关键词:
New energy;Spillover effects;Hedging effectiveness;Investment strategies
摘要:
Promoting green and low-carbon development with new energy, and resource related sectors is an important way for mankind to deal with global climate change. With the marketization of new energy, the public and regulators have paid extensive attention to market relevance and risk contagion in China. In order to analyze the risk contagion mechanism, this paper examines the dynamic conditional correlation and the volatility spillover effect between crude oil, new energy, and resource related sectors. In addition, we compared the optimal diversification strategy by calculating hedging ratios and portfolio weights. The main results are as follows:First, new energy and resource related sectors have high dynamic correlation and the volatility spillover effect is significant. Second, from the perspective of net spillover index, new energy is the largest net volatility transmitter and WTI is the largest net volatility receiver. Third, when new energy is a long (short) position, the hedging efficiency of the portfolio with new energy vehicles using the hedging ratio strategy is the greatest. And when new energy is long, taking a short position in new energy vehicles is the most effective hedging strategy, but the most expensive hedging strategies are found in resource related sectors.
作者机构:
[Zhang, Yinghui; Zhang, Jinfan; Wang, Da; Chen, Yun] Changsha Univ Sci & Technol, Dept Transportat Engn, Changsha 410114, Peoples R China.;[Zhang, Jinfan] Hunan City Univ, Dept Civil Engn, Yiyang 413000, Peoples R China.
通讯机构:
[Jinfan Zhang] D;Department of Civil Engineering, Hunan City University, Yiyang 413000, China<&wdkj&>Department of Transportation Engineering, Changsha University of Science & Technology, Changsha 410114, China<&wdkj&>Author to whom correspondence should be addressed.
关键词:
construction megaproject team;multiteam system;team learning
摘要:
The construction megaproject team (CMPT) emphasises integration as a megaproject multiteam system (MTS) to facilitate knowledge learning. This paper synthesises the CMPT structure characteristics and team learning processes into a conceptual framework named the CMPT-MTS learning framework to advance future CMPT learning research. The constructs included are identified from published research. A case example is the island and tunnel project of the Hong Kong–Zhuhai–Macao Bridge, which provides practical grounding for framework refinement. The conceptual framework deemed to follow a cyclical pattern identifies the CMPT-MTS structure variables and team learning processes affecting learning outcomes and contextual variables hypothesised to influence the intra- and inter-team interaction. We discuss how the conceptual framework might identify the CMPT learning research gaps for future research. The framework’s contribution to the body of knowledge expands our lens to understand team learning practices in the complex CMPT by considering CMPT as an MTS.
摘要:
Facing the shock of emergencies, how resilient is the road transport system? In this process, how are the system's absorption capacity, adaptability, and recovery capacity? These are very important for the development of sustainable road transportation. Taking China's road transport during the COVID-19 pandemic as the research object, this paper introduces an integrated resilience quantification method, draws a road transport resilience curve, and comprehensively and dynamically analyzes and compares the resilience of China's road transport system at different stages among different regions and under different epidemic waves. The results show that the resilience of road passenger and freight transport differs in the face of external disturbance. Freight transport resilience is better than that of passenger transport. Compared to passenger transport, freight transport is more robust; the impacted speed is slower, the recovery speed is faster, the recovery capacity is stronger, and the affected period is shorter. There is regional heterogeneity in road transport resilience. This heterogeneity is reflected in the whole change process of system performance with external disturbance, including absorption capacity, adaptation capacity, and recovery capacity. The resilience of road transport under different waves of the epidemic is different. Compared to the first wave of the epidemic, the resilience of road transport indicators at all stages has been dramatically improved in the later rebound wave of the epidemic. This can help in the development of evidence-based road transport sustainability strategies.
摘要:
The proliferation of unsafe behavior in underground-construction sites has been widespread, which leads to accidents in underground construction from time to time. Accidents are not only a threat to the personal safety of construction workers but also cause property losses. Intervention on how to prevent the propagation of unsafe behavior among underground-construction workers in a timely manner, further improvement in the safety-management level of construction enterprises, and ensuring smooth implementation of projects are urgent measures to solve this problem. In this study, an SCIMR (Susceptible-Contacted-Infective-Removed) model was developed to study the spread of unsafe behavior among underground-construction workers. Increase in the improvement, control, and awareness rates could provide a preventive effect on the spread of unsafe behavior among underground-construction workers, whereas increase in the adoption and forgetfulness rates could facilitate increase in unsafe behavior. This work combined the SIR (Susceptible-Infective-Removed) theory with the underground-construction context to enrich the theory of underground-construction safety personnel management, which provides a reference solution and suggestions for construction companies to intervene and predict the proliferation of unsafe behavior and a novel method of planning and direction for safety management.
作者:
Zhang, Xinhua;Hueng, C. James;Lemke, Robert J.
期刊:
Journal of Policy Modeling,2023年45(6):1167-1183 ISSN:0161-8938
通讯作者:
Zhang, XH
作者机构:
[Zhang, Xinhua] Changsha Univ Sci & Technol, Sch Econ & Management, Changsha 410114, Peoples R China.;[Hueng, C. James] Western Michigan Univ, Dept Econ, Kalamazoo, MI USA.;[Lemke, Robert J.] Lake Forest Coll, Dept Econ Business & Finance, Lake Forest, IL USA.
摘要:
We design a self-selection-pricing mechanism in which an electricity supplier offers its customers an optimal menu of contracts subject to a price ceiling set by the government, a hybrid model of market mechanism and government controls. We calibrate the model using information from a residential electricity market in China. Our mechanism outperforms the tiered-electricity-pricing system in China in terms of environmental and industrial sustainability but comes at the cost of providing less protection for low-income households (i.e., less equity). We conclude by offering measures of sustainability and equity that governments could use when trying to balance the trade-off between the two.(c) 2023 The Society for Policy Modeling. Published by Elsevier Inc. All rights reserved.
作者机构:
[Li, Juan] Hunan Polytech Water Resources & Elect Power, Changsha 410114, Peoples R China.;[Li, Juan] Changsha Univ Sci & Technol, Sch Hydraul & Environm Engn, Changsha 410114, Peoples R China.;[Li, Juan] Key Lab Dongting Lake Aquat Ecoenvironm Control &, Changsha 410114, Peoples R China.;[Huang, Feng; Chunyu, Xunzhou] Hohai Univ, Coll Hydrol & Water Resources, Nanjing 210098, Peoples R China.
关键词:
land use and land cover;spatiotemporal pattern;driving forces;GeoDetector;arid endorheic river basin
摘要:
Thorough understanding of the evolution processes and drivers behind the formation of and changes in land use and land cover (LULC) is essential for maintaining the balance between humans and fragile nature in arid regions. This quantitative driving analysis provides in-depth insight into the driving mechanisms behind the formation of and changes in LULC through a case study of the Shiyang River Basin in Northwest China. Based on land use, meteorological, topographic, and socioeconomic data from 2000 to 2018 (2000, 2005, 2010, 2015, and 2018), this study employed land use transfer matrices and the GeoDetector model to explore the evolution and driving forces behind the formation of and variations in the LULC patterns. The results demonstrated that anthropic factors mainly drove the spatial distributions of cropland and settlement. The spatial distributions of the forest, grassland, and bare land were determined by the mutual influence of natural and anthropic factors. The LULC patterns exhibited consequential variations throughout the study period. Through the occupation of the surrounding cropland and grassland, urbanization expanded rapidly. The ecological environment had been improved, but there were still considerable areas of degraded land, characterized by the grassland degradation downstream and the forest degradation upstream. Geographical differentiation was the primary driver for the transformation of bare land to grassland. The main driving forces behind urban expansion and forest loss were socioeconomic development and geographical differentiation. The degree of a certain LULC change varied among different levels of its driving factor. This research can provide scientific advice for administrators and policymakers to formulate scientific, rational, and targeted land use planning and policies in the future to achieve the sustainable development of endorheic river basins.
作者机构:
[Hu, Hanli; Yi, Dan] Changsha Univ Sci & Technol, Sch Econ & Management, Changsha 410114, Peoples R China.;[Cao, Y; Cao, Yu] Cent South Univ, Sch Business, Changsha 410083, Peoples R China.;[Li, Qingsong] Cent South Univ Forestry & Technol, Sch Transportat & Logist, Changsha 410004, Peoples R China.
通讯机构:
[Cao, Y ] C;Cent South Univ, Sch Business, Changsha 410083, Peoples R China.
关键词:
green products;brown products;agent selling;direct selling;pricing strategies
摘要:
In order to respond to and take advantage of consumers’ growing interest in green products, an increasing number of firms are expanding their market share by introducing green versions of their brown products. However, firms are faced with the challenge of how to distribute green products to avoid mutual encroachment with brown products. To solve this problem, this paper constructs a Stackelberg game model consisting of a manufacturer (leader) and a retailer (follower), in which the manufacturer provides brown and green products, and then develops two channel structures for green products to be sold through the manufacturer (direct selling) and the retailer (agent selling). The results show that the manufacturer’s choice of green product distribution channels is affected by the direct selling costs and the market share of green consumers and their product preferences. When the direct selling cost is zero or consumers are green, the manufacturer always chooses direct selling. However, with an increase in the direct selling costs, if green consumers have a large difference in their preference for green and brown products, the manufacturer chooses agent selling, and vice versa. In particular, the impact of the market share of green consumers on the profits of the manufacturer is different in the two channel structures. The higher the market share of green consumers under agent selling, the more beneficial it is for the manufacturer. However, under direct selling, the profits of the manufacturer show an “inverted U” trend with the increase in the market share of green consumers. In addition, under certain conditions, the direct selling channels opened by the manufacturer are not necessarily to sell green products, but to maximize the market share of brown products. The strategy is to set high prices for green products in direct selling channels to stimulate consumers to buy brown products. These findings can provide insights for manufacturers to design appropriate green product distribution strategies.
通讯机构:
[Zhi Wang] C;College of Economic and Management, Changsha University of Science & Technology, No. 960, Sec. 2, Wanjiali South Rd, Tianxin Dist, Changsha City, 410114, Hunan Province, China
关键词:
Confucian culture;Cost of equity capital;Informal system;Information risk;Business risk;Agency problems
摘要:
The cost of equity capital (COEC) is a crucial component of investment decisions and corporate performance evaluations. In the process of corporate financing, an inadequate formal system may lead to the phenomenon of "Bad money drives out good". While Confucian culture can compensate for the deficiency of the formal system by influencing the value orientation of the actors. Therefore, this paper examines the impact of Confucian culture on firms' cost of equity capital (COEC) from an informal institutional perspective. Our study presents robust findings that firms headquartered in areas with strong Confucian culture have lower costs of equity capital, and the marketization process has a moderating effect on the relationship between Confucian culture and the COEC. The impact of Confucian culture on the COEC of firms is mainly achieved through three ways: reducing information risk, reducing business risk and mitigating agency problems. Further, foreign cultural shocks will weaken the relationship between Confucian culture and the COEC. These results remain robust after controlling for the endogeneity problem. This study indicates that Confucian culture, as an invisible complementary governance mechanism of the formal system, plays an important and positive role in "reducing the COEC".
作者机构:
[Mao, Jun; Xie, Jiahao] Hainan Normal Univ, Sch Math & Stat, Haikou, Peoples R China.;[Deng, Lijie; Hu, Zunguo] Changsha Univ Sci & Technol, Sch Econ & Management, Changsha, Peoples R China.;[Hu, Zunguo] Changsha Univ Sci & Technol, Hunan Modern Serv Ind Res Inst, Changsha, Peoples R China.;[Hao, Yu; Wu, Haitao] Beijing Inst Technol, Sch Management & Econ, Beijing, Peoples R China.;[Hao, Yu; Wu, Haitao] Beijing Inst Technol, Ctr Energy & Environm Policy Res, Beijing, Peoples R China.
通讯机构:
[Haitao Wu; Yu Hao; Haitao Wu Haitao Wu Haitao Wu; Yu Hao Yu Hao Yu Hao] S;School of Management and Economics, Beijing Institute of Technology, Beijing, China<&wdkj&>Center for Energy and Environmental Policy Research, Beijing Institute of Technology, Beijing, China<&wdkj&>Sustainable Development Research Institute for Economy and Society of Beijing, Beijing, China<&wdkj&>Collaborative Innovation Center of Electric Vehicles in Beijing, Beijing, China<&wdkj&>Beijing Key Lab of Energy Economics and Environmental Management, Beijing, China<&wdkj&>School of Management and Economics, Beijing Institute of Technology, Beijing, China<&wdkj&>Center for Energy and Environmental Policy Research, Beijing Institute of Technology, Beijing, China
关键词:
capital mismatch;causal forest;green innovation;green total factor productivity
摘要:
China has promoted innovation-driven and green development to unprecedented strategic heights. However, compared to the large and rapid innovation investment, total factor productivity's (TFP) growth rate has shown a downward trend. Consequently, this study assesses the inefficiency caused by resource mismatch and discusses the impact of green innovation activities on green total factor productivity (GTFP). We use a causal forest-based machine learning method to solve the endogenous problem. The empirically analyzes the observation samples of 272 prefecture-level cities in China from 2008 to 2018 and obtains the asymptotic normality estimation on the average treatment effect (ATE). Simultaneously, clustering causal forest and ridge expressions, discusses the robustness of related problems. According to the results, (1) the effect of China's green innovation on GTFP is negative for a short time and positive for a long time; (2) the impact of green innovation activities on GTFP is subject to capital mismatch, while the statistical law of the impact of labor mismatch is not obvious but the adverse impact of resource mismatch is gradually improving; and (3), Green innovation has significantly improved China's GTFP, but it did not lead to ideal Growth rate of GTC.
期刊:
Social Semiotics,2023年33(1):1-24 ISSN:1035-0330
通讯作者:
Jeon, Hyeong-Yeon
作者机构:
[Ye, Zhaoyuan] Changsha Univ Sci & Technol, Coll Liberal Arts & Law, Dept Journalism, Changsha, Peoples R China.;[Jeon, Hyeong-Yeon] Mokpo Natl Univ, Dept German Language & Culture, Jeonnam, South Korea.
通讯机构:
[Jeon, Hyeong-Yeon] M;Mokpo Natl Univ, Dept German Language & Culture, Jeonnam, South Korea.
关键词:
City brand;brand image;image scale;tourism perspective;Chinese city branding;semiotic mapping of consumption values
摘要:
While many researchers have documented the characteristics of China's growing tourism market, a comprehensive image scale of city brand for tourism has not yet been developed. This study investigates a semiotic image scale of city brands to encapsulate the contextual background of China and its ability to increase tourism efforts. This study attempts to extend the semiotic mapping of consumption values to city brand and develop it into an image scale of city brand in the perspective of tourism practitioners. In the process of developing an image scale for understanding the perception of the consumer's city brands, this study utilizes semiotic mapping of consumption values to analyse the consumer's image vocabulary. The image vocabularies are categorized into four quadrants (mission, project, euphoria, and information) as illustrated in the semiotic mapping of consumption values. In the Chinese context, the developed image scale extracts the value orientations of excellence, effectiveness, pleasantness, and convenience with these four quadrants to comprehend city brand in tourism perspective. By combining the measurement development with the reality of city tourism in China, the image scale will help to systematically understand the city brand image expressed through tourism in China.
通讯机构:
[Chongsen Ma] S;School of Traffic & Transportation Engineering, Changsha University of Science and Technology, Changsha 410000, China<&wdkj&>Author to whom correspondence should be addressed.
摘要:
It is important to investigate how to achieve carbon unlocking in the transport sector, especially in transport infrastructure, in order to contribute to the achievement of carbon neutrality targets and the 2030 Sustainable Development Goals. This study aims to investigate the necessary and sufficient conditions to achieve carbon unlocking in transport infrastructure. To achieve this, a combination of partial least squares structural equation modeling (PLS-SEM) and necessary condition analysis (NCA) methods have been used to examine whether there are unidentified necessity factors beyond the currently recognized ‘technology-in-institution’ (TIC) lock-in. This study also explores how the carbon unlocking of transport infrastructure can be achieved through the unlocking of relevant factors. The study includes 366 points from a subjective questionnaire from the government, transport infrastructure researchers, and relevant businesspeople. We found that, at the adequacy level, achieving institutional and technological unlocking is sufficient and economic factors have little impact on transport infrastructure (0.06), and that institutional and technical factors have a large impact on carbon unlocking (0.453, 0.280); however, from the necessary point of view, carbon unlocking at the economic level is necessary to achieve the goal of a medium to high level of carbon unlocking. To achieve carbon unlocking at this level (over 50%), a combination of technological, institutional, and economic factors is required. To achieve full carbon unlocking, the technology, system, and economy need to be at least 0.533, 0.791, and 0.63 unlocked. Therefore, we can conclude that by using the joint analysis of PLS-SEM and NCA, we have achieved an extension of the traditional TIC and identified sufficient and necessary conditions to achieve a medium to high degree of carbon unlocking.
关键词:
integrated energy system;energy configuration optimization;coupling relationships;ICA-SAQGM ensemble
摘要:
As one representative smart energy infrastructure in smart cities, an integrated energy system (IES) consists of several types of energy sources, thus making more complicated coupling connections between the supply and demand sides than a power grid. This will impact when allocating different energy sources to ensure the appropriate energy utilization in the IES. With this motivation, an IES energy configuration optimization strategy based on a multi-model ensemble is proposed in this paper. Firstly, one coupling model is constructed to assess the underlying collaborative relationships between two sides for a renewable-energy-connected IES. Next, the independent component analysis (ICA) method is implemented for noise reduction in massive heterogeneous input databases, which can effectively improve the computing efficiency under such high-dimensional data conditions. Also, the self-adaptive quantum genetic model (SAQGM) is built for subsequent configuration optimization. Specifically, the quantum bit representation is incorporated to reduce computation complexity in multi-states scenarios, the double-chain formation of chromosomes is deployed to diminish the uncertainty when encoding, and the dynamic adaptation quantum gate is established to successively amend parameters. Finally, an empirical case study is conducted which can demonstrate the benefits of this strategy in terms of feasibility, efficiency, and economy.
期刊:
Journal of the Asia Pacific Economy,2023年28(3):855-872 ISSN:1354-7860
通讯作者:
Hueng, C. James
作者机构:
[Hueng, C. James] Western Michigan Univ, Dept Econ, Kalamazoo, MI 49008 USA.;[Hueng, C. James] Changsha Univ Sci & Technol, Sch Econ & Management, Changsha, Hunan, Peoples R China.;[Liu, Ping] Shanghai Lixin Univ Accounting & Finance, Sch Finance, Shanghai, Peoples R China.;[Wang, Lirong] Northeast Normal Univ, Sch Econ, Changchun, Jilin, Peoples R China.;[Wang, Lirong] Northeast Normal Univ, Sch Math & Stat, Key Lab Appl Stat, Minist Educ, Changchun, Jilin, Peoples R China.
通讯机构:
[Hueng, C. James] W;[Hueng, C. James] C;Western Michigan Univ, Dept Econ, Kalamazoo, MI 49008 USA.;Changsha Univ Sci & Technol, Sch Econ & Management, Changsha, Hunan, Peoples R China.
关键词:
Financial stress;Threshold VAR;regime dependence;generalized impulse responses;Chinese real economy;C24;E44
摘要:
This paper uses a multi-regime threshold vector autoregressive model to investigate the asymmetric and nonlinear impacts of financial stress on China’s real economy in high- and low-stress regimes. Special attention is paid to the reliability of the measures of financial stress and real activities in China. We find that the response of China’s real economy to a financial stress shock is bigger in high-stress regimes than in low-stress regimes. The negative response to a positive shock is bigger than the positive response to a negative shock. The response to a positive shock is disproportionately larger when the size of the shock increases, but a negative shock does not have this amplifying effect, indicating the danger of a severe financial crisis and the difficulty to revert its damage to China’s real economy
摘要:
The relationship between natural disasters and NPLs is of significant importance in the natural disaster economics field. Thus, this research investigates the effects of natural disasters on non-performing loans (NPLs) using panel data covering 101 countries from 1996 to 2017. We in-troduce interaction terms between natural disasters and different financial risks to represent the moderating effects of natural disasters through such risks. Several conclusions arise from the empirical results. (1) Natural disasters produce significant effects on NPLs both in current year and five-period lag terms. (2) Natural disasters increase NPLs through five kinds of financial risks, and the moderating effects are statistically significant. (3) The effects of natural disasters on NPLs present significant heterogeneity between OECD and non-OECD countries. From these results, we put forward several policy implications. (c) 2022 Elsevier B.V. All rights reserved.
摘要:
For the simulation-based test and evaluation of connected and automated vehicles (CAVs), the trajectory of the background vehicle has a direct effect on the performance of CAVs and experiment outcomes. The collected real trajectory data are limited by the sample size and diversity, and may exclude critical attribute combinations that are of vital importance for CAVs' tests. Consequently, it is indispensable to increase the richness of accessible trajectory data. In this study, we developed the Wasserstein generative adversarial network with gradient penalty (WGAN-GP) and a hybrid model of variational autoencoder and generative adversarial network (VAE-GAN) for trajectory data generation. These models are capable of learning a compressed representation of the observed data space, and generating data by sampling in the latent space and then mapping back to the original space. The real data and the generated data are applied in the car-following model of CAVs with cooperative adaptive cruise control (CACC) to evaluate safety performance using the time-to-collision (TTC) index. The results indicate that the generated data of the two generative models have reasonable differences while maintaining a certain similarity with the real samples. When real and generated trajectory data are applied to the car-following model of CAVs, the generated trajectory data increases the number of new critical fragments whose TTC is smaller than the threshold. The WGAN-GP model performs better than the VAE-GAN model according to the ratio of critical fragments. Findings of this study provide useful insights for CAVs' tests and safety performance improvement.
摘要:
Though building-scale energy demand and indoor thermal comfort have been extensively covered by recent studies, the automation of middle- and larger-scale outdoor microclimate evaluation in parametric design is less covered. The relatively slow computation and the need for sophisticated expertise are some of the current issues. This paper proposes a Rhino–Grasshopper custom script to automatically compute spatial indicators for a quick thermal comfort estimation. The Galapagos evolutionary algorithm is used to optimize thermal comfort and select the best combinations of spatial indicators. In a summer case study located in Shantou, China, the proposed workflow was three times faster than a non-automated indicator calculation in ArcGIS, while the optimization method achieved 25% to 33% reduction in land areas under extreme heat stress. This automated process applies to existing states and new urban designs. It is adaptable to customized prediction models under different climatic zones.
通讯机构:
[He, J ] G;Guangzhou Univ, Guangzhou, Peoples R China.
关键词:
Business model innovation;Entrepreneurial networks;Effectuation;Bricolage;Environmental uncertainty;Start-ups
摘要:
PurposeDrawing from resource orchestration theory, this research proposed an integrative model that leverages insights into counter resource constraints and uncertainty in start-up business model innovation (BMI). It investigated the influences of entrepreneurial networks and effectuation on BMI through bricolage in uncertain environments.Design/methodology/approachThe research surveyed 481 start-ups in China. LISREL 8.80 and SPSS 22.0 were employed to test the validity and reliability of key variables, respectively. Additionally, hypotheses were examined through multiple linear regression.FindingsFirst, entrepreneurial networks and effectuation were positively related to BMI, and combining these two factors improved BMI for start-ups. Second, bricolage contributed to BMI and played mediating roles in translating entrepreneurial networks and effectuation into BMI. Third, environmental uncertainty weakened the linkage between bricolage and BMI.Research limitations/implicationsFuture research should replicate the results in other countries because only start-ups in China were investigated in the study, and it is necessary to extend this research by gathering longitudinal data. This research emphasized the mediating effects of bricolage and the moderating influence of environmental uncertainty, and new potential mediating and moderating factors should be explored between resources and BMI.Originality/valueThere are three significant theoretical contributions. First, the findings enrich the literature on the complex antecedents of BMI by combining the impacts of entrepreneurial networks and effectuation. Second, an overarching framework is proposed explaining how bricolage (resource management) links entrepreneurial networks and effectuation and BMI. Third, it demonstrates the significance of environmental uncertainty in the bricolage-BMI linkage, deepening the understanding of the bricolage boundary condition.
摘要:
Discontinuous rock mass, such as joints and fractures, have a great influence on the blasting quality and sometimes induce additional damage at the discontinuity. In deep rock engineering, high in situ stress makes the damage mechanism of rock with discontinuity under blasting loading more complicated. Quantitative analysis of blast-induced damage in discontinuous rock under high in situ stress is of great importance in guiding the fine blast design. In this paper, a series of numerical models have been established to quantitatively investigate the effect of confining stress and inclination angle on blast-induced damage of rock with discontinuity. The numerical results show that the discontinuity obviously changes the distribution mode of blast-induced damage, and there is more damage near the discontinuity. The blast-induced damage crack length of discontinuous rock decreases as hydrostatic stress rises. Under non-hydrostatic stress, the damage crack propagation appears to have a higher tendency in the higher confining stress direction. In addition, the inclination angle of discontinuity will affect the damage distribution of rock with discontinuity. The fragmentation degree is greatest when the discontinuity is perpendicular to the direction of higher confining stress. Due to the presence of discontinuity, the guiding effect of higher confining stress on damaged cracks is weakened. The results provide a reference for the tunnel fine-blasting design of rock with discontinuity.