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Under the background of the rapid development of digital economy, this paper empirically analyzes the impact of digital transformation on enterprise innovation and selects the panel data of China's Shanghai and Shenzhen A-share listed companies from 2013 to 2021 as the research objective is to study the impact of digital transformation on enterprise innovation from theoretical and empirical perspectives. First, we find that digital transformation accelerates enterprise innovation, a conclusion that has been validated through robustness testing. Second, digital transformation impacts enterprise innovation by enhancing productivity and information transparency. Third, financing constraints and financial redundancy play distinct regulatory roles in the process. Fourth, heterogeneity analysis finds that the role of digital transformation in promoting enterprise innovation has different effects in state-owned and non-state-owned enterprises, high-tech and non-high-tech enterprises, and enterprises with different life cycles. Finally, the functional analysis suggests that further investigation is needed to determine whether digital transformation can significantly promote the sustainable development of enterprises through innovation while also recognizing that this function may have a lag effect. Overall, this study contributes to a deeper understanding of digital transformation and innovation-driven practices and encourages more significant integration of the real and digital economies. [ABSTRACT FROM AUTHOR]

Affected by the fluctuation of the market and economic environment during the epidemic period, the capital pressure of companies has increased sharply, which increases the possibility of risk transmission in the same industry and poses new challenges to the operation and financing of companies. From the perspective of preventive motivation of corporate cash holding, we creatively use the industry working capital shortfall as the explanatory variable to construct an Extended Cash Holding Model and a Cash Holding Value Regression Model. Taking the panel data of A-share listed companies in Shanghai and Shenzhen as samples, this paper uses the Classical Linear Regression Model and Fixed Effects Regression Model to study the relationship between industry working capital shortfall and cash holdings in the same industry, as well as the relationship between industry working capital shortfall and cash holding value. The empirical results show that industry working capital shortfall has an important impact on the cash holding level within the same industry, and the cash holding level is significantly and positively correlated with industry working capital shortfall. Moreover, this study also reveals that the industry working capital shortfall has a dual impact on cash holdings. Specifically, the higher the risk of industry working capital shortfall, the lower the value of company cash holdings. The conclusions of this paper not only extend the research on cash holding but also provide support and reference for companies to optimize the cash holding value. [ABSTRACT FROM AUTHOR]

Affected by the fluctuation of the market and economic environment during the epidemic period, the capital pressure of companies has increased sharply, which increases the possibility of risk transmission in the same industry and poses new challenges to the operation and financing of companies. From the perspective of preventive motivation of corporate cash holding, we creatively use the industry working capital shortfall as the explanatory variable to construct an Extended Cash Holding Model and a Cash Holding Value Regression Model. Taking the panel data of A-share listed companies in Shanghai and Shenzhen as samples, this paper uses the Classical Linear Regression Model and Fixed Effects Regression Model to study the relationship between industry working capital shortfall and cash holdings in the same industry, as well as the relationship between industry working capital shortfall and cash holding value. The empirical results show that industry working capital shortfall has an important impact on the cash holding level within the same industry, and the cash holding level is significantly and positively correlated with industry working capital shortfall. Moreover, this study also reveals that the industry working capital shortfall has a dual impact on cash holdings. Specifically, the higher the risk of industry working capital shortfall, the lower the value of company cash holdings. The conclusions of this paper not only extend the research on cash holding but also provide support and reference for companies to optimize the cash holding value. [ABSTRACT FROM AUTHOR]

Through the construction of wavelet coherence analysis and frequency-domain spillover framework, this paper makes a comparative study of the volatility spillover effects of international economic policy uncertainty (EPU) on China's Shanghai and Hong Kong stock market from a time-frequency perspective. To fully reflect the international EPU, this paper selects China, the United States, Australia, and the United Kingdom and uses the monthly EPU index of these countries and regions. China chooses China's EPU index and Hong Kong's EPU index. At the same time, the 5-minute high-frequency volatility of the Shanghai Composite Index (SSEC) and the Hang Seng Index (HSI) is selected to represent the Shanghai and Hong Kong's stock market, respectively. It is found that there are obvious differences between the EPU and the dependence of the stock market in time domain and frequency domain, and the lead-lag relationship between them has time-varying characteristics. Static and dynamic spillover effects play a dominant role in the analysis of medium- and long-term spillover effects. In particular, the EPU and the risk spillover of the Hong Kong stock market are stronger than those of the Shanghai stock market, and the dynamic frequency-domain net risk spillover between them has frequency characteristics, and there are two-way and asymmetric risk spillovers. This provides a certain reference for policy makers to improve the safety management of financial markets and for market investors to optimize their portfolios. [ABSTRACT FROM AUTHOR]

The challenges of financing have been troubling the development of Chinese enterprises, especially private enterprises. This paper aims to examine the antecedents and consequences of debt financing costs. Drawing on a sample of Chinese A-share listed companies in Shanghai and Shenzhen from 2009 to 2018, the study examined the relationship between corporate social responsibility disclosure, debt financing costs, and innovation capacity. This paper found that the quality of CSR disclosure is negatively related to the cost of debt financing and examined the situational differences in the impact of CSR disclosure quality under different property rights, different disclosure forms, and different forensic effects. Moreover, it is found that the negative effect of CSR disclosure quality on debt financing cost helps to induce the innovation capacity of enterprises. The findings of this paper have certain reference value for corporate improvement of social responsibility disclosure. [ABSTRACT FROM AUTHOR]

The paper constructs an economic growth model that contains human, physical capital, innovation, and energy factors and estimates the output elasticity of seven provinces and cities in East China in the period of 2004–2018. Having calculated the contribution rate of these different factors to economic growth, the paper finds that factors of production have a different elasticity that impacts the growth of different regions and industries and notes that energy and physical capital are the most significant factors for the growth of primary and secondary industries. This highlights that industrial growth has not freed from the path dependence of extensive input, and the authors cite Shanghai and Jiangsu as typical regions in this regard. The former's growth largely depends on physical capital and energy, and the latter's growth depends on the input of diverse elements including innovation. The latter is better suited to the needs of the "new normal" economic growth. The authors construct a simulation model of economic growth based on system dynamics, and system simulation results show that energy and material capital investment not only have the most significant effect on economic growth in East China but also provide clear evidence of extensive economic growth. The paper then demonstrates that increasing the optimal allocation of input factors and the rational flow between regions is conducive to improving output efficiency and provides the results of the Malmquist index calculation: on the whole, there is no obvious technological progress in East China. Shanghai, Jiangsu, and Zhejiang are, however, provincial-level regions of this part of the country which demonstrate significant technological progress in East China. In conclusion, the paper suggests that this region of China will be unable to maintain its current level of economic growth because of the combined influence of factor input constraints and insufficient technological progress. [ABSTRACT FROM AUTHOR]

Container shipping drives the development of international trade, yet previous studies have not fully appreciated the possible bidirectional causal relationship between container freight rates and international trade. In the context of the "twenty-first Century Maritime Silk Road," we use data on export container freight rates and import/export data from Shanghai to ASEAN-6 countries (Singapore, Vietnam, Thailand, Philippines, Malaysia, and Indonesia) from February 2017 to January 2020 and apply a panel VAR to explore the relationship between maritime transport costs and international trade in the container shipping market. We use the freight rate data are from the Southeast Asia Freight Index, which is used for the first time in an empirical study. The quality and reliability of the freight rate data allow this paper to better identify causal relationships. The results of the panel Granger causality test and the orthogonal impulse response function suggest a bidirectional causal relationship between freight rates and export trade; to further explain, an increase in export trade lowers export freight rates, but an increase in export freight rates hinders export trade, and a growth in import trade unidirectionally raises export freight rates. We believe that international trade may impact freight rates through economies of scale and trade imbalances. [ABSTRACT FROM AUTHOR]

In the context of digital economy, the international trade mode has undergone profound changes, so digital transformation has become the key to the sustainable development of foreign trade enterprises. In this paper, by collecting the data of 27 foreign trade enterprises listed in Shanghai and Shenzhen A shares from 2010 to 2020 and adopting the method of full text identification of enterprise comprehensive financial reports to quantify the intensity of enterprise digital transformation, the influence of digital transformation of foreign trade enterprises on the main business performance and the effect of two mediating variables of internal control and innovation ability of enterprises were studied. The result shows that the digital transformation of foreign trade enterprises has a significant role in promoting their main business performance. From the mechanism of action, digital transformation promotes the overall improvement of the main business performance of enterprises by improving the internal management of enterprises and enhancing the mediating role of enterprise innovation ability. Finally, from the perspectives of government and enterprises, some suggestions were put forward for foreign trade enterprises to choose the development path of digital transformation. [ABSTRACT FROM AUTHOR]

The current development plans for logistics of city clusters often pursue investment speed, while overlooking the economic benefits of logistics within city clusters. To prevent the waste of logistics resources, it is meaningful to study the meaning of the logistics radiation ability of city clusters and determine their logistics radiation range. Taking Ningbo Metropolitan Area as an example, this paper tries to measure logistics radiation range and improve logistics radiation ability of city clusters. The analytic hierarchy process (AHP) was adopted to quantify the logistics influencing factors. Besides, an improved breakpoint model was established based on the breakpoint theory, the logistics radiation range model, and the integrated logistics field theory. Drawing on the statistics in 2017, the improved model was applied to empirically measure the variation of integrated logistics quality of eight cities and determine the logistics radiation ranges of Ningbo Metropolitan Area relative to Shanghai Metropolitan Area and Hangzhou Metropolitan Area. Finally, several countermeasures were developed to improve the logistics radiation ability of Ningbo Metropolitan Area: the positioning of metropolitan areas, the model of logistics development, the development of industries closely associated with logistics, and the cultivation of strategic locational advantages. The research provides a good reference for the government of Ningbo to develop advantageous logistics fields around advantages and turn the city into an economic center. [ABSTRACT FROM AUTHOR]

Promoting the innovative development of cities in the metropolitan area holds great significance for China's implementation of the "innovation-driven development" strategy. According to symbiosis theory, this paper constructed a city-based Lotka-Volterra symbiosis model and innovation-level index system. We used the Shanghai metropolitan area as a sample for empirical analysis to explore the evolution of the comprehensive development level of urban innovation under different symbiotic relationships. The research results showed that under a reciprocal relationship, the innovative development of core city and node cities was higher than the actual level; under a mutual inhibition symbiosis or parasitic symbiotic relationship, the innovative development of core city and node cities was lower than the actual level; and under an independent symbiotic relationship, the innovative development of the core city was higher than the actual level, while that of the node cities was lower than the actual level. [ABSTRACT FROM AUTHOR]

Promoting the innovative development of cities in the metropolitan area holds great significance for China's implementation of the "innovation-driven development" strategy. According to symbiosis theory, this paper constructed a city-based Lotka-Volterra symbiosis model and innovation-level index system. We used the Shanghai metropolitan area as a sample for empirical analysis to explore the evolution of the comprehensive development level of urban innovation under different symbiotic relationships. The research results showed that under a reciprocal relationship, the innovative development of core city and node cities was higher than the actual level; under a mutual inhibition symbiosis or parasitic symbiotic relationship, the innovative development of core city and node cities was lower than the actual level; and under an independent symbiotic relationship, the innovative development of the core city was higher than the actual level, while that of the node cities was lower than the actual level. [ABSTRACT FROM AUTHOR]

This paper uses the data of China's A-share listed companies in Shanghai and Shenzhen stock markets from 2003 to 2014 and takes the pilot emission trading policy in 2007 for a quasinatural experiment to explore the role of the pilot emission trading policy in promoting enterprises' green technology innovation. The empirical research shows a Porter effect in the emission trading system in China. Specifically, first, the emission trading policy can significantly promote enterprises' green technology innovation in pilot areas. In addition, the incentive effect of emission trading policy on green technology innovation is significantly different due to the types of green patents. Second, the incentive effect of emission trading policy on enterprises' green technology innovation is different due to the nature and scale of enterprises. The incentive effect is greater in state-owned enterprises than in non-state-owned enterprises, and it is greater in large-scale enterprises than in small-scale enterprises. Finally, the incentive effect of emission trading policy on enterprises' green technology innovation has heterogeneity of regions. It has the greatest incentive effect in eastern region, followed by western region and then central region. [ABSTRACT FROM AUTHOR]

Sustained and stable external financing, affected by the financial environment, is a necessary condition to support the green technological innovation of enterprises. This paper focuses on the impact of bettering the financial environment of digital finance on enterprise green technological innovation, as well as the mediating role of financing costs and financial flexibility in this process. Using China's data on manufacturing enterprises listed in Shanghai and Shenzhen from 2011 to 2018, the hypotheses are tested. The result suggests the following: (a) digital finance effectively promotes enterprises to carry out green technological innovation, specifically, the coverage and depth of digital finance can promote enterprises' green technological innovation, but the degree of digitization has no significant impact; (b) digital finance improves the financial environment by making up the shortage of traditional financial system through reducing financing problems such as "financing difficulty," "matching difficulty," and "supervision difficulty," which make effective contributions to enterprise green technological innovation; (c) financing costs negatively mediate the relationship between digital finance and enterprise green technological innovation, while financial flexibility positively mediates the relationship. Overall, our findings shed light on the role digital finance plays in shaping corporate environmental behavior—and ultimately innovation in sustainability—in financing constraint setting. [ABSTRACT FROM AUTHOR]

As one of the core systems of a city, urban rail transit plays a pivotal role in ensuring the safe, rational, and efficient operation of the city. Therefore, it is of great significance to ensure the safe operation of urban rail transit network to improve the operation efficiency and economic level of the city. The prerequisite to ensure the safety of urban rail transit network is whether the risk situation of urban rail transit network can be reasonably and accurately evaluated. In order to evaluate the risk level of urban rail transit network reasonably and accurately, firstly, with full consideration of the characteristics of urban rail transit, the risk evaluation system of urban rail transit network was established in this paper based on the three levels of regional economy, social resources, and rail transit. Secondly, based on the entropy-TOPSIS-coupling coordination model, the single-factor influence and multifactor coupling influence in the index system are calculated and analyzed, respectively; thus the coupling coordination degree of urban rail transit system is obtained, so as to quantitatively evaluate and analyze the risk situation in urban rail transit network. Finally, based on the actual data of Shanghai from 2000 to 2016, the case simulation and analysis are carried out. The results show that the two indicators of regional economy and social resources are more likely to affect the safety state of urban rail transit. At the same time, the safety factor of urban rail transit coupling system is increasing year by year and gradually develops from disorder to order. This is more in line with current urban rail transit condition, demonstrating the rationality and accuracy of the entropy-TOPSIS-coupling coordination model proposed in this study. [ABSTRACT FROM AUTHOR]

Fintech relies on emerging technologies such as artificial intelligence and big data to bring a new business model to the financial system; can this new change promote corporate technological innovation? To explore this question, this paper examines the possible impact mechanism of Fintech on enterprise technological innovation based on the examination of the impact of Fintech on enterprise technological innovation through a panel fixed effects model, using A-share listed enterprises in Shanghai and Shenzhen markets in China from 2011–2019, and further explores whether there is heterogeneity in this impact among enterprises with different traits. The results show that Fintech development can significantly promote firm technological innovation and that Fintech can influence firm technological innovation through two mechanisms: alleviating firm financing constraints and providing market opportunities for firms to enhance their profitability. In addition, the driving effect of Fintech on technological innovation is more pronounced in new firms, state-owned enterprises, and nonborrowed and listed firms. Based on the conclusion, it is proposed that the government should enhance certain policy support for Fintech guided by emerging technologies such as artificial intelligence, help Fintech empower the real economy, and at the same time promote the deep integration of Fintech and real enterprises, especially to strengthen the identification of Fintech for new enterprises and encourage state-owned enterprises to implement employee stock ownership system, as well as sound market construction to reduce barriers to listing of high-quality enterprises, so as to improve innovation policy effectiveness and provide a reference for the mitigation of enterprise innovation problems in the new situation. [ABSTRACT FROM AUTHOR]

This paper investigates the cross-correlations between the foreign flows in A-share market and the uncertainties of market, economy, and policy in home markets, namely, the VIX index and the US EPU index. By employing the cross-correlation statistics and MF-DCCA method, we find the existence of the cross-correlations between the foreign flows and the VIX index, the foreign flows, and the US EPU index from qualitative and quantitative perspectives, respectively. For the cross-correlation between the foreign flows and VIX, small fluctuations are persistent, while large fluctuations are antipersistent. In contrast, the cross-correlation between the foreign flows and US EPU is antipersistent and steady. These results are robust by dividing the foreign flows into two parts in Shenzhen and Shanghai stock exchanges, respectively, and by shortening the periods to after the implementation of Shenzhen-Hong Kong Stock Connect. [ABSTRACT FROM AUTHOR]

This paper uses the data of Shanghai and Shenzhen A-share-listed companies from 2008 to 2018 to construct the director networks as an indicator to explore the relationship between the company's director networks and the cost of equity capital and the influence of nature of property rights and the ownership structure on the aforementioned relationship. The research results demonstrate that director networks cannot effectively reduce the cost of equity capital. This conclusion verifies the "busy director hypothesis." With the increase in the director networks centrality, the increase in the cost of equity capital in non-state-owned listed companies is more significant compared with state-owned listed companies; equity concentration plays a significant negative regulatory role in the director networks centrality and affects the cost of equity capital. Compared with the networks centrality of independent director, the networks centrality of nonindependent director has a stronger negative effect on the cost of equity capital. This article broadens the perspective of corporate governance research and provides new ideas for listed companies to make financing decisions. [ABSTRACT FROM AUTHOR]

Our understanding of the negative implications of the sharing economy is limited, particularly from the perspective of the traditional businesses that are being displaced. To address this knowledge gap, this paper documents our ongoing study of Qiangsheng Taxi, the oldest and largest taxi company based in Shanghai, China. Our aim is to develop a preliminary process model based on the data collected to date that sheds light on the negative implications of ridesharing, one of the most recognized forms of the sharing economy. More specifically, our process model suggests that there are contextual conditions that are particularly conducive to the growth of ridesharing platforms in China and how they accumulate resources, which give rise to four negative outcomes for the traditional taxi business. These negative outcomes, in turn, reinforce the prevailing contextual conditions to form a vicious cycle that exacerbates the negative influence of the ridesharing platforms even further. [ABSTRACT FROM AUTHOR]

Financial extreme jumps in asset price may propagate across stock markets and lead to the market-wide crashes, which severely threatens the stability of the financial system. In order to analyzing the contagion features of jump tail risk, this paper proposes a mutually exciting contagion model based on Hawkes process with intraday high frequency data. We use a simple two-stage method that first extracts the jump component nonparametrically from the high frequency data and then models the intraday jump tail using mutually exciting Hawkes process. Moreover, we take both the occurrence time and magnitude of jump into account in modeling the conditional intensity of Hawkes process. The proposed method is applied to the five-minute high frequency data of the Chinese stock market. The empirical results show that, for the two main Chinese stock markets, only background intensity is significant in the Shanghai stock market, while mutually exciting effect is significant in the Shenzhen stock market. Both the location and size of jump in the Shanghai stock market have significant stimulation to the next occurrences of jump in the Shenzhen stock market. Furthermore, the proposed model performs very well in predicting the future jump tail events. [ABSTRACT FROM AUTHOR]

Train delays have a great impact on the schedule of high-speed railways including overall efficiency and the quality of the travel service of the passengers. Therefore, the development of an approach to recover a schedule via timely and rapid operation adjustments must be investigated. In this paper, a complete final real-time adjustment scheme is proposed for the train dispatcher of a railway enterprise for delayed trains. A train operation process model based on the Max-Plus algebra method is proposed. Six operation adjustment strategies are analyzed including section acceleration, operation based on the original timetable, dwell time reduction, increase in overtaking, reduction in overtaking, and train postponement. An approximate model is then built based on the minimum number of delayed trains considering the constraints of the adjustment strategies and the feasible adjusted schemes can be quickly obtained without any record specific time data and constraints. The set of feasible solutions of the approximate model is then regarded as the importation of the second model. In addition, the second model is an optimization model for operation adjustment with the least average delay time of each train at each station by updating the state matrixes of the train operation process model. The algorithms are designed for these models, and this approach can reduce the computation time. Finally, the timetable of the Beijing-Shanghai high-speed railway is considered as the actual case for analysis. Thus, the method was proven feasible for operation adjustment of delayed trains. [ABSTRACT FROM AUTHOR]

Buses often have strong bunching or large interval tendency when traveling further along the route. To restrain this further deterioration of operation service, this paper developed a bus operation control system to dynamically adjust bus speed, bus dwell time, and traffic signal timings along the running path. In addition, a simulation platform was developed to evaluate the proposed control system with the actual data collected from bus route number 210 in Shanghai. The simulation results show that the proposed control system can mitigate the amplification trend of the headway deviation along the route to produce headways within a given tolerance. [ABSTRACT FROM AUTHOR]