With the advancement of globalization and information technology,the financial sharing mode has gradually emerged as a crucial means for enterprises to optimize their financial management.Particularly within the conte...With the advancement of globalization and information technology,the financial sharing mode has gradually emerged as a crucial means for enterprises to optimize their financial management.Particularly within the context of economic globalization,informatization,and digital transformation,enterprises find themselves navigating a rapidly evolving market environment by intensifying competition.To enhance efficiency and competitiveness,many enterprises have embraced the financial sharing model to streamline financial management processes,curtail costs,and bolster the execution of corporate strategies.This article aims to dissect the definition and essence of the financial sharing model and its significance in the realm of enterprise financial management.Drawing upon this analysis and aligning with the needs of enterprise financial management,the article proposes ideas for optimizing management practices,aspiring to foster reform and innovation in enterprise financial management while enhancing its level of financial management and ability to respond to financial risks.This contribution seeks to provide valuable insights for practitioners in the field.展开更多
Based on the general equilibrium theory of microeconomics,this study first analyzed the causes of sharp fluctuations in live pig prices,and then explored the financial capabilities of enterprises during the sharp fluc...Based on the general equilibrium theory of microeconomics,this study first analyzed the causes of sharp fluctuations in live pig prices,and then explored the financial capabilities of enterprises during the sharp fluctuations of live pig prices by using the financial data of 4 typical top listed enterprises from 2018 to 2021.By comparing the changes in the capabilities of enterprises,the impact of price on the financial capability of enterprises and differences were identified.The research results showed that the price of live pigs played a decisive role in enterprise profits,and there were huge differences in the fluctuation period.In the sharp increase period of price,price temptation is easy to cause enterprises to over-invest,resulting in excessive growth of enterprise assets,and increasing the business risk of enterprises.Based on the above conclusions,some policy suggestions were put forward to promote the stable development of industry from the three levels of enterprises,industries and government departments.展开更多
This study explores the risk control and response strategies of state-owned enterprises in the context of big data.Global economic uncertainty poses new challenges to state-owned enterprises,necessitating innovative r...This study explores the risk control and response strategies of state-owned enterprises in the context of big data.Global economic uncertainty poses new challenges to state-owned enterprises,necessitating innovative risk management approaches.This article proposes response strategies from four key aspects:establishing a proactive risk management culture,building a foundation in technology and data,conducting big data-driven risk analysis,and implementing predictive analysis and real-time monitoring.State-owned enterprises can foster a proactive risk management culture by cultivating employee risk awareness,demonstrating leadership,and establishing transparency and open communication.Additionally,data integration and analysis,leveraging the latest technology,are crucial factors that can help companies better identify risks and opportunities.展开更多
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
At present,China has entered the era of the digital economy,the business environment faced by enterprses has changed significantly,and the traditional financial management model is no longer adaptable due to market de...At present,China has entered the era of the digital economy,the business environment faced by enterprses has changed significantly,and the traditional financial management model is no longer adaptable due to market demand.Hence,enterprises need to study the characteristics of the digital economy and adopt ffective financial management oplimization and upgrading paths.This article summarizes the characteristics of the digital economy,concludes and analyzes the opportunities and challenges faced by corporate financial management from the perspective of the digital economy,investigates the necessity ol optimizing and upgrading corporate financial management,and examines the efective optimization and upgrading paths,hoping to provide reference information for corporate financial managers.展开更多
By the end of the century, the reform and development of China’s state-owned enterprises will create new prospects. The reform of state-owned foreign economic and trade enterprises should also see further breakthroug...By the end of the century, the reform and development of China’s state-owned enterprises will create new prospects. The reform of state-owned foreign economic and trade enterprises should also see further breakthroughs. At present, the following aspects are important: 1. Implement a Holdings System in the Reform of State-owned Foreign Economic and Trade Enterprises. The holdings system plays a major role in transferring the management mechanism of state-owned foreign economic and展开更多
State-owned enterprises are important pillars of socialism with Chinese characteristics,and the modernization of their governance system and governance capacity is an important part of the modernization of the nationa...State-owned enterprises are important pillars of socialism with Chinese characteristics,and the modernization of their governance system and governance capacity is an important part of the modernization of the national governance system and governance capacity.Through case study and specific practice,this paper carries out an in-depth thinking and serious analysis on how to promote the modernization of the governance system and governance capacity of state-owned enterprises under the new situation and requirements.This paper puts forward three kinds of management and control mechanism to enhance core competence in addition to the specific implementation path by using digital governance means.展开更多
This paper analyzes the three main fundamental issues in the design of China's ETS pilots,including allowance allocation,price mechanism and state-owned key enterprises,and proposed suggested solutions.For the iss...This paper analyzes the three main fundamental issues in the design of China's ETS pilots,including allowance allocation,price mechanism and state-owned key enterprises,and proposed suggested solutions.For the issue of allowance allocation,we suggest that the gradual hybrid mode could be applied at the beginning,which starts with mainly free allocation and then increases auction ratio gradually.And grandfathering is a suitable method of free allocation.For the issue of price mechanism,we suggest a price floating zone with open market operation to reduce the uncertainty of prices.For the issue of state-owned key enterprises,we suggest a good coordination with SASAC,defining the state-owned property right and supervision right when state-owned key enterprises are involved into the carbon market,and the local government can set rules of allocation and transaction to limit their potential market power.展开更多
The distribution relationship between the profits of state-owned enterprises and the state has been constantly changing with the times. From the state implementing the policy that state-owned enterprises not pay profi...The distribution relationship between the profits of state-owned enterprises and the state has been constantly changing with the times. From the state implementing the policy that state-owned enterprises not pay profits to the state in 1994 to the constant growth of stateowned enterprises in the 21st century,their profits have become more and more abundant. Until 2007,the state issued a document stipulates that the state-owned enterprises should pay part of their profits to the state,but at the initial stage of trial implementation of the policy,the implementation was not effective,and finally in 2010 the state officially announced the collection of profits from state-owned enterprises and increased the proportion of collection. From the perspective of agricultural state-owned enterprises,using the difference-in-difference( DID)model,this paper studied the state policy of increasing the profit delivery proportion of state-owned enterprises in 2020. Through CSMAR database,we selected agricultural state-owned listed companies in the 2008-2013 as samples,tested the impact of the implementation of the new policy in 2010 on the operation performance of agricultural state-owned enterprises,evaluated the implementation effect of the policy through comparing the operation performance before and after the policy,and explored whether the policy has an impact on the bond rating. Through empirical research,it found that increasing the profit delivery proportion of state-owned enterprises is helpful for improving the operation performance of state-owned enterprises and improving the quality of bond ratings,and this policy has more prominent effects on stimulating the performance of monopolistic state-owned enterprises. Therefore,collection of some profits from state-owned enterprises can promote better development of state-owned enterprises and also benefit both the state and the people.展开更多
State-owned enterprises are the basic guarantee of China’s economic and social development,the leading force in the field of strategic competition,but also the main provider of national social wealth accumulation.Alt...State-owned enterprises are the basic guarantee of China’s economic and social development,the leading force in the field of strategic competition,but also the main provider of national social wealth accumulation.Although in many strategic areas,the operating efficiency of state-owned enterprises cannot be simply measured by the input profit margin;state-owned enterprises use state and social resources to operate.Shouldering the responsibility of preserving and increasing the value of state-owned assets also is the responsibility of all state-owned enterprise managers and employees.However,the management efficiency of state-owned enterprises is relatively low,and employees’performance management and incentives have been lack of innovation and improvement.This paper analyzes the current state-owned enterprises in China,the characteristics of performance management,as well as the problems faced,and discusses the measures to encourage the efficiency of state-owned enterprises employees.展开更多
The purpose of this paper is to examine whether and to what extend Greek state-owned enterprises engage in earnings management techniques during 2012-2016.Most prior studies on earnings management have used data from ...The purpose of this paper is to examine whether and to what extend Greek state-owned enterprises engage in earnings management techniques during 2012-2016.Most prior studies on earnings management have used data from large economies with relative stable macroeconomic contexts(e.g.,USA).Our knowledge about earnings management in smaller economies is rather limited.To fill this void,we conducted our study in Greece and focused on the abovementioned period,which is very interesting given that Greece experienced a substantial political and macroeconomic instability(e.g.,four elections,one referendum,capital controls,and two memorandums).Two different models(i.e.,The Earnings Distribution Model and the Modified Jones Model)are used to provide answers to the research questions.The sample is composed of 50 state-owned enterprises.The results show that Greek state-owned enterprises did not adopt any earnings management techniques during the examined period.These results are rather robust given that they come from two different models.According to the literature,macroeconomic and political instability provide incentives to managers to use earnings management techniques.Interestingly though,our results suggest that this is not the case for a smaller economy.The findings of this study will allow investors,auditors,and users of the financial statements to make better decisions when studying companies that are experiencing those difficulties.The adoption of two different methods and the similar results is an indication of more robust and valid findings.展开更多
Taking a balanced panel data consisting of 4365 firm-year observations drawn from the listed state-owned enterprises in Shanghai and Shenzhen Stock Exchange over 2007-2015 as the research sample,the paper examines the...Taking a balanced panel data consisting of 4365 firm-year observations drawn from the listed state-owned enterprises in Shanghai and Shenzhen Stock Exchange over 2007-2015 as the research sample,the paper examines the effect of the employees’pay-performance sensitivity(PPS)on the future firm performance from the two competing perspectives of“incentive effect”and“risk-aversion effect”,adopting the method of multiple regression analysis based on OLS and applying the SPSS23 as the data processing tool.Theoretical analysis and empirical results demonstrate that there is a positive link between the employees’PPS and the future firm performance.To improve the employees’PPS can stimulate the engagement of the employees,improve their working quality,enrich their workplace innovative behavior,and further lead to higher future firm performance.Meanwhile,the positive effect of the employees’PPS on the future firm performance is,on average,lower than that of the top executives’PPS on the future firm performance.Implications of the findings are provided in the end.展开更多
Several real estate enterprises in China(hereinafter referred to as housing enterprises)rely on overseas financing to meet their financing needs,but it is fraught with challenges such as high financing costs.Premised ...Several real estate enterprises in China(hereinafter referred to as housing enterprises)rely on overseas financing to meet their financing needs,but it is fraught with challenges such as high financing costs.Premised on the internationalization of finance,combined with the background of“staying and not speculating”and establishing a long-term mechanism for real estate market,based on the investigation of the financing motives of real estate enterprises,combined with a large amount of data,the present study examines the current situation and predicament of overseas financing of housing enterprises.It proposes four feasible countermeasures to promote sustainable development of real estate enterprises overseas financing including building a special financing system to reduce the cost,expanding various financing channels,strengthening the supervision of overseas bond financing,and reducing the loss devaluation of RMB internally and externally.展开更多
In recent years, in order to solve the problem of high cost and heavy burden of bridge financing for small and micro enterprises, the regulatory authorities have adopted a series of policies precisely. However, the ou...In recent years, in order to solve the problem of high cost and heavy burden of bridge financing for small and micro enterprises, the regulatory authorities have adopted a series of policies precisely. However, the outstanding problems such as the pressure of re-payment caused by “repayment before loan” still exist.展开更多
文摘With the advancement of globalization and information technology,the financial sharing mode has gradually emerged as a crucial means for enterprises to optimize their financial management.Particularly within the context of economic globalization,informatization,and digital transformation,enterprises find themselves navigating a rapidly evolving market environment by intensifying competition.To enhance efficiency and competitiveness,many enterprises have embraced the financial sharing model to streamline financial management processes,curtail costs,and bolster the execution of corporate strategies.This article aims to dissect the definition and essence of the financial sharing model and its significance in the realm of enterprise financial management.Drawing upon this analysis and aligning with the needs of enterprise financial management,the article proposes ideas for optimizing management practices,aspiring to foster reform and innovation in enterprise financial management while enhancing its level of financial management and ability to respond to financial risks.This contribution seeks to provide valuable insights for practitioners in the field.
文摘Based on the general equilibrium theory of microeconomics,this study first analyzed the causes of sharp fluctuations in live pig prices,and then explored the financial capabilities of enterprises during the sharp fluctuations of live pig prices by using the financial data of 4 typical top listed enterprises from 2018 to 2021.By comparing the changes in the capabilities of enterprises,the impact of price on the financial capability of enterprises and differences were identified.The research results showed that the price of live pigs played a decisive role in enterprise profits,and there were huge differences in the fluctuation period.In the sharp increase period of price,price temptation is easy to cause enterprises to over-invest,resulting in excessive growth of enterprise assets,and increasing the business risk of enterprises.Based on the above conclusions,some policy suggestions were put forward to promote the stable development of industry from the three levels of enterprises,industries and government departments.
文摘This study explores the risk control and response strategies of state-owned enterprises in the context of big data.Global economic uncertainty poses new challenges to state-owned enterprises,necessitating innovative risk management approaches.This article proposes response strategies from four key aspects:establishing a proactive risk management culture,building a foundation in technology and data,conducting big data-driven risk analysis,and implementing predictive analysis and real-time monitoring.State-owned enterprises can foster a proactive risk management culture by cultivating employee risk awareness,demonstrating leadership,and establishing transparency and open communication.Additionally,data integration and analysis,leveraging the latest technology,are crucial factors that can help companies better identify risks and opportunities.
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.
文摘At present,China has entered the era of the digital economy,the business environment faced by enterprses has changed significantly,and the traditional financial management model is no longer adaptable due to market demand.Hence,enterprises need to study the characteristics of the digital economy and adopt ffective financial management oplimization and upgrading paths.This article summarizes the characteristics of the digital economy,concludes and analyzes the opportunities and challenges faced by corporate financial management from the perspective of the digital economy,investigates the necessity ol optimizing and upgrading corporate financial management,and examines the efective optimization and upgrading paths,hoping to provide reference information for corporate financial managers.
文摘By the end of the century, the reform and development of China’s state-owned enterprises will create new prospects. The reform of state-owned foreign economic and trade enterprises should also see further breakthroughs. At present, the following aspects are important: 1. Implement a Holdings System in the Reform of State-owned Foreign Economic and Trade Enterprises. The holdings system plays a major role in transferring the management mechanism of state-owned foreign economic and
文摘State-owned enterprises are important pillars of socialism with Chinese characteristics,and the modernization of their governance system and governance capacity is an important part of the modernization of the national governance system and governance capacity.Through case study and specific practice,this paper carries out an in-depth thinking and serious analysis on how to promote the modernization of the governance system and governance capacity of state-owned enterprises under the new situation and requirements.This paper puts forward three kinds of management and control mechanism to enhance core competence in addition to the specific implementation path by using digital governance means.
基金supported by Asian CORE program"Manufacturing and Environmental Management in East Asia" of the Japan Society for the Promotion of Science(JSPS)supported by the 2010 Key Project of Philosophy and Social Sciences Research,Ministry of Education:"Research on China's Emissions Trading System under Low-carbon Economy Transformation"(Grant No.10JZD0018)+1 种基金the New Century Excellent Talents Support Plan,Ministry of Education(Grant No.NCET-10-0646)the Key Project of the National Social Science Foundation of China(Grant No.12&ZD059)
文摘This paper analyzes the three main fundamental issues in the design of China's ETS pilots,including allowance allocation,price mechanism and state-owned key enterprises,and proposed suggested solutions.For the issue of allowance allocation,we suggest that the gradual hybrid mode could be applied at the beginning,which starts with mainly free allocation and then increases auction ratio gradually.And grandfathering is a suitable method of free allocation.For the issue of price mechanism,we suggest a price floating zone with open market operation to reduce the uncertainty of prices.For the issue of state-owned key enterprises,we suggest a good coordination with SASAC,defining the state-owned property right and supervision right when state-owned key enterprises are involved into the carbon market,and the local government can set rules of allocation and transaction to limit their potential market power.
文摘The distribution relationship between the profits of state-owned enterprises and the state has been constantly changing with the times. From the state implementing the policy that state-owned enterprises not pay profits to the state in 1994 to the constant growth of stateowned enterprises in the 21st century,their profits have become more and more abundant. Until 2007,the state issued a document stipulates that the state-owned enterprises should pay part of their profits to the state,but at the initial stage of trial implementation of the policy,the implementation was not effective,and finally in 2010 the state officially announced the collection of profits from state-owned enterprises and increased the proportion of collection. From the perspective of agricultural state-owned enterprises,using the difference-in-difference( DID)model,this paper studied the state policy of increasing the profit delivery proportion of state-owned enterprises in 2020. Through CSMAR database,we selected agricultural state-owned listed companies in the 2008-2013 as samples,tested the impact of the implementation of the new policy in 2010 on the operation performance of agricultural state-owned enterprises,evaluated the implementation effect of the policy through comparing the operation performance before and after the policy,and explored whether the policy has an impact on the bond rating. Through empirical research,it found that increasing the profit delivery proportion of state-owned enterprises is helpful for improving the operation performance of state-owned enterprises and improving the quality of bond ratings,and this policy has more prominent effects on stimulating the performance of monopolistic state-owned enterprises. Therefore,collection of some profits from state-owned enterprises can promote better development of state-owned enterprises and also benefit both the state and the people.
文摘State-owned enterprises are the basic guarantee of China’s economic and social development,the leading force in the field of strategic competition,but also the main provider of national social wealth accumulation.Although in many strategic areas,the operating efficiency of state-owned enterprises cannot be simply measured by the input profit margin;state-owned enterprises use state and social resources to operate.Shouldering the responsibility of preserving and increasing the value of state-owned assets also is the responsibility of all state-owned enterprise managers and employees.However,the management efficiency of state-owned enterprises is relatively low,and employees’performance management and incentives have been lack of innovation and improvement.This paper analyzes the current state-owned enterprises in China,the characteristics of performance management,as well as the problems faced,and discusses the measures to encourage the efficiency of state-owned enterprises employees.
文摘The purpose of this paper is to examine whether and to what extend Greek state-owned enterprises engage in earnings management techniques during 2012-2016.Most prior studies on earnings management have used data from large economies with relative stable macroeconomic contexts(e.g.,USA).Our knowledge about earnings management in smaller economies is rather limited.To fill this void,we conducted our study in Greece and focused on the abovementioned period,which is very interesting given that Greece experienced a substantial political and macroeconomic instability(e.g.,four elections,one referendum,capital controls,and two memorandums).Two different models(i.e.,The Earnings Distribution Model and the Modified Jones Model)are used to provide answers to the research questions.The sample is composed of 50 state-owned enterprises.The results show that Greek state-owned enterprises did not adopt any earnings management techniques during the examined period.These results are rather robust given that they come from two different models.According to the literature,macroeconomic and political instability provide incentives to managers to use earnings management techniques.Interestingly though,our results suggest that this is not the case for a smaller economy.The findings of this study will allow investors,auditors,and users of the financial statements to make better decisions when studying companies that are experiencing those difficulties.The adoption of two different methods and the similar results is an indication of more robust and valid findings.
基金This research was supported by the National Natural Science Foundation of PRC under Grant"71872149".
文摘Taking a balanced panel data consisting of 4365 firm-year observations drawn from the listed state-owned enterprises in Shanghai and Shenzhen Stock Exchange over 2007-2015 as the research sample,the paper examines the effect of the employees’pay-performance sensitivity(PPS)on the future firm performance from the two competing perspectives of“incentive effect”and“risk-aversion effect”,adopting the method of multiple regression analysis based on OLS and applying the SPSS23 as the data processing tool.Theoretical analysis and empirical results demonstrate that there is a positive link between the employees’PPS and the future firm performance.To improve the employees’PPS can stimulate the engagement of the employees,improve their working quality,enrich their workplace innovative behavior,and further lead to higher future firm performance.Meanwhile,the positive effect of the employees’PPS on the future firm performance is,on average,lower than that of the top executives’PPS on the future firm performance.Implications of the findings are provided in the end.
基金The financial support from the Program for the Key Research Projects of FinancialApplication in Shandong Province[2019-JRZZ-09].
文摘Several real estate enterprises in China(hereinafter referred to as housing enterprises)rely on overseas financing to meet their financing needs,but it is fraught with challenges such as high financing costs.Premised on the internationalization of finance,combined with the background of“staying and not speculating”and establishing a long-term mechanism for real estate market,based on the investigation of the financing motives of real estate enterprises,combined with a large amount of data,the present study examines the current situation and predicament of overseas financing of housing enterprises.It proposes four feasible countermeasures to promote sustainable development of real estate enterprises overseas financing including building a special financing system to reduce the cost,expanding various financing channels,strengthening the supervision of overseas bond financing,and reducing the loss devaluation of RMB internally and externally.
文摘In recent years, in order to solve the problem of high cost and heavy burden of bridge financing for small and micro enterprises, the regulatory authorities have adopted a series of policies precisely. However, the outstanding problems such as the pressure of re-payment caused by “repayment before loan” still exist.
