Safeguarding the elderly population in the countryside is an inherent requirement for alleviating social conflicts in rural areas and effectively carrying out China’s Rural Revitalization.The existing spatial mismatc...Safeguarding the elderly population in the countryside is an inherent requirement for alleviating social conflicts in rural areas and effectively carrying out China’s Rural Revitalization.The existing spatial mismatch between rural elderly service facilities and pop-ulation distribution in China aggravates the imbalance of facility resource space,how to improve the accuracy of demand and supply results and better measuring the spatial fairness of elderly service is significant to realize the optimal allocation of rural elderly service.Based on the above,this study pays attention to the refined needs of the elderly population,and focuses on the spatial equity of the rural elderly facilities,to make up for the short boards of the basic public services in the countryside and realize the all-round rural revitalization.This study takes Huanxian County in the hilly loess area of Longdong,China as an example and explores the spatial equity of rural elderly services by using the Urban Spatial Network Analysis(UNA)to measure the accessible quantity and supply capacity of elderly services.The results found that there were 553 rural eldercare service facilities in Huanxian County,including 285 eldercare facilities and 268 medical and health facilities,and the spatial distribution is characterized by a southward shift in the east and uneven regional distribution.Overall,the supply capacity of rural pension services was generally good,with the township center as the gathering point and spreading out in a faceted manner,with nearby townships forming a contiguous area;however,there were strong contrasts and obvious differences in the strength of supply capacity.However,the spatial equity of rural eldercare service was poor.In 42.05%of the eld-erly population grid cells,eldercare service spatial equity was extremely low.The spatial distribution also presented a northern preference over the southern,a western preference over the eastern,and a concentration along the highway.The study explored the realization of spatial equity in the optimal allocation of rural elderly services based on paying attention to the refined needs of the rural elderly pop-ulation,a vulnerable group,to provide a reference for solving the shortcomings of basic public services in rural areas.The fair allocation of rural elderly services demands that the spatial optimization of facility layout be organically coordinated with policy,management,and post-maintenance,and all elements in the rural territorial system be fully mobilized to achieve the basic guarantee of China’s rural elderly problems.展开更多
This article aims to provide a literature review on the impact of equity pledges on corporate value,and to explore in depth the application of equity pledges as a financial tool in corporate governance and capital ope...This article aims to provide a literature review on the impact of equity pledges on corporate value,and to explore in depth the application of equity pledges as a financial tool in corporate governance and capital operation,as well as its multidimensional impact on corporate value.By reviewing and analyzing relevant literature both domestically and internationally,this article first defines the basic concept of equity pledges and then elaborates on the impact mechanism of equity pledges on company value from both positive and negative perspectives.In terms of positive impact,this article explores how equity pledges can promote corporate financing,optimize capital structure,and enhance the control of major shareholders over the company.In terms of negative impacts,the possible control risk,market risk,and potential damage to the interests of small and medium-sized shareholders brought about by equity pledges were analyzed.Furthermore,this article also discusses the differences in the impact of equity pledges on company value in different scenarios and proposes corresponding policy recommendations and research prospects.展开更多
Equity structure constitutes a crucial component of corporate internal governance.A scientifically and reasonably structured equity system aids in enhancing the level and efficiency of corporate governance.Through emp...Equity structure constitutes a crucial component of corporate internal governance.A scientifically and reasonably structured equity system aids in enhancing the level and efficiency of corporate governance.Through empirical analysis of data spanning from 2013 to 2022,the study aims to verify the influence mechanism of equity structure on corporate performance.The results indicate that enhancing equity concentration and balance positively impacts corporate performance,with this effect persisting over time.Consequently,optimizing the degree of equity concentration,shareholder types,and the board of directors’structure can assist enterprises in maximizing long-term value.展开更多
Under the wave of global technological revolution,the new materials industry is facing difficulties in innovation and transformation.Equity investment has become a key driving force due to its flexible mechanism,risk ...Under the wave of global technological revolution,the new materials industry is facing difficulties in innovation and transformation.Equity investment has become a key driving force due to its flexible mechanism,risk sharing,and deep participation.Based on introducing the current development status of China’s new materials industry,this article reveals the mechanism of equity investment in financial support,risk management,incentive constraints,and resource integration.The article proposes optimization strategies,such as building an information-sharing mechanism and a diversified investment fund system,to promote the high-quality development of the new materials industry driven by innovation and provide strategic guidance for policymakers,investors,and enterprises.展开更多
The Growth Value Model(GVM)proposed theoretical closed form formulas consist-ing of Return on Equity(ROE)and the Price-to-Book value ratio(P/B)for fair stock prices and expected rates of return.Although regression ana...The Growth Value Model(GVM)proposed theoretical closed form formulas consist-ing of Return on Equity(ROE)and the Price-to-Book value ratio(P/B)for fair stock prices and expected rates of return.Although regression analysis can be employed to verify these theoretical closed form formulas,they cannot be explored by classical quintile or decile sorting approaches with intuition due to the essence of multi-factors and dynamical processes.This article uses visualization techniques to help intuitively explore GVM.The discerning findings and contributions of this paper is that we put forward the concept of the smart frontier,which can be regarded as the reasonable lower limit of P/B at a specific ROE by exploring fair P/B with ROE-P/B 2D dynamical process visualization.The coefficients in the formula can be determined by the quantile regression analysis with market data.The moving paths of the ROE and P/B in the cur-rent quarter and the subsequent quarters show that the portfolios at the lower right of the curve approaches this curve and stagnates here after the portfolios are formed.Furthermore,exploring expected rates of return with ROE-P/B-Return 3D dynamical process visualization,the results show that the data outside of the lower right edge of the“smart frontier”has positive quarterly return rates not only in the t+1 quarter but also in the t+2 quarter.The farther away the data in the t quarter is from the“smart frontier”,the larger the return rates in the t+1 and t+2 quarter.展开更多
In contemporary educational landscapes, Artificial Intelligence (AI) has emerged as a pivotal tool to promote equity and inclusivity. One of the most significant contributions of AI is its ability to facilitate person...In contemporary educational landscapes, Artificial Intelligence (AI) has emerged as a pivotal tool to promote equity and inclusivity. One of the most significant contributions of AI is its ability to facilitate personalized learning. Through the analysis of a student’s learning patterns, strengths, and weaknesses, AI-driven platforms can customize educational content, ensuring that each student receives instruction tailored to their individual needs. This personalization ensures that all students, regardless of their starting point, have an equal opportunity to progress and excel. This paper explores the utilization of AI in facilitating an equitable educational environment by analyzing the opportunities, challenges, and strategies pertinent to AI implementation. Through a comprehensive review of the current literature and case studies, this paper identifies promising avenues for leveraging AI to bridge educational gaps while also highlighting potential pitfalls and barriers to equity. This paper proposes actionable strategies and recommendations for stakeholders to cultivate an educational ecosystem that champions equity through the prudent integration of AI technology.展开更多
Equity crowdfunding via the Internet is a new channel of raising money for startups.It features low barriers to entry,low cost,and high speed,and thus encourages innovation.In recent years,equity crowdfunding in China...Equity crowdfunding via the Internet is a new channel of raising money for startups.It features low barriers to entry,low cost,and high speed,and thus encourages innovation.In recent years,equity crowdfunding in China has experienced some developments.However,some problems remain unsolved in practice.Blockchain is a decentralized and distributed ledger technology to ensure data security,transparency,and integrity.Because it cannot be tampered with or forged,the technology is deemed to have great potential in the finance industry.This study examines current problems in the practice of equity crowdfunding in China.Based on the analysis of the characteristics of blockchain technology,this study further explores its practical applications in equity crowdfunding.1)Blockchain technology may be a secure,efficient,low-cost solution for the registration of stocks and shares of a firm financed by crowdfunding;2)Blockchain technology simplifies the transaction and transfer of crowdfunding equities,and thus facilitates their circulation;3)Blockchain technology enables peer to peer transactions between investors and entrepreneurs,and solves the problems of regulatory compliance and security of fund management;Blockchain technology can be used to develop a voting system for crowdfunders,which enables them to be involved in corporate governance.This helps protect the rights and interests of small investors;5)Blockchain technology helps regulators know about market conditions,and supports regulatory activities such as managing investors and fighting money laundering.展开更多
Through the Economic-Value-Added(EVA)valuation model,the expected market value of equity can be determined by adding the book value of equity with the present value of expected EVAs under the assumption of constant re...Through the Economic-Value-Added(EVA)valuation model,the expected market value of equity can be determined by adding the book value of equity with the present value of expected EVAs under the assumption of constant required return and constant return on equity.The equation of EVA valuation model has taken its shape under the assumption of constant required return and constant return on equity.However,a large body of empirical evidence indicates that required rate of return never remain constant.The EVA-valuation model formulated under constant required return cannot be implemented under the scenario of changing required return.In this study,we explored whether the EVA valuation model could be implemented under changing required return by making any changes in the model and found that it could be implemented under the scenario of changing required return by replacing the book value of the equity of the existing model with the present value of required earnings or normal market earnings.We further examined whether the explanatory ability of the EVA valuation model under the assumption of changing required return is better than that of the valuation model under the assumption of constant required return.Relative information content analyses were conducted by considering sample of the intrinsic value of equities determined by valuation models and the market value of equities of 69 large-cap,88 mid-cap,and 79 small-cap companies.The results showed that the EVA-based valuation model with changing normal market return outperformed the EVA-based valuation model with constant required return.展开更多
In this paper,it is first briefly described the basic situation and current policies of state owned enterprise reform in China.Then the major issues in the reform process are identified,the possible solutions in term...In this paper,it is first briefly described the basic situation and current policies of state owned enterprise reform in China.Then the major issues in the reform process are identified,the possible solutions in terms of reengineering stock equity structure and state share circulation are discussed,and finally some suggestions are made for the further state owned enterprise reform.Basing on the theory on the modern corporation system,relevant experiences of market economy nations and the practice of Chinese enterprise system reform.The approaches to determine the proportion of state share in the future corporations are proposed.Since the public ownership is not ideologically appropriate,the establishment of social security fund and mutual fund investment companies are suggested as new and acceptable pattern of public ownership.It is believed that these companies will be the major institutional shareholders in the future corporations.Their stock equity structure would mainly consist of institutional shareholders,which will be both consistent with international norms of modern corporations and with socialist public ownership with Chinese characteristics.展开更多
In this paper the author examines the extent to which word of mouth （WOM） impact on customer equity and brand equity, two of the most popular metrics of marketing productivity. WOM is the most ancient and effective ...In this paper the author examines the extent to which word of mouth （WOM） impact on customer equity and brand equity, two of the most popular metrics of marketing productivity. WOM is the most ancient and effective communication tool because its low cost affects the efficiency in the allocation of marketing resources. After an extensive literature review, the author proposes several propositions to be tested in the future concerning how WOM might affect each element of brand equity and customer equity.展开更多
Montesquieu’s equity theory is not only the reflection of sharp confrontation between French bourgeoisie and despotism in the middle period of 18thcentury,but also is the continual caused by British Bacon’s experime...Montesquieu’s equity theory is not only the reflection of sharp confrontation between French bourgeoisie and despotism in the middle period of 18thcentury,but also is the continual caused by British Bacon’s experimentalism and French Descartes’s rationalism,etc.Montesquieu acutely criticized the decayed social order of feudalism,but also showed his compromising,mild,and rigorous character because the revolution had not succeeded yet.Montesquieu considers that"law"exists in anything as well as the beginning and end of human society.The spirit of"natural law"is"peace";the spirit of"man-made law"is"equality".However,in society and country,equality and freedom are lost easily,so they need to be guaranteed by the spirit and power of law.Therefore,not only"virtue","simplicity","restraint",and"toleration",etc.are required,but also power balance is needed.展开更多
Social assistance is the last safety net in the social security system and plays a vital role in poverty alleviation in countries around the world. Promoting the equal financial assistance is meaningful to achieve equ...Social assistance is the last safety net in the social security system and plays a vital role in poverty alleviation in countries around the world. Promoting the equal financial assistance is meaningful to achieve equalization of social assistance. Based on the provincial panel data from 2002 to 2017, this paper analyzes the dynamic characteristics and main influencing factors of the equity of social assistance in China, using the Theil index and geographically weighted regression(GWR) model. The results suggest that the level of per capita social assistance expenditure(PSAE) in China keeps increasing year by year, but the changes in different regions and provinces are quite different. These changes not only significantly changed the spatial pattern of PSAE in China, but also greatly improved its spatial coupling with the deeply impoverished areas. Further analysis shows that the regional inequality of PSAE between provinces is obvious during the study period, and the inter-regional inequality is significantly higher than the intra-regional inequality.This makes inter-regional inequality become the main source of the regional inequality of PSAE in China for a long time. According to GWR results, there is obvious spatiotemporal heterogeneity in the influence intensity and direction of the per capita financial revenue,urbanization rate, urban unemployment rate, natural disaster-affected area, and transfer payment intensity on the PSAE. The urbanization rate and per capita financial revenue are the main driving factors of PSAE, and the impact intensity of per capita financial revenue tends to strengthen. The remaining three factors have a positive effect on PSAE, but the effect intensity is not high.展开更多
Given the scarcity of safe and effective COVID-19 vaccines,a chief policy question is how to allocate them among different sociodemographic groups.This paper evaluates COVID-19 vaccine prioritization strategies propos...Given the scarcity of safe and effective COVID-19 vaccines,a chief policy question is how to allocate them among different sociodemographic groups.This paper evaluates COVID-19 vaccine prioritization strategies proposed to date,focusing on their stated goals;the mechanisms through which the selected allocations affect the course and burden of the pandemic;and the main epidemiological,economic,logistical,and political issues that arise when setting the prioritization strategy.The paper uses a simple,agestratified susceptible–exposed–infectious–recovered model applied to the United States to quantitatively assess the performance of alternative prioritization strategies with respect to avoided deaths,avoided infections,and life-years gained.We demonstrate that prioritizing essential workers is a viable strategy for reducing the number of cases and years of life lost,while the largest reduction in deaths is achieved by prioritizing older adults in most scenarios,even if the vaccine is effective at blocking viral transmission.Uncertainty regarding this property and potential delays in dose delivery reinforce the call for prioritizing older adults.Additionally,we investigate the strength of the equity motive that would support an allocation strategy attaching absolute priority to essential workers for a vaccine that reduces infectionfatality risk.展开更多
This study applies OLS,panel regression and Granger causality test to investigate the impact of the Coronavirus disease 2019(Covid-19)outbreak on the global equity markets during the early stage of the pandemic.We fin...This study applies OLS,panel regression and Granger causality test to investigate the impact of the Coronavirus disease 2019(Covid-19)outbreak on the global equity markets during the early stage of the pandemic.We find that the Covid-19 outbreak has a significant negative impact on the overall equity index return of the eight economies even at 0.1%significance level.Furthermore,the pandemic has a more significant impact on the European countries than on the East Asian economies.The results have three main implications.Firstly,policy makers should react fast to mitigate the impact of a crisis.Secondly,investors should be aware of an outbreak of disease or other risks and adjust their investments accordingly.Furthermore,the Covid-19 outbreak results in a shift of power from the west to the east.展开更多
Characterizing the availability of opportunities to residents has been a long-term aim in health care geographic investigation.It is important to measure the degree of inequity in health care accessibility and to iden...Characterizing the availability of opportunities to residents has been a long-term aim in health care geographic investigation.It is important to measure the degree of inequity in health care accessibility and to identify underserved areas, due to the uneven distribution of health care services. In this study, JavaScript was used to calculate travel time based on Amap, as this can provide a more reliable data support to measure the health care accessibility in Xi’an communities, China. Based on the overall equity, herein, an attempt was made to quantify the equity of health care accessibility, and to identify health care underserved areas inside the different communities. Results show that the accessibility to low-level health care services is high in the northern areas and low in the southern areas, while the accessibility to high-level and comprehensive health care services shows a clear core-periphery spatial structure. Moreover, the overall equity of the health care accessibility is relatively low, and the inequity of high-level health care accessibility is further aggravated.Furthermore, the quantified equity of accessibility to high-level and comprehensive health care services in the central urban areas is better;however low-level health care services are relatively inadequate. There are significant differences among health care underserved areas, in particular, for the worst equity and the lowest accessibility areas(A1) and the worse equity and the lowest accessibility areas(B1) in high-level underserved areas. Notably, the sharing of health care services and the reasonable flow of health technical personnel among different levels of health institutions can make the high-level health care services in the central urban areas have a greater trickle effect on the surrounding areas.展开更多
Whether the mixed-ownership reform whereby the state invests in nonstate enterprises will be effective is a question that has attracted widespread attention and discussion.This paper uses sample data from family-owned...Whether the mixed-ownership reform whereby the state invests in nonstate enterprises will be effective is a question that has attracted widespread attention and discussion.This paper uses sample data from family-owned enterprises listed from 2009 to 2016 and empirically tests the impact of equity participation by the state in the family enterprises on their innovation input and the underlying mechanisms.Our results show that state investment has positive impacts on innovation input in the family enterprises.This effect is even more significant for high-tech family enterprises and/or those family enterprises confronting high policy uncertainty.Our results also reveal that when state investment is accompanied by a greater degree of state participation in enterprise operations or when the investment originates locally,there is a greater increase in innovation input.Further analysis of the underlying mechanisms reveals that state investment increases innovation input by increasing both willingness to innovate and the resources available for innovation.This paper provides new theoretical support and empirical evidence for pushing the mixed-ownership reform and stepping up the sustainable development of non-state enterprises including family ones.展开更多
The aim of this study is to examine the extreme return spillovers among the US stock market sectors in the light of the COVID-19 outbreak.To this end,we extend the now-traditional Diebold-Yilmaz spillover index to the...The aim of this study is to examine the extreme return spillovers among the US stock market sectors in the light of the COVID-19 outbreak.To this end,we extend the now-traditional Diebold-Yilmaz spillover index to the quantiles domain by building networks of generalized forecast error variance decomposition of a quantile vector autoregressive model specifically for extreme returns.Notably,we control for common movements by using the overall stock market index as a common factor for all sectors and uncover the effect of the COVID-19 outbreak on the dynamics of the network.The results show that the network structure and spillovers differ considerably with respect to the market state.During stable times,the network shows a nice sectoral clustering structure which,however,changes dramatically for both adverse and beneficial market conditions constituting a highly connected network structure.The pandemic period itself shows an interesting restructuring of the network as the dominant clusters become more tightly connected while the rest of the network remains well separated.The sectoral topology thus has not collapsed into a unified market during the pandemic.展开更多
We aimed to describe the distribution of tuberculosis （TB） health workers in China and provide evidences of potential inequity for policy development. We used Lorenz curves and Gini index to characterize the distrib...We aimed to describe the distribution of tuberculosis （TB） health workers in China and provide evidences of potential inequity for policy development. We used Lorenz curves and Gini index to characterize the distribution of TB health workers by population size, geographical area and number of annual registered TB cases. An additional stratified analysis was done by three economic regions. The Gini index were 0.33 for population size, 0.62 for geographical area and 0.30 for number of registered tuberculosis cases that indicated an acceptable average, significant inequity and a relative average distribution nationwide respectively.展开更多
This paper uses Lorenz curve and Gini index with adjustment to per capita historical cumulative emission to construct carbon Gini index to measure inequality in climate change area. The analysis shows that 70% of carb...This paper uses Lorenz curve and Gini index with adjustment to per capita historical cumulative emission to construct carbon Gini index to measure inequality in climate change area. The analysis shows that 70% of carbon space in the atmosphere has been used for unequal distribution, which is almost the same as that of incomes in a country with the biggest gap between the rich and the poor in the world. The carbon equity should be an urgency and priority in the climate agenda. Carbon Gini index established in this paper can be used to measure inequality in the distribution of carbon space and provide a quantified indicator for measurement of carbon equity among different proposals.展开更多
The aim of the current study is to examine the extent to which equity in the utilization of longterm care services has been achieved in the Republic of Korea (hereafter Korea), based on the Aday—Andersen Access Frame...The aim of the current study is to examine the extent to which equity in the utilization of longterm care services has been achieved in the Republic of Korea (hereafter Korea), based on the Aday—Andersen Access Framework that takes into consideration a series of variables hypothesized as predictive of utilization. The current study used cross-sectional survey data collected and conducted by the Korea Labor Institute (KLI) between August 1 to December 22, 2006. The sample for this study was 5544 persons who are older than 60 years. The study was extracted from a larger nationally representative cross-sectional survey of 10,255 individuals. The stratified cluster sampling technique was used to draw the survey respondents. A self-administered questionnaire was used to collect the data from the sample. Descriptive and logistic regression analysis was performed examining the relationship between the dependent variable and the independent variables and the relative importance of factors. The results indicate that a universal health insurance system has not yielded a fully equitable distribution of services. The limitation of benefit coverage as well as disparities in consumer cost-sharing and associated patterns of utilization across plans high out-of-pocket payment can be a barrier to health care utilization, which results in inequity and differential long-term care utilization between sub-groups of older adults. Health policy reforms in Korea must continue to concentrate on expanding insurance coverage, reducing the inequities reflected in disparities in consumer cost-sharing and associated patterns of utilization across plans, and establishing a financially separate insurance system for poor older adults. The behavioral responses of physicians to the method of reimbursement, and the subsequent impact on overall rates of utilization and expenditures need to be more fully understood. In addition, further research is needed to identify the nonfinancial barriers that persist for certain demographic subgroups, i.e., those 70 and older, men, lacking social network members, those who have four or more family members, and those who have no schooling.展开更多
基金Under the auspices of the National Natural Science Foundation of China(No.42271222)Natural Science Foundation of Gansu Province(No.22JR5RA130,22JR5RA143)。
文摘Safeguarding the elderly population in the countryside is an inherent requirement for alleviating social conflicts in rural areas and effectively carrying out China’s Rural Revitalization.The existing spatial mismatch between rural elderly service facilities and pop-ulation distribution in China aggravates the imbalance of facility resource space,how to improve the accuracy of demand and supply results and better measuring the spatial fairness of elderly service is significant to realize the optimal allocation of rural elderly service.Based on the above,this study pays attention to the refined needs of the elderly population,and focuses on the spatial equity of the rural elderly facilities,to make up for the short boards of the basic public services in the countryside and realize the all-round rural revitalization.This study takes Huanxian County in the hilly loess area of Longdong,China as an example and explores the spatial equity of rural elderly services by using the Urban Spatial Network Analysis(UNA)to measure the accessible quantity and supply capacity of elderly services.The results found that there were 553 rural eldercare service facilities in Huanxian County,including 285 eldercare facilities and 268 medical and health facilities,and the spatial distribution is characterized by a southward shift in the east and uneven regional distribution.Overall,the supply capacity of rural pension services was generally good,with the township center as the gathering point and spreading out in a faceted manner,with nearby townships forming a contiguous area;however,there were strong contrasts and obvious differences in the strength of supply capacity.However,the spatial equity of rural eldercare service was poor.In 42.05%of the eld-erly population grid cells,eldercare service spatial equity was extremely low.The spatial distribution also presented a northern preference over the southern,a western preference over the eastern,and a concentration along the highway.The study explored the realization of spatial equity in the optimal allocation of rural elderly services based on paying attention to the refined needs of the rural elderly pop-ulation,a vulnerable group,to provide a reference for solving the shortcomings of basic public services in rural areas.The fair allocation of rural elderly services demands that the spatial optimization of facility layout be organically coordinated with policy,management,and post-maintenance,and all elements in the rural territorial system be fully mobilized to achieve the basic guarantee of China’s rural elderly problems.
文摘This article aims to provide a literature review on the impact of equity pledges on corporate value,and to explore in depth the application of equity pledges as a financial tool in corporate governance and capital operation,as well as its multidimensional impact on corporate value.By reviewing and analyzing relevant literature both domestically and internationally,this article first defines the basic concept of equity pledges and then elaborates on the impact mechanism of equity pledges on company value from both positive and negative perspectives.In terms of positive impact,this article explores how equity pledges can promote corporate financing,optimize capital structure,and enhance the control of major shareholders over the company.In terms of negative impacts,the possible control risk,market risk,and potential damage to the interests of small and medium-sized shareholders brought about by equity pledges were analyzed.Furthermore,this article also discusses the differences in the impact of equity pledges on company value in different scenarios and proposes corresponding policy recommendations and research prospects.
文摘Equity structure constitutes a crucial component of corporate internal governance.A scientifically and reasonably structured equity system aids in enhancing the level and efficiency of corporate governance.Through empirical analysis of data spanning from 2013 to 2022,the study aims to verify the influence mechanism of equity structure on corporate performance.The results indicate that enhancing equity concentration and balance positively impacts corporate performance,with this effect persisting over time.Consequently,optimizing the degree of equity concentration,shareholder types,and the board of directors’structure can assist enterprises in maximizing long-term value.
基金Shenzhen Polytechnical University School level Scientific Research Projects 2023:“Research on the Path and Mechanism of Equity Investment in the Innovation Achievement Transformation of New Material Industry from the Perspective of Intermediary Effect”(Project No.6023310014S)Shenzhen Polytechnical University Postdoctoral Outstation Late Stage Funding Project:“Research on the Cultivation of Digital Trade Talents in the Guangdong Hong Kong Macao Greater Bay Area”(Project No.6023271012S)。
文摘Under the wave of global technological revolution,the new materials industry is facing difficulties in innovation and transformation.Equity investment has become a key driving force due to its flexible mechanism,risk sharing,and deep participation.Based on introducing the current development status of China’s new materials industry,this article reveals the mechanism of equity investment in financial support,risk management,incentive constraints,and resource integration.The article proposes optimization strategies,such as building an information-sharing mechanism and a diversified investment fund system,to promote the high-quality development of the new materials industry driven by innovation and provide strategic guidance for policymakers,investors,and enterprises.
文摘The Growth Value Model(GVM)proposed theoretical closed form formulas consist-ing of Return on Equity(ROE)and the Price-to-Book value ratio(P/B)for fair stock prices and expected rates of return.Although regression analysis can be employed to verify these theoretical closed form formulas,they cannot be explored by classical quintile or decile sorting approaches with intuition due to the essence of multi-factors and dynamical processes.This article uses visualization techniques to help intuitively explore GVM.The discerning findings and contributions of this paper is that we put forward the concept of the smart frontier,which can be regarded as the reasonable lower limit of P/B at a specific ROE by exploring fair P/B with ROE-P/B 2D dynamical process visualization.The coefficients in the formula can be determined by the quantile regression analysis with market data.The moving paths of the ROE and P/B in the cur-rent quarter and the subsequent quarters show that the portfolios at the lower right of the curve approaches this curve and stagnates here after the portfolios are formed.Furthermore,exploring expected rates of return with ROE-P/B-Return 3D dynamical process visualization,the results show that the data outside of the lower right edge of the“smart frontier”has positive quarterly return rates not only in the t+1 quarter but also in the t+2 quarter.The farther away the data in the t quarter is from the“smart frontier”,the larger the return rates in the t+1 and t+2 quarter.
文摘In contemporary educational landscapes, Artificial Intelligence (AI) has emerged as a pivotal tool to promote equity and inclusivity. One of the most significant contributions of AI is its ability to facilitate personalized learning. Through the analysis of a student’s learning patterns, strengths, and weaknesses, AI-driven platforms can customize educational content, ensuring that each student receives instruction tailored to their individual needs. This personalization ensures that all students, regardless of their starting point, have an equal opportunity to progress and excel. This paper explores the utilization of AI in facilitating an equitable educational environment by analyzing the opportunities, challenges, and strategies pertinent to AI implementation. Through a comprehensive review of the current literature and case studies, this paper identifies promising avenues for leveraging AI to bridge educational gaps while also highlighting potential pitfalls and barriers to equity. This paper proposes actionable strategies and recommendations for stakeholders to cultivate an educational ecosystem that champions equity through the prudent integration of AI technology.
基金China’s National Science Foundation 71371121China’s National Science Foundation 71421002China's National Science Foundation 71531010.
文摘Equity crowdfunding via the Internet is a new channel of raising money for startups.It features low barriers to entry,low cost,and high speed,and thus encourages innovation.In recent years,equity crowdfunding in China has experienced some developments.However,some problems remain unsolved in practice.Blockchain is a decentralized and distributed ledger technology to ensure data security,transparency,and integrity.Because it cannot be tampered with or forged,the technology is deemed to have great potential in the finance industry.This study examines current problems in the practice of equity crowdfunding in China.Based on the analysis of the characteristics of blockchain technology,this study further explores its practical applications in equity crowdfunding.1)Blockchain technology may be a secure,efficient,low-cost solution for the registration of stocks and shares of a firm financed by crowdfunding;2)Blockchain technology simplifies the transaction and transfer of crowdfunding equities,and thus facilitates their circulation;3)Blockchain technology enables peer to peer transactions between investors and entrepreneurs,and solves the problems of regulatory compliance and security of fund management;Blockchain technology can be used to develop a voting system for crowdfunders,which enables them to be involved in corporate governance.This helps protect the rights and interests of small investors;5)Blockchain technology helps regulators know about market conditions,and supports regulatory activities such as managing investors and fighting money laundering.
文摘Through the Economic-Value-Added(EVA)valuation model,the expected market value of equity can be determined by adding the book value of equity with the present value of expected EVAs under the assumption of constant required return and constant return on equity.The equation of EVA valuation model has taken its shape under the assumption of constant required return and constant return on equity.However,a large body of empirical evidence indicates that required rate of return never remain constant.The EVA-valuation model formulated under constant required return cannot be implemented under the scenario of changing required return.In this study,we explored whether the EVA valuation model could be implemented under changing required return by making any changes in the model and found that it could be implemented under the scenario of changing required return by replacing the book value of the equity of the existing model with the present value of required earnings or normal market earnings.We further examined whether the explanatory ability of the EVA valuation model under the assumption of changing required return is better than that of the valuation model under the assumption of constant required return.Relative information content analyses were conducted by considering sample of the intrinsic value of equities determined by valuation models and the market value of equities of 69 large-cap,88 mid-cap,and 79 small-cap companies.The results showed that the EVA-based valuation model with changing normal market return outperformed the EVA-based valuation model with constant required return.
基金Supported by National Natural Science Foundation of China(No.79770 0 63)
文摘In this paper,it is first briefly described the basic situation and current policies of state owned enterprise reform in China.Then the major issues in the reform process are identified,the possible solutions in terms of reengineering stock equity structure and state share circulation are discussed,and finally some suggestions are made for the further state owned enterprise reform.Basing on the theory on the modern corporation system,relevant experiences of market economy nations and the practice of Chinese enterprise system reform.The approaches to determine the proportion of state share in the future corporations are proposed.Since the public ownership is not ideologically appropriate,the establishment of social security fund and mutual fund investment companies are suggested as new and acceptable pattern of public ownership.It is believed that these companies will be the major institutional shareholders in the future corporations.Their stock equity structure would mainly consist of institutional shareholders,which will be both consistent with international norms of modern corporations and with socialist public ownership with Chinese characteristics.
文摘In this paper the author examines the extent to which word of mouth （WOM） impact on customer equity and brand equity, two of the most popular metrics of marketing productivity. WOM is the most ancient and effective communication tool because its low cost affects the efficiency in the allocation of marketing resources. After an extensive literature review, the author proposes several propositions to be tested in the future concerning how WOM might affect each element of brand equity and customer equity.
文摘Montesquieu’s equity theory is not only the reflection of sharp confrontation between French bourgeoisie and despotism in the middle period of 18thcentury,but also is the continual caused by British Bacon’s experimentalism and French Descartes’s rationalism,etc.Montesquieu acutely criticized the decayed social order of feudalism,but also showed his compromising,mild,and rigorous character because the revolution had not succeeded yet.Montesquieu considers that"law"exists in anything as well as the beginning and end of human society.The spirit of"natural law"is"peace";the spirit of"man-made law"is"equality".However,in society and country,equality and freedom are lost easily,so they need to be guaranteed by the spirit and power of law.Therefore,not only"virtue","simplicity","restraint",and"toleration",etc.are required,but also power balance is needed.
基金Under the auspices of National Social Science Fund of China(No.18BJL126)。
文摘Social assistance is the last safety net in the social security system and plays a vital role in poverty alleviation in countries around the world. Promoting the equal financial assistance is meaningful to achieve equalization of social assistance. Based on the provincial panel data from 2002 to 2017, this paper analyzes the dynamic characteristics and main influencing factors of the equity of social assistance in China, using the Theil index and geographically weighted regression(GWR) model. The results suggest that the level of per capita social assistance expenditure(PSAE) in China keeps increasing year by year, but the changes in different regions and provinces are quite different. These changes not only significantly changed the spatial pattern of PSAE in China, but also greatly improved its spatial coupling with the deeply impoverished areas. Further analysis shows that the regional inequality of PSAE between provinces is obvious during the study period, and the inter-regional inequality is significantly higher than the intra-regional inequality.This makes inter-regional inequality become the main source of the regional inequality of PSAE in China for a long time. According to GWR results, there is obvious spatiotemporal heterogeneity in the influence intensity and direction of the per capita financial revenue,urbanization rate, urban unemployment rate, natural disaster-affected area, and transfer payment intensity on the PSAE. The urbanization rate and per capita financial revenue are the main driving factors of PSAE, and the impact intensity of per capita financial revenue tends to strengthen. The remaining three factors have a positive effect on PSAE, but the effect intensity is not high.
基金supported by the Value of Vaccination Research Network(VoVRN)through a grant from the Bill&Melinda Gates Foundation(OPP1158136)。
文摘Given the scarcity of safe and effective COVID-19 vaccines,a chief policy question is how to allocate them among different sociodemographic groups.This paper evaluates COVID-19 vaccine prioritization strategies proposed to date,focusing on their stated goals;the mechanisms through which the selected allocations affect the course and burden of the pandemic;and the main epidemiological,economic,logistical,and political issues that arise when setting the prioritization strategy.The paper uses a simple,agestratified susceptible–exposed–infectious–recovered model applied to the United States to quantitatively assess the performance of alternative prioritization strategies with respect to avoided deaths,avoided infections,and life-years gained.We demonstrate that prioritizing essential workers is a viable strategy for reducing the number of cases and years of life lost,while the largest reduction in deaths is achieved by prioritizing older adults in most scenarios,even if the vaccine is effective at blocking viral transmission.Uncertainty regarding this property and potential delays in dose delivery reinforce the call for prioritizing older adults.Additionally,we investigate the strength of the equity motive that would support an allocation strategy attaching absolute priority to essential workers for a vaccine that reduces infectionfatality risk.
文摘This study applies OLS,panel regression and Granger causality test to investigate the impact of the Coronavirus disease 2019(Covid-19)outbreak on the global equity markets during the early stage of the pandemic.We find that the Covid-19 outbreak has a significant negative impact on the overall equity index return of the eight economies even at 0.1%significance level.Furthermore,the pandemic has a more significant impact on the European countries than on the East Asian economies.The results have three main implications.Firstly,policy makers should react fast to mitigate the impact of a crisis.Secondly,investors should be aware of an outbreak of disease or other risks and adjust their investments accordingly.Furthermore,the Covid-19 outbreak results in a shift of power from the west to the east.
基金Under the auspices of National Natural Science Foundation of China(No.41831284)。
文摘Characterizing the availability of opportunities to residents has been a long-term aim in health care geographic investigation.It is important to measure the degree of inequity in health care accessibility and to identify underserved areas, due to the uneven distribution of health care services. In this study, JavaScript was used to calculate travel time based on Amap, as this can provide a more reliable data support to measure the health care accessibility in Xi’an communities, China. Based on the overall equity, herein, an attempt was made to quantify the equity of health care accessibility, and to identify health care underserved areas inside the different communities. Results show that the accessibility to low-level health care services is high in the northern areas and low in the southern areas, while the accessibility to high-level and comprehensive health care services shows a clear core-periphery spatial structure. Moreover, the overall equity of the health care accessibility is relatively low, and the inequity of high-level health care accessibility is further aggravated.Furthermore, the quantified equity of accessibility to high-level and comprehensive health care services in the central urban areas is better;however low-level health care services are relatively inadequate. There are significant differences among health care underserved areas, in particular, for the worst equity and the lowest accessibility areas(A1) and the worse equity and the lowest accessibility areas(B1) in high-level underserved areas. Notably, the sharing of health care services and the reasonable flow of health technical personnel among different levels of health institutions can make the high-level health care services in the central urban areas have a greater trickle effect on the surrounding areas.
文摘Whether the mixed-ownership reform whereby the state invests in nonstate enterprises will be effective is a question that has attracted widespread attention and discussion.This paper uses sample data from family-owned enterprises listed from 2009 to 2016 and empirically tests the impact of equity participation by the state in the family enterprises on their innovation input and the underlying mechanisms.Our results show that state investment has positive impacts on innovation input in the family enterprises.This effect is even more significant for high-tech family enterprises and/or those family enterprises confronting high policy uncertainty.Our results also reveal that when state investment is accompanied by a greater degree of state participation in enterprise operations or when the investment originates locally,there is a greater increase in innovation input.Further analysis of the underlying mechanisms reveals that state investment increases innovation input by increasing both willingness to innovate and the resources available for innovation.This paper provides new theoretical support and empirical evidence for pushing the mixed-ownership reform and stepping up the sustainable development of non-state enterprises including family ones.
基金Ladislav Kristoufek gratefully acknowledges financial support of the Czech Science Foundation(project 20-17295S)the Charles University PRIMUS program(project PRIMUS/19/HUM/17).
文摘The aim of this study is to examine the extreme return spillovers among the US stock market sectors in the light of the COVID-19 outbreak.To this end,we extend the now-traditional Diebold-Yilmaz spillover index to the quantiles domain by building networks of generalized forecast error variance decomposition of a quantile vector autoregressive model specifically for extreme returns.Notably,we control for common movements by using the overall stock market index as a common factor for all sectors and uncover the effect of the COVID-19 outbreak on the dynamics of the network.The results show that the network structure and spillovers differ considerably with respect to the market state.During stable times,the network shows a nice sectoral clustering structure which,however,changes dramatically for both adverse and beneficial market conditions constituting a highly connected network structure.The pandemic period itself shows an interesting restructuring of the network as the dominant clusters become more tightly connected while the rest of the network remains well separated.The sectoral topology thus has not collapsed into a unified market during the pandemic.
基金supported by Ministry of Health,China and the Swedish International Development Cooperation Agency granted project "Evidence for Policy and Implementation (EPI-4) Intensifying efforts to achieve the health-related MDGs in four countries with developing economies"
文摘We aimed to describe the distribution of tuberculosis （TB） health workers in China and provide evidences of potential inequity for policy development. We used Lorenz curves and Gini index to characterize the distribution of TB health workers by population size, geographical area and number of annual registered TB cases. An additional stratified analysis was done by three economic regions. The Gini index were 0.33 for population size, 0.62 for geographical area and 0.30 for number of registered tuberculosis cases that indicated an acceptable average, significant inequity and a relative average distribution nationwide respectively.
基金National Basic Research Programme(No.2010CB955303)
文摘This paper uses Lorenz curve and Gini index with adjustment to per capita historical cumulative emission to construct carbon Gini index to measure inequality in climate change area. The analysis shows that 70% of carbon space in the atmosphere has been used for unequal distribution, which is almost the same as that of incomes in a country with the biggest gap between the rich and the poor in the world. The carbon equity should be an urgency and priority in the climate agenda. Carbon Gini index established in this paper can be used to measure inequality in the distribution of carbon space and provide a quantified indicator for measurement of carbon equity among different proposals.
文摘The aim of the current study is to examine the extent to which equity in the utilization of longterm care services has been achieved in the Republic of Korea (hereafter Korea), based on the Aday—Andersen Access Framework that takes into consideration a series of variables hypothesized as predictive of utilization. The current study used cross-sectional survey data collected and conducted by the Korea Labor Institute (KLI) between August 1 to December 22, 2006. The sample for this study was 5544 persons who are older than 60 years. The study was extracted from a larger nationally representative cross-sectional survey of 10,255 individuals. The stratified cluster sampling technique was used to draw the survey respondents. A self-administered questionnaire was used to collect the data from the sample. Descriptive and logistic regression analysis was performed examining the relationship between the dependent variable and the independent variables and the relative importance of factors. The results indicate that a universal health insurance system has not yielded a fully equitable distribution of services. The limitation of benefit coverage as well as disparities in consumer cost-sharing and associated patterns of utilization across plans high out-of-pocket payment can be a barrier to health care utilization, which results in inequity and differential long-term care utilization between sub-groups of older adults. Health policy reforms in Korea must continue to concentrate on expanding insurance coverage, reducing the inequities reflected in disparities in consumer cost-sharing and associated patterns of utilization across plans, and establishing a financially separate insurance system for poor older adults. The behavioral responses of physicians to the method of reimbursement, and the subsequent impact on overall rates of utilization and expenditures need to be more fully understood. In addition, further research is needed to identify the nonfinancial barriers that persist for certain demographic subgroups, i.e., those 70 and older, men, lacking social network members, those who have four or more family members, and those who have no schooling.
