中国大学生创业融资制度创新研究
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摘要
三十多年的经济市场化改革,通过将相关资源的产权在不同程度上界定予个人,使中国经济取得了巨大的成就,世界称之为中国奇迹。与此相伴随的是市场规模急剧增长,分工日渐细密化,以人为中心的各类资源的经济价值迅速提升。这极大地激励着不同的个体投身于创业活动,以期利用市场机制实现其人力资源的潜在收益,大学生群体是其中的构成部分。当前,中国经济发展面临着产业结构升级和向创新型国家转型的巨大挑战,大学生群体本身也正遭遇着就业困难的尴尬局面。经济结构的转型就是社会知识创生和应用机制的转型,就是制度的转型。借鉴美国新经济的成功经验,创新一系列相互嵌套和支撑的制度,尤其是有利于人力资本培育、拓宽市场参与机会和降低融资交易费用的制度,积极引导大学生创业,以创业促进就业、产业结构升级和社会创新能力,或许是有效应对转型挑战的途径之一。
创业是在市场经济条件下利用相关制度环境的支持,创造联结多类资源主体的新契约网结,以激励和约束相关组织不断寻求商业机会,并提供相应产品和服务以实现机会所蕴涵收益的过程。创业是一个开放的系统,一个新创企业获取资源以及在市场上进行竞争都离不开其所处的环境背景。创业环境应该是创业过程中多种因素的组合,这个组合包含五个维度,即政府政策和规程、社会经济条件、创业和管理技能、创业资金支持和创业的非资金支持。
作为一个充满创新精神和具备较高知识水平的群体,大学生是一类重要的创业主体。相关资料显示,2010年的我国应届毕业大学生和往届未就业大学生共计710万人之多,面对这种严峻的就业形势,十七大提出促进以创业带动就业、使更多就业者成为创业者?的政策方针,积极鼓励并支持大学生创业。然而,由于诸多原因的制约,我国大学生创业的发展并不顺利,其中,表现最为突出的问题之一是大学生创业融资难。我国大学生创业融资难,其原因一方面来自于大学生创业的特征,诸如大学生缺乏必要的社会经验,大学创业教育发展滞后,以及文化的制约等;另一方面,更为重要的是,当前我国金融体系仍然属于政府主导型的金融,存在着一定程度上的金融抑制,使得金融系统中的潜在供给者缺乏必要的激励来对潜在的金融需求作出灵活有效的反应,并进行竞争性的契约与制度创新供给,而潜在的金融需求也因为选择范围受到约束,有效率的行为选择变得不可行,致使金融资源乃至创业活动效率不高。显然,在此基础上研究我国大学生创业融资,有着重要的理论和现实意义。
本文主要运用新制度经济学的相关研究成果,以供求均衡模型为主要分析框架,首先考察我国金融市场的发展现状及其对大学生创业融资活动的制约,以及各类部门基于对环境条件约束的反应所形成的对大学生创业融资的制度供给;其次,考察大学生的融资制度需求,并结合大学生创业的意愿和能力特征、行业分布和创业企业周期属性等内容,运用结构方程模型方法来分析和评价大学生创业融资的制度需求,并在借鉴发达国家和地区大学生创业融资经验的基础上,对我国大学生创业融资存在的制度非均衡进行经济学分析;最后,运用制度变迁与创新理论讨论我国大学生创业融资的制度创新的动力、方向和途径等内容,为构建和完善我国大学生创业融资的制度支持体系提出符合理论和实践意义的政策建议。以期为促进我国大学生创业,提升对大学生创业融资的理论认识,提供些许新的认知或贡献。
本文以大学生创业融资制度供求为主线,通过借鉴信贷配给理论、金融抑制理论、金融制度变迁理论、交易成本理论与契约经济学等理论,运用理论分析与现状分析相结合、比较分析、实证分析等研究方法,从融资制度需求的角度分析了大学生个体特征和高等教育管理体制对于创业人力资本的形成有着重要影响,社会收入分配制度和市场参与机会的开放程度决定着大学生的职业选择,而从事创业就是通过契约的协调,与其他资源共同分享创业企业的租值,创业企业发展阶段不同,能够承担的融资交易费用也不同,即需要不同的融资制度与其相协调。从供给的角度分析了金融管制导致我国多层级的金融服务体系尚未得以有效建立健全,银行体系以大型国有商业银行为主体,中小银行等金融机构发育程度较低,股市等直接融资门槛还很高,风险投资等还很弱小,市场化的信用担保和资信评估体系尚不健全等,致使大学生创业融资仍然主要地依赖于信贷融资,而特定的信贷市场结构又使其面临着信贷配置等形式的制约,在很大程度上提升了此类企业的融资交易费用,降低了企业的租值,不利于大学生创业的发展。最后,从制度创新视角构划出解决问题的相关制度安排,旨在从中演绎出解决大学生创业融资困境,进而促进大学生创业的基本对策。
基于相关理论和实证分析,本文认为,大学生创业融资困境首先是因为当前的高等教育管理制度存在一定的局限性,对于创业人力资本培育的推力有待提升,市场机会开放不足和收入分配制度对创业人力资本的激励不足,导致多数大学生创业企业的租值水平不高;其次,大学生创业企业在不同发展阶段需要不同的融资制度与其相配合,以降低分享租值的成本;最后,金融管制使得多样化的金融服务体系尚不健全,导致大学生创业企业要么难于获得融资支持,要么只能以较高的交易费用获得融资。显然,促进大学生创业的健康快速发展是个系统工程,从制度创新入手是从根本上解决问题的办法。
本文以新制度经济学的制度均衡与制度变迁理论为支撑,综合运用多学科理论,通过规范研究与实证研究相结合的方法探求大学生创业融资的制度创新,属于崭新的研究视角。从大学生创新意愿、创新能力、创新机会、资金需求、融资环境、融资政策、金融机构等方面,采用结构方程,构建大学生创业融资需求综合分析评价模型,是本论文的主要创新点,可以为同类问题的研究提供可资借鉴的分析框架。本文立足实地调研,深入分析我国大学生的创业融资需求现状,对于创业实证分析的研究领域是一个很好的补充。本文形成我国大学生创业融资的制度创新动力机制、制度创新的方向及其基本途径,为有效提升我国大学生创业融资绩效,进而促进创业效率提供借鉴和新的认知,是本论文的重要创新点之一。
本研究尽管在理论层面和现实层面都有很强的指导意义,但由于个人研究能力和研究条件等方面的限制,以及研究时间的仓促,本文研究面稍窄,研究深度尚不够。对于什么是创业,什么是大学生创业,这一创业活动与其他群体的创业活动有着怎样的本质区别,甚至什么是创业活动与其他经济活动的根本差异,以及为什么要特别强调大学生创业等基本问题,尚未有较为清楚的认识。对影响大学生从事创业活动收益与成本的具体约束,大学生创业的根本目的或意图等问题有待以后进一步的深入研究。
After thirty years of market reform, by defining property rights related resources to individuals in varying degrees,Chinese economy has made tremendous achievements in the world which called China miracle. And this is accompanied by rapid growth in market size, increasingly fine division of labor-oriented, people-centered economic value of various resources rapidly.This greatly inspired different individuals engaged in entrepreneurial activities, with a view to the use of market mechanisms to achieve the potential benefits of its human resources, student population is one of the components. At present, China's economic development is faced with upgrading of industrial structure and transition to innovation-oriented country enormous challenge, the student population itself is experiencing employment difficulties embarrassment. Economic restructuring is the creation of social knowledge and application of the mechanism of transformation is the transformation of the system. Learn from the successful experience of the U.S. new economy, innovation and support a series of nested systems, in particular, is conducive to fostering human capital, expand market opportunities for participation and reduce transaction costs of financing the system, and actively guide students to start to start the promotion of employment, industrial upgrading and social innovation, perhaps the way to respond effectively to the challenges of transformation.
Entrepreneurship in a market economy under the conditions of the environment to support the use of related systems, and create many types of resources the main link of the new contract net knot, to incentives and constraints related organizations to seek entrepreneurial opportunities, and provide opportunities for products and services to achieve the implicit income process. Entrepreneurship is an open system, a new start-ups access to resources and to compete in the market are inseparable from their environment background. Business environment consists of five dimensions, namely government policies and procedures, socioeconomic conditions, entrepreneurial and managerial skills, entrepreneurship and venture capital to support the non-financial support.
College students are an important class of business subjects. Statistics show that China's 2010 graduating students and previous students are not employed more than 7.1 million people, but because of the constraints of a number of reasons, the development of our students are not successful venture, in which the performance of one of the most prominent venture capital financing is difficult for students . The reason one hand is the lack of social experience as students, lags behind the development of entrepreneurship education, and cultural constraints, etc.; the other hand, more importantly, the current financial system is still a government-led system, there is a certain degree of financial repression. Clearly, in this study of college students on the basis of venture capital financing, has important theoretical and practical significance
This paper studies the use of the new institutional economics, supply and demand equilibrium model as the main analytical framework, first examine the current development of China's financial markets and venture capital financing activities for the constraints of college students, and various departments of environmental constraints on the formation of reaction The system for the supply of venture capital financing college; Second, the study of the financing system needs students, and students start with the willingness and ability characteristics, industry, distribution and entrepreneurial business cycle properties, etc., the use of structural equation modeling to analyze and evaluate college students venture capital financing system requirements, and students learn from developed countries and regions, based on the experience of venture capital financing, venture capital financing of our college students that the system for non-equilibrium economic analysis; Finally, the use of institutional change and entrepreneurial innovation theory to discuss the financing of our college system innovation motivation, direction and means, etc., for the students to build and improve our system of venture capital financing support system that meet the theoretical and practical significance of the policy recommendations.
This system of supply and demand for university students, the main line of venture capital financing to credit rationing theory, theory of financial repression, financial systems change theory, contract theory and transaction cost economics theory, the use of theoretical analysis, situation analysis, comparative analysis, empirical analysis and other research methods , from the perspective of financing system needs individual characteristics of college students and higher education management system for a major business impact of human capital formation, income distribution and social opportunities for participation in open market determines the career choices of college students, and engaged in business is through the coordination of contract , and other resources to share the rental value of start-ups, start-ups in different stages of development, affordable financing transaction costs are also different, which requires a different financing system and its coordination. From the supply point of view of the financial control led to our multi-class financial services system has not been able to effectively sound. Large state-owned commercial banks are major players in the banking system. Development of small and medium banks and other financial institutions, low level. Difficult to obtain direct financing such as the stock market, venture capital is still weak, market-oriented credit guarantee and credit rating system is not perfect, these students are still mainly dependent on venture capital financing credit facilities, and specific credit market structure and credit allocation to face and other forms of constraints, in large part to enhance the company's financing transaction costs, reducing the company's rental value, is not conducive to the development of business students. Finally, from the perspective of institutions set aside institutional innovation to solve problems related to institutional arrangements, hoping to find a solution to the plight of college students venture capital financing methods. To help college students start.
Based on the theory and empirical analysis, this paper argues, college students venture financing difficulties caused by the first reason is because the current management system of higher education, there are some limitations, for the cultivation of entrepreneurial human capital, the thrust should be improved, and the lack of market opportunities opening up the income distribution system incentives for human capital, lack of business, resulting in the majority of students start the rental value of enterprise level is not high; Second, students start enterprises in different stages of development require different financing system as a support to reduce the cost of the rental value of sharing;Finally, the financial regulatory system, leading diversified financial services is difficult to improve, resulting in students start-ups difficult to obtain financial support, or obtain finacing at the expense of high transaction costs.Clearly, the promotion of students start-ups have a healthy and rapid development is a systematic project, starting from the institutional innovation is a fundamental solution to the problem.
This paper based on the theory of instituitional change and institutional balance in new institutional economics , integrated use of multi-disciplinary theory, explore the institutional innovation of students start-ups venture capital financing through a combination method of empirical research and normative research.That is a new perspective.From the students willingness to innovate, innovation, opportunities for innovation, capital requirements, financing environment, financing policy, financial institutions, etc., using structural equation, build a comprehensive analysis and assessment model of venture capital financing, is the main innovation of this paper, for similar the research question can learn from the analytical framework.This paper based on field research, in-depth analysis of the status of the financing needs of business students, for the empirical analysis of the business area of research is a good supplement.About our students venture capital financing, this paper formed a dynamic mechanism of system innovation,direction and basic ways of system innovation. Provide a reference and new knowledge for the effective performance of venture capital financing is an important innovation in this paper one.
Although this study has theoretical significance and practical guiding significance, enslaved to personal research capacity, research conditions, and the rush of time, the scope of this study is relatively narrow,For what is entrepreneurship, what is the university business, the entrepreneurial activity and entrepreneurial activities with other groups, what the essential difference between entrepreneurial activity and even what is the fundamental difference in other economic activities, and why college students should start with special emphasis on the basic issues, not yet have a more clear understanding. Students engaged in entrepreneurial activities that affect the benefits and costs of specific constraints, students underlying business purpose or intent and other issues to be further in-depth study of the future.
创业是在市场经济条件下利用相关制度环境的支持,创造联结多类资源主体的新契约网结,以激励和约束相关组织不断寻求商业机会,并提供相应产品和服务以实现机会所蕴涵收益的过程。创业是一个开放的系统,一个新创企业获取资源以及在市场上进行竞争都离不开其所处的环境背景。创业环境应该是创业过程中多种因素的组合,这个组合包含五个维度,即政府政策和规程、社会经济条件、创业和管理技能、创业资金支持和创业的非资金支持。
作为一个充满创新精神和具备较高知识水平的群体,大学生是一类重要的创业主体。相关资料显示,2010年的我国应届毕业大学生和往届未就业大学生共计710万人之多,面对这种严峻的就业形势,十七大提出促进以创业带动就业、使更多就业者成为创业者?的政策方针,积极鼓励并支持大学生创业。然而,由于诸多原因的制约,我国大学生创业的发展并不顺利,其中,表现最为突出的问题之一是大学生创业融资难。我国大学生创业融资难,其原因一方面来自于大学生创业的特征,诸如大学生缺乏必要的社会经验,大学创业教育发展滞后,以及文化的制约等;另一方面,更为重要的是,当前我国金融体系仍然属于政府主导型的金融,存在着一定程度上的金融抑制,使得金融系统中的潜在供给者缺乏必要的激励来对潜在的金融需求作出灵活有效的反应,并进行竞争性的契约与制度创新供给,而潜在的金融需求也因为选择范围受到约束,有效率的行为选择变得不可行,致使金融资源乃至创业活动效率不高。显然,在此基础上研究我国大学生创业融资,有着重要的理论和现实意义。
本文主要运用新制度经济学的相关研究成果,以供求均衡模型为主要分析框架,首先考察我国金融市场的发展现状及其对大学生创业融资活动的制约,以及各类部门基于对环境条件约束的反应所形成的对大学生创业融资的制度供给;其次,考察大学生的融资制度需求,并结合大学生创业的意愿和能力特征、行业分布和创业企业周期属性等内容,运用结构方程模型方法来分析和评价大学生创业融资的制度需求,并在借鉴发达国家和地区大学生创业融资经验的基础上,对我国大学生创业融资存在的制度非均衡进行经济学分析;最后,运用制度变迁与创新理论讨论我国大学生创业融资的制度创新的动力、方向和途径等内容,为构建和完善我国大学生创业融资的制度支持体系提出符合理论和实践意义的政策建议。以期为促进我国大学生创业,提升对大学生创业融资的理论认识,提供些许新的认知或贡献。
本文以大学生创业融资制度供求为主线,通过借鉴信贷配给理论、金融抑制理论、金融制度变迁理论、交易成本理论与契约经济学等理论,运用理论分析与现状分析相结合、比较分析、实证分析等研究方法,从融资制度需求的角度分析了大学生个体特征和高等教育管理体制对于创业人力资本的形成有着重要影响,社会收入分配制度和市场参与机会的开放程度决定着大学生的职业选择,而从事创业就是通过契约的协调,与其他资源共同分享创业企业的租值,创业企业发展阶段不同,能够承担的融资交易费用也不同,即需要不同的融资制度与其相协调。从供给的角度分析了金融管制导致我国多层级的金融服务体系尚未得以有效建立健全,银行体系以大型国有商业银行为主体,中小银行等金融机构发育程度较低,股市等直接融资门槛还很高,风险投资等还很弱小,市场化的信用担保和资信评估体系尚不健全等,致使大学生创业融资仍然主要地依赖于信贷融资,而特定的信贷市场结构又使其面临着信贷配置等形式的制约,在很大程度上提升了此类企业的融资交易费用,降低了企业的租值,不利于大学生创业的发展。最后,从制度创新视角构划出解决问题的相关制度安排,旨在从中演绎出解决大学生创业融资困境,进而促进大学生创业的基本对策。
基于相关理论和实证分析,本文认为,大学生创业融资困境首先是因为当前的高等教育管理制度存在一定的局限性,对于创业人力资本培育的推力有待提升,市场机会开放不足和收入分配制度对创业人力资本的激励不足,导致多数大学生创业企业的租值水平不高;其次,大学生创业企业在不同发展阶段需要不同的融资制度与其相配合,以降低分享租值的成本;最后,金融管制使得多样化的金融服务体系尚不健全,导致大学生创业企业要么难于获得融资支持,要么只能以较高的交易费用获得融资。显然,促进大学生创业的健康快速发展是个系统工程,从制度创新入手是从根本上解决问题的办法。
本文以新制度经济学的制度均衡与制度变迁理论为支撑,综合运用多学科理论,通过规范研究与实证研究相结合的方法探求大学生创业融资的制度创新,属于崭新的研究视角。从大学生创新意愿、创新能力、创新机会、资金需求、融资环境、融资政策、金融机构等方面,采用结构方程,构建大学生创业融资需求综合分析评价模型,是本论文的主要创新点,可以为同类问题的研究提供可资借鉴的分析框架。本文立足实地调研,深入分析我国大学生的创业融资需求现状,对于创业实证分析的研究领域是一个很好的补充。本文形成我国大学生创业融资的制度创新动力机制、制度创新的方向及其基本途径,为有效提升我国大学生创业融资绩效,进而促进创业效率提供借鉴和新的认知,是本论文的重要创新点之一。
本研究尽管在理论层面和现实层面都有很强的指导意义,但由于个人研究能力和研究条件等方面的限制,以及研究时间的仓促,本文研究面稍窄,研究深度尚不够。对于什么是创业,什么是大学生创业,这一创业活动与其他群体的创业活动有着怎样的本质区别,甚至什么是创业活动与其他经济活动的根本差异,以及为什么要特别强调大学生创业等基本问题,尚未有较为清楚的认识。对影响大学生从事创业活动收益与成本的具体约束,大学生创业的根本目的或意图等问题有待以后进一步的深入研究。
After thirty years of market reform, by defining property rights related resources to individuals in varying degrees,Chinese economy has made tremendous achievements in the world which called China miracle. And this is accompanied by rapid growth in market size, increasingly fine division of labor-oriented, people-centered economic value of various resources rapidly.This greatly inspired different individuals engaged in entrepreneurial activities, with a view to the use of market mechanisms to achieve the potential benefits of its human resources, student population is one of the components. At present, China's economic development is faced with upgrading of industrial structure and transition to innovation-oriented country enormous challenge, the student population itself is experiencing employment difficulties embarrassment. Economic restructuring is the creation of social knowledge and application of the mechanism of transformation is the transformation of the system. Learn from the successful experience of the U.S. new economy, innovation and support a series of nested systems, in particular, is conducive to fostering human capital, expand market opportunities for participation and reduce transaction costs of financing the system, and actively guide students to start to start the promotion of employment, industrial upgrading and social innovation, perhaps the way to respond effectively to the challenges of transformation.
Entrepreneurship in a market economy under the conditions of the environment to support the use of related systems, and create many types of resources the main link of the new contract net knot, to incentives and constraints related organizations to seek entrepreneurial opportunities, and provide opportunities for products and services to achieve the implicit income process. Entrepreneurship is an open system, a new start-ups access to resources and to compete in the market are inseparable from their environment background. Business environment consists of five dimensions, namely government policies and procedures, socioeconomic conditions, entrepreneurial and managerial skills, entrepreneurship and venture capital to support the non-financial support.
College students are an important class of business subjects. Statistics show that China's 2010 graduating students and previous students are not employed more than 7.1 million people, but because of the constraints of a number of reasons, the development of our students are not successful venture, in which the performance of one of the most prominent venture capital financing is difficult for students . The reason one hand is the lack of social experience as students, lags behind the development of entrepreneurship education, and cultural constraints, etc.; the other hand, more importantly, the current financial system is still a government-led system, there is a certain degree of financial repression. Clearly, in this study of college students on the basis of venture capital financing, has important theoretical and practical significance
This paper studies the use of the new institutional economics, supply and demand equilibrium model as the main analytical framework, first examine the current development of China's financial markets and venture capital financing activities for the constraints of college students, and various departments of environmental constraints on the formation of reaction The system for the supply of venture capital financing college; Second, the study of the financing system needs students, and students start with the willingness and ability characteristics, industry, distribution and entrepreneurial business cycle properties, etc., the use of structural equation modeling to analyze and evaluate college students venture capital financing system requirements, and students learn from developed countries and regions, based on the experience of venture capital financing, venture capital financing of our college students that the system for non-equilibrium economic analysis; Finally, the use of institutional change and entrepreneurial innovation theory to discuss the financing of our college system innovation motivation, direction and means, etc., for the students to build and improve our system of venture capital financing support system that meet the theoretical and practical significance of the policy recommendations.
This system of supply and demand for university students, the main line of venture capital financing to credit rationing theory, theory of financial repression, financial systems change theory, contract theory and transaction cost economics theory, the use of theoretical analysis, situation analysis, comparative analysis, empirical analysis and other research methods , from the perspective of financing system needs individual characteristics of college students and higher education management system for a major business impact of human capital formation, income distribution and social opportunities for participation in open market determines the career choices of college students, and engaged in business is through the coordination of contract , and other resources to share the rental value of start-ups, start-ups in different stages of development, affordable financing transaction costs are also different, which requires a different financing system and its coordination. From the supply point of view of the financial control led to our multi-class financial services system has not been able to effectively sound. Large state-owned commercial banks are major players in the banking system. Development of small and medium banks and other financial institutions, low level. Difficult to obtain direct financing such as the stock market, venture capital is still weak, market-oriented credit guarantee and credit rating system is not perfect, these students are still mainly dependent on venture capital financing credit facilities, and specific credit market structure and credit allocation to face and other forms of constraints, in large part to enhance the company's financing transaction costs, reducing the company's rental value, is not conducive to the development of business students. Finally, from the perspective of institutions set aside institutional innovation to solve problems related to institutional arrangements, hoping to find a solution to the plight of college students venture capital financing methods. To help college students start.
Based on the theory and empirical analysis, this paper argues, college students venture financing difficulties caused by the first reason is because the current management system of higher education, there are some limitations, for the cultivation of entrepreneurial human capital, the thrust should be improved, and the lack of market opportunities opening up the income distribution system incentives for human capital, lack of business, resulting in the majority of students start the rental value of enterprise level is not high; Second, students start enterprises in different stages of development require different financing system as a support to reduce the cost of the rental value of sharing;Finally, the financial regulatory system, leading diversified financial services is difficult to improve, resulting in students start-ups difficult to obtain financial support, or obtain finacing at the expense of high transaction costs.Clearly, the promotion of students start-ups have a healthy and rapid development is a systematic project, starting from the institutional innovation is a fundamental solution to the problem.
This paper based on the theory of instituitional change and institutional balance in new institutional economics , integrated use of multi-disciplinary theory, explore the institutional innovation of students start-ups venture capital financing through a combination method of empirical research and normative research.That is a new perspective.From the students willingness to innovate, innovation, opportunities for innovation, capital requirements, financing environment, financing policy, financial institutions, etc., using structural equation, build a comprehensive analysis and assessment model of venture capital financing, is the main innovation of this paper, for similar the research question can learn from the analytical framework.This paper based on field research, in-depth analysis of the status of the financing needs of business students, for the empirical analysis of the business area of research is a good supplement.About our students venture capital financing, this paper formed a dynamic mechanism of system innovation,direction and basic ways of system innovation. Provide a reference and new knowledge for the effective performance of venture capital financing is an important innovation in this paper one.
Although this study has theoretical significance and practical guiding significance, enslaved to personal research capacity, research conditions, and the rush of time, the scope of this study is relatively narrow,For what is entrepreneurship, what is the university business, the entrepreneurial activity and entrepreneurial activities with other groups, what the essential difference between entrepreneurial activity and even what is the fundamental difference in other economic activities, and why college students should start with special emphasis on the basic issues, not yet have a more clear understanding. Students engaged in entrepreneurial activities that affect the benefits and costs of specific constraints, students underlying business purpose or intent and other issues to be further in-depth study of the future.
引文
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