Regulatory agencies may,whether outside of set rules or within their discretion,depart from the original goals or principles set for enforcing the rules,which we term selective enforcement.Taking China,a country in tr...Regulatory agencies may,whether outside of set rules or within their discretion,depart from the original goals or principles set for enforcing the rules,which we term selective enforcement.Taking China,a country in transition,as an example,and using cases and large-sample tests,we present empirical evidence of selective enforcement.The results show that the China Securities Regulatory Commission(CSRC) takes into account whether companies violating the rules have a state-owned background and the strength of that background when investigating and punishing non-compliance.After controlling for the degree of violation,state-owned-enterprises(SOEs) are punished less severely than private companies;and the higher the hierarchy of the SOE in question,the less severe the punishment.It also takes longer for SOEs to be punished.We also find that companies that violate the rules less seriously have a greater tendency to apply for refinancing than those that violate the rules more seriously.This may be because the severity of the violation can affect listed companies' expectations of obtaining refinancing.The analysis and conclusions of this study prove useful in understanding the causes and consequences of selective enforcement in transition economies.展开更多
This article analyzes the risk assessment and risk transfer models of large-scale disasters in line with the characteristics of such disasters. A large-scale disaster risk assessment model based on the Regional Disast...This article analyzes the risk assessment and risk transfer models of large-scale disasters in line with the characteristics of such disasters. A large-scale disaster risk assessment model based on the Regional Disaster System concept is developed: large-scale disaster risk(RL) is a function of the disaster triggering hazard(H), the vulnerability of the concerned objects(V), and the stability of the contextual hazard-formative environment(E), or RL = f(H, V, E). Based on our discussions, we propose that large-scale disaster risk transfer in China should be supported by governments at all levels, operated by insurance companies, and the responsibilities should be shared by all stakeholders. At the global level, large-scale disaster risk transfer should employ a uniform definition and be characterized by government support, market operation, public participation, disaster mitigation, and risk sharing.展开更多
The aim of this study was to verify the existence of business and strategic intelligence policies at the level of Congolese companies and at the state level, likely to foster progress and healthy development in the ea...The aim of this study was to verify the existence of business and strategic intelligence policies at the level of Congolese companies and at the state level, likely to foster progress and healthy development in the east of the DRC. The study was based on a mixed perspective consisting of objective analysis of quantitative data and interpretative analysis of qualitative data. The results showed that business and strategic intelligence policies have not been established at either company or state level, as this is an area of activity that is not known to the players in companies and public departments, and there are no units or offices in their organizational structures responsible for managing strategic information for competitiveness on the international market. In addition, there is a real need to establish strategic information management units within companies, upstream, and to set up a national strategic information management department or agency to help local companies compete in the marketplace, downstream. This reflects the importance and timeliness of building business and strategic intelligence policies to ensure economic progress and development in the eastern DRC. Business and strategic intelligence provides companies with an appropriate tool for researching, collecting, processing and disseminating information useful for decision-making among stakeholders, in order to cope with a crisis or competitive situation. The study suggests a number of key recommendations based on its findings. To the government, it is recommended to establish the national policy of business and strategic intelligence by setting up a national agency of strategic intelligence in favor of local companies;and to companies to establish business intelligence units in their organizational structures in favor of stakeholders to foster advantageous decision-making in the competitive market and achieve progress. Finally, the study suggests that studies be carried out to fully understand the opportunities and impact of business and stra展开更多
Direct air capture(DAC)has attracted increasing interest and investment over the past few years.There are a fast-growing number of companies that entered the field and demonstrated DAC carbon removal setups and potent...Direct air capture(DAC)has attracted increasing interest and investment over the past few years.There are a fast-growing number of companies that entered the field and demonstrated DAC carbon removal setups and potential.However,current DAC methods are still based on solid absorbents or alkali solutions approaches which have low capture efficiency and low energy efficiency.This highlight proposed a promising CO_(2) capture technology,an electric energy driven closed-loop system for the direct removal of CO_(2) from ambient air which are based on two individual technologies:Polyam-N-Cu hybrid system promoted CO_(2) capture with ocean as anthropogenic CO_(2) sink and a chloride-mediated electrochemical pH swing system to remove CO_(2) from oceanwater.展开更多
TPP is not only a simple FTA but a "Sample Agreement" that has high hope from USTR (Office of the United States Trade Representative).There are those who are concerned that the TPP is an attempt by the Unite...TPP is not only a simple FTA but a "Sample Agreement" that has high hope from USTR (Office of the United States Trade Representative).There are those who are concerned that the TPP is an attempt by the United States to promote American hegemony.What is the true aim of TPP? Why does the United States push forward it? This article will offer some insights.展开更多
This paper investigates the factors affecting the conservatism of accounting reports at the market-level and firm-level. At the market-level, law and institutional factors explain conservatism, while at the firm-level...This paper investigates the factors affecting the conservatism of accounting reports at the market-level and firm-level. At the market-level, law and institutional factors explain conservatism, while at the firm-level contracting is the driver. We predict and observe that while both levels jointly affect conservatism, it is firm-level factors that play a dominant role. The conclusion suggests that it is more effective to improve the quality of accounting reports by motivating the firm's own demand rather than through listing in a developed capital market.展开更多
Amid the persistent debt crisis in the real estate sector,China looks set to launch a new round of housing reform focusing on increasing the supply of affordable housing for rent and purchase。When the State Council,C...Amid the persistent debt crisis in the real estate sector,China looks set to launch a new round of housing reform focusing on increasing the supply of affordable housing for rent and purchase。When the State Council,China'scabinet,released a guideline on building social housing on August 26,it attracted scant attention as debt crises continued to plague some of China's largest real estate companies.展开更多
The statistics of the China matural gas industry prosperity index showed that the China natural gas industry prosperity index was 302.84 in the 1st quarter of 2024,up 3.6%from the 4th quarter of 2023,a stably prospero...The statistics of the China matural gas industry prosperity index showed that the China natural gas industry prosperity index was 302.84 in the 1st quarter of 2024,up 3.6%from the 4th quarter of 2023,a stably prosperous state in the short term and a very prosperous state in the medium to long term;the prosperity index of natural gas production companies was 428.78 in the 1st quarter of 2024.展开更多
基金supported by the National Social Science Foundation(08CJY2009)the National Nature Science Foundation of China(70732002 and 70602011)+4 种基金the International Accounting PHD Program(IAPHD)scheme of Nanjing University for its supportthe Accounting and Finance Research Institute of the Shanghai University of Finance and the Center for Economic Transformation and Developmentthe Study of Economic Growth and Structural Transformationthe 985 plan topics of Nanjing University,the New Century Excellent Talents Projectthe First Scholarship Award for Excellent Doctoral Students of the Education Ministry for their support
文摘Regulatory agencies may,whether outside of set rules or within their discretion,depart from the original goals or principles set for enforcing the rules,which we term selective enforcement.Taking China,a country in transition,as an example,and using cases and large-sample tests,we present empirical evidence of selective enforcement.The results show that the China Securities Regulatory Commission(CSRC) takes into account whether companies violating the rules have a state-owned background and the strength of that background when investigating and punishing non-compliance.After controlling for the degree of violation,state-owned-enterprises(SOEs) are punished less severely than private companies;and the higher the hierarchy of the SOE in question,the less severe the punishment.It also takes longer for SOEs to be punished.We also find that companies that violate the rules less seriously have a greater tendency to apply for refinancing than those that violate the rules more seriously.This may be because the severity of the violation can affect listed companies' expectations of obtaining refinancing.The analysis and conclusions of this study prove useful in understanding the causes and consequences of selective enforcement in transition economies.
基金This research was sponsored by the International(Regional)Exchange Project of the National Natural Science Foundation of China,Case Study on Core Science Projects of IHDP-IRG(40821140354)the International Cooperation Project of the Ministry of Science and Technology,Global Climate Change and Catastrophe Governance(2008DFA20640).
文摘This article analyzes the risk assessment and risk transfer models of large-scale disasters in line with the characteristics of such disasters. A large-scale disaster risk assessment model based on the Regional Disaster System concept is developed: large-scale disaster risk(RL) is a function of the disaster triggering hazard(H), the vulnerability of the concerned objects(V), and the stability of the contextual hazard-formative environment(E), or RL = f(H, V, E). Based on our discussions, we propose that large-scale disaster risk transfer in China should be supported by governments at all levels, operated by insurance companies, and the responsibilities should be shared by all stakeholders. At the global level, large-scale disaster risk transfer should employ a uniform definition and be characterized by government support, market operation, public participation, disaster mitigation, and risk sharing.
文摘The aim of this study was to verify the existence of business and strategic intelligence policies at the level of Congolese companies and at the state level, likely to foster progress and healthy development in the east of the DRC. The study was based on a mixed perspective consisting of objective analysis of quantitative data and interpretative analysis of qualitative data. The results showed that business and strategic intelligence policies have not been established at either company or state level, as this is an area of activity that is not known to the players in companies and public departments, and there are no units or offices in their organizational structures responsible for managing strategic information for competitiveness on the international market. In addition, there is a real need to establish strategic information management units within companies, upstream, and to set up a national strategic information management department or agency to help local companies compete in the marketplace, downstream. This reflects the importance and timeliness of building business and strategic intelligence policies to ensure economic progress and development in the eastern DRC. Business and strategic intelligence provides companies with an appropriate tool for researching, collecting, processing and disseminating information useful for decision-making among stakeholders, in order to cope with a crisis or competitive situation. The study suggests a number of key recommendations based on its findings. To the government, it is recommended to establish the national policy of business and strategic intelligence by setting up a national agency of strategic intelligence in favor of local companies;and to companies to establish business intelligence units in their organizational structures in favor of stakeholders to foster advantageous decision-making in the competitive market and achieve progress. Finally, the study suggests that studies be carried out to fully understand the opportunities and impact of business and stra
文摘Direct air capture(DAC)has attracted increasing interest and investment over the past few years.There are a fast-growing number of companies that entered the field and demonstrated DAC carbon removal setups and potential.However,current DAC methods are still based on solid absorbents or alkali solutions approaches which have low capture efficiency and low energy efficiency.This highlight proposed a promising CO_(2) capture technology,an electric energy driven closed-loop system for the direct removal of CO_(2) from ambient air which are based on two individual technologies:Polyam-N-Cu hybrid system promoted CO_(2) capture with ocean as anthropogenic CO_(2) sink and a chloride-mediated electrochemical pH swing system to remove CO_(2) from oceanwater.
文摘TPP is not only a simple FTA but a "Sample Agreement" that has high hope from USTR (Office of the United States Trade Representative).There are those who are concerned that the TPP is an attempt by the United States to promote American hegemony.What is the true aim of TPP? Why does the United States push forward it? This article will offer some insights.
基金supported by Program for New Century Excellent Talents in University
文摘This paper investigates the factors affecting the conservatism of accounting reports at the market-level and firm-level. At the market-level, law and institutional factors explain conservatism, while at the firm-level contracting is the driver. We predict and observe that while both levels jointly affect conservatism, it is firm-level factors that play a dominant role. The conclusion suggests that it is more effective to improve the quality of accounting reports by motivating the firm's own demand rather than through listing in a developed capital market.
文摘Amid the persistent debt crisis in the real estate sector,China looks set to launch a new round of housing reform focusing on increasing the supply of affordable housing for rent and purchase。When the State Council,China'scabinet,released a guideline on building social housing on August 26,it attracted scant attention as debt crises continued to plague some of China's largest real estate companies.
文摘The statistics of the China matural gas industry prosperity index showed that the China natural gas industry prosperity index was 302.84 in the 1st quarter of 2024,up 3.6%from the 4th quarter of 2023,a stably prosperous state in the short term and a very prosperous state in the medium to long term;the prosperity index of natural gas production companies was 428.78 in the 1st quarter of 2024.
