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The number of older adults is rising rapidly in China. Various concerns such as chronic diseases, financial inadequacy, and a feeling of loneliness have adversely affected the mental health of older adults, and this has become an important public health and social issue. To realize healthy aging, the Nineteenth National People's Congress of China put forth the Healthy China strategy, speeding up the promotion activities of mental health and pension measures, carrying out public welfare pension insurance for the entire population, and contributing to the mental health of older adults. This study used data from China Family Panel Studies. This study mainly uses the random effect estimation method (random effect, RE) and the feasible generalized least squares estimation method (FGLS) to control for heterogeneity to explore the impact of social and commercial pension insurance on the mental health of older adults, the moderating effect of social capital on pension insurance, and the mental health of older adults. The results showed that social pension insurance is proportional to the mental health of older adults, whereas commercial pension insurance is inversely proportional to mental health. Social capital had a significant moderating effect on pension insurance. When a country develops an aging economy, the emphasis on social capital helps make targeted industrial development suggestions. The government's expansion of insurance coverage is crucial for improving the mental health of older adults.

The existing literature has yet to provide consistent evidence on the relationship between R&D investments and firm performance. The current study attempted to fill this gap in the literature by examining the effect of lag structure and the moderating role of financial governance, in terms of debt capital and ownership concentration, on the returns of R&D. Analyzing a sample of China's pharmaceutical firms from 2009 to 2018, we found that the effect of R&D upon growth begins in the second year after R&D spending and increases thereafter. There exists a vigorous debate about the choice between debt and ownership structure. To fill this gap, we proposed a three-way interactive effect. The results suggest that firms that invest heavily in R&D may achieve their highest performance when the use of debt capital and the extent of ownership concentration are both low. This study contributes to the R&D investments and financial governance literature by reconciling previous mixed evidence about the returns of R&D and the debt–equity choices on R&D investment decisions.

Since the reform and opening up of China, the economy has continued to grow, and diverse needs have generated different types and periods of economic activities. This has caused people to have an unhealthy diet, lack of exercise, irregular work and rest, lack of sleep, mental stress, high psychological pressure, long-term bad moods, and other health problems. The proportion of the sub-healthy population continues to increase and health problems are becoming increasingly prominent. Based on this, we examine the internal mechanism of the economic cycle on national health since the reform and opening up of China. For a long time, China has actively responded to the UN's call for environmental protection and proposed that “clear waters and lush mountains are invaluable assets.” Therefore, this study combines air quality in the process of environmental governance in China to investigate national health. Data from 22 provinces, five autonomous regions, and four municipalities from 2004 to 2017 are selected as research samples to examine the relationship between economic cycles, air quality, and national health for empirical testing. Studies have shown that the economic cycle is significantly correlated with national health. The better the macroeconomy, the better the health of the human body; that is, the lower the unemployment rate, the lower the mortality rate. After introducing air quality, it was found to have a significant regulating effect on the relationship between the economic cycle and national health. Our conclusions reveal that economic development is closely related to national health. China should attach great significance to the environment and air quality in the process of economic development to achieve sustainable development and create a green economy.

With the rapid development of the economy of China, the interactivity between provinces and the mobility of the population is increasing. Some patients who could have received the same treatment in their residential areas still choose to receive services in areas with higher economic development and concentrated high-quality medical resources, resulting in a huge waste of medical resources. Blindly increasing medical resources everywhere does not necessarily increase the output effectively. In this study, the data envelopment analysis (DEA) model, social network analysis (SNA), cluster analysis, and regression analysis are used to analyze the structural characteristics of the economic network structure and efficiency of health care in China. The results show that indegree and eigenvector centrality have a significant positive correlation with the efficiency of health care, and the clustering coefficient has a significant negative correlation with the efficiency of health care in China. This study uses a k-means algorithm to classify 31 provinces into three groups and extract their characteristics. As for the supply of health care resources, the government should command and dispatch the resources in the whole country through a top-down design based on the characteristics of each province.

China is an emerging country, and government intervention is always considered as an important part of the solutions when people facing challenges in China. Under the impact of the coronavirus disease 2019 (COVID-19) epidemic and the global economic downturn, the Chinese government quickly brought the epidemic under control and restored the positive economic growth through strong intervention. Based on the panel data of provincial level in China and the government intervention as the threshold variable, this paper empirically analyzed the non-linear effect of business cycle on population health by using the panel threshold regression model. The empirical results show that the impact of the business cycle on population health is significantly negative, and government intervention has a single threshold effect on the relationship between business cycle and population health. When the government intervention is below the threshold value, the business cycle has a significant negative effect on the improvement of the population health level; when the level of government intervention exceeds the threshold value, the relationship between business cycle and population health becomes significantly positive. To some extent, the conclusions of this paper can guide the formulation and revision of government health policy and help to adjust the direction and intensity of government intervention. The Chinese government and other governments of emerging countries should do more to harness the power of state intervention in their response to the business cycle.

Objectives: This study aims at (1) analyzing the 15 representative biopharmaceutical companies in China before and after the vaccine incidents during the transition period of China's economy, using financial indicators as a proxy for corporate operational efficiency and corporate social responsibility (CSR); (2) analyzing the factors influencing business operational efficiency, and providing a future development strategy for the pharmaceutical industry to better fulfill its social responsibility by studying the relationship between business operational efficiency and social responsibility performance; and (3) conducting a comprehensive analysis of the results of this study, and providing relevant recommendations for biopharmaceutical companies to fulfill their social responsibilities and ensure a high quality of products.Methods and Data: The panel data regression evaluates whether a biopharmaceutical company's social responsibility has an impact on its operational efficiency. A part of the data used in this study is obtained from the quarterly and annual financial statements of biopharmaceutical companies, while other relevant data are obtained from the China Stock Market & Accounting Research (CSMAR) database.Results: A comprehensive regression analysis of the rate of return on total assets shows that the vaccine incidents have made biopharmaceutical companies pay more attention to CSR, as actively taking social responsibility will help establish a better corporate image and form, and increase the operating efficiency.Conclusion: According to the current state of development in China, the size of a company has a positive impact on the improvement of its social responsibility and operational efficiency. The larger the company, the more attention it pays to shareholders and consumers, and the stronger its sense of responsibility to employees and society. By actively undertaking CSR activities, a company will get more support from shareholders, employees, and consumers, and will also enhance the corporate reputation. Biopharmaceutical companies actively undertake social responsibilities toward the government, employees, and shareholders, which will, to some extent, increase the public's trust in drug safety and have different degrees of impact on the overall efficiency of the company.

Objectives: The purpose of this study was two-fold. First, to empirically study the effects that medical resources (i.e., hospital, doctors, beds) have on the mortality rate in China. Second, to divide China into east, middle, and west regions, and empirically study the regional disparity of medical resources and its effect on mortality rates in China.Methodology and Data: This study utilized a panel data regression model to explore the effect medical resources have on the age-standardized mortality rate in China. The data came from the 2003–2017 China Statistical Yearbook compiled by the National Bureau of Statistics of China.Results: Nationwide, hospitals, doctors, and beds had a significant negative correlation with the mortality rate. In the western region, hospitals, beds, and doctors had a significant negative correlation with the mortality rate. In China's middle and eastern regions, hospitals, beds, and doctors had no significant effect on the mortality rate. In China, increased hospitals, doctors, and beds significantly reduced the mortality rate. The distribution of medical resources in eastern, middle, and western China was unequal. More hospitals, beds, and doctors in the less developed western regions can more effectively alleviate the local mortality rate. In the middle and east regions, hospitals, beds, and doctors had no significant impact on the local mortality rate.Conclusion: First, China's overall medical resources are still inadequate and improving medical resources throughout the country could reduce the mortality rate. Second, due to the imbalanced distribution of medical resources in China, the Chinese government should implement more supportive policies for medical resources in the western region. At the same time, we should also actively develop the western region by improving local per capita GDP and reducing unemployment, so as to fundamentally reduce the local mortality rate.

This study examines selected companies in China from 2012 to 2017 matched with provincial air quality index data and uses ordinary least squares regression to examine the relationship between environmental regulation, air quality, employee compensation, and corporate performance. The study found that, first, environmental regulation has eliminated heavy polluting enterprises and promoted the upgrading of enterprise equipment through the cost increase effect, thereby improving regional air quality. Second, good air quality can increase non-monetary benefits for employees, so that corporate employees' monetary compensation can be kept at a low level. Third, in the aforementioned context, with the significant reduction in employee compensation, corporate performance has increased. This study expands the research on the impact of environmental regulation on corporate behavior and enriches the theoretical literature on employee compensation management. Furthermore, to alleviate the adverse effects of high employee compensation on corporate performance under severe air quality, it provides recommendations moving forward. In addition, this study provides empirical evidence for the development of the concept of “lucid waters and lush mountains are invaluable assets” from the perspective of labor cost.