Equity financing intention of elderly care enterprises: Influence of institutional logic and operation mode.

The elderly population in China is expected to exceed 300 million and enter the stage of moderate aging during the 14th Five-Year plan period from 2021 to 2025. From the sustainable development perspective of elderly care enterprises, the supply of elderly care services would be unsustainable if enterprises suffer long-term losses. In the latter pursuit of high profits, the burden on consumers will increase. Equity financing of these enterprises is the key to achieving high-quality transformation and development by considering economic and social benefits. This study considers 20 well-known China-based elderly care enterprises as the research object. It uses a fuzzy set to explore system logic, operation mode, management performance, and attitude of elderly care enterprises toward investment through the qualitative comparative analysis method. The causal relationship between them is clarified-because, before the endowment enterprise equity financing intention of China, it is important to explore the effective path of equity financing of endowment enterprises. In the past, this helped Chinese elderly care enterprises actively cope with the trend of population aging, meet the needs of diversified and multi-level elderly care services, establish a sustainable development mode, and achieve high-quality transformation and development. The results show that (1) the operating performance of elderly care enterprises under the mode of public construction and private operation is poor; (2) elderly care enterprises driven by public welfare logic are more likely to achieve higher business performance, and (3) elderly care enterprises driven by business logic are more willing to introduce investment when they have made profits.

Linkage Between Inclusive Digital Finance and High-Tech Enterprise Innovation Performance: Role of Debt and Equity Financing.

This study investigates the relationship between digital financial inclusion, external financing, and the innovation performance of high-tech enterprises in China. The choice of corporate financing methods is an important part of organizational behavioral psychology, and different financing models will have a certain effect on organizational performance, especially in the digital economy environment. Therefore, based on resource dependence theory and financing constraint theory, the present study utilizes the panel data collected from the China Stock Market & Accounting Research (CSMAR) database from 2011 to 2020 of 112 companies in the Yangtze River Delta region and the "The Peking University Digital Financial Inclusion Index of China (PKU-DFIIC)" released by the Peking University Digital Finance Research Center and Ant Financial Group. The results show that the Digital Financial Inclusion Index (DFIIC) has a significant positive correlation with the innovation performance of high-tech enterprises. The higher the level of debt financing, the stronger the role of digital financial inclusion in promoting innovation performance. Investigating the DFIIC in terms of coverage breadth and usage depth, we find that usage depth does not significantly encourage innovation performance. The effect of the interaction between coverage breadth and external financing is consistent with the results for the DFIIC. The study suggests that equity financing promotes the usage depth of the DFIIC in state-owned enterprises. In contrast, debt financing promotes the coverage breadth of non-state-owned enterprises. Finally, we propose relevant policy recommendations based on the research results. It includes in-depth popularization of inclusive finance in the daily operations of enterprises at the technical level, refinement of external financing policy incentives for enterprises based on the characteristics of ownership, and strengthening the research of technologies such as big data, artificial intelligence (AI), and cloud computing. The paper presents a range of theoretical and practical implications for practitioners and academics relevant to high-tech enterprises.

Análise da equidade na distribuição do financiamento federal à Atenção Primária à Saúde entre os municípios do Ceará / Analysis of equity in the distribution of federal funding to primary health care among the municipalities of Ceará, Brazil / Análisis de equidad en la distribución del financiamiento federal a la atención primaria de salud entre los municipios de Ceará, Brasil

Objetivo: analisar a equidade na distribuição dos recursos da Atenção Primária à Saúde nos municípios do estado do Ceará. Metodologia: trata-se de um estudo ecológico, utilizando dados secundários de domínio público dos 184 municípios cearenses, entre 2004 e 2014. Coletou-se dados populacionais no Departamento de Informática do Sistema Único de Saúde; recursos recebidos de custeio da atenção primária no Fundo Nacional de Saúde e índice de desenvolvimento municipal no Instituto de Pesquisa e Estratégia Econômica do Ceará. Calculou-se o gasto com atenção básica total e per capita por porte populacional dos municípios, sendo a análise realizada por gráficos de dispersão e boxplot. Resultados: foi revelada variação de aumento sequencial entre municípios de grande porte>municípios de pequeno porte>municípios de médio porte. O gasto per capita com a atenção básica apresentou variação: municípios de médio porte>municípios de grande porte>municípios de pequeno porte. Entre 2000 e 2014, o gasto com atenção básica per capita sobressai nos municípios de pequeno porte, passando de R$ 45,23 (2004) para R$ 132,97 (2014); nos municípios de médio porte de R$ 32,52 para R$ 97,05; e municípios de grande porte, de R$ 29,14 para R$ 82,10. Análises gráficas constataram maior crescimento dos gastos entre municípios de pequeno porte, de 2004 e 2012, apresentando queda em 2014. Conclusão: a política de financiamento da atenção primária do governo federal beneficiou os municípios de pequeno porte, apresentando tendência crescente de recursos entre 2000 e 2012, porém, em 2014, essa tendência se inverteu, o que é preocupante para a manutenção da Atenção Primária como base do Sistema Único de Saúde.

Objective: to analyze the equity in the distribution of resources of primary health care in municipalities of the state of Ceará. Methods: this is an ecological study, using secondary data from the public domain of 184 municipalities in Ceará, between 2004 and 2014. Population data were collected at the Informatics Department of the Unified Health System; resources were received from the cost of primary care in the National Health Fund and municipal development index in the Institute of Research and Economic Strategy of Ceará. The expenditure on total primary care and per capita was calculated by population size of the municipalities, and the analysis was performed using scatterplots and boxplots. Results: a sequential increase variation was revealed between large municipalities> small municipalities> medium-sized municipalities. Per capita spending on primary care are varied: medium-sized municipalities> large municipalities> small-sized municipalities. Between 2000 and 2014, spending on primary health care per capita stands out in small municipalities, from R $ 45.23 (2004) to R $ 132.97 (2014); in medium-sized municipalities from R $ 32.52 to R $ 97.05; and large municipalities, from R $ 29.14 to R $ 82.10. Graphical analyzes found greater growth in spending between small municipalities, from 2004 to 2012, decreasing in 2014. Conclusion: the federal government's primary health care financing policy benefited small municipalities, with an increasing trend of resources between 2000 and 2000. 2012, however, in 2014, this trend was reversed, which is worrying for the maintenance of Primary Care as the basis of the Unified Health System.

Objetivo: analizar la equidad en la distribución de recursos de Atención Primaria de Salud en los municipios del estado de Ceará. Metodología: se trata de un estudio ecológico, utilizando datos secundarios de dominio público de 184 municipios de Ceará, entre 2004 y 2014. Los datos poblacionales fueron recolectados en el Departamento de Informática del Sistema Único de Salud; recursos recibidos del costo de atención primaria en el Fondo Nacional de Salud e índice de desarrollo municipal en el Instituto de Investigación y Estrategia Económica de Ceará. El gasto en atención primaria total y per cápita se calculó por tamaño de población de los municipios, y el análisis se realizó mediante diagramas de dispersión y diagramas de caja. Resultados: se reveló una variación de aumento secuencial entre municipios grandes> municipios pequeños> municipios medianos. El gasto per cápita en atención primaria varió: municipios medianos> municipios grandes> municipios pequeños. Entre 2000 y 2014, se destaca el gasto en atención primaria de salud per cápita en los municipios pequeños, de R $ 45,23 (2004) a R $ 132,97 (2014); en municipios medianos de R $ 32,52 a R $ 97,05; y grandes municipios, de R $ 29,14 a R $ 82,10. Los análisis gráficos encontraron un mayor crecimiento en el gasto entre municipios pequeños, de 2004 a 2012, disminuyendo en 2014. Conclusión: la política de financiamiento de la atención primaria de salud del gobierno federal benefició a los municipios pequeños, con una tendencia creciente de recursos entre 2000 y 2000. 2012, sin embargo, en En 2014 se revirtió esta tendencia, preocupante para el mantenimiento de la Atención Primaria como base del Sistema Único de Salud.

The Impact of Equity Financing on the Performance of Capital-Constrained Supply Chain under Consumers' Low-Carbon Preference.

The reduction in carbon emissions by industrial enterprises is an important means for promoting environmental protection and achieving sustainable development. To determine the impact of carbon emissions reduction on supply chain operation and financing decision-making, in this study we designed three financing strategies, i.e., bank loan financing, equity financing, and hybrid financing (a combination of bank loan financing and equity financing), for a manufacturer (leader) and a low-carbon supply chain composed of a capital-constrained retailer, constructed Stackelberg game models, solved the equilibrium results under each financing strategy using the reverse recursion method, and revealed the financing preference of the supply chain member companies through comparative analysis. The results showed that the increase in the consumers' low-carbon preference and equity financing ratio have positive impacts on supply chain equilibrium, a result that is opposite that for the impact of the interest rate of bank loan financing; additionally, the abovementioned three factors jointly determine the profit of the manufacturer of the low-carbon supply chain, while the retailer's profit is affected by the equity dividend ratio. Finally, we present the conditions for the financing preference of the manufacturer and the retailer. The findings of this study can provide references for low-carbon supply chain companies to make appropriate management decisions.

Carbon Information Disclosure, Marketization, and Cost of Equity Financing.

Using listed enterprises in China's heavy pollution industry from 2009 to 2013, this study tests the relationship between marketization degree, carbon information disclosure, and the cost of equity financing. The results show that, regardless of marketization degree, the overall level of carbon information disclosure of listed enterprises in China's heavy pollution industry is low. The content of carbon information disclosure is mainly non-financial carbon information, and the financial carbon information disclosure is very low. The cost of equity financing is different in areas with different marketization degrees, specifically speaking, the cost of equity financing is lower in regions with a high marketization degree than that of a low marketization degree. Carbon information disclosure, non-financial carbon information disclosure, and financial carbon information disclosure are negatively correlated with the cost of equity financing. The marketization degree has strengthened the negative correlation between carbon information disclosure, non-financial carbon information disclosure, financial carbon information disclosure, and the cost of equity financing, respectively.

Media reporting, carbon information disclosure, and the cost of equity financing: evidence from China.

By using Shanghai and Shenzhen A-share listed companies in heavy polluting industry as research object from 2009 to 2014, this paper examines the relationship between media reporting, carbon information disclosure, and the cost of equity financing. The results show that media reporting can improve the quality of carbon information disclosure, and carbon information disclosure level is negatively associated with the cost of equity financing. This study also finds that financial carbon information disclosure and non-financial carbon information disclosure have significant negative relationship with the cost of equity financing respectively. Moreover, this paper shows that media reporting can strengthen the relationship between carbon information disclosure and the cost of equity financing.