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.

Research on Mixed Ownership Reform of State-Owned Enterprises from the Perspective of Marxist Political Economy

Under China’s socialist system,state-owned enterprises are key forces driving the economic trajectory and providing strong momentum.These enterprises not only bear the crucial responsibility of advancing the process of national modernization but also serve as the core of the national economic lifeline through their irreplaceable status and function amidst changing times.In the new era,with the advent of the technological revolution and the wave of globalization,state-owned enterprises face unprecedented opportunities and challenges.As a significant aspect of state-owned enterprise reform,the mixed ownership reform is not only a transformation in the structure of enterprise ownership but also a reflection of China’s broader,comprehensive reform efforts.By deeply advancing this reform,it will help optimize the allocation of state-owned assets and significantly boost technological and management innovation within state-owned enterprises,ensuring their competitiveness in the intense market environment.Therefore,this paper will conduct an in-depth analysis of the mixed ownership reform of state-owned enterprises from the perspective of Marxist political economy.

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.

Vegetation characteristics and soil properties of artificially remediated grasslands:The case study of the Shimenhe mining area in Qilian Mountains,northwest China

The mining of limestone mines plays a crucial role in societal and economic advancement.However,mining activities have led to destructive variations in grassland ecology and soil,causing numerous environmental problems,and effective artificial restoration measures have been used to restore grasslands in the Shimenhe mining areas to different degrees.In this study,we investigated,examined and analyzed plant community structure and its correlation with soil properties across varying degrees of alpine grassland restoration in Qilian Mountains Shimenhe restoration mines using the sample method,and studied the changes in species diversity using five diversity indexes(Simpson index,Shannon index,Margalef index,Dominance index and Evenness index).This study showed that the plant community characteristics with high recovered degree(HRD)>middle recovered degree(MRD)>low recovered degree(LRD)>very low recovered degree(VLRD),11 plant genera comprising 11 species across 10 families were identified.Dominant families with robust ecological adaptability included Leguminosae,Rosaceae,Gramineae,Asteraceae,and Salicaceae.The highest Simpson,Shannon,Margalef and Evenness index of HRD grassland community species were 0.82,1.96,1.66 and 0.89,respectively.The highest Dominance index of VLRD grassland community species was 0.34,which required several restoration methods such as spraying and mulching.Soil pH and EC tended to decrease with increasing restoration,SOC,SMC,TP,AP,NH4-N,TN,AN and NO3-N tended to increase and the content of soil environmental factors contributed to vegetation growth across various restoration levels the mine grassland.In conclusion,our study indicated that the community structure gradually diversified and soil properties changed positively with the increase of restoration degrees in the Qilian Mountains Shimenhe mine,and the best results of HRD restoration were obtained.This study provides the theoretical basis for the restoration and conservation of grasslands in mining areas by demonstrating examined the correlation between plant characteristics and soil properties in restored grasslands in alpine mining areas.

Weather influenced nestling growth of an insectivorous but not a granivorous grassland passerine in Argentina

Nestling growth of birds can be affected by weather fluctuations.In general,it is expected that higher temper-atures favor growth by improving food availability and nestling metabolism,while rain hinders it by reducing foraging efficiency.However,most of these patterns have been described in insectivorous cavity-nesting birds in temperate forests.We tested these predictions in two neotropical grassland ground-nesting birds with contrasting nestling diets and therefore potentially different responses to weather.We measured nestlings of the Hellmayr’s Pipit(Anthus hellmayri,an insectivorous passerine)and the Grassland Yellow-Finch(Sicalis luteola,which feeds its nestlings exclusively with seeds)during three breeding seasons(2017-2020)in central-eastern Argentina.We took measurements of tarsus and body mass,modeled growth curves using nonlinear mixed-effects models,and evaluated the effects of minimum daily temperature and precipitation during the growth period and the 30 days prior to hatching.For pipits(60 nestlings from 21 nests),minimum temperatures during the growth period were positively associated with tarsus and body mass asymptotes.Also,there was a positive association between precipitation during the pre-hatching period and tarsus asymptote.Conversely,none of the weather variables analyzed had significant effects on nestling growth of finches(131 nestlings from 35 nests).Dietary contrast between species may explain the different results.Arthropod activity and abundance can be affected by weather variations within the span of a breeding season,whereas seeds may depend on conditions from previous years,making the effects harder to detect.Fledglings with reduced asymptotic size can have reduced chances of sur-vival.Hence,pipit populations could be impacted if they experience cold and dry conditions during their breeding season,which is of major relevance in the current context of climate change.

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.

Responses of soil stoichiometry and soil enzyme activities in the different distance around opencast coal mine of the Hulun Buir Grassland of China

The objectives of this study were to explore the changes in soil stoichiometry and enzyme activities at different distances from an opencast coal mine in the Hulun Buir Grassland of China. Four transects were established on north and east sides of the opencast coal mining area, and samples were collected at 50 m, 550 m, and 1550 m from the pit on each transect. Control samples were collected from a grassland station 8 km from the opencast coal mining area that was not disturbed by mining. Four replicate soil samples were collected at each point on the four transects. Soil physicochemical properties and enzyme activities were determined, and correlations between soil properties and stoichiometric ratios and enzyme activities were explored using redundancy analysis. The increase in distance from mining did not significantly affect soil properties, although soil urease activity was significantly lower than that of the control area. Soil properties 1550 m from the mine pit were similar to those at the grassland control. In addition, soil total nitrogen had the greatest effect on soil stoichiometry, and soil total potassium had the greatest effect on soil enzyme activities. Coal dust from opencast mining might be the main factor affecting soil stoichiometry and enzyme activities. The results of this study provide direction for the next step in studying the influence of mining areas on soil properties and processes.

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.

Effects of Enclosure on Grassland Ecological and Economic Benefits in Northern China

Grasslands in northern China serve the country as both an ecological barrier and a livestock production base.There,installing enclosures has been becoming the major grassland restoration measure adopted by many local governments.However,the effects of restoration on both ecological and production benefits of grassland remain unclear for implemented grassland restoration policies.Therefore,a representative rangeland in northern China,the Maodeng pasture in Inner Mongolia Autonomous Region was selected as the study area,and remote sensing monitoring analyses were carried out to quantify the ecological benefits and economic benefits from 2015 to 2021.The results showed that:1) in terms of ecological benefits,the grassland area with a grassland coverage rate of more than 60% accounts for 32.3% of the regional area,and 86.4% of its grassland grew significantly better than the same period in2015,showing a significant improvement in grassland growth.Using the average amount of carbon per unit area as the ecological benefit evaluation index,it increased by 27.1% to 32.48Tg C/yr from 2015 to 2021.2) In terms of economic benefits,both theoretical grass production and livestock carrying capacity increased from 2015 to 2021.Compared to 2015,the theoretical grass production in 2021 increased by 24.8% to 71 900 t.The livestock carrying capacity reached 52 100 sheep units in 2021,nearly 11 000 sheep units more than that in 2015.During the study period,multiple economic indicators(on a per capita basis of permanent residents) for the pastoral area of Xilinhot City to which the Maodeng pasture belongs,have grown steadily.Per capita total income rose from 29 630 yuan(RMB) in2015 to 62 859 yuan(RMB) in 2021.Relying on grassland resources to develop the pastoral ecology also broadens the potential economic development space.Overall,the establishment of the reserve and the experiment of implanting an enclosure policy have had a significant and positive impact on Maodeng pasture’s development from both an ecological and economic perspective.With the support of scientific evidence,enclosure policy can be extended to more than 110 000 km~2 of grasslands in northern China with similar precipitation and temperature conditions,enhancing the productive and ecological potential of grasslands.The above research results will contribute to the scientific formulation of grassland pasture quality improvement plans in northern China.

Reasonable grazing may balance the conflict between grassland utilization and soil conservation in the semi-arid hilly areas, China

Soil erosion caused by unsustainable grazing is a major driver of grassland ecosystem degradation in many semi-arid hilly areas in China.Thus,grazing exclusion is considered as an effective method for solving this issue in such areas.However,some ecological and economic problems,such as slow grassland rejuvenation and limited economic conditions,have become obstacles for the sustainable utilization of grassland ecosystem.Accordingly,we hypothesized that the conflict between grassland use and soil conservation may be balanced by a reasonable grazing intensity.In this study,a two-year grazing fence experiment with five grazing intensity gradients was conducted in a typical grassland of the Loess Plateau in China to evaluate the responses of vegetation characteristics and soil and water losses to grazing intensity.The five grazing intensity gradients were 2.2,3.0,4.2,6.7,and 16.7 goats/hm2,which were represented by G1-G5,respectively,and no grazing was used as control.The results showed that a reasonable grazing intensity was conducive to the sustainable utilization of grassland resources.Vegetation biomass under G1-G4 grazing intensity significantly increased by 51.9%,42.1%,36.9%,and 36.7%,respectively,compared with control.In addition,vegetation coverage increased by 19.6%under G1 grazing intensity.Species diversity showed a single peak trend with increasing grazing intensity.The Shannon-Wiener diversity index under G1-G4 grazing intensities significantly increased by 22.8%,22.5%,13.3%,and 8.3%,respectively,compared with control.Furthermore,grazing increased the risk of soil erosion.Compared with control,runoff yields under G1-G5 grazing intensities increased by 1.4,2.6,2.8,4.3,and 3.9 times,respectively,and sediment yields under G1-G5 grazing intensities were 3.0,13.0,20.8,34.3,and 37.7 times greater,respectively,than those under control.This result was mainly attributed to a visible decrease in litter biomass after grazing,which decreased by 50.5%,72.6%,79.0%,80.0%,and 76.9%,respectively,under G1-G5 grazing intensities.By weighing the grassland productivity and soil conservation function,we found that both two aims were achieved at a low grazing intensity of less than 3.5 goats/hm2.Therefore,it is recommended that grassland should be moderately utilized with grazing intensity below 3.5 goats/hm2 in semi-arid hilly areas to achieve the dual goals of ecological and economic benefits.The results provide a scientific basis for grassland utilization and health management in semi-arid hilly areas from the perspective of determining reasonable grazing intensity to maintain both grassland production and soil conservation functions.

Grasslands Response to Livestock Grazing Intensity in the Austral Pampas(Argentina):Testing the Intermediate Disturbance Hypothesis

Livestock grazing has a significant impact on natural grasslands,with approximately one-third of the world’s land area dedicated to this industry.Around 20%of global grasslands are highly degraded due to overgrazing,affecting their productivity and conservation capacity.Best practices are required to ensure sustainable livestock production that supports biodiversity.The Intermediate Disturbance Hypothesis(IDH)suggests that environments with moderate levels of disturbance exhibit a higher species diversity.Moderate grazing can reduce the dominance of certain species,thereby enhancing plant diversity.However,concerns arise regarding the increase of exotic and unpalatable species under moderate grazing levels,complicating grassland conservation efforts.The impact of livestock grazing on the functional structure of grasslands depends on factors such as grazing intensity,livestock species,and environmental conditions.Variations in grazing intensity may increase specific and functional diversity under moderate grazing,potentially masking the presence of invasive exotic species.In the Austral Pampas(Pampean phytogeographic province,Buenos Aires,Argentina),grasslands face various pressures from domestic livestock grazing that endanger their integrity if not properly managed.Therefore,our study aims to investigate potential differences in species richness and diversity,functional diversity,exotic plant abundance,and the number and distribution of plant functional groups across varying grazing intensities.The IDH is utilized as a tool to regulate livestock pressure for grassland conservation.Species and functional diversity indices were used to assess the impact of grazing on grassland diversity.Moderate grazing increased species and functional diversity,while intensively grazed or ungrazed areas showed reduced diversity.Livestock presence influenced the balance between native and exotic plants,with ungrazed areas having higher native plant abundance and grazed areas exhibiting higher exotic plant abundance.Grazing also influenced the composition of functional groups,with grazing-avoiding species being more prevalent in heavily grazed areas.Principal Component Analysis revealed a clear association between vegetation composition and livestock grazing intensity.These findings offer valuable insights into effectively managing grazing intensity for biodiversity conservation purposes.

Grassland-type ecosystem stability in China differs under the influence of drought and wet events

Ecological stability is a core issue in ecological research and holds significant implications forhumanity. The increased frequency and intensity of drought and wet climate events resulting from climatechange pose a major threat to global ecological stability. Variations in stability among different ecosystemshave been confirmed, but it remains unclear whether there are differences in stability within the sameterrestrial vegetation ecosystem under the influence of climate events in different directions and intensities.China's grassland ecosystem includes most grassland types and is a good choice for studying this issue.This study used the Standardized Precipitation Evapotranspiration Index-12 (SPEI-12) to identify thedirections and intensities of different types of climate events, and based on Normalized DifferenceVegetation Index (NDVI), calculated the resistance and resilience of different grassland types for 30consecutive years from 1990 to 2019 (resistance and resilience are important indicators to measurestability). Based on a traditional regression model, standardized methods were integrated to analyze theimpacts of the intensity and duration of drought and wet events on vegetation stability. The resultsshowed that meadow steppe exhibited the highest stability, while alpine steppe and desert steppe had thelowest overall stability. The stability of typical steppe, alpine meadow, temperate meadow was at anintermediate level. Regarding the impact of the duration and intensity of climate events on vegetationecosystem stability for the same grassland type, the resilience of desert steppe during drought was mainlyaffected by the duration. In contrast, the impact of intensity was not significant. However, alpine steppewas mainly affected by intensity in wet environments, and duration had no significant impact. Ourconclusions can provide decision support for the future grassland ecosystem governance.

Improving the Accuracy of Vegetation Index Retrieval for Biomass by Combining Ground-UAV Hyperspectral Data-A New Method for Inner Mongolia Typical Grasslands

Grassland biomass is an important parameter of grassland ecosystems.The complexity of the grassland canopy vegetation spectrum makes the long-term assessment of grassland growth a challenge.Few studies have explored the original spectral information of typical grasslands in Inner Mongolia and examined the influence of spectral information on aboveground biomass(AGB)estimation.In order to improve the accuracy of vegetation index inversion of grassland AGB,this study combined ground and Unmanned Aerial Vehicle(UAV)remote sensing technology and screened sensitive bands through ground hyperspectral data transformation and correlation analysis.The narrow band vegetation indices were calculated,and ground and airborne hyperspectral inversion models were established.Finally,the accuracy of the model was verified.The results showed that:(1)The vegetation indices constructed based on the ASD FieldSpec 4 and the UAV were significantly correlated with the dry and fresh weight of AGB.(2)The comparison between measured R^(2) with the prediction R^(2) indicated that the accuracy of the model was the best when using the Soil-Adjusted Vegetation Index(SAVI)as the independent variable in the analysis of AGB(fresh weight/dry weight)and four narrow-band vegetation indices.The SAVI vegetation index showed better applicability for biomass monitoring in typical grassland areas of Inner Mongolia.(3)The obtained ground and airborne hyperspectral data with the optimal vegetation index suggested that the dry weight of AGB has the best fitting effect with airborne hyperspectral data,where y=17.962e^(4.672x),the fitting R^(2) was 0.542,the prediction R^(2)was 0.424,and RMSE and REE were 57.03 and 0.65,respectively.Therefore,established vegetation indices by screening sensitive bands through hyperspectral feature analysis can significantly improve the inversion accuracy of typical grassland biomass in Inner Mongolia.Compared with ground monitoring,airborne hyperspectral monitoring better reflects the inversion of actual surface biomass.It provides a reliable modeling framework for grassland AGB monitoring and scientific and technological support for grazing management.

Research on Financial Performance of State-owned Enterprise Mixed Ownership Reform

Mixed ownership is an important form of realization of China＇s economic system reform and development, and it is also the main direction of state-owned enterprise reform. In order to further promote the deepening of the reform of mixed ownership, this paper randomly selects 200 listed state-owned enterprises as research objects, and studies the trends of the financial performance of these enterprises from the mixed state-owned enterprises and non-mixed-modification enterprises in the five years from 2013 to 2017, and compares their various trends. Financial indicators, a comprehensive evaluation of the problems and causes in the reform of the mixed ownership system, and then propose countermeasures to further deepen the reform of mixed ownership based on the research conclusions.

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

Dividing the transit wind speeds into intervals as a favorable methodology for analyzing the relationship between wind speed and the aerodynamic impedance of vegetation in semiarid grasslands

In grassland ecosystems,the aerodynamic roughness(Z0)and frictional wind speed(u*)contribute to the aerodynamic impedance of the grassland canopy.Thus,they are often used in the studies of wind erosion and evapotranspiration.However,the effect of wind speed and grazing measures on the aerodynamic impedance of the grassland canopy has received less analysis.In this study,we monitored wind speeds at multiple heights in grazed and grazing-prohibited grasslands for 1 month in 2021,determined the transit wind speed at 2.0 m height by comparing wind speed differences at the same height in both grasslands,and divided these transit wind speeds at intervals of 2.0 m/s to analyze the effect of the transit wind speed on the relationship among Z0,u*,and wind speed within the grassland canopy.The results showed that dividing the transit wind speeds into intervals has a positive effect on the logarithmic fit of the wind speed profile.After dividing the transit wind speeds into intervals,the wind speed at 0.1 m height(V0.1)gradually decreased with the increase of Z0,exhibiting three distinct stages:a sharp change zone,a steady change zone,and a flat zone;while the overall trend of u*increased first and then decreased with the increase of V0.1.Dividing the transit wind speeds into intervals improved the fitting relationship between Z0 and V0.1 and changed their fitting functions in grazed and grazing-prohibited grasslands.According to the computational fluid dynamic results,we found that the number of tall-stature plants has a more significant effect on windproof capacity than their height.The results of this study contribute to a better understanding of the relationship between wind speed and the aerodynamic impedance of vegetation in grassland environments.

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.

Does nature-based solution sustain grassland quality? Evidence from rotational grazing practice in China

Rotational grazing is considered as one of the nature-based solutions(NbS)to grassland protection by natural scientists.However,its effects on improving grassland quality are still unclear when it is adopted by herders.Using a householdlevel panel data from field survey in two main pastoral provinces of China,empirical results from fixed-effect model and instrumental approach show that rotational grazing practices have insignificant short-term effects on grassland quality,but have positive long-term effects.In addition,rotational grazing practices can improve grassland quality when villages invest public infrastructure or herders have private supporting measures for more efficiency livestock production.Further analysis shows that herders adopting rotational grazing have higher grazing intensity,higher supplementary intensity and more livestock-house-feeding days,which indicate herders can utilize more efficient livestock management without increasing pressure on natural grassland.We also find that herders with pastoral income are more likely to adopt rotational grazing practice.These insightful findings offer policy implications on promoting grassroot NbS for ecosystem protection and resource utilization in developing pastoral countries.

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.

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.