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.

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.

A Study on Chengdu Museum’s Endeavor to Expand Its International Influence

Expanding a city’s cultural influence through museums is a growing trend in local efforts to promote cultural advancement and communication in China in the context of international engagement in the new era.Chengdu Museum,which opened its new venue to the public in 2016,has emphasized the importance of engagement with foreign visitors as a key focus of its recent development.This aligns with Chengdu’s goal of establishing itself as a world-renowned cultural and creative city during the 14th Five-Year Plan period(2021–2025).This paper summarizes the approaches of renowned Chinese and foreign museums to expanding their international influence,citing examples such as the British Museum,the Louvre Museum,and the National Museum of China.Based on a case study of Chengdu Museum’s efforts to enhance its international communication capacity since 2016,several suggestions are put forward for urban museums regarding how to increase research capability,create a media matrix,and develop cloud exhibition platforms.This study aims to provide some insights for museums to effectively integrate resources to preserve urban culture urban culture and enhance the global influence of Chinese culture.

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.

Seismic effectiveness evaluation and optimized design of tie up method for securing museum collections

To quantify the seismic effectiveness of the most commonly used fishing line tie up method for securing museum collections and optimize fixed strategies for exhibitions,shaking table tests of the seismic systems used for typical museum collection replicas have been carried out.The influence of body shape and fixed measure parameters on the seismic responses of replicas and the interaction behavior between replicas and fixed measures have been explored.Based on the results,seismic effectiveness evaluation indexes of the tie up method are proposed.Reasonable suggestions for fixed strategies are given,which provide a basis for the exhibition of delicate museum collections considering the principle of minimizing seismic responses and intervention.The analysis results show that a larger ratio of height of mass center to bottom diameter led to more intense rocking responses.Increasing the initial pretension of fishing lines was conducive to reducing the seismic responses and stress variation of the lines.Through comprehensive consideration of the interaction forces and effective securement,it is recommended to apply 20%of breaking stress as the initial pretension.For specific museum collections that cannot be effectively protected by the independent tie up method,an optimized strategy of a combination of fishing lines and fasteners is recommended.

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.

The Educational Adaptive-optics Solar Telescope at the Shanghai Astronomy Museum

The Educational Adaptive-optics Solar Telescope(EAST)at the Shanghai Astronomy Museum has been running routine astronomical observations since 2021.It is a 65-cm-aperture Gregorian solar telescope for scientific education,outreach,and research.The telescope system is designed in an“open”format so that the solar tower architecture can be integrated with it,and visitors can watch the observations live from inside the tower.Equipped with adaptive optics,a high-resolution imaging system,and an integral field unit spectro-imaging system,this telescope can obtain high-resolution solar images in the TiO and Hαbands,and perform spectral image reconstruction using 400 optical fibers at selected wavelengths.It can be used not only in public education and scientific outreach but also in solar physics research.

Research on Improving Artistry of Exhibitions in History Museums in China

Chinese civilization,with its long and continuous history and rich cultural heritage,plays a central role in China’s dialogue with other civilizations.Therefore,it is necessary to collect and refine the defining symbols and best elements of Chinese culture and showcase them to the world;develop discourse and narrative systems with Chinese characteristics,better tell China’s stories,and make China’s voice heard.This effort can help Chinese civilization shine globally,interact with other civilizations,and promote its communication and influence worldwide.In China,history museums,as physical carriers of Chinese civilization,are an important component in developing Chinese discourse and narrative systems and an important channel to better tell China’s stories and make China’s voice heard.Improving the artistry of museum exhibitions caters to the public’s growing demand for a more enriching cultural experience and substantially promotes Chinese culture on a global scale.With the communication of Chinese civilization as the main focal point,this study investigated the current issues related to the artistry of history museum exhibitions in China and defined the artistry of history museum exhibitions and their connotations.Based on an in-depth analysis of the artistry of historical museum exhibitions within China,this paper enumerated the areas where improvements could be made to enhance exhibition artistry,intending to promote the communication of Chinese civilization.

Beauty in the Gathering:Exhibition of Precious Collection from Art Museums Around China

"Beauty in the Gathering:Exhibition of Precious Collection from Art Museums around China"opens at the National Art Museum of China(NAMOC)on February 1 and lasts until April 1.The exhibition provides a glimpse of the great variety of art collected by 15 museums,and distinctive features that vary from region to region,which has witnessed the further prosperity and development of the art museum industry since the new era.The exhibition showcases over 500 pieces of traditional Chinese painting,oil painting,printmaking,watercolor painting,lacquer painting,sculpture,folk art,mixed media art,calligraphy and other collections provided by these museums.

Analysis on the Development Model of Relic and Museum Tourism Products Based on ERP Analysis:A Case Study on Shandong Province

In recent years, the trend of people choosing relic and museum tourism during their vacationand leisure time is growing day by day, mainly because it touches people's feelings about historical relicsand cultural heritage. The development of relic and museum tourism products is not only the inheritanceof culture and the protection of cultural relics, but also the promotion of tourism consumption under thebackground of cultural tourism integration, which has promoted the development of regional economy.With the relic and museum tourism resources in Shandong Province as the research object, through theanalysis of its resources, market and products, this paper put forward three applicable modes of relic andmuseum tourism product development, including independent development, joint development, and artauthorization, and proposed specific suggestions around the three modes.

Integration of Environmental and Social Values in Cultural Spaces:Sustainable and Inclusive Wayfinding Materials for Museums

In the context of use of large museum centers,numerous national and international methodological experiments show that the wayfinding project must consider the needs of both habitual users(user-centered design)and local communities(design for communities)and the importance of environmental protection(eco-design)as a priority interest of the community.This“double target”,“user-centered”and“environment-centered”can be applied during the selection process of materials to be used in the project.With respect to these possibilities,this contribution intends to present the results of research focused on material characterization of the reception and distribution spaces of large museum centers.This characterization is based on use of sensory materials and aims to evaluate their impact on the usability and sustainability of wayfinding systems.The paper directed towards a proposal for organization of integrated information on new generation so-called smart materials;within the design of a wayfinding system,these can balance the aesthetic-perceptual and performance and environmental impact,in order to allow designers to make informed decisions oriented towards inclusion and sustainability.The study was addressed by conducting two phases of systematic literature and library review of materials.The investigations conducted led to achievement of a first research result which consists in the identification of a“standard sheet”for the mapping and cataloging of the materials used for wayfinding.The“standard sheet”allows organizing the information on smart,sensorial,and eco-friendly materials,balancing the aesthetic-perceptive component with the performance on the environmental impact along the entire life cycle in a circular perspective.This tool could guide designers towards an environmental communication project oriented towards sustainability and is effective for usability and wayfinding.

A Discussion on the Structure and Spatial Composition of Long Museum West Bund

The Long Museum,with its distinctive T-shaped“umbrella-vault”structure,offers a rich array of spatial experiences.This article delves into space from both structural and compositional perspectives.As the construction mediator,the umbrella vault embodies the consistency of construction and implies the causality of the surface.Presented as an element,the space flows freely,showing diverse fields and order.In terms of the liberation of its meaning,the space offers static perception and dynamic experience,creating a rich exhibition atmosphere.As a distinct entity,the umbrella-vault presents the physical nature,and the dialogue between the Long Museum and the city makes it a museum of art for the people.

Development Strategy of Sichuan Sports Museum under the Background of Cultural and Tourism Integration

Through conducting a SWOT analysis of the Chengdu Sports Institute Museum,and utilizing the 4M management,5W display,and 4P marketing theoretical models,this study explores effective strategies suitable for Sichuan sports museums in terms of functionality,display,and marketing.

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

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.

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.

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.