Overall level of export fluctuations of the export-oriented countries with rising export volume partly stem from the market failure caused by free choice of export enterprises,some government intervention thus may be ...Overall level of export fluctuations of the export-oriented countries with rising export volume partly stem from the market failure caused by free choice of export enterprises,some government intervention thus may be necessary.To reduce the level of fluctuations of the export growth rates in these countries,this paper,taking the significant differences of the exports among various markets into account and thus using a new index named relative variance to measure the export volatility risks,proposes a model of merchandise market portfolio,a modified version of Markowitz model,available to provide explicit guidelines for the firms,the industries and even the whole country to optimize the structure of their export markets.An application of this model to the case of China’s apple is then discussed.The results show that the market share of China’s apple in 7 sub-markets should be redistributed drastically.展开更多
Ever since the introduction of the Open Door Policy, the Pearl River Delta (PRD) has enjoyed very phenomenal export and economic growth. As a result, many scholars have tried to associate the two phenomena and describ...Ever since the introduction of the Open Door Policy, the Pearl River Delta (PRD) has enjoyed very phenomenal export and economic growth. As a result, many scholars have tried to associate the two phenomena and described the region as an,'export-oriented economy'.However, these studies, mostly based on the rapid export growth of the PRD and its status as the most important exporting area of the country,have not paid any heed to the actual export-orientation of the regional economy and, hence, cannot prove that the PRD has been a 'truly'export-oriented economy. in view of these shortcomings. the present paper attempts to re-examine the issue from the viewpoint of the PRD's local economy, at both the regional and county levels. The study period is from 1981 to 1990. Judging from the export-dependency indices and the relative importance of exports in accounting for the economic growth and industrialization of the PRD, this paper concludes that the region, though having signs of increasing export-orientation, cannot be categorized as a 'truly' export-oriented economy. In addition, it also shows that most of the 'evidences' or 'common beliefs' behind the notion of an export-oriented economy in the RD are illusionary, if not erroneous. Finally, the paper explores into the reasons behind the low export-orientation of the PRD and tries to sugyst some ways for boosting the export-orientation of the PRD and tries to suggest some ways for boosting the export-orientation of the region.展开更多
Guangxi Zhuang Autonomous Region is an excellent area for tilapia breeding in China,and the development of tilapia industry has received high attention of both the state and Guangxi government. The foreign exchange ea...Guangxi Zhuang Autonomous Region is an excellent area for tilapia breeding in China,and the development of tilapia industry has received high attention of both the state and Guangxi government. The foreign exchange earning is an essential industrial form of tilapia industry in Guangxi. Thus,enhancing the competitiveness of export-oriented tilapia processing is of great significance to the development of tilapia industry. On the basis of field survey,this paper analyzed current situation of export-oriented tilapia processing in Guangxi. At present,tilapia processing industry in Guangxi has realized preliminary standardization,large-scale and grouping,but it is still faced with some problems and challenges,such as low industrialization level,no balanced marketing,and imperfect product quality safety monitoring measures. Therefore,it is required to create favorable environment for export-oriented tilapia processing industry in Guangxi through enhancing policy support,increasing financial input and supporting tilapia processing leading enterprises.展开更多
In the past 15 years Shenzhen has made great achievements in its export-oriented economy. According to customs’ statistics, the city’s export value stood at US $ 14.3 billion in 1993 and US $ 12.1 billion in the fir...In the past 15 years Shenzhen has made great achievements in its export-oriented economy. According to customs’ statistics, the city’s export value stood at US $ 14.3 billion in 1993 and US $ 12.1 billion in the first three quarters of 1994. The total import and export value was US $ 23.8 billion in the first three quarters of 1994, a 1, 500-fold increase over 1979 and an average annual growth rate of 70%. Export trade held a small part in Shenzhen’s economy展开更多
This paper selects 11 Chinese listed companies as the sample and compares the effect of premanagement buyouts and post-management buyouts （hereafter MBO）. The authors evaluate the effects of MBO according to the cha...This paper selects 11 Chinese listed companies as the sample and compares the effect of premanagement buyouts and post-management buyouts （hereafter MBO）. The authors evaluate the effects of MBO according to the change of earnings capacity, management ability, debt paying ability, development ability and capital structure. The result shows that the obvious change does not take place in earnings capacity of the company and management ability, but the development ability of the company improves notably, and most of companies have taken advantage of financial leverage withir two years of post-MBO.展开更多
Since its implementation of the openingpolicy,China has witnessed greatsuccess in foreign fund utilization.Hunan,situated in the hinterland,beganto introduce foreign capital a little later thanthe coastal areas.In 197...Since its implementation of the openingpolicy,China has witnessed greatsuccess in foreign fund utilization.Hunan,situated in the hinterland,beganto introduce foreign capital a little later thanthe coastal areas.In 1979,Hunan began toconduct processing and assembling businessand compensation trade,but gained only afew million US dollars.A vast change wastook place in the Eighth Five-Year Planperiod,achieving a great quantitative andqualitative rise in foreign capital utilizationas compared with the sixth and seventh Five-Year Plan periods.In the past five years,Hunan has approved 4,001 foreign-fundedprojects,a 5,5-fold increase over the total forthe previous 12 years(1979-1990),including3,584 projects directly financed by展开更多
As Chinese enterprises are seeking various ways to develop foreign cooperation abroad, the Chinese-English translation of company profiles plays an ever greater role in communication with the whole world. However, a n...As Chinese enterprises are seeking various ways to develop foreign cooperation abroad, the Chinese-English translation of company profiles plays an ever greater role in communication with the whole world. However, a number of the translation versions fail to achieve a satisfactory effect, neglecting target readers' cultural background and their mode of thinking. This thesis intends to make an exploration of differences between Chinese and English company profiles and discuss the pragmatic, cultural and linguistic translation errors appeared in some company profiles of foreign trade enterprises in the city of Ningbo.展开更多
Following its fast development over the past dozen years, especially the past three years, Zhangjiagang, a coastal city in Jiangsu Province has established conditions for the further advance of its export-oriented eco...Following its fast development over the past dozen years, especially the past three years, Zhangjiagang, a coastal city in Jiangsu Province has established conditions for the further advance of its export-oriented economy. An official of the city announced to the press in Beijing recently that with the aim of building Zhangjiagang into a modern port city by the end of the century, the following three strategies have been adopted:展开更多
Power industry is one of the key fields for energy conservation and emissions reduction (ECER) in China. In order to achieve the nation's overall energy consumption target and pollutant emission target set by the ...Power industry is one of the key fields for energy conservation and emissions reduction (ECER) in China. In order to achieve the nation's overall energy consumption target and pollutant emission target set by the 11th Five-Year Plan, to build the resource-conservation and environment-friendly society during the 11th Five-Year Plan period (2006-2010), it is crucial to implement the policy of "Large (units) In and Small (units) Out (LISO)" (i.e., replacing small units with large ones) and accelerate the retirement of small thermal units. According to the statistics, the power industry has made a significant progress in SO2 emission reduction during the first half of 2007. Specifically, with 18.3% growth in power generation, the SO2 emission was reduced by 5.2% compared with the same period in 2006. By the end of July 2007, the retired small units have totaled 6950 MW, 85% of which belongs to the five major power generation groups such as Guodian and Huadian. In this article, the achievements and remaining issues in Henan, Jiangsu, Sichuan Power Companies and East China Grid Company were presented and discussed thoroughly.展开更多
The optimization of government subsidies to enhance the efficiency of coal companies’green transformation constitutes a critical component in the pursuit of global sustainability.We investigate the influence mechanis...The optimization of government subsidies to enhance the efficiency of coal companies’green transformation constitutes a critical component in the pursuit of global sustainability.We investigate the influence mechanism of government subsidies on the green transformation using data from the listed coal companies in China from 2007 to 2022.According to our findings and hypothesis testing,previous government subsidies did not have a significant direct impact on coal companies’green transformation.Nevertheless,government subsidies can help coal companies transition to greener practices by promoting innovative green initiatives.Furthermore,we confirmed an indirect route:that government subsidies enable the adoption of low-carbon initiatives,which in turn could facilitate the transition of coal companies towards green practices.In addition,we discovered that the coal company’s digitization will improve this indirect route.Thus,we propose increasing the effectiveness of government subsidies in facilitating coal companies’transition to green practices by focusing on technological advancements and enhancing company digitalization.展开更多
In recent years,with the vigorous development of the real estate market,the price and scale of real estate have been growing explosively year by year.At the same time,the continuous macro-control of the state and the ...In recent years,with the vigorous development of the real estate market,the price and scale of real estate have been growing explosively year by year.At the same time,the continuous macro-control of the state and the debt of real estate enterprises are both thundering.The high turnover and leverage operation mode is challenged,and uncompleted real estate projects are constantly emerging.Uncompleted residential buildings are considered scars to developers or cities where these projects are located.If this issue can be solved,uncompleted residential building projects can be revitalized,and the parties involved will also benefit from it.Asset management companies play a key role in the revitalization of uncompleted real estate projects by injecting new vitality into these projects and obtaining relevant policy support from the local government for the pain points and difficulties in these projects,thus promoting the revitalization of uncompleted projects.In order to discuss the approach taken by local asset management companies to revitalize uncompleted real estate projects,this paper takes ZS Asset Management Company as an example.展开更多
In spite of the slowdown in world economic growth and the escalation of geopolitical tensions,the numerous multinational companies still cast votes of confidence in the Chinese market with their practical actions.In p...In spite of the slowdown in world economic growth and the escalation of geopolitical tensions,the numerous multinational companies still cast votes of confidence in the Chinese market with their practical actions.In particular,Zhejiang Province displayed its magnetic attraction for high-quality foreign investment.Data shows that in 2023,the province’s actual use of FDI(foreign direct investment)came at USD 20.2 billion(exceeding USD 20.0 billion for the first time ever),ranked the 4th nationwide.The total FDI saw an increase of 4.8%year on year,and FDI used in the manufacturing sector rose by 85.8%,whose percentage in the total reached a record high.展开更多
As global climate change and environmental challenges intensify, governments across the globe are increasingly concerned about the sustainable development of the energy industry, with the identification of risk spillo...As global climate change and environmental challenges intensify, governments across the globe are increasingly concerned about the sustainable development of the energy industry, with the identification of risk spillover directions and characteristics among energy companies playing a pivotal role in effective risk management within the sector, particularly in the context of carbon neutrality. This study uses the TVP-VAR-DY(Time-Varying Parameter-Vector Auto Regression-Dynamic) model to comprehensively investigate the intricate transmission mechanisms of risk spillover effects among energy companies from both static and dynamic perspectives. The results indicate that: 1) A small number of coal energy companies are net risk spillover exporters, playing a crucial role in the risk spillover among similar energy companies. 2) There exist differences in the network topological structure characteristics of energy companies during different events, and different types of energy companies play different roles in the network. 3) In the context of carbon neutrality, cooperation between traditional energy companies and new energy companies has increasingly become a trend.展开更多
Purpose-Following the regional restructuring,the number of joint-venture railway companies in which the Group participates has significantly increased.This paper aims to explore the challenges faced by China Railway G...Purpose-Following the regional restructuring,the number of joint-venture railway companies in which the Group participates has significantly increased.This paper aims to explore the challenges faced by China Railway Group in managing participation in joint-venture railway companies.The study seeks to propose specific approaches to ensure the effective management of these companies,thereby maximizing the benefits of the regional restructuring and supporting the development of a strong transportation country and a modern infrastructure system.Design/methodology/approach-Based on the change in the shareholding relationship between China Railway Group and the joint-venture railway companies,and considering the current situation of the regional restructuring of these companies,as well as the insights from existing literature and typical case studies,this paper proposes some specific paths for effective management of joint-stock railway companies which China Railway Group participated in.Findings-The problems in participation management are the unclear dual leadership role of the party committee,the lack of discourse power,the lack of synergy between shareholders,the increasing risk of sustainable operation of the loss-making companies and the role of dispatched personnel is not fully played.Based on the theories,combined with the existing research and practical cases,the paper proposed specific approaches,such as perfecting top-level system design,maintaining the discourse power,carrying out differentiated management,arranging personnel rationally,arranging shareholders synergy,and innovating methods to provide references for China Railway Group’s subsequent management of joint venture railway companies.Originality/value-This paper contributes to the existing literature by providing a comprehensive analysis of the challenges faced by China Railway Group in managing participation in joint-venture railway companies following the regional restructuring.The study offers novel insights and practical recommendations for addressing these challenges.The findings can serve as valuable references for China Railway Group’s subsequent management of joint-venture railway companies which participated in,as well as for other stateowned enterprises facing similar challenges in managing their joint ventures.展开更多
On April 14,a flight from China landed at ingsford Smith Airport in Sydney,marking the beginning of the journey for Chinese companies entering the Australian and New Zealand markets.The"Thousands of Entrepreneur ...On April 14,a flight from China landed at ingsford Smith Airport in Sydney,marking the beginning of the journey for Chinese companies entering the Australian and New Zealand markets.The"Thousands of Entrepreneur Delegations Going Overseas"activity is an important measure taken by China Council for the Promotion of International Trade(CCPIT) to help companies develop in foreign markets and promote practical cooperation between Chinese and foreign businesses.Since the beginning of the year.展开更多
Focused on“energy security”,US energy policies have undergone a multi-stage evolution.The main line has shifted from ensuring the oil and gas supply to achieving energy independence,and then to diversified developme...Focused on“energy security”,US energy policies have undergone a multi-stage evolution.The main line has shifted from ensuring the oil and gas supply to achieving energy independence,and then to diversified development under a broader concept of energy security.The development path of US oil and gas companies is guided and influenced by series of policies.Represented by ExxonMobil and Chevron,US oil companies are maintaining a long commitment to the oil and gas business,especially unconventional resources such as shale gas and shale oil.Different from their European counterparts,US oil companies have chosen CCS/CCUS as their primary method for achieving carbon neutrality.As for the new energy business,the US oil giants are showing more interest in raw materials such as lithium resources rather than the power generation business.展开更多
As climate change draws more attention globally,the development of low-carbon economy has become an inevitable choice for mankind to achieve sustainable development.The increasingly strict control of carbon emission i...As climate change draws more attention globally,the development of low-carbon economy has become an inevitable choice for mankind to achieve sustainable development.The increasingly strict control of carbon emission is making carbon emission rights a scarce resource and endowing the rights with the attributes of assets and commodities.China has announced the goal of“carbon emission peaking before 2030 and carbon neutralization before 2060”.Responding to this goal,as major carbon emitters,oil companies play the role of a driving force for green and low-carbon development.Carbon assets management is a key path for oil companies to achieve emission reduction goals and low-carbon transformation.However,the carbon assets management of China’s oil companies is still in the initial stage,with the system and regulations not yet sound,and the management process not yet closed loop.First the modes and experiences of carbon assets management in major international oil companies is introduced.Then the objective logical relationship and linkage laws between carbon assets management and enterprise value creation are comprehensively analyzed by integrating the basic theories of economics and management.On this basis,a value-creation oriented carbon assets management system for oil companies is constructed,mainly covering aspects such as enterprise strategy,control mechanisms,carbon inventory,and management modes.展开更多
Data on discrete,isolated attributes of the marine economy are often used in traditional marine economic research.However,as the focus of urban research shifts from internal static attributes to external dynamic linka...Data on discrete,isolated attributes of the marine economy are often used in traditional marine economic research.However,as the focus of urban research shifts from internal static attributes to external dynamic linkages,the importance of marine economic net-work research is beginning to emerge.The construction of the marine economic network in China’s coastal areas is necessary to change the flow of land and sea resources and optimize regional marine economic development.Employing data from headquarters and branches of sea-related A-share listed enterprises to construct the marine economic network in China,we use social network analysis(SNA)to discuss the characteristics of its evolution as of 2010,2015,and 2020 and its governance.The following results were obtained.1)In terms of topological characteristics,the scale of the marine economic network in China’s coastal areas has accelerated and expan-ded,and the connections have become increasingly close;thus,this development has complex network characteristics.2)In terms of spatial structure,the intensity of the connection fluctuates and does not form stable development support;the group structure gradually becomes clear,but the overall pattern is fragmented;there are spatial differences in marine economic agglomeration radiation;the radi-ation effect of the eastern marine economic circle is obvious;and the polarization effect of northern and southern marine economic circles is significant.On this basis,we construct a framework for the governance of a marine economic network with the market,the government,and industry as the three governing bodies.By clarifying the driving factors and building objectives of marine economic network construction,this study aims to foster the high-quality development of China’s marine economy.展开更多
基金the project(2018GWQNCX038)for innovative talents in regular universities of the Department of education of Guangdong Province in 2019.
文摘Overall level of export fluctuations of the export-oriented countries with rising export volume partly stem from the market failure caused by free choice of export enterprises,some government intervention thus may be necessary.To reduce the level of fluctuations of the export growth rates in these countries,this paper,taking the significant differences of the exports among various markets into account and thus using a new index named relative variance to measure the export volatility risks,proposes a model of merchandise market portfolio,a modified version of Markowitz model,available to provide explicit guidelines for the firms,the industries and even the whole country to optimize the structure of their export markets.An application of this model to the case of China’s apple is then discussed.The results show that the market share of China’s apple in 7 sub-markets should be redistributed drastically.
文摘Ever since the introduction of the Open Door Policy, the Pearl River Delta (PRD) has enjoyed very phenomenal export and economic growth. As a result, many scholars have tried to associate the two phenomena and described the region as an,'export-oriented economy'.However, these studies, mostly based on the rapid export growth of the PRD and its status as the most important exporting area of the country,have not paid any heed to the actual export-orientation of the regional economy and, hence, cannot prove that the PRD has been a 'truly'export-oriented economy. in view of these shortcomings. the present paper attempts to re-examine the issue from the viewpoint of the PRD's local economy, at both the regional and county levels. The study period is from 1981 to 1990. Judging from the export-dependency indices and the relative importance of exports in accounting for the economic growth and industrialization of the PRD, this paper concludes that the region, though having signs of increasing export-orientation, cannot be categorized as a 'truly' export-oriented economy. In addition, it also shows that most of the 'evidences' or 'common beliefs' behind the notion of an export-oriented economy in the RD are illusionary, if not erroneous. Finally, the paper explores into the reasons behind the low export-orientation of the PRD and tries to sugyst some ways for boosting the export-orientation of the PRD and tries to suggest some ways for boosting the export-orientation of the region.
基金Supported by Special Project of Modern Agricultural Industry Technical System Construction(CARS-49)
文摘Guangxi Zhuang Autonomous Region is an excellent area for tilapia breeding in China,and the development of tilapia industry has received high attention of both the state and Guangxi government. The foreign exchange earning is an essential industrial form of tilapia industry in Guangxi. Thus,enhancing the competitiveness of export-oriented tilapia processing is of great significance to the development of tilapia industry. On the basis of field survey,this paper analyzed current situation of export-oriented tilapia processing in Guangxi. At present,tilapia processing industry in Guangxi has realized preliminary standardization,large-scale and grouping,but it is still faced with some problems and challenges,such as low industrialization level,no balanced marketing,and imperfect product quality safety monitoring measures. Therefore,it is required to create favorable environment for export-oriented tilapia processing industry in Guangxi through enhancing policy support,increasing financial input and supporting tilapia processing leading enterprises.
文摘In the past 15 years Shenzhen has made great achievements in its export-oriented economy. According to customs’ statistics, the city’s export value stood at US $ 14.3 billion in 1993 and US $ 12.1 billion in the first three quarters of 1994. The total import and export value was US $ 23.8 billion in the first three quarters of 1994, a 1, 500-fold increase over 1979 and an average annual growth rate of 70%. Export trade held a small part in Shenzhen’s economy
文摘This paper selects 11 Chinese listed companies as the sample and compares the effect of premanagement buyouts and post-management buyouts （hereafter MBO）. The authors evaluate the effects of MBO according to the change of earnings capacity, management ability, debt paying ability, development ability and capital structure. The result shows that the obvious change does not take place in earnings capacity of the company and management ability, but the development ability of the company improves notably, and most of companies have taken advantage of financial leverage withir two years of post-MBO.
文摘Since its implementation of the openingpolicy,China has witnessed greatsuccess in foreign fund utilization.Hunan,situated in the hinterland,beganto introduce foreign capital a little later thanthe coastal areas.In 1979,Hunan began toconduct processing and assembling businessand compensation trade,but gained only afew million US dollars.A vast change wastook place in the Eighth Five-Year Planperiod,achieving a great quantitative andqualitative rise in foreign capital utilizationas compared with the sixth and seventh Five-Year Plan periods.In the past five years,Hunan has approved 4,001 foreign-fundedprojects,a 5,5-fold increase over the total forthe previous 12 years(1979-1990),including3,584 projects directly financed by
文摘As Chinese enterprises are seeking various ways to develop foreign cooperation abroad, the Chinese-English translation of company profiles plays an ever greater role in communication with the whole world. However, a number of the translation versions fail to achieve a satisfactory effect, neglecting target readers' cultural background and their mode of thinking. This thesis intends to make an exploration of differences between Chinese and English company profiles and discuss the pragmatic, cultural and linguistic translation errors appeared in some company profiles of foreign trade enterprises in the city of Ningbo.
文摘Following its fast development over the past dozen years, especially the past three years, Zhangjiagang, a coastal city in Jiangsu Province has established conditions for the further advance of its export-oriented economy. An official of the city announced to the press in Beijing recently that with the aim of building Zhangjiagang into a modern port city by the end of the century, the following three strategies have been adopted:
文摘Power industry is one of the key fields for energy conservation and emissions reduction (ECER) in China. In order to achieve the nation's overall energy consumption target and pollutant emission target set by the 11th Five-Year Plan, to build the resource-conservation and environment-friendly society during the 11th Five-Year Plan period (2006-2010), it is crucial to implement the policy of "Large (units) In and Small (units) Out (LISO)" (i.e., replacing small units with large ones) and accelerate the retirement of small thermal units. According to the statistics, the power industry has made a significant progress in SO2 emission reduction during the first half of 2007. Specifically, with 18.3% growth in power generation, the SO2 emission was reduced by 5.2% compared with the same period in 2006. By the end of July 2007, the retired small units have totaled 6950 MW, 85% of which belongs to the five major power generation groups such as Guodian and Huadian. In this article, the achievements and remaining issues in Henan, Jiangsu, Sichuan Power Companies and East China Grid Company were presented and discussed thoroughly.
基金supported by the China National Natural Sciences Fund Project(Nos.71874190 and 72403233)Jiangsu Provincial Department of Science and Technology Program(Innovation Support Program Soft Science Research)(No.BR2023016-4)+2 种基金China Postdoctoral Science Foundation(No.2024M753503)Key Projects Funded by Jiangsu Social Science Fund(No.21GLA003)The Ministry of Education of Humanities and Social Science Project.
文摘The optimization of government subsidies to enhance the efficiency of coal companies’green transformation constitutes a critical component in the pursuit of global sustainability.We investigate the influence mechanism of government subsidies on the green transformation using data from the listed coal companies in China from 2007 to 2022.According to our findings and hypothesis testing,previous government subsidies did not have a significant direct impact on coal companies’green transformation.Nevertheless,government subsidies can help coal companies transition to greener practices by promoting innovative green initiatives.Furthermore,we confirmed an indirect route:that government subsidies enable the adoption of low-carbon initiatives,which in turn could facilitate the transition of coal companies towards green practices.In addition,we discovered that the coal company’s digitization will improve this indirect route.Thus,we propose increasing the effectiveness of government subsidies in facilitating coal companies’transition to green practices by focusing on technological advancements and enhancing company digitalization.
文摘In recent years,with the vigorous development of the real estate market,the price and scale of real estate have been growing explosively year by year.At the same time,the continuous macro-control of the state and the debt of real estate enterprises are both thundering.The high turnover and leverage operation mode is challenged,and uncompleted real estate projects are constantly emerging.Uncompleted residential buildings are considered scars to developers or cities where these projects are located.If this issue can be solved,uncompleted residential building projects can be revitalized,and the parties involved will also benefit from it.Asset management companies play a key role in the revitalization of uncompleted real estate projects by injecting new vitality into these projects and obtaining relevant policy support from the local government for the pain points and difficulties in these projects,thus promoting the revitalization of uncompleted projects.In order to discuss the approach taken by local asset management companies to revitalize uncompleted real estate projects,this paper takes ZS Asset Management Company as an example.
文摘In spite of the slowdown in world economic growth and the escalation of geopolitical tensions,the numerous multinational companies still cast votes of confidence in the Chinese market with their practical actions.In particular,Zhejiang Province displayed its magnetic attraction for high-quality foreign investment.Data shows that in 2023,the province’s actual use of FDI(foreign direct investment)came at USD 20.2 billion(exceeding USD 20.0 billion for the first time ever),ranked the 4th nationwide.The total FDI saw an increase of 4.8%year on year,and FDI used in the manufacturing sector rose by 85.8%,whose percentage in the total reached a record high.
文摘As global climate change and environmental challenges intensify, governments across the globe are increasingly concerned about the sustainable development of the energy industry, with the identification of risk spillover directions and characteristics among energy companies playing a pivotal role in effective risk management within the sector, particularly in the context of carbon neutrality. This study uses the TVP-VAR-DY(Time-Varying Parameter-Vector Auto Regression-Dynamic) model to comprehensively investigate the intricate transmission mechanisms of risk spillover effects among energy companies from both static and dynamic perspectives. The results indicate that: 1) A small number of coal energy companies are net risk spillover exporters, playing a crucial role in the risk spillover among similar energy companies. 2) There exist differences in the network topological structure characteristics of energy companies during different events, and different types of energy companies play different roles in the network. 3) In the context of carbon neutrality, cooperation between traditional energy companies and new energy companies has increasingly become a trend.
基金China State Railway Group Co.,Ltd.has supported this work as a critical project(Grant No.:N2022Z020).
文摘Purpose-Following the regional restructuring,the number of joint-venture railway companies in which the Group participates has significantly increased.This paper aims to explore the challenges faced by China Railway Group in managing participation in joint-venture railway companies.The study seeks to propose specific approaches to ensure the effective management of these companies,thereby maximizing the benefits of the regional restructuring and supporting the development of a strong transportation country and a modern infrastructure system.Design/methodology/approach-Based on the change in the shareholding relationship between China Railway Group and the joint-venture railway companies,and considering the current situation of the regional restructuring of these companies,as well as the insights from existing literature and typical case studies,this paper proposes some specific paths for effective management of joint-stock railway companies which China Railway Group participated in.Findings-The problems in participation management are the unclear dual leadership role of the party committee,the lack of discourse power,the lack of synergy between shareholders,the increasing risk of sustainable operation of the loss-making companies and the role of dispatched personnel is not fully played.Based on the theories,combined with the existing research and practical cases,the paper proposed specific approaches,such as perfecting top-level system design,maintaining the discourse power,carrying out differentiated management,arranging personnel rationally,arranging shareholders synergy,and innovating methods to provide references for China Railway Group’s subsequent management of joint venture railway companies.Originality/value-This paper contributes to the existing literature by providing a comprehensive analysis of the challenges faced by China Railway Group in managing participation in joint-venture railway companies following the regional restructuring.The study offers novel insights and practical recommendations for addressing these challenges.The findings can serve as valuable references for China Railway Group’s subsequent management of joint-venture railway companies which participated in,as well as for other stateowned enterprises facing similar challenges in managing their joint ventures.
文摘On April 14,a flight from China landed at ingsford Smith Airport in Sydney,marking the beginning of the journey for Chinese companies entering the Australian and New Zealand markets.The"Thousands of Entrepreneur Delegations Going Overseas"activity is an important measure taken by China Council for the Promotion of International Trade(CCPIT) to help companies develop in foreign markets and promote practical cooperation between Chinese and foreign businesses.Since the beginning of the year.
文摘Focused on“energy security”,US energy policies have undergone a multi-stage evolution.The main line has shifted from ensuring the oil and gas supply to achieving energy independence,and then to diversified development under a broader concept of energy security.The development path of US oil and gas companies is guided and influenced by series of policies.Represented by ExxonMobil and Chevron,US oil companies are maintaining a long commitment to the oil and gas business,especially unconventional resources such as shale gas and shale oil.Different from their European counterparts,US oil companies have chosen CCS/CCUS as their primary method for achieving carbon neutrality.As for the new energy business,the US oil giants are showing more interest in raw materials such as lithium resources rather than the power generation business.
文摘As climate change draws more attention globally,the development of low-carbon economy has become an inevitable choice for mankind to achieve sustainable development.The increasingly strict control of carbon emission is making carbon emission rights a scarce resource and endowing the rights with the attributes of assets and commodities.China has announced the goal of“carbon emission peaking before 2030 and carbon neutralization before 2060”.Responding to this goal,as major carbon emitters,oil companies play the role of a driving force for green and low-carbon development.Carbon assets management is a key path for oil companies to achieve emission reduction goals and low-carbon transformation.However,the carbon assets management of China’s oil companies is still in the initial stage,with the system and regulations not yet sound,and the management process not yet closed loop.First the modes and experiences of carbon assets management in major international oil companies is introduced.Then the objective logical relationship and linkage laws between carbon assets management and enterprise value creation are comprehensively analyzed by integrating the basic theories of economics and management.On this basis,a value-creation oriented carbon assets management system for oil companies is constructed,mainly covering aspects such as enterprise strategy,control mechanisms,carbon inventory,and management modes.
基金Under the auspices of the Key Research Base of Humanities and Social Sciences of the Ministry of Education of China(No.22JJD790029)。
文摘Data on discrete,isolated attributes of the marine economy are often used in traditional marine economic research.However,as the focus of urban research shifts from internal static attributes to external dynamic linkages,the importance of marine economic net-work research is beginning to emerge.The construction of the marine economic network in China’s coastal areas is necessary to change the flow of land and sea resources and optimize regional marine economic development.Employing data from headquarters and branches of sea-related A-share listed enterprises to construct the marine economic network in China,we use social network analysis(SNA)to discuss the characteristics of its evolution as of 2010,2015,and 2020 and its governance.The following results were obtained.1)In terms of topological characteristics,the scale of the marine economic network in China’s coastal areas has accelerated and expan-ded,and the connections have become increasingly close;thus,this development has complex network characteristics.2)In terms of spatial structure,the intensity of the connection fluctuates and does not form stable development support;the group structure gradually becomes clear,but the overall pattern is fragmented;there are spatial differences in marine economic agglomeration radiation;the radi-ation effect of the eastern marine economic circle is obvious;and the polarization effect of northern and southern marine economic circles is significant.On this basis,we construct a framework for the governance of a marine economic network with the market,the government,and industry as the three governing bodies.By clarifying the driving factors and building objectives of marine economic network construction,this study aims to foster the high-quality development of China’s marine economy.
