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.

The Influence of Price Discrimination from Airports on the Route Development Behavior of Airlines

Given the prominence and magnitude of airport incentive schemes,it is surprising that literature hitherto remains silent as to their effectiveness.In this paper,the relationship between airport incentive schemes and the route development behavior of airlines is analyzed.Because of rare and often controversial findings in the extant literature regarding relevant influencing variables for attracting airlines at an airport,expert interviews are used as a complement to formulate testable hypotheses in this regard.A fixed effects regression model is used to test the hypotheses with a dataset that covers all seat capacity offered at the 22 largest German commercial airports in the week 46 from 2004 to 2011.It is found that incentives from primary choice,as well as secondary choice airports,have a significant influence on Low Cost Carriers.Furthermore,Low Cost Carriers,in general,do not leave any of both types of airports when the incentives cease.In the case of Network Carriers,no case is found where one joins a primary choice airport and receives an incentive.Insufficient data between Network Carriers and secondary choice airports in the time when incentives have ceased means that no statement can be given.

Internal Control Management and Risk Prevention Measures of State-Owned Enterprises

As an important pillar of national economic development,state-owned enterprises,their operational efficiency,and risk management ability are directly related to the stability and security of the national economy.As an important part of enterprise management,internal control management plays an irreplaceable role.Especially in the current domestic and international economic situation is complex and changeable,market competition is increasingly fierce environment,to strengthen the internal control management of state-owned enterprises and risk prevention measures is particularly important.This paper starts with the importance of internal control management and risk prevention for state-owned enterprises,and analyzes the problems and strategies in the internal control management and risk prevention of state-owned enterprises,in order to build a more comprehensive and efficient risk management system for state-owned enterprises to adapt to the ever-changing market environment and realize sustainable development.

Research on Influencing Factors and Countermeasures of Risk Control of State-Owned Enterprises under the Background of Big Data

This study explores the risk control and response strategies of state-owned enterprises in the context of big data.Global economic uncertainty poses new challenges to state-owned enterprises,necessitating innovative risk management approaches.This article proposes response strategies from four key aspects:establishing a proactive risk management culture,building a foundation in technology and data,conducting big data-driven risk analysis,and implementing predictive analysis and real-time monitoring.State-owned enterprises can foster a proactive risk management culture by cultivating employee risk awareness,demonstrating leadership,and establishing transparency and open communication.Additionally,data integration and analysis,leveraging the latest technology,are crucial factors that can help companies better identify risks and opportunities.

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.

Exploring New Ways to Deepen the Reform of State-owned Foreign Economic and Trade Enterprises

By the end of the century, the reform and development of China’s state-owned enterprises will create new prospects. The reform of state-owned foreign economic and trade enterprises should also see further breakthroughs. At present, the following aspects are important: 1. Implement a Holdings System in the Reform of State-owned Foreign Economic and Trade Enterprises. The holdings system plays a major role in transferring the management mechanism of state-owned foreign economic and

Strategy-Based Forecasting Model for Civil Airlines

Airlines usually pay more attention to maintenance cost for efficiency improvement and consumption reduction. However, airlines, especially the domestic airlines, can hardly predict the cost exactly due to the uncertainty and complexity until now. In practice, the cost is calculated by collecting and calculating the invoices afterwards. To settle the problem, a maintenance cost forecasting model is proposed in this paper. Maintenance activities are classified into scheduled maintenance and unscheduled maintenance. Scheduled maintenance is periodic, in which the required materials and man-power hours can be obtained properly in advance. Nevertheless, it is impossible to acquire the necessary information of unscheduled maintenance. According to the specific characteristics of each, Activity-Based Costing (ABC) and Cost Estimating Relationships (CERs) are introduced to attack the building of forecasting models, respectively. Then practical cases, the 3C check of MD-90 and the engine shop visit are adopted to verify the cost forecasting models proposed. The results show that the models not only can predict the actual maintenance cost successfully, but also are helpful to drawing up the maintenance program and managing the maintenance funds efficiently.

Fundamental issues and solutions in the design of China's ETS pilots:Allowance allocation,price mechanism and state-owned key enterprises

This paper analyzes the three main fundamental issues in the design of China's ETS pilots,including allowance allocation,price mechanism and state-owned key enterprises,and proposed suggested solutions.For the issue of allowance allocation,we suggest that the gradual hybrid mode could be applied at the beginning,which starts with mainly free allocation and then increases auction ratio gradually.And grandfathering is a suitable method of free allocation.For the issue of price mechanism,we suggest a price floating zone with open market operation to reduce the uncertainty of prices.For the issue of state-owned key enterprises,we suggest a good coordination with SASAC,defining the state-owned property right and supervision right when state-owned key enterprises are involved into the carbon market,and the local government can set rules of allocation and transaction to limit their potential market power.

Analysis on low-cost airlines and tourism development

Low-cost airlines offered cheap fares in exchange eliminating many traditional passenger services.Cheap air transport was considered as an enabling or permissive factor for regional tourism,The most obvious effect was the growth of tourists' amount to a destination and the concomitant changing of visitors market.Additionally,with the development of low-cost airlines,the updated operation means such as on-line booking system enhanced competition ability against traditional sales agent.The selection model of airports,which were gateway for low-cost airlines' entrance to region or tourism destination,would determine the intense relationship between low-cost airlines and tourism.As international low-cost airlines gradually changed their selection from traditional secondary airports and involved into spokehub airports,the operation business model of low-cost airlines diversified as well.Typical international case of low cost airlines in south pacific region was analyzed.Besides,Spring Airlines which was the first low-cost airlines in China was illustrated as well.Further research should focus on a quantitative study on relationship among low-cost airlines,airports distribution and tourism development.

Empirical Study of Parameters of Airlines Sustainability in Nigerian Domestic Network

Sustainability was investigated in the ability to reliably anticipate airline market share, which is critical for effective business strategy. As a result, a model was created to address the issue of airline market share across all Nigerian airport routes. The model took into account the explanatory variables average fares paid by various airlines passengers, number of competitors at each route, frequency of flight, and the total number of enplaned passengers. The model illustrated how it may be used to determine an airline’s sustainability. It was observed that all of the parameters in the model were statistically significant and exhibited the predicted signs. As a result, the market share of Nigerian airlines can assess the sustainability of Nigerian airlines. As a result, it is proposed that the federal government and aviation regulatory bodies provide a level playing field to all commercial airline operators, without any kind of protectionism. Airlines’ services should be completely deregulated, and the forces of perfect market competition should drive the airline’s overall health. The government should provide a fair and supportive climate for airline operators as soon as possible. The ease of doing airline business must be implemented honestly and competitively. The degree of competition has a detrimental impact on the airline’s market share, especially if the airline operates in a regulated market. As a result, perfect competition for the airline should be promoted.

Evaluating the Drivers of Airlines Profitability in Nigeria Domestic Network

A firm’s profitability is critical to its competitiveness and sustainability. This research looked at the elements that influence airline profitability in Nigeria. From 2005 to 2019, two airlines were picked, and their data were retrieved from Nigerian Civil Aviation Authority (NCAA). From estimated quarterly panel data using E-views 8 and SPSS 22, the overall findings of the regression study demonstrate that with ROA used as a proxy for profitability, the R-square is 83.6 per cent and 89.4 per cent, respectively for Aero contractors and Medview airline, representing 83.6 per cent and 89.4 per cent of the changes in profitability of the Aero contractors and Medview in the sample, respectively, could be explained by changes in the study’s independent variables, namely growth, liquidity, leverage, lease, tangibility, fuel cost and personnel cost. Besides the total of the explanatory variables, growth, leverage and tangibility are statically significant at a 5% level of significant Aero Contractors. Growth, leverage, leasing cost, fuel cost, and staff cost, on the other hand, are statistically significant at the 5% level of significance for Medview airlines. Profiteering, expansion, leverage, and tangibility are the primary activities of any airline firm. Lease cost, fuel cost, and staff cost show a statistically significant positive link with the profitability metric ROA. As a result, stakeholders of Nigerian airlines should prioritize profitability over other criteria in this study. Airline executives should do a comprehensive analysis of all potential elements impacting their company’s profitability in the literature, including aspects other than economic variables. According to the findings of this study, political issues account for a greater proportion of the reasons why airlines fail in Nigeria.

Modernization of Governance System and Governance Capability of State-Owned Enterprises

State-owned enterprises are important pillars of socialism with Chinese characteristics,and the modernization of their governance system and governance capacity is an important part of the modernization of the national governance system and governance capacity.Through case study and specific practice,this paper carries out an in-depth thinking and serious analysis on how to promote the modernization of the governance system and governance capacity of state-owned enterprises under the new situation and requirements.This paper puts forward three kinds of management and control mechanism to enhance core competence in addition to the specific implementation path by using digital governance means.

Profit Delivery Proportion,Operation Performance and Bond Rating of Agricultural State-owned Enterprises

The distribution relationship between the profits of state-owned enterprises and the state has been constantly changing with the times. From the state implementing the policy that state-owned enterprises not pay profits to the state in 1994 to the constant growth of stateowned enterprises in the 21st century,their profits have become more and more abundant. Until 2007,the state issued a document stipulates that the state-owned enterprises should pay part of their profits to the state,but at the initial stage of trial implementation of the policy,the implementation was not effective,and finally in 2010 the state officially announced the collection of profits from state-owned enterprises and increased the proportion of collection. From the perspective of agricultural state-owned enterprises,using the difference-in-difference( DID)model,this paper studied the state policy of increasing the profit delivery proportion of state-owned enterprises in 2020. Through CSMAR database,we selected agricultural state-owned listed companies in the 2008-2013 as samples,tested the impact of the implementation of the new policy in 2010 on the operation performance of agricultural state-owned enterprises,evaluated the implementation effect of the policy through comparing the operation performance before and after the policy,and explored whether the policy has an impact on the bond rating. Through empirical research,it found that increasing the profit delivery proportion of state-owned enterprises is helpful for improving the operation performance of state-owned enterprises and improving the quality of bond ratings,and this policy has more prominent effects on stimulating the performance of monopolistic state-owned enterprises. Therefore,collection of some profits from state-owned enterprises can promote better development of state-owned enterprises and also benefit both the state and the people.

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.

XINJIANG AIRLINES

Founded on January 1, 1985, XinjiangAirlines is an aviation enterprise directlyunder the leadership of the CAAC.Under the airlines, there are 10 aviation stations,one flying group, an airplane maintenancefactory and a training centre. It now has atotal of 4,400 staff and workers on the payroll. Its head office is located in Urumchi,the capital of the Xinjiang Uygur AutonomousRegion. To develop its air service business,the airlines set up a second air transport baseat Changzhou in Jiangsu Province in April1996. With its airplanes bearing the unifiedsign of a swan and a full moon, the airlinessolemnly declares: auspiciousness andhappiness will accompany you so long as youtravel on a Xinjiang airlines flight. The airlines’ flying group is equippedwith Tu-154M, Yel-86, and Boeing

Thoughts on Stimulating the Employee’s Work Efficiency in State-Owned Enterprises

State-owned enterprises are the basic guarantee of China’s economic and social development,the leading force in the field of strategic competition,but also the main provider of national social wealth accumulation.Although in many strategic areas,the operating efficiency of state-owned enterprises cannot be simply measured by the input profit margin;state-owned enterprises use state and social resources to operate.Shouldering the responsibility of preserving and increasing the value of state-owned assets also is the responsibility of all state-owned enterprise managers and employees.However,the management efficiency of state-owned enterprises is relatively low,and employees’performance management and incentives have been lack of innovation and improvement.This paper analyzes the current state-owned enterprises in China,the characteristics of performance management,as well as the problems faced,and discusses the measures to encourage the efficiency of state-owned enterprises employees.

Shandong Airlines

Shandong Airlines recently announced that the 1st of its order for three Boeing 737-300s will be delivered in late 1995, and that the rest will be delivered in January and August 1996. Shandong province has seen vigorous economic growth and increasing air traffic in recent years. Shandong Airlines will operate these new 737-300s on domestic routes to major

Research on evaluation model of technology innovation ability of state-owned enterprises in northeast industry base

The paper viewed the current problem that state-owned enterprises in northeast industry base hadn＇t technologies of their own intellectual property right, whose sources mainly depended on imitation and introduction from abroad. Operational evaluation method and index criteria system of enterprises technology innovation ability were put forward in this paper, different enterprises may revise the model according to their actual situations to evaluate the enterprise technological innovation ability scientifically and quickly. The findings will be helpful to correlative departments to formulate the related policies and also has important theoretical and practical value in technological innovation project of enterprise.

THE MANAGEMENT OF SCANDINAVIAN AIRLINES SYSTEM(SAS)

All travelers are familiar with theScandinavian Airlines System.But,everything seemed so fresh to the reporterwho had a first experience of flying SAS. Only a Beautiful Face Is Not Enough In September last year,in companywith the CCTV Zengdazongyi Troupe on atour of Denmark,Sweden and Norway