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The advancement of the sports industry's development constitutes a critical concern shared by regional authorities and the scholarly community, reflecting its significant role in economic and social development. This study employs a Fuzzy-set Qualitative Comparative Analysis (fsQCA) methodology to examine the 31 provincial-level administrative units in China. The objective is to elucidate the influence of technological, organizational, and environmental factors on the industry's development level, considering both a holistic national framework and dissected regional approaches (Eastern, Central, and Western China). This paper's contribution to the literature is structured around the following core findings: (1) The study establishes that a singular condition does not suffice as an essential prerequisite for achieving a heightened development state within the sports industry. (2) At the national level, there are three pathways to enhance the development level of the sports industry, specifically identified as "network-human resources dominant pathway," "technological innovation-human resources dominant pathway," and "comprehensive synergistic pathway."(3) From a regional perspective, the Eastern region has two pathways for sports industry enhancement: "network-economic pathway" and "comprehensive synergistic pathway." The Central region follows a "technology pathway," while the Western region has three pathways: "organization-environment pathway," "network-organization-environment pathway," and "organization pathway."(4) The synthesis of these findings underscores the multifactorial nature of sports industry development, suggesting a paradigm where diverse routes can lead to equivalent outcomes. This heterogeneity indicates that provinces or regions can tailor their development strategies to their unique situational contexts. [ABSTRACT FROM AUTHOR]

Despite significant growth in fiscal expenditure, the overall level of public services in China remains inadequate. One approach to improving government public service efficiency from the perspective of management psychology is to strengthen government competition. However, only a few studies have explored the improvement of public service efficiency through government competition, with even fewer addressing the phenomena of market segmentation and spatial effects that accompany the process of government competition. This paper aims to fill this research gap by examining the effects of government competition and market segmentation on public service efficiency, as well as their spatial disparities. We initially employs the DEA method to assess the efficiency of public services based on inputs and outputs, and examines its spatial variations. Subsequently, a semi-parametric spatial lag panel model is utilized to validate the effects of market segmentation and government competition on public service efficiency. Our findings indicate that inter-provincial market segmentation leads to a decline in public service efficiency. Moreover, the influence of horizontal competition between local governments on public service efficiency varies depending on the degree of positive and negative effects in their competition dynamics. The impact of vertical competition between central and local governments on public service efficiency is influenced by the degree of fiscal decentralization. When the level of fiscal decentralization is below 0.808, vertical competition between central and local governments has a promoting effect on public service efficiency. However, when the degree of fiscal decentralization exceeds 0.08, this promoting effect weakens and gradually transforms into a negative influence. The insights and evidence provided by this study offer valuable guidance for for effectively reshaping the fiscal relations between the central and local governments in China and improving public service efficiency in the context of a new round of fiscal and tax system reforms. [ABSTRACT FROM AUTHOR]

Human-to-human contact plays a leading role in the transmission of infectious diseases, and the contact pattern between individuals has an important influence on the intensity and trend of disease transmission. In this paper, we define regular contacts and random contacts. Then, taking the COVID-19 outbreak in Yangzhou City, China as an example, we consider age heterogeneity, household structure and two contact patterns to establish discrete dynamic models with switching between daytime and nighttime to depict the transmission mechanism of COVID-19 in population. We studied the changes in the reproduction number with different age groups and household sizes at different stages. The effects of the proportion of two contacts patterns on reproduction number were also studied. Furthermore, taking the final size, the peak value of infected individuals in community and the peak value of quarantine infected individuals and nucleic acid test positive individuals as indicators, we evaluate the impact of the number of random contacts, the duration of the free transmission stage and summer vacation on the spread of the disease. The results show that a series of prevention and control measures taken by the Chinese government in response to the epidemic situation are reasonable and effective, and the young and middle-aged adults (aged 18-59) with household size of 6 have the strongest transmission ability. In addition, the results also indicate that increasing the proportion of random contact is beneficial to the control of the infectious disease in the phase with interventions. This work enriches the content of infectious disease modeling and provides theoretical guidance for the prevention and control of follow-up major infectious diseases. [ABSTRACT FROM AUTHOR]

Based on the integrated model of Super-SBM model, spatial Durbin model (SDM) and Grey neural network model, this paper analyzes the panel data of various provinces in China from multiple angles and dimensions. It was found that there were significant differences in eco-efficiency between organic rice production and conventional rice production. The response of organic rice to climate change, the spatial distribution of ecological and economic benefits and the impact on carbon emission were analyzed. The results showed that organic rice planting not only had higher economic benefits, but also showed a rising trend of ecological benefits and a positive feedback effect. This finding highlights the importance of organic rice farming in reducing carbon emissions. Organic rice farming effectively reduces greenhouse gas emissions, especially carbon dioxide and methane, by improving soil management and reducing the use of fertilizers and pesticides. This has important implications for mitigating climate change and promoting soil health and biodiversity. With the acceleration of urbanization, the increase of organic rice planting area shows the trend of organic rice gradually replacing traditional rice cultivation, further highlighting the potential of organic agriculture in emission reduction, environmental protection and sustainable agricultural production. To this end, it is recommended that the Government implement a diversified support strategy to encourage technological innovation, provide guidance and training, and raise public awareness and demand for organic products. At the same time, private sector participation is stimulated to support the development of organic rice cultivation through a public-private partnership model. Through these measures, further promote organic rice cultivation, achieve the dual goals of economic benefits and environmental benefits, and effectively promote the realization of double carbon emission reduction targets. [ABSTRACT FROM AUTHOR]

The attainment of regional high-quality development necessitates the critical role of the digital economy in facilitating the transformation of industrial structures. This study intends to investigate the effect of the digital economy on industrial structure transformation from the perspective of innovation factor allocation using a panel dataset of 41 cities in the Yangtze River Delta region for the period from 2011 to 2020. This paper considers four dimensions to measure the level of industrial structure transformation i.e. industrial structure servitization, industrial structure upgradation, service industry structure upgradation and industrial interaction level. The results of the study suggest that the digital economy can significantly improve industrial structure transformation. The results remain consistent even after several robustness checks. Further, the analysis of the mechanism of action shows that the digital economy can promote industrial structure transformation by optimizing the innovation factor allocation. The study provides several policy implications for the digital economy and its role in the promotion of industrial structure transformation. [ABSTRACT FROM AUTHOR]

This paper presents a groundbreaking Ku-band 20W RF front-end power amplifier (PA), designed to address numerous challenges encountered by satellite communication systems, including those pertaining to stability, linearity, cost, and size. The manuscript commences with an exhaustive discussion of system design and operational principles, emphasizing the intricacies of low-noise amplification, and incorporating key considerations such as noise factors, stability analysis, gain, and gain flatness. Subsequently, an in-depth study is conducted on various components of the RF chain, including the pre-amplification module, driver-amplification module, and final-stage amplification module. The holistic design extends to the inclusion of the display and control unit, featuring the power-control module, monitoring module, and overall layout design of the PA. It is meticulously tailored to meet the specific demands of satellite communication. Following this, a thorough exploration of electromagnetic simulation and measurement results ensues, providing validation for the precision and reliability of the proposed design. Finally, the feasibility of that design is substantiated through systematic system design, prototype production, and exhaustive experimental testing. It is noteworthy that, in the space-simulation environmental test, emphasis is placed on the excellent performance of the Star Ku-band PA within the 13.75GHz to 14.5GHz frequency range. Detailed power scan measurements reveal a P1dB of 43dBm, maintaining output power flatness < ± 0.5dBm across the entire frequency and temperature spectrum. Third-order intermodulation scan measurements indicate a third-order intermodulation of ≤ -23dBc. Detailed results of power monitoring demonstrate a range from +18dBm to +54dBm. Scans of spurious suppression and harmonic suppression, meanwhile, show that the PA evinces spurious suppression ≤ -65dBc and harmonic suppression ≤ -60dBc. Rigorous phase-scan measurements exhibit a phase-shift adjustment range of 0° to 360°, with a step of 5.625°, and a phase-shift accuracy of 0.5dB. Detailed data from gain-scan measurements show a gain-adjustment range of 0dB to 30dB, with a gain flatness of ± 0.5dB. Attenuation error is ≤ 1%. These test parameters perfectly align with the practical application requirements of the technical specifications. When compared to existing Ku-band PAs, our design reflects a deeper consideration of specific requirements in satellite communication, ensuring its outstanding performance and uniqueness. This PA features good stability, high linearity, low cost, and compact modularity, ensuring continuous and stable power output. These features position the proposed system as a leader within the market. Successful orbital deployment not only validates its operational stability; it also makes a significant contribution to the advancement of China's satellite PA technology, generating positive socio-economic benefits. [ABSTRACT FROM AUTHOR]

The Yangtze River Delta (YRD) bears the vital task of driving the growth of China's equipment manufacturing industry (EMI) intelligence as an advanced region. Fostering the transformation and upgrading of the EMI in the YRD and constructing a modern production mode is vital to developing and reforming China's manufacturing industry. This paper uses industrial robot data to assess the level of intelligence (LoI) in the EMI from 2016 to 2019. The OLS (ordinary least squares) model is used for the measurements, and the MQ (the modified contribution index) is used to estimate the degree of contribution from a host of variables. It is identified that the LoI is on the rise. However, excluding railways, aerospace, shipbuilding, and other transportation equipment manufacturing, the LoI is significantly higher than in other subsectors. It is also identified that technological innovation ability, human capital density, and enterprise cost pressure govern the industry's LoI. Moreover, while there is a difference in the main influencing factors in LoI within different industries, R&D investment, technological innovation ability, and enterprise cost pressure have the most significant impact across most equipment manufacturing sub-industries. [ABSTRACT FROM AUTHOR]

The severe global warming issue currently threatens humans' existence and development. Countries and international organizations have effectively implemented policies to reduce carbon emissions and investigate low-carbon growth strategies. Reducing carbon emissions is a hot topic that academics and government policy-making departments are concerned about.Through necessary condition analysis (NCA) and fuzzy set qualitative comparative analysis(fsQCA), this paper investigates local governments' configuration linkage effect and path choice to improve carbon emission performance from six dimensions: energy consumption, industrial structure, technological innovation, government support, economic development, and demographic factors. The research findings include the following: (1) Individual condition does not represent necessary conditions for the government's carbon performance. Among the two sets of second-order equivalence configurations(S and Q) (five high-level carbon performance configurations), those dominated by economic development or low energy consumption can produce high-level carbon performance. Therefore, the six antecedent conditions dimensions work together to explain how the government can create high levels of carbon performance. (2)According to the regional comparison, China's eastern, central, and western regions exhibit similarities and differences in the driving forces behind high carbon emission performance. All three regions can demonstrate carbon emission performance when all the factors are combined. However, when constrained by the conditions of each region's resource endowment, the eastern region emphasizes the advantage of economic and technological innovation, the central region favors government support and demographic factors, and the western region prefers upgrading industrial structure based on a specific level of economic development. [ABSTRACT FROM AUTHOR]

The spread of the COVID-19 had profoundly affected the development of the air transportation. In order to determine the changes in air transportation volume associated with the development of the epidemic, this paper takes Southwest China as the study area. Monthly data and methods, such as the coefficient of variation, rank-size analysis and spatial matching index, were applied. The results found that: (1) during 2020–2022, there was a positive relationship between passenger volume and epidemic development, while freight volume increased for most airports in the first quarter of 2020–2022, particularly in the eastern region; (2) From the perspective of changes in air transportation volume under the development of the COVID-19, among various types of airports, the changes in transportation volume of main trunk airports were more significant than those of regional feeder airports in remote areas; (3) however, under the influence of the epidemic, main trunk airports still exhibited stronger attraction in passenger volume. That is to say, the passengers who chose to travel by air still tended to choose the main trunk airports and formed the agglomeration distribution pattern which around high-level airports in the provincial capital. Whereas the freight volume had a tendency of equalization among airports in Southwest China; (4) Over the course of time, the consistency of the spatial distribution of the number of cases and the passenger or freight volume in southwest China gradually increased. Among them, the spatial matching rate of the passenger volume and the number of COVID-19 cases was always higher than that of the cases and freight volume, which might indicate that there was a stronger correlation relationship. Therefore, it is proposed that the construction of multi-center airport system should be strengthened, the resilience of the route network for passenger transportation should be moderately enhanced, and the risk-resistant capacity of mainline airports and airports in tourist cities should be upgraded, so as to provide references for the orderly recovery of civil aviation and regional development. [ABSTRACT FROM AUTHOR]

Enhancing green innovation for business sustainability represents a pressing global challenge. In the context of the manufacturing industry, the relationship between proactive green innovation (PGI) and structural social capital (SSC) remains a profoundly under-researched area. Drawing upon the theories of social capital and dynamic capability (DC), this study investigated the relationship between SSC and PGI within manufacturing enterprises via three individual and sequential mediating factors, namely cognitive social capital (CSC), relational social capital (RSC), and DC. Adopting a cross-sectional quantitative design, this study collected survey data from 485 manufacturing sector employees in China using purposive sampling. Structural equation modeling analysis of the data revealed no significant direct impact of SSC on PGI, but a strong indirect impact through the sequential mediating influences of CSC, RSC, and DC. The findings suggests that PGI within manufacturing enterprises is not wholly shaped by SSC; rather, firm-level dynamic capabilities, characterized by a sequential mechanism, plays a crucial role in achieving PGI within these enterprises. This paper offers both theoretical and practical contributions and provides recommendations for future research based on its limitations. [ABSTRACT FROM AUTHOR]

Green and low carbon reflect the high-quality development, while income distribution is an indicator of the balance of development. Is there a lack of fairness in the process of green and low carbon transition of enterprises? Using data from A-share listed companies from 2009 to 2016, this paper constructs a DID identification framework for controlling the endogeneity problem using the 2013 carbon trading policy pilot as a quasi-natural experiment to empirically test the impact of corporate low-carbon transformation on corporate labor income share in the context of carbon trading policy. The findings indicate that carbon trading policy decreases the labor income share of firms. In addition, we demonstrate that the low-carbon transition promotes labor productivity, suggesting that the Porter's hypothesis is confirmed in China, but the increase in labor wages is not in tandem with productivity growth, resulting in reduced labor income share. Heterogeneity analysis shows that the impact of carbon trading policy on labor income share is mainly pronounced in larger firms, high technology firms and persistent incumbent firms. Collectively, these results are expected to accurately improve our understanding on the impact of low-carbon transformation of enterprises on income distribution and provide reference for the government to formulate industrial policies and distribution mechanisms under low-carbon economy. [ABSTRACT FROM AUTHOR]

With the changes of social and economic development, more and more people pay attention to the development of non-profit organizations, and the performance research of non-profit organizations has become the focus of research. As the internal governance organization of non-profit organization, the board of directors and the management organization are related internal factors that will affect the organizational performance of non-profit organization. Based on the data of Form 990 of the US Internal Revenue Service, this paper conducted an empirical study on the relationship between internal governance and organizational performance of non-profit organizations, and studied the moderating effects of board size, average weekly working hours, number of managers, members' work involvement and compensation incentives on internal governance and organizational performance of non-profit organizations. The results show that the number of managers in non-profit organizations is negatively correlated with organizational performance, the average weekly working hours of managers are significantly correlated with organizational performance, and the compensation of managers is significantly correlated with organizational performance. Through the empirical demonstration, this study promotes the management and development practice of non-profit organizations, and lays a solid foundation for the construction of socialist harmonious society in China. [ABSTRACT FROM AUTHOR]

This study explores the influencing factors on intelligent transformation and upgrading of China's logistics firms under smart logistics, and designs the corresponding framework to guide the practice of firms. By analyzing the characteristics of smart logistics and the transformation and upgrading needs of traditional logistics, from the micro perspective of logistics firms, this paper constructs influencing factor index system of smart transformation and development from four dimensions: logistics technology innovation, logistics big data sharing, logistics management upgrading and logistics decision-making transformation. Logistics firms are divided into firms with medium scale and above and small and medium-sized firms according to their scale. Then EWIF-AHP model is proposed to measure the weight of index system and score the decision-making, so as to evaluate the impact of various influencing factors on transformation and development of logistics firms. The results show that, for logistics firms above medium scale, logistics technology innovation and logistics big data sharing have the most significant impact on transformation and development, followed by logistics management upgrading and logistics decision-making transformation. For small and medium-sized logistics firms, the biggest factor is the upgrading of logistics management, followed by the upgrading of logistics technology, which is almost as important as the influencing factors of the upgrading of logistics management, and followed by the sharing of logistics big data and the transformation of logistics decision-making. Therefore, corresponding countermeasures and suggestions for intelligent transformation of logistics firms have been put forward. [ABSTRACT FROM AUTHOR]

The literature has confirmed that when managers increase profits through earnings management, the readability of annual reports may be reduced Lo (2017), Ye (2018). Whether this conclusion is suitable for Chinese corporate social responsibility (CSR) reports, however, is still unclear. Based on the panel data of 5083 Chinese non-financial listed companies from 2010 to 2019, this paper adopts multiple linear regression to investigate the impact of earnings management on the readability of Chinese CSR reports. The results show that: (1) There is a significant negative correlation between earnings management and the readability of Chinese CSR reports, with the readability of Chinese annual reports as a mediating variable. (2) The negative effect is more significant when companies are not punished for violations, when the internal control index is low, when companies lack ISO14001 certification and when companies do not have independent third-party authentication for Chinese CSR reports. (3) When earnings management just exceeds zero, the readability of Chinese CSR reports decreases. (4) The economic consequences of reducing the readability of Chinese CSR reports are that financing costs are increased and environmental performance is decreased. To improve the quality of information disclosure of listed companies, the recommendations are as follows: First, the government should issue CSR reporting standards to reduce the manipulation of Chinese CSR reports. Second, Chinese CSR reports disclosed by listed companies must be audited by independent third parties to enhance the credibility of the information. Third, the company needs to strengthen its external and internal supervision to reduce the manipulation space for the readability of Chinese CSR reports. This study extends the negative relationship between earnings management and the readability from annual reports to Chinese CSR reports. To prevent investors from detecting earnings management, the readability of Chinese CSR reports may be reduced. At the same time, the study has definitely added value to the existing literature in the domain of CSR. [ABSTRACT FROM AUTHOR]

Adoption of clean electric energy depends not only on administrative regulations, but also on public support, in particular, the public is willing to pay for environmental improvements. However, the increase of solar photovoltaic power generation willingness to pay (WTP) associated with higher education attainment and the identification of their causality has been missing. Present paper used the enactment of the Compulsory Schooling Law as an instrumental variable to solve the causal relationship between education and willingness to pay for photovoltaic power generation. The results are as follows:Heckman two-stage model and instrumental variable both confirmed that higher education has a positive impact on WTP for solar photovoltaic power generation. For each level of public education in the east, the WTP of photovoltaic power generation will increase by 7.540 CNY, 8.343 CNY and 8.343 CNY respectively, the central public will increase by 9.637 CNY, 10.775 CNY and 11.758 CNY, and the western public will increase by 12.723 CNY, 15.740 CNY and 17.993 CNY respectively. The positive influence of education level is smaller among the people who know the ladder price better, but it is bigger among the people who are male, older than 45 years old, healthier, higher income and stronger awareness of safe electricity use. The total socio-economic value of photovoltaic power generation is significantly different in eastern, central and western region China. [ABSTRACT FROM AUTHOR]

Smart cities improve services for businesses, among many other benefits. A comprehensive understanding and effective utilization of these advantages is crucial for promoting business development. Using panel data from Chinese listed companies (2010–2020), this study employs a multi-stage DiD model to investigate the impact of smart cities on corporate earnings management. The findings indicate that the smart city pilot policy has significantly reduced corporate earnings management. Further analysis suggests that smart cities primarily reduce earnings management by improving firms' external information environments. Additionally, the results show that the policy impact of smart cities is more significant in regions with lower regulatory intensity or higher marketization levels, compared to regions with higher regulatory intensity or lower marketization levels. Similarly, firms in less concentrated markets or those more closely related to smart city development tend to experience greater reductions in earnings management due to smart city construction, unlike firms in more concentrated markets or those less involved. Finally, this paper offers several brief suggestions. [ABSTRACT FROM AUTHOR]

The competition in the world has shifted from natural resources and capital resources to human resources. The human resources have become the real power source of the economic growth. Firstly, the price of human resources in China is calculated. Secondly, in order to measure the human resources quality adjustment index, the indicators system is constructed. Third, the Hedonic method is used to calculate the human resources "pure price" of 31 provinces (autonomous regions and municipalities directly under the Central Government) in China. The "pure price" has no the factor of human resources quality. Lastly, comparing the price of human resources before and after quality adjustment. The results show that: first, the number of human resources in China increased continuously during 1995–2015 and decreased during 2016–2020. Second, the price of nominal human resources in China keeps rising. In 2020, the nominal price is 39,087 yuan per person which is 15.44 times as many as in 1995. Thirdly, after the quality adjustment, the price of human resources has decreased significantly. The multiple between the actual and nominal price of human resources is between 1.75 and 2.12. Fourthly, the province with high human resource quality adjustment index generally have high quality human resource level or quantity. Fifth, the top five provinces of actual human resource prices are Shanghai, Beijing, Guangdong, Tianjin, Zhejiang, the bottom five provinces are Guizhou, Yunnan, Henan, Xizang, Gansu. Finally, the paper puts forward some policy recommendations: Improving the data collection mechanism of human resources accounting to provide a basic guarantee for the accurate accounting of human resources. Improving the price of human resources in the central and western regions to attract the talents to transfer to the central and western regions. Enhancing the skills training of human resources to improve the quality of human resources in the western region. [ABSTRACT FROM AUTHOR]

Depending on the trading modes, the effect of Outward Foreign Direct Investment (OFDI) on the manufacturing industry's position within the global value chain (GVC) may differ considerably. This paper examines the GVC position of China's manufacturing industry from 2003 to 2018, specifically focusing on the general trade and processing trade. Drawing upon this premise, this paper analyzes the effect and mechanism by which OFDI influences the GVC position of China's manufacturing industry. The result demonstrates that: (1) China's processing trade manufacturing industry has a much lower GVC position than general trade manufacturing industry. The GVC position of China's general trade manufacturing industry rose from 2.76 to 2.90 from 2003 to 2018, while processing trade manufacturing industry remained around 1.93. (2) OFDI boosts the GVC position of general trade manufacturing industry through facilitating reverse technology spillover, inducing industry structure upgrading, and enabling export scale expansion. (3) OFDI hinders the GVC position growth of processing trade manufacturing industry. The research findings offer theoretical backing for China to develop OFDI strategies that are tailored to different trading modes within the new framework of dual circulation. These strategies aim to facilitate the transformation and advancement of the manufacturing industry, as well as the growth of the GVC position. [ABSTRACT FROM AUTHOR]

Based on the serial mergers and acquisitions(M&A) data of Chinese A-share listed companies from 2010 to 2019, this paper discusses whether there are geographical peer effects in serial M&A, and tests its mechanism and influence path. The empirical study shows that geographical peer decision-making has geographical peer effects in the decision-making of serial M&A, and the average number of serial M&A of geographical peers has a significant positive impact on the serial M&A decision-making of focal firms. Social learning and director networks are essential to produce geographical peer effects in serial M&A. The external learning mechanism shows that the geographical peer effect of serial M&A decision-making is partly caused by backward firms' social learning to the leading peer firms' decision-making, but vice versa. The director network relationship of focal firms can positively moderate the relationship between the geographical peer firms' average serial M&A decision-making and the focal firm's serial M&A decision-making. This paper reveals the mechanism of geographical peer effect in serial M&A decision-making and provides a new perspective to understand the motivation of serial M&A decision-making. These empirical findings not only provide important empirical evidence on serial M&A from developing countries such as China, but also provide a valuable reference for decision-makers and researchers of serial M&A in the future. [ABSTRACT FROM AUTHOR]

Purpose: The purpose of this paper is to study the impact of enterprises' digital transformation on the risk of stock price crashes, but also to study the mediating role of enterprises' financialization and accounting conservatism in the enterprises' digital transformation on stock price crash risk. Design/methodology/approach: Based on the data of 2,599 listed companies in China from 2010 to 2019, this paper constructs indicators of enterprise digital transformation through word frequency analysis method, and uses fixed-effects model and mediated-effects model to explore the impact and mechanism of enterprise digital transformation on the stock price crash risk. Findings: This study shows that firms' digital transformation reduces the risk of stock price crashes and that financialization of firms and accounting conservatism play a significant mediating effect between enterprises' digital transformation and the risk of stock price crashes. Originality/value: This study enriches the study of stock price crash risk by including digital transformation in the field of stock price crash research, and it examines the mediating roles of financialization of enterprises and accounting conservatism, which provides a new explanatory mechanism to the study of the correlation between digital transformation of enterprises and the risk of stock price crash. [ABSTRACT FROM AUTHOR]

Improving the innovation quality of manufacturing companies has currently received increasing attention in the transformation from "Made in China" to "Created in China". Equity restriction is now one of the most talked about issues in China's corporate governance structures, but we have a limited understanding of the impact of equity restriction on innovation quality. This paper empirically analyzes the relationship and intrinsic mechanism between equity restriction and innovation quality using all A-share listed manufacturing companies in China from 2007 to 2021 as the research sample. First, the Tobit regression model is used to analyze the impact of equity restriction on innovation quality, and the Heckman two-stage model is used for the endogenous test. Then, the three-step regression model with mediating effects is used to validate the intrinsic mechanism of equity restriction to promote innovation quality from two paths, namely equity incentives and R&D investment. The research results show that equity restriction has a significant positive impact on innovation quality; equity incentives and R&D investment play a mediating role between equity restriction and innovation quality. This paper enriches the research on the influencing factors of innovation quality and provides a theoretical basis based on equity restriction for the transformation of manufacturing towards high-quality innovation, and explores the intrinsic mechanisms by which equity restriction affects innovation quality. [ABSTRACT FROM AUTHOR]

This paper presents a comprehensive analysis of the agriculture trade dynamic between India and China from 2002–2021. It employed the Revealed Comparative Advantage (RCA) and Revealed Symmetric Comparative Advantage (RSCA) indices and various statistical analyses to assess the trade performance and provide an enhanced comprehension of the specialization pattern. The study has selected 45 agricultural commodities, categorized into seven sections according to the HS Nomenclature 2017. The findings revealed that India boasts a more diversified export portfolio compared to China, with a more significant number of agriculture chapters demonstrating a comparative advantage. Conversely, China's export basket is more concentrated, featuring fewer chapters with a comparative advantage but higher values of RCA and RSCA. The paper also identified the prospective areas for agriculture-trade cooperation and collaboration between the two countries and put forward recommendations. This research aims to offer valuable insights for policymakers, researchers, and traders to enhance bilateral ties and mutual benefits in the agriculture sector. [ABSTRACT FROM AUTHOR]

The city cluster of the Yangtze River Delta is a highly dynamic and competitive economic region in China. The integration of the market across the 27 cities is crucial in driving economic growth in the area. This paper aims to provide policymakers with recommendations on promoting regional integration, enhancing the structure, and improving overall performance. By utilizing the benefits and resources of each community more effectively, greater economic gains can be achieved. The findings of this study can also be applied to other Chinese towns or business areas. Market integration is a necessary foundation for regional integration, as it enables the seamless movement of goods and factors throughout the region while simultaneously reducing entry barriers and supporting the creation of a unified market. Unfortunately, the "vassal economy" model has impeded the region's economic growth. The integration of regional markets is crucial for economic growth. However, it is equally important to create industrial clusters with central towns as their hubs. The Yangtze River Delta urban agglomeration is a prime example of one of six world-class city clusters demonstrating how market integration can result in high-quality economic progress. The paper's primary discoveries are threefold: firstly, there has been a progressive elevation in the level of market integration among the 27 cities within the Yangtze River Delta city cluster, characterized by increasingly intimate connections concerning trade, investment, and population mobility. Secondly, this heightened market integration exerts a catalytic impact on the real economic growth of the Yangtze River Delta city cluster, particularly concerning regional industrial restructuring, transformation, and upgrading. Finally, market integration is poised to expedite the industrial division of labor and synergistic development between the cities, thus promoting a concentration of advanced manufacturing and new industries in the central cities and furthering the development of profitable industries in the central individual cities. [ABSTRACT FROM AUTHOR]

The unprecedented expansion and development of high-speed rail (HSR) in China provides a unique opportunity and a new way of thinking for addressing the problem of urban-rural wealth disparities. In this paper, I examine the impact of the introduction of HSRs on the income disparity between urban and rural residents in China. Using panel data from 285 prefecture-level cities from 2004 to 2018, in this paper I employ the double-difference method to assess the impact of HSR on the income gap between urban and rural populations and the mechanism of its action; furthermore, I explore the influence of HSR on urban residents' per capita disposable income and rural residents' per capita net income, as well as the impact of HSR on the flow of elements such as labor and capital. My research findings reveal that the introduction of HSR has greatly widened the income gap between urban and rural residents; however, there is heterogeneity between different East, Central, and West regions, as well as between different levels of cities. A further mechanism study finds that HSR lowers farmers' per capita net income, raises urban residents' per capita disposable income, and widens the urban/rural income gap via mechanisms such as facilitating the interregional mobility of labor and capital factors. Therefore, it is necessary to comprehensively assess the economic effects brought about by HSR, strengthen the construction of urban-rural transport networks, and improve support for rural areas, so as to promote the coordinated development of inter-regional and urban-rural areas. [ABSTRACT FROM AUTHOR]

This paper aims to effectively reduce CO2 emissions by examining the impact of three distinct incentive and constraint policies on the quality of rating and certification information in China's green bond issuance market. To accomplish this, the government has implemented incentives, while regulators have introduced constraints to curb the spread of inflated rating and certification information. We build on the integrated rating and certification regulation mechanism by presenting a two-stage Stackelberg game model that involves four key participants: the China Securities Regulatory Commission, local governments, green evaluation and certification agencies, and credit rating agencies. We incorporate environmental effects indicators into the expected utility of rating and certification agencies to investigate the equilibrium conditions under three policy scenarios: a single financial incentive policy, a single regulatory constraint policy, and a combined incentive and constraint policy. The paper employs Stackelberg game theory to analyze how different policies mitigate the occurrence of "inflated" ratings and "greenwashing" in certifications. Numerical analysis is conducted to validate the theoretical findings. Moreover, we assess the impact of these policies on the quality of rating and evaluation information, using data from China's green bond issuance market between 2016 and 2021. Our research offers valuable management insights and regulatory recommendations for both regulators and local governments. [ABSTRACT FROM AUTHOR]

China's export benefits from the significant fiscal stimulus in the United States. This paper analyzes the global spillover effect of the American economy on China's macro-economy using the Markov Chain Monte Carlo (MCMC)-Gibbs sampling approach, with the goal of improving the ability of China's financial system to protect against foreign threats. This paper examines the theories of the consequences of uncertainty on macroeconomics first. Then, using medium-sized economic and financial data, the uncertainty index of the American and Chinese economies is built. In order to complete the test and analysis of the dynamic relationship between American economic uncertainty and China's macro-economy, a Time Varying Parameter-Stochastic Volatility-Vector Autoregression (TVP- VAR) model with random volatility is constructed. The model is estimated using the Gibbs sampling method based on MCMC. For the empirical analysis, samples of China's and the United States' economic data from January 2001 to January 2022 were taken from the WIND database and the FRED database, respectively. The data reveal that there are typically fewer than 5 erroneous components in the most estimated parameters of the MCMC model, which suggests that the model's sampling results are good. China's pricing level reacted to the consequences of the unpredictability of the American economy by steadily declining, reaching its lowest point during the financial crisis in 2009, and then gradually diminishing. After 2012, the greatest probability density range of 68% is extremely wide and contains 0, indicating that the impact of economic uncertainty in the United States on China's pricing level is no longer significant. China should therefore focus on creating a community of destiny by working with nations that have economic cooperation to lower systemic financial risks and guarantee the stability of the capital market. [ABSTRACT FROM AUTHOR]

This paper analyzes the green production efficiency (GPE) and spatial divergence of the hog breeding industry, with the aim of providing a foundation for the rational layout of hog breeding and promoting the industry's high-quality development. The paper uses the SBM model to estimate GPE in 29 provinces, cities, and districts of China from 2006 to 2019. Furthermore, it analyzes the spatial divergence of GPE and its driving factors using divergence indexes and the Geodetector. The results show that China's GPE of the hog breeding industry increased from 0.409 to 0.496 between 2006 and 2019. The highest efficiency occurred during the I-period, while the lowest efficiency was observed during the II-period. The highest efficiency was in the key development region, and the lowest efficiency was in the potential growth region. The spatial divergence of GPE in the hog breeding industry expanded, with labor input, non-point source pollution, resource endowment, and environmental load bearing being the main driving factors for the expansion in each period. The potential growth region had the largest spatial divergence, mainly affected by resource endowment. In contrast, the constrained development region had the smallest spatial divergence, mainly affected by resource endowment and pollutant emissions. The spatial divergence of moderate and key development regions was considerable, mainly affected by environmental investment, environmental load bearing, and pollutant emissions. Therefore, the key to improving the GPE of the hog breeding industry is to promote the adoption of advanced technology, such as labor-saving, material-saving, and emission reduction technologies. Moreover, several actions should be taken to reduce the spatial divergence among different regions, such as integrated breeding, clean standards, large-scale breeding, and high-end boutique. [ABSTRACT FROM AUTHOR]

This paper expounds the theoretical logic among digital inclusive finance, urbanization, and agricultural mechanization level, puts forward the research hypothesis, and then selects the county unbalanced panel data of 1309 counties in China from 2014 to 2020 based on the two-way fixed model with standard error clustering to county level and mediating effect model for empirical data regression analysis. Through baseline regression analysis, mediation effect analysis, and heterogeneity analysis, the findings of this paper are as follows. First, digital financial inclusion has a significant positive effect on the growth of agricultural mechanization. Second, digital inclusive finance at the county level can also indirectly affect the growth of agricultural mechanization through urbanization. That is, agricultural mechanization has an intermediary effect between the financial agglomeration at the county level and the growth of farmers' income. Third, the impact of county-level digital financial inclusion on the growth of agricultural mechanization level is significantly heterogeneous, and the promoting effect is significant in areas with balanced grain production, national-level poor county or contiguous areas of dire poverty, and areas with a good foundation for digital financial inclusion. By analyzing digital inclusive finance, urbanization, and agricultural mechanization, this paper proposes targeted policy recommendations. First, the government can promote agricultural mechanization by developing digital financial inclusion. Second, the government should guide and accelerate the process of digital financial inclusion, promoting urbanization thereby amplifying the positive impact of digital financial inclusion on agricultural mechanization. Third, given the heterogeneity of the impact of digital financial inclusion on agricultural mechanization, local development should focus on developing different dimensions of digital financial inclusion according to specific conditions. [ABSTRACT FROM AUTHOR]

In the context of the rapid development of the global digital economy, it is of great significance to explore the greening transformation of the manufacturing industry from the micro-perspective of enterprise digital development. This paper empirically examines the impact and mechanism of enterprise digital development on the greening transformation of the manufacturing industry using the 2010–2020 data of Chinese A-share listed companies in the manufacturing industry as a sample. The study shows that enterprise digital development can significantly promote the greening transformation of China's manufacturing industry, and this conclusion still holds after a series of robustness tests. Technological innovation and financing constraints are important mediating mechanisms. Further research found that the impact of enterprise digital development on the greening transformation of China's manufacturing industry has a positive nonlinear effect, and its marginal effect shows a weakening trend. Heterogeneity analysis shows that, from the perspective of micro characteristics, digital development is more able to promote the green transformation of state-owned and large enterprises. From a macro-regional perspective, digital development can better promote the green transformation of the manufacturing industry in eastern cities, key city clusters, and high-level cities. The findings of this paper can provide corresponding insights for "revitalizing the manufacturing industry", and also provide decision-making references for countries aiming to make the manufacturing industry bigger and stronger. [ABSTRACT FROM AUTHOR]

The aim of this paper is to investigate the effects of information technology (IT) capability on firm growth in the context of open technological innovation. The paper utilized a logical deductive approach to develop hypotheses and analytical frameworks, and collected empirical data from 256 Chinese new ventures. Regression analysis and structural equation models were used to test the hypotheses and analyze the data. The results showed that IT capability, including flexibility and integration of information technology, significantly influenced firm growth, and open technological innovation partially mediated the relationship between IT flexibility and firm growth, and significantly mediated the relationship between IT integration and firm growth. The paper's limitations include the cross-sectional design, limited sample size, and potential unobserved variables such as organizational learning that could affect the relationship between IT capability and firm growth. The research is the first to investigate the effects of IT capability on firm growth based on the mediation of open technological innovation in China, contributing to the literature on IT capability and providing insights for managerial practice in the sharing economy era. [ABSTRACT FROM AUTHOR]

Regarding the mode choice of farmland transfer, the existing literature have more examined the choices between market-based transfer (spontaneous transfer) and government or village committee-led transfer, and between formal contract and informal contract. However, the question that how the two parties choose among various specific transfer modes has not attracted extensive attention of scholars. Based on contract theory and transaction cost economics, this paper uses the public samples of the third national agricultural census data to investigate how large-scale households choose among the specific transfer modes when transferring into farmland, like the transfer of the contracted management right (TCMR), lease and shareholding. The findings of this paper are as follows. Firstly, with the increase in the transfer-in area and the education level of the household head, the probability of choosing lease and shareholding increases relatively, but the latter rises faster. Secondly, compared with large-scale farmers whose aim is to plant crop, the probability of those who transfer into farmland for gardening and forestry operation choosing shareholding has increased significantly. Thirdly, the age of the household head and the number of household laborers have an interactive effect on the mode choice of transferring into farmland. In addition, the mode choice of large-scale households' transferring into farmland is also significantly affected by environmental factors such as local topography, irrigation, traffic conditions, industrial structure, and social security development. Therefore, adhering to the parties to choose the mode of farmland transfer independently is crucial. The government and rural grassroots organizations should help the parties to understand the characteristics, adaptability and supply and demand of different modes, and help the parties to explore the most economical mode. The contribution of this paper is that it expands the study of the transfer of rural land rights to the choices of specific transfer modes, and partially reveals the rule of choices, which provides a reference for the parties to choose the most efficient transfer mode under different conditions and for the government and rural grassroots organizations to play a role. [ABSTRACT FROM AUTHOR]

The development of green finance and the promotion of green transformation and upgrading of high energy-consuming enterprises are of great significance for China to achieve the "double carbon" goal. This paper employs a dual fixed-effects model to examine the profound ramifications and intrinsic mechanisms of green finance development on the transformative innovation of high-energy-consumption enterprises, using a sample of 462 publicly traded high-energy-consuming corporations from the period spanning 2016 to 2020. The results show that the development of green finance promotes the transformation and innovation of energy-intensive enterprises and that market-incentivized environmental regulation plays a partially mediating role; the results of heterogeneity analysis show that green finance promotes the transformation and innovation of high energy-consuming enterprises with significant differences in different low-carbon pilot regions, company ownership, and enterprise size; the mechanism analysis shows that the development of green finance can increase government subsidies and alleviate financing constraints to promote the transformation and innovation of high energy-consuming enterprises; it is also found that the development of green finance can significantly improve the financial performance of enterprises. The research findings of this paper hold significant implications for promoting the sustainable development of green finance and high-energy consumption enterprises in China. They provide valuable insights and references for facilitating the green transformation and innovation of high-energy-consuming enterprises in China as well as other developing countries. [ABSTRACT FROM AUTHOR]

Based on the data of the Chinese A-share listed firms in China Shanghai and Shenzhen Stock Exchange from 2014 to 2021, this article explores the relationship between common institutional investors and the quality of management earnings forecasts. The study used the multiple linear regression model and empirically found that common institutional investors positively impact the precision of earnings forecasts. This article also uses graph neural networks to predict the precision of earnings forecasts. Our findings have shown that common institutional investors form external supervision over restricting management to release a wide width of earnings forecasts, which helps to improve the risk warning function of earnings forecasts and promote the sustainable development of information disclosure from management in the Chinese capital market. One of the marginal contributions of this paper is that it enriches the literature related to the economic consequences of common institutional shareholding. Then, the neural network method used to predict the quality of management forecasts enhances the research method of institutional investors and the behavior of management earnings forecasts. Thirdly, this paper calls for strengthening information sharing and circulation among institutional investors to reduce information asymmetry between investors and management. [ABSTRACT FROM AUTHOR]

Understanding the dynamic link between the development of COVID-19 pandemic and industry sector risk spillovers is crucial to explore the underlying mechanisms by which major public health events affect economic systems. This paper applies ElasticNet method proposed by Diebold and Yilmaz (2009, 2012, 2014) to estimate the dynamic risk spillover indicators of 20 industrial sectors in China from 2016 to 2022, and systematically examines the impact of industry risk network fluctuations and the transmission path caused by COVID-19 shock. The findings reveal that risk spillovers of Chinese industries show a dynamic change of "decline-fluctuation-rebound" with the three phases of COVID-19 epidemic. At the beginning of the epidemic, machinery and equipment, paper and printing, tourism and hotels, media and information services, and agriculture were the exporters of epidemic risk, while materials, transportation equipment, commercial trade, health care, and environmental protection were the importers of epidemic risk; However, as the epidemic developed further, the direction and effect of risk transmission in the industry was reversed. Examining the network characteristics of the pair sectors, we found that under the epidemic shock, the positive risk spillover from tourism and hotels, culture, education and sports to consumer goods, finance, and energy industries was significantly increased, and finance and real estate industries were affected by the risk impact of more industries, while the number of industries affected by information technology and computer industry was significantly reduced. This paper shows that there is inter-industry risk transmission of the COVID-19 epidemic shock, and the risk transmission feeds back in a cycle between industries as the epidemic develops, driving the economy into a vicious circle. The role of the service sector in blocking the spread of negative shocks from the epidemic should be emphasized and brought into play to avoid increasing the overall economic vulnerability. This study will help to deepen the understanding of scholars and policy makers on the network transmission effects of the epidemic. [ABSTRACT FROM AUTHOR]

More than 40 years of urbanization in China has brought rapid economic growth, but the uneven development of region and how to achieve common prosperity through urbanization remain a serious concern. This paper analyzes the effect of the urbanization mode of population aggregation in central cities on common prosperity in China. Using panel data of 283 cities from 2004 to 2019, the study constructs a common prosperity index based on the coupling coordination degree of economy, ecology, and society. The Spatial Durbin Model is used to analyze the influence of population aggregation in central cities on common prosperity and the moderating effect of financial self-sufficiency rate. The results show that population aggregation in central cities has a positive effect on common prosperity. There is also a spatial spillover effect, but the impact exhibits an inverted U-shaped characteristic. Moreover, the fiscal self-sufficiency rate has a negative moderating impact on the effect of population aggregation on common prosperity in the early stage, but a positive moderating impact in the later period. This paper concludes by suggesting that the government should promote urbanization, control the size of large cities, accelerate the reform of household registration, and pay attention to the coordinated development of economy, society, and ecology to promote the realization of common prosperity. [ABSTRACT FROM AUTHOR]

The relative age effect (RAE) has been the subject of many studies, but no relevant literature has discussed the phenomenon of RAE in Chinese tennis. Numerous studies have demonstrated that RAE significantly contributes to brain drain and other occurrences that create inequity. This paper analyzes the birth dates and year-end rankings of all male players (N = 2697) who participated in China's junior tennis tournaments (U12, U14, U16) between 2014 and 2019 and who were selected for China's National Junior Team in 2019 and 2020; the paper classifies the birth dates into quarters and semesters. One of the research objectives of this study is to analyze whether RAE exists in Chinese junior men's tennis and whether RAE exerts an effect on athletes' performance. Differences between the observed and expected birthdate distributions were tested using chi-square statistics, and subsequent calculations were tested using odds ratios. The study found that RAE was present in all Chinese junior male tennis sports groups (p<0.001). The percentages of athletes born in the first half of the year were 56.4% (U12), 60.4% (U14), and 60.4% (U16), and the percentages of those born in the first quarter were 34.1% (U12), 36.4% (U14), and 37.1% (U16). Athletes with birth dates closer to the beginning of the year had a higher probability of achieving excellent athletic performance as a result of RAE, whereas those who were born near the end of the year had a more difficult time achieving strong athletic performance. [ABSTRACT FROM AUTHOR]

The long-term and stable development of agriculture is the key to China's economic development and social stability. Agricultural total factor productivity and the digital economy have become new kinetic energy and new engines driving agricultural high-quality development. It is of great significance to verify whether there are significant spatial and threshold effects in the process of high-quality development of agriculture and to explore the intrinsic relationship between high-quality development of agriculture and agricultural total factor productivity and digital economy. This paper takes 31 provinces in China from 2011 to 2020 as the research object. The coefficient of variation method is used to estimate the comprehensive evaluation index of agricultural high-quality development and digital economy. And Dea-Malmquist index method is used to estimate agricultural total factor productivity. On this basis, the spatial Durbin model and threshold regression model are constructed to explore the spatial and threshold effects of agricultural total factor productivity, digital economy and other factors and high-quality agricultural development. The conclusion is as follows: the high-quality development of agriculture has significant spatial autocorrelation. Agricultural total factor productivity and digital economy have significant direct effect and indirect spillover effect on the high-quality development of agriculture. Agricultural total factor productivity has stage differences in each range of digital economy level, but its influence on agricultural high-quality development shows a positive state. Based on this, the paper puts forward some countermeasures to promote the high-quality development of agriculture. [ABSTRACT FROM AUTHOR]

Nowadays, the international situation is severe and complex, and the structural issues within the Chinese economy are prominent. Consequently, the financial risks faced by Chinese listed companies continue to escalate. Hence, it is of great practical significance to furnish effective early warnings for financial crises in listed companies. In this paper, we first employ web crawler technology and natural language processing technology to assess four text-linguistic features in the Management Discussion and Analysis (MD&A) section of the annual financial reports of listed companies in China from 2011 to 2020. These features are text tone, forward-looking, readability and similarity. Subsequently, we combine these features with traditional financial indicators and explore thirteen mainstream machine learning models to comparatively analyze their effectiveness in predicting financial crises in listed companies. The empirical findings of this research reveal that MD&A text readability and similarity indicators contribute valuable incremental information to prediction models, whereas text tone and forward-looking indicators exhibit the opposite effect. The latter two indicators can be manipulated more effortlessly by management, as this study's empirical findings indicate no evidence of their contributions in incremental informational value. In fact, the forward-looking indicator even introduces additional noise to the prediction. Finally, by comparing the early warning effects of thirteen machine learning models, it is found that RF, Bagging, CatBoost, GBDT, XGBoost and LightGBM models maintain stable and accurate sample recognition ability. In general, this paper constructs a more effective financial crisis early warning model by exploring the MD&A text-linguistic feature indicators, thereby offering a fresh research perspective for further investigations in this field. [ABSTRACT FROM AUTHOR]

This paper aims to examine the impact of executive compensation incentive on corporate innovation capability by dividing executive compensation incentive into short-term monetary incentive and long-term equity incentive. We also investigate the interaction between the two types of executive compensation incentive. Data are collected from China's agro-based companies during 2012–2019, and multiple regression analysis is utilized. The empirical results show that short-term monetary incentive has no impact on innovation capability, while long-term equity incentive stimulates innovation capability. Regarding company ownership, the impact of long-term equity incentive in state-owned enterprises is greater than that in private-owned enterprises. In addition, the complementary effect between short-term and long-term compensation incentive has a positive impact on innovation capability regardless of company ownership. The findings of this paper could help agribusiness managers to design the reasonable incentive system to incentivize corporate executives and enhance the capability of independent innovation. [ABSTRACT FROM AUTHOR]

Goodwill has been a controversial issue in China since 2007 when the new accounting standards changed the subsequent measurement of goodwill from periodic amortization to impairment testing. Using the change in subsequent measurement of goodwill, this paper examines the impact of goodwill accounting on corporate M&A and industry development. The paper finds that adopting the goodwill impairment test significantly increases firms' M&A incentives, as evidenced by a significant increase in the frequency and probability of M&A and a significant reduction in the time interval between successive M&A at the industry level. From an industrial perspective, the impairment policy has significantly improved industry concentration, total factor productivity, and competitive advantage in international trade across Chinese industries. The positive impact of goodwill impairment policy on M&A is more pronounced among firms with asset-light characteristics or high P/E ratios, and its contribution to industry competitiveness is more pronounced in asset-light or high P/E ratios industries. From the perspective of promoting capital market mergers and acquisitions and industry competitiveness, the article finds that the current goodwill impairment policy can have positive economic consequences. Our study breaks through existing perspectives to provide compelling empirical evidence for the current theoretical and practical controversy over goodwill measurement standards. [ABSTRACT FROM AUTHOR]

The "dual circulation" development pattern is a major economic strategy proposed by China. Using samples gathered from firms located in the Haidian Science and Technology Park in Zhongguancun between 2013 and 2019, this paper constructs an index system for measuring the degree of synergy of the dual circulation coupling of the firms, and then uses the Cloglog survival model to empirically verify its effect on the survival of firms. It is found that the dual circulation coupling synergy of firms significantly contributes to firm survival, a finding that still holds after robustness tests. Mechanism tests show that firm dual circulation coupling synergies contribute to firm survival by promoting firm innovation, market demand, and resource allocation efficiency. Further analysis reveals that the coupled synergy of the dual circulation of firms contributes more significantly to the survival of growing and mature firms, MSMEs, private firms and non-start-up firms. This paper is the first to measure dual circulation. It provides micro-theoretical mechanisms and relevant empirical evidence for the dual circulation coupling synergy for firm survival. [ABSTRACT FROM AUTHOR]

Information disclosure is an important way for investors to obtain information, the annual report text carries a lot of information, lazy information disclosure is an important form of information disclosure of the annual report text. This paper takes China's A-share listed companies from 2011 to 2022 as the research sample, takes the annual report text information disclosure form as the entry point, uses the computer text analysis technology to measure the text similarity of the annual report to measure the lazy information disclosure, and explores its impact on stock price crash risk. The results show that there is a positive correlation between the similarity of annual report text and the risk of stock price crash, that is, when the information of annual report text is presented in the form of lazy information disclosure, the risk of stock price crash increases. For companies audited by key auditing institutions, the positive correlation between the similarity of their annual reports and the risk of stock price crash is not significant, indicating that key auditing institutions will weaken the positive correlation between lazy information disclosure and the risk of stock price crash. Further, through external attention and analysis of the time delay of annual report disclosure, it is concluded that the management lacks the opportunity and time to hide the bad news, so it is clear that the lazy information disclosure comes from the business situation "the fact is so". The research conclusion of this paper provides evidence support for the influence of lazy information disclosure on stock price crash risk, and also provides useful reference for regulators to improve information disclosure policies and effectively prevents and resolves stock price crash risk. [ABSTRACT FROM AUTHOR]

Internal control is the key to achieve high-quality development of enterprises, but internal control failure cases frequently occur at home and abroad. Therefore, it is particularly important to explore ways to improve the quality of internal control and promote high-quality development of enterprises. Taking non-financial listed enterprises in China from 2015 to 2020 as research samples, this paper adopts empirical research methods to research the impact and mechanism of employee welfare on the quality of internal control of enterprises from the perspective of all-employee governance, aiming to explore ways for enterprises to improve the quality of internal control.The results showed that employee welfare can improve the quality of internal controls significantly. Furthermore, the effect is more significant in non-employee-intensive industries and high-marketization areas. Based on the analysis of internal control elements, the research found that employee welfare affects the quality of internal control mainly through two elements, risk assessment and control activities. However, the effects of employee welfare on the three other elements are insignificant. This paper enriched the relevant research on the economic consequences of employee welfare and the factors affecting the quality of internal control, and has certain enlightenment significance for the popularization of employee welfare, especially supplementary pension, and also provides a reference path for the improvement of the quality of internal control. [ABSTRACT FROM AUTHOR]

Based on the Office for National Statistics' delineation of the scope of the digital economy industry, this paper selects indicators from five industrial dimensions: digital product manufacturing, digital product service, digital technology application, digital factor drive and digital efficiency improvement, and constructs an evaluation system to measure the development level of China's digital economy at the provincial level. It is found that there is a wide gap in the development of China's provincial digital economy, with the eastern coastal provinces and cities having a high level of digital economy development. The coupling and coordination model was then applied to examine the interrelationships between the five industrial dimensions of the digital economy, and it was found that most of the coupling and coordination relationships of the five industrial dimensions are at the stage of medium-high coupling and low coupling and coordination, and each province and city has different coupling and coordination characteristics. The numerical evaluation results provide an intuitive understanding of the differences and deficiencies in the development of the digital economy in different regions, and serve as a reference for the medium and long-term digital economy development planning of provinces and municipalities as well as the whole country. In the future, the state should invest more in the digital economy in the central and western regions, and each province should cultivate and develop the digital economy in accordance with its own local conditions. [ABSTRACT FROM AUTHOR]

This paper firstly demonstrates the positive and negative effects of supply chain finance on the innovation efficiency of China's small and medium-sized enterprises (SMEs) in the manufacturing industry from the theoretical point of view. Based on the data of 267 manufacturing companies in China Growth Enterprise Market from 2015 to 2019, the DEA-SBM method was used to measure the comprehensive innovation efficiency of different companies, and it was further decomposed into technological innovation efficiency and organizational innovation efficiency. Afterwards, it conducts an empirical analysis through the double fixed effect model, and explores the difference in the impact of supply chain finance on innovation efficiency in enterprises with different industries and different property rights. The results show that supply chain financial services have a strong positive impact on the comprehensive innovation efficiency, technological innovation efficiency and organizational innovation efficiency of manufacturing SMEs. Further, supply chain finance has the most significant improvement on the technological innovation efficiency of the sample of private traditional enterprises, but it has a significant inhibitory effect on the organizational innovation efficiency of the sample of state-owned high-tech enterprises. Therefore, this paper suggests that the development of supply chain financial services should increase support for traditional manufacturing industries; appropriately tilt resources to private enterprises; improve relevant supply chain financial laws and regulations, establish and improve corresponding institutional arrangements, and encourage state-owned enterprises to participate in market competition. [ABSTRACT FROM AUTHOR]

Our paper explores whether Chinese insurance companies exhibit a local preference in deciding their equity portfolios and the incentive of this preference. Our research finds that Chinese insurance institutional investors significantly tilt to invest in local firms geographically close to them, and local investments do not significantly outperform non-local investments. The results indicate that the behavioral aspect of home bias, rather than information advantage, play a more significant role in deciding equity holdings of China's insurance companies. Additionally, local equity preference is more pronounced in dialect-segmented areas and life insurance firms. This paper incorporates hometown identification into the analysis framework of insurance companies' portfolio decision-making and enriches the research of their investing strategies from the perspective of behavioral finance. [ABSTRACT FROM AUTHOR]

The long-standing development pattern dominated by international circulation makes China face the risk of "low-end lock-in" and "being decoupling". In addition, the current global climate change and environmental crisis are becoming increasingly severe, coupled with the COVID-19 impact. Chinese enterprises must actively build a green development system for domestic industries in a mutually reinforcing manner in the context of the domestic general circulation, in order to adapt to the new dual circulation environment as soon as possible. This paper analyzes the specific coupling and coordination relationship between the two systems based on the relevant data of China's three major industries from 2008–2014 using Index DEA, entropy value method, gray correlation analysis and coupling coordination model. The results of the study show that: the two systems of dual circulation pattern and industrial green development have a strong correlation and basically present a coupling relationship, but within the industry, there is a problem of the collapse of the tertiary industry. In terms of the type of coupling, the domestic and international circulation in general gradually present the green development leading state, except for the primary industrial segment of the international circulation. On the whole, the coupling quality of the two systems needs to be further improved. Based on this, this paper puts forward the following suggestions: (1) coordinate the internal and external development of the industry; (2) take innovation as the driving force to promote the green transformation of industries; (3) take green sharing as the goal to strengthen the policy orientation of green development; (4) take the opportunity of mutual promotion of dual circulation to stabilize the steady state of green development coupling. [ABSTRACT FROM AUTHOR]

As China continues to implement its progressive fertility promotion policy, there has been a drastic decline in the fertility rate. Given that the migrant population constitutes more than a quarter of China's total population, enhancing the willingness of this demographic to have additional children through policy-guided urban public services is pivotal for optimizing China's population development strategy. This study analyzes the influence of urban public services on the reproductive intentions of the migrant population, utilizing data from 110,667 migrant families with one child, drawn from China's Migrant Population Dynamic Monitoring data in 2016 and 2018. The data analysis reveals several key findings: (1) Urban public services, overall, exhibit a notable positive effect on the willingness of the migrant population to have more children, albeit with limitations and a declining trend. (2) Among urban public services, primary basic education significantly impacts the willingness of the migrant population to expand their families. (3) Large cities have created a 'reverse screening' effect on the migrant population, leading to differential access to public services. This scenario caters effectively to the high human capital migrant individuals while reducing accessibility to livelihood public services for the low human capital migrant population. This paper critically evaluates China's progressively adjusted fertility policy from the perspective of the migrant population. It underscores the necessity of establishing a comprehensive fertility support policy system across China. [ABSTRACT FROM AUTHOR]

Background: The purpose of this paper is to explore the relationship between subjective well-being, social class identity, and Self-rated health among older persons,. Focusing on the mediating role of health and the impact of epidemic infectious diseases on these relationships. Methods: Based on the 2018 and 2021 China General Social Survey (CGSS) databases, the data were screened, and processed. Using Stata17, we employed ordered probit regression to examine the relationships among variables and Bootstrap methods to assess mediation effects, and the CGSS data for 2018 and 2021 were compared and analyzed. Results: Our results revealed that factors such as social class identity, health status, and personal income significantly positively impact older persons' subjective well-being (P<0.01). Notably, there was a partial mediating effect of health status between the subjective well-being of the elderly and social class identity. And findings showed that when older adults were affected by epidemic diseases, their subjective well-being, social class identity, and Self-rated health remained significantly positively correlated. Subjective well-being, social class identity. What is more noteworthy is that when affected by epidemic infectious diseases, older adults' subjective well-being, social class identity, and Self-rated health remained significantly positively correlated. The mediating role of self-rated health in older adults' subjective well-being and social class identity increased from 9.6% to 12.4%. Conclusions: In the face of epidemic infectious diseases, we need to pay more attention to the Self-rated health of the elderly, and the Chinese government should take effective measures to improve their health level, which will in turn improve the subjective well-being of the elderly and realize the goal of healthy aging. [ABSTRACT FROM AUTHOR]

As a leading industry in the national economy, circulation industry can not only guide production and consumption, but also play a vital role in absorbing employment. With the progress of science and technology, technical change has penetrated into the circulation industry of China, which has not only improved its development, but also affected its employment. This paper uses the standardized supply-side system approach to measure the biased technical progress of circulation industry in China and investigates the influence of the biased technical progress index on the employment scale of circulation industry in China with panel regression model. We find that the overall technical progress in China's circulation industry during 2004–2018 is biased toward capital, and the elasticity of substitution between capital and labor is less than 1. We also find capital-biased technical progress in China's circulation industry is negatively related to the overall employment scale of circulation industry. The heterogeneity analysis indicates that the employment of non-state-owned units in circulation industry is significantly negatively affected by capital-biased technical progress, while state-owned units doesn't. [ABSTRACT FROM AUTHOR]