通讯机构：
[Huang, Y ] C;Changsha Univ Sci & Technol, Coll Econ & Management, Changsha 410076, Peoples R China.
关键词：
Carbon-energy-metal system;Risk transmission;Quantile frequency connectedness;Quantile coherency;Portfolio diversification
摘要：
The carbon, energy, and metal markets are intricately interconnected, and clarifying their relationships is crucial for promoting sustainable development. This paper explores the risk transmission mechanism of carbon, energy and metal markets, as well as portfolio diversification. The quantile frequency framework and portfolio strategy are employed. Our empirical results indicate that the spillover effect is particularly pronounced in bearish and bullish markets. The connectedness of the carbon-energy-metal system is time-varying and cyclical, with short-term effects dominating. Moreover, the metal markets, especially copper, possesses greater explanatory power, and the carbon market is becoming increasingly connected with other markets in the post-COVID-19 period. In addition, the state of market dependence suggests that energy and metals can provide a better hedge against carbon in the medium and long term. Investors are recommended to hold more metals in their portfolios rather than carbon and energy, and to adjust portfolio allocations and hedge positions in response to market situations. Overall, these findings are of great significance for investors building diversified investment and for policymakers monitoring risk contagion.
The carbon, energy, and metal markets are intricately interconnected, and clarifying their relationships is crucial for promoting sustainable development. This paper explores the risk transmission mechanism of carbon, energy and metal markets, as well as portfolio diversification. The quantile frequency framework and portfolio strategy are employed. Our empirical results indicate that the spillover effect is particularly pronounced in bearish and bullish markets. The connectedness of the carbon-energy-metal system is time-varying and cyclical, with short-term effects dominating. Moreover, the metal markets, especially copper, possesses greater explanatory power, and the carbon market is becoming increasingly connected with other markets in the post-COVID-19 period. In addition, the state of market dependence suggests that energy and metals can provide a better hedge against carbon in the medium and long term. Investors are recommended to hold more metals in their portfolios rather than carbon and energy, and to adjust portfolio allocations and hedge positions in response to market situations. Overall, these findings are of great significance for investors building diversified investment and for policymakers monitoring risk contagion.
摘要：
This paper illustrates the association between managerial myopia and corporate resilience in China, focusing on two dimensions: resistance and recovery. The results demonstrate that managerial myopia could negatively affect corporate ability to withstand shocks and recover from losses. Notably, family financial pressure can cause managers to prioritize short-term gains, which can further exacerbate the negative impact on corporate resilience. Furthermore, digital transformation can help mitigate the detrimental effects, while overconfidence intensifies these negative consequences. In conclusion, companies can effectively navigate the intricacies of the corporate finance landscape and foster long-term resilience, thus reinforcing their ability to withstand unpredictable shocks.
This paper illustrates the association between managerial myopia and corporate resilience in China, focusing on two dimensions: resistance and recovery. The results demonstrate that managerial myopia could negatively affect corporate ability to withstand shocks and recover from losses. Notably, family financial pressure can cause managers to prioritize short-term gains, which can further exacerbate the negative impact on corporate resilience. Furthermore, digital transformation can help mitigate the detrimental effects, while overconfidence intensifies these negative consequences. In conclusion, companies can effectively navigate the intricacies of the corporate finance landscape and foster long-term resilience, thus reinforcing their ability to withstand unpredictable shocks.
期刊：
International Review of Financial Analysis,2025年:104013 ISSN：1057-5219
通讯作者：
Shufang Lai
作者机构：
[Jianxin Li] School of Economics and Management, Changsha University of Science and Technology, Changsha 410076, China;School of Economics and Management, Hunan Institute of Science and Technology, Yueyang 414006, China;[Shufang Lai] Business School, Southern University of Science and Technology, Shenzhen 518055, China;[Min Li] Business School, University of St Andrews, Scotland KY16 9AJ, United Kingdom;[Ying Zou] School of Economics and Management, Changsha University of Science and Technology, Changsha 410076, China<&wdkj&>School of Economics and Management, Hunan Institute of Science and Technology, Yueyang 414006, China
通讯机构：
[Shufang Lai] B;Business School, Southern University of Science and Technology, Shenzhen 518055, China
摘要：
The theoretical and empirical focus of this study is the relationship between exploratory trademark strategy and corporate cash holdings, which is rarely explored in the literature. Using data from Chinese listed firms over the 2005–2021 period, we find a positive correlation between firms' exploratory trademark strategies and their cash holdings. Our cross-sectional analyses reveal that this effect is particularly strong in firms facing greater environmental uncertainty, higher financial constraints, and weaker corporate governance. We also find that exploratory trademark strategies drive increased investment in brand capital and R&D, with firms prioritizing strategic investments over cash dividends. These findings highlight the dual role of trademarks as both market assets and key elements of financial management, which prompt firms to maintain higher cash reserves to support their long-term strategic objectives.
The theoretical and empirical focus of this study is the relationship between exploratory trademark strategy and corporate cash holdings, which is rarely explored in the literature. Using data from Chinese listed firms over the 2005–2021 period, we find a positive correlation between firms' exploratory trademark strategies and their cash holdings. Our cross-sectional analyses reveal that this effect is particularly strong in firms facing greater environmental uncertainty, higher financial constraints, and weaker corporate governance. We also find that exploratory trademark strategies drive increased investment in brand capital and R&D, with firms prioritizing strategic investments over cash dividends. These findings highlight the dual role of trademarks as both market assets and key elements of financial management, which prompt firms to maintain higher cash reserves to support their long-term strategic objectives.
关键词：
Political relation;trade;firm;Belt & Road;F14;F50
摘要：
This paper analyzes the effect of political relations on trade from demand and supply channels based on firm-level panel data between China and the Belt & Road countries. We specify a theoretical model to derive how political relations affect trade, and our empirical results demonstrate a positive trade-promoting effect of improved political relations. Consumers change their preference and purchase decisions under the influence of political relations, whereby the significant effect is observed among final goods. The supply channel tests reveal that the trade effect of political relations for state-owned firms is the most pronounced, which mirrors the role of state-owned firms in politicizing trading decisions. Overall, our research sheds light on understanding how political relations affect trade within the demand-supply framework, and provides firm-level evidence in the context of the Belt & Road.
关键词：
Digitalization;Innovation;Female executives;Human rights
摘要：
The rapid advancement of digitalization in the past decade has brought tremendous changes to enterprises. In this article, utilizing a sample of A-share listed firms on the Shanghai Stock Exchange and Shenzhen Stock Exchange over the period of 2011 to 2021, we attempt to discover the implications of corporate digitalization for innovation performance. We provide reliable evidence that digitalization enhances corporate innovation performance. Moreover, we find this positive relationship is more pronounced when the firm has a larger ratio of female executives. In sum, this study advances the studies on digitalization and innovation, and generates valuable practical implications.
The rapid advancement of digitalization in the past decade has brought tremendous changes to enterprises. In this article, utilizing a sample of A-share listed firms on the Shanghai Stock Exchange and Shenzhen Stock Exchange over the period of 2011 to 2021, we attempt to discover the implications of corporate digitalization for innovation performance. We provide reliable evidence that digitalization enhances corporate innovation performance. Moreover, we find this positive relationship is more pronounced when the firm has a larger ratio of female executives. In sum, this study advances the studies on digitalization and innovation, and generates valuable practical implications.
摘要：
Regional financial risk, as a representative form of tangible financial risk, introduces heightened uncertainty into the external economic environment of firms. Different from previous studies on aggregate financial risk conditions, this paper focuses on the impact of regional financial risk on firms' access to trade credit. We find a robust negative relationship between regional financial risk and trade credit. Moreover, channel tests reveal that this relationship is achieved through increased cash holdings, reduced investment demand, and being in financial distress. Cross-sectional tests show that this effect is moderated for firms with high market power and high-tech attributes, as well as those located in regions with high levels of marketization processes, social trust, and bank loans. Further analysis indicates that the effect of regional financial risk on trade credit varies significantly across China's four economic regions. This paper contributes to the literature on the determinants of firms' access to trade credit and the empirical literature on China's geographically segmented financial markets.
Regional financial risk, as a representative form of tangible financial risk, introduces heightened uncertainty into the external economic environment of firms. Different from previous studies on aggregate financial risk conditions, this paper focuses on the impact of regional financial risk on firms' access to trade credit. We find a robust negative relationship between regional financial risk and trade credit. Moreover, channel tests reveal that this relationship is achieved through increased cash holdings, reduced investment demand, and being in financial distress. Cross-sectional tests show that this effect is moderated for firms with high market power and high-tech attributes, as well as those located in regions with high levels of marketization processes, social trust, and bank loans. Further analysis indicates that the effect of regional financial risk on trade credit varies significantly across China's four economic regions. This paper contributes to the literature on the determinants of firms' access to trade credit and the empirical literature on China's geographically segmented financial markets.
关键词：
Corporate financialization;Environmental investment;Internal control quality;Managerial myopia;Preference
摘要：
Corporate executives often favor short-term "end-of-pipe" solutions to comply with environmental regulations. In this study, we examine how managerial myopia influences corporate preferences for environmental investments, using data from listed Chinese firms between 2007 and 2021. Grounded in the upper-echelon and time orientation theories, this analysis reveals that managerial myopia discourages environmental investments, with a more pronounced impact on preventive measures compared to treatment-focused approaches. Mechanism tests indicate that managerial myopia impacts environmental investments by increasing financialization and reducing the quality of internal controls. Heterogeneity analysis further reveals specific contexts where managerial myopia is particularly inhibitory. Notably, preventative environmental investments can yield "innovation compensation" that ultimately improves financial performance. These findings may provide valuable insights for investors, analysts, board directors, and regulators seeking to understand and shape corporate strategies for environmental management.
摘要：
In the post-pandemic era, increasing productivity is a crucial direction for Fiji's stable economic development. This study employs the ARDL-EC model and economic data over the period 1998-2020 to analyze the impacts of information technology, trade, and environmental regulations on labor and capital productivity in Fiji. The results indicate that information technology has a consistently positive effect on productivity in both the short and long run. Trade has a negative effect on labor productivity in both the short and long run, but a positive effect on capital productivity in the long run. Environmental regulations have a positive effect on labor productivity in both periods. In contrast, environmental regulations constrain capital productivity in the short run but promote it in the long run. Our research provides in-depth policy insights for Fiji, highlighting diversified pathways to productivity growth.
摘要：
As a new environmental regulatory tool, can the environmental credit rating system help enterprises achieve green development goals through credit mechanisms? Based on the implementation of China's environmental credit rating policy, this study examines the system's impact on enterprise green development (EGD) and its mechanism using a staggered difference-in-differences method. The results show that the environmental credit rating significantly promotes green development in enterprises, with multidimensional robustness further confirming this conclusion. Additionally, we identify two primary mechanisms driving this enhancement: internal and external forces. Internal driving mechanisms include increasing environmental investment, enhancing green innovation, and reducing energy consumption, while external driving mechanisms include government incentives, investor attention, and public attention. In addition, the study finds that the environmental credit evaluation system has a more significant incentive effect on mature enterprises, enterprises facing strong environmental regulations, those with high financing constraints, a high level of green awareness, and those located in the more economically developed eastern regions. This study provides a theoretical basis for optimizing environmental policy design and implementation to promote higher-quality green transformation in enterprises.
As a new environmental regulatory tool, can the environmental credit rating system help enterprises achieve green development goals through credit mechanisms? Based on the implementation of China's environmental credit rating policy, this study examines the system's impact on enterprise green development (EGD) and its mechanism using a staggered difference-in-differences method. The results show that the environmental credit rating significantly promotes green development in enterprises, with multidimensional robustness further confirming this conclusion. Additionally, we identify two primary mechanisms driving this enhancement: internal and external forces. Internal driving mechanisms include increasing environmental investment, enhancing green innovation, and reducing energy consumption, while external driving mechanisms include government incentives, investor attention, and public attention. In addition, the study finds that the environmental credit evaluation system has a more significant incentive effect on mature enterprises, enterprises facing strong environmental regulations, those with high financing constraints, a high level of green awareness, and those located in the more economically developed eastern regions. This study provides a theoretical basis for optimizing environmental policy design and implementation to promote higher-quality green transformation in enterprises.
摘要：
The study explored the dual-path mechanism of human-computer parasocial relationships on consumer attitudes through an experimental approach. Innovatively, ‘assistant’ and ‘friend’ are proposed as the two basic parasocial relationships of human-computer interaction, with the two gender traits of artificial intelligence robots - "male trait" and "female trait" - to stimulate consumers' perceived competence and warmth through interaction, and improve consumer attitudes. Research has found that perceived competence and perceived warmth mediate the impact of two parasocial relationships, "assistant" and "friend", on consumer attitudes. Compared with the "friend" type of human-machine parasocial relationship, the "assistant" type of human-machine parasocial relationship significantly enhances consumers' perceived competence; Compared with the "assistant" type of human-machine parasocial relationship, the "friend" type of human-machine parasocial relationship significantly enhances consumers' perceived warmth. Meanwhile, research has demonstrated the moderate role of gender traits in artificial intelligence robots. This study broadens the research perspective of AI Services marketing, and provides important enlightenment for enterprises to develop Marketing strategy and AI Intelligent design.
The study explored the dual-path mechanism of human-computer parasocial relationships on consumer attitudes through an experimental approach. Innovatively, ‘assistant’ and ‘friend’ are proposed as the two basic parasocial relationships of human-computer interaction, with the two gender traits of artificial intelligence robots - "male trait" and "female trait" - to stimulate consumers' perceived competence and warmth through interaction, and improve consumer attitudes. Research has found that perceived competence and perceived warmth mediate the impact of two parasocial relationships, "assistant" and "friend", on consumer attitudes. Compared with the "friend" type of human-machine parasocial relationship, the "assistant" type of human-machine parasocial relationship significantly enhances consumers' perceived competence; Compared with the "assistant" type of human-machine parasocial relationship, the "friend" type of human-machine parasocial relationship significantly enhances consumers' perceived warmth. Meanwhile, research has demonstrated the moderate role of gender traits in artificial intelligence robots. This study broadens the research perspective of AI Services marketing, and provides important enlightenment for enterprises to develop Marketing strategy and AI Intelligent design.
作者：
Juan Tan;Xing-Yun Zou;Xin Zhang*;Chun-Ping Chang
期刊：
Economic Analysis and Policy,2025年 ISSN：0313-5926
通讯作者：
Xin Zhang
作者机构：
[Juan Tan; Xing-Yun Zou] School of Economics and Management, Changsha University of Science & Technology, Hunan, China;[Xin Zhang] Zhengzhou University;[Chun-Ping Chang] Department of Marketing Management, Shih Chien University, Kaohsiung, Taiwan
通讯机构：
[Xin Zhang] Z;Zhengzhou University
摘要：
Achieving a balance between economic growth and climate change mitigation is essential for sustainable development. This research uses the panel data of 95 countries from 1990 to 2020, and conducts the Westerlund panel cointegration test to investigate the long-term bidirectional cointegration relationship between national environmental, social, and governance (ESG) performance and climate warming caused by carbon dioxide (CO2) and other greenhouse gas (GHG) emissions. This paper takes a deeper look at the short- and long-term causal relationships using panel dynamic ordinary least squares (DOLS) and vector error correction models (VECM). The results show that while the improvement of national ESG performance increases climate warming in the initial stage, it contributes to long-term mitigation in the future. In addition, the reduction of CO2 emissions per capita can significantly improve the mitigation in the long term, although the national ESG performance would decrease in the short term, the reduction of other GHG emissions can also improve the national ESG performance in both the short and long term. This research provides valuable insights for policy makers to improve national ESG performance, mitigate the climate crisis and promote sustainable development.
Achieving a balance between economic growth and climate change mitigation is essential for sustainable development. This research uses the panel data of 95 countries from 1990 to 2020, and conducts the Westerlund panel cointegration test to investigate the long-term bidirectional cointegration relationship between national environmental, social, and governance (ESG) performance and climate warming caused by carbon dioxide (CO2) and other greenhouse gas (GHG) emissions. This paper takes a deeper look at the short- and long-term causal relationships using panel dynamic ordinary least squares (DOLS) and vector error correction models (VECM). The results show that while the improvement of national ESG performance increases climate warming in the initial stage, it contributes to long-term mitigation in the future. In addition, the reduction of CO2 emissions per capita can significantly improve the mitigation in the long term, although the national ESG performance would decrease in the short term, the reduction of other GHG emissions can also improve the national ESG performance in both the short and long term. This research provides valuable insights for policy makers to improve national ESG performance, mitigate the climate crisis and promote sustainable development.
期刊：
International Review of Financial Analysis,2025年98:103894 ISSN：1057-5219
通讯作者：
Guo, L
作者机构：
[Lei, Shini; Zhang, Qian] Cent South Univ, Sch Business, Changsha, Peoples R China.;[Guo, Lian; Guo, L] Changsha Univ Sci & Technol, Sch Econ & Management, Changsha, Peoples R China.;[Chen, Diqiang] Gannan Normal Univ, Sch Econ & Management, Ganzhou, Peoples R China.
通讯机构：
[Guo, L ] C;Changsha Univ Sci & Technol, Sch Econ & Management, Changsha, Peoples R China.
关键词：
Mobile internet;Financial literacy;Financial inclusion
摘要：
Using the 2013 and 2015 waves of the China Household Finance Survey (CHFS), this study explores mobile internet use and examines its impacts on households' financial literacy. Our findings provide robust evidence that mobile internet use increases households' financial literacy. Moreover, the mechanism test shows that mobile internet use improves financial literacy mainly through: enhancing information flow about finance and engaging in economic activities. Interestingly, we explore the effects of mobile internet use on financial literacy among different people, and we find that the positive impact of mobile internet use on financial literacy is more pronounced in households who are older, lower educated and those who live in rural and western areas. Overall, our findings imply that mobile internet plays a positive role in facilitating financial inclusion by improving financial literacy.
Using the 2013 and 2015 waves of the China Household Finance Survey (CHFS), this study explores mobile internet use and examines its impacts on households' financial literacy. Our findings provide robust evidence that mobile internet use increases households' financial literacy. Moreover, the mechanism test shows that mobile internet use improves financial literacy mainly through: enhancing information flow about finance and engaging in economic activities. Interestingly, we explore the effects of mobile internet use on financial literacy among different people, and we find that the positive impact of mobile internet use on financial literacy is more pronounced in households who are older, lower educated and those who live in rural and western areas. Overall, our findings imply that mobile internet plays a positive role in facilitating financial inclusion by improving financial literacy.
作者机构：
[Wu, Yongfei] School of Economics & Management, Changsha University of Science & Technology, Changsha 410114, China;[Gu, Weiyu] School of Economics, Central University of Finance and Economics, Beijing 100081, China;[Huang, Shoujun] International School of Business & Finance, Sun Yat-Sen University, Zhuhai 519082, China;[Wei, Xiaolong] Xi'an Xuanwa Group, Xi'an, China;[Safaraliev, Murodbek] Department of Automated Electrical Systems, Ural Federal University, Yekaterinburg 620002, Russia
通讯机构：
[Weiyu Gu] S;School of Economics, Central University of Finance and Economics, Beijing 100081, China
摘要：
For transportation electrification, fossil fuel-based vehicles are replaced by electric vehicles (EVs) or fuel cell vehicles (FCVs). To charge EVs and FCVs, electric vehicle charging stations (EVCSs) and hydrogen fuelling stations (HFSs) are respectively needed. The review of the literature indicates that the operational planning of EVCSs integrated in distribution systems has not received enough attention; on the other hand, it is crucial to push EVCSs, HFSs and distribution systems towards 100 % renewable systems; so, in this research, the aim is to build a framework for the integration of emission-free EVCSs and HFSs in emission-free distribution systems considering their impact on transmission system operator. The Case study is the IEEE 57-bus transmission system connected to three 33-bus distribution systems, integrated with EVCSs and HFSs. Mixed-integer linear programming (MILP) models are used for EVs, FCVs, HFSs, EVCSs and transmission system, while Mixed-integer quadratic programming (MIQCP) model is used for distribution system. According to the results, the expected profits of distribution systems 1–3 are respectively $3509.41, $3550.27 and $3685.13. The expected cost of transmission system is as high as $1,818,020. The results show that due to PV modules and storage systems, the operation of all EVCSs and HFSs is profitable. The results show that the operation of all DSs is profitable; indeed, due to the existence of PV and wind generators which have no operation cost, the revenue of DSs is higher than their cost. The results also show that batteries increase the expected profit of EVCSs by 475 %.
For transportation electrification, fossil fuel-based vehicles are replaced by electric vehicles (EVs) or fuel cell vehicles (FCVs). To charge EVs and FCVs, electric vehicle charging stations (EVCSs) and hydrogen fuelling stations (HFSs) are respectively needed. The review of the literature indicates that the operational planning of EVCSs integrated in distribution systems has not received enough attention; on the other hand, it is crucial to push EVCSs, HFSs and distribution systems towards 100 % renewable systems; so, in this research, the aim is to build a framework for the integration of emission-free EVCSs and HFSs in emission-free distribution systems considering their impact on transmission system operator. The Case study is the IEEE 57-bus transmission system connected to three 33-bus distribution systems, integrated with EVCSs and HFSs. Mixed-integer linear programming (MILP) models are used for EVs, FCVs, HFSs, EVCSs and transmission system, while Mixed-integer quadratic programming (MIQCP) model is used for distribution system. According to the results, the expected profits of distribution systems 1–3 are respectively $3509.41, $3550.27 and $3685.13. The expected cost of transmission system is as high as $1,818,020. The results show that due to PV modules and storage systems, the operation of all EVCSs and HFSs is profitable. The results show that the operation of all DSs is profitable; indeed, due to the existence of PV and wind generators which have no operation cost, the revenue of DSs is higher than their cost. The results also show that batteries increase the expected profit of EVCSs by 475 %.
关键词：
User-side energy storage;Real options;Policy uncertainty;Investment decisions;Peak-valley spread
摘要：
We develop a real options model for firms' investments in the user-side energy storage. After the investment, the firms obtain profits through the peak-valley electricity price spreads. They face a choice between making this irreversible investment and holding an option to delay the investment because of the uncertainty in the future price spreads. The government tries to encourage the firms to invest immediately by providing subsidies to this irreversible investment. The subsidy policy, however, can be activated or terminated at an uncertain time and therefore, the firms face additional policy uncertainty when making the decision. We derive the investment thresholds of the market spread that the firms use to make a decision on investing immediately or holding an option. To validate and demonstrate the model, we collect data from China's pilot project for energy storage and use it as an example. This dataset allows us to calibrate the model and numerically demonstrate the impacts of price-spread uncertainty and policy uncertainty on the firms' investment decision at different policy stages. For example, if the Chinese government unexpectedly announces a 30% subsidy and promises no subsidy in the near future, it can lower the spread threshold by 0.3950 RMB/kWh (or 39.8%), thus stimulating more immediate investments. This calibration exercise provides valuable policy measures that a government can use to incentivize an immediate investment in the user-side energy storage elsewhere.
We develop a real options model for firms' investments in the user-side energy storage. After the investment, the firms obtain profits through the peak-valley electricity price spreads. They face a choice between making this irreversible investment and holding an option to delay the investment because of the uncertainty in the future price spreads. The government tries to encourage the firms to invest immediately by providing subsidies to this irreversible investment. The subsidy policy, however, can be activated or terminated at an uncertain time and therefore, the firms face additional policy uncertainty when making the decision. We derive the investment thresholds of the market spread that the firms use to make a decision on investing immediately or holding an option. To validate and demonstrate the model, we collect data from China's pilot project for energy storage and use it as an example. This dataset allows us to calibrate the model and numerically demonstrate the impacts of price-spread uncertainty and policy uncertainty on the firms' investment decision at different policy stages. For example, if the Chinese government unexpectedly announces a 30% subsidy and promises no subsidy in the near future, it can lower the spread threshold by 0.3950 RMB/kWh (or 39.8%), thus stimulating more immediate investments. This calibration exercise provides valuable policy measures that a government can use to incentivize an immediate investment in the user-side energy storage elsewhere.
作者：
Wenbin Tang*;Huiqin Liu;Xinyi Zhou;Ye Liu;Mingxia Shu
期刊：
Journal of Urban Planning and Development,2025年151(2):05025007 ISSN：0733-9488
通讯作者：
Wenbin Tang
作者机构：
[Ye Liu] Rail Transit Division, China Communications Construction Company, No. 3, Xinqiao Middle Rd., Shunyi District, Beijing 101300, China;Professor, School of Economics and Management, Changsha Univ. of Science and Technology, 45 Chilin Rd., Changsha 410076, China;[Huiqin Liu; Xinyi Zhou; Mingxia Shu] Master’s Candidate, School of Economics and Management, Changsha Univ. of Science and Technology, 45 Chilin Rd., Changsha 410076, China;[Wenbin Tang] Professor, School of Economics and Management, Changsha Univ. of Science and Technology, 45 Chilin Rd., Changsha 410076, China
通讯机构：
[Wenbin Tang] P;Professor, School of Economics and Management, Changsha Univ. of Science and Technology, 45 Chilin Rd., Changsha 410076, China
关键词：
Urban rail transit;Land use;Collaborative evaluation;Spatial differentiation;Node–place model
摘要：
Evaluating the synergy between urban rail transit (URT) and land use will help further improve and optimize the structure of the transportation network, station area supporting facilities, and the overall spatial layout of the city. Previous studies do not sufficiently consider the geographic location conditions of specific stations and cannot effectively reflect the spatial differentiation characteristics of each station type. Moreover, few studies have analyzed cities where rail transit and urban development are in a period of rapid growth. Considering that URT station areas have node and place characteristics, a node–place model, a coupling coordination degree model, and an exploratory spatial data analysis model were constructed to evaluate the collaborative development level of URT and land use in station areas and fill the gaps. Taking the 42 stations of Changsha Metro lines 1 and 2 in China as a case study, the development status of each station area and the spatial heterogeneity of the synergy were quantitatively analyzed in accordance with five station types. The validity of the model was verified based on the multisource data. Empirical results showed that the overall synergy level of Changsha Metro lines 1 and 2 grows from 2018 to 2022, and most of the stations are in a state of dependence and balance. However, some stations demonstrate an imbalanced tendency. Visualization of the empirical results using ArcMap software revealed that the synergy of URT and station area land use has spatial differentiation characteristics and agglomeration effects. Therefore, the formulation and implementation of effective transit-oriented development strategies by relevant authorities in a categorized manner is recommended according to the different degrees of synergy between URT and land use in each station area.
摘要：
As the macro-financial system becomes more complex and unstable, the volatility of monetary policy increases, which inevitably affects firms’ innovation behaviour. This study focuses on firms’ perceived monetary policy uncertainty (MPU) and the duality of innovation structure by constructing a new field patent index to measure the degree of radical innovation, and empirically examines the impact of MPU on firms’ radical innovation. Based on the panel data of Chinese listed manufacturing firms, we find that increased MPU and firm perceptual capabilities significantly promote firm radical innovation. Mechanism analysis indicates that higher perceived MPU leads to increased corporate openness, equity concentration, and long-term borrowing, thus creating favourable conditions for radical innovation. Finally, heterogeneity analysis reveals that the positive impact of MPU on radical innovation is more pronounced in centrally controlled, high-tech, large-size, and highly financially constrained firms. These findings shed light on the micro-mechanism of how MPU affects firms’ innovation structure and the importance of improving firms’ ability to perceive MPU.
通讯机构：
[Yang, X ] C;Changsha Univ Sci & Technol, Sch Econ & Management, Changsha 410076, Peoples R China.
关键词：
Extreme temperature shocks;financial distress;financing constraint;risk management
摘要：
Utilizing a panel dataset of Chinese A-share listed firms during 2001-2021, we examine whether and how extreme temperature shocks affect financial distress. Our empirical findings show that extreme temperature shocks have a robust positive effect on financial distress. Further analysis reveals two channels through which extreme temperature shocks exacerbate financial distress: reducing firms’ total factor productivity and tightening financing constraints. Moreover, this effect is stronger among firms with small market capitalization, vulnerability to climate change, better corporate governance, and a lower proportion of intangible assets. Additional tests reveal that the disclosure of temperature extremes during the workday has a higher effect on financial distress. Overall, our results shed additional light on the important role of extreme temperature shocks in corporate risk management and government decision-making.
Utilizing a panel dataset of Chinese A-share listed firms during 2001-2021, we examine whether and how extreme temperature shocks affect financial distress. Our empirical findings show that extreme temperature shocks have a robust positive effect on financial distress. Further analysis reveals two channels through which extreme temperature shocks exacerbate financial distress: reducing firms’ total factor productivity and tightening financing constraints. Moreover, this effect is stronger among firms with small market capitalization, vulnerability to climate change, better corporate governance, and a lower proportion of intangible assets. Additional tests reveal that the disclosure of temperature extremes during the workday has a higher effect on financial distress. Overall, our results shed additional light on the important role of extreme temperature shocks in corporate risk management and government decision-making.
摘要：
Using a sample of CSI300 over the 2006–2021 period to establish liquidity spillover networks, we find a significantly negative relationship between liquidity connectedness and stock price crash risk. Further analysis shows that liquidity connectedness depresses stock price crash risk through two potential channels: increased conditional conservatism and decreased stock price synchronicity. Moreover, this effect is more prominent for firms with effective external monitoring, firms with lower risk-taking, and state-owned enterprises (SOEs). Overall, our paper shows that liquidity connectedness is an important factor influencing crash risk and provides useful guidance for corporate management and investor decision-making.
Using a sample of CSI300 over the 2006–2021 period to establish liquidity spillover networks, we find a significantly negative relationship between liquidity connectedness and stock price crash risk. Further analysis shows that liquidity connectedness depresses stock price crash risk through two potential channels: increased conditional conservatism and decreased stock price synchronicity. Moreover, this effect is more prominent for firms with effective external monitoring, firms with lower risk-taking, and state-owned enterprises (SOEs). Overall, our paper shows that liquidity connectedness is an important factor influencing crash risk and provides useful guidance for corporate management and investor decision-making.
摘要：
<jats:title>Abstract</jats:title><jats:p>Reducing the burden of social security contributions for firms, unleashing their vitality, and enhancing their total factor productivity (TFP) are crucial measures in China's pursuit of sustainable and high‐value‐added growth. This article utilizes three reductions in the corporate pension insurance contribution ratio in China as a quasi‐natural experiment to construct a treatment intensity DID (Difference‐in‐Differences) model. By utilizing data from listed companies between 2013 and 2020, this study empirically examines the impact of reducing the pension insurance contribution ratio on firms’ TFP while identifying the underlying mechanisms. The findings of the study are as follows: First, the policy exhibits a significant positive effect on corporate TFP in China. Second, this policy's contribution primarily stems from stimulating firms to increase their employment of highly skilled labour, elevating wages for ordinary employees, and enhancing firm investment efficiency. Lastly, the analysis of heterogeneity demonstrates that the policy's positive effect is more pronounced among non‐state‐owned enterprises, small and medium‐sized enterprises, and labour‐intensive enterprises. This study provides empirical evidence for evaluating the contribution reduction policy and serves as a policy reference for endeavours to deepen the reform of the pension insurance system and enhance pension insurance fund budget management.</jats:p>
