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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 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]

Neighborhood effects are a common strategy for rural households to deal with irrational situations such as deficient information and ability. Based on the 2019 CHFS survey data, we designed a Probit model to verify whether neighborhood effects exist in the online financial investment of rural households. Our paper constructs a multiple mediation model to explore its mechanism. Otherwise, we execute the heterogeneity analysis by dividing the total sample into groups. Our paper proved that (1) Rural households have significant neighborhood effects on online financial investment. (2) Heterogeneity analysis shows that neighborhood effects are stronger among women, the younger, low-education, and low-income rural households. (3) Through the multiple mediation model, we proved that the neighborhood effects on online financial investment of the peasant household work by the financial knowledge spillover and risk-taking enhancement. Our study conduces to a better understanding of the financial decision-making of rural households, which may provide a practical implication for the popularization of new financial products and the optimal design of policy interventions. [ABSTRACT FROM AUTHOR]

Although the Chinese government has implemented a variety of measures, the gender wage gap in 21st century China has not decreased. A significant body of literature has studied this phenomenon using sector segmentation theory, but these studies have overlooked the importance of the collective economy beyond the public and private sectors. Moreover, they have lacked assessment of the gender wage gap across different wage groups, hindering an accurate estimation of the gender wage gap in China, and the formulation of appropriate recommendations. Utilizing micro-level data from 2004, 2008, and 2013, this paper examines trends in the gender wage gap within the public sector, private sector, and collective economy. Employing a selection bias correction based on the multinomial logit model, this study finds that the gender wage gap is smallest and most stable within the public sector. Furthermore, the private sector surpasses the collective economy in this period, becoming the sector with the largest gender wage gap. Meanwhile, a recentered influence function regression reveals a substantial gender wage gap among the low-wage population in all three sectors, as well as among the high-wage population in the private sector. Additionally, employing Brown wage decomposition, this study concludes that inter-sector, rather than intra-sector, differences account for the largest share of the gender wage gap, with gender discrimination in certain sectors identified as the primary cause. Finally, this paper provides policy recommendations aimed at addressing the gender wage gap among low-wage groups and within the private sector. [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]

As a product of combining digital technology and traditional finance, digital inclusive finance plays a vital role in economic growth. This paper deeply analyzes the impact of digital inclusive finance on economic growth and the specific transmission path. This research selects the municipal panel data of Beijing-Tianjin-Hebei from 2011 to 2020 and empirically studies the impact of digital inclusive finance on economic growth. From the perspectives of industrial structure transformation speed, industrial structure upgrading, and industrial structure rationalization, this study analyzes the role of industrial structure in the impact of digital inclusive finance on economic growth and tests the heterogeneity of the impact of digital inclusive finance on economic growth. The results show that digital inclusive finance has a significant role in promoting economic growth. The depth of use of digital inclusive finance has the most significant impact, followed by the breadth of coverage, and the degree of digitization is the smallest. The industrial structure transformation speed and the industrial structure rationalization play a significant intermediary role in the economic growth effect of digital inclusive finance, and the industrial structure upgrading has no significant impact on the economic growth effect of digital inclusive finance; the promotion effect of digital inclusive finance on economic growth is bigger in the economically developed group, the higher digital inclusive finance group and the technologically developed group, and the promotion effect is smaller in the economically underdeveloped group, the lower digital inclusive finance group and the technologically underdeveloped group. The results provide a strong reference for policy formulation to promote the development of digital inclusive finance and economic growth. [ABSTRACT FROM AUTHOR]

Industrial technological progress, as an essential industrial-technological and institutional phenomenon, brings with it the possibility of high profits for firms but also implies new norms and rules of competition, which affect the willingness and propensity of firms to bear the costs of undertaking venture capital projects. This study empirically investigates the causal impact of industrial-technological progress on corporate risk-taking and the mechanism of digital financial growth on the relationship between the two, based on data from China's A-share listed businesses from 2011 to 2020. This paper finds that (1) industrial technological progress improves enterprise risk-taking levels. Moreover, digital financial development has an incentive effect on industrial technological progress and enterprise risk-taking levels. (2) Industrial technological progress under digital financial development generates financing constraint relaxation effects, input capital return enhancement effects, and innovation performance incentive effects, increasing enterprise risk-taking. (3) The positive moderating effect of digital financial development on the relationship between industrial technological progress and the risk-taking level of enterprises in the eastern regions and enterprises in the high-tech industry is more prominent. The study's findings provide a theoretical foundation and policy insights on the crucial elements of industrial-technological progress and enterprises' increased ability to take risks throughout the development of digital finance. [ABSTRACT FROM AUTHOR]

Coordinating policies is an essential guarantee for carbon emission reduction and sustainable development. Based on the theoretical framework of the policy paradigm, we quantitatively analyze 266 policy documents on promoting carbon emission trading and green financial policies from 2011 to 2022 using the content analysis research method. Based on the matching network of "policy objectives-policy tools," we analyze the synergistic characteristics of carbon emission trading policies and green financial policies in promoting carbon emission reduction targets and reveal the matching mode of "objectives-tools" of green financial policies by using social network analysis. It is found that, first, from the perspective of policy objectives, the main policy objectives of carbon emissions trading are to promote green innovation of enterprises, and the main policy objectives of green finance are to promote green development, which reflects the consistency and endogenous motivation of policy objectives. Secondly, command-control and market incentive policy tools are the main policy tools in the structure of policy tools. The proportion of public participation policy tools is small, and there is a structural asymmetry. Third, carbon emissions trading tools focus on supervision, adjustment, and platform construction. The green financial policy tools have the characteristics of guidance, public welfare, and externality. The two constitute a complementary, embedded, and integrated ' double synergy ' carbon emission reduction policy. Based on this, this paper puts forward some suggestions to promote policy coordination and provides a reference for China to achieve the dual carbon goal. [ABSTRACT FROM AUTHOR]

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

Sunken green space is one of the urban rainwater collection facilities, which belongs to Low Impact Development (LID) techniques. It plays a key role in the construction of sponge city, and the amount of runoff collection is usually affected by the area of the sunken green space, the infiltration rate of the soil, and the annual runoff collection rate. To determine the minimum soil infiltration rate of sunken green space considering the annual runoff collection ratio of sponge cities, this paper selects a residential district in Hefei city, China, as the case study. Based on 45 years of precipitation data, the designed rainfall corresponding to annual runoff collection ratios of 75%, 80% and 85% is 21.3 mm, 23.4 mm and 27.5 mm, respectively. The characteristics of rainfall infiltration in sunken green space are analyzed by using the water balance model and runoff yield and conflux model. The results reveal that the soil infiltration rate is 1.16×10−4 cm/s~3.88×10−3 cm/s when the sunken depth is 0.1 m~0.3 m and that the ratio of green space area is 5%~25%. The runoff collection of the reconstructed sunken green space is 2.87 times and 1.98 times that of the nonsunken green space and the nonreconstructed sunken green space, respectively. That is to say, under the comprehensive performance of the sunken depth, sunken green space area, the steady soil infiltration rater of the reconstructed sunken green space cannot be less than the value obtained in this paper. Otherwise, the requirements of annual total runoff reduction ratio of the sponge city cannot be met. Therefore, this study provides references for realizing the ratio of annual runoff collection and sponge city construction in similar urban areas. It can also be applied to optimal selection of sunken green space in some sponge city projects. [ABSTRACT FROM AUTHOR]

In recent years, the intensification of global industrialization coupled with the enterprise's production and operating activities have caused pollution, increasing the current environmental pressure. Relevant government departments in China have instituted several stringent measures (environmental protection sensitization and awareness activities, training sessions, and exchange activities targeted towards enterprise managers) to address these rising environmental problems. Though these measures have gained traction over the years, there is a dearth of research on their effectiveness on the green innovation performance of enterprises. To bridge the gap, this research explores the effect of environmental awareness training, knowledge exchange activities, and commitment on green innovation performance with survey data from 285 medical equipment manufacturing companies in China. It further expands the theoretical application of environmental awareness training, commitment, and innovation performance from the lens of the Knowledge-Based View. The findings depict a positive relationship between environmental awareness training and innovation performance. It also finds a mediating influence of environmental commitment in the relationship between environmental awareness training and green innovation performance. Furthermore, environmental knowledge exchange activities positively moderate the relationship between environmental awareness training and environmental commitment. These findings offer valuable insights for the green development of medical equipment manufacturing enterprises and the government to formulate environmental protection policies. [ABSTRACT FROM AUTHOR]

Alternative institutions have played a significant role in the difficult and tenacious development process of private enterprises in recent decades. the paper applied 306 listed companies' data from January 2012 to December 2022 to investigate the relationship between institutional gap and enterprise behavior. Based on the identified, classified, and explained formal and alternative institutions, it proposed the concept of 'institutional gap' to infer the overlapped content of these two states. Concluding from the empirical results, Chinese private enterprises that introduced state-owned equity outperformance in management, financing and entering industries with high barriers. Moreover, the channel of state-owned equity introduction is compared with entrepreneurs' political participation. Although introducing state-owned equity is a crucial approach, the establishment and improvement of relevant legal systems is suggested, such as formal regulations and laws. The government should deepen the reform of the economic system to improve the business environment, so private enterprises consciously rely on market mechanisms to allocate resources efficiently and rationally, instead of actively seeking connections with the government to obtain benefits. The supervisory role of checks and balances shareholders should be exerted to the greatest extent to maintain and increase the value of state-owned assets, rather than allowing the controlling private shareholders to use them as resources acquired political capital. [ABSTRACT FROM AUTHOR]

Countries around the world have become concerned about their responsibility to protect the environment and resources. In this paper, we established a model of multi-period PSW-DID (weighted propensity score matching- differences-in-differences) to test the effect of China's audit of natural resource. We found that: (1) local governments had a strategic incentive to reduce pollution, they paid more attention to environmental performance linked to individual promotion than to green innovation and development. (2) Compared with the long-term and complexity of water pollution control, they paid more attention to air pollution treatment. (3) In the long run, the environmental audit was indeed beneficial to the improvement of environmental quality, but the time of taking effect was the second year (one-year lag). (4) In addition, because of the contradiction between the neglect of human capital and the timeliness of environmental supervision, the local government did not show substantial pollution reduction. Therefore, local officials should foster the long-term responsibility consciousness of green innovation and pay more attention to the integration of human capital. The audit of natural resources should establish a long-term mechanism, which could establish a complete accountability system or change off-office audit to interim audit. The construction of audit big data platforms should pay more attention to substantive characteristic data, such as data on population inflow, which is not only a paper score of air pollution. This study can reveal the dilemma of pollution prevention and control in China, urge local governments to promote the rational flow of human resources, improve the innovation level, and achieve substantive pollution control and efficiency enhancement of green development. [ABSTRACT FROM AUTHOR]

After the 2008 financial crisis, under the double effects of enterprise value maximization and the decline of real economy marginal profit, the relationship between enterprise financialization and technological innovation is worth exploring in depth. On the basis of testing the impact of non-financial enterprise financialization on technological innovation, this paper explores the impact mechanism as well as the heterogeneity among different types of enterprises. This paper selects non-financial listed enterprises in China from 2007 to 2017 as samples to study the influence of enterprise financialization on technological innovation and its mechanism through panel regression and mediating effect models. Moreover, the heterogeneity among different types of enterprises is further studied. The main conclusions are as follows. First, the financialization of enterprises has a significant "crowding out" effect on technological innovation. Second, the "crowding out" effect of enterprise financialization on technological innovation is formed through capital structure rather than performance. Third, enterprises are faced with different attributes and external environment, thus the influence of financialization on technological innovation is heterogeneous. Fourth, there are significant differences in the impact of financialization on technological innovation between enterprises' attributes and the external environment they face, and the deviation degree caused by attributes is much greater than that caused by the external environment. [ABSTRACT FROM AUTHOR]

The paper takes listed companies in the heavily polluting industry from 2009–2017 as a research sample to explore whether heavy pollution enterprises' environmental protection investment helps their debt financing under the institutional background of China's continuous implementation of green credit policy. It is found that, in general, the environmental protection investment of heavy pollution enterprises helps them to obtain more and relatively long-term new loans; in terms of time, this effect is more evident after the release of China's Green Credit Guidelines in 2012; in addition, the level of regional environmental pollution, the level of financial development and the green fiscal policy also have a moderating effect on this. This paper enriches the study of the economic consequences of corporate environmental protection investment from the perspective of debt financing. It examines the effects of the implementation of China's green credit policy and other institutional factors to provide a reference for the heavy pollution enterprises' environmental protection investment and the implementation of green credit policy by local governments in China. [ABSTRACT FROM AUTHOR]

Based on China's transaction-level trade data and firm-level production data during the period 2000–2006, this paper firstly estimates the export cutoff productivity by applying non-parametric ROC method. The results are as follows. First, under the full sample, the export cutoff productivity is 7.051. Second, the export cutoff productivity of home enterprises is relatively low, and that of foreign enterprises is relatively high. Third, the export thresholds of capital-intensive and technology-intensive industries are relatively high, while that of labor-intensive industry is relatively low. Fourth, the export threshold of western provinces is relatively high, followed by central provinces and eastern provinces. In addition, this paper investigates the dynamic change of export threshold. The result indicates that the evolution of export threshold is generally a horizontal S-shape during the sample period, and after China's accession to WTO in 2001, it is an inverted U-shape. [ABSTRACT FROM AUTHOR]

The emissions trading system, a crucial and fundamental system reform in the environmental resources field of China, was established to promote the continuous and effective reduction of total emissions of major pollutants. In this context, based on the panel data of 285 Chinese cities (except Tibet) from 2004 to 2018, this paper uses the quasi-experimental method of Difference in Difference to assess the effect of the emissions trading system introduced on sulfur dioxide emissions of China and the transmission mechanism. The article generates several intriguing findings. (1) The emissions trading system has a significant suppressive effect on sulfur dioxide emissions. (2) Mechanistic tests show that the emissions trading system can effectively suppress sulfur dioxide emissions by reducing government intervention, stimulating green patent innovation, and improving resource use efficiency, in which green utility patents have a masking effect. (3) From the east, central and west divisions, the emissions trading system has a significant suppression effect on sulfur dioxide emission in the eastern and central regions, and the eastern region is better than the central region. (4) In terms of factor endowment, the emissions trading system has a significant suppression effect on sulfur dioxide emissions in both resource-based and non-resource-based cities, with non-resource-based cities outperforming resource-based cities; while within resource-based effect exists only in regenerative cities. (5) The emissions trading system has a significant suppression effect on sulfur dioxide emissions in old and non-old industrial base cities in industrial base zoning. The suppression effect in non-old industrial base cities is better than that in old industrial base cities. This paper provides empirical evidence for evaluating the emissions trading system at the provincial level in China and suggests policy recommendations for selecting government tools to effectively curb sulfur dioxide emissions. Although the emissions trading system has made an outstanding contribution to sulfur dioxide emissions reduction, there is still much space for further development of potential emission reductions. [ABSTRACT FROM AUTHOR]

Previous studies have investigated the determinants of urban tourism development from the various attributes of neighborhood quality. However, traditional methods to assess neighborhood quality are often subjective, costly, and only on a small scale. To fill this research gap, this study applies the recent development in big data of street view images, deep learning algorithms, and image processing technology to assess quantitatively four attributes of neighborhood quality, namely street facilities, architectural landscape, green or ecological environment, and scene visibility. The paper collects more than 7.8 million Baidu SVPs of 232 prefecture-level cities in China and applies deep learning techniques to recognize these images. This paper then tries to examine the influence of neighborhood quality on regional tourism development. Empirical results show that both levels of street facilities and greenery environment promote tourism. However, the construction intensity of the landscape has an inhibitory influence on the development of tourism. The threshold test shows that the intensity of the influence varies with the city's overall economic level. These conclusions are of great significance for the development of China's urban construction and tourism economy, and also provide a useful reference for policymakers. The methodological procedure is reduplicative and can be applied to other challenging cases. [ABSTRACT FROM AUTHOR]

In order to study the impact of inclusive finance on agricultural green development, This paper uses both static panel and dynamic panel (system GMM model) estimation methods to make empirical analysis of the impact of inclusive financial development on agricultural green development. The results both find that there is a significant positive correlation between the level of inclusive financial development, real GDP per capita, the proportion of the added value of agriculture, forestry, animal husbandry and fishery in GDP and agricultural green development. This paper puts forward some countermeasures and suggestions to promote agricultural green development, including vigorously developing inclusive finance, promoting economic growth, promoting the development of agriculture, forestry, animal husbandry and fishery, and increasing environmental protection expenditures. [ABSTRACT FROM AUTHOR]

The Civil Code of the People's Republic of China, known as the "Encyclopedia of social life", has come into effect since January 1, 2021. It is the first law named after the "Code" and occupies a fundamental position in the China's legal system. Therefore, translation of legal terms is vital in making target readers familiar with the China's civil system and contributes to cultural communication and academic exchange. Previous research on translations of legal terms provides various translation principles and strategies. However, culture connotation in Chinese is usually implicit or lacks counterparts, leading to the difficulties in the equivalent translation of legal terms with Chinese characteristics. Therefore, this paper concentrates on the selection of legal term translation principles from the perspective of the Skopos theory and a Chinese translation theory named Eco-translatology, to explore the application and effect of selected principles in the translation of legal terms with Chinese characteristics. Guided by the Skopos theory and Eco-translatology, this paper collects 42 legal terms with Chinese characteristics from the The Civil Code of the People's Republic of China and analyzes the application of 5 translation principles of accuracy, readability, traceability, conventionality, and unification. Through analysis, the legal terms are classified into newly-coined and inherited terms and rules of strategy application are therefore summarized. It is expected that this paper would provide systematic principles for the translation of legal terms with Chinese characteristics. [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]

The study of coral fossils with clear growth lines inShiqiantan Formation (310 Ma) in China showed the growth line increments of a single coral growing in this area is related to the sunlight illumination time. Moreover, the daily increment of the growth line caused by calcium carbonate depositions has an unusual bimodal curve. The study of this bimodal curve indicated Shiqiantan had evident four-season changes in the Late Carboniferous period, and the climate at that time was similar to that of modern North China. The present paper updates the oldest existing record of climate analysis materials and provides important information for the study of Late Paleozoic climate, as well as the ancient obliquity of ecliptic. [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]

The development of the digital economy in China facilitates the transformation of old and new growth drivers. It can greatly promote the upgrading of technological innovation capacity, realize economies of scale and scope, and constantly promote the generation of new industries and new forms of business with the deep integration of digital economy and traditional industries, thereby promoting the high-quality development of China's economy. This paper uses inter-provincial panel data from 2013 to 2020 and a dynamic spatial Durbin model to quantify the impact of the digital economy on regional technological innovation capability (RTIC). The results show that: (1) the digital economy has positive spatial spillover effect and can boost the province's and neighboring provinces' regional technological innovation capability; (2) regional technological innovation capability has obvious spatial and temporal aggregation effects; (3) the impact of the digital economy on RTIC is mainly short-term effects, and there is regional heterogeneity, with the western region experiencing the highest effects and the eastern region experiencing less. Therefore, it is urgent to accelerate the development speed of the digital economy, grasp the law of dynamic economic development, identify the regional heterogeneity of the digital economy development, and deepen inter-regional digital technology cooperation to comprehensively drive the improvement of regional technological innovation capability. [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]

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]

China has been fully implementing the policy of the cultural and tourism industrial integration since 2018. However, the value-added benefits of this policy are not prominent, and the relationship between industrial integration and the value added to the tourism value chain was seldom addressed by researchers. In the context of China's high-quality development, it is necessary to conduct the impact of the integration of cultural and tourism industries on the value added to tourism value chain. This paper proposed four theoretical hypotheses and the corresponding econometric models based on the panel data from 2013 to 2020 in China's Jiangsu Province. According to empirical results, the integration of cultural and tourism industries is spatially unbalanced, with notable imbalances between the south and the north. This paper identified a new connection between cultural and tourism integration and the tourism value chain. It is found that the integration of cultural and tourism industries can enhance the value added to tourism value chain either directly or indirectly through the information technology, with the direct effect being positively moderated by tourism agglomeration. Moreover, this paper may overturn how people generally think about the integration between cultural and tourism industries. It reveals a single-threshold effect that only when the integration of cultural and tourism industries reached a high level will it exert a positive effect. To be more specific, not all Chinese cities are suitable for implementing cultural and tourism integration, because the integration is likely to be ineffective in regions where the cultural industry is substantially less developed than the tourism industry. [ABSTRACT FROM AUTHOR]

Mountainous areas in southwest China are rainy in summer. The rainfall infiltration process involves complex soil thermal-hydraulic-mechanical (THM) coupling problems. The researches on soil THM coupling are mostly focused on numerical simulations, whereas the corresponding model tests are relatively few, and the existing model test studies often ignore the effect of temperature gradients in the soil. However, temperature gradients in the soil can cause water migration and affect the THM behavior of soil, so it cannot be ignored. This paper describes an experimental device that can test the changes of temperature, moisture and displacement in unsaturated soil columns with temperature gradients under rainfall infiltration conditions. By using the apparatus, the model tests of homogeneous soil column (H), homogeneous soil column with infiltration (HI), and preferential flow soil column with infiltration (P) under different temperature gradients are respectively conducted, and the results of moisture and heat migration and deformation properties in soils under different conditions are presented and discussed. A rainfall of low intensity and long duration is applied in the experiments, and the temperature of infiltration rainwater is consistent with that of the soil upper boundary. The results show that: (1) The infiltration of rainfall will increase the temperature of the soil column. The appearance of preferential flow results in faster heat transfer within the soil column, but causes the steady-state temperature to be lower than that of the homogeneous soil (HI); (2) Under infiltration conditions, the preferential flow soil column has an earlier outflow time but a later time for water field to reach steady state, while its water distribution is different from that of the homogeneous soils, with accumulation occurring near the end of preferential flow channel; (3) Under the action of temperature gradient, water migration occurs in homogeneous soil column (H), accompanied by soil settlement, while the infiltrated columns (HI and P) exhibit an increase in both water content and top displacement. In addition, the larger the temperature gradient, the more obvious the thermally induced hydraulic-mechanical response. The research results in this paper can provide experimental evidence for the theoretical study and numerical simulation of the soil THM coupling problems. [ABSTRACT FROM AUTHOR]

Foreign Direct Investment (FDI) is an important part of China's new "double-cycle" development pattern. Among the many factors affecting FDI, will the aging population have an impact on manufacturing, the key industry for FDI? This paper examines the direct and indirect effects of an aging population on FDI using panel data from 27 manufacturing sub-industries in China between 2005 and 2020. It is found that (1) the deepening of the population's aging negatively affects FDI inflows and this result continues to hold after a series of robustness tests. (2) Using labor quantity and labor cost as mediating variables, it is found that the population's aging indirectly affects FDI by reducing labor quantity and increasing labor cost. (3) The heterogeneity analysis study finds that the deepening of the population's aging significantly inhibits FDI in labor-intensive and capital-intensive industries among manufacturing sub-industries, and the inhibitory effect on FDI in technology-intensive industries is not significant. This study provides meso-evidence to support the findings of existing studies and provides suggestions and insights for the government to formulate relevant policies to actively cope with aging. [ABSTRACT FROM AUTHOR]

The digital economy provides a new path to promote industrial structure upgrading. Using panel data from 2011 to 2020 for 85 resource-based cities in China, this paper empirically investigates the impact of the digital economy on industrial structure upgrading and the primary mechanism. The results show that the digital economy is conducive to promoting industrial structure upgrading in resource-based cities, and innovation is the primary mechanism of action. According to the different stages of resource development, we classify resource-based cities into growth, maturity, decline, and regeneration cities, and we further analyze the heterogeneous influence. In terms of influence degree, the digital economy has a more prominent role in promoting industrial structure upgrading in resource-exhausted cities. In addition, we also found that the closer to the provincial capital city, the more pronounced the promotion of the digital economy to the industrial structure upgrading. [ABSTRACT FROM AUTHOR]

This paper develops a multidimensional poverty index (MPI) evaluation system using multiple measures. We use the China Family Panel Study (CFPS) data to build balanced panel data from 2012 to 2018. Employing the probit model to analyze the impact of land transfer on relative poverty incidence, as well as utilizing the two-way fixed effects model and the logit model, we approach the issue from the perspective of multidimensional relative poverty identification. Our study indicates a decrease in relative poverty among rural households since 2012. Nonetheless, the overall incidence of relative poverty among rural households in China remains high at 20.6%, highlighting the severity of this issue in rural China. Moreover, we examine the heterogeneity of the poverty reduction effects of land transfer-in and land transfer-out. Land transfer can significantly reduce the incidence of relative poverty among rural households, with distinct mechanisms for land transfer-in and land transfer-out. Land transfer-in primarily reduces the relative poverty incidence of rural households through the education, housing, and land dimensions, while land transfer-out focuses on the quality-of-life dimension. Overall, land transfer-out has a more significant poverty reduction effect than land transfer-in. Furthermore, our study reveals that the reduction effect of land transfer on the incidence of relative poverty among rural households persists for at least two years, but by the fourth year, this effect disappears. [ABSTRACT FROM AUTHOR]

This paper methodically investigates the influence of inclusive income growth on city size, examining it through the dual lenses of "income" and "distribution." The analysis leverages meticulously collected panel data encompassing 276 Chinese cities at the prefecture level and above, spanning the period from 2005 to 2019. Theoretical analysis indicates that the effect of city size expansion on per capita income adheres to a 'U'-shaped trajectory, while its influence on the urban-rural income gap manifests an 'inverted U' pattern. Moreover, the inclusive income growth stemming from city size demonstrates notable heterogeneity across various geographic locations and city hierarchies. The findings reveal that human capital serves as the primary mechanism through which city size influences inclusive income growth. After decomposing the income inclusiveness index, it becomes evident that the expansion of city size exerts a more potent direct driving effect on the income of urban residents. On the one hand, city size expansion directly increases rural residents' income levels by improving labor productivity. On the other hand, it facilitates leapfrog income development by inducing the rural labor force to move to cities. [ABSTRACT FROM AUTHOR]

Drawing on the framework of Ideological Square Model, this paper carries out a corpus-based analysis of the ways in which group relations and the image of China are re-shaped in the English translation (ET) and the Chinese translation (CT) of Korean news discourse about China with intensifiers as an entry of inquiry. The results show that (1) There is a statistically significant difference regarding faithfulness between the ET and the CT of intensifiers (χ2 = 38.11>3.84, p<0.05), with the ET having more translation shifts. Additionally, the Chi-square test of a 3x3 contingency table (T = 49.77>5.99, P<0.05) indicates that there is a difference between the distribution of translation shifts at the 3 levels between ET and CT. (2) The ET of Korean news about China aligns more closely with van Dijk's ideological square model, while CT violates. It is argued that South Korean media have ideological factors to consider when it comes to Chinese readers accepting CT. (3) There is an alteration of the ideological square model in the target texts. The results indicate that in the translation of a target language, the translation propensity for relevant topics of the target country in which the language is spoken obeys the rules of "Us", the ingroup, but not "them", the outgroup. [ABSTRACT FROM AUTHOR]

The micro-occurrence characterization of shale oil is a key geological issue that restricts the effective development of continental shale oil in China. In order to make up for the lack of research in this area, this paper carries out a series of experiments on the shale oil of the Lucaogou Formation using a multi-step extraction method, with the aim of exploring the micro-occurrence types and mechanisms of shale oil in the Lucaogou Formation, as well as exploring its direct connection with production and development. In this paper, shale oil in the reservoir is divided into two categories: free oil and residual oil. The polar substances and OSN compounds are the key factors determining the occurrence state of shale oil. Abundant polar substances and OSN compounds can preferentially react with mineral surfaces (including coordination, complexation, ionic exchange, and so on) to form a stable adsorption layer, making it difficult to extract residual oil in actual exploitation. Free oil is mainly composed of aliphatic hydrocarbons, and its adsorption capacity is related to the length of the carbon chain, i.e. long carbon chain, strong adsorption capacity, and poor movability. Free oil is widely stored in pores and cracks, and that with high mobility can be the most easily extracted, making it the main target at present exploitation. In the current state of drilling and fracturing technology, research should prioritize understanding the adsorption and desorption mechanisms of crude oil, particularly residual oil. This will help optimize exploitation programs, such as carbon dioxide fracturing and displacement, to enhance shale oil production. [ABSTRACT FROM AUTHOR]

For a long time, China 's extensive economic development model has produced a large amount of emissions, which has brought indelible damage to the environment. Green development is of vital importance for China to achieve high-quality development, and it is the core of alleviating environmental problems and promoting sustainable development. How to achieve China 's green development requires us to evaluate the level of green development in China 's provinces and analyze the reasons. In this study, an evaluation index system including undesired output of green development efficiency is constructed, and then the Supe-SBM model is used to assess the green development efficiency of 30 Chinese provinces. This paper also discusses the spatial and temporal differences as well as the factors affecting green development efficiency of green development efficiency among provinces. The findings demonstrate: (1) The green development efficiency in the eastern region is the highest, followed by the western region, while the central region has the lowest, but they all show a downward trend. (2) The spatial characteristics of green development efficiency are remarkable, according to the Global Moran's I index. However, the results of local spatial agglomeration demonstrate "small agglomeration and large dispersion," with the majority of provinces exhibiting L-L agglomeration. (3) Technological Progress, Opening Up, Urbanization Level are positively correlated with the green development efficiency. Industrial Structure, Financial Development, Energy Structure and green development efficiency are significantly negatively correlated, while Environmental Regulation shows no significant impact. [ABSTRACT FROM AUTHOR]

Green technology innovation is an effective means to achieve high-quality economic development. The impact and mechanism of digital financial inclusion on regional green technology innovation are tested using a threshold regression model and the panel fixed effect model, based on China's provincial Panel data (provincial Panel data are regional annual report data) from 2011 to 2020. According to the study, there is a direct link between local green technology innovation and digital financial inclusion. This paper highlights the differences in their influence by location and usage depth and underscores the necessity of government engagement to improve these characteristics. Information infrastructure needs to be strengthened, especially in areas with gaps. Greater investment in research and development (R&D) indirectly supports regional green technology innovation since it is impacted by digital financial inclusion. Interestingly, a threshold effect becomes most noticeable when digital financial inclusion rises above a particular threshold. Promoting utilizing digital financial inclusion to lessen regional differences in green technology innovation is important. [ABSTRACT FROM AUTHOR]

The question of whether China can become a creative nation has been a topic of much debate in academic circles. The Chinese government has expressed its belief that China can develop a unique form of creativity to move the country from the periphery to the center of the global creative ecosystem. This perspective has led to a series of state-led trials and experiments, including the adoption of cultural and creative industries, creative clusters and cities, and the recent maker movement. This paper utilizes the center-periphery theory to analyze the emergence, development, and evolution of China's maker movement, aiming to revisit the creativity issues in contemporary China. Based on three years of ethnographic research, the paper unpacks the maker movement at three interrelated levels: individual, organizational, and urban. Empirical data indicates that the transformation of China's maker movement is characterized by commodification, formalization, and infrastructuralization processes. The tension between growth and development, and stability and control has turned the once grassroots maker movement into a contested creative hybrid. This paper challenges the conventional view that China is resistant to change and incapable of creativity due to institutional and ideological influences. It demonstrates how an alternative mode of creativity can emerge outside global creative centers and proposes a new perspective on China's potential to become a creative nation. [ABSTRACT FROM AUTHOR]

Carbon price prediction is of great importance to regulators and participants in the carbon trading market. It is the basis for developing policies related to the carbon trading market and stabilizing that market. Considering the numerous factors that influence carbon prices in China, dimensionality reduction is needed to improve the prediction accuracy and efficiency. However, the traditional dimensionality reduction methods fail to fully consider the role of influencing factors, which has certain limitations. In this paper, a new dimensionality reduction method, namely scaled principal component analysis (s-PCA), is employed to improve the prediction accuracy of carbon prices. Firstly, a factor library that influence carbon prices is constructed from three perspectives: technical indicators, financial indicators and commodities indicators. Then, the s-PCA method is used to reduce the dimensionality of factors influencing carbon price. Next, two different methods are used to predict carbon prices, including traditional regression method and Long Short-Term Memory (LSTM) method. Finally, the economic value of the s-PCA method is examined by constructing investment portfolios. The empirical results of the Hubei Emissions Exchange show that the s-PCA model outperforms other competing models both in- and out-of-sample. In addition, the LSTM model could improve the performance of the s-PCA model in carbon price prediction. From a market timing perspective, investors can achieve a greater return and a larger Sharpe ratio using the s-PCA method than using other comparative methods and buy-and-hold strategy. Therefore, the s-PCA method is effective and robust in predicting carbon price. [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]

The special public funding policies, formulated and implemented by provincial governments, plays an important role in the development of private universities in China. However, there is a lack of scientific evaluation on the rationality and completeness of the provincial special public funding policy of China's private colleges and universities. Therefore, this paper uses PMC-index model and text mining technology to establish an evaluation index system for the provincial special public funding policy of private universities in China. Based on PMC-Index and PMC-Surface, 13 policy texts issued since 2010 were evaluated scientifically. The results show that the average PMC-Index of the 13 policies is 6.97, and the PMC-Surface map is smooth, which indicates that the overall structure of these policies is reasonable and the policy content has certain completeness. Only one policy is unacceptable. Through further analysis, we found that there is still much room for improvement in the content design of the sample policy, and its rationality and completeness are related to the publication time. This study is helpful to fully understand the advantages and disadvantages of the provincial special public funding policy of private universities in China. [ABSTRACT FROM AUTHOR]

The launch of the selection process for National Development Zones(NDZs) marked a fundamental change in the construction of development zones, making it an essential position for local authorities to implement high-quality development. Based on the data of prefecture-level cities in China from 2000 to 2018, this paper examines the impact and mechanism of selecting NDZs on urban green innovation through a double-difference spatial durbin model using the selection of NDZs as a "quasi-natural experiment". The study finds that the selection of NDZs can promote green innovation in cities and has a significant window-radiating effect. The heterogeneity test results show that the implementation of the selection policy for development zones in non-old industrial cities, large and medium-sized cities, cities with easy access to transportation, and cities with high market orientation are more likely to promote urban green innovation. At the same time, the higher the level of government governance and the better the level of economic development of the development zones, the more it helps to realize the effects of the selection policy. The results of the mechanism test show that the selection of NDZs has a positive impact on urban green innovation through environmental regulation effects, resource allocation effects, and policy amplification effects. [ABSTRACT FROM AUTHOR]

China has witnessed the trend of corporate financialization (CF) with some potential risks as the economy slows down its pace in the past decade. In this paper, we explore whether corporate social responsibility (CSR) could work as an information channel to restrain CF or as reputation insurance to promote CF. We find a significant positive relation between CSR and CF, especially for non-SOEs and enterprises with low ownership concentration and high CSR scores. It verifies that the reputation insurance effect by CSR outweighs the information effect and denies the opposite. The results prove robust in tests including sensitivity and endogeneity test. By expanding the scale and adding new aspects to the discussion about how CSR affects CF, this paper provides valuable empirical support to both theorists and practitioners. [ABSTRACT FROM AUTHOR]

Based on the panel data of 30 provinces in China from 2011 to 2019, this paper uses a two-stage DEA model to measure regional innovation efficiency, then non-parametric test is used to examine the impact of innovation network structure and government R&D investment on regional innovation efficiency. The results show that, at the provincial level, innovation efficiency of regional R&D is not necessarily in direct proportion to the innovation efficiency in the commercialization stage. Commercialization efficiency is not necessarily high in provinces with high technical R&D efficiency. At the national level, the innovation efficiency gap between our country's R&D and commercialization stage is small, indicating that the development of the national innovation efficiency is more and more balanced. Innovation network structure can promote the R&D efficiency, but has no significant effect on the commercialization efficiency. Government R&D investment helps to improve the R&D efficiency, but it is not conducive to the improvement of commercialization efficiency. The interaction between innovation network structure and government R&D investment will have compound effects on regional innovation efficiency; the region with underdeveloped innovation network structure can increase the government R&D investment to make it have a higher level of R&D. This paper provides insights into how to improve innovation efficiency in different social networks and policy environments. [ABSTRACT FROM AUTHOR]

Using the data of the 2018 China Family Panel Studies (CFPS), this paper empirically tests the impact of the "Big Five" personality characteristics on household charitable donation behavior. The benchmark regression results show that after controlling the individual characteristics and family characteristics of the household heads, the conscientiousness and openness of the household heads have a significant positive impact on the social donation behavior of the family. On this basis, this paper takes the openness personality as an example, selects the identification strategy of processing effect, and tests the robustness of the causal effect of personality on household donation behavior. The openness personality has a significant positive impact on household external donation behavior. In the further study, it is found that with the improvement of the level of household charitable donation, the positive effect of the household head 's openness personality on household charitable donation behavior is gradually weakening; The influence of openness personality on household charitable donation has the nonlinear characteristics of "marginal effect" increasing and obvious life cycle characteristics. [ABSTRACT FROM AUTHOR]

The Fenwei Plain is listed as one of the most serious air pollution regions in China, along with Beijing-Tianjin-Hebei and Yangtze River Delta regions. This paper proposed a functional data analysis method to study the environmental pollution problem in the Fenwei Plain of China. Functional spatial autoregressive combined (FSAC) model with spatial autocorrelation of both the response variable and error term is developed. The model takes the SO2 concentration of Fenwei Plain as the dependent variable and the dew point temperature as the independent variable and realizes the maximum likelihood estimation using functional principal component analysis to obtain the asymptotic properties of parameter estimation and the confidence interval of the slope function. According to the findings of the empirical analysis of the Fenwei Plain, the SO2 concentration has significant seasonal characteristics and has decreased year over year for three years in a row. Winter is the season with the highest concentration on the Fenwei Plain, followed by spring and autumn, while summer is the season with the lowest concentration. Winter also has a high spatial autocorrelation. The FSAC model is more effective at fitting the concentration and dew point temperature of the Fenwei Plain in China because its mean square error (MSE) is significantly lower than that of the other models. As a result, this paper can more thoroughly study the pollution problem on the Fenwei Plain and offer guidance for prevention and control. [ABSTRACT FROM AUTHOR]

Enterprise financialization will block the equipment update and technological innovation of enterprises by crowding out the main business funds. The risks and benefits of supply chain concentration will affect the enterprise financialization. This paper selects the panel data of A-share listed companies in China from 2009 to 2021, and uses fixed effect regression to analyze the impact of supply chain concentration on enterprise financialization. The conclusions show: both suppliers and customers concentration significantly promote the financialization of enterprises, and this conclusion is still valid after a series of tests; This kind of financialization effect is heterogeneous in four aspects: the nature of property rights, the scale of enterprises, the intensity of industrial competition and the level of economic development in the region where the enterprises are located; the mechanism analysis show that customer concentration can affect enterprise financialization through upstream commercial credit, but supplier concentration cannot affect enterprise financialization through downstream commercial credit. [ABSTRACT FROM AUTHOR]

Objectives: The improvement of the manufacturing industry's total factor productivity depends not only on innovation factor double circulation, but also on cross-border mobility to a large extent. Methodology: This paper constructs a model that demonstrates the impact of innovation factor double circulation and cross-border flow on the manufacturing industry's total factor productivity, and it seeks to estimate this impact by using panel data from China's manufacturing industry taken from the period 2009–2020. Findings: It finds the path dependence of innovation factors significantly increased their double circulation cost, and did not significantly improve the manufacturing industry's total factor productivity. Conclusion: It finds the path dependence of innovation factors significantly increased their double circulation cost, and did not significantly improve the manufacturing industry's total factor productivity. Cross-border flow improves the marginal efficiency of innovation factors, realizes the spatial agglomeration of high-end innovation factors and greatly promotes the double circulation of innovation factors in a way that effectively improves the manufacturing industry's total factor productivity. Implications: These conclusions have profound policy implications: cross-border flows can promote the incremental adjustment of innovation factors; fully release the development potential and toughness of the dual circulation of innovation factors; and are essentially conducive to improving the manufacturing industry's total factor productivity. [ABSTRACT FROM AUTHOR]

Identifying the relationship between carbon neutrality initiatives and its economic impact is crucial in evaluating the cost of low-carbon transition for policy makers. In this paper, a theoretical model is built to discuss the effects of the low-carbon pilot policy in China on urban economic resilience and an empirical test is conducted to examine the relationship using the Heckman two stage model and a panel data of 277 cities from 2004 to 2020. The results show that low-carbon pilot policy significantly enhanced urban economic resilience and the stimulating effect is mainly achieved by motivating technology innovations. In addition, further analysis indicates that low-carbon pilot policy has a more pronounced effect on improving urban economic resilience of cities in the central and western regions than eastern regions. The effect is also more prominent in non-first-tier cities than first-tier cities. The results are robust to placebo test, the Propensity Score Matching Difference-in-Difference test and the test for alternative measure of urban economic resilience. The findings show that the low-carbon pilot policy is consistent with the goal of improving urban economic resilience and technology innovation is the essential pillar of sustainable development. [ABSTRACT FROM AUTHOR]

Factor price distortions and resource misallocation are important sources of productivity differences between regions. Promoting the free flow of factors of production is conducive to giving full play to the decisive role of the market in allocating resources, which is crucial to helping a country's economy develop in a high-quality and sustainable manner. This paper proposes a new approach to measuring factor market distortions and establishes the relationship between factor price distortions and a country's economic growth. This paper examines the resource misallocation and efficiency loss of 31 provinces in China from 2004 to 2020, and proposes an analytical framework for resource misallocation among regions, with which the Total Factor Productivity (TFP) and the factor price distortion of provinces in China are calculated. The calculation results indicate that the TFP of China's provinces gradually declines from the eastern coast to the western inland. The resource allocation efficiency in the eastern and central areas is higher than that in the western areas, so is the factor price, and its distortion causes nearly 6% of loss of output value in China. China's economic growth is still reliant on the increase of factor input and technological development and the improvement of resource allocation efficiency has no significant effect on growth. [ABSTRACT FROM AUTHOR]