摘要：
Promoting structural transformation and energy efficiency improvement by grouping productive services is a significant action for China's targets of realizing carbon neutrality and carbon peak. This study employs the spatial Durbin model to explore the influences of the agglomeration of producer services (producer services agglomeration) on industrial energy efficiency using panel data from China, specifically from its prefecture-level cities. It turned out that the specialization producer services agglomeration has effectively improved the industrial energy efficiency of the city and its adjacent areas. However, the producer services agglomeration in diverse fields only plays a positive stimulating role in the energy efficiency standards of the city. After changing the industrial energy efficiency index, and sample size and considering endogeneity, the test results agree with the benchmark estimation outcomes. Additional research indicates that technological spillovers and manufacturing production costs exert a significant mediation influence in the process of promoting energy efficiency by producer services agglomeration. Furthermore, the producer services agglomeration has a substantial heterogeneous effect on the industrial energy efficiency due to differences in industry types of producer services. The conclusion of this article is of considerable relevance for China to rely on the producer services agglomeration to support effective energy utilization, as well as green and sustainable economic development.
摘要：
Practicing ESG concept is a necessary way for sustainable development of enterprises and an important hand in realizing high-quality economic growth. This paper introduces the hypothesis of "distance attenuation effect" of geo-economics into the research field of corporate ESG performance, and systematically examines the impact of neighboring the Environmental Protection Agency (EPA) on corporate ESG performance by using the data of China's listed companies in the manufacturing industry from 2011 to 2021. It is found that being a neighbor to the EPA has a significant inhibitory effect on corporate ESG performance, which was reduced by 0.196% when the distance between the two was reduced by every 1km. And the inhibitory effect has a stepwise decreasing characteristic, i.e., it is the strongest at the level of county EPA, followed by municipal EPA, and the smallest at the level of provincial EPA. The mechanism analysis shows that the rent-seeking behavior caused by neighboring with EPA is an important reason for the decline of ESG performance, which verifies the "distance attenuation effect" of rent-seeking difficulty. Although neighboring the EPA improves firms' financial performance, it greatly harms firms' environmental, social and governance performance, which confirms the profit-seeking motive of firms' rent-seeking. In addition, the deterrent effect generated by third-party supervision and digital supervision can inhibit corporate rent-seeking to a certain extent, which helps weaken the negative impact of neighboring the EPA on corporate ESG performance.
摘要：
Industrialized nations have witnessed a decline in environmental quality over the years. The potential of digitalization in mitigating environmental pollution is of significant interest. Drawing on firm-level data from listed Chinese companies between 2010 and 2020, including pollutant and financial metrics, this study investigates the influence of digitalization on industrial environmental pollution. We found that digitalization substantially diminishes the intensity of industrial pollution emissions. These findings hold even after employing instrumental variable tests, substituting the dependent variable with carbon dioxide emissions, and conducting a quasi-natural experiment in intelligent manufacturing. Moreover, our exploration of the underlying mechanisms reveals that the decline in pollution emission intensity attributable to digitalization stems from both structural and technological factors; specifically, it enhances environmental investment and fosters green innovation. The benefits of digitalization in curbing emission intensity are pronounced for firms characterized by lower pollution levels, executive leadership with environmental work backgrounds, heightened capital intensity, and elevated media coverage.
摘要：
Using a panel dataset of Chinese A-share listed firms during 2007–2021, we specify a fixed-effects model to examine whether and how annual report readability affects opportunistic insider selling. Our empirical findings show that lower readability of annual reports induces insiders to make more opportunistic sales. Further analysis reveals that stock overvaluation is the channel through which the readability of annual reports affects opportunistic insider sales. In addition, this effect is more pronounced among firms with less analyst coverage, higher retail concentration, and non-SOEs.
关键词：
Female executives;ESG performance;Ownership concentration;Media exposure;Sustainable enterprise development
摘要：
The relationship between the personal characteristics of senior management team members and the sustainable development of the enterprise has received much attention. This study used data on A-share listed companies in China from 2009 to 2022 to examine the effect of female executives on enterprise environmental, social, and governance (ESG) performance and tested the moderating role of ownership concentration and media exposure. Empirical testing was conducted on 20,188 annual observation samples using regression analysis. The empirical results demonstrate that female executives significantly improve corporate ESG performance, especially social responsibility performance. The study also revealed that ownership concentration plays an internal moderating role on the connection between female executives and corporate ESG performance, while media exposure plays an external moderating role. The conclusions remain the same after several robustness tests, including a lag test, substitution variable estimation, and propensity score matching. An economic consequence check and heterogeneity test were also conducted. This study's findings enrich the research on ESG influencing factors and offers empirical support for the value of female participation in corporate governance.
摘要：
The construction and development of energy storage are crucial areas in the reform of China's power system. However, one of the key issues hindering energy storage investments is the ambiguity of revenue sources and the inaccurate estimation of returns. In order to facilitate investors' understanding of revenue sources and returns on investment of energy storage in the existing electricity market, this study has established multiple relevant revenue quantification models. The research methodology employed in this paper consists of three main components: Firstly, we established a revenue model and a cost model for energy storage participation in the electricity market. These models focus on arbitrage revenue, subsidy revenue, auxiliary services revenue, investment cost, operational and maintenance cost, and auxiliary service cost of energy storage. Subsequently, we utilized an enhanced Grey Wolf Optimizer algorithm to solve the optimization problem and maximize revenue, thus obtaining the optimal capacity and revenue scale of energy storage in the electricity market. Finally, we compared the whole-lifecycle ROI of different energy storage options in various scenarios. The evaluation results demonstrate that the difference between peak and off-peak loads impacts the investment demand and charging/discharging depth of energy storage. In addition, the discrepancy between peak and off-peak prices affects the arbitrage return of energy storage. These two factors can serve as criteria for energy storage investors to assess their return expectations. When solely considering economic returns and disregarding technical factors, pumped storage energy storage emerges as the most suitable mechanical energy storage option requiring investment. The main contribution of this study lies in the estimation of the lifecycle investment returns for various energy storage technologies in the Chinese electricity market, thus providing valuable insights for the investment and operational practices of market participants.
通讯机构：
[Zhifeng Dai] S;School of Economics and Management, Changsha University of Science and Technology, Hunan, China<&wdkj&>College of Mathematics and Statistics, Changsha University of Science and Technology, Hunan, China
摘要：
This paper studies the relationship between three types of risk borne by banks and climate policy uncertainty (CPU). We use panel data for 210 commercial banks in China from 2009 to 2020. This paper has the following main conclusions: Firstly, climate policy uncertainty significantly reduce the passive and active risks borne by banks and increase the insolvency risks borne by banks; Secondly, the impact of CPU on the passive risks borne by listed banks is greater than that of unlisted banks, and the impact of CPU on the active and insolvency risks borne by listed banks is less than that of unlisted banks; Thirdly, the impact of CPU on the three types of risks borne by banks is most pronounced among rural banks and state-owned banks and least pronounced among joint-stock banks. After a series of robustness tests, such as the system GMM approach, different sample periods and controlling for endogeneity, the results of this paper remain robust. We also used the difference in difference (DID) method to study the policy dynamic effects of the 2016 Paris Agreement, and we passed a parallel trend test. Our results provide insights for policy makers and investors. Policy makers should formulate visionary policies in order to minimize the adverse effects of CPU; investors should keep an eye on the implementation of climate policies and pay attention to the impact of policies on the economy, so that they can adjust their in-vestment strategies rationally.
关键词：
ESG disclosure;internal control level;real earnings management;the executive pay gap;the stakeholder theory
摘要：
This study investigates the mechanisms through which the executive pay gap affects the disclosure of environmental, social, and governance (ESG) information. Utilizing panel data from China's A-share listed firms between 2012 and 2020, our findings reveal a significant positive correlation between the executive pay gap and ESG disclosure, with real earnings management playing a partial mediating role. Notably, the impact of the executive pay gap on ESG disclosure is more pronounced in voluntary disclosure firms and those with low internal control levels, as compared to mandatory disclosure firms and those with high internal control levels. This study provides international evidence for the strategic disclosure behavior of ESG information and the necessity of ESG disclosure regulation.
摘要：
Borrowers' default is the main risk of online lending. Using credit scoring model to assess borrowers' credit is an important means to reduce default risk. The existing related work focus on the improve-ment of assessment methods, and do not study the quality of credit data enough. Actually, there are usually some noisy, redundant or irrelevant features in online credit data, which increase the computational complexity and reduce the evaluation accuracy of the model. Well-performing feature selection method is the key premise to improve accuracy of the credit evaluation model. At present, the feature selection methods applied to online credit scoring generally have shortcomings such as subjectivity, time consuming, low accuracy, etc. So it is urgent to introduce new schemes. Among the feature selection schemes in many fields, heuristic algorithm is widely recognized because of its advantages of high efficiency and accuracy, and especially BinSSA is an outstanding representative. However, BinSSA has the defects that it is easy to form extreme distribution in initialization, and is inefficient because there is a high probability of falling into local optimum during iteration. So it is still not the best choice for feature selection in online lending credit scoring model. In this paper, we propose a local binary social spider algorithm (LBSA), which introduces two local optimization strategies into BinSSA: opposition-based learning (OBL) and improved local search algorithm (ILSA). These strategies can help to improve the above defects. We conduct comparative experiments based on three typical online credit data sets and different algorithms, to verify the superior performance of LBSA. The experimental results validate that LBSA greatly reduces the redundancy of returned feature subsets, improves the iterative stability, and makes the credit scoring model more accurate and effective. & COPY; 2023 Elsevier B.V. All rights reserved.
摘要：
The article examines the impact of a firm's product-market advertising campaign on stock price synchronization. Based on a sample of listed companies in the Chinese A-share market that have disclosed advertising expenditure, we find that the advertising expenditure of listed companies significantly increases the extent to which information about firm characteristics is incorporated into the stock price, thereby inhibiting stock price synchronization. Moreover, the negative relationship between product market advertising expenditure and stock price synchronization is more significant when the firm's internal and external information asymmetry is higher.
作者机构：
[Huang, SS; Huang, Shanshan; Ye, Ze] Changsha Univ Sci & Technol, Sch Econ & Management, Changsha 410076, Peoples R China.;[Huang, Yunxiang] Changsha Univ Sci & Technol, Sch Energy & Power Engn, Changsha 410076, Peoples R China.
通讯机构：
[Huang, SS ] C;Changsha Univ Sci & Technol, Sch Econ & Management, Changsha 410076, Peoples R China.
关键词：
Grid -side energy storage;Transmission and distribution tariff;Benefit evaluation;Economic externality theory
摘要：
Grid-side energy storage has become a crucial part of contemporary power systems as a result of the rapid expansion of renewable energy sources and the rising demand for grid stability. This study aims to investigate the rationality of incorporating grid-side energy storage costs into transmission and distribution (T&D) tariffs, evaluating this approach using economic externality theory. We first develop a comprehensive benefit evaluation framework based on economic externality theory considering system stability, renewable energy integration, end-user, and environmental impacts. Then, using the CPLEX solver, an operating model of grid-side energy storage is constructed with the goal of reducing substation load variations. Through a case study, it is found that grid-side energy storage has significant positive externality benefits, validating the rationale for including grid-side energy storage costs in T&D tariffs. Sensitivity analysis suggests that with cost reduction and market development, the proportion of grid-side energy storage included in the T&D tariff should gradually recede. As a result, this study offers important information about whether it is reasonable to include grid-side energy storage costs in T&D tariffs in China.
