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.

An Empirical Test of Optimism Bias in Capital Budgeting Decisions

Behavioral finance is a field that is scrutinizing the adequacy of traditional financial theories using insights from the disciplines of psychology and sociology. Many studies within its realm test the stock market behaviors, and behavioral phenomena are still to be tested in the area of corporate finance. This study aims to contribute to the behavioral corporate finance literature by a research in one of the psychological phenomena affecting the decision makers＇ abilities to reach conclusions rationally. In this study, it is aimed to investigate one of the biases, namely, the optimism bias in corporate capital budgeting decisions. Optimism in decision making can be associated with estimating lower costs and higher revenues. Thus, by assessing the forecasts of decision makers, the existence of optimism in their decisions is tried to be seen. This study aims at contributing to the literature in that it is conducted in an emerging country like Turkey.

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.

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

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.

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。

Dependent-Chance Programming Models for Capital Budgeting in Fuzzy Environments

Capital budgeting is concerned with maximizing the total net profit subject to budget constraints by selecting an appropriate combination of projects. This paper presents chance maximizing models for capital budgeting with fuzzy input data and multiple conflicting objectives. When the decision maker sets a prospective profit level and wants to maximize the chances of the total profit achieving the prospective profit level, a fuzzy dependent-chance programming model, a fuzzy multi-objective dependent-chance programming model, and a fuzzy goal dependent-chance programming model are used to formulate the fuzzy capital budgeting problem. A fuzzy simulation based genetic algorithm is used to solve these models. Numerical examples are provided to illustrate the effectiveness of the simulation-based genetic algorithm and the potential applications of these models.

“利益独享”还是“软预算约束”——基于关联性风险资本联合投资的研究视角

本文基于关联性风险资本联合投资的研究视角,结合软预算约束研究模型,以我国上市公司为研究样本,实证研究关联性风险资本对上市企业IPO抑价的影响。研究发现,关联性风险资本参与上市企业,其IPO抑价显著低于非关联性风险资本参与的上市企业;通过一个投资轮次而形成的关联性风险资本,其IPO抑价显著低于非关联性风险资本,后期参与发行企业的关联性风险资本,其IPO抑价也显著低于非关联性风险资本;参与同一上市企业的全部风险资本之间存在关联关系的关联性风险资本,与非关联性风险资本相比,其IPO抑价水平并不显著,这一类型的关联性风险资本能够软化预算约束,可以缓解差项目被清算的压力,进而影响关联性风险资本识别项目能力。

国有资本经营预算实施与国有企业去僵尸化

国有资本经营预算制度是落实国家战略、增强政府宏观调控能力、推进国有经济布局优化和结构调整的重要制度,如何精准有效处置国有僵尸企业构成新时代做强做优做大国有资本的关键环节。本文以2003—2020年沪深两市国有上市公司为样本,立足国有资本经营预算制度分步实施的改革实践,研究其对国有企业去僵尸化的影响。研究发现:国有资本经营预算实施能够缓解政府不当干预和改善国有企业高管行为预期,从而促进国有企业去僵尸化;异质性检验表明,上述效果在地方国有企业和2015年国家层面加强国有企业党的建设后更为明显;动态效应检验表明,国有资本经营预算实施能够改善国有企业的盈利能力,降低非正常信贷水平和债务规模,从而降低正常国有企业沦为僵尸企业的可能性,并促进国有僵尸企业恢复正常;经济后果检验表明,国有资本经营预算实施最终对相应国有企业的市场价值、生产能力和经营业绩产生积极影响。因此,不断完善国有资本经营预算制度,清晰界定政府与国有企业之间的权责关系,对促进国有企业高质量发展和防范化解重大风险至关重要。

完善国有资本经营预算绩效评价体系的有关建议

作为国有资本经营预算(简称国资预算)工作的最后一个环节,国资预算绩效评价具有非常重要的意义,其结果能够体现国资预算使用的规范程度和成效,在一定程度上反映预算使用的情况,并为下一步预算工作的开展起到经验总结、指导和借鉴作用。为进一步完善国资预算绩效评价内容,结合财政部最新的评价体系及实际操作经验提出建议,助力形成更科学、更完善、更具指导意义的实操系统。

金华市门诊APG点数法付费组合政策探析

目的:通过分析金华市门诊APG点数法付费组合政策,探索如何建立有效的医保门诊支付机制。方法:在总结门诊病例分组(APG)原理的基础上,基于服务可及性、质量与安全、效率和支付三个价值构建政策绩效评估框架,使用2019—2023年金华市门诊医保基金支出和门诊付费数据,运用定量评估的方法,对金华市“APG点数+人头打包”的门诊组合付费政策实施效果进行评估。结果:医疗费用和医保基金增长率在7%左右,职工医保和居民医保均有结余,包括门诊APG预算总额结余;异地就医占比较低;一级医疗机构服务能力和运行效率在增加;APG病组结余率上升,门诊费用结构逐渐优化,医疗服务质量稳定,门诊统筹与住院统筹未发生互补效应。结论:金华市将签约服务和未签约服务人群分开,对前者嵌入疾病风险加权和分组预算,提高了医保基金配置的科学性、公平性且夯实了医保健康绩效考核的基础,促进了门诊服务提质增效,调动了基层医疗机构的积极性,成为市医保支付系统工程的重要组成部分。今后需进一步探索住院DRG与门诊APG的合理对接与智能化操作,以提高分组科学性和降低操作成本。

浅议权责发生制在行政事业单位会计制度中的运用

在我国经济的长期发展中,行政事业单位中的会计制度也在不断地发展。但是从整体上看,以收付实现制为主。在收付实现制应用的过程中,重点工作是加强对行政事业单位内部资金的有效管理,从而为相关公众的发展提供资金支持。随着行政事业单位内部工作的不断增加,传统的会计制度已经很难满足工作的实际需要,极大地阻碍了行政事业单位会计信息的查询和核算,影响了行政事业单位内部工作效率的提升。目前,许多行政事业单位开始积极进行内部会计制度的改革,希望在单位发展的过程中通过权责发生制的会计制度应用来提升内部资金管理的效率,从而真正弥补传统会计工作方式的不足。文章首先针对当前行政事业单位资金管理的具体特点进行了分析,总结了传统的收付实现制应用中存在的相关问题,分析了权责发生制在行政事业单位中使用的必要性,并制订了具体的工作策略,希望能够为行政事业单位的快速发展提供具体参考和支持。

医疗费用供方支付方式比较研究

本文通过比较预算支付、按人头支付、按服务项目支付和按病种补偿的优缺点,得出:任何支付方式都有正负两方面的作用,将几种支付方式结合起来的支付方式可能抵消各自的缺点,从而可以构造出较好的支付方式。

国有企业利润去哪儿了?

本文对制度作用下国有企业利润分配去向的现状进行全面、系统分析,研究发现:国有企业利润分配比例和范围仍需提高和扩大,国企利润分配呈现"体内循环"和过度投资倾向。应加大民生领域支出比例体现民生政策,并提高调入公共财政用于社会保障等民生的比例,考虑作为社保基金的重要支持性资金来源从而惠及全民;同时,应结合预算项目支出绩效评价改革和投资管控等配套制度建设,以硬化国资预算约束力度,完善国资预算制度和国企利润分配体制。

企业资本预算管理体系的构建

资本预算管理体系是规划企业资本活动的一种原则和方法步骤的系统。它的优势是可以协助企业实现股东财富最大化目标,它的缺陷是可能导致企业决策失误及资源配置不当等,甚至威胁企业的存亡。从分析国内外关于资本预算管理体系研究的缺陷入手,针对相关资本预算管理体系研究的不足,构建了新的资本预算管理体系。在这套新的体系中,加入了资本预算的基本前提、项目评估与决策系统、资本预算考评激励机制和资本预算修正机制,从理论层次解释了企业战略与资本预算之间的关系,以期对提高我国企业资本预算管理水平有借鉴意义。

基于经济增加值的企业全面预算管理研究

基于经济增加值的企业全面预算管理是以价值创造为战略导向,以经济增加值为核心业绩指标的一种高效预算管理方法。本文将考虑资金机会成本的经济增加值作为核心业绩指标贯穿于全面预算管理的全过程,提出了基于经济增加值的企业全面预算管理方法。在介绍经济增加值由来和内涵的基础上,提出了全面预算管理基本框架,对全面预算管理体系的构建进行了阐述。按照全面预算管理框架结构,将经济增加值这一核心业绩指标导入全面预算管理的全过程,依次就EVA预算编制方法、EVA预算执行、预算差异分析和预算考评激励四个预算管理环节的具体构建程序和方法进行了探讨,并以一般企业的一般情况为蓝本,为企业基于经济增加值的全面预算管理体系的建立提供了方向和建议。

公共财政理念下的预算范围调控之法律进路

预算范围的重新界定在中国预算法修改中居于极其重要的地位。文章所指的预算范围,即预算法界定下的收支类型。在公共财政理念下,预算法禀赋中的民主性原则、完整性原则要求预算范围被重新丈量;立法理论中的法律实施效果判定也对预算范围的界定提出了新的要求。文章通过对现有法律规范及实践的梳理,指出虽然现有法律对预算范围做出了兜底性规定,但因缺乏法律解释使实践操作乏力,而行政法规对于预算范围循序渐进的界定,为其上升为法律提供了理论资源和制度创新的双重支撑;同时,被囊括进入预算范围的部分收支由于其运行中受到体制性因素影响而难以真正实现预算法的目标,故对其界定也需要重新考量。因此,对预算范围的法律设计需要秉承理论,接壤实践,真正实现预算法欲达到的目标。

决策责任、原生性认知、资本预算项目恶性增资--基于模拟试验的证据

关于决策责任与恶性增资行为的关系,学术界一直没有统一的观点,归纳起来目前主要有三种不同的研究结论:一是对决策失败负有责任的管理者有显著的恶性增资倾向;二是对决策失败不负有责任的管理者也有显著的恶性增资倾向;三是没有发现决策责任与恶性增资倾向的显著关系。本文将决策责任、原生性认知和资本预算项目恶性增资三者放在同一研究框架内,在我国文化背景下,运用模拟实验方法,考察了决策责任对管理者投资选择(放弃投资还是恶性增资)的影响作用。结果表明:决策责任并不是导致管理者恶性增资的直接原因,它是通过影响管理者对项目的原生性认知而间接影响管理者的投资选择的。与管理者恶性增资行为直接相关的是管理者对项目的原生性认知。本文的研究还发现,当决策责任与原生性认知高度相关时,它与管理者的投资选择行为也密切相关。此时,通过更换对决策失败负责的管理者,可降低决策责任,达到抑制恶性增资的目的。本文的另一个研究结论是,对项目有较强的原生性认知是导致管理者恶性增资的根本原因。因此企业可在项目初始决策时,用制度性措施促使管理者多预见项目的风险,以降低管理者的原生性认知,可达到预防恶性增资发生的目的。本文的结果还表明,加大失调认知,可改变原生性认知与失调认知的权衡关系,抑制恶性增资的进一步恶化。