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Facing the dual background of risk society and the fourth scientific and technological revolution, digital emergency management (DEM) research has attracted wide attention worldwide. Based on the comparative analysis of data from Web of Science (WOS) and China National Knowledge Infrastructure (CNKI) databases, the research draws the knowledge map by CiteSpace, in order to analyse the spatiotemporal distribution, hotspots, and trends of DEM research. The following are the results: (1) DEM research shows a spiral growth, with a significant increase in the number of papers. Existing highly cited references are mainly carried out from the perspective of management or technology. (2) The complex countries' cooperation network has been formed from the USA, China, and other countries; the complexity of the institutions' cooperation network must be strengthened, and the density of the authors' cooperation network is low; DEM research has significant interdisciplinary attributes. (3) The hotspots of DEM research can be divided into three categories: means, processes, and objects, but the research emphases between international and China are different. (4) The evolution of DEM research can be divided into three stages between international and China: embryonic, development, and deepening stages, and research contents in each stage show some differences. (5) The trends of DEM research between international and China are different. The former are information technology, artificial intelligence, and machine learning, whereas the latter are emergency decision making, scenario analysis, and public health. [ABSTRACT FROM AUTHOR]

This paper aims at identifying the causal relationship between the reform of the cultural system and the upgrading of industrial structure, revealing the causal relationship between the reform of the cultural system and the upgrading of industrial structure, which is of great significance for promoting the reform of the cultural system and the upgrading of industrial structure. The impact of cultural administrative reform on industrial structure upgrading is empirically tested using panel data from 261 prefecture-level cities in China from 2001 to 2017. The double difference model and PSM-DID method are used. This includes conducting placebo tests and examining the robustness of empirical findings using other methods. The findings indicated that (1) the influence coefficient of the cultural administrative system reform on industrial structure upgrading is positive and passed the significance level test, indicating that the cultural administrative system reform significantly promoted industrial structure upgrading, and on average, it can improve the level of the urban industrial structure by 11.81 percent. (2) Theoretical analysis of the mechanism demonstrates that the innovation level acts as a link between cultural administrative system reform and industrial structure upgrading, implying that cultural administrative system reform promotes industrial structure upgrading by stimulating the innovation level of cultural enterprises. (3) The results of the heterogeneity analysis indicate that the influence of cultural administrative reform on industrial structure upgrading is highly regionally and economically differentiated. The higher the economic level of the local community, the more effective the promotion effect on industrial structure upgrading. The reform of the cultural administrative system has a greater impact on industrial structure upgrading in the eastern region than in the central and western regions. On the basis of the foregoing research findings, this paper makes some policy recommendations for releasing the overall system reform dividend based on the cultural system and promoting regional industrial structure upgrading. [ABSTRACT FROM AUTHOR]

This paper examines the dynamic linkages among economic policy uncertainty (EPU), the green bond market, the carbon market, and the macroeconomy using the time-varying parameter vector autoregressive (TVP-VAR) model with monthly data spanning from January 2016 to December 2021. Additionally, it assesses the robustness and accuracy of the empirical results through the Bayesian vector autoregressive (BVAR) model. The findings indicate that EPU negatively affects the green bond market in the short term but has a positive impact in the medium and long term. Conversely, EPU has a positive impact on the carbon market in the short term but a negative impact in the medium and long term. Furthermore, the green bond market negatively influences the carbon market in both the short and medium to long term. These results suggest that emerging markets, such as the green bond and carbon markets, are influenced by EPU. The adverse impact of the green bond market on the carbon market, however, contributes to expediting China's attainment of its low-carbon objectives. Appropriate economic policies can play a vital role in accelerating the transition to a low-carbon economy. The study also reveals that the US-China trade war has expedited the development of green capital markets in China, despite its impact on the green economic transition in the country. These findings provide insights for the government and investors to formulate suitable strategies for risk mitigation. [ABSTRACT FROM AUTHOR]

Accurate risk assessment of international scientific and technological (S&T) cooperation is significant to international cooperation. In this paper, 5 risk dimensions with respect to the political, economic, social, cultural as well as technological of the regional comprehensive economic partnership countries (RCEP) are selected to establish a proper S&T cooperation index system for risk assessment. To calculate the weight of each index, a cross-entropy combination weighting method is proposed based on the combination weighting method of game theory. Furthermore, the standard cloud model is constructed by using the golden ratio, and the risk of S&T cooperation among the RCEP countries is analyzed by the cloud model. The results show that the combination weighting method proposed in this paper is effective, and its calculation is simpler than that of the game theory combination weighting method. Besides, compared with political, social, cultural, and technological indicators, economic indicators have a greater impact on S&T cooperation risk. Furthermore, it is also obtained from the results that the risk of S&T cooperation with China and the Philippines is at a lower to low level and medium to higher level, respectively, and the risk of S&T cooperation with other countries is all at a lower to medium level. [ABSTRACT FROM AUTHOR]

With the development of digital technology, the curriculum design of art majors is also quite different from traditional courses. With the continuous development of information technology and the continuous maturity of campus network technology, teaching resources have become an important part of information resources. High-quality teaching resources play an important role in improving teaching quality and excavating educational development potential. However, traditional classroom teaching is difficult to meet people's needs. In the context of the current new normal, the way of social and economic management has changed. On the one hand, traditional course teaching resources store information in the forms of paper lesson plans, PPT courseware, discrete pictures, and video files. These forms of storage are not conducive to the distribution and sharing of resources. On the other hand, these teaching resources are scattered among the teaching teachers. As the curriculum develops, the courses taught by teachers change. Because schools lack effective means for unified management, these teaching resources are easily lost. The used method is not conducive to the accumulation of teaching resources or the continuation and development of courses. In order to present good results, these materials usually occupy a large amount of storage space. Therefore, some existing information-based teaching platforms cannot meet the demand. We use network and web technology to develop a teaching file management system, which is very necessary. This paper firstly compares the mature teaching resource management system on the market and some problems in its professional application. Secondly, the article analyzes the actual situation of teaching resource management of art design majors in China and generally describes the system development background and technology. Then, the paper analyzes the requirements of the system in detail by using the object-oriented method and gives the overall design and implementation method of the system. These methods include the use case diagram of the subsystem, the flow chart of the main module, the system architecture, and the design and application of UML. Finally, this paper designs a test case for the teaching resource management system. [ABSTRACT FROM AUTHOR]

As an important component of modern service industry, tourism is regarded as a "green" driver to regional economic growth and industrial upgrading. Applying the "quasi-natural experiment" advocated by the "The Belt and Road" initiative, this paper, based on the method of DID, assessed the influence of this initiative on regional tourism development by analyzing panel data collected from 286 prefecture-level cities in China over the period of 2007–2018. It is found that the "The Belt and Road" initiative has stimulated market dynamics and promoted tourism development in the regions along the route and has significantly improved indicators such as per capita domestic and inbound tourism revenue and per capita domestic and inbound tourist receipt. Also, the degree of contribution of domestic tourists to the tourism economy of the regions where the policy has been implemented is stronger than that of inbound tourists. In sum, the results of this paper not only confirm that the "The Belt and Road" initiative has significantly contributed to the high-quality tourism development of Chinese provinces along the routes but also provide important policy enlightenment for the upgrading of regional tourism industry and regional economic balance. [ABSTRACT FROM AUTHOR]

In China, private enterprises are becoming more and more important subjects of technological innovation, however(at the same time) financing difficulties of private enterprises are also ubiquitous. The research on the impact of financing methods on technological innovation behavior of private enterprises is conducive for the government to launch more targeted financing support policies.I men private enterprises are becoming the mainbody of technological innovation, but the difficulties in financing is especially heavy in China. Based on the data of the World Bank survey on China's enterprises in 2012, this paper studies the impact of different financing methods on technological innovation behavior of private enterprises. The results show that (1) internal financing can promote the technological innovation behavior of enterprises better than external financing can do and (2) among the various forms of external financing, bank loans have the most significant impact on the technological innovation behavior of private enterprises, followed by commercial credit. [ABSTRACT FROM AUTHOR]

In 2019, the Chinese government has put forward comprehensive plan for reducing social insurance premium rate, which will affect the measurement of the pension security level. In order to evaluate the pension level, this paper uses CHIPs data from 1988 to 2018 to calculate "empirical" pension replacement rate by "empirical" method based on different wage calibers. The result shows that the pension replacement rate and income replacement rate of urban employees have gradually declined in the past 30 years. The pension level of nonprivate employees is lower than that of insured employees, and that of insured employees is lower than that of full-scale employees. The pension level of male, high-income groups, the older generation, organs, and institutions is much higher than that of female, low-income groups, the younger generation, and enterprises relatively. Compared with other countries, the pension replacement rate of urban employees in China is not low, but the income replacement rate is relatively low. This paper makes an in-depth analysis of the actual pension level under the new policy. As a result, it is necessary to vigorously develop multilevel and multipillar pension system such as enterprise annuity, occupational annuity, and commercial pension insurance, so as to improve the pension level of urban employees. [ABSTRACT FROM AUTHOR]

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]

When the government decides to use the public-private partnership (PPP) in projects, such as infrastructure construction, selecting a private-sector partner that meets the project's needs is one of the key factors for successful implementation, but this is ignored in existing research. On this basis, this paper proposes a GRA-VIKOR method based on the combined weight of the improved CRITIC-entropy weight method (EWM). The traditional CRITIC method is improved by combining it with EWM. The combined weights are measured, which reduces the limitations of the single weight. Considering the inherent correlation of evaluation indicators, the VIKOR method is combined with the grey relational analysis (GRA), which makes the results of the selection assessment more reasonable. This paper carries out a case study of the first inland navigation PPP project in China. Through preliminary tracking studies, it tests the effectiveness of the proposed method, the superiority of which is demonstrated by comparing the evaluation results with those of the traditional GRA methods, VIKOR, and TOPSIS. [ABSTRACT FROM AUTHOR]

In order to promote the citizenship of China's rural floating population and improve the level of new urbanization, as an important source of property income for rural floating population, the transfer of agricultural land or not has an important impact on whether they choose to return to their hometowns or settle in cities. Based on data from the 2017 China Migrants Dynamic Survey (CMDS), this paper explores the mechanism of the impact of agricultural land transfer on the urban settlement intention of rural floating population by constructing a structural equation modeling and bootstrap test. The results show that agricultural land transfer has a significant positive impact on the urban settlement intention of rural floating population, with occupational prestige and identity recognition playing a part in mediating the effect. Actively promoting the identification and orderly transfer of agricultural land rights, improving the quality of urban employment for rural floating population by strengthening vocational skills training, and accelerating the equalization of urban public services to enhance the identity recognition of rural floating population are important in promoting the orderly and effective integration of rural floating population into cities and their genuine citizenship. [ABSTRACT FROM AUTHOR]

This paper explores the influence mechanism of the marketization process and financial technology on corporate investment preference using panel data from 2013 to 2019 for China's A-share listed companies. The study finds that both the marketization process and FinTech can facilitate increased R&D innovation and foreign equity investment by companies but discourage investment in their fixed assets, and FinTech has a "U-shaped effect" on corporate R&D and innovation. At the same time, the marketization process and FinTech show different threshold effects on corporate investment preferences with government subsidies as the threshold variable. It is found that market-based processes in small-scale enterprises are better able to promote investment in innovative R&D by companies—the marketization process for large enterprises has a greater impact on outward equity investment in the heterogeneity analysis. From the perspective of the nature of property rights, it is found that the marketization process and FinTech have a greater impact on non-state enterprises. As a result, in an era of rapid FinTech development, this paper enriches the relevant research on the impact of the marketization process on corporate investment preferences, which has important practical significance for policy formulation and corporate future development. [ABSTRACT FROM AUTHOR]

Based on the data of China's listed companies from 2007 to 2020 and the financial license of the China Banking and Insurance Regulatory Commission, this paper analyzes the influence of bank competition on enterprise innovation investment and its mechanism. It is found that bank competition can improve the enterprise innovation investment, which still holds true after endogenous treatment and robustness test. Further research demonstrates that bank competition plays a stronger role in enterprise innovation for non-state-owned enterprises and small-scale enterprises. The mechanism analysis shows that bank competition can promote enterprise innovation investment and enterprise financialization by easing financing constraints. Moreover, enterprise financialization has a crowding-out effect on enterprise innovation investment. Therefore, moderately intensifying bank competition, further improving the financial system, and deepening the financial marketization reform have profound effects on driving enterprise innovation and its high-quality development. [ABSTRACT FROM AUTHOR]

With unstoppable rise of digital economy globally, digital transformation has become an inevitable choice for enterprises to survive and develop; both the public and the government are paying increasing attention to digital transformation. At the same time, the Chinese government takes more serious attitude towards systemic financial risks, emphasizing the importance of controlling systemic risks such as abnormal stock price in many public occasions. In this context, enterprise digital transformation and stock price crash risk have gained unprecedented attention. It is of great value for both industry and the government to analyze the influence and mechanism of enterprise digital transformation (EDT) on stock price crash risks. This study measures the degree/level of EDT of Chinese A-share publicly owned enterprises through document study and crawler technology, examining the influence and mechanism of digital transformation on companies' stock price crash risk. Conclusions of this paper may provide a theoretical and empirical basis for understanding digital transformation's consequences in capital market and provide a reference for the government and regulatory authorities to formulate support and disclosure policies for digital transformation. [ABSTRACT FROM AUTHOR]

With the economic development in recent years, the state has paid more and more attention to education, and more and more college graduates have been graduated. The purpose of this paper is to study how to analyze the refinement method of evaluating the innovation and entrepreneurship ability (IEA) of colleges and universities based on the optimal weight model. This paper proposes a sorting refinement method based on the optimal weight model and uses the BP neural network to determine the optimal weight. Weight is a scoring mechanism for comprehensive ranking, that is, a scoring system. The higher the score, the higher the weight, and the higher the ranking of the relative things. The experimental results of this paper show that in 2013, the number of college graduates in China reached 6.09 million, but the number of employed people was only 4.67 million, an increase of 120,000 over the same period. By 2020, the number of college graduates in China has reached 7.27 million, and the number of employed people has been 5.78 million. However, the number of employed persons is always lower than the number of graduates, indicating that employment is difficult. Under this situation, many college graduates choose to start their own businesses, but the success rate of entrepreneurship is also very low, only about 3%. This shows that the IEA of college graduates is not high, so it is necessary to improve the IEA and conduct self-evaluation. [ABSTRACT FROM AUTHOR]

At present, the country strongly encourages all walks of life to innovate, especially in the field of education. China's major colleges and universities have increased the encouragement of innovation and entrepreneurship education (IEE) projects in keeping with the pace of the times, so it is particularly important to reasonably evaluate the actual benefits of the project. On the one hand, it can greatly improve the recognition of all walks of life for emerging education projects. On the other hand, it can realize the timely and accurate application of the financial funds of the project. Based on this background, through the analysis and summary of existing theories and comprehensive consideration at all levels, this paper studies the new education projects from the aspects of teaching environment, conditions, quality, satisfaction, and financial capital and then constructs a set of performance evaluation index system for IEE in major colleges and universities. At the same time, this paper analyzes the actual education environment in China and evaluates the IEE in all kinds of colleges and universities by using analytic hierarchy process (AHP). Judging from the assessment results, the current teaching conditions and the quality of teachers in Chinese universities are very good. But the conclusion from the perspective of students is opposite, and the investment ratio of their financial capital is not optimistic. Therefore, this paper puts forward the optimization suggestions. [ABSTRACT FROM AUTHOR]

Based on the theoretical knowledge of technological innovation, this paper designs a sensor data value incubation model and a sensor data collection model to collect the original data on green innovation efficiency. In order to explore the spatial and temporal differentiation characteristics of China's provincial green innovation efficiency and the spatial spillover effect of China's provincial green innovation efficiency, the entropy weight TOPSIS model is adopted to measure the green innovation efficiency of China's 30 provinces (cities) from 2005 to 2021 and analyze its temporal and spatial evolution characteristics. This paper uses an exploratory spatial data analysis method to prove the agglomeration phenomenon of China's provincial green innovation efficiency in the ground space. Finally, a spatial econometric model is introduced to study the impact of government R&D investment, green supervision, and green innovation efficiency on spatial spillover effects. The study found the following three conclusions: First, the efficiency of green innovation in China's provinces has been fluctuating in stages, and the overall trend has been increasing year by year. The overall efficiency of green innovation in China's provinces is low, and the overall development is uneven and uncoordinated. Second, from the results of the spatial autocorrelation test, there is a clear and positive spatial correlation between China's provincial green innovation efficiency and agglomeration in the geospatial space. Third, government R&D inputs and different types of green regulations have a significant impact on green innovation efficiency and have significant spatial spillover effects. Along from the eastern region to the central region, then to the northeast and western regions, the degree of effect on green innovation efficiency and the intensity of spatial spillover effects have gradually weakened. It is believed that the government should reduce R&D investment in the eastern region and increase green sewage charges. Instead, the government should raise R&D investment in the central, northeast, and western regions and offer enterprises green innovation subsidies. [ABSTRACT FROM AUTHOR]

Currently, coal is still the main energy source for China's economic development, and the environmental issues caused by coal consumption have aroused widespread concern. Predicting and analyzing coal consumption will help to formulate a higher level of energy consumption planning and economic development strategy. The main purpose of this study is to develop a new fractal time-series prediction (FTSP) model to predict coal consumption, providing reference for formulating effective energy consumption planning and economic development strategies. Hurst index is an important indicator of whether time-series data have long memory and fractal characteristics. This paper uses the rescaled range (R/S) method to calculate Hurst index of the coal consumption per-10000-Yuan-GDP (CC/GDP). The Hurst index is 0.8025, exceeding 0.5, indicating that the time-series data CC/GDP has a long memory and fractal characteristic. Based on this, this paper uses the FTSP model to predict China's coal consumption (CC/GDP). The prediction results show that the FTSP model accurately predicted China's coal consumption with a relative error rate (RER) of less than 5% and a mean absolute percentage error (MAPE) of 6.62%. The model predicts a decrease in China's coal consumption from 0.25 tons of standard coal in 2021 to 0.11 tons of standard coal in 2030, a decrease of 44%. To sum up, the FTSP model provides a new and accurate way to predict coal consumption, and the results suggest that China's coal consumption is sustainable and will decrease significantly in the coming years. This study has important implications for energy consumption planning and economic development strategies. [ABSTRACT FROM AUTHOR]

Two transportation modes have been used to solve the "last kilometer" delivery problem of perishable products in China. One mode involves the use of refrigerated vehicles, and the other involves transportation with nonrefrigerated vehicles but with thermal insulation packaging and phase-change refrigerants. In this paper, we studied the distribution of fresh products using nonrefrigerated vehicles under the community group purchase model. A new integrated model that can simultaneously select insulation packaging methods and vehicle paths was developed. We designed a heuristic algorithm based on genetic algorithm to solve larger-scale problems. We found that nonrefrigerated vehicle delivery was better than refrigerated vehicle delivery when neither the cost of the phase-change refrigerant nor the cost of packaging accounts for more than 50% of the total cost. There was an optimal balance between insulation packaging cost and shipping cost. The combination of thin and light packaging materials and high-efficiency cold storage materials could achieve the goals of ensuring the quality of fresh products and reducing transportation costs simultaneously. [ABSTRACT FROM AUTHOR]

The Chinese Government and Statistics Departments have collected huge amounts of data. They use these government open data to conduct applied research and technological studies, including the establishment of a market-based system for data elements. These data are put into e-government to build the construction of digital government and improve the level of government services continuously. This paper uses the perspective of the configurations to discuss the combinations of factors in the marketization of open data of local governments in China with fsQCA method; this paper is based on the TOE framework, and the indices of the data layer of the government open data forest in 16 provinces are taken as the research object. The conclusions are as follows: (1) the market-oriented utilization paths of local government open data are categorized as technology-led, management-resource-led, economic and technology-driven, and location-advantaged. (2) Under certain conditions, when the number of data developers is small, and there is no dedicated government data management agency, optimizing and improving the government open data platform could be an alternative path to promote the effective use of local government open data in the market. [ABSTRACT FROM AUTHOR]

The evaluation of public management performance is the key to identify the effectiveness of the work of public administration, and public policy is an important guarantee for the orderly promotion of the work of public administration; therefore, it is important to analyze the effectiveness of public management policies to evaluate public management performance. Taking environmental protection policies as an example, this paper constructs an environmental-economic DEA efficiency analysis model using the DEA method to conduct a comprehensive evaluation of EEE in different provinces of China. It is found that EEE is highly correlated with the regional economic development level and is highly influenced by policy fluctuations, but the overall EEE of different provinces from 2016 to 2020 tends to be consistent and has a certain degree of stability. The conclusions of this paper have important implications for policy guidance, emphasizing the need to focus on the coordination of economic development and environmental protection, and the need for the improvement of the environmental policy system to be continuously optimized in an incremental manner, taking into account the actual situation of local development. [ABSTRACT FROM AUTHOR]

Selecting the right partner is a key factor for the successful construction of the strategic alliance of prefabricated construction enterprises in China. Based on the summarization of domestic and foreign studies, combined with the characteristics of the strategic alliance of prefabricated construction enterprises, the paper has constructed an evaluation indicator system of the partner selection of the strategic alliance of prefabricated construction enterprises in China. The paper also has conducted an empirical study on the evaluation model of partner selection of the strategic alliance of prefabricated construction enterprises in China by using the method Entropy Weight-TOPSIS. The research results show that the five most influential second-level indicators are commercial housing sales capability, property management capability, commitment of capital, commitment of talents, and product innovation capability. The model constructed in the paper can comprehensively evaluate and select the strategic alliance partners of prefabricated construction enterprises in China. [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]

Based on the cross-sectional data of 40 large-scale international airports in China in 2019, this paper introduced natural and social factors into the calculation of airport operating efficiency and constructed a BCC-SFA-BCC-Tobit 4-stage analysis framework. Combining with the connotation of the "green, smart, humane, and safe" airport high-quality development, the paper applied the Tobit model to quantitatively analyze the influencing factors of the operating efficiency of airports, and the research shows that (1) the overall operating efficiency of the study airports is 0.734; in terms of the region, the operating efficiency of airports located in southwest and northwest regions is greatly affected by natural factors, while the operating efficiency of airports located in North China is mostly affected by social factors. (2) Under the perspective of human-earth relationship, the impact of natural factors on the operating efficiency of airports is greater than that of social factors, wherein PM2.5 and relative humidity have negative impact, while the actual foreign capital utilization of the city and domestic and foreign tourists have positive impact. (3) The regression results of the Tobit model indicate that green, smart, and safe indicators can promote the high-quality development of airports, while the humane indicator restrains the high-quality development of airports. [ABSTRACT FROM AUTHOR]

The accurate prediction of stock prices is not an easy task. The long short-term memory (LSTM) neural network and the transformer are good machine learning models for times series forecasting. In this paper, we use LSTM and transformer to predict prices of banking stocks in China's A-share market. It is shown that organizing the input data can help get accurate outcomes of the models. In this paper, we first introduce some basic knowledge about LSTM and present prediction results using a standard LSTM model. Then, we show how to organize the input data during the training period and give the comparison results for not only LSTM but also the transformer model. The numerical results show that the prediction results of LSTM and transformer can be improved after the input data are organized when training. [ABSTRACT FROM AUTHOR]

Deepening production-education integration (PEI) is a major strategy of China to reinforce education reform and promote industry transformation. Different from the traditional research perspective of colleges on the supple side, this paper chooses to evaluate the PEI performance of the high-tech industry from the angle of industry on the demand side. Firstly, the action mechanisms of the education system and industry system in PEI were expounded, and the design framework of the evaluation index system (EIS) was derived from the interactions between two elements (technologies and talents) and two market relationships (supply and demand), forming a two-dimensional four-quadrant EIS. On this basis, the correlation-entropy composite matter-element (CECME) model and coupling coordination degree (CCD) model were introduced to empirically compare the PEI performance of the high-tech industry between Guangdong-Hong Kong-Macao (GHKM) Greater Bay Area, Beijing-Tianjin-Hebei (BTH) Urban Agglomeration, and Yangtze River Delta (YRD) Urban Agglomeration. The main conclusions are as follows: (1) the GHKM Greater Bay Area is far better in education and industry development than YRD Urban Agglomeration and BTH Urban Agglomeration; (2) the PEI performance of the high-tech industry in GHKM Greater Bay Area was evaluated as high level with industry in lead, that in YRD Urban Agglomeration as moderate level with education in lead, and that in BTH Urban Agglomeration high-tech industry PEI as moderate level with industry in lag. Finally, several countermeasures were proposed for the urban agglomerations to further enhance the PEI performance of the high-tech industry: GHKM Greater Bay Area should improve the weak link of education development; YRD Urban Agglomeration should give full play to its advantages in higher education; BTH Urban Agglomeration should focus on high-quality industry development. From the practical level, this paper objectively evaluates the actual performance of PEI and provides a reference for scientific policymaking of PEI development. [ABSTRACT FROM AUTHOR]

To clarify whether there is a spatial correlation problem among China's provincial energy consumption, economic growth, and ecological environment, this paper adopts the panel data of 31 provinces in China from 2008 to 2019 and uses a spatial data analysis method. This work studies economic growth and the spatial distribution pattern of the ecological environment, as well as the spatial effects of its energy consumption and economic growth on the ecological environment. Moreover, the spatial autocorrelation model, spatial-temporal transition method, and generalized moment estimation method are adopted to conduct empirical analysis on the research object. The results show that (1) there are spatial correlations among energy consumption, economic growth, and the ecological environment in China's provinces, and there are obviously different agglomeration areas in spatial distribution; (2) energy consumption, economic growth, and the ecological environment level show different growth trends, and the differences between different provinces in provincial units are shrinking; and (3) regarding energy consumption, the spatial impact of economic growth on the ecological environment is obvious, and there are obvious "path dependence" characteristics in the spatial distribution and positive correlations. Finally, this paper puts forward research conclusions and relevant suggestions on the basis of empirical analysis. [ABSTRACT FROM AUTHOR]

Industrial structure optimization is an important explanatory variable of economic growth. The allocation of production factors among industries affects the evolution of industrial structure and then acts on economic growth. Labor force is one of the most important factors of production. In recent years, there has been a significant wage difference between different industries in China's labor market, and the employees have shifted from low-wage industries to high-wage industries. Using the sample data of 282 prefecture-level cities from 2008 to 2018, this paper tests whether this wage-guided labor industry allocation will affect economic growth and whether there is an intermediary effect of industrial structure optimization. The empirical results show that the allocation of labor force to high-wage industries not only directly hinders economic growth but also indirectly hinders economic growth through the intermediary effect of industrial structure optimization. Furthermore, this paper makes a comparative study in different regions. The research conclusion shows that promoting the optimization of industrial structure and economic growth depends on correcting the price distortion of labor market and guiding the cross-industry rational allocation of labor force. [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]

Under the constraints of resources and the environment, exploring the channels to improve the quality of China's economy is very important for China's current sustainable development. Therefore, this paper studies whether innovation can improve the quality of China's economy and explore the path of sustainable development from the perspective of the city. Based on the Malmquist–Luenberger index and DEA-Malmquist index, this paper, respectively, measures the green total factor productivity (GTFP) and total factor productivity (TFP) of 193 cities in China. On the basis of obtaining the GTFP, TFP, and various pollutant emissions of 193 cities, this paper selects environmental regulations as the threshold variable and the number of urban patents as the explanatory variable to measure the level of urban innovation. On this basis, we examine the impact of innovation quality on economic quality and environmental pollution under different environmental regulatory intensities. The research results show that the impact of innovation on GTFP and TFP under different environmental regulations is always positive, but the impact coefficient and significance level vary. In addition, the impact of innovation on SO2 emissions under different environmental regulations has also changed. With the increase of environmental regulations, the effect of reducing emissions is gradually significant. The conclusion of this paper better interprets the development of TFP and GTFP under the innovation-driven strategy, provides a decision-making basis for departments at all levels to formulate innovation support policies, and explores the path of sustainable development. [ABSTRACT FROM AUTHOR]

The existing studies have shown that the unexpected information effect of monetary policy (IEOMP) would affect the fluctuation of stock prices. This paper tests the effect of unexpected IEOMP on stock prices in China. Taking Chinese listed military and defense enterprises, for example, the author further explored how the influence of unexpected IEOMP over stock price varies between industries. The empirical analysis reveals that, despite the industrial heterogeneity of the said influence in China, the stock price of Chinese listed military and defense enterprises is still affected by unexpected IEOMP. Our analysis enables Chinese military and defense enterprises to build a more robust market mechanism for the military and defense market, open more effective channels for the industrial chain, capital chain, and private capital, and drive the national economy with the sci-tech results of defense. In addition, policymakers are recommended to keep an eye on the price fluctuation in the stock market and important economic information from stock price fluctuation in order to effectively identify the potential risks in the future economy and to improve the predictability of the feedback mechanism of monetary policy. [ABSTRACT FROM AUTHOR]

Financial crises can have a negative impact on business operations, and in serious cases, they directly affect the survival and growth of a company. Therefore, the study of financial early warning based on financial indicators is particularly important. However, there are still some shortcomings in the current research on financial early warning, for example, it still evaluates the scoring method or only uses a single model to participate in the construction of financial early warning algorithm. In view of the above problems, this study will mainly use the random forest method combined with the decision tree algorithm to study the financial early warning problem of listed companies in China. Firstly, this paper uses the literature review method to analyse the relevant literature and generate the financial indicator system for this study. Subsequently, by collecting the financial data of A-share listed companies in China from 2013 to 2018 as the research object, the importance ranking of financial indicators was generated by using random forest modelling after data preprocessing. On this basis, CART decision tree modelling was applied to generate financial indicator early warning determination rules and analyse them. The results of the study show the importance ranking of financial indicators and the six financial warning rules based on the CART decision tree. Through this research, it is expected to achieve the objective of providing early warning for the risk of financial crisis and to provide constructive financial warning solutions for relevant stakeholders. [ABSTRACT FROM AUTHOR]

The purpose of this paper is to reveal the mechanism and process of the dynamic evolution of the economy-energy-environment (EEE) system and study the variables that determine the speed of system evolution and development. The innovation is to overcome the defect of single index by constructing a system evaluation index and reveal the regional EEE system's evolution mechanism based on Haken's synergetic theory to supplement a systematic perspective's empirical evidence. It selects 30 provinces, municipalities, and autonomous regions in China to empirically analyse the evolution mechanism of the EEE system from 2005 to 2019. The empirical results show that economic development is the order parameter of the evolution and development of the EEE system. In the process of system evolution, the economic development subsystem is the decisive factor in EEE system evolution. In terms of the positive feedback mechanism of order parameter combination, the EEE system forms a positive feedback mechanism for increasing economic development in the stage of evolution and development. The negative feedback mechanism of decreasing environmental pollution emissions is formed in the EEE system. The increase in pollutant emissions has a certain inhibitory effect on economic growth. The improvement in the economic development level has no promoting effect on pollutants, and economic development, in turn, reduces environmental pollution. [ABSTRACT FROM AUTHOR]

Art design education in China has nearly 30 years of development history. Due to China's vast territory, a large population, regional economic development, and social resources are extremely unbalanced, resulting in the uneven development of art design education in various regions. Art design is not only a practical and artistic comprehensive discipline, it also spans more majors. It contains almost all aspects of urban and rural construction, beautification, so its scientific and effective design scheme indirectly affects the future development process of urban and rural economy. First, this paper analyzes the impact of urban and rural economic development on art design teaching. The research results show that it has a great influence and a wide range of influence on art design teaching, including enhancing the naturalness of art discipline, promoting the creativity of art design discipline, and promoting the historicity of art discipline. Second, this paper also analyzes the role of art design in promoting regional economic development. For example, we should make full use of regional cultural differences, expand regional historical elements, pay attention to art design talents, and ensure the supply of funds. [ABSTRACT FROM AUTHOR]

Daniel Defoe's novel The Life and Strange Surprising Adventures of Robinson Crusoe has an everlasting impact in China since its first entrance in Cantonese in 1902. Now, it has become a Robinson Crusoe industry in the publishing sector. This paper attempts to give quantitative evidence from bibliometrics to examine its popularity in China. The data collected are based on all articles published in authoritative CSSCI journals from its inception (1999) to January 2021. We also retrieved Robinson Crusoe results from the National Library Reference Alliance and e-commerce China Dangdang to identify its popular Chinese versions. Five themes are concerned with this novel: comparative literature, economic analysis, translation studies, communication, and philosophical thinking. The study has articulated that Robinson Crusoe's publications in China have increased significantly since the novel was designated as a topic related to China's National College Entrance Examination in 2018. Hence, rewriting Robinson Crusoe for teenagers has been a driver for a wide readership, which accordingly makes its translation much embraced in the Chinese world due to the recent statistics. [ABSTRACT FROM AUTHOR]

The utilization efficiency of China's rural collective resource assets has always been at a low level, and excessive energy consumption and input have become the main limiting factor, which seriously affects the overall improvement of agricultural modernization and rural people's livelihood. In this paper, time measure and space measurement are adopted alternatively, and spatiotemporal vertical-horizontal progressive deduction is built with the improved model, so as to set up a perfect spatiotemporal dynamic effect evaluation system: First of all, improve the U-HDM-GML index model, study on the improvement strategy for input redundancy and unexpected output redundancy in the utilization efficiency of rural collective resources assets in various provinces of China, as well as the equilibrium rupture relation between the two from the perspective of global space and time, and at the same time of fulfilment of time measurement and estimation, provide support for better expressing the spatial effect in terms of improving approach and strategy; secondly, measure the improvement strategy of the total factor productivity of research samples with the spatial expletory ESDA test method, and it is also applicable to global spatial effect evaluation system; finally, apply FE-SDM to further analyze the difference of spatial effect of total factor productivity in rural resource asset utilization. Through analysis of the significant difference characteristics of the research samples with different geographical and spatial characteristics, the strategy deficiency in terms of difference discrimination is made up. Conclusions. This paper carries out the time and spatial effect measurement of total factor productivity for the performance of pilot strategies in various provinces of China in the last ten years and puts forward a more beneficial improved strategy and mechanism, preferentially selected according to the direction indicated by good research indicators, gets the redevelopment strategy for improving the utilization efficiency of areas at a low level of resources utilization currently, and indicates the direction for tapping the full potential of existing rural resources according to the practical conditions at local places, in the hope of establishing the trans-provincial cooperation supply and demand system based on the new rural collective economic organizations (cooperatives) after the reform experimentation and optimizing the spatial spillovers of rural resources assets, so as to make a breakthrough in the barrier due to growth of technical efficiency. [ABSTRACT FROM AUTHOR]

The physiological functions of various organs and tissues of the elderly begin to decline with the growth of age, and the body is more and more affected by various degenerative diseases, resulting in the decline of the overall sports ability. As a result, some elderly people even become unable to live independently. This paper describes the current situation of the elderly in China by using the data of the elderly over 60 years of age in the 2015 China Health and Retirement Longitudinal Survey. In addition, Activities of Daily Living scale was used to determine the degree of disability, and Stata 13.0 software was used for multiple regression analysis, focusing on the analysis of the factors affecting the disability of the elderly. According to the research results, the paper puts forward the future trend from multiple perspectives and puts forward specific countermeasures and suggestions to alleviate the disability of the elderly or reduce its adverse effects. This will help China become an aging friendly country. [ABSTRACT FROM AUTHOR]

One of the core objectives of domestic and foreign regulation policies is to strengthen internal control and improve corporate risk management ability. To evaluate corporate internal control quality (CICQ), this paper constructs a composite fuzzy matter-element model based on the fuzzy matter-element theory and the data on 781 listed enterprises in China. By the entropy weight method, five evaluation indices of internal control were weighed and compared with the positive and negative ideal indices. Next, the internal control of the listed enterprises was measured by TOPSIS. The results show that the indices of laws and regulations (LR), financial statements (FS), assets safety (AS), operation (OP), and strategy (ST) are of different weights in terms of CICQ evaluation. The LR, OP, and ST indices are more important than the FS indices. Among the secondary indices, the most important indices, namely, major litigation and arbitration cases, turnover of total assets, and Tobin's Q account for 66% of total weights. In addition, the CICQ varies with industries: the top-10 enterprises in terms of CICQ mostly belong to industries with strict requirements on work safety. The research findings lay a methodological and practical basis for the CICQ evaluation of Chinese enterprises. [ABSTRACT FROM AUTHOR]

With the proposal of "One Belt One Road" initiative, more and more technology-driven enterprises in China are going abroad for foreign direct investment (FDI). But at the same time, due to the special geographical location of the countries along the "Belt and Road," the turbulent geopolitical pattern, weak economic growth, and constant conflicts between religious civilizations, all these will make Chinese technology-driven enterprises' investment in the countries along the "Belt and Road" face a nonnegligible risk. Thus, how to correctly assess and reasonably prevent OFDI risk has become urgent task for enterprises. This paper takes 20 countries along the "Belt and Road" as the research object and combines the characteristics of technology-oriented enterprises to determine the risk assessment indicators at all levels from four aspects: politics and policy, economy and finance, society and culture, and technological risks. Using fuzzy cluster analysis, the countries along the "Belt and Road" are classified into four groups: low, medium-low, medium-high, and high risks and corresponding countermeasures are proposed. Technology-oriented enterprises should raise their political risk awareness, comprehensively assess the economic and financial environment of host countries before making FDIs, implement "localized" operation and management, and pay attention to the protection of intellectual property rights. [ABSTRACT FROM AUTHOR]

As the investing enterprise brings the invested enterprise into the consolidation scope, the number of the items in the consolidated financial statements is enlarged relative to the parent company's financial statements, which is called the amplification effect of the consolidated financial statements. Using a sample of A-share listed companies in China from 2007 to 2019, this paper investigates the impact of consolidated financial statements' amplification effect on audit fees. We find that the amplification effect of consolidated financial statements is positively related to audit fees, and the audit risk plays a mediating role. More specifically, the amplification effect of consolidated financial statements increases the audit risk and then increases the audit fees. Furthermore, the effect is more significant in state-owned enterprises (SOEs). This study contributes to a comprehensive understanding of the economic consequences of accounting standards for consolidated financial statements. [ABSTRACT FROM AUTHOR]

With the rapid development of information technology and network technology and the new requirements of education and teaching in the new era, 3D video technology has been more and more widely used in the field of education and teaching. Educational psychology plays a positive role in the field of education. Applying its relevant theories to classroom teaching is not only conducive to the establishment of a good teacher-student relationship but also helps teachers to understand the psychological characteristics and learning process of students, so as to greatly improve the quality of teaching. Therefore, this article is based on 3D video analysis technology, through the observation of the teaching video and coding, the verbal interaction between teachers and students' lines of code and data analysis, mainly to its frequency, specific length and single length data used for analysis, explores the lesson for the current situation of the teaching video case teacher's teaching behavior, commonness, and difference. From the perspective of learner psychology, the model of teacher's teaching behavior in MOOCs teaching video is constructed. On the other hand, from the perspective of coding system and learner psychology, this paper proposes the improvement strategies of teachers' teaching behavior in MOOCs teaching videos in China. The results show that the application of 3D video analysis method and educational psychology in student education can improve student work efficiency. [ABSTRACT FROM AUTHOR]

Finance contributes to poverty alleviation through economic growth, and the development of green finance is related to the sustainable development of the world economy and environment. Green finance not only helps promote sustainable economic development but also helps reduce poverty. Based on the analysis of related theories about green finance and poverty alleviation, this paper selects 18 indicators from three dimensions of economic development, financial development, and social environmental development and uses the improved entropy method to measure the green finance development index of China's 25 provinces and municipalities from 2004 to 2017. The results show that the development level of green finance in China's 25 provinces and municipalities is quite different. On the basis of the above analysis, make an empirical analysis of the impact of the green finance development index on poverty alleviation using multiple regression analysis and static panel and dynamic panel estimation methods. The research results show that there is a significant positive correlation between green finance and poverty alleviation; the higher the level of green finance development, the more conducive the poverty alleviation. So, this paper suggests that poverty can be better alleviated by improving the level of green finance development, financial asset level, and economic development level. [ABSTRACT FROM AUTHOR]

This paper investigates whether firms' participation in the global value chain (GVC) weakens the exchange rate risk and its mechanism. Based on Powers and Riker's (2013) expanding exchange rate risk model, this paper matches data from China's refined input-output table, the customs database, and the industrial enterprise database from 2002 to 2009 to measure the firms' GVC forward linkages and backward linkages and therefore empirically tests the relationship between participation in the GVC and the exchange rate risk. The results show that participation in the GVC reduces firms' exchange rate risk through a "comovement effect" for forward linkages and a "hedging effect" for backward linkages; differences in a firm's position in the GVC affect the extent of reduction in the exchange rate risk. Encouraging firms to participate in the GVC and strengthening GVC relationship with high-income countries in particular play an important role in minimizing the exchange rate risk. [ABSTRACT FROM AUTHOR]

This paper shows that the link between debt restructuring and enterprise investment in emerging economies hinges critically on the political connections. Taking Chinese A-share listed enterprises from 2005 to 2016 as samples, we examine whether and how political connections affect the relationship between debt restructuring and enterprise investment based on the DID method. The results show that compared with nonpolitically connected enterprises, debt restructuring effectively improves the investment efficiency in enterprises with political ties, which is mainly due to alleviating the overinvestment and underinvestment. Furthermore, the positive effect of debt restructuring on investment is more prominent in enterprises with weak strength of political connection. It is worth noting that as the strength of political connection increases from weak to strong, the positive impact of debt restructuring on investment turns to negative impact, which reflects the heterogeneity of connection strength on the relation between debt restructuring and investment. This paper provides new evidence for understanding the investment behaviour of debt restructuring enterprises and provides some policy implications for managers and decision-makers intending to improve the investment efficiency and enhance the sustainable development of enterprises from the perspective of political connections. [ABSTRACT FROM AUTHOR]

The stage of social aging and further deepening of population aging has been witnessed in China. The demand for home care is increasingly growing; meanwhile, medical human resources are insufficient. In this context, a home health caregiver scheduling problem under the resource sharing mode is studied in this paper. Under such mode, two types of caregivers, i.e., full-time caregiver and part-time caregiver, are regarded as the main labor force by HHC institutions. In HHC planning, different working times for the two kinds of caregivers will need to be considered. Consequently, in this paper, a corresponding mathematical model is established and a hybrid algorithm that combines the whale optimization algorithm (WOA) with the particle swarm optimization (PSO) algorithm is proposed to solve the model. The proposed algorithm is compared with the existing algorithms to verify its effectiveness through three example tests of different scales and Solomon example. Finally, the resource sharing model is compared with the traditional model through a case, and the rationality of home health caregiver scheduling in the resource sharing model is discussed in terms of cost structure and customer satisfaction. [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]

As the forerunner and policy test field of the sustainable development, the sustainable development pilot zones are an important strategy for China to explore the mechanism and model of the coordinated development of human and land in different regional units. However, the impact of sustainable development pilot zones, especially on the improvement of environmental efficiency, needs to be assessed. In this paper, 187 prefecture-level cities in China were taken as samples (22 sustainable development pilot zones and 165 nonpilot ones). Firstly, the environmental efficiency of 187 prefecture-level cities between 2006 and 2016 was measured by data envelopment analysis (DEA). Then, the effect of construction of sustainable development pilot zones on environmental efficiency was assessed using the difference-in-difference (DID) model. The assessment results were further verified by propensity score matching with difference-in-difference (PSM-DID). In addition, the impact mechanism of construction of the sustainable development pilot zones on the environmental efficiency was discussed. Results show that the environmental efficiency of sustainable development pilot zones is 27.7∼31.7% greater than that of nonsustainable one, which is mainly attributed to the environmental regulation and industrial structure adjustment. [ABSTRACT FROM AUTHOR]

The low efficiency of the closed-loop supply chain in waste tire recycling has hindered the green development of China's automobile industry. Additionally, the government subsidy decision has a huge influence on green development. This study focuses on a closed-loop supply chain system that consists of five members, namely, manufacturer, retailer, Internet recycling platform, and government. It aims to investigate the effect of the government's subsidy mechanism on the decision-making process of recycling units, as well as to reveal the optimal strategies under different conditions. Under the coexistence of the retailer and the Internet recycling platform recycling programs implemented simultaneously by themselves, a two-stage Stackelberg game model is developed to explore the optimal government subsidy decision and the optimal pricing decision of manufacturer, retailer, and network platform in the closed-loop supply chain. At the same time, this paper investigates the effects of government subsidies on social welfare and the profits of supply chain members under different scenarios and then verifies the optimal government subsidy decision with MATLAB software through numerical examples and sensitivity analysis. The results show that the government subsidy coefficient is positively correlated with social welfare under four subsidy scenarios. To maximize the economic profit and social welfare of the members of the closed-loop supply chain, the government should appropriately select different subsidy objects within the range of different subsidy coefficients. When the subsidy coefficient γ ∈ [0, 15] and the government chooses consumer as the subsidy object, the social welfare will be maximized when γ > 15 and the government chooses Internet recycling platform as the subsidy object. It is recommended that the government directly subsidizes the Internet recycling platform. However, in order to maintain the manufacturer's core position in the closed-loop supply chain, the subsidy coefficient for the Internet recycling platform should not exceed the critical value of 18. These results provide managerial insights for the government, manufacturer, and the third party to make decisions in the field of waste tire recycling. This paper presents the different subsidy conditions under which the government should appropriately select different subsidy objects. It also provides a theoretical and practical basis for improving the recycling efficiency of waste tires. [ABSTRACT FROM AUTHOR]

Based on the unbalanced panel data of China's A-share listed companies from 2013 to 2021, this paper empirically examines the influence of controlling shareholders' equity pledge on the listed companies' stock repurchase. It is found that listed companies will stabilize the share price through stock repurchase to prevent the risk of control right transfer due to stock price decline. There is a positive correlation between equity pledge and stock repurchase. Moreover, this positive correlation is more significant among nonstate-owned listed companies and listed companies in the eastern region. Further research shows that the positive influence of equity pledge on stock repurchase is more significant under a good information environment and good corporate governance. However, the earnings management behavior of listed companies has no significant influence on the positive influence of equity pledge on stock repurchase. [ABSTRACT FROM AUTHOR]

There is a significant IPO underpricing phenomenon in the stocks of high-tech companies on China Science and Technology Innovation Board (STAR Market). In order to analyze the causes of high IPO underpricing on STAR Market, from the perspective of investor behavior, this paper uses the Two-tier Stochastic Frontier Model to decompose IPO underpricing into two parts, the pricing impact of the primary market and the transaction impact of the secondary market, and then studies the differences of the impact of different markets on IPO underpricing. The results show the following: (1) the primary market pricing of most stocks, that is, the difference between the issuance price of stocks and the real value of stocks is small, which shows that the primary market pricing has a weak impact on the IPO underpricing of the STAR Market, which in turn shows that the implementation of the registration system has significantly improved the IPO pricing efficiency of the STAR Market; (2) the closing price of most stocks fell on debut, that is, the trading price of stocks is significantly higher than its real value, which shows that the blind optimism of investors in the secondary market and the irrationality of investor structure are the main factors leading to the IPO underpricing of the STAR Market; and (3) through the variance decomposition and the robustness test of grouping the industry to which the enterprise belongs, the year of listing, and issuance and the size of the enterprise, we find that in different years and different industries, the impact of investor behavior in the secondary market on IPO underpricing is significantly higher than that in the primary market. In addition, the IPO underpricing of enterprises is not affected by the size of enterprises. This shows that the behavior of investors in the secondary market has always been the main means to affect the IPO underpricing of the STAR Market. This paper expands the analysis idea of IPO underpricing, which has a certain reference significance for the reform of STAR Market and the listing and financing of scientific and technological innovation enterprises. [ABSTRACT FROM AUTHOR]