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Цементная промышленность формирует около 8% мировых выбросов CO₂, а КНР является крупнейшим в мире производителем цемента. Настоящее исследование анализирует динамику и структурные изменения показателей прибыльности (ROE, ROA, валовая рентабельность), структуры затрат (MCOST, ECOST, AEXP, SEXP), интенсивности углеродных выбросов (CEI) и политики в области углеродных выбросов (Carbon Emission Policy, CEP) для 8 китайских акционерных цементных компаний за период 2010–2024 годов. Применяя метод анализа структурных изменений в рамках четырёх экономических фаз — Рост (2010–2013), Спад (2014– 2016), Восстановление (2017–2021) и Кризис (2022–2024), — исследование выявляет существенные структурные сдвиги. Результаты показывают, что энергетические затраты (ECOST) составляют 30–43% совокупных затрат и движутся в направлении, обратном циклу прибыльности. CEI снижался в 2010–2016 годах, однако после введения ETS в 2021 году вырос на 23,4%, что свидетельствует об ограниченной краткосрочной эффективности политики. Сравнительный структурный анализ показывает, что ECOST (+6,5%), AEXP (+38,5%) и CEI (+23,4%) устойчиво растут, тогда как ROE (−76,1%) и ROA (−67,0%) резко снижаются, что создаёт серьёзные угрозы для финансовой устойчивости цементных компаний.
Human capital is increasingly positioned at the core of sustainable competitive advantage and long-term value creation. In parallel, human resource reporting has emerged as a key mechanism through which organizations communicate the strategic management of their workforce to internal and external stakeholders. While international frameworks have advanced the standardization of human capital disclosure, empirical insight into how such practices are institutionalized within emerging market contexts remains limited. In particular, the governance integration and strategic embedding of human resource reporting in transitional economies are insufficiently understood. This study investigates the institutional maturity of human resource reporting among public interest entities in Mongolia. Drawing on survey data from 41 listed firms, the analysis evaluates governance integration, standards adoption, reporting frequency, and methodological consistency across three interrelated domains: human resource policy and oversight structures, human resource accounting and information systems, and disclosure quality across eleven human capital dimensions. Descriptive statistical analysis and exploratory factor analysis are employed to assess reporting coherence and structural alignment. The findings reveal a marked disjunction between formal compliance and strategic integration. Although most firms report the existence of human resource documentation and policy frameworks, board-level oversight, digital infrastructure, and comprehensive adoption of standardized human capital metrics remain underdeveloped. Reporting practices are predominantly compliance-oriented and externally focused, with limited evidence that human capital measurement is systematically embedded within ongoing strategic decision-making processes. Moreover, strategic dimensions such as leadership development, succession planning, and workforce productivity receive comparatively weaker disclosure than compliance-driven indicators. The study contributes to strategic human resource management and governance scholarship by providing empirical evidence from an underexamined emerging economy and by demonstrating how formal institutional adoption may coexist with limited strategic internalization. The findings suggest that human resource reporting in transitional contexts may function more as a symbolic compliance mechanism than as a substantive governance tool. Implications are drawn for strengthening board-level human capital oversight, enhancing methodological standardization, and advancing the strategic integration of human capital measurement within corporate governance systems
Introduction: Human capital disclosure (HCD) is essential for corporate transparency and sustainability, yet its adoption in emerging markets like Mongolia remains limited. This study examines HCD practices in 23 joint-stock companies listed on the Mongolian Stock Exchange (2017–2022), focusing on 20 indicators derived from international frameworks. Methods: Using qualitative and quantitative content analysis, the study evaluates 9 input and 11 output indicators. Each was scored on a binary scale, with results analyzed by sector and company size based on national classification standards. Results: The analysis revealed that while 59.4% of firms reported employee headcount and 51.2% included demographic data, fewer than 10% disclosed key financial information such as compensation (0.7%) and recruitment costs (8%). Output metrics were similarly sparse: workplace accidents were reported by 16.5% of firms, productivity by 10.2%, and absenteeism by none (0%). Large companies were generally more transparent than SMEs, and financial sector firms outperformed non-financial ones in input disclosures. Among the most transparent companies were Gobi JSC (65% input, 39% output) and APU JSC (52% input, 24% output). Discussion: The findings suggest that human capital disclosure practices in Mongolia are underdeveloped and inconsistent. The absence of standardized reporting requirements, limited awareness, and lack of regulatory incentives contribute to these shortcomings. Although larger firms and financial institutions showed relatively better performance, overall transparency remains low, especially for output and financial indicators. To improve HCD, Mongolian firms should adopt globally recognized standards such as GRI or SASB and receive capacity-building support. Policymakers are encouraged to mandate core human capital metrics and provide guidance for effective implementation.
Монголын Улсын Их Хурал, Худалдаа Аж Үйлдвэрлэлийн Танхим, Бизнес эрхлэгчийн холбоодуудын хамтарсан Татварын цогц шинэчлэлийн үндэсний хэлэлцүүлэгт уригдаж илтгэл тавьсан.
In this paper, we examine the impact of intellectual capital on financial performance of commercial banks in Mongolia using the financial data between 2011 and 2021. The performance impact of intellectual capital on business results is measured by the value-added intellectual coefficient (VAIC) methodology which was used to analyze the data in random and fixed effects models. Statistical analysis shows that the human capital and capital employed has positive effect on return on equity. Structural capital and capital employed has positive effect on return on total assets. Human capital has positive effect on net interest margin while capital employed has negative effect on net interest margin. Our recommendation is that in order to increase profitability of Mongolian commercial banks they should measure impacts of their intellectual capital and human capitals.
Монгол Улсын банкны системд нөлөө бүхий банкуудын ашигт ажиллагаанд оюуны капиталын бүрэлдэхүүн болон хүмүүн капитал, бүтцийн капиталын ашиг, оруулсан капиталын үр ашгийн нөлөөг 2011-2021 оны санхүүгийн мэдээлэлд үндэслэн тооцлоо. Өгөгдлийг санамсаргүй болон тогтмол нөлөөллийн загвараар үнэллээ. Судалгааны үр дүнгээр хүмүүн капиталын үр ашиг нь нийт хөрөнгийн болон өмчийн өгөөжид эерэг нөлөө, бүтцийн капиталын үр ашиг нь нийт хөрөнгийн өгөөжид эерэг нөлөө, оруулсан капиталын үр ашиг нь өмчийн өгөөж, цэвэр хүүгийн түвшин, нийт хөрөнгийн өгөөжид аль алинд нь эерэг нөлөө үзүүлдэг болохыг харуулж байна.
Abstract In today’s knowledge-based economy, intangible assets are recognizes as a firm’s main resource. Therefore, there is a need to analyze and report on how human capital, which is an integral part of intangible assets, affects the firm’s operations. The quantitative measurement of human resources in the report is important for assessing the growth of a company’s value and for making strategic decisions. Therefore, we divided the human capital metrics into 10 main and 198 sub-indicators and surveyed human resource managers and experts. The study combined both qualitative (content analysis) and quantitative (survey questionnaire) methods to collect data of human resource managers of 87 listed companies in Mongolian Stock Exchange. The results of the study were processed using an analytical hierarchical process. Keywords: Human capital metrics, Workforce analytics, AHP
Энэхүү өгүүллээр судлаач, эрдэмтдийн судалгааны чанарыг илэрхийлдэг гол хэмжүүр болох олон улсын түвшинд хянагддаг Web of Science, Scopus-т бүртгэлтэй сэтгүүлүүдэд судалгааны үр дүнгээ хэвлүүлэхэд тавигддаг нийтлэг шаардлагуудыг судлан, өгүүллээ хэрхэн үр дүнтэй бичиж, хэвлүүлэх талаар зөвлөгөө өгөхийг хичээлээ.
In addition to the state and taxpayers, a certified tax consulting service has a role to play in taxation communication of some world’s countries. Due to changes in the business and tax environment, the need for a qualified tax consultant has also grown rapidly. In Mongolia, creating a legal environment for taxpayers to seek the help of tax authorized legal agent and consultant in fulfilling their obligations under the Law on Certified Tax Consulting Services, enacted in 2012. Therefore, we have reviewed the status, development approach for certified tax consulting services and have suggested that we improve further the Mongolian certified tax consulting services.
In this paper, we propose a method for the evaluation of relative and impact external efficiency of university studies as effects of education on the long-term income of graduates. In order to evaluate the “ceteris paribus” levels and growth we applied a multilevel longitudinal model with random effects. The variables used in our analysis refer to Human Capital studies. The organizations that distribute services of public utility, as managers of collective resources, must account for their performances to the funding authorities, the community, and the customers
