Search

The product market competition affects the non-neutrality of monetary policy. This paper quantitatively assesses its impact on the slope of the Phillips curve through the channels of nominal and real rigidity. We build a New Keynesian model using the Kimball aggregator and the Calvo staggered pricing scheme. We show that a more competitive market environment has opposite effects on the slope of the Phillips curve by increasing the real rigidity and lowering the nominal rigidity. We then estimated the model using regional data of China. The Bayesian estimation shows that the response of inflation-output trade-off is larger in the region with a high degree of competition. Counterfactual experiments demonstrate that nominal rigidity has a dominant role and accounts for the majority of the difference in the Phillips curve, while the contribution of real rigidity is relatively minor. Our results highlight the key role of nominal rigidity in determining the inflation-output dynamics. [ABSTRACT FROM AUTHOR]

This paper investigates the impact of digital inclusive financial development on local government expenditure incentives at the income level. It does so by constructing a multi-level government Dynamic Stochastic General Equilibrium (DSGE) model that incorporates the financial sector. By employing empirical methods that involve uncertainty shocks and counterfactual simulations, the research yields several key findings. Firstly, the development of digital inclusive finance contributes to breaking down the urban-rural dual financial structure, thus facilitating balanced economic development within regions. Secondly, it reduces the proportion of financially excluded areas, accelerates fiscal decentralization, leading to an increase in local government fiscal revenue, and, consequently, an expansion of local fiscal expenditures. Thirdly, at a certain stage of digital inclusive finance development, it tends to crowd out residents' investment and consumption. Therefore, the decentralization of fiscal power and the expansion of local government expenditure at this stage may paradoxically inhibit regional economic growth. The study's conclusions validate the significant impact of digital inclusive finance on local government incentives at the income level. [ABSTRACT FROM AUTHOR]

On February 26, 2018 and July 24, 2021, the Chinese government respectively issued two significant regulatory policies to address the problems caused by off-campus training institutions in terms of students' extra-curricular and family financial burdens. These policies have had a tremendous and far-reaching impact on the off-campus training industry in China. With the help of these two events, we explored the role of industry-level regulatory policies in shaping and forming organizational culture. This paper adopts a text analysis method, combined with the dimensions of the Denison Organizational Culture Survey (DOCS) and MAXQDA 18 software, to obtain data on corporate culture. Then, the approaches of regression discontinuity in time (RDiT) and regression discontinuity (RD) designs with multiple cutoffs are used to estimate the policy treatment effect. This empirical research suggests that regulatory policies have a significant impact on corporate culture. Moreover, regulatory policies of varying degrees of strictness have differential effects on different dimensions of corporate culture. The research findings contribute to the theories of corporate culture and can guide enterprises to evaluate the impact of policies on corporate culture more clearly, thereby enabling them to make wiser operation decisions. [ABSTRACT FROM AUTHOR]

To stimulate economic growth, China has launched multiple economic stimulus plans in recent years, intensifying corporate debt financing and subsequently elevating the leverage levels. Addressing and effectively reducing the leverage levels of our country's enterprises has emerged as a pressing issue in the trajectory of our economic development. This paper primarily investigates the drivers, pathways, and mechanisms for reversing the over-leveraged values of enterprises. Key findings include: (1) Excessive indebtedness exerts a negative impact on corporate value, with the suppressing effect intensifying as the degree of over-leverage increases; (2) Over-leveraged enterprises can effectively decrease their debt levels and enhance their value through private placement. Further research suggests that this mechanism operates by amplifying the operational leverage of over-leveraged enterprises post private placement and alleviating financing constraints, thereby elevating corporate value. (3) Compared to non-state-owned enterprises, state-owned enterprises exhibit higher levels of indebtedness. Among over-leveraged firms, enhancements in corporate governance and increased investment efficiency can positively transform corporate value. This study offers valuable insights for the ongoing supply-side structural reforms and governance guidance from the regulatory bodies. [ABSTRACT FROM AUTHOR]

The leading role of the media is very important in the new media era to build the reporting system and framework of sexual violence crimes, guide people's awareness and public opinion, and improve society's vigilance on sexual crimes. This study took People's Daily Online, a representative online media in China, as a research object to analyse the reporting of sexual crimes over the past 15 years. We conducted relevant searches for specific keywords set in the Python crawler and used IBM SPSS Statistics 19 software to analyse the frequency of relevant content. The results of the research show that, firstly, there have been significant changes in the number of news stories about sexual crimes. Second, the majority of sexual crime news stories are from mainland China. Third, the focus of the news stories and people is relatively concentrated on the perpetrators. Fourth, the People's Daily Online's coverage of sexual crimes focuses on blaming the perpetrators. Fifth, sexual crimes show that the framework is more episodic. This paper examines changes in the coverage of sexual crimes in China and captures how the media cover socially relevant issues, providing important insights for future social health, psychological awareness and diversion, and media policy. [ABSTRACT FROM AUTHOR]

This study explores the impact of farm households' social capital characteristics and local government policies on the selection of farmland transfer contracts in China's rural industrial revitalization context. Utilizing field research data from 1,979 households in ethnic areas of Hunan Province, this paper constructs an econometric model to assess how farm households' social capital and local governments' involvement in rural industrial revitalization influence farmland transfer contract selections. The findings indicate that, lacking government program support, farmers' social capital significantly affects contract type and duration, but not the rent. Specifically, farmers possessing extensive social capital prefer verbal and short-term contracts (coefficients of 0.525 and 0.643, significant at the 5% level), whereas their influence on rent (coefficient of 2.418, significant at the 5% level) manifests under government program support. These results challenge the conventional theory of farmland transfer contracts and offer substantial empirical support for the development of local government policies in rural industrial revitalization, underlining the critical role of government guidance and social capital in enhancing farmland transfer. [ABSTRACT FROM AUTHOR]

Wheat is a major grain crop in China, accounting for one-fifth of the national grain production. Drought stress severely affects the normal growth and development of wheat, leading to total crop failure, reduced yields, and quality. To address the lag and limitations inherent in traditional drought monitoring methods, this paper proposes a multimodal deep learning-based drought stress monitoring S-DNet model for winter wheat during its critical growth periods. Drought stress images of winter wheat during the Rise-Jointing, Heading-Flowering and Flowering-Maturity stages were acquired to establish a dataset corresponding to soil moisture monitoring data. The DenseNet-121 model was selected as the base network to extract drought features. Combining the drought phenotypic characteristics of wheat in the field with meteorological factors and IoT technology, the study integrated the meteorological drought index SPEI, based on WSN sensors, and deep image learning data to build a multimodal deep learning-based S-DNet model for monitoring drought stress in winter wheat. The results show that, compared to the single-modal DenseNet-121 model, the multimodal S-DNet model has higher robustness and generalization capability, with an average drought recognition accuracy reaching 96.4%. This effectively achieves non-destructive, accurate, and rapid monitoring of drought stress in winter wheat. [ABSTRACT FROM AUTHOR]

Border tourism plays an important and positive role in international economic and cultural cooperation, and the tourism cooperation relationship between China and North Korea has lasted for more than 30 years. China has become the country with the largest number of tourists to North Korea. However, because the relevant data of tourism to North Korea are not public, it also brings difficulties to the further study. This paper based on the Baidu Index of 31 provinces and regions in China and discusses the temporal and spatial distribution characteristics and influencing factors of travel demands to North Korea. The findings from the research are as follows. First, the travel demands from 2011 to 2018 showed an overall trend of initial increase followed by later decrease. The seasonal difference is significant. The peak season is longer than the off-season. Secondly, on the whole, the travel demands to North Korea showed a spatial agglomeration effect, and the provinces with high demands or low demands gather significantly in space. Taking "Hu line" as the boundary, the east is higher than the west. The hot spot areas and cold spot areas gradually transition from east to west. Thirdly, holidays, population, GDP, per capita disposable income, Internet penetration and education are the main influencing factors of tourism demand to North Korea. By using Baidu Index, this paper overcomes the bottleneck of inaccessible tourism data to North Korea. At the same time, from the perspective of tourist source countries, this paper discusses the spatial-temporal differentiation and influencing factors of travel demands in terms of geographical space, and compares it with existing studies, expanding the research framework of China's outbound tourism. [ABSTRACT FROM AUTHOR]

Corporate environmental information disclosure is an important way for stakeholders to understand the performance of corporate environmental responsibilities. To explore the group relevance of corporate environmental information disclosure, this paper empirically tests the intra-industry peer effect of corporate environmental information disclosure using a panel fixed-effects model based on data of Chinese heavily polluted listed companies from 2015 to 2019 and studies its formation mechanism and impact path. The results show that there is an intra-industry peer effect in corporate environmental information disclosure; this effect exists in corporations of different ownership; social learning mechanism and environmental pressure mechanism are the channels to form the intra-industry peer effect of corporate environmental information disclosure; there are both intra-group imitation and inter-group imitation in the intra-industry peer effect of corporate environmental information disclosure. Based on the research results, the government can select corporations in various industries with excellent quality of environmental information disclosure as benchmarks to provide learning templates for corporations with inferior information. At the same time, the government can impose appropriate environmental protection pressure to promote learning and imitation among corporations. It is important to note that when selecting benchmarking companies, priority should be given to large and high-performing corporations. [ABSTRACT FROM AUTHOR]

This paper takes the 2014 pilot project of accelerated depreciation of fixed assets as a quasi-natural experiment, and builds a Propensity Score Matching–Difference in Differences (PSM-DID) model based on the data of Chinese listed companies from 2000 to 2019 to test the impact of tax preference on enterprise investment efficiency and its mechanism. The results show that the policy inhibits supported enterprises investment efficiency significantly. Heterogeneity analysis shows that the policy causes greater investment efficiency losses for small and medium-sized enterprises, non-state-owned enterprises and asset-heavy enterprises. The mechanism test found the reason why the policy eased financing constraints but inhibited investment efficiency in short-term. After a variety of robustness tests, the above basic conclusions are still valid. Although the accelerated depreciation policy of fixed assets is conducive to expanding the scale of investment, the incentive effect on investment efficiency is not obvious, and even shows a restraining effect. Given the existence of heterogeneity, the design of the policy should not only distinguish industries, but also pay attention to the differences between different enterprises in the same industry. Strengthening research and development (R&D) innovation and improving the matching mechanism between human capital and fixed investment will help give full play to the incentive effect of this policy. The research in this paper helps to deepen the understanding of the microeconomic effects of tax policy and identify the internal mechanism, which not only enriches the relevant literature, but also provides a reference for the government to better use tax policy to promote the high-quality development of enterprises. [ABSTRACT FROM AUTHOR]

Urban economic development is crucial to regional economy and people's life, and enhancing the efficiency of urban economic development is of great significance to boost sustainable and healthy economic and social development. In this paper, from the perspective of sustainable development, data of 104 cities in China's Yangtze River Economic Belt (YREB) from 2004 to 2019 are selected, and the urban resource consumption index and urban pollutant emission index are synthesized as new input-output indicators using the Time Series Global Principal Component Analysis (GPCA), combined with the Global Malmquist-Luenberger (GML) Index Model, Standard Deviation Ellipse (SDE) Model to measure the total factor productivity index of urban economic development in China's YREB and analyze its spatial and temporal evolution. The results show that from 2004 to 2019, the total factor productivity index of urban economic development in China's YREB showed an overall fluctuating upward trend with an average annual growth of 5.8%, and the analysis by decomposing indicators shows that the growth of total factor productivity of urban economic development in China's YREB is mainly influenced by the growth of technological progress. Meanwhile, there are obvious regional differences in the efficiency of urban economic development in China's YREB, with the largest difference in the middle reaches of the Yangtze River, the second largest in the upper reaches, and the smallest in the lower reaches. From 2004 to 2019, the efficiency center of gravity of urban economic development efficiency in the YREB has always been located in the middle reaches of the Yangtze River region. The spatial distribution pattern of urban economic development efficiency in the YREB is dominated by the northeast-southwest direction and tends to be concentrated in the study time period. [ABSTRACT FROM AUTHOR]

In the context of China's commitment to peak carbon emissions by 2030 and achieve carbon neutrality by 2060, as well as its strategy to build a strong transportation country, it is of foremost importance to study the carbon emission reduction effect of the opening of high-speed rail (HSR). This paper innovatively introduces the frequency of HSR stops as an indicator of HSR operation, and uses a time-varying difference-in-difference (DID) model, a mediating effect model and a spatial DID model to assess the direct and indirect impact, transmission mechanism, and spatial spillover effects of the opening and operation of HSR on carbon emission reduction based on a panel of 279 prefecture-level cities from 2003 to 2017. We found that the opening and operation of HSR significantly reduced urban carbon emissions. The direct transmission mechanism analysis shows that the opening of HSR can reduce carbon emissions by replacing highway passenger traffic. Indirect mechanism analysis shows that the opening of HSR can reduce carbon emissions through technological effect, structural effect and opening effect. The test of spatial spillover effect shows that the opening of HSR can promote carbon emission reduction not only in node cities, but also in neighboring cities. [ABSTRACT FROM AUTHOR]

Microblog has become the "first scenario" under which the public learn about the epidemic situation and express their opinions. Public sentiment mining based on microblog data can provide a reference for the government's information disclosure, public sentiment guidance and formulation of epidemic prevention and control policy. In this paper, about 200,000 pieces of text data were collected from Jan. 1 to Feb. 26, 2020 from Sina Weibo, which is the most popular microblog website in China. And a public sentiment analysis framework suitable for Chinese-language scenarios was proposed. In this framework, a sentiment dictionary suitable for Chinese-language scenarios was constructed, and Baidu's Sentiment Analysis API was used to calculate the public sentiment indexes. Then, an analysis on the correlation between the public sentiment indexes and the COVID-19 case indicators was made. It was discovered that there is a high correlation between public sentiments and incidence trends, in which negative sentiment is of statistical significance for the prediction of epidemic development. To further explore the source of public negative sentiment, the topics of the public negative sentiment on Weibo was analyzed, and 20 topics in five categories were got. It is found that there is a strong linkage between the hot spots of public concern and the epidemic prevention and control policies. If the policies cover the hot spots of public concern in a timely and effective manner, the public negative sentiment will be effectively alleviated. The analytical framework proposed in this paper also applies to the public sentiment analysis and policy making for other major public events. [ABSTRACT FROM AUTHOR]

Enhancing the level of coupling coordination between the digital economy (DIE) and carbon emission efficiency (CEE) is not only an inevitable choice for achieving the goals of energy conservation and emission reduction and promoting green development in China, but also a key path to implementing China's "Double Carbon" strategy. Based on the relevant statistical data of 30 provincial-level regions in China from the period covering 2011 to 2019, this paper empirically analyzed the coupling coordination between the DIE and CEE and its influencing factors. In this study, an improved coupling coordination degree (CCD) model was used to evaluate the degree of the coupling and coordinated development of the DIE and CEE in provincial regions of China. Finally, based on the Technology-Organization-Environment (TOE) framework, a fuzzy-set qualitative comparative analysis (fsQCA) method was employed to identify the realization path of the coupling and coordinated development of the DIE and CEE from the perspective of configuration. The results demonstrated that the coupling coordination between the DIE and CCE in China demonstrated a gradual upward trend, and exhibited regional differences, showing a decreasing trend of east > middle > west. Regarding the influencing factors, no single influencing factor could act as a necessary condition for the high CCD, the coupling and coordinated development of the DIE and CEE is a multifactorial synergy. There were five paths for the high degree of coupling coordination between the DIE and CEE, which were divided into three types: organization-environment-led type, environment-led type, and technology-organization-led type. Furthermore, technological innovation level and industrial structure could substitute for one another in some conditions, and environmental regulation and economic development level were synchronized. These conclusions provide a theoretical basis for countries to formulate policies to promote the coupling and coordinated development of their DIE and CEE. [ABSTRACT FROM AUTHOR]

Public procurement is an important bridge between public demand and market supply and may affect corporate behavior. However, in the advocacy of sustainable development, the extant research has rarely combined sustainable public procurement (SPP) with corporate ESG performance, to explore whether governments have contributed to the development of sustainable corporate performance through their sustainable procurement activities. This paper fills in the gap by matching the actual implementation of SPP of 42,369 projects in China over 2015~2020 with 20,125 corporate ESG performance data, to analyze the relationship between SPP implementation and corporate ESG performance. The results show that the implementation of SPP has a significant positive impact on corporate ESG performance. Further heterogeneity analysis reveals that the impact is stronger in China's eastern and central regions than in other regions, and corporates at a mature stage are more likely to follow the government sustainable behavior. In addition, the implementation of SPP has a long-term effect on corporate ESG performance. The above findings have important policy implications: firstly, there is a better role for government to play as the "invisible hand", to participate in the market economy; Specifically, SPP policy should be added to government policy tool box to improve corporate ESG performance in addition to disclosure requirement, and the SPP policy employed should in particular attend to the "missing sectors" of sustainability in SPP for the good of corporate ESG; secondly, the government should implement differentiated policies tailored to the region's economic development conditions and corporate development characteristics; thirdly, a long-term evaluation mechanism should be established so that the government can play a more long-term demonstration and leading role. [ABSTRACT FROM AUTHOR]

With the continuous promotion of China's innovation-driven development strategy, the role of technological innovation on economic development has become increasingly important. In this context, the support of R&D capital investment for technological innovation also becomes non-negligible. This leads to the question of whether the allocation of R&D capital is reasonable and whether there is room for further improvement. This paper is based on inter-provincial panel data from 2009 to 2020, which are classified based on China's National Bureau of Statistics for R&D funding sources in high-tech industries and incorporated into an overall discussion framework. Using STATA16 statistical software, the R&D innovation output of high-tech industries is inves-tigated by building a PVAR model with the perspective of funding sources of R&D input intensity. The study results show that (1) the increase in the intensity of enterprises' own capital investment has a positive impact on innovation output because it can generate a financial "reservoir" effect to support technological innovation. (2) the increase in the intensity of government capital invest-ment has a positive impact on innovation output because it can alleviate the loss of income of en-terprises due to "R&D spillover" and will send a positive signal to the market. (3) the foreign in-vestment intensity has a positive impact on the innovation output of enterprises due to the com-bined effect of "spillover effect" and "crowding out effect". (4) the increase of other capital in-vestment intensity also has a neutral effect on the increase of innovation output under the current financial market environment. Finally, based on the above findings, corresponding policy impli-cations are drawn. This study will help to improve the understanding of R&D capital allocation imbalance and R&D input and output issues in developing countries and provide a reference for policy makers. [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]

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]

Based on the data of 278 prefecture-level city panels in China from 2008 to 2020, this paper presents the policy of innovative pilot city as a quasi-natural experiment. It is found that (1) the implementation of innovative urban policy can significantly improve the level of science and technology entrepreneurship, but the pilot policy has a time lag effect and has a continuous promoting effect since the third year. (2) For large cities, areas with high levels of economic development, central and eastern regions and cities with high new infrastructure, innovative cities can improve the level of technological entrepreneurship; (3) Innovative cities improve the level of technological entrepreneurship by improving the incubator of technological enterprises and strengthening the flow of human capital; (4) The effect of the establishment of innovative cities on the level of technological entrepreneurship mainly shows that the siphon effect does not show radiation effect, and this siphon effect mainly improves the level of technological entrepreneurship by increasing the number of incubators of technological enterprises. [ABSTRACT FROM AUTHOR]

Green agriculture can minimize the negative impact of agriculture on the environment. As countries around the world strongly advocate green production and green life style, not only is consumers' awareness about green consumption rising, but the demand for green agricultural products at home and abroad is gradually increasing as well. Brand image has been a crucial factor for consumers to make their final purchasing decisions, thus playing a critical role in influencing the purchasing decisions of consumers. Based on the theory of the brand image, this paper undergoes a comprehensive theoretical and positive analysis and explores the influence mechanism of brand image of green agricultural products on consumers' purchasing intention. A hypothetical model with perceived value as mediators is constructed by us to examine the influence of brand image of green agricultural products on consumers' purchasing intention. A quantitative study was conducted for a random sample of 341 consumers who purchased green agricultural products in China according to a questionnaire-based survey using a cluster random sampling technique. The study showed that the overall image of agribusiness, the image of agricultural products, the social image of agribusiness, and the image of consumers are all positively related to consumption intention. The overall image of agribusiness, the image of agricultural products, the social image of agribusiness, and the image of consumers have a positive influence on perceived value. Moreover, perceived value plays a part in the mediating role in the influence of the overall image of agribusiness, the image of agricultural products, the social image of agribusiness, and the image of consumers on consumption intention. These findings shed lights on enterprises in establishing a scientific and effective brand strategy and building an excellent brand image. The research conclusion can provide new insight into how to enhance the consumption willingness for green agricultural products and promote sustainable development. [ABSTRACT FROM AUTHOR]

In this paper, we take the Yangtze River Economic Belt as the study area and analyze three types of environmental regulation tools, namely, command-and-control (CAC), market-incentivized (MI) and public-type (PT). We apply the threshold effect to test the impact of each of these tools on regional economic growth and analyze the relationships between the tools and environmental regulation. The entropy method is used to calculate the comprehensive environmental pollution index of each province and city in the Yangtze River Economic Belt. Using Stata 14.0 measurement software and based on provincial data with respect to the Yangtze River Economic Belt from 2014 to 2021, a panel threshold model is used to test the impact of the three types of environmental regulation tools on regional economic growth and analyze the relationship between environmental regulation and regional economic growth. It is found that the relationship between environmental regulation and economic growth is non-linear. There is no significant relationship between CAC environmental regulation and regional economic growth; there is a single threshold effect between market-incentive environmental regulation and public participation environmental regulation on the economic growth of the Yangtze River economic belt. [ABSTRACT FROM AUTHOR]

This paper constructs a theoretical model of biased production decisions due to the import of environmental intermediate goods. Additionally, it analyzes the influence of these imports on CO2 emissions based on the trade and CO2 emission data of Chinese prefecture-level cities from 2000 to 2016. Furthermore, it empirically explores how environmental intermediate imports affect CO2 emissions. The study found the following: first, the import of environmental intermediate goods can effectively reduce CO2 emissions; this conclusion still holds under robustness and endogeneity tests. Second, the carbon emission reduction effect related to the import of environmental intermediate goods is affected by differences in geographical location, environmental pollution, sustainable development ability and government efficiency. Third, the mechanism test found that the import of environmental intermediate goods exerts emission reduction effects through the green technological innovation and industrial structure upgrading mechanisms. The conclusions of the research in this article provide a reference for coordinating trade development and environmental protection. [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]

This paper explores the impact of artificial intelligence and industrial robots on firms' export behaviour and divides the impact mechanism into the productivity effect and labour substitution effect. It examines the effect of industrial robots on firms' export value by using Chinese Customs data, Chinese Industrial Firm data and robot data from the International Robot Federation (IRF). The main findings are as follows: Firstly, the impact of artificial intelligence and industrial robots on Chinese firms' export value is generally negative, which means the negative labour substitution effect dominates the positive productivity effect. Secondly, the impact of artificial intelligence varies significantly by industry, and the export value of firms from high-tech industries benefits from the use of industrial robots. Thirdly, the impact of artificial intelligence on firms' export value also varies by time; before 2003, the use of industrial robots showed mainly an inhibiting effect on firms' exports, which turned into a driving effect thereafter, and after 2006, industrial robots began to significantly promote firms' export. Finally, the higher the quality of export products, the more likely the use of industrial robots will be to promote firms' export value, and the higher the capital–labour ratio is, the more likely firms' export value will be to benefit from the use of artificial intelligence and industrial robots. On the basis of these findings, this study proposes promoting the productivity effect to dominate the labour substitution effect through technological progress and the improvement of export product quality. [ABSTRACT FROM AUTHOR]

Scientific evaluation of yachting tourism safety risks (YTSRs) is crucial to reducing accidents in this sector. This paper is based on the data of 115 yachting tourism accidents in China's coastal areas from 2008 to 2021. A fishbone diagram and the analytic hierarchy process (AHP) were used to identify the risk factors of yachting tourism from four aspects human, yachting, environmental, and management risk and to construct an evaluation index system. To perform dynamic evaluation, a dynamic evaluation model of YTSRs was built using dynamic Bayesian networks (DBN). The results indicate that human factors, such as the unsafe behavior of yachtsmen and tourists, are the primary risk factors; the risk is higher in summer than in winter, and the Pearl River Delta region has a greater risk of yachting tourism. It is suggested to improve the normal safety risk prevention and control system of yachting tourism, to advocate for multi-subject coordination and co-governance, and to improve the insurance service system so as to provide a guarantee for the safe and healthy development of yachting tourism in China. The findings provide theoretical and practical guidance for marine and coastal tourism safety management, as well as the prevention and control of YTSRs. [ABSTRACT FROM AUTHOR]

Background and objectives: Addressing climate change and reducing greenhouse gas emissions have emerged as shared global objectives. Enhancing the development performance of low-carbon cities has become an urgent and widely acknowledged concern for both government policy-making departments and academics. Drawing upon the complex grouping perspective and resource allocation theory, this study investigates how varying conditions related to technology, organization, and environment in Chinese low-carbon pilot cities can effectively allocate resources to shape the governance performance of low-carbon cities. Methods and data: This paper employs a comprehensive grouping analysis perspective, treating the research object as a combination of various ways between condition variables. It integrates the advantages of case studies and variable studies, and investigates the collective relationships between elemental groupings and outcomes using the fsQCA analysis method. This approach facilitates the understanding of multiple concurrent causal relationships within the technology-organization-environment (TOE) framework, accounting for different performance levels in Chinese low-carbon pilot cities, as well as addressing complex causal issues such as asymmetry and multiple scenario equivalence. Data from 30 representative low-carbon pilot cities in China were employed to validate the TOE theoretical framework. Conclusion: No single element alone can be considered a necessary condition for low-carbon city governance performance. However, environmental enhancement plays a more prominent role in the governance performance of low-carbon cities. Additionally, the presence of "multiple concurrent" technical, organizational, and environmental conditions leads to a diverse range of governance performance in Chinese low-carbon pilot cities. In other words, the driving paths of low-carbon city performance exhibit distinct pathways. Contribution: The findings of this study can assist low-carbon pilot city managers in generating effective governance ideas, facilitating the successful implementation of low-carbon city pilot projects, and drawing valuable lessons from the experience of low-carbon city development in China. [ABSTRACT FROM AUTHOR]

In the current era of big data, the exponential increase in the volume of social data has exerted a significant influence on the government and all sectors of society, with the opening of government data becoming an irresistible trend. In this paper, several regional central cities are selected as the representatives of municipal governments to analyze the characteristics and weaknesses of their data-opening policies from various perspectives including policy effectiveness, policy tools, and policy targets. This is of reference significance for the municipal governments of an individual country in the formulation of data opening policies. To be specific, with 2015–2021 as the timeline, based on the six regions of the country, the central cities of each region are selected as representatives of municipal cities, and the text coding of 85 data opening policies implemented in regional central cities are performed. On this basis, a "policy tool-policy targets-policy effectiveness" collaborative measurement model is constructed through the policy tool theory, and the co-evolution analysis of the relevant policies is conducted. The research results are as follows. Firstly, there is a positive correlation between the total policy effectiveness and its quantity, indicating that the number of data-opening policies plays a positive role to a certain extent. However, the average effectiveness shows no significant increase, indicating the inadequate specificity of each policy. Secondly, the degree of synergy between policy tools fluctuates periodically, indicating that the government is constantly trying new methods, with more importance attached to the synergy between government capacity cultivation and positive incentive tools. Thirdly, policy targets continue to show new connotations over time, and there has been new progress made in the coordination between the other three objectives driven by data opening. However, it is imperative to enhance the synergy between the objectives of building a smart city and improving the services related to livelihood. Finally, some targeted suggestions are put forward on how to further improve the data opening policy implemented by municipal governments from three perspectives. [ABSTRACT FROM AUTHOR]

This paper aims to demonstrate the impact of coal enterprises’ vertical integration on the performance of innovation corporate social responsibility (ICSR) and to elaborate its specific transmission path through financing structure and market power. This paper takes the data of A-share listed coal company from 2008 to 2017 as samples, uses input-output table method to measure the degree of vertical integration, and explores the relationship between the four factors through multiple linear regression and Bootstrap method. We found that: (1) the vertical integration of coal enterprises has positive incentives for the promotion of ICSR. (2) Financing structure and market power play a chain intermediary role in this process of incentive. (3) In areas with high marketization process, vertical integration has more significant incentive effect on ICSR. The paper extends the research on the relationship between vertical integration and innovation, which provides a reference for the improvement of China’s supply-side reform and corporate social responsibility (CSR) fulfillment policy. It is helpful to promote the sustainable development of the coal industry, stimulate the innovation vitality of enterprises, and improve the fulfillment of CSR. [ABSTRACT FROM AUTHOR]

The Ministry of Industry and Information Technology (MIIT) universities are important bases for science and technology research and play a critical role in China’s National Innovation System. Based on the Web of Science (WoS), this article analyzes the statistics of paper published by MIIT universities and universities from across China including MIIT universities. The results are as follows: (1) Both the MIIT universities and universities nationwide in China have increased their international academic publications, and MIIT have shown a greater increase for the past decade. (2) In terms of U-I-G interaction, for UG relations, the Tug value of MIIT universities has remained stable, while that of universities in China has become declined. For UI relations, the Tui value of both MIIT universities and universities in China has shown steady growth. For UIG relations, MIIT universities have a greater synergistic effect of Triple Helix relationship than universities in China. (3) For more details in seven MIIT universities, universities elected into “Project 985”, including HIT, BUAA, BIT and NPU, have published more papers, and been more synergistic with government and industry (UIG relations) than other three universities, including NUAA, NUST and HEU. Based on the empirical results, we discuss our findings, and make certain suggestions regarding policy incentives, reasonable administrative system and U-I-G interaction mode, which is significant not only for Chinese universities but also for universities in other developing countries. [ABSTRACT FROM AUTHOR]

Drawing on fine particulate matter (PM2.5) from satellite raster data and matching with the county-level socio-economic data from 2008 to 2015 in China, this paper investigates the impacts of the establishment of National Key Ecological Functional Zones (NKEFZ) on environmental quality by employing the difference-in-differences method, which was stablished in June 2011. The results indicate that the establishment of the NKEFZ significantly decreased the concentration values of PM2.5, a drop of about 20% during the study period, after the paper controls for other factors affecting air quality. The robustness tests using the maximum and medium concentration values of PM2.5 show similar results. Through further analysis, the paper finds that the establishment of NKEFZ can improve the ecological utilization efficiency of land. [ABSTRACT FROM AUTHOR]

China is a large country with rapid economic expansion and high energy consumption, which implies that the country's overall carbon emissions are enormous. It is vital to increase urban low-carbon economy efficiency (ULEE) to achieve sustainable development of China's urban economy. Digital finance is a significant tool to boost ULEE by providing a convenient and effective funding channel for urban low-carbon economic transformation. Analyzing the coupled and coordinated relationship between ULEE and digital finance is of vital importance for the sustainable development of the urban economy. This paper selects panel data of 100 cities in China's Yangtze River Economic Belt (YEB) in 2011-2019, and analyzes the research methods such as the Global Malmquist-Luenberger index model, coupling coordination degree (CCD) model, standard deviation ellipse model, gray model, and geographic detector by The spatial and temporal distribution, dynamic evolution characteristics and influencing factors of the CCD between ULEE and digital finance are analyzed. The study shows that: (1) the CCD of ULEE and digital finance grows by 3.42% annually, reflecting the increasingly coordinated development of the two systems; (2) The CCD of ULEE and digital finance shows a distribution pattern of gradient increase from the upstream region of Yangtze River to the downstream region, meanwhile, the spatial center of gravity moves mainly in the midstream region; (3) The spatial center of gravity of CCD of ULEE and digital finance is expected to move 22.17 km to the southwest from 2019 to 2040; (4) In terms of influencing factors, the influence of informatization and industrial structure on the CCD increases over time, while the influence of factors such as population development, greening, transportation, and scientific research decreases over time. Finally, this paper proposes policy recommendations for improving the CCD of ULEE and digital finance based on the empirical results. [ABSTRACT FROM AUTHOR]

Intelligentization-oriented development is a fast-developing trend of technological revolution. It promotes the reconstruction of the industrial system of a region and affects its overall industrial competitiveness. This paper sets up a variety of models featuring intelligentization level and multi-dimensional industrial competitiveness, and collects data of 28 provinces and cities in China from 2003 to 2017 to test the influence of industrial intelligentization level on the industrial competitiveness of a region. The result reveals that: 1) In China's provincial jurisdictions, the higher the level of intelligentization is, the lower the overall level of industrial competitiveness and the lower the proportion of industry in the economic system will be. In regions where the facilities are highly intelligentialized, the production sectors tend to move to the less developed regions, and the growth effect of technological dividends is the focus. 2) Compared with the middle region and the Western region of China, the Eastern region, which is more developed with higher intelligentization level, has stronger ability in the research and development (R&D) of technologies, and the economic structure of the industry there tends to be stable, manifesting a strong growth potential. [ABSTRACT FROM AUTHOR]

With the development of information technology, improving the efficiency of public services with the help of the Internet has become an important work of local governments. However, under different institutional environments, the impact mechanism of Internet development on the supply efficiency of government public services is still unclear. Based on China's interprovincial panel data from 2011 to 2019, this paper constructs a threshold effect model, sets the institutional environment as the threshold variable, and empirically analyzes the impact of Internet development on the supply efficiency of government public services. The results show that the difference in regional institutional environment will lead to the obvious threshold effect of Internet development on the supply efficiency of government public services: When the institutional environment is poor, the role of Internet development on the supply efficiency of government public services is not significant. With the improvement of the institutional environment, the role of Internet development in promoting the supply efficiency of government public services gradually appears, but the marginal intensity of promotion weakens. Compared with existing studies that mostly use linear models, this paper incorporates the institutional environment into the complex relationship between Internet development and government public service supply efficiency, and clarifies the role of the institutional environment in the process of Internet development affecting government public service supply efficiency and the non-linear relationship among the three. This paper reveals the mechanism of Internet development affecting the supply efficiency of government public services under different institutional environments and provides a new perspective for solving the shortage of public services. [ABSTRACT FROM AUTHOR]

Deeply investigating the relationship between governance, financial development, and outward foreign direct investment (OFDI) is beneficial to formulating effective policies to accelerate Chinese firms' pace of overseas expansion. Based on the theoretical mechanism analysis, this paper empirically analyzes the impact of Asian governance and financial development on China's OFDI using the panel data of 37 Asian countries from 2003 to 2017. The results show that the host country governance has a negative and statistically significant impact on China's direct investment in Asia. The conclusion remains valid even after overcoming the interference of endogenous and economic cycle fluctuations. Moreover, using the mediating effect model, we find that financial development is an important channel through which host country governance affects China's OFDI. In further discussion, the findings suggest that with the scale of OFDI expanding, the role of governance takes an inverted "U" shape, and the "Belt and Road" initiative (BRI) weakens the negative impact of governance quality on China's OFDI. Furthermore, governance has shown more remarkable restraint on China's OFDI in neighboring, coastal, and low-income countries in the heterogeneity test. ​From the perspective of host country governance, this paper provides more specific guidance to formulate China's direct investment policy in Asia. [ABSTRACT FROM AUTHOR]

The appearance of a novel coronavirus in late 2019 radically changed the community of researchers working on coronaviruses since the 2002 SARS epidemic. In 2020, coronavirus-related publications grew by 20 times over the previous two years, with 130,000 more researchers publishing on related topics. The United States, the United Kingdom and China led dozens of nations working on coronavirus prior to the pandemic, but leadership consolidated among these three nations in 2020, which collectively accounted for 50% of all papers, garnering well more than 60% of citations. China took an early lead on COVID-19 research, but dropped rapidly in production and international participation through the year. Europe showed an opposite pattern, beginning slowly in publications but growing in contributions during the year. The share of internationally collaborative publications dropped from pre-pandemic rates; single-authored publications grew. For all nations, including China, the number of publications about COVID track closely with the outbreak of COVID-19 cases. Lower-income nations participate very little in COVID-19 research in 2020. Topic maps of internationally collaborative work show the rise of patient care and public health clusters—two topics that were largely absent from coronavirus research in the two years prior to 2020. Findings are consistent with global science as a self-organizing system operating on a reputation-based dynamic. [ABSTRACT FROM AUTHOR]

This paper empirically tests the relationship between digital finance and income distribution of residents in 280 cities in China from 2011 to 2020 using linear and nonlinear models, respectively. Based on the Greenwood-Jovanovic (G-J) theory of output grow, the empirical study shows that there is a Kuznets effect of digital finance development on the income distribution of Chinese residents, and most regions have not yet crossed the inflection point of the bell-shaped curve, and the income gap within regions will continue to increase with the development of digital finance. Furthermore, the threshold model test shows that the positive effect of digital finance on the income disparity of residents may initially increase with the increase of regional economic level. However, when the regional economic development reaches a higher stage, the negative effect of digital finance development on the income distribution of residents will be significantly reduced. [ABSTRACT FROM AUTHOR]

Since December 2019, the COVID-19 pandemic has quickly spread across the world. The traditional understanding of the relationship between wealth and the spread of contagious diseases is that similar to many precedent epidemics, the pandemic spread easily in poor neighborhoods in many countries. The environmental and socioeconomic implications of the COVID-19 pandemic are still poorly understood, thus this paper examines the relationship between neighborhood characteristics and the spread of the pandemic through a case study of Shenzhen, a Chinese megacity with many low-income rural migrants. The major finding is that wealthier and larger neighborhoods in Shenzhen were more likely to be infected in the first wave of the pandemic in 2020. This spread pattern is likely to result from China's strict control to prevent the pandemic, human mobility, and demographic characteristics such as income. This finding reveals a new phenomenon that contrasts with the traditional understanding of the influence of wealth on the spread of epidemics. This paper enriches the understanding of the role of neighborhoods in the spread of the pandemic, and it has important public policy implications. [ABSTRACT FROM AUTHOR]

As a responsible country, China should take on heavy responsibility of energy conservation and emission reduction, and it is an inevitable choice for China to develop high-tech industries and improve the innovation efficiency of high-tech industries in order to alleviate the current environmental pressure. Therefore, this paper takes the panel data of 30 provinces in China from 2005 to 2016 as the research sample, on the basis of using DEA Global-Malmquist index to measure the innovation efficiency of high-tech industries, it constructs three spatial weight matrices, by including spatial geography, spatial economic geography nesting and innovation, and then it uses Spatial Durbin Model to empirically analyze the effect of innovation efficiency of high-tech industry on CO2 emissions in China from spatial perspective. The results indicate: firstly, in China, CO2 emissions gradually increase from 2006 to 2012, however, some provinces have declined after 2012. And CO2 emissions present a descending trend from eastern coastal area to central and western region. Secondly, affected by "warning effect", CO2 emissions show a significant negative spatial spillover effect. Thirdly, the overall level of innovation efficiency of high-tech industries in China is not high, and its impact on CO2 emissions is not a simple linear relationship, but shows an "inverted N–shaped" curvilinear relation, and its decomposition index EC and TC also have similar characteristics. Obviously, the research in this paper provides a necessary theoretical support for China and some emerging developing countries to rational formulating and effective implementing the energy conservation and emission reduction policies. [ABSTRACT FROM AUTHOR]

As an important means of environmental regulation, environmental punishment lacks in empirical evidence on its impact on regional green technology innovation in China. Based on panel data of 30 provinces in China from 2010 to 2020, this paper systematically examines the relationship between environmental punishment and regional green technology innovation. It is found that environmental punishment has the quantity and quality enhancing effects on regional green technology innovation, and the quantity enhancing effect is greater than the quality enhancing effect. There is no significant effect difference between monetary punishment and non monetary punishment on green technology innovation effect, but the effect of punishment on institutions is obviously greater than that of punishment on individuals. And the performance of ecological provinces and provinces with better legal environment is also relatively better. Environmental punishment enhances the quantity and quality of green technology innovation through pressure, and improves the quality of green technology innovation through deterrence. Besides, in China, deterrence promotes regional green technology innovation together with the Central Government's environmental protection inspection, the national green manufacturing strategies and other policies concerned. [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]

Income inequality is a good indicator reflecting the quality of people's livelihood. There are many studies on the determinants of income inequality. However, few studies have been conducted on the impacts of industrial agglomeration on income inequality and their spatial correlation. The goal of this paper is to investigate the impact of China's industrial agglomeration on income inequality from a spatial perspective. Using data on China's 31 provinces from 2003 to 2020 and the spatial panel Durbin model, our results show that industrial agglomeration and income inequality present an inverted "U-shape" relationship, proving that they are the non-linear change. As the degree of industrial agglomeration increases, income inequality will rise, after it reaches a certain value, income inequality will drop. Therefore, Chinese government and enterprises had better pay attention to the spatial distribution of industrial agglomeration, thereby reducing China's regional income inequality. [ABSTRACT FROM AUTHOR]

As more attention is given to green and sustainable industries, an analysis of the industrial impacts on all aspects of life, including inclusive affluence, is gradually developing. Idle rural residential land is a valuable resource and an important factor in promoting sustainable development. Balanced urban and rural development contributes to inclusive prosperity, so understanding the relationship between industry and the balanced development of urban and rural can significantly impact social development. In China, achieving the balanced development requires narrowing the urban-rural income gap. This paper analyzed the impact of reallocating idle rural residential land on promoting the balanced development. The study found that industry development has a positive impact on the balanced development, with a regression coefficient of 1.478. Regions with higher industry indices in counties had better outcomes regarding the balanced development. When the development of rural industry derived from idle residential land was in good condition, the effect increased by 3.326 percentage. The results showed heterogeneity, with the regression coefficient of industry development on the balanced development in county-level cities being 0.498 larger than in urban areas. In summary, the reallocation of idle residential land can promote sustainable development, increase residents' income, and improve overall regional economic development. The results are applicable to the comprehensive reallocation of rural land resources. [ABSTRACT FROM AUTHOR]

The large group of left-behind children with the absence of parental accompanying are likely to have serious physical and psychological problems, which may lead to serious public safety and social economic troubles in adulthood. Such unique phenomenon calls us attention on the impact of parents on household educational investment. Based on the data of China Family Panel Studies in 2014, This paper examines the effects of parents' cognitive ability on household educational investment for their children. The research propositions were tested using multiple regression analysis methods. Results indicate that parents' cognitive ability can significantly improve the level of monetary and non-monetary investment in education. We also find that compared with their counterparts, the cognitive ability of left-behind children's parents fails to affect their household educational investment, due to the "parent-child separation effect". Further analysis shows that improving the regional informatization level of parents of left-behind children can alleviate the "parent-child separation effect", and finally facilitate cognitive ability's role in increasing household educational investment. These findings enlighten education policy makers and households a feasible way to alleviate the imbalance and insufficiency of household educational investment among left-behind children families. [ABSTRACT FROM AUTHOR]

The main purpose of this research is to investigate the impact of changes in cash flow measures and metrics on firm financial performance. The study uses generalized estimating equations (GEEs) methodology to analyze longitudinal data for sample of 20288 listed Chinese non-financial firms from the period 2018:q2-2020:q1. The main advantage of GEEs method over other estimation techniques is its ability to robustly estimate the variances of regression coefficients for data samples that display high correlation between repeated measurements. The findings of study show that the decline in cash flow measures and metrics bring significant positive improvements in the financial performance of firms. The empirical evidence suggests that performance improvement levers (i.e. cash flow measures and metrics) are more pronounced in low leverage firms, suggesting that changes in cash flow measures and metrics bring more positive changes in low leverage firms' financial performance relatively to high leveraged firms. The results hold after mitigating endogeneity based on dynamic panel system generalized method of moments (GMM) and sensitivity analysis considering the robustness of main findings. The paper makes significant contribution to the literature related to cash flow management and working capital management. Since, this paper is among few to empirically study, how cash flow measures and metrics are related to firm performance from dynamic stand point especially from the context of Chinese non-financial firms. [ABSTRACT FROM AUTHOR]

The logistics industry and the manufacturing industry are mutually productive factors and service objects, which determines that the two must develop cooperatively. In the increasingly fierce market competition, open collaborative innovation is more conducive to improving the level of linkage between the logistics industry and the manufacturing industry, and promoting industrial development. Based on the patent data of 284 prefecture-level cities in China from 2006 to 2020, this paper uses Gis spatial analysis, spatial Dubin model and other methods to analyze the collaborative innovation between the logistics industry and manufacturing industry. The results lead to several conclusions. (i) The overall collaborative innovation level is not high, and in terms of the evolution cycle, collaborative innovation has experienced three stages: embryo, rapid development and stable development. (ii) The spatial agglomeration characteristics of the collaborative innovation between the two industries are more and more obvious, and the Yangtze River Delta urban agglomeration and the middle reaches of the Yangtze River urban agglomeration play an important role in the collaborative innovation between the two industries. (iii) The hot spots of collaborative innovation between the two industries are concentrated in the eastern and northern coastal areas, while the cold spots are concentrated in the south of the northwest and southwest areas in the late stage of the study. (iiii) The positive influencing factors of local collaborative innovation between the two industries include economic development, scientific and technological level, government behavior, and employment, while the negative influencing factors include information technology level, and logistics infrastructure. Economic development has a negative spatial spillover effect on surrounding areas, while the spatial spillover effect of scientific and technological level is significantly positive. This article aims to explore the current situation and influencing factors of collaborative innovation between the two industries, with a view to proposing countermeasures and suggestions for improving the level of collaborative innovation between the two industries, and also providing new ideas for research on cross industry collaborative innovation. [ABSTRACT FROM AUTHOR]

Environmental protection tax is an important tool for directing environmentally friendly growth in heavily polluting enterprises, but existing research has yet to provide consistent conclusions on whether and how environmental protection tax can promote green innovation in heavily polluting industries. The paper uses a double difference model based on data from Chinese listed companies in heavily polluting industries from 2012 to 2021 to empirically investigate whether environmental protection tax drives green innovation behavior of heavily polluting enterprises. The findings show that the environmental protection tax increases the degree of green innovation in heavily polluting enterprises, primarily through the anti-driving effect, in which an increase in environmental management expenses forces firms to increase their R&D investment, which improves the degree of green technical innovation. Furthermore, the environmental protection tax has a strong promotion effect on heavy polluters' green innovation for state-owned enterprises and those in growing period or located in high marketization regions. However, this promotion effect is insignificant for non-state-owned enterprises and those in recession period, and environmental protection tax hinders green innovation of enterprises in mature period and those located in low marketization regions. Accordingly, it is suggested to improve preferential tax policies, increase investment in corporate green innovation and strengthen the supervision of environmental tax. [ABSTRACT FROM AUTHOR]

Under the background of global urbanization, the continuous expansion and extensive utilization of urban and rural construction land has caused a large amount of arable land to be occupied, which seriously threatens national food security. This paper describes the spatio-temporal patterns of urban and rural construction land expansion and its occupation of arable land by using the urban and rural construction land expansion intensity, the urban and rural construction land expansion intensity difference index, and geo-detector model. It also explores the mechanisms through which the arable land was occupied. Results showed that construction land in both urban and rural areas expanded over the period 2009–2018 despite a large number of rural and urban migrants, and the major contributor to the rapid urbanization in China. This dual expansion could mainly be attributed to the tendency of these migrants to keep or even enlarge their rural construction land, which also resulted in a severer arable land loss than that caused by the expansion of urban construction land. Second, the rate of arable land occupied by urban and rural construction land in Henan province has been gradually slowing down, whereas the expansion of rural construction land is most dependent on arable land occupation. Third, according to the geo-detector model, the relationship between urbanization level and arable land occupied by urban and rural construction was the strongest, followed by the growth rate of fixed asset investment and the proportion of secondary and tertiary industries in GDP. [ABSTRACT FROM AUTHOR]

We observe an anomaly that SLF quantity expansion is often accompanied by higher interbank market rates. With the Shibor bid panel, this paper empirically shows that SLF easing encourages bank risk-taking activity, and amplifies bank liquidity demand. The induced demand dominates the liquidity supply effect and leads to higher interbank rates. Moreover, the risk-taking behavior of state-owned banks is more sensitive to SLF than that of non-state-owned banks. These features make SLF a better expectation management tool than a price-based or quantity-based tool for interbank market liquidity management. [ABSTRACT FROM AUTHOR]

Financial management and decision-making of universities play an essential role in their development. Predicting fund revenue and expenditure of universities can provide a necessary basis for funds risk prevention. For the lack of solid data reference for financial management and funds risk prevention in colleges and universities, this paper presents a prediction model of University fund revenue and expenditure based on fuzzy time series with a periodic factor. Combined with the fuzzy time series, this prediction method introduces the periodic factor of university funds. The periodic factor is used to adjust the proportion of the predicted value of the fuzzy time series and the periodic observation value. A fund revenue prediction model and a fund expenditure prediction model are constructed, and an experiment is carried out with the actual financial data of a university in China. The experimental result shows the effectiveness of the proposed model, which can provide solid references for financial management and funds risk prevention in universities. [ABSTRACT FROM AUTHOR]

Sustainable development is the theme of world economic development in the 21st century. As a key part of sustainable development, sustainable land use (SLU) encompasses economic development and environmentally friendly and social progress. In recent decades, China has formulated many environmental regulatory policies to achieve sustainable development and "carbon peaking and carbon neutrality (double-carbon)" goals, among which the carbon emission trading scheme (CETS) is the most representative and provides valuable research. In this paper, we aimed to reflect the spatio-temporal evolution of SLU in China under the influence of environmental regulatory policies through an indicator measurement strategy based on the DID estimation method. The study conclusions are as follows: (1) The CETS can effectively improve SLU from the perspectives of economic development and environmentally friendly progress, and the impact has primarily been in the pilot areas. And, its effectiveness is closely linked to local locational factors. (2) With respect to the dimension of economic development, the CETS has not changed the provincial distribution patterns of SLU; rather, it continues to remain "high to low, east to west". However, regarding the environmentally friendly progress dimension, the CETS has significantly changed the provincial distribution patterns of SLU, which are characterized by spatial agglomeration with urban agglomerations such as the Pearl River Delta (PRD) and the Yangtze River Delta (YRD) as the core. (3) The screening results of the SLU indicators based on economic development showed that the CETS primarily improved the innovation capacities of pilot regions, and the impacts on economic levels were relatively small. Similarly, the screening results of the SLU indicators based on environmentally friendly progress showed that the CETS had primarily acted on reducing pollution emission intensity and strengthening greening construction, revealing only short-term effects on improving energy use efficiency. Based on the above, this paper explored the meaning and role of the CETS in more detail, with a view to providing insight into the implementation and formulation of environmental regulation policies. [ABSTRACT FROM AUTHOR]