。

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。

健全因地制宜发展新质生产力体制机制推动中国式现代化

党的二十届三中全会决议明确指出:“要健全因地制宜发展新质生产力体制机制”,这对于推动中国式现代化具有重大意义。习近平总书记创造性提出“因地制宜发展新质生产力”,这是一项重大理论和实践创新,将为我国高质量发展注入全新动力。为了深入学习贯彻党的二十届三中全会精神,加快形成同新质生产力更相适应的生产关系,健全因地制宜发展新质生产力体制机制,完善战略性产业发展政策和治理体系,建立未来产业投入增长机制,完善促进数字经济和智能经济发展政策体系,促进耐心资本和各类先进生产要素向发展新质生产力集聚,围绕“健全发展新质生产力体制机制推动中国式现代化”这个新时代经济发展的重要课题,本刊邀请国内著名专家、学者,撰写一组笔谈文章,以飨读者。

地方本科院校给付博士引进安家费的理论逻辑和实践经验

引进博士是地方本科院校人才队伍建设的重要途径。博士属于稀缺型人才,给付其一定数额的安家费是地方本科院校招揽博士人才的通行做法。但是,给付博士引进安家费的逻辑性、合理性和科学性经常受到社会的质疑。文章分析了地方本科院校给付博士引进安家费的内在逻辑,运用案例对安家费的发放标准和发放方式进行了研究,结果表明:(1)给付博士引进安家费既符合理论逻辑也符合现实逻辑;(2)人才供求关系和内在价值是确定博士引进安家费标准的主要依据;(3)分期或延期支付博士引进安家费能起到较好的保障、约束和激励作用。

社会资本视角下社区规划转型挑战与应对——以广州H社区为例

随着城市治理的推进和新媒体技术的发展,城市大型社区中的社会网络发生重构,地方知识、邻里依恋、社会准则、共同行为等社会资本要素不断积聚。但是,社区规划实践存在制度缺陷与条件缺位,面临社区治理“倒逼”压力。以广州市H社区在“控规调整”中产生的主动式公众参与行动为切入点,通过访谈与问卷调查,深度考察社区规划过程中社会资本的作用特征与规划诉求。实证显示,在规划触媒作用下,大型城市社区中社会资本的作用逐渐突显,表现为公众参与的主动性与社区应对规划干预的能力显著提升,揭示出公众参与机制“错位”与基层治理制度“门槛”等现实问题。因此,深入推进社区规划机制转型,需要创新公众参与机制以适应社区诉求、完善地方知识众筹平台以培育社会资本、深化社区规划师制度以补位基层治理缺口,最终形成多元主体理性协作下的社区规划新模式。

首都功能核心区居住空间热环境差异与形态响应研究

探究首都功能核心区内居住空间形态对城市热环境的影响,可为优化居住空间形态,改善居住空间热环境提供科学依据。以首都功能核心区为例,利用遥感数据和城市基础空间信息数据,以局地气候区分类体系为基础,划分核心区居住空间形态类型,利用单窗算法进行地表温度反演,对比不同居住空间形态的热环境差异;借助相关分析与回归分析探究居住空间形态和城市热环境之间的关系。研究发现,核心区什刹海、南锣鼓巷、大栅栏、西四北等历史住区的地表温度总体上较多层老旧小区、高层住区高,自由肌理历史住区地表温度总体上较规整肌理历史住区高;建筑密度对空间热环境效应呈正相关,建筑平均层数则呈负相关,且这种相关性在冬季强于夏季。最后,探讨了除建筑高度、建筑密度、肌理类型等空间形态因素,建筑材料、经济社会和住房条件也可能是影响热环境差异的主要原因,并提出热环境改善措施。

国地税合并对资本市场定价效率的影响研究

基于2013—2021年中国上市公司数据以国地税合并的改革政策为准自然实验,考察国地税合并对资本市场定价效率的影响效应。研究发现,国地税合并改革后企业资本市场定价效率提高了11.1%。提高企业信息披露质量是国地税合并改革提高资本市场定价效率的重要机制,揭示了国地税合并通过提高企业信息披露质量以提升资本市场定价效率的内在机理,对于进一步提升资本市场资源配置效率、配置质量和强化金融风险防范的长效机制具有现实意义。