Few studies have explored the impact of heterogeneous government investment on corporate bond ratings from the perspective of government social capital allocation. This paper examines the bond market's response to government social capital allocation, utilizing empirical data from the bond ratings of listed companies issued between 2008 and 2020. The analysis begins with a rational explanation, conceptual definition, and index construction of government social capital. The empirical research finds that government social capital allocation significantly enhances corporate credit ratings. Mechanism tests reveal that local governments provide "government support" signals through short-term and long-term borrowing, enabling firms to secure more long-term loans and reduce their default risk. These signals are captured by rating agencies, which then influence the rating outcomes. Heterogeneity tests indicate that the positive impact of government capital allocation on ratings is more pronounced during periods of corporate financial distress. Furthermore, foreign rating agencies are better able to capture signals of government social capital allocation, and their independence confirms that high ratings are not the result of rating inflation.

This study aimed at exploring leadership's effect on employee's performance. The study attempted to examine flow the leaders in an organization affect the employee's performance and the job roles, and it also tried to find out leadership styles in which the organization. As the researcher's opinion of majority respondents, they were gained the benefit of providing guidance. This implies that the leader was supervising employees and playing the guiding role for his subordinates.

Ensuring fairness and equity in value distribution is crucial for the sustainability of platform ecosystems. However, existing approaches to distributing benefits among cooperative entities often find it difficult to accurately assess each stakeholder’s contributions. This paper tackles this challenge through a case study of the Haier COSMOPlat IIoT platform. By analyzing its value creation and value distribution processes, the research uncovers how platform enterprises can overcome existing limitations by quantifying and revealing intangible customer relationships alongside financial metrics. This revised value-sharing mechanism encourages a shift from “post-event value-sharing” to “mid-event adjustment”, promoting a fair and equitable profit distribution framework that motivates stakeholders toward sustainable value co-creation.

The growing number of zombie firms has severely hampered economic growth in most countries, especially after the COVID-19 pandemic when zombie firms increased dramatically. Improving the productivity of zombie firms has become a major concern around the world. This paper, using Chinese government procurement contract data and listed firm data, empirically investigates the relationship between government procurement and zombie firms' productivity. The research findings indicate that government procurement can improve zombie firms' productivity and narrow the production efficiency gap with non-zombie firms. This impact is more pronounced for local and low-level government clients. Our research further investigates the channels through which government procurement improves zombie firms' productivity. The results demonstrate that government procurement promotes productivity by enhancing technological innovation, improving sales performance, and increasing market supervision. Additionally, this study identifies that government procurement exhibits a spillover effect, which enhances the productivity of non-zombie firms within the same city. These findings contribute significantly to bridging the existing knowledge gap regarding the impact of government procurement on the productivity of zombie firms. Furthermore, the results offer innovative strategies for policy makers to address the challenges posed by zombie firms.

Studying the impact of the business environment on capital flows between northern and southern China is vital for enhancing economic growth and reducing regional economic disparities; however, the micromechanisms of how the business environment affects the capital flows between the north and south have not been adequately explained. This paper attempts to explore the mechanism of how the business environment influences capital flows from a micro perspective, namely, the location choice of enterprises for out-of-town investments, through the analytical framework of business cost theory. By constructing provincial panel data using the business environment and listed companies' out-of-town investment data, the study finds that (1) optimizing the business environment in the target investment location significantly promotes cross-regional capital flow, especially among nonstate-owned and mature enterprises. (2) Asymmetry exists in the promoting effect of the business environment on capital flows between the north and south, with capital flowing more into the southern regions due to differences in the business environment of the investment destinations. (3) Reducing market and institutional transaction costs is how the business environment leads capital to flow into the northern and southern regions, respectively. Therefore, from the perspective of enterprises' location choice for out-of-town investment, this paper confirms the existence of a “siphon effect” in optimizing the business environment, providing an important micropathway to address the unbalanced and insufficient development between the northern and southern regions of China.

本文从微观角度对政府社会资本进行概念界定,并运用熵值法构建其指标体系.在此基础上,选取2012～2021年沪深A股非金融类上市公司的数据为研究样本,实证检验政府社会资本对企业战略性资本配置结构的影响,并进一步分析其作用路径和异质性特征.研究结果表明:政府社会资本与企业战略性资本配置结构显著正相关,即政府社会资本越多的企业,其经营活动资本配置占比越高.通过作用路径分析发现,融资约束和代理成本在政府社会资本与企业战略性资本配置结构之间发挥中介效应.异质性检验结果表明,在市场化程度较高的情况下以及内部控制质量较差的企业中,政府社会资本提高企业经营活动资本配置占比的效果更显著.

本文对 2010-2021 年沪深A股非金融行业上市公司进行实证研究,考察了商业信用对高管薪酬业绩敏感性的影响,并深入探索背后的影响机理以及在内控质量不同的企业间的差异性影响.结果显示:从供应商处获得的商业信用有助于提高高管薪酬业绩敏感性;向下游客户提供的商业信用会降低高管薪酬业绩敏感性;供应链上下游的商业信用能够在一定程度上反映出企业利润质量的好坏,进而向股东传递信号,股东借此信号来判断管理层行为动机和工作能力并对高管薪酬业绩敏感性进行有效调节;在内部控制质量薄弱的企业,商业信用与高管薪酬业绩敏感性之间的关系更显著.

China faces a critical economic structural transformation with increasing financial instability and uncertainty, necessitating a greater need for accurate measurement of systemic financial risk. In the paper, this work analyses the systemic financial risk in China between 2011 and 2020 based on financial development, fragility and risk indicators and the world economy to construct a comprehensive index of systemic financial risk (CISFR). The results show an upward trend in China’s financial risk in the past 10 years and a mid-to-high level fluctuation in the past five years, mainly driven by risks in the banking system, securities market and real estate market. In 2021–2022, China’s financial system is still in a high-risk stage, and high systemic risks are still an important economic issue. The study’s comprehensive index method can be extended to emerging economies. It reflects the main driving factors of financial risk by assigning weights to basic indicators from a multidimensional perspective, thus providing a reference for policymakers to prevent and control financial risk.

资本结构动态调整对增强微观主体自主活力、提高企业高质量发展具有重要意义.本文以2011-2020年中国A股上市公司为样本数据,检验数字金融对资本结构的优化作用.研究发现,数字金融显著提升企业资本结构调整速度,并且向下调整速度快于向上调整速度.进一步研究发现,随着数字金融发展水平提升,国有企业向下调整速度以及非国有企业向上调整速度更加显著;数字金融通过增加(减少)企业获得长期债务融资的可能性提升向上(向下)调整速度.

专业化分工有助于加快构建新发展格局,增强国内大循环的内生动力和可靠性.文章基于手工搜集的上市公司开展供应链金融业务数据,以供应链治理理论为基础,检验了企业开展供应链金融对专业化分工的影响.研究发现,企业开展供应链金融业务产生了供应链治理效应,通过降低交易成本促进了企业专业化分工.上述效应在市场地位弱和传统型企业中更加明显,且存在供应链溢出效应,最终对企业实质性创新具有积极影响.文章揭示了供应链金融的治理作用及其内在机制,拓展了供应链金融和企业专业化分工领域的学术研究,为以中国式现代化推进产业链供应链现代化水平提升提供了政策启示.

本文利用调查问卷的方式,对企业财务报表列报的缺陷和改进对策进行实际考察分析.调查结果显示,现行财务报表列报模式不能有效传递企业的基本财务信息从而满足报表主要使用者的需求,报表之间分类不一致的现状亟需改进;应该在利润表中分别列示经营活动损益、投资活动损益和筹资活动费用;应该能够通过资产负债表、利润表和现金流量表结构的改进来反映企业资源的战略运用情况、运用效益和效率;应该提供企业准确的金融杠杆信息和财务弹性信息;应该通过现金流量表反映企业资金流量管理、存量管理的成效和企业产品经营的战略部署.

针对民营经济高质量发展的现实问题,本文采用政策文本量化分析法构建了2012～2020年省级民营经济扶持政策强度指数,检验了我国民营经济扶持政策对于民营企业全要素生产率的影响.研究发现:民营经济扶持政策能够有效改善民营企业资源配置效率和技术创新水平,进而提升民营企业全要素生产率;相对于供给型政策,需求型政策和环境型政策扶持效果更突出;此外,民营经济扶持政策对于欠发达地区、高新技术企业和规模相对较小的企业扶持效果更好.本文的研究结论支持了我国各地区促进民营经济发展壮大所做的有益探索,并为打好政策"组合拳"、促进民营经济高质量发展提供了参考.

在加快构建新发展格局、推进产业链供应链现代化水平提升的关键阶段,如何充分发挥"链主"企业的辐射带动作用、引领链上企业协同发展已成为构建现代产业体系的重要内容.本文以"链主"企业主导下的现代供应链金融业务为切入点,基于2009-2021年A股上市公司及其前五大供应商和客户样本数据,从供应链治理视角探讨了"链主"企业对链上企业全要素生产率的影响.研究发现,供应链金融业务能够有效提升供应商和客户的全要素生产率,且"链主"企业优势能够强化上述效应;进一步研究发现,缓解供应商和客户融资约束,激励供应商技术创新是供应链金融促进链上企业全要素生产率提升的内在机制;供应链金融业务同时提升了"链主"企业自身的全要素生产率、绩效水平和企业价值,呈现出较强的供应链协同效应.本研究肯定了近年来我国各级政府促进"链主"企业发挥引领作用所做的有益尝试,揭示了"链主"企业推动供应链治理的微观经济后果及其内在机制,为推进产业链供应链现代化水平提升提供了理论依据.

The innovative application of green credit policy as a means of financial regulation in the field of environmental governance is an important attempt to balance the relationship between environmental protection and economic development. It reshapes the credit financing environment of high-pollution enterprises, forces them to transform and upgrade, and arouses their enthusiasm for green development. At the same time, it can profoundly affect their ‘real-to-virtual’ transformation, that is, the financialization of real enterprises.Based on the wide application of the green credit policy and rapid development of the financial market, this paper selected the empirical data of A-share listed companies in China from 2008 to 2019, and used the DID method to test the differences in financialization between high-pollution enterprises and non-high-pollution enterprises before and after the implementation of the Green Credit Guidelines.Benchmark regression showed that, compared with non-high pollution enterprises, green credit policy significantly inhibited the financialization of high-pollution enterprises. After a series of robustness tests such as the parallel trend test, the placebo test, and PSM-DID,the results were still valid. The mechanism test showed that, this benefited from the technological innovation promotion and agency cost reduction resulting from the green credit policy. Heterogeneity test further showed that the inhibition effect on the financialization of high-pollution enterprises varied with the nature of the property rights of these enterprises and the intensity of the enforcement of regional environmental laws. Compared with state-owned enterprises and enterprises in areas with weak environmental law enforcement, the inhibition effect on the financialization of enterprises was more obvious in non-state-owned enterprises and areas with strong environmental law enforcement. The result confirms the effectiveness of the application of green credit policy at the micro level, which could help policymakers evaluate the policy effect, formulate and implement the incentive and restraint mechanisms of green credit policy, as well as remind the high-pollution enterprises of the importance of strengthening technological innovation, seeking green transformation,and rationally investing in financial assets.

制造业是国民经济的支柱产业,然而疫情等突发事件发生时,制造业企业的正常经营容易遭受到巨大冲击.企业管理者要使企业抵御冲击、持续经营,就需要认识和评价企业的脆弱性.本文基于资本配置视角下的企业理论,阐述企业资本脆弱性的内涵,从物质资本、智力资本和社会资本三个维度设计指标定量评价制造业企业的资本脆弱性程度.以2018～2020年制造业A股上市公司为样本,在对指标进行精简后利用熵值法确定代表性指标的权重,再结合功效系数法计算的单个指标得分计算企业资本脆弱性的综合评分.研究结果显示,大部分制造业企业资本脆弱性程度处于较低范围,少部分企业资本脆弱性程度过高.在此基础上,应用模型计算得到2018～2020年制造业上市企业资本脆弱性得分排名,并对模型有效性进行验证.基于以上研究,建议企业关注自身多种形态的资本脆弱性,并且进一步建设和完善企业资本脆弱性评价体系.

基于2007-2020年中国上市公司数据,实证检验了金融地理结构对企业"短贷长投"行为的影响.研究发现,实体企业周边金融地理结构越集中,越能够缓解企业"短贷长投"现象,提升信息传递效应和缓解融资约束效应是金融地理结构影响企业"短贷长投"行为的作用机制.异质性检验表明,金融地理结构对企业"短贷长投"的抑制作用在民营企业、地方国有企业、高管具有金融背景的企业中更加明显.进一步研究发现,集中的金融地理结构显著降低了贷款利率,减少了企业贷款留存的可能性.

政府与市场是资源配置的两种基本方式.资源配置中政府与市场的关系是区分不同经济体制的重要标志.我国作为公共资源配置范围最广、规模最大、复杂度最高的国家,如何处理好公共资源配置中政府与市场的关系是一项关乎中国特色社会主义市场经济兴衰成败的重大课题.以公共资源配置属性分类为切入点,区分政府公共产品和政府社会资本,并在此基础上创新发展与中国特色社会主义市场经济体制一脉相承的国家治理理论和企业理论,是破解这一重大课题的关键所在.

中国企业营运资金管理研究中心运用创新的资本效率与财务风险分析体系持续开展中国上市公司资金管理调查,追踪和反映我国实体经济资金管理的发展状况.本文是对2021年度中国非金融类上市公司资金管理调查的全面总结,调查发现:(1)全国及各行业、各地区总资金存量普遍上升,信息传输、软件和信息技术服务业占比增幅最大,而房地产行业降幅最大,行业间资金配置结构的调整反映了疫情冲击、国家宏观调控和数字经济迅猛发展的基本经济特征.相对于东部地区,中、西部地区总资金配置更多集中于资金回报率高或上升趋势明显的行业,这种特征在西部地区尤为明显.(2)与2020年相比,东、中部地区经营活动资金占比均略有降低,而西部地区则有所上升.(3)全国层面经营活动资金占比略有下降,但经营活动资金回报率上升幅度较为明显,由此带动了总资金回报率较大幅度的提升.(4)2021年总体财务风险可控并呈稳步下降趋势,疫情之后高风险类企业总体财务风险呈下降趋势,但杠杆过高的问题仍未扭转,而低风险类企业总体财务风险呈上升趋势.(5)2021年短期财务风险水平普遍较低并进一步下降,疫情之后短期财务风险较高的企业风险水平下降明显.

传统财务分析体系中存在资本、资产概念混淆导致的信息扭曲问题.本文采用创新的财务信息扭曲指标探讨信息扭曲对分析师盈余预测准确性的影响,具体采用2009～2019年我国A股分析师盈余预测数据,研究发现:财务信息扭曲程度越高,对分析师群体的乐观预测倾向会起到越强的修正作用,使分析师采取更加谨慎的预测态度,从而降低盈余预测偏差,提高盈余预测准确性.除此之外,企业财务信息扭曲对分析师乐观偏好的修正效果在主营业务收入预测中也较为显著.