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
China’s state-owned enterprises(SOEs)are facing an embedded integration of new functional mission,new classification reform and new digital development.These new tasks require SOEs to embrace digital strategic transf...China’s state-owned enterprises(SOEs)are facing an embedded integration of new functional mission,new classification reform and new digital development.These new tasks require SOEs to embrace digital strategic transformation and innovation for high-quality fulfillment of their national mission.Studying their digital transformation practices,this paper systematically explores the mechanism and path of embedding national mission into SOE digital transformation,and the mode selection of SOE digital transformation under different mission guidance.The findings are:(1)The SOE functional mission focusing on economic development,strategic support and public services in the new era is undertaken by for-profit,strategic and public functional SOEs;(2)the foreign circulation path based on the positioning mechanism-mapping mechanism and the internal consumption connection path for the state capital strategic positioning constitute a double twoway mechanism of embedding the national mission to the SOE digital strategic transformation,leading SOEs to build market-oriented,capacity-oriented and public-oriented digital transformation modes;(3)the three types of reform modes have respectively produced the action mechanism featuring agile strengthening,toughness strengthening and adaptability strengthening,which support the SOE classification performance.This paper attempts to make up for the research gap such as the lack of integration of the SOE digital strategic transformation mode by constructing the theoretical mode of SOE digital strategic transformation under the guidance of national mission,and reveals the intermediary mechanism of digital strategic transformation to support SOEs for fulfilling their functional missions.展开更多
Based on firm level data for the period of 1998-2007,this paper attempts to explain the growth differences between private enterprises and state-owned enterprises(SOEs)in China,in the context of liquidity shocks,and i...Based on firm level data for the period of 1998-2007,this paper attempts to explain the growth differences between private enterprises and state-owned enterprises(SOEs)in China,in the context of liquidity shocks,and institutional and financial environments.It is found that(1)when liquidity tightens,the private enterprises face stricter credit constraints than SOEs,which restricts the development of private enterprise;(2)when liquidity becomes abundant,private enterprises face fewer financial limitations and grow much faster than SOEs;(3)the effect of liquidity shocks on the growth rate gap between private enterprises and SOEs has weakened during the period 2002-2007.These findings reveal that the credit discrimination against private enterprises can be mitigated by improving institutional and financial environments,which weaken the effects of liquidity shocks on firm growth.展开更多
This research aims at exploring the differences in the effects of environment on entrepreneurship growth between state-owned enterprises and private businesses. Through executive investigation, reasons are provided fo...This research aims at exploring the differences in the effects of environment on entrepreneurship growth between state-owned enterprises and private businesses. Through executive investigation, reasons are provided for better performance of private businesses. Environmental factors, including economic, legal, technological, cultural and social factors, which influence entrepreneurship growth, are examined to determine differences between state-owned enterprise and private business executives. It is found that the methods of executive assignment to managerial posts determine executives＇ effort towards entrepreneurship.展开更多
The reform core of state-owned enterprises is to develop mixed-ownership’s economy effectively,therefore there are so many large-and medium-sized state-owned enterprises using a variety of resources,adopting various ...The reform core of state-owned enterprises is to develop mixed-ownership’s economy effectively,therefore there are so many large-and medium-sized state-owned enterprises using a variety of resources,adopting various ways to realize mixed-ownership reforms,enriching the theories of mixed-ownership reform,and creating a large number of practical samples.Wuliangye Company,as a very famous making liquor company in China,has issued a large of new stocks to excellent dealers,administrative staffs,and outstanding employees,so that the company can draw into massive private capital in 2016,so Wuliangye Company have made the first step about mixed-ownership reform among Chinese state-owned enterprises.Through comparing the quantity of monetary capital and asset-liability ratio of Wuliangye Company before and after directional issuing new stocks,the distrust about only adding money and welfare tool for relative benefit people can be eliminated.Moreover,the affection of directional issuing new stocks can promote Wuliangye Company dealers and employees to hold shareholdings,and optimize ownership structure.Wuliangye Company has got the exploration for optimizing equity structure to solid foundation for speeding up stated-owned enterprises reform paces,also providing some useful experiences of other mixed-ownership reform,and the ways and patterns are worthy of learning and studying.展开更多
Creditors,such as banks,often use disclosed environmental information to assess a company’s environmental risk and ensure the safety of debt funds.Consequently,carbon disclosures have become an important consideratio...Creditors,such as banks,often use disclosed environmental information to assess a company’s environmental risk and ensure the safety of debt funds.Consequently,carbon disclosures have become an important consideration for creditors when making investments.This study explores the relationship between carbon disclosure and debt financing costs using data on listed companies from 2008 to 2019.The results show that carbon disclosure can reduce the debt financing costs of enterprises,and that this influence is more significant for private companies than for state-owned enterprises.Instrumental variables and Propensity Score Matching(PSM)were used to evaluate the robustness of negative relationships.Furthermore,carbon disclosure has a more significant impact on debt costs with less environmental supervision pressure,weak residents’environmental awareness,and weak product market competition.These findings provide guidance for companies’carbon information disclosure and support the establishment of official carbon disclosure standards.展开更多
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.
基金This paper is supported by the Major Project of the National Social Science Fund of China“Research on the Mechanism and Path of Promoting Digital Industry Innovation by Technical Standards and Knowledge of Property Rights”(No.19ZDA077).
文摘China’s state-owned enterprises(SOEs)are facing an embedded integration of new functional mission,new classification reform and new digital development.These new tasks require SOEs to embrace digital strategic transformation and innovation for high-quality fulfillment of their national mission.Studying their digital transformation practices,this paper systematically explores the mechanism and path of embedding national mission into SOE digital transformation,and the mode selection of SOE digital transformation under different mission guidance.The findings are:(1)The SOE functional mission focusing on economic development,strategic support and public services in the new era is undertaken by for-profit,strategic and public functional SOEs;(2)the foreign circulation path based on the positioning mechanism-mapping mechanism and the internal consumption connection path for the state capital strategic positioning constitute a double twoway mechanism of embedding the national mission to the SOE digital strategic transformation,leading SOEs to build market-oriented,capacity-oriented and public-oriented digital transformation modes;(3)the three types of reform modes have respectively produced the action mechanism featuring agile strengthening,toughness strengthening and adaptability strengthening,which support the SOE classification performance.This paper attempts to make up for the research gap such as the lack of integration of the SOE digital strategic transformation mode by constructing the theoretical mode of SOE digital strategic transformation under the guidance of national mission,and reveals the intermediary mechanism of digital strategic transformation to support SOEs for fulfilling their functional missions.
基金support from the National Social Science Foundation of China(Project Number:17ZDA049,18VSJ070)the Natural Science Foundation of China(Project Number:71773071,71703066,71703088)Shanghai Pujiang Program(Project Number:16PJC034,17PJC045).The editors'and referees'constructive comments and kind work for the paper is also gratefully acknowledged.The authors accept responsibility for remaining errors.
文摘Based on firm level data for the period of 1998-2007,this paper attempts to explain the growth differences between private enterprises and state-owned enterprises(SOEs)in China,in the context of liquidity shocks,and institutional and financial environments.It is found that(1)when liquidity tightens,the private enterprises face stricter credit constraints than SOEs,which restricts the development of private enterprise;(2)when liquidity becomes abundant,private enterprises face fewer financial limitations and grow much faster than SOEs;(3)the effect of liquidity shocks on the growth rate gap between private enterprises and SOEs has weakened during the period 2002-2007.These findings reveal that the credit discrimination against private enterprises can be mitigated by improving institutional and financial environments,which weaken the effects of liquidity shocks on firm growth.
文摘This research aims at exploring the differences in the effects of environment on entrepreneurship growth between state-owned enterprises and private businesses. Through executive investigation, reasons are provided for better performance of private businesses. Environmental factors, including economic, legal, technological, cultural and social factors, which influence entrepreneurship growth, are examined to determine differences between state-owned enterprise and private business executives. It is found that the methods of executive assignment to managerial posts determine executives＇ effort towards entrepreneurship.
基金the SWUPL foundation(2015XZZD-04)Chongqing Social Science Foundation(2016YBGL118).
文摘The reform core of state-owned enterprises is to develop mixed-ownership’s economy effectively,therefore there are so many large-and medium-sized state-owned enterprises using a variety of resources,adopting various ways to realize mixed-ownership reforms,enriching the theories of mixed-ownership reform,and creating a large number of practical samples.Wuliangye Company,as a very famous making liquor company in China,has issued a large of new stocks to excellent dealers,administrative staffs,and outstanding employees,so that the company can draw into massive private capital in 2016,so Wuliangye Company have made the first step about mixed-ownership reform among Chinese state-owned enterprises.Through comparing the quantity of monetary capital and asset-liability ratio of Wuliangye Company before and after directional issuing new stocks,the distrust about only adding money and welfare tool for relative benefit people can be eliminated.Moreover,the affection of directional issuing new stocks can promote Wuliangye Company dealers and employees to hold shareholdings,and optimize ownership structure.Wuliangye Company has got the exploration for optimizing equity structure to solid foundation for speeding up stated-owned enterprises reform paces,also providing some useful experiences of other mixed-ownership reform,and the ways and patterns are worthy of learning and studying.
文摘Creditors,such as banks,often use disclosed environmental information to assess a company’s environmental risk and ensure the safety of debt funds.Consequently,carbon disclosures have become an important consideration for creditors when making investments.This study explores the relationship between carbon disclosure and debt financing costs using data on listed companies from 2008 to 2019.The results show that carbon disclosure can reduce the debt financing costs of enterprises,and that this influence is more significant for private companies than for state-owned enterprises.Instrumental variables and Propensity Score Matching(PSM)were used to evaluate the robustness of negative relationships.Furthermore,carbon disclosure has a more significant impact on debt costs with less environmental supervision pressure,weak residents’environmental awareness,and weak product market competition.These findings provide guidance for companies’carbon information disclosure and support the establishment of official carbon disclosure standards.
