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The "innovation-driven" development approach plays a crucial role in transforming and developing current China's national economy. Many innovation-driven mergers and acquisitions (M&As) emerge in the M&As activities of firms, and the acquiring firm's business strategy of conducting innovation-driven M&As has drawn significant attention. To study the impact of business strategy on innovation-driven M&As, this paper adopts the probit model to conduct logistic regression analysis on the 223 M&As data samples, exploring which business strategy is inclined to perform innovation-driven M&As. The results show that prospective firms are more likely to conduct innovation-driven M&As. Besides, the firms that conduct prospective business strategies are more likely to have a higher innovation level than firms operating defensive business strategies. The innovation level plays the role of a mediator variable in the model of business strategies influencing innovation-driven M&As. This paper analyzes the innovation-driven motivation from the perspective of business strategy, enriching the research of M&A and offering a method to predict the possibility of innovation-driven M&A by measuring business strategy. [ABSTRACT FROM AUTHOR]

Customer churn will cause the value flowing from customers to enterprises to decrease. If customer churn continues to occur, the enterprise will gradually lose its competitive advantage. When the growth of new customers cannot meet the needs of enterprise development, the enterprise will fall into a survival dilemma. Focusing on the customer churn prediction model, this paper takes the telecom industry in China as the research object, establishes a customer churn prediction model by using a logistic regression algorithm based on the big data of high-value customer operation in the telecom industry, effectively identifies the potential churned customers, and then puts forward targeted win-back strategies according to the empirical research results. This paper analyzes the trends and causes of customer churn through data mining algorithms and gives the answers to such questions as how the customer churn occurs, the influencing factors of customer churn, and how enterprises win back churned customers. The results of this paper can better serve the practice of customer relationship management in the telecom industry and provide a reference for the telecom industry to identify high-risk churned customers in advance, enhance customer loyalty and viscosity, maintain "high-value" customers, and continue to provide customers with "value" and reduce the cost of maintaining customers. [ABSTRACT FROM AUTHOR]

This paper theoretically analyzes the direct impact of environmental regulation on carbon emissions and its indirect effects on carbon emissions through foreign direct investment (FDI), energy consumption, industrial structure, and technological innovation. Then, this paper constructs a spatial lag model to empirically test the dual effects of environmental regulation on carbon emissions based on the provincial panel data of 2003–2017 in China. The results show that the average Moran's I value of carbon emissions during 2003–2017 is 0.2506, passing the significance test at 1% level, and carbon emissions have spatial correlation characteristics. The direct impact of environmental regulation on carbon emissions is significant and positive. Environmental regulation could indirectly influence carbon emissions by influencing FDI, energy consumption, and technological innovation, and meanwhile, FDI, energy consumption, and technological innovation help to reduce carbon emissions under the constraint of environmental regulation, specifically. However, the impact of environmental regulation on carbon emissions through industrial structure is not significant. [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]

The cultivation of strategic emerging industries is strategic to the economic transformation and upgrading in Fujian, a southeastern province of China. It is of great significance to study its selection model. In this paper, according to the characteristics of strategic emerging industries, drawing on the double helix model, this paper sets up an evaluation system for strategic emerging industries. Then, the entropy-VIKOR algorithm was introduced to evaluate and rank the backbone enterprises in Fujian, based on the data on 21 listed enterprises of strategic emerging industries in the province from 2017 to 2019. The empirical research results are consistent with the actual situation of the development of strategic emerging industries in Fujian Province, which proves the feasibility of this research method. Finally, according to the empirical analysis results, this study puts forward some countermeasures for the development of strategic emerging industries in Fujian province. [ABSTRACT FROM AUTHOR]

Based on the loan data of Chinese listed companies from 2008 to 2016, this paper constructs a co-loan network of the Chinese banking system and analyzes the topological structures and corresponding evolvement characteristics from the perspective of complex network. Through the empirical studies, we find that the co-loan network always displays a core-periphery structure; for example, ten banks including four state banks and six large commercial banks are always in the core region of the Chinese banking system for nine consecutive years. Furthermore, the co-loan network is a small-world network lasting for nine years. [ABSTRACT FROM AUTHOR]

The COVID-19 pandemic broke the normal of school education and sounded the horn for future education reform. This paper designs the online and offline mixed teaching mode of the SPOC platform in the postpandemic era according to the actual situation of teaching at application-oriented colleges and universities, and the blended teaching mode is applied to real teaching scenarios. The teaching effect and students' behaviors are analyzed in such scenarios. Empirical research shows that the situational teaching model based on mixed SPOC for course design, teaching resources are more abundant, and task assessments are more reasonable. Through the questionnaire survey, about 95% of the students think that the learning mode based on SPOC has improved their learning interest, autonomous learning ability, and problem-solving ability, which is much higher than the assessment of traditional courses. The exploratory practice has shown that the online and offline blended teaching mode based on SPOC can dramatically improve teaching quality. [ABSTRACT FROM AUTHOR]

Housing market occupies a large part of the wealth of the whole society in most countries, and real estate tax plays an important role for the government to maintain sustainable development for the economy. As consumption being a major issue nowadays, in this paper, we want to find out (1) whether real estate taxes affect the house price in China and whether the affects vary among different tax types? (2) whether there exists wealth effect in China housing market? That is, whether the change in house wealth (price) affects the consumption? (3) whether and how do real estate taxes affect wealth effect? We set up the empirical model by using the GMM method on panel data from 2002 to 2016 to explore the relations among real estate tax, housing price, and wealth effect. We considered the influence of four different types of real estate tax on the housing price and found the results are mixed. Besides, there is a significantly negative wealth effect on China housing market. Finally, house price plays a mediator role in the effect of the real estate tax on the consumption. [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]

Reasonable risk-taking acts as a solid foreground for sustaining corporate growth. Having companies trading on Chinese stock exchanges between 2010 and 2019 sampled, this paper explored how an Internet-based business model would affect corporate risk-taking from the perspective of information empowerment. Through the mediation effect model and quantitative text analysis, the following findings were obtained here. First, a network-powered business model could significantly enhance the risk tolerance of companies. Second, mechanism testing showed that such a novel model would help reduce the asymmetry of corporate information and thus enhance corporate risk-taking capacity. Third, an analysis on heterogeneity revealed that businesses that enjoy a freer market and fewer financing constraints could better feel the positive impact of an Internet-based business model on corporate risk-taking. Fourth, an examination of economic consequences showed that risk-taking under Internet-based business models allowed enterprises to create sustainable value. Overall, the present work confirmed the positive impact of an Internet-based business model on corporate risk-taking from the information empowerment angle, and it is expected to provide a theoretical basis for enterprises to optimize their investment decision-making strategies and increase their risk-taking willingness and capacity. [ABSTRACT FROM AUTHOR]

This paper investigates the relationships between digital transformation, boundary spanning, and sustainable competitive advantage of manufacturing enterprises through an analysis of data from 127 manufacturing enterprises. Our main research findings are as follows. First, digital transformation has a positive impact on sustainable competitive advantage of manufacturing enterprises. Compared with the degree of transformation, technology readiness has a stronger influence on sustainable competitive advantage. Second, digital transformation has a positive impact on boundary spanning of manufacturing enterprises. Third, boundary spanning of manufacturing enterprises has a positive impact on their sustainable competitive advantage. Fourth, digital transformation affects the acquisition of sustainable competitive advantages of enterprises through boundary spanning, where the direct role of digital transformation accounts for 75% and the mediation effect of boundary spanning accounts for 25% of the total effect. Fifth, the mediation effect of boundary spanning on the relationship between digital transformation and sustainable competitive advantage is mainly realized through boundary spanning depth, while the mediation effect of boundary spanning breadth on the relationship between digital transformation and sustainable competitive advantage is insignificant. Our findings can help realize the digital transformation of manufacturing enterprises and achieve their sustainable competitive advantage. [ABSTRACT FROM AUTHOR]

Many scholars have carried out a large number of studies on the factors influencing the intention of returning overseas talents based on different theories. This study integrates two theoretical perspectives at macro and individual levels, puts forward a new theoretical framework for analyzing the intention of returning overseas talents, and constructs a theoretical model including the intention of returning overseas talents, talent ecological environment of the host country, prospect expectation of home country, talent growth expectation, and perceived opportunity. Based on 302 survey samples, we used correlation analysis, confirmatory factor analysis, structural equation, and other methods, and the results show that four variables, including talent ecological environment of the host country, prospect expectation of home country, talent growth expectation, and perceived opportunity, have a significant impact on the intention of returning overseas talents. The research also found that talent growth expectation and perceived opportunity had mediating effects, and the prospect expectation and perceived opportunity of origin had moderating effects, which provides a new research idea for the research on the factors influencing the return intention of overseas talents. [ABSTRACT FROM AUTHOR]

The nontrust behaviors among the automobile supply chain members lead to a trust crisis situation. Under such circumstances, this paper studies the mutual influences of trust, enterprise behavior, and transaction performance on the independent brand automobile supply chain. The business behavior concept which consists of information sharing, joint action, and specific asset investment is proposed. Then, the paper tests the reliability and validity of the collected data through Structural Equation Modeling (SEM). Through empirical test and analysis on mutual relationship among vertical transaction enterprise behaviors, trust, and transaction performance, the vertical transaction enterprise behaviors can be regulated, so as to improve the efficiency of independent brand automobile supply chain. [ABSTRACT FROM AUTHOR]

Many generalization results in learning theory are established under the assumption that samples are independent and identically distributed (i.i.d.). However, numerous learning tasks in practical applications involve the time-dependent data. In this paper, we propose a theoretical framework to analyze the generalization performance of the empirical risk minimization (ERM) principle for sequences of time-dependent samples (TDS). In particular, we first present the generalization bound of ERM principle for TDS. By introducing some auxiliary quantities, we also give a further analysis of the generalization properties and the asymptotical behaviors of ERM principle for TDS. [ABSTRACT FROM AUTHOR]

The questionnaire paper used was work out by modifying the existing mature research scale and interviewing the experts and enterprises. The purpose of this study is to explore the key influencing factors of low carbon development for logistics companies by using the data from the questionnaire, which might contribute to further investigation of low carbon development pathway. Through correlation and stepwise regression analysis, differences between influencing factors and impact-degree were found since specific environmental behaviors of low carbon logistics might vary significantly. The driving factor of low carbon input comes from external points such as government and public external pressure, so the low carbon input is driven by an outside force. Yet, low carbon operation is significantly affected by internal factors such as low carbon behavior capacity, which is driven by an inside force. [ABSTRACT FROM AUTHOR]

Seasoned equity offerings (SEO) are an important approach for listed companies to obtain funds after an initial public offering (IPO), which plays a major role in enterprises' demand for funds. However, due to agency conflicts, information asymmetry, tunneling by major shareholders, and other behaviors, listed companies sometimes fail to make proper use of the refinancing funds. In this study, the impact of SEO on corporate investment efficiency is tested. Furthermore, the impact of board member characteristics on investment efficiency of refinancing companies is tested. Refinancing listed companies in Shenzhen and Shanghai Exchange Stock from 2009 to 2020 form the research samples. The research shows that SEO reduces the corporate investment efficiency. According to the impact analysis of the board member characteristics on the investment efficiency of refinancing companies, age heterogeneity of the board inhibits investment efficiency. The older the mean age of directors, the higher the investment efficiency. Furthermore, sex heterogeneity also inhibits investment efficiency. The more female directors, the lower the investment efficiency. Moreover, overseas backgrounds and experiences of directors also inhibit investment efficiency. These findings not only extend the research on the consequences of SEO in China, but also provide reference points and guidance for listed companies to adopt a scientific and reasonable refinancing method, give full play to the advantages, and overcome disadvantages of board members. [ABSTRACT FROM AUTHOR]

Mixture cure models are widely adopted in credit scoring. Mixture cure models consist of two parts: an incident part which predicts the probability of default and a latency part which predicts when they are likely to default. The two model parts describe two quite relevant credit aspects. So, it is reasonable to expect that the two sets of the coefficients are somewhat related. Moreover, in practical cases, it is difficult to interpret the results when the two sets of the coefficients of the same variables have conflicting signs. Most existing works either ignore the interconnections of the two sets of coefficients or impose a strict constraint between them. We proposed a mixture cure model considering the variable effect consistency using a sign-based penalty. It is a more flexible model that allows the two sets of coefficients to be in different distributions and magnitudes. To accommodate high-dimensional credit data, a group lasso penalty is also imposed for variable selection. Simulation shows that the proposed method has competitive performance compared with alternative methods in terms of estimation and prediction. Furthermore, the empirical study illustrates that the proposed method outperforms the alternative method and can improve the interpretability of the results. [ABSTRACT FROM AUTHOR]

The problems of high course selection rate, low completion rate, and insufficient pertinence of learning support services in online general education courses are the focus of current general education researchers. Based on 3P (presage, process, and product) learning theory, we put forward a "three-stage, four-level" framework for learners' portrait process of online general education course, including three learning stages of "presage process product" and four levels of "portrait goal, data collection, label analysis, and portrait service." Then, taking the learners of the online general education course of Zhejiang Shuren College as an example, we make a case analysis based on the portrait framework, evaluate the learning effect from different stages, and put forward targeted teaching strategies and measures. Research results show that the proposed framework can reflect the characteristics of online learning experience, online learning investment, and online learning results of high-risk learners and can provide data support for the design of online learning support services and optimizing learning effects. [ABSTRACT FROM AUTHOR]

With the deterioration of the global climate, there is consensus that the environment and economy must develop in coordination. Effective environmental regulation (ER) is an important incentive of environmental protection, and there is a clear interaction mechanism between it and the economic growth quality (EGQ). In order to explore the intrinsic link between ER and EGQ, this study establishes a comprehensive evaluation index system from the research perspective of the coupling coordination degree (CCD). Based on the panel data of 30 provincial administrative regions in mainland China (excluding Tibet), from 2004 to 2017, the entropy method, coupling coordination model, and spatial econometric model are used to explore the CCD and the factors influencing the CCD of ER and EGQ. The key findings of this study were as follows: (1) The CCD of ER and EGQ system showed an upward trend in the fluctuation from 2004 to 2017. (2) In 2017, Beijing showed good coordination, Yunnan and Qinghai showed primary coordination, and the rest of the provinces showed moderate coordination. (3) The CCD of different regions in China is uneven. (4) Per capita GDP, per capita FDI, ER intensity, and industrial structure adjustment have promoting effects on the CCD, while per capita investment in fixed assets and environmental pressure have inhibiting effects on the CCD. Our conclusions are significant for promoting the integrated development of regional economy and ecological civilization, and provide a theoretical reference for other countries and regions to explore the relationship between ER and EGQ. [ABSTRACT FROM AUTHOR]

According to Bakker and Demerouti's work demand resource theory, abundant work resources can stimulate an individual's initiative to the maximum extent and finally achieve ideal work results. However, few scholars have discussed if psychological states could affect work resources. We believe that relationship embeddedness is an important work resource in the context of Chinese human relationship culture. A low degree of embeddedness among employees would affect employees' recognition of their organizations and reduce their motivation for voluntary innovative behaviours. This study was to provide empirical evidence on the relationship between psychological contracts and employee innovative behaviours as well as the mediating role and moderating role of relational embeddedness and organizational tenure. A descriptive cross-sectional survey design was adopted. Primary data were collected by a structured questionnaire targeting the employees in China. To test the hypotheses, data collected from 402 enterprise employees were used for a regression analysis in AMOS (version 22). We found that there is a significant positive correlation between psychological contract and employee innovation behaviour, while embedding strength and embedding quality mediated the influence of psychological contracts on employee innovative behaviours. Organizational tenure moderated the strength of the relationship between psychological contracts and employee innovative behaviours via embedding strength and embedding quality. [ABSTRACT FROM AUTHOR]

Empirical likelihood as a nonparametric approach has been demonstrated to have many desirable merits for constructing a confidence region. The purpose of this article is to apply the empirical likelihood method to study the generalized functional-coefficient regression models with multiple smoothing variables when the response is subject to random right censoring. The coefficient functions with multiple smoothing variables can accommodate various nonlinear interaction effects between covariates. The empirical log-likelihood ratio of an unknown parameter is constructed and shown to have a standard chi-squared limiting distribution at the true parameter. Based on this, the confidence region of the unknown parameter can be constructed. Simulation studies are carried out to indicate that the empirical likelihood method performs better than a normal approximation-based approach for constructing the confidence region. [ABSTRACT FROM AUTHOR]