Capital Operation Research Articles

Empirical Study on the Influence of Cultural Distance and Board Capital on the Performance of Foreign Direct Investment of Beijing’s Cultural and Creative Enterprises

Based on the background that China enterprises are becoming more and more active in capital operation in the international scope, this paper selects 14 cultural and creative enterprises in Beijing as the research objects, and analyzes the relationship between cultural distance, geographical distance, capital elements of the board of directors and enterprises' FDI performance. This paper crawled data from the stock exchange and other websites, and further used SPSS data processing software to model and analyze the data obtained, and obtained the empirical research results as follows. The empirical results showed that cultural distance and geographical distance were significantly negatively correlated with FDI performance, which was consistent with the original research hypothesis of the paper. And among the capital factors of the board of directors, the gender diversity, education level, scale and internationalization degree of the board are significantly positively correlated with FDI performance. Finally, the corresponding conclusions and Suggestions are put forward according to the empirical analysis results.

Construction of the Performance Evaluation System of State-owned Capital Investment Company

The functional differences between state-owned capital investment companies and production-oriented state-owned enterprises determine the need to reconstruct the performance evaluation system of state-owned capital specialized operation. Based on the goal of specialized operation of state-owned capital, this paper puts forward the ideas and principles of selecting performance indicators, and constructs the evaluation index system.

Research on the Supervision Mode of Competitive State-owned Enterprises by State-owned Capital Investment and Operation Companies

In the process of transformation of supervision of competitive state-owned enterprises, the problems that there is a blind spot in the supervision object, the lack of joint forces of the supervisory bodies, the lack of links in the supervision process, and the difficulty in appraising the supervision results have appeared in the supervision of competitive state-owned enterprises. Based on the above issues, this paper designs on the supervision of competitive state-owned enterprises,including coordinating supervision objects through governance supervision and assessment, linking supervisory entities through function coordination and achievement sharing, linking the supervision process through information supervision and platform cooperation and implementing supervision results through risk control and evidence inspection.

Economic Evaluation of Hazard Control Technology in a Wet Process Cement Plant

Goal: Retrofit technology has been suggested for the reduction of CO2 emission in cement manufacturing but the economic justification of this retrofit technology is rarely or not available. This research study aimed to evaluate the beneficial value of retrofit technology aimed at reducing CO2 emission in a wet process cement plant.
 Design / Methodology / Approach: Engineering Economic and cost estimation techniques were used to evaluate the overall annual cost of combination of retrofit technology. The overall annual cost of retrofit technology was determined in terms of capital cost, operation and maintenance cost and energy cost savings of retrofit.
 Results: The best strategy to reduce CO2 emission is the combination of adjustable speed drive for kiln; kiln drive efficiency improvement for kiln and process control and management system for kiln at 6% reduction target, giving a cost savings of $520,836 on retrofit for 10years and 1.41% reduction in total cost.
 Limitations of the investigation: Getting adequate plant data in Nigeria was a constraint during the research.
 Practical implications: The results presented if implemented by Cement plant operators will ensure reduction in the CO2 emission and government can enforce Cement plant operators to adhere to strict environmental and safety regulations while litigations and sanctions can be employed to implements this policy.
 Originality / Value: The study established economic justification of retrofit technology for CO2 emission reduction before eventual implementation.

Exploring the Internetization of Private Finance

Following the two stages of booming and tightening supervision, Internet-based private finance is now exhibiting a slowdown in its development. Within the framework of the transaction cost theory, this study explores the motivations for and the boundaries of new business forms, and proposes that their continuous changes in the risk management mechanism, legal relations between transaction entities, and capital operation models have raised financial risks while elevating their own financial availabilities. The author then concentrates on the three core functions that stem from the functional financial theories and analyses the risks private finance has to take during its Internetization from the perspectives of capital flow and information flow. In the end, suggestions have been made from two aspects, the risk early warning and the combination of flexible and forceful supervision. The author points out that Internet-based private finance is an inevitable trend in the future. We should solve the existing problems and refrain from being held back for fear of a slight risk.

Working Capital Management and Performance of Six Deposit Money Banks in Nigeria

Central to any financial institution’s success is working capital management because mismanagement (WCM) can lead to its demise. This research examines the management of working capital in deposit money banks (DMBs) in Nigeria. This study evaluated the impact of liquidity on banks’ performance to analyze how their competitiveness influences capital adequacy and assessed the correlation between loans and advances and deposit money banks’ profitability. The study utilized a regression analysis, in which panel data was used based on data retrieved from the banks’ financial statements from 2010 to 2017. The findings showed that the primary reason banks hold highly liquid assets is to guard against a rise in demand or unforeseen circumstances. Another reason is to finance working capital operations based on the theory of liquid assets. Therefore, based on the findings it is recommended that direct policies are implemented to ensure that high-volume cash transactions are dramatically reduced.

Retracted] Construction and Analysis of Green Investment Risk Evaluation Index System Based on Information Entropy Fuzzy Hierarchical Analysis Model

This paper adopts the information entropy fuzzy hierarchical analysis model to conduct an in‐depth study and analysis of the green investment risk evaluation system and to process and analyze its indicators. The entropy method‐fuzzy hierarchical analysis is used to evaluate the green financial capital operation risk. Firstly, I point out the research trends and shortcomings, define the concepts of fund operation, operation risk, risk evaluation, and green finance, and elaborate the relevant basic theories to lay the theoretical foundation for the later research; secondly, I identify the external and internal fund operation risks by describing the development plan, overall operation, and specific operation plan of green finance; then, according to the existing fund operation risks, I integrate commercial banks’ risk. Then, based on the existing fund operation risks, I integrate the risk types of commercial banks, combine the characteristics of green finance business, design the green finance fund operation risk evaluation index system, initially determine the index weights through hierarchical analysis method, introduce the entropy value method to improve the index weights, and use the fuzzy comprehensive evaluation method to obtain the final evaluation results: in the process of green finance fund operation, internal risk is the most important risk, among which credit risk and financial innovation risk have the most significant impact; external risk is the second most important risk, among which economic risk and political risk are the most important. External risks are the second most important risks, among which economic risks and political risks are more obvious. The risks are judged from single‐factor aspects, and the scoring values are used to determine the higher possibility of schedule risks caused by human factors, and finally, the schedule risk level of the reservoir project is determined to be medium through a comprehensive evaluation. The reasonableness of the calculation results shows that the entropy theory and the fuzzy comprehensive evaluation method are still applicable to the assessment of green investment risks.

国内生态资本文献计量研究

运用知识图谱工具CiteSpace对CNKI数据库中CSSCI及核心期刊收录的生态资本研究的相关文献进行梳理分析，以期为该领域研究提供更客观、科学的参考。研究表明:国内学界多从基本概念、资本属性、构成要素等角度探讨生态资本的内涵；从生态资源资产化、生态资产资本化角度探究生态资本化理论的衍生过程；以生态系统服务、生态危机的解决策略、建设美丽中国的战略构想为着力点研究生态资本的理论价值；基于生态补偿、生态资本运营、相关理论在具体领域的应用等视角进行生态资本的现实运用研究。这些研究热点熔融于该领域研究的各个阶段，呈现出"基本内涵和衍生过程探讨、理论价值探究、现实运用研究"的演进路径。新时代下，专家学者应着重关注宏观生态资本核算标准与体系、微观生态资本化衍生路径以及社会服务实践领域生态资本现实价值的研究，以推动生态资本理论朝着纵深化方向发展，为我国经济高质量发展提供新的研究视角。;This research uses CiteSpace, the software tool for mapping knowledge domain, to sort out the relevant literature of CSSCI and core periodicals on the CNKI database for the aim of providing a more objective and scientific reference for the research in this field. The research shows that domestic scholars mostly discuss the connotation of ecological capital from the perspectives such as fundamental concepts, capital attributes and constitutive elements and etc.; the derivative process of ecological capitalization theory is explored from the perspective of ecological resource capitalization and ecological assets capitalization; the theoretical value of ecological capital is studied with the focus on ecosystem service, the solution of ecological crisis and the strategic concept of building a beautiful China; and the practical application of ecological capital are researched from the perspectives of eco-compensation, ecological capital operation, and relevant theories in specific fields. These research hot spots are integrated into various stages of research in this field, and present an evolutionary path of “discussing basic connotations and derived processes, exploring theoretical values, and studying practical applications”. With the advent of the new era, experts and scholars should strengthen the research on the construction and improvement of the macro ecological capital accounting system and the derivative path of ecological capitalization at the micro level, thus providing a new research perspective for the high-quality development of China's economy.

Discussion on Centralized Fund Management of Corporate Groups under the Background of Cash Pooling Management

<p>With the current development in the new era, companies have faced more intense competition under the new market-oriented economy environment. In order to continuously improve the competitiveness and level, companies need to actively optimize their fund management mode, such as cash pooling management, which can effectively reduce the capital operating cost of companies. Only by continuously reducing the capital operating cost, can the development of companies be actively promoted.</p>

Research on the Promotion Mechanism of “Innovation-Capital” Interactive Co-operation——Taking WuXi AppTec As an Example

Based on the case of WuXi AppTec, this paper explores the mechanism of private innovative enterprises to realize enterprise value growth through innovation-capital interaction in the framework of life growth cycle. This paper constructs a mechanism of interactive coexistence of innovation and capital, which has certain enlightenment and reference significance for innovative enterprises to realize technology catch-up and improve their independent innovation ability through capital operation.

Performance and development of a thin stock market: the Stockholm Stock Exchange 1912–2017

We estimate historical stock returns for Swedish listed companies in a newly constructed data set of daily stock prices that spans more than 100 years. Stock returns exhibit all the familiar characteristics. The growth of the public sector depressed the stock market, and the process of globalization revitalized it. Banks played an important role in the early development of the stock market. There was little trading in the past, and we examine the effects on return measurement from missing data. Stock selection and the replacement of missing transaction prices through search back procedures or limit orders make little difference to a value-weighted stock price index, while ignoring the price effects of capital operations makes a big difference.

Financeirização, circuitos da economia urbana e produção do espaço urbano no Brasil

O artigo utiliza a teoria dos circuitos da economia urbana de Milton Santos para fazer uma leitura sobre o mercado imobiliário brasileiro no contexto atual da financeirização da economia nacional, partindo do estudo de cidades médias do estado de São Paulo. Partimos da análise feita em nossa tese de doutoramento, que buscou a identificação de um moderno capital incorporador atuando nas cidades médias do interior do estado de São Paulo no início da década de 2010, para traçar algumas características do circuito superior do mercado imobiliário brasileiro. Neste texto, pretendemos discutir as consequências da financeirização da economia brasileira sobre os agentes econômicos do mercado imobiliário nacional, a partir da teoria dos circuitos da economia urbana, apontando possíveis consequências sobre a vida nas cidades brasileiras.

Limits to growth and structural change

This paper examines the path of an economy constrained by bio-physical limits, due to (i) limited natural capital availability and (ii) compliance with the postulate of strong sustainability. The economy tends towards a stationary state characterized by lower and higher endowments of natural capital and human factors respectively than in the initial state. But this evolution is not monotonous in the sense that GDP and consumption have a path in four phases: growth, reversal, decrease and a quasi-stationary phase leading to steady state. On the contrary, the natural capital stock is declining almost monotonically, involving increasing natural capital operating costs. This results in a structural change by which the human factors share devoted to exploitation increases continuously at the expense of that devoted to final production. Taking pollution into account results in a peak of GDP less pronounced and advanced over time compared to the pollution-free situation.

English

English

Construction of Financial Risk Management and Control System for Shipping Companies

Bai, N. and He, Z., 2020. Construction of financial risk management and control system for shipping companies. In: Gong, D.; Zhang, M., and Liu, R. (eds.), Advances in Coastal Research: Engineering, Industry, Economy, and Sustainable Development. Journal of Coastal Research, Special Issue No. 106, pp. 490–493. Coconut Creek (Florida), ISSN 0749-0208.This paper attempts to study the financial risk management and control system of shipping companies for improving their operation and investment efficiency. To this end, selecting Z shipping company as an example, this paper analyzes the current status and influencing factors of financial risk management in Z shipping company on the basis of financial risk management-related theories. The financial index analysis was also adopted. The research results show that Z shipping company has different degrees of risk in terms of financing, investment, capital recovery, and income distribution; in the financial risk management of Z company, there exist problems such as the lack of a financial risk management atmosphere and the awareness of financial risk management for all employees, an irrational postsetting of risk management agency, the lack of a scientific financial risk management system, and absence of financial risk professionals. In response to these problems, control measures were proposed from four aspects: financing risk, investment risk, capital operation risk, and establishing a supervisory agency and improving the operating mechanism. The research findings enrich the theoretical research content of financial risk management in shipping companies and play a certain guiding role in the construction of a financial risk management and control system.

Structuring of transborder flows of national industrial Capital: Japan in the 1970s and 1980s, and China in the 2000s and 2010s

This study employs a broad, “Northian” framework of institutional analysis to investigate the effects of institutions of different national jurisdictions on the structuring of transborder outflows of Japanese industrial capital in the 1970s and 1980s and Chinese industrial capital in the 2000s and 2010s. While general theories, such as the stage theory of industrial development, can explain the growth of national industrial capital in the source country, this study focuses on the effects of institutions on the surge and the regional and sectoral destinations of Japanese and Chinese industrial capital outflows. These institutions are laws, policies and guidelines of the state; rules and normal practices in corporate organization and financing, and mechanisms of state-industry relations in the source country; laws, regulations, policy and practices of the host country in regulating and managing inflow foreign industrial capital; and intergovernmental arrangements for transborder industrial capital flow and operation. The study finds these three sets of institutions formed an effective transborder institutional environment that influenced national industrial capital to invest in certain countries and industrial sectors. The distinct institutional forms of organizing transborder industrial production in Japan’s case then and China’s case now are different from the multilateral institutional approach that dominated East Asia from the 1990s.

The effects of trays distribution on both sides of the vertical wall on the thermal coupled distillation operation process

ABSTRACT The distribution of trays on sides of the vertical wall in the divided wall column not only affects the components separation, but also the capital investment and operation costs, which may have a significant effect on the simulation optimization in both (chemical) theoretical and practical studies. In this article, the effects of the patterns of trays distribution on the internal stream distribution, energy cost, and optimal operation condition are investigated and analyzed based on the theory and process simulation. According to the simulation results, there exists separation limit value on both sides of the vertical wall.

Majoring the Minor: Towards a Framework for Integrating Informal Industry into Formal Industry in Zimbabwe

There is global consensus on the centrality of the informal sector on economic growth. More importantly, the small to medium enterprises (SMEs) have become an important engine for economic growth for developing countries Zimbabwe included. This paper looks at the formalization of the informal sector in Zimbabwe. The argument being levelled is that continued growth of the informal sector without formalization of the informal enterprises has cantankerous ramifications on the economic growth, stability and industrial development. Overgrowth of the informal sector can be oxygen for the grey- market resulting in capital operating outside the formal financial systems thereby undercutting the economy. In this study, data was obtained through a critical review of various policy papers, academic articles on the subject area. Recommendations for formalization of the informal enterprises are made. The paper sets an agenda for the gradual formalization of deserving SMES through attaching it to and anchor industry that grooms the SME into the formal industrial practice. Keywords: Words: informal sector, formalisation, economic development DOI: 10.7176/PPAR/10-6-06 Publication date: June 30th 2020

Research on the Network Information Construction of the Whole Process Tracking Audit of University Construction Project

With the continuous reform and progress of education, the social education sector has paid more and more attention to the education in China. Based on the continuous increase of funds for speculative education in China, the construction projects of colleges and universities are also increasing. All kinds of university construction projects need huge capital operation. Therefore, the audit of university funds has become the focus of people. It is a new audit method to carry out the follow- up audit of university construction projects. The artificial auditing method is slow and can’t meet the needs of university construction. In this paper, we use the network to build an information-based way of tracking audit.

Price Strategy of Competitive Supply Chain Based on Bank Financing

In the traditional single-chain supply chain literature research, it is assumed that enterprises in the supply chain system have enough working capital. However, in practical management practice, enterprises are often faced with capital shortage, poor operation, and other related risks. In this paper, the price strategy of competitive supply chain based on bank financing is studied when many retailers are short of funds in the competitive environment. It is found that once the market share among retailers is fixed, the wholesale price of suppliers and the selling price of retailers will gradually increase with the increase of competition intensity, regardless of whether the retailer has financial constraints or not. The greater the competition intensity among retailers is, the better the expected profit of each member of the supply chain and the system will be. Finally, with the help of numerical analysis, the validity of the conclusion is depicted and verified. The relevant conclusions enrich and develop the financing theory of competitive supply chain, providing a strong practical reference value for the fund risk management of supply chain enterprises in the competitive environment.