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.

Environmental Impact of Capital Expansion Under Economic Imbalance: Evidence from China

At present, along with China's booming economic development, environmental pollution is increasing. This paper first uses the entropy weight method to calculate the comprehensive indicators of environmental pollution, takes 30 provinces in China (except Tibet) as the research object and uses the provincial panel data covering the years 2000-2015, to explores the impact of capital expansion on environmental pollution under the condition of unbalanced economic development in China. The results show that the more serious the unbalanced growth of sectoral economy is, the more distorted China's capital expansion will be, and distorted capital expansion will further aggravate environmental pollution. Finally, based on the empirical research results of this paper, the policy recommendations for improving the environment are proposed from the perspective of capital expansion.

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.

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.

人力资本扩张如何影响企业生产效率——基于工资扭曲异质性视角的实证研究

在经济发展方式转变以及世界经济形势发生深刻变革的现实背景下,重新审视人力资本扩张对企业生产效率的影响,对于促进中国经济高质量发展具有重要现实意义。基于中国劳动力市场普遍存在劳动力工资负向扭曲事实,借助高校扩招这一外生政策冲击构造准自然实验,以中国工业企业作为研究样本,系统考察工资扭曲异质性情形下人力资本扩张对企业生产效率的影响。研究结果表明,随着工资负向扭曲程度的增加,高校扩招引致的人力资本对企业生产效率的影响逐渐变小。针对工资扭曲程度较大企业的机制研究表明,人力资本扩张加剧了企业的劳动密集度和生产率偏度,抑制了企业的创新动力。研究结论为中国在高质量发展阶段深入实施人才强国战略提供了新的视角和经验证据。

Human Capital Expansion and Global Value Chain Upgrading:Firm-level Evidence from China

Firms actively participate in the production of the global value chain(GVC),which is an important driving force for economic development.Using a difference-in-difference method,our research shows that industries that are relatively more human-capital intensive experienced a larger GVC position upgrading after 2003 than they had in prior years.Second,mechanism analysis shows that human capital expansion increases firms’GVC position not only through an imported intermediate input effect but also through an innovation effect.Third,this study shows that increases in the college-educated labor force have a heterogeneous effect on a firm's GVC position across firms’various characteristics.Human capital expansion has the largest positive effect on state-owned firms relative to foreign and domestic private firms.Human capital expansion has also significantly improved the GVC position of firms located in China's eastern and central regions.The findings of this study indicate that it helps upgrading the GVC position of Chinese firms.

数字资本无序扩张的风险与规制

防止数字资本无序扩张对于推动数字经济健康和可持续发展具有重要意义。数字资本大规模、非理性的扩张会引发数字平台垄断、数字资本分布失衡、数字财富差距扩大等风险。数字资本的扩张通常依凭规模逻辑、空间逻辑和权力逻辑展开,因此,防范基于不正当手段的规模扩张、避免空间分布失衡和制约数字权力滥用,是防范数字资本无序扩张进而克服其引发风险的规范原理。以规范和引导数字资本健康发展为目标,通过激励性规制工具和约束性规制工具的协调运用,同时构建回应型规制模式,是实践中防止数字资本无序扩张风险的可行策略。

资本扩张的内涵、边界与常态化监管

资本具有自然形态和社会形态双重属性,自然属性主要体现资本要素作用,社会属性更多体现特定的社会生产关系。资本扩张是资本自然形态和社会形态辩证统一、相互交织的过程,具有市场型扩张、资源型扩张、牌照型扩张等三个基本模式。由于趋利性,资本存在多样化无序扩张现象,在微观和宏观层面可能存在侵害中小投资者权益、弱化监管系统有效性等多重威胁。资本监管要充分认识资本的双重属性,将“两个毫不动摇”作为资本监管的基本原则,充分尊重资本正向价值,覆盖资本扩张所有环节,重点防范资本无序扩张的潜在风险,特别是系统性金融风险和数字经济潜在的新型金融风险。资本监管要健全资本监管长效机制,深化资本监管法治建设,着重加强机构公司治理,有效统筹资本双重属性,着力提升生产力,注重优化生产关系,不断强化为中国式现代化服务的功能。

资本市场健康发展与统一大市场建设:破除中国地方保护的政治经济分析

加快建设全国统一大市场是构建新发展格局的基础支撑和内在要求,促进要素资源在更大范围内顺畅流动首先必须要打破地方保护和市场分割。在政治经济学范式下,对中国资本市场健康发展与统一大市场建设过程中所面临的地方保护主义进行深入研究,可以发现地方市场分割和资本无序扩张的历史、发展和动因以及地方市场分割与资本无序扩张之间的演进关系,从而进一步评估中国资本市场相关政策的治理效果,并在此基础上提出规范资本市场发展以破除地方保护主义的有效途径。地方市场分割加剧了资本无序扩张,导致地区间及产业间资本配置失衡,严重影响中国资源配置效率,不利于全国统一大市场建设,中国应加快健全资本市场法律法规,建设统一开放的资本市场,实现经济的高质量发展。

工业智能化如何影响劳动者工资议价能力?

本文将工业智能化与劳动者工资议价能力纳入统一分析框架,通过中国制造业A股上市企业数据构建工业智能化和劳动者工资议价能力指标,从理论与实证层面考察工业智能化对劳动者工资议价能力的影响及作用机制。研究发现,工业智能化显著提升了劳动者的工资议价能力,经过Heckman两步法、替换工具变量等检验后,结论依然稳健。机制分析表明,工业智能化通过外部高技能劳动力需求扩张效应和内部人力资本提升效应提升了劳动者工资议价能力。异质性分析发现,工业智能化对劳动者工资议价能力的提升作用对于国有企业、低融资约束企业、小规模企业、无员工福利的企业、低生活成本地区的企业更加显著。本文研究对于政府如何通过工业智能化转型提升劳动者工资议价能力、提高劳动报酬比重和完善收入分配格局具有重要政策启示。

双支柱调控、同业关联与银行特许权价值

文章构建纳入监管惩罚函数的银行利润最大化拓展模型,分析了双支柱政策对银行特许权价值的影响机制以及同业关联对双支柱调控效果的影响,在此基础上选取2011-2021年中国商业银行数据进行了实证检验。研究表明:(1)紧缩的货币政策会提升银行特许权价值,搭配使用紧缩性宏观审慎政策能够进一步加强紧缩货币政策对银行特许权价值的促进效应;(2)双支柱政策主要通过紧缩性宏观审慎政策对银行信贷过度扩张与资本结构偏离的双重制约作用渠道来提升紧缩货币政策对银行特许权价值的促进效应;(3)银行同业关联对双支柱调控效果的影响呈现非对称性特征。本研究将为完善双支柱调控的政策框架及防控特许权价值维度的银行业系统性风险提供重要的理论指导与决策参考。

控制性投资及其扩张效应与股价崩盘风险

企业通过控制性投资可建立内部资本市场、实现对外扩张,从而影响企业价值并引起股价波动。本文以2008—2021年A股中实施控制性投资的上市公司为研究对象,实证研究了控制性投资及其扩张效应对股价崩盘风险的影响。结果发现上市公司通过控制性投资建立内部资本市场可缓解融资约束,从而抑制股价崩盘风险;控制性投资扩张效应在集团内部可产生协同效应,压缩经理人对负面消息的隐藏空间,从而降低股价崩盘风险;但过于激进的扩张因降低了“效率促进”效果,反而削弱了控制性投资对股价崩盘风险的抑制作用。本文丰富了股价崩盘风险相关文献,深入探讨了股市健康稳定发展的影响因素,具有一定的现实意义。

元宇宙数字资本的生成逻辑与风险治理

数字资本竞争的加剧,推动资本不断开拓发展空间,催生元宇宙数字资本空间新场域。元宇宙的本质是数字资本的空间扩张、底层生产扩张与国际资本扩张,促进资本对空间的创新利用,扩大资本再生产并提高资本增殖能力。就空间与资本的关系而言,空间可以脱离资本而存在,资本却无法脱离空间独自增殖,资本的扩张须以一定的空间为其物质性载体。空间要素资本化与资本空间化是元宇宙数字资本扩张的显著特征。元宇宙的发展与生产促进了数字技术的应用,不断推动现有产业的数字化转型,“虚实相融”是数字资本生产的新业态。然而,元宇宙在提供数字资本发展新空间的同时,也暗藏资本无序逐利所招致的诸多风险隐患。面对元宇宙中未加规制的“蓝海市场”以及未曾开发的潜在高额利润,元宇宙可能成为数字资本剥削的新工具,发达国家或将借此扩大自身与数字弱势国家的“脱轨”,实现在元宇宙中的数字霸权与话语支配。在积极拥抱数字技术和元宇宙的同时,主动进行数字资本风险管理,是元宇宙数字资本风险治理的辩证法。基于此,对元宇宙数字资本的前瞻风险治理,需以社会主义市场经济在市场统一有序、资源合理配置、发展集中力量等方面的固有优势,有效管控伴随元宇宙而来的工具性风险、脱轨性风险和挤压性风险。

Climbing the Export Quality Ladder:Role of Human Capital

This study assesses the effect of human capital expansion on China's export product quality.It employs the difference-in-differences(DID)framework based on a quasi-natural experiment investigating the 1999 higher education enrollment expansion as the exogenous policy shock.The empirical results confirm that human capital expansion appreciably improved the quality of China's export products.Human capital expansion promoted the transformation and upgrading of old products and the development of new products in term of intensive margin;it strengthened the endowment advantages of incumbent high-quality export enterprises while preventing low-quality enterprises from entering the market through price competition on the extensive margin.This prevented quality decline.Further,the study reveals that the improvement effect driven by human capital came from both innovation-induced and managerial efficiency improvement channels and was more prominent for large or foreign-funded enterprises in the eastern region.Our findings highlight the role of human capital in China's remarkable export performance from an endogenous growth perspective.

试论资本无序扩张的意识形态风险及其应对

合理规范引导资本在意识形态领域的发展是亟待解决的重大理论和现实问题。资本作为生产要素,有助于推动思想文化领域的发展繁荣,但其无序扩张性又可能对意识形态建设带来风险挑战。资本在思想文化领域的无序扩张主要表现为文化资本同市场、权力以及技术等要素的非理性合谋,呈现为文化产业的过度商业化、文化资本的权力寻租以及民众思维的“信息茧房”化等现象,削弱了马克思主义作为社会主流意识形态的引领力,造成了思想文化领域的舆论社群分裂、社会价值分化以及民众精神贫困等意识形态风险。为此,要始终坚持党的领导,为文化资本科学设置红绿灯;完善我国社会主义文化市场,塑造高标准文化产业体系;引导资本服务于社会主义文化建设,着力解决民众的思想贫困问题。

扩招冲击、家庭经济资本与研究生教育机会获得--基于CFPS2020数据的分析

研究生教育机会获得与否受研究生扩招政策、家庭经济资本的影响,是教育机会公平的重要体现。基于CFPS2020年数据库中5828份样本,探讨研究生扩招、家庭经济资本差异与研究生教育机会获得三者之间关系。研究发现:研究生扩招政策冲击与家庭经济资本均会提升研究生教育机会获得的概率;在控制性别、民族等变量后,这一结论依然适用。此外,低收入家庭的子女从扩招中获得研究生教育的机会更大,而不同经济资本层级的家庭获得研究生教育机会的相对差距较小,即研究生扩招政策拓展了低收入家庭子女向上流动的渠道。

资本有序化:中国式现代化的重要标识及其实践进路

依法规范和引导资本健康发展,是对“资本有序化”的精辟定义。“资本有序化”纲领性地体现在“激活资本文明面、破解资本野蛮面”之中,深层次体现在资本与劳动关系的有序、资本与权力关系的有序及资本自我结构的有序之中。“资本有序化”是中国式现代化相关理论研究与实践探索不可忽视的关键维度,且从中国式现代化的历史脉络、比较视阈及理论内涵着眼都可明确“资本有序化”是其重要标识。中国式现代化的现实进程之中,还需通过规正资本运行导向、激发资本活力及弘扬企业家精神三条进路来接续推进“资本有序化”,以实现第二个百年奋斗目标。