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 ...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.展开更多
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 ...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.展开更多
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 ...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.展开更多
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.Th...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.展开更多
The sustainability of a country inevitably depends on proper taxation system. To date, there are many taxes implemented by the ruling authorities of a country. The taxes that are sourced from stock markets or share ma...The sustainability of a country inevitably depends on proper taxation system. To date, there are many taxes implemented by the ruling authorities of a country. The taxes that are sourced from stock markets or share markets are paramount to better govern a country. The capital gain tax (CGT), which is incurred in disposing the shares or stocks owned by an investor or an institution, is one of the taxes implemented in stock markets. Though in the past many attempts have been made to properly streamline the CGT, the methodologies or the approaches used in the implementation of CGT, even in the United States, are not well-grounded from a scientific point of view. Therefore, in this paper, a simplified approach based on the assumption that the CGT is implemented on a yearly basis is proposed. The CGT is calculated for each stock owned by an investor or an institution. The approach is implemented using an open access platform: AMP (Apache-MySQL-PHP). Subsequently, the proposed approach is tested using some hypothetical data. The proposed approach, which is easy-to-use, practical and un-biased, is of use to any country that is willing to progress towards the sustainability. Moreover, the proposed approach with the current technology will enhance the developing nations which have large size of informal economy, on designing and implementing effective tax policies and administrations.展开更多
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...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展开更多
This is a documentary study of education abroad policy in the People’s Republic of China(PRC)between 1978 and 2009.By examining the dynamics underpinning the PRC state’s efforts to shape the flow of Chinese students...This is a documentary study of education abroad policy in the People’s Republic of China(PRC)between 1978 and 2009.By examining the dynamics underpinning the PRC state’s efforts to shape the flow of Chinese students and scholars from and into China,this article reveals the major strategies that have enabled education abroad to become a source of brain gain.It argues that China’s brain gain strategies feature three characteristics:a proactive diplomatic approach to international educational relations;strategic dependence on foreign higher education resources and a decentralized economic mechanism to raise foreign-trained human capital.The paper concludes by discussing the implications of Chinese experience for our understanding of the complex and dynamic relations between the state,the market,universities and international relations as relating to cross-border academic mobility,international educational relations,and national development in a globalizing world.展开更多
基金supported by the National Natural Science Foundation of China,“State-owned Capital Participation and Financial Behavior of Private Enterprises:A Study from the Perspective of‘Balance’and‘Complementarity’of Multiple Major Shareholders”(Grant No.72202230).
文摘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.
基金Guangzhou Social Science Planning Project“Research on Countermeasures for Improving the Quality of New Professional Farmers in One Core,One Belt,and One District under the Background of Rural Revitalization”(Project No.2022GZGJ31)。
文摘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.
文摘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.
基金supported financially by the National Social ScienceFund of China(No.21CZZ028).
文摘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.
文摘The sustainability of a country inevitably depends on proper taxation system. To date, there are many taxes implemented by the ruling authorities of a country. The taxes that are sourced from stock markets or share markets are paramount to better govern a country. The capital gain tax (CGT), which is incurred in disposing the shares or stocks owned by an investor or an institution, is one of the taxes implemented in stock markets. Though in the past many attempts have been made to properly streamline the CGT, the methodologies or the approaches used in the implementation of CGT, even in the United States, are not well-grounded from a scientific point of view. Therefore, in this paper, a simplified approach based on the assumption that the CGT is implemented on a yearly basis is proposed. The CGT is calculated for each stock owned by an investor or an institution. The approach is implemented using an open access platform: AMP (Apache-MySQL-PHP). Subsequently, the proposed approach is tested using some hypothetical data. The proposed approach, which is easy-to-use, practical and un-biased, is of use to any country that is willing to progress towards the sustainability. Moreover, the proposed approach with the current technology will enhance the developing nations which have large size of informal economy, on designing and implementing effective tax policies and administrations.
文摘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
文摘This is a documentary study of education abroad policy in the People’s Republic of China(PRC)between 1978 and 2009.By examining the dynamics underpinning the PRC state’s efforts to shape the flow of Chinese students and scholars from and into China,this article reveals the major strategies that have enabled education abroad to become a source of brain gain.It argues that China’s brain gain strategies feature three characteristics:a proactive diplomatic approach to international educational relations;strategic dependence on foreign higher education resources and a decentralized economic mechanism to raise foreign-trained human capital.The paper concludes by discussing the implications of Chinese experience for our understanding of the complex and dynamic relations between the state,the market,universities and international relations as relating to cross-border academic mobility,international educational relations,and national development in a globalizing world.
