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This study explores the peer and economic effects of corporate poverty alleviation behavior. Using the data of A-share non-financial listed corporates in Shanghai and Shenzhen of China from 2016 to 2020, the empirical analysis of this study finds that: corporate poverty alleviation behavior has significant peer effects; the guidance of local poverty alleviation policies weakens the peer effects of corporate poverty alleviation behavior; compared to private enterprises, the poverty alleviation behavior of the peer firms has a more significant impact on state-owned enterprises; and corporate poverty alleviation behavior can result in the backflow of economic benefits and achieve the organic unity of economic and social benefits. The purpose of this paper is to explore the peer effects of corporate poverty alleviation behaviors through empirical analysis using available public data. The results of the study not only increase the motivation of corporate to participate in poverty alleviation from a peer effects perspective, but also reveal key factors for sustaining corporate poverty alleviation behaviors. [ABSTRACT FROM AUTHOR]

Currently, countries worldwide are embracing digital strategies, enabling enterprises to utilize digital technology, digital supply chains, blockchain, and additional digital measures to increase their competitiveness. This paper analyzed the correlation between the digital transformation of manufacturing export enterprises and their business and export performance, focusing on China's manufacturing export enterprises through empirical analysis. The study investigated the influence of digital transformation on enterprise performance. Using the Resource Based View theory and Trade theory, hypotheses were proposed and regression models were developed to analyze a sample of 1007 enterprises listed on the Shanghai and Shenzhen Stock markets from 2012 to 2019. The study conducted regression analysis, intermediate effect test, robustness test, stage lag, and heterogeneity analysis. The study found that (1) Manufacturing export enterprises listed in the stock market implemented digital transformation, leading to a significant positive impact on their overall performance. (2) Digital transformation led to cost reduction, improved R&D intensity, and enhanced human resources, among other benefits for enterprise performance. (3) According to the fractal analysis, non-state-owned enterprises exhibited more favorable effects on enterprise performance, and the digital transformation of manufacturing export companies in developed regions had a more significant impact on their performance. Finally, the study's empirical results yielded pertinent proposals for digital transformation. [ABSTRACT FROM AUTHOR]

In the era of innovation dividends, whether investors, as the main participants in the capital market, can tolerate enterprise innovation activities is the key to whether the capital market can help enterprises innovate. This paper takes the listed companies of Shanghai and Shenzhen A-shares in China that disclosed quantitative performance forecasts from 2016 to 2021 as samples, obtains the market reaction of performance forecasts through the event study method and uses them as proxy variables of investors' short-term performance expectations, and uses multiple regression analysis to explore the impact of corporate R&D on investors' short-term performance expectations. The results are as follows: (1) corporate R&D investment significantly reduces investors' short-term performance expectations (that is, investors have a significant tolerance effect on enterprises with higher R&D investment); (2) the increase in the shareholding ratio of institutional investors weakens the tolerance effect; and (3) with the implementation of China's innovation-driven strategy, the tolerance effect of its capital market on enterprise R&D gradually increases, especially for high-tech companies, but has a low tolerance effect on state-owned companies' R&D risk. The results show that investors in China's capital market are not completely rational in their response to corporate R&D, and investors are willing to bear more short-term performance losses for high R&D investment, which is consistent with prospect theory. [ABSTRACT FROM AUTHOR]

The pressure upon local governments to redeem their debt could affect government fiscal ability. It could consequently affect their fiscal policies on corporations, which might distort corporate innovation. Based on the data of Chinese Shanghai and Shenzhen A-share listed companies and the local government implicit short-term debt financed by local government financing vehicles (LGFVs) in 31 provinces, this paper shows that local government debt (LGD) negatively affects corporate R&D investment in China, thereby suggesting a strong crowding-out effect. The crowding-out effect is more pronounced when the firm is a non-state-owned enterprise (NSOE), the firm's size is small, the firm's age is young, or the firm is in the lower market competition. This paper provide evidence by interacting the terms that local government actions, such as consumption of fiscal resources, strengthening tax collection efforts, or consumption of credit resources, might partially account for the crowding-out effect. This study illustrates the innovation costs of local government debt. [ABSTRACT FROM AUTHOR]

The majority of insurance investment funds are derived from policy liability debt funds. It differs from other institutional investors in a number of ways, including investment size, horizon, duration, risk, and so on. However, only a small portion of the extant literature focuses on in-depth and extensive analysis of Insurance Institutional Investors' holdings (IIIs). This study analyses the impact of shareholding by insurance institutions on the value of Shanghai and Shenzhen A-share listed companies in China's capital market. The paper offers three major contributions. First, we discovered that long-term equity-holding IIIs have both value selection and value creation functions. Second, the value creation function becomes more significant among long-term stock-holding IIIs with an increase in the period during which they retain the company's shares; Third, fast-in and fast-out (FIFO) IIIs have a value-inhibiting effect on the held company and serve a value selection role, rather than a value creation function. This study provides more insight on the lack of academic interest in insurance institutions and serves as a foundation and reference for the design of regulatory policies for insurance institutions' involvement in stock markets. It also gives empirical evidence for corporations to accurately analyze shareholding by insurance institutions. Furthermore, since this study concentrates on China's capital market, it can serve as a benchmark for other nations, particularly, those designated as developing market economies. [ABSTRACT FROM AUTHOR]

The Chinese government adheres to the innovation driven strategy and emphasizes that technological innovation is the strategic support for improving social productivity and comprehensive national strength. This paper discusses the mechanism of technological innovation and regional economic co-evolution, and constructs an index system to assess them based on the principles of synergy and systematics. The authors use a dynamic coupling model to study the law of the cooperative evolution of composite systems and geo-detector methods to reveal the main factors controlling the degree of coordination among them. The results show that the total factor productivity of China's high-tech industry showed a "W"-type trend of change from 2006 to 2016, and the other indices exhibited a volatile trend. The total factor productivity, technical efficiency, scale efficiency, pure technical efficiency, and technological progress increased by 37%, 13.3%, 3.9%, 9%, and 20.8%, respectively. There was a significant spatial difference in changes in total factor productivity, forming a core-edge spatial pattern with the middle and upper reaches of the Yangtze River as the center of concentration. Most of China's technological innovation and regional economic complex systems were in a state of interactive development from 2007 to 2016, except in the three northeastern provinces of Zhejiang, Shanghai, and the western part of the country. The degree of coupling of the other provinces showed an increasing trend, and the overall degree of coupling exhibited the spatial pattern of Central > Eastern > Western > Northeastern. The three most influential factors for the degree of coupling of China's provincial complex system were the gross domestic product, efficiency of technological innovation, and expenditure on research and development, whereas the three most important factors affecting the degree of coupling of complex systems were the efficiency of technological innovation, gross domestic product, and number of high-tech enterprises as well as research and development personnel, respectively, in the eastern, central, western, and northeastern regions. Finally, the paper puts forward the suggestions of regional innovation driven coordinated development, technology innovation and regional economic coordinated development, in order to provide reference for the high-quality economic development of developing countries. [ABSTRACT FROM AUTHOR]

The Yangtze River Delta urban agglomeration is the leading and demonstration area for the high-quality development of culture tourism (HDCT) in China. It is of great significance to study the spatiotemporal characteristics and impact mechanism of the HDCT for revealing the internal law of HDCT and promoting the collaborative innovation of culture tourism among cities. Based on the scientific construction of the evaluation system of HDCT, this paper made a quantitative analysis of 26 cities' HDCT by using coupling coordination degree model, Lisa spatiotemporal transition and spatial Durbin model (SDM). The results show that: The overall level of 26 cities' HDCT shows a fluctuating upward trend, and presents a "Z" pattern in space. More than 80% of the cities are at the medium and high level. Shanghai has obvious advantages in the primacy degree. There is a significant positive spatial autocorrelation among cities with high-quality of culture tourism development. The spatial clustering and proximity of the same kind are increasing, and the radiation effect is gradually obvious. The local spatial association patterns are mainly HH and LL agglomeration, and the characteristics of polarization are gradually prominent. The local spatial correlation structure of HDCT has strong stability, the transfer inertia between types is prominent, and the overall spatial evolution is lack of integration with obvious path dependence and lock-in effect. The spatiotemporal evolution of the HDCT is a complex process under the interaction of multiple factors, and there is a significant spatial spillover effect (0.256). The level of economic development, technological innovation, professional talent allocation are the three main factors. According to the dominant factor, it can be divided into economy stabilizing type, industry optimizing type, innovation driving type and traffic impacting type. These findings have implications for local governments and tourism management departments to achieve high-quality innovative development of cultural tourism. [ABSTRACT FROM AUTHOR]