Demand For Capital Research Articles

Analysis Of Financial Statement of Chinese Real Estate Enterprises-Take One Certain Company as An Example

Real estate enterprises play an important role in the economic development of China, which are directly influence the economy. Different from other enterprises, real estate enterprises have the features of high leverage, large capital demand, slow repayment and long investment period. In recent years, the central government has implemented a series of policies, real estate enterprises facing severe financial risks. It’s important for enterprises to identify and prevent the financial risks. As a representative of China's highly leveraged and large-scale real estate enterprises, the company continuously violates the "three lines and four levels" policy when it is implemented. This article analyses the financial risks of this company by collecting the company’s financial statement data from the past five years, using ratio analysis and Z-value model. By researching the data, this article finds that the company has weak debt paying ability, operational ability, and profitability in recent years, also facing high financial risks.

Determinants of foreign direct investment in SADC region: Case of financial development, institutions and openness

Background: Countries in the Southern African Development Community (SADC) region have experienced low growth coupled with high levels of poverty and inequality. Economic growth has been touted as one of the major factors to deal with these problems. However, the lack of financial resources has hampered the efforts to achieve high levels of growth. This has therefore resulted in the countries putting much effort on attracting foreign capital.Aim: The study aims to investigate the extent to which financial development (FSD), financial openness, and institutional quality determine the inflow of foreign direct investment (FDI) in the SADC region.Setting: The study focuses on 15 countries in the SADC region from 2008 to 2022.Method: The study employs the Generalised Method of Moments (GMM) technique given the problem of endogeneity between the variables of interest.Results: The findings from the study indicate that FSD and financial openness are important factors determining the flow of FDI to the SADC region. On the other hand, the effect of institutions was found to be significant when taking into account the state of FSD and financial openness.Conclusion: Policymakers are encouraged to focus on enhancing institutional frameworks, promoting FSD, and increasing financial openness to optimise capital inflows.Contribution: The study contributes to the available studies by incorporating the role that is played by institutional quality and financial openness to the modelling. This becomes important as the region aims at attracting more foreign capital so as to improve growth as domestic capital supply falls short of domestic capital demand.

Beyond the Dichotomy: Toward Decolonial Eco-Queer Theories, Imaginaries, and Praxes in Clinical Social Work Education and Practice

ABSTRACT At this pressing historical juncture, where escalating violence against queer and racialized bodies runs concurrently with the specter of wide-scale planetary collapse, social work is in dire need of reconceptualizing the moral parameters of its imagination. Recognizing that changes in thought both precede and extend from changes in behavior, this article advocates for a profound unlearning of supremacist modes of thinking wedded to hierarchical orderings, dichotomous and essentialist views, and categorical oppositions. By engaging de/coloniality and eco-queer feminisms, this article draws connections between the discursive violences targeting queer and racialized bodies and the parallel destruction of the animate Earth—bodies circumscribed, exploited, and rendered disposable by the power-logics of coloniality/heteropatriarchy/modernity and the untenable demands of global capitalism. With the interest of re-situating clinical social work within the broader context of planetary health, this article considers the criticality of decolonial eco-queer thought, praxis, and imaginaries as vital responses to the multidimensional power structures constraining our transformative potential. Ultimately, this paper discusses four tenets vital for a more holistic and revolutionary social work education and practice.

Firm financing and the relative demand for labor and capital

Using more than one million firm-year observations of small and medium European firms between 2003 and 2019, this paper introduces new stylized facts on how firms' relative demand for labor and capital evolved as their capital structure adjusted to the events of the 2008 crisis. It also provides micro-level evidence that firms substitute capital for labor when financing costs rise. The empirical evidence lends support to the hypothesis that substitution is driven by an incentive to raise holdings of collateralizable capital. Identification of exogenous variations in firm financing costs relies on the heterogeneous effects of ECB monetary policy surprises on financing costs across the firm distribution.

The extended Grossman human capital model with endogenous demand for knowledge

This paper extends the Grossman human capital model by including endogenous demand for knowledge capital. Human capital investment behavior is modeled from the start of a person's life rather than only after she has acquired the optimal stock of knowledge capital or reached the mandatory schooling age. The general condition for the optimal knowledge capital stock and the optimal health capital stock is derived, and the conditions for an individual's choices of interior and corner solutions for learning time that increases knowledge capital stock are presented. The extended Grossman human capital model provides a theoretical basis for explaining and predicting the effects of economic conditions on educational attainment from a distinctive perspective based on the joint determination of health capital and knowledge capital.

Digital transformation, management efficiency and excess employees − evidence from Chinese listed firms

Purpose The purpose of this study is to explore the relationship between digital transformation and excess employees. This research investigates the questions of when human−machine synergy can be achieved after a firm goes through digital transformation and whether there will be excess employees in the interim. Design/methodology/approach This paper takes A-share listed companies as research object in the period of 2011−2020 and a total of 24,718 samples are obtained. Hypothesis testing and regression analysis are performed in STATA. Findings This paper finds a human−machine mismatch in the short term, as evidenced by an increase in the rate of excess employees; however, with the progress of digital transformation, it can drive the achievement of human−machine synergy in the long term, and management efficiency plays a mediating role in this process. Further research showed that the effects of digital transformation on the number of employees, revenue generation per capita and profit generation per capita varied in both the short and long term. In addition, the characteristics of the company affect the relationship between digital transformation and excess employees. Originality/value This paper contributes to the understanding of the impacts of digital transformation on the human capital structure of companies at a micro level. It also provides insights into how to improve human capital demand structure through digitalization, thus providing insights into labor market changes.

A Multi-Level Deep Neural Network-Based Tourism Supply Chain Risk Management Study

With the rapid advancement of the tourism, the capital demand of tourism enterprises has gradually risen, but the confusion of market management has increased the difficulty of risk assessment of tourism enterprises by financial institutions, which has led to difficulties in financing tourism enterprises and seriously hindered their development. On this basis, this research first analyses the risk structure of the tourism supply chain (TSC) from the financial aspect and establishes a relevant risk assessment system. After confirming the assessment indexes, the data is dativized and normalized, and finally a multi-level deep neural network (DNN) is used to construct a TSC risk prediction model to calculate the transformed indexes and assess the risk degree of the enterprise according to the results. The experimental results indicate that the model has the best performance when the H-Net hidden layer is 3 layers and the L-Net hidden layer is 4 layers, and its accuracy reaches 93.35%, sensitivity reaches 84.13%, convergence starts at 25 iterations, the final loss value is only 0.8, and the predicted and the real value error is within 2.5%. Therefore, the multi-level DNN model constructed in this experiment has certain application value in TSC risk management.

Some inconvenient truths about decarbonization, the hydrogen economy, and power-to-X technologies

The decarbonization of the energy sector has been a subject of research and of political discussions for several decades, gaining significant attention in the last years. It is commonly acknowledged that the most obvious way to achieve decarbonization is the use of renewable energy sources.Within the context of the energy sector decarbonization, many mainly industrialized countries recently started developing national plans to establish a hydrogen-based economy in the very near future. The plans for green hydrogen initially try to (a) target sectors that are difficult to decarbonize and (b) address issues related to the storage and transportation of CO2-free energy.To achieve almost complete decarbonization, electric power must be generated exclusively from renewable sources. In so-called Power-to-X (PtX) technologies, green hydrogen is generated from electricity and subsequently converted to another energy carrier which can be further stored, transported and used. In PtX, X stands, for example, for liquid hydrogen, methanol or ammonia.The challenges associated with decarbonization include those associated with (a) the expansion of renewable energies (e.g., high capital demand, political and social issues), (b) the production, transportation, and storage of hydrogen and the energy carriers denoted by X in PtX (e.g., high cost and low overall efficiency), and (c) the expected significant increase in the demand for electrical energy. The paper discusses whether and under which conditions the current national and international hydrogen plans of many industrialized countries could lead to a maximization of decarbonization in the world. It concludes that, in general, as long as the conditions for generating large excess amounts of green electricity are not met, the quick establishment of a hydrogen economy could not only be very expensive, but also counterproductive to the worldwide decarbonization efforts.

Навыки как результат обучения предпринимательству в России: спрос и предложение

The article looks at the two dimensions of skills, namely skills that entrepreneurs need and skills that can be obtained as a result of entrepreneurship education. The authors consider skills using two approaches: the Human Capital theory including the distinction between general and specific capital, and the typology by Dobryakova and Froumin which involves the distinction of three types: competence of thinking, competence of interaction with other people, and competence of interaction with oneself. The empirical material is based on a unique sample of respondents who have both entrepreneurial experience and experience in entrepreneurship education in one of the programs in Russia. The empirical base of the study consists of 82 semi-structured interviews with respondents from 9 educational initiatives aimed at entrepreneurship education. The data was collected using the method of semi-structured interviews. The authors have identified a gap between the skills that entrepreneurs need and the skills acquired in entrepreneurship education programs. Respondents have a more pronounced demand for general human capital, while their experience in education was focused primarily on the development of specific capital. Respondents have a request for general skills, for example, for competence in interacting with themselves (self-regulation skills, self-control), but they are taught more specific skills: accounting skills, programming skills, the skill of building/describing a business model. The results indicate the need for significant improvement of entrepreneurship education programs in order to more fully take into account the practical demand for skills.

The chronopolitics of the ‘Left Behind’: Presentism, populism, and Global Britain

This article examines the “Left Behind” as a temporal construct and its political uses. In the UK, the “Left Behind” is predominantly discussed as a group of people sharing a similar geographical locale, White identity, and deprivation. Political parties and commentators have been integral to constructing this White class as a deserving poor and voting bloc, who have not reaped the benefits of economic development. Instead of assessing the empirical validity of the “Left Behind” as a socio-economic category, this article explores how the politics associated with this construct is orchestrated by varied temporal frames. The first section draws upon François Hartog's notion of presentism and Hakki Taş's theorisation of populist temporal narratives to explore how the “Left Behind” is shaped as an object of moral and economic debt, with their prospects threatened by immigrants. The second section explores how Global Britain narratives shape the “Left Behind” as subjects of majority histories. In doing so, it also demonstrates how these imagined figures are cast as subjects who lag behind the demands of late capitalism. The article concludes by reaffirming how presentism is central to the making of the “Left Behind” as a governmental problematic.

Measuring and decomposing natural capital use in Xinjiang from a regional-industry perspective

Accurately portraying the mechanism of the flow of natural resource consumption between regions and its impact on ecology is of crucial value in deepening the understanding of the coordinated relationship between population, resources, environment and development. Consequently, this promotes the sustainable development of the natural economy and society. Based on a regional-industrial perspective, this study used a localized three-dimensional ecological footprint model to measure and decompose natural resources in Xinjiang from 2005 to 2020. In doing so, the study clarified the supply, demand, and flow utilization of natural capital in Xinjiang, the balance of spatial and temporal allocation of resources, the coupling between economic growth and resource consumption, and the coordination between industrial structure and ecological environment. The results showed that (1) Xinjiang's per capita ecological deficit grew from 2.096 to 11.667 in 2005–2020. Moreover, the energy footprint was a decisive part of the ecological deficit throughout the study period. Furthermore, the trend of increased ecological pressure was higher in northern and eastern Xinjiang than in southern Xinjiang. (2) The overall Gini coefficient of Xinjiang's ecological carrying capacity was at the critical value of spatial equilibrium (0.4), with differences between the groups: Northern & Southern Xinjiang > Northern & Eastern Xinjiang > Eastern & Southern Xinjiang. The reasons for this inter-regional economic disparity are related to fiscal expenditure/GDP, level of urbanization, and regional industrial output. Overall, the decoupling relationship between environmental pressures and economic growth was optimistic. (3) From an industrial perspective, the levels of industrial structural efficiency and the industrial ecological harmony index were still relatively low, but the overall trend was on the rise. (4) Resource endowment, economic development, consumption structure, and population had significant driving effects on the ecological footprint, whereas environmental protection, science, and technology could inhibit its growth to a certain extent. This study aimed to provide an in-depth analysis of the current situation and problems of natural resource use in Xinjiang and provide theoretical and practical references for sustainable development in the region.

International labor market in the conditions globalization and digitalization: trends and perspectives

The article examines the essence of the international labor market and emphasizes that the international labor market in the context of the development of the modern information and communication paradigm is at the stage of changing the structure, demand and supply of human capital. It is noted that the development and deepening of the international division of labor, the strengthening of the innovative component of modern international business directly affect the functioning of the international labor market. The movement of goods, services, capital, and information flows leads to the movement of human capital, as well as to the growth of labor migration. World economic theories regarding the functioning of the international labor market are considered. At the same time, it is noted that there is no unified view on the definition of the international labor market and measures to improve it. It was concluded that when interpreting the definition of «international labor market», it is necessary to take into account the peculiarities and specifics of human resources, as well as the emergence of new forms and types of employment in the conditions of globalization and digitalization of the world economic space. An analysis of economic concepts and theories regarding the need for state intervention in employment and migration processes has been carried out. The key factors influencing the functioning and development of the international labor market are analyzed. It was noted that the development of information and communication technologies caused the creation of new forms and types of employment, increased flexibility and mobility of labor resources. The processes of globalization and digitalization contribute to the strengthening of the openness of national labor markets and the creation of barrier-free movement of labor resources. The impact of digitization of all spheres of economic life on the growth of leading international companies' demand for intelligent and qualified personnel, who are ready to experiment, make creative, innovative decisions and learn throughout their lives, was also investigated. Acute issues related to the departure of highly qualified personnel from countries with a low level of economic development to countries with a high level of economic development are analyzed. It is noted that this situation leads to the washing away of labor potential in human capital exporting countries, a decrease in economic and social labor standards, as well as a decrease in financial reserves for the formation of the budget of the labor donor country. The influence of the demographic factor on the development of the international labor market is considered. It was concluded that the structure and number of labor resources by region of the world is quite varied. It was determined that in countries with a high level of economic development, there are trends to a decrease in the birth rate, as well as to an increase in indicators: life expectancy, quality of life, the share of labor migrants in the total number of working population. It is noted that in the conditions of socio-economic transformations associated with digitalization, structural and sectoral changes are taking place in the world economy, and in particular, in the international labor market.

A financial supply chain on corporate working capital and interbank lines of credit

Companies sign prior contracts for working capital demand loans with banks to mitigate their working capital shortfall. In order to honor the contract, banks also undertake lines of credit agreements in the interbank market to protect themselves from liquidity mismatch. The paper proposed a mathematical model to assess the performance of banks in a probabilistic environment, where corporates exercise their options for working capital loans and banks face liquidity problems, therefore resort to lines of credit in the interbank market. The paper through simulation examined the effect of expected income and expenses, at different probabilities for companies exercising their options for different quantities of working capital demand loans, and banks approaching the interbank market for lines of credit. It is found that as the probability of exercising working capital demand loans increases, the net-interest income for banks also increases. The model is further validated with unique primary data for a bank having overdraft contracts with 55 companies in an interbank market of 22 banks. The paper uses the network theory to examine the stability of banks in an interbank market. This model will help banks with policy formulations to maximize net-interest income by considering the number of corporates signing overdraft contracts, overdraft interest rate, the probability of corporates exercising overdraft contracts, and the number of banks to be considered in an inter-bank market.

Cleaner production and total factor productivity of polluting enterprises

The green and high-quality development of China's manufacturing industry requires the implementation of cleaner production practices. This study constructs a cleaner production index for polluting enterprises based on the detailed indicators of industrial cleaner production standards. Using data from the Green Development Database and the Industrial Enterprise Database from 1998 to 2012, this study analyzes the influence, transmission mechanism, and heterogeneity effect of the cleaner production index on the total factor productivity of polluting enterprises. The results show that improving the cleaner production index of polluting enterprises promotes total factor productivity, and this conclusion remains valid after taking several robustness tests. The improvement of the cleaner production index of polluting enterprises brings the demand for skilled labor and equipment capital containing technological progress, and the improvement of productivity comes from the capital-embodied technological progress which is complementary to the skill demand and skill premium. The study also finds that increasing the cleaner production index of polluting enterprises has a greater promoting effect on the total factor productivity of heavily polluting industries, large-scale enterprises, and enterprises in the western region. The improvement of the cleaner production index of polluting enterprises increases total factor productivity of state-owned and private enterprises but has no effect on foreign enterprises. These findings provide empirical evidence and policy implications for promoting high-quality development of the manufacturing industry through cleaner production governance, highlighting the importance of implementing cleaner production practices, introducing advanced production equipment, and skilled workers to achieve economies of scale and increase total factor productivity.

Comparison of the use of life cycle assessment and ecological footprint methods for evaluating environmental performances in dairy production

One popular methodology for assessing the environmental impact of livestock sector is Life Cycle Assessment (LCA), that quantifies the environmental impact of a product. Ecological Footprint (EF) performs an environmental sustainability assessment, by comparing the demand for natural capital by an economic activity with the offer of such capital within a certain territory. The aim of the study was the comparison between LCA and EF in assessing the environmental performances of milk production, assuming as case study three cattle farms with increasing levels of production intensity. Different metrics and functional units (FU) (i.e., fat and protein corrected milk, FPCM and hectare) were adopted for LCA analysis, considering some of the major impact categories. For greenhouse gases emissions, the Global Warming Potential (GWP) and the Global Temperature Potential (GTP) were considered. Both metrics were calculated assuming or not the distinction between biogenic and fossil methane. Adopting GWP as a metric, the results per kg of FPCM provided by the LCA highlighted a different trade off compared to the EF method: the farm with the highest productive intensity produced the least impactful milk in terms of GWP but had the most negative Ecological Balance (EB). The same occurred for the other impact categories. When GTP was adopted, or the hectare was considered as FU, the least intensive farm, characterized by greater feed self-sufficiency, became the one that produced the least impactful milk and had the least negative EB. The study highlighted the scientific significance of the integration between the two approaches for creating a comprehensive representation of the effects of human activities on the environment. The LCA method evaluates impacts intensity referred to a specific functional unit and its results are strongly influenced by productive efficiency; the EF method evaluates environmental sustainability of productions in relation to the territory that supports them.

Research on Financing Risk, Government Subsidy and Innovation Ability of New Energy Enterprises

New energy enterprises face high financing risks due to their long investment return period, large capital demand and high research and development risks, making it difficult to obtain funds for innovative activities. New energy enterprises, as the target of our country's key support, can alleviate the financing pressure through various policies subsidized by the government. Based on this, this paper takes the panel data of 126 new energy listed enterprises in China from 2009 to 2018 as samples, uses the time-fixed effect model to conduct regression analysis, and studies the relationship between financing risks, government subsidies and enterprise innovation capability of new energy enterprises. The study found that: financing risk has a significant negative impact on the innovation ability of enterprises; Government subsidies have a significant positive impact on the innovation ability of enterprises.

Viability of Employability Skills for Islamic Banking and Finance Graduates Employment; Case of Islamic Banks of Pakistan

The Islamic finance human capital demand is accelerating with a rapidly growing Islamic banking and finance (IBF) industry. In Pakistan, the IBF industry moves forward to be more competitive and sophisticated. Therefore, there is a need to explore the employability skills, which the IBF employers mainly require from the new Islamic finance graduates. This study examines the viability of employability skills for the employment of Islamic bank graduates in Pakistan. A quantitative method was adopted to collect data from 120 respondents using a self-administered questionnaire. The findings of the factor analysis suggested five variables deemed to be relevant in IBF graduates' employability skills for Islamic banks which are communication, interpersonal, technical, social, and subject knowledge skills. This study attempts to obtain the employer's perspective that will be used to refine and strengthen the existing skills, knowledge, and course structure in academia.

RUPTURA: DISCUSSÕES EM TORNO DAS POLÍTICAS EDUCACIONAIS PÚBLICAS BRASILEIRAS PARA UM CURRÍCULO VIVO ANTIRRACISTA

The understanding of identity and the roles of subjects in society is necessary both for achieving subjective satisfaction, typical of being, and for the development of society in relational and productive dimensions. This article is an invitation to discussions and the development of other research and practices, aiming to understand the complexities of the curriculum, decoloniality and teaching. It resorts to the documents that make up Brazilian public educational policies (national and international) with regard to the constitution of the curriculum and teacher training, such as: National Common Curricular Base (BRASIL, 2018), the BNC- Training (BRASIL, 2019) and the Incheon International Declaration (UNESCO, 2016a). The documentary analysis is anchored in Stuart Hall (2016), Aníbal Quijano (2005), José Sacristán (2017), Maria Lúcia Damásio (2008), Eneida Shiroma (2011), Teresa Teruya and Delton Felipe (2018), among others. In addition, the series “Severance”, created by Dan Erickson, with the first season in 2022, aired on the Apple TV+ streaming service, represents a critique of the disconnection of interpersonal relationships from everyday life to the detriment of work in an organization, and demands of Capital. The analysis of the series made it possible to perceive the circumstances of the superficiality of the discourses of educational public policies, which reverberate in teacher training and in the curriculum. Such discourses do not really address the inclusion of minority groups in society, the reduction of distances caused by socioeconomic inequalities and the deconstruction of structural racism, but they present cultural erasures in compliance with a colonial curriculum.

Sensitivities-based method and expected shortfall for market risk under FRTB: its impact on options risk capital

PurposeThis paper measures different market risk impacts on options portfolios under the new Fundamental Review of the Trading Book (FRTB) regulation, issued in Basel and coming into effect in 2023.Design/methodology/approachThis paper first suggests an algorithm for implementing the FRTB standardised approach via the sensitivities-based method to estimate a portfolio's risk capital and presents an illustration applied to an option position. Second, it proposes a methodology to estimate the expected shortfall in options portfolios from the FRTB internal models approach. In this regard, an application is developed to measure expected shortfall (ES) and value at risk (VaR) impacts under FRTB versus conventional VaR in a currency option position by considering stress scenarios from the 2007–9 and 2020–1 crises and back-testing procedures.FindingsThe suggested algorithm satisfactorily captures impacts via the sensitivities-based method, and higher risk capital demands are expected for emerging economies. Also, the planned FRTB methodology to measure ES and VaR is appropriate; in particular, historical metrics perform well. Astonishingly, their revealed impacts are more significant under the 2020–1 pandemic crisis than the 2007–9 financial crisis.Originality/valueThe proposals developed weave a communication bridge between the standardised and internal approaches of FRTB regulation, which can be scaled up technologically and institutionally.

Healthcare and education problems of Georgia in terms of human capital development

The human factor acquires a more essential role and importance in the aspects of management, monitoring and activation of socio-economic processes day by day. This is possible to achieve the effectiveness of the socio-economic development of the country, according to a number of indicators: by increasing the specific share of specialists with a high level of professionalism in all spheres of government, by increasing the specific share of highly qualified labor of workers, by raising their level of education and by making the most of the potential of those persons who are involved in the formation of human capital. They participate in the accumulation-use system. The purpose of the study is to analyze the human capital development opportunities in the health and education sectors of Georgia, the level of knowledge of the human resources in the sector, thus this is and will be a decisive factor in the development of the sector. As well, we will study and describe investment and management problems in both fields, using the basic elements of human capital – healthcare capital and educational capital as an example. In the era of globalization, the demand for human capital is increasing. Innovative development of the country and industries is a long process. Healthcare and education are key elements of human capital and the backbone of innovative development. Therefore, the formation and development of competitive human capital, as the main factor for the activation of innovative processes in the country and sectors, its strengthening for achieving an effective level of economic growth and competitiveness should be a priority.