Capital Operation Research Articles

Research on Issues and Strategies of Financial Management Informationization in the Era of Big Data

In the context of rapidly evolving big data and cloud computing technologies, the field of corporate financial management is undergoing a profound transformation. Financial management informationization, as a core engine driving improvements in corporate efficiency and cost optimization, has become a new frontier in industry competition. This trend not only accelerates the intelligent and real-time nature of corporate decision-making processes but also profoundly alters traditional models of capital operations, cost control, and risk management. However, while the wave of big data offers unprecedented data treasures and powerful analytical tools for corporate financial management, it also brings a series of pressing challenges that need to be addressed. This paper aims to thoroughly analyze the main obstacles faced by financial management informationization in the era of big data and to propose a series of practical solutions.

The Impact of Mergers and Acquisitions on Technological Innovation of Enterprises: Taking Apple as an Example

As market competition becomes increasingly fierce, in order to maintain a leading position in the industry, companies must enhance their core competitiveness to gain priority discourse power in the market. Corporate mergers and acquisitions are the act of acquiring property rights of other legal entities through certain economic means on the basis of equality, voluntariness, and equal compensation. They are a major form of capital operation and management for enterprises. This article aims to study the impact of mergers and acquisitions on technological innovation in enterprises, by analyzing the financial statements of enterprises and exploring the impact of mergers and acquisitions on their main business. Research has found that mergers and acquisitions are a business tool that can effectively enhance a company's technological level without increasing profits, while using less time cost. This provides a reference for enterprises to enhance their market competitiveness, differentiate their products, and adjust their business strategies.

이주-난민의 이동으로서 밀항

This paper addresses the concept of migration-refugee as an interconnected notion, addressing the relationship between migration and refugees. It delves into the perception issue, which underlies the interpretation and application of laws and regulations, rather than focusing solely on the legal frameworks. Although it is an “illegal” act, we reviewed the meaning of stowaway as an escape and return for those who have no choice but to migrate and have lost their place to live. In Europe, where cross-border movements of migration-refugee persist, stowaway acts are connected to crime and targeted for crackdowns and control. Although the illegality and hazard of stowaways are emphasized to curb their movement, stowaways cannot be defined simply as illegal activities in that movement across boundaries. The Jeju people, who crossed borders between Jeju and Japan around 1950, were similarly forced into stowaway activities for survival due to restrictions on their mobility. Stowaway practices, which have persisted across modern and contemporary times and spaces, extend beyond mere illegal acts; as a form of migration-refugee movement, they provide a critical view of the power and capital operating within this mobility.

The camp, the zone, and sovereign sediments: Querying paradigms through the politics of Made-in-Italy agribusiness operations

The article questions the paradigmatic nature ascribed to “the zone”—and the concomitant dismissal of the camp's—by some analyses of the politics of capital's operations, and problematizes the very notion of the paradigm. Elaborating on previous reflections concerning contemporary agro-industrial zones in Italy, the article rethinks camps against state-centric and exceptionalist readings that consider them purely as sites of exclusion. At the same time, it retains a stress on the symbolic dimension of forms of containment and extraction, going beyond a narrow political-economic approach. The zone and the camp, it is argued, are mutually imbricated “infrastructure spaces” of present-day agro-capital's operations, which, however, result from the sedimentation of spatialized techniques for labor disciplining, reproduction, and containment that have developed alongside capitalist forms of agriculture throughout the contemporary period. The camp is thus defined as a function of the political, sovereign dimensions of extraction, that may operate within but also beyond the state. Furthermore, it is underlain by differential attributions of humanness, and therefore by a specific biopolitical anthropology. Engaging in a genealogy of the (humanitarian and/as labor) camps that today proliferate in agro-industrial zones, I argue that to understand the spatial formations emerging from and sustaining the politics of contemporary capital operations a recursive analytics is necessary, that thus questions the purchase of paradigms on the grounds of their atemporality and complicates the positing of mere historical continuities.

Research on the Impact of Equity Pledge on Company Value

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.

Risk Prevention and Countermeasure Analysis in Enterprise Capital Operation

Under the premise of the continuous development of the economic market, enterprises must constantly expand their business scope and scale if they want to establish a foothold in the market competition, because the enterprise promotes the efficient operation of capital through the use of capital operation, laying the foundation for the improvement of enterprise efficiency. In the capital operation, because of the influence of internal and external environment, the risks faced by the capital operation of enterprises also increase, so it is very necessary to study how to prevent the risks of the capital operation of enterprises and countermeasures. Based on the relevant laws of the development of the market economy, this paper carries out a multi-angle analysis, and puts forward countermeasures to prevent the risks of enterprise capital operation, aiming at promoting the efficient and benign development of enterprise capital operation and making enterprises take the road of sustainable development.

State Audit and Governance of State-owned Enterprises: Mechanisms and Paths of Influence

Supervision of state-owned enterprises and state-owned capital operation is the statutory duty of state audit. This paper analyses the function and positioning of state audit in the governance of state-owned enterprises, researches the influence mechanism of state audit on the governance of state-owned enterprises, and discusses in depth the path of state audit influencing the governance of state-owned enterprises from the formation of effective power supervision and information transmission mechanism, respectively, with a view to providing theoretical and practical references for the high-quality development of state-owned enterprises.

Production and reconstruction mechanism of consumption spaces in urban fringe areas under capital intervention: Evidence from Guangming town in Shenzhen

As the rapid urban expansion and the rise of consumer society, urban fringe areas have become an essential place for urban capital to intervene and achieve spatial regeneration, and it has triggered the consumerization and transformation of space. Taking Guangming Town in the urban fringe area of Shenzhen as an example, this paper reveals the process and dynamics of spatial consumerization transformation under the influence of capital intervention. It examines the intricate mechanisms of capital operation underlie the production of space, and endeavors to explore a novel model of rural spatial regeneration in China's urban fringe areas. This paper found that the production of space in Guangming Town under the capital intervention includes the material production and social relations production. With the reconstruction of spatial form and relationships, new local products, spatial configuration, social services and organizational relations are generated, forming a consumption space with heterogeneous landscape, market institutionalized management, commercialization and symbolization. The realization of the production of consumption space in urban fringe areas is based on the joint action of core elements such as land, capital and government, which provide the material foundation, operational power and coordination organization for space consumption. These promote capital to complete the triple cycle of “acquiring land - creating space scarcity - realizing space consumption”, and then realizing space reproduction and capital appreciation. In the Chinese context, the spatial transformation and production of urban fringe areas should not be regarded as a local practice of Western counter-urbanization or rural gentrification theory. Rather, it as a new spatial regeneration mode that harmonizes urban and rural production, lifestyles and development trajectories. This paper offers valuable practical insights and analytical perspectives for promoting integrated urban-rural development and fostering a new type of urbanization, thereby broadening the regional framework of rural development.

Design of a Stand-Alone Photovoltaic (PV) System for a Three-Bedroom Apartment in Mubi, Adamawa State, Nigeria.

In the world today, electricity is also among the essential basic amenities of every human being because it drives the socio-economic activities of any country. More than 1.3 billion of the populations across the globe are living with low or no source of electricity. The lack of accessibility to electric power to this population brought an existence of a wide gap in current energy sources and this affected the growth of such population mostly residing in remote settlements of developing nations. Electrical energy is a significant feature for the economic and developmental advancement in every nation. Even with the abundance of many sources of energy (conventional and non-conventional sources) around the world and in Nigeria, there are still problems in accessing electricity which could be attributed to its generation, transmission, or distribution. These challenges hinder the socio-economic advancement of a country. About 95 million (55 % of Nigeria's population) Nigerians are living with no supply of electricity and the total power/electricity produced, there is about 30-35 % loss in the generated energy from transmission and distribution. This research studied the possibility of electrifying a three-bedroom apartment in Mubi's high residential layout using a solar photovoltaic system through the adoption of HOMER Software. The parameters/data used in this research work were obtained from the basic appliances usually found in an average household and from works of literature on studies performed on energy utilization in some residential areas in Nigeria, taking into consideration their power ratings, quantity, and solar component prices. These and some design considerations like system fixed capital operation and maintenance cost of ₦ 4,000 per year, project lifetime of 20 years, system fixed capital cost, discount rate of 9 %, average solar radiation data, coordinate of Mubi, among other parameters were applied in the HOMER software for the design, simulation and optimized results obtained. The optimized results indicate that a solar PV array of 5 kW comprising 25 solar panels of 200 W each, 10 sets of 12 V / 220 Ah batteries, and a 5000 VA inverter with charger are sufficient to accommodate the load of 16.086 kWh/day. The cost of energy (COE) with a 100 % renewable fraction is ₦ 410.94 / kWh.

Parent firm dividend payouts and subsidiary earnings management: Evidence from mandatory dividend policy

Despite the increasing prevalence of business group structures, earnings management within these groups has not been thoroughly explored, particularly concerning the impact of internal decision-making processes. This study fills this gap by investigating the effect of parent firm dividends on the earnings management of subsidiaries within a group. Using the establishment of China’s State-owned Capital Operating Budget System as an exogenous shock, we find that parent firm dividends significantly reduce the earnings management of subsidiaries. A mechanism analysis reveals that the improved earnings quality is primarily driven by the increased financing demand due to net capital outflow at subsidiaries rather than the agency problem mechanism based on dividend agency cost theory. Parent firm dividends primarily reduce downward earnings management and have a stronger influence on subsidiaries with shorter control chains. Heterogeneity analysis shows that this mitigating effect is more pronounced in firms with weaker external financial support and higher information asymmetry. Overall, we analyze how dividends paid by state-owned parent firms affect earnings management among their subsidiaries, offering valuable insights to business groups and state-owned entity managers involved in corporate governance.

A Comparative Analysis of the Development Status of China-U.S. Stock Markets from the Perspective of Neo-Realism

The relationship between China and the United States has undergone great changes, from cooperation to competition or even confrontation. It is of great significance to analyze the relationship between them from the perspective of neo-realism. With the deepening of global financial integration and the gradual opening up, the volatility transmission among stock markets in various countries has become more and more obvious. The stock market has become an important part of China's financial system, which is of great significance to improve the efficiency of capital operation and reduce the financing cost of enterprises. And the United States and China have formulated their stock market policies based on neo-realism. The United States needs to face up to China's economic strength and safeguard its interests through global financial hegemony. China needs to face up to the reality and enhance the global financial influence in order to safeguard its stock market.

Tax Strategy and International Financial Management of Multinational Companies

Abstract In the context of intensifying global competition, the exploration of corporate tax strategy is emerging as a pivotal area within financial management. This paper develops a flowchart for a tax planning scheme tailored to the economic strategy of multinational corporations. It examines the tax planning approaches related to enterprise financing strategy and capital operation strategy, identifying the optimal tax planning scheme based on two primary service objectives outlined in the flowchart. An empirical analysis is conducted using the case of H Communication Company to investigate the tangible benefits of its tax strategy on international financial management during its multinational operations. The results demonstrate that following tax planning, the coefficient for the cross-term of the multinational company’s earnings per share stands at 0.8340, suggesting that the market has positively received the company’s effective tax avoidance measures. This study not only advances practical research on tax planning for multinational projects but also serves as a dual theoretical and practical reference for the operations of multinational enterprises.

Development studies meet Pierre Bourdieu: the case of Chinese Private FDI in Zambia

ABSTRACTInspired by Bourdieu's field theory and utilising the case of Zambia, this article aims to enhance the understanding of the intricate relationship between Chinese private investors and sub-Saharan state institutions. The study proposes an epistemological framework that integrates sociological, anthropological and neo-institutional approaches to development studies. Through extensive fieldwork and over 75 interviews with both Chinese and Zambian stakeholders, we explore various contexts in which group-actors related to foreign capital in Zambia operate. We argue that three separate habiti – inhabited by the Zambian political class, Chinese investors and ‘ordinary’ Zambians – are crucial for comprehending private foreign capital operations in this sub-Saharan state. The ordinary Zambians and Zambian political class fields converge primarily during elections, while interactions between ordinary Zambians and Chinese investors have remained very limited (predominantly employee–employer relations), creating an ideational structure of hostility. In contrast, the Zambian political class and Chinese private investor fields crosscut and are mutually constitutive.

The impact of capital operation strategy and financing constraints on firm innovation

The impact of capital operation strategy and financing constraints on firm innovation

The impact of uncertain financial risk on the operation efficiency of banks

This paper introduces the latest research on the application of the new dynamic network DEA method in the measurement of the operating efficiency of the banking industry, and measures the operating efficiency of 15 listed banks in China by using the directional distance function (DDF) and the new dynamic network DEA model combined with the Malmquist index. To effectively evaluate the impact of uncertain financial risks on the operating efficiency of banks, we respectively selected the measurement indicators of total assets, number of employees, deposits, and net profit to calculate the operating efficiency of banks in the process of medium and long-term investment. According to the actual situation of bank operation, the process of bank operation is divided into the input stage of capital and manpower, the profit stage of capital operation, and operation stage, and a two-stage DEA network model is constructed. By measuring the overall operating efficiency of China's 15 banks from 2017 to 2022, the results show that the new dynamic network DEA model can better distinguish the efficiency of China's banks from the single-stage DEA model. In the new dynamic network model, the total factor productivity of most banks in China is reduced to varying degrees, which is greatly affected by pure technical efficiency.

Research on the Overseas Operation Strategy of Chinese Platform-A Study Case of TikTok

The strategic approach of TikTok to achieving continuous expansion in international markets is one of the topical issues of interest in society today, and some researchers have found that the strengths of TikTok in capital operations, localised operations and content production models have had a significant impact on its success. However, there is a lack of a unified explanation of the potential problems behind it and possible responses to it. The aim of this paper is therefore the risks involved in the overseas operations of TikTok and offers suggestions for corresponding strategies. The research methodology of this paper is as follows: firstly, we introduce the current situation of TikTok, the subject of the study, and then we explain the four problems of the cross-border development of TikTok in a logical system of "what - why - how". This paper has found that the trend of homogenisation of content, lack of protection for young people, data security concerns and copyright licensing are the main issues affecting the stable development of TikTok. The research identifies specific issues that TikTok should address and suggests some measures that can be taken.

ЕФЕКТИВНІСТЬ ДІЯЛЬНОСТІ НЕОБАНКІВ В КОНТЕКСТІ ЇХ ПРИБУТКОВОСТІ

The article addresses the development of neobanks as a new business model in the banking industry, posing as a competitor to traditional banking models. The research aims to define the theoretical foundations of neobank functioning and identify sources for enhancing neobanks' profitability. The article analyses existing interpretations of the term "neobank" and proposes its formulation. If during the launch period and the first 3-4 years, the primary focus is directed towards scaling the operations of Neobank and establishing a substantial client base, then upon achieving these objectives, the emphasis shifts towards the necessity of profit generation. Indeed, achieving profitability constitutes a challenging endeavour for most neobanks in the current stage. The article highlights and characterises the business models of neobanks in the context of their primary revenue sources: interchange fees, income from paid subscriptions, revenue from credit activities, earnings from international transfers, and revenue from providing Banking-as-a-Service. The efficiency of operations of five European neobanks has been analysed based on their statistical reports, focusing on the dynamics of losses and profits. It was found that several large neobanks did not reach profitability by the beginning of 2022, and possible reasons for this phenomenon were identified. The primary revenue sources of the European bank Revolut have been analyzed, using it as a case study. These revenue sources include subscription revenue, payment, and commission revenue, foreign exchange, and capital operation revenue. Additionally, their structural proportions have been examined. The structural composition of various revenue sources reflects the bank's current strategy. It can serve as a basis for modifying and optimizing services to achieve competitive advantages. Using the example of the neobank Revolut, it was found that rapid growth in revenue from foreign exchange and capital operations, along with moderate growth in other categories, contributed to a shift in the revenue structure and facilitated the attainment of profitability for the neobank. The article suggests vectors for future neobank development to increase revenue and achieve profitability.

Research on the Motivation and Effect of Share Repurchase in Antarctic E-Commerce

As one of the means of capital operation, share repurchase first appeared in the western capitalist market and developed and started late in China’s market. In recent years, especially after the revision of the “Company Law” in 2018, more and more listed companies have begun to accept and approve this behavior with the increasing attention paid to share repurchase in our country. In order to ensure the steady development of the company and enhance the company’s status, share repurchase behavior has become the norm when the market is in the doldrums and the stock price is considered to be undervalued. Focusing on the two share buybacks launched by Antarctic e-commerce in 2021, this paper analyzes the motivation and impact of the share buybacks.

Managements' corporate growth beliefs and M&As – Evidence from China

The beliefs held by decision-makers affect their economic behavior. Do beliefs in corporate growth held by listed companies’ management teams affect their execution of mergers and acquisitions (M&As)? We use M&A event data for Chinese Shanghai and Shenzhen A-share listed companies from 2014 to 2021. Words (phrases) related to capital operations in listed companies’ site visit summary reports are employed as a proxy variable for the beliefs in corporate growth held by the management of these companies. We explore the relationship between managers’ beliefs in corporate growth and their M&A activities. The results indicate that the stronger are managers’ beliefs in corporate growth, the more likely these managers are to expand through M&A activities, the more willing they are to pay a premium in M&As and the better their M&A performance is. In addition, beliefs in corporate growth impact the goodwill generated from M&A activities. We provide new empirical evidence from an analysis of the nonrational factors underlying M&A activities.

The application of big data technology in the predictive analysis of enterprise capital operation risk

The background of the big data era makes enterprise tax management face many opportunities and challenges, in order to improve the management of enterprise capital operation risks and promote the enterprise to take the road of sustainable development. This paper firstly indexes risk names with the help of web crawler technology, establishes data sources, and then circulates the crawler to obtain the required information. Secondly, a hashing algorithm is applied to compress the massive data into a unique and extremely compact section of hash values by means of constant mapping. Then association rules are used to determine the set of frequent risk items, and the values of the two are continuously changed to derive the final predictive analysis. Finally, a capital operation risk prediction and analysis platform is built by combining the above processes. In this paper, the effectiveness of the proposed platform is verified, and the practical results show that the accuracy of the proposed platform for risk prediction discovery is as high as 97%, and the time spent for risk discovery is controlled within 30 minutes. The relevant data results verify that big data technology improves the accuracy of enterprise capital operation risk prediction and analysis while accelerating the speed of risk discovery.