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Using the sample of A-share listed firms in China from 2008 to 2019, we empirically test the spillover effect of violation punishment on the total factor productivity of director-interlocked firms. We find that violation punishment can significantly aggravate the violation of director-interlocked firms and preliminarily verify the spillover effect of violation punishment among director-interlocked firms. We also find that violation punishment will significantly reduce the total factor productivity of director-interlocked firms. The result is still stable after replacing the measurement method of total factor productivity, and its impact has a certain continuity, which can affect for two consecutive years. Further research shows that the R&D investment plays a mediation role between the violation punishment and the total factor productivity of the director interlocked firms. The violation punishment can reduce the R&D investment of the director-interlocked firms and then reduce the total factor productivity of the director-interlocked firms. In addition, after distinguishing the type of firm ownership, we find that compared with state-owned enterprises, violation punishment has a more significant inhibitory effect on the total factor productivity of private enterprises' director-interlocked firms. Based on the perspective of the director network, we investigate the spillover effect of violation punishment on the total factor productivity of director-interlocked firms, which provides a new theoretical perspective for the in-depth understanding of the economic consequences of violation punishment, improves the total factor productivity of listed firms, and has important theoretical and practical significance. [ABSTRACT FROM AUTHOR]

Green innovation is an important tool in environmental management, and green finance can provide financial support for green innovation. The greening of the financial system has attracted attention. In order to promote the development of green finance, the Chinese government has implemented policy intervention in the financial market. Green finance reform differs from green credit policy, as it is a comprehensive green finance policy aimed at the financial system. In order to study the policy effects of green finance reform on corporate green innovation, this paper applies the green finance reform that the Chinese government introduced in 2017 as a quasi-natural experiment and implements the difference-in-difference (DID) method to investigate the impact of green finance reform on corporate green innovation. We found that green finance reform promotes corporate green innovation. The result remained valid after a series of robustness tests and is more prominent for state-owned enterprises (SOEs) and large enterprises. Furthermore, we examined the impact of green finance reform on different types of innovation, finding that it had a positive effect on green invention innovation and green utility model innovation. Mechanism tests showed that green finance reform promotes corporate green innovation by alleviating financial constraints. [ABSTRACT FROM AUTHOR]

How the macro-external environment, i.e., the uncertainty of economic policies, affects the peer effect of corporate investment and whether the ability of managers, as the main decision of corporate investment, affects the peer effect of enterprise investment is worthy of further study. This paper uses Baker's economic policy uncertainty index to obtain China's economic policy uncertainty index and uses the DEA-Tobit two-stage model to measure the ability of managers, combined with the relevant data of China's A-share listed companies from 2010 to 2020, to study the impact of economic policy uncertainty and managers' ability on corporate investment peer effect. We found that China's economic policy uncertainty increases the information acquisition cost of micro-firms and deepens the degree of information asymmetry, and firms are strongly motivated to learn or even imitate the investment decisions of enterprises in the same industry, thus intensifying the peer effect of investment. For enterprises of different nature, the economic policy uncertainty has a more significant impact on the investment peer effect of non-state-owned enterprises than state-owned enterprises. Compared with large enterprises, the impact of economic policy uncertainty on the investment cohort effect of small enterprises is more significant. Then, through group regression according to the median of managerial ability, we found that the investment peer effect is more obvious in enterprises with low management ability and the effect of economic policy uncertainty on investment peer effect is more significant in the sample with low management ability. Based on the empirical research conclusions, this paper puts forward the following suggestions: improve the corporate governance mechanism and the management ability of managers. In issuing economic policies, the government should be cautious and stable to reduce the uncertainty of economic policies. [ABSTRACT FROM AUTHOR]

An important prerequisite for promoting sustainable development and value chain climbing of textile enterprises is to achieve a win-win situation between environmental protection and export technical complexity. Thus, based on Chinese enterprises' microdata, this paper investigates the impact of cleaner production standards implementation on the export technical complexity of Chinese textile enterprises using a double difference method. The results show that the implementation of cleaner production standards significantly increases the export technical complexity of Chinese textile enterprises. The results of the mechanism test indicate that cleaner production standards increase export technical complexity by enhancing capital and labor inputs of textile enterprises, as well as by promoting enterprise innovation and increasing productivity. Heterogeneity analysis shows that cleaner production standards have a significant role in increasing the export technical complexity of textile enterprises in the eastern region and larger scale; it is not significant in increasing the export technical complexity of textile enterprises in the central and western regions and smaller scale; in terms of enterprise ownership attributes, it has the greatest role in increasing the export technical complexity of state-owned textile enterprises, followed by foreign and private textile enterprises. The results of this paper show that cleaner production standards, as an environmental regulation policy, can achieve a win-win situation for environmental protection and export technical complexity increase. [ABSTRACT FROM AUTHOR]

The data of new urban investment bonds in cities from 2011 to 2021 to represent the growth of local government debt is used in this article. This paper studies the relationship between the increase of local government debt and the underinvestment of A-share listed enterprises, which are nonfinancial companies in China. The research finds that the increase in local government debt will crowd out the debt financing of enterprises and then significantly the degree of underinvestment of enterprises, which is represented non-state-owned enterprises, enterprises with high financing constraints, and enterprises with nonlocal debt invested in the industry. As for listed enterprises with relatively low fixed assets, the increase in local debt will further lead to the degree of underinvestment. The above conclusions remain unchanged after a series of robustness tests in this paper. Further research shows that the increase in local government debt will weaken the stimulus effect of loose monetary policy and thus affect the underinvestment of enterprises. This paper expands the research on the factors affecting the underinvestment of enterprises and deepens the research on the consequences of the influence of local government debt on the economic activities of microsubjects. [ABSTRACT FROM AUTHOR]

State-owned enterprise (SOE) reforms may play a vital role in R&D investment. This paper investigates the impact of mixed ownership reform of SOEs in China on R&D investment. Using a large sample of Chinese SOEs for the 2009–2018 period, we find that the reform has a positive effect on R&D investment. The result is robust to a battery of robustness tests and more prominent for firms with non-state-owned large shareholders holding more shares relative to state-owned large shareholders, and for firms with less stress from local officials pursuing political promotion. Furthermore, we find that to compensate for the adverse impact of R&D on the political promotion of the CEO, non-state-owned large shareholders allow the CEO to increase perk consumption. Our study suggests that the ongoing mixed ownership reform in China improves the SOEs' efficiency. [ABSTRACT FROM AUTHOR]

People's daily life heavily depends on energy. The core business of electric power enterprises is commercial energy sales. In the daily work of power enterprises, energy marketing is the most important field which will directly affect the development of enterprises. Although national macro-control exists as a useful way to control the energy market, it also increases the risk of the energy market. Nowadays, the development of the energy market is affected with the adjustment of industrial structure. In the energy market, China's power companies are state-owned enterprises and have their unique advantages for developing, but there are still some problems in risk awareness, which require us to take measures to control and prevent the impact risk. [ABSTRACT FROM AUTHOR]

Green innovation is an important way for enterprises to achieve high-quality economic development, and it is also the way to achieve the goal of double carbon. Green innovation has therefore become a research hotspot. With the acceleration of the digitalization process in equipment enterprises, intelligent manufacturing equipment enterprises located at the top of the industrial chain are in urgent need of green core technology innovation activities. In order to explore the internal mechanism of core green technology innovation, this research introduces reputation theory into the evolutionary game analysis process. By constructing an evolutionary game model between the government and intelligent manufacturing equipment enterprises, this research analyzes the dynamic factors that affect the selection and evolution of the main strategies of the players in the evaluation game. The results show that corporate reputation, core green technology innovation profit, government subsidies, government reputation, and the cost for the government to support core technology, among other factors, importantly affect the game between the government and the enterprises. At the same time, since both the government and the enterprises are affected by the initial state and the maximization of the interests of both sides of the game, it is difficult for them to spontaneously reach an ideal stable and balanced state through a virtuous circle. The greater the profits and the reputation premium the core green technology innovation brings to the enterprises, the more favorable it is for the enterprises to choose core green technology innovation; government subsidies within a certain range will also drive enterprises to choose core green technology innovation. When the value of enterprise core green technology innovation is low, the cost for the government to support core green technology innovation is lower, enterprises will lose more opportunities and decline in global competitiveness, and it will become more favorable for the government to evolve towards supporting core green technology innovation. On the contrary, the government will gradually transfer its tangible hand to the intangible hand of the market based on the consideration of subsidies, innovation costs, and reputation. The results of this research are intended to provide a theoretical basis and practical reference for Chinese intelligent manufacturing equipment enterprises to better achieve green core technology innovation. [ABSTRACT FROM AUTHOR]

Public finance plays an important role in the development and construction of the country. Public finance is derived from and used by the people. On the one hand, public finance mainly comes from national taxes and the income of some state-owned enterprises or state-owned assets. On the other hand, public finance is used for national infrastructure, military investment, scientific and technological research and development, national daily operation, and other expenses. Therefore, the state of public finance is closely related to people's lives, and it is also one of the basic symbols of a country's prosperity and strength. How to ensure that the country's public finance is in a good state, grasp the leverage balance of public finance revenue and expenditure, and avoid the situation of national "bankruptcy" is additional attention that the public finance department should pay in the process of operation. Therefore, we urgently need a set of public finance monitoring and early warning system that matches China's public finance operation mechanism and conforms to China's basic national conditions. At present, previous studies rely on the existing detailed data on public finance to measure the situation of China's public finance, but this method refers to fewer data and is not forward-looking enough. Therefore, this paper adopts a BP neural network algorithm to monitor and warn the situation of China's public finance based on computer big data. [ABSTRACT FROM AUTHOR]

To achieve more efficient recycling management of construction and demolition waste (C&D waste) and to encourage investment in recycling enterprise technology in underdeveloped areas, this study develops a dynamic Nash supply chain model, with and without government subsidy, for a C&D waste recycling treatment system comprised of two recycling enterprises and one builder. We investigate the mechanism of government subsidy regulation on recycling enterprises' technology decisions, the optimal proportion of technology upgrades of recycling enterprises, and the effects of other exogenous factors on the decision of government and recycling enterprises in an early stage of the recycling industry. The results show that with the subsidy, the recycling enterprises' proportion of technology upgrade and profits is always improved. And recycling enterprise will actively increase investment to increase the proportion of technology upgrades. Furthermore, the government should prioritize assisting enterprises that are among the first to invest in recycling technology. Interestingly, the proportion of subsidy and technology upgrades is also affected by the unit environmental benefit and the degree of substitution of renewable products with different technological levels. When the degree of substitution is low, not only government subsidies are required to play a role but also builders' awareness of the benefits of using high-tech renewable products, in order to drive enterprise technology investment from the demand side. The study provides detailed information on government and recycling enterprise C&D waste recycling strategies. [ABSTRACT FROM AUTHOR]

Improving the ecological governance capacity is necessary in order to achieve high-quality economic development. As the main part of the promotion of social and economic development, enterprises' inefficient investment (overinvestment and underinvestment) has impeded the development of the economy chronically and steadily. Therefore, improving the efficiency of enterprises' capital allocation has become a problem that needs to be studied and solved urgently. This article mainly studies the influence of ecological governance capability on the enterprise capital configuration efficiency and mechanism of action by using Shanghai and Shenzhen A-share listed companies data from 2011 to 2017. The study found that ecological governance capability can remarkably strengthen the corporate capital allocation efficiency, and it can do so by improving corporate social responsibility (CSR). This conclusion is supported after the replacement of robustness tests, for example, the enterprise capital configuration efficiency and the measurement indicators of CSR. The heterogeneity test indicates that the ecological governance can obviously forward the enterprise capital configuration efficiency in state-owned enterprises and less-polluting enterprises. These findings can provide some theoretical support to the mechanism of ecological governance capacity effect on corporate capital allocation efficiency from the aspect of corporate social responsibility. [ABSTRACT FROM AUTHOR]

As for whether the customer risk leads to the inefficient investment of suppliers, 776 suppliers and customers of Shanghai and Shenzhen A-shares from 2007 to 2017 are chosen as the supply chain data of listed companies, the relationship between customer risk and supplier enterprise investment efficiency is studied by manual sorting, and the moderating effect of the nature of supply chain relationship on customer risk and enterprise investment efficiency is taken into account. According to the research, the customer risk will reduce the investment efficiency of supplier enterprises, which is manifested as underinvestment. Based on further research, the relationship is more significant in supplier enterprises with a higher customer concentration and state-owned enterprises that are customers and suppliers. The research of this paper enriches the relevant literature on investment efficiency and the relationship between customer and supplier, provides a new perspective for studying investment efficiency and the empirical evidence for risk prevention behavior among enterprises, and has important practical significance for supplier enterprises to choose core customers and manage customer relations. [ABSTRACT FROM AUTHOR]

Technological innovation is the source of generating new momentum. In the context of the financing constraints generally existing in China, it is particularly important to explore the impact of technological innovation investment on corporate financial risk, which also provides a risk identification perspective and development direction for enterprises. Based on the data of China's small and medium-sized listed companies from 2010 to 2019, and from the perspective of moderating effect of financing constraints, this paper uses multiple regression analysis method to test the impact mechanism of technological innovation investment on corporate financial risk and the moderating effect of financing constraints in both. The results show that technological innovation investment can significantly reduce corporate financial risk, while financing constraints can significantly improve the level of financial risk. Financing constraints play a moderating role in technological innovation investment and financial risk. Heterogeneity test found that, compared with large-scale enterprises, small-scale enterprises' technological innovation investment has a more significant impact on financial risk, and the moderating effect of financing constraints is also greater. Compared with private enterprises, state-owned enterprises' technological innovation investment has less impact on financial risk, and the moderating effect of financing constraints is not significant. [ABSTRACT FROM AUTHOR]

With the development of information technology and the deepening of government system reform, e-government has become one of the key points of government construction. However, both in developing countries and developed countries, there is a common phenomenon that the success rate of e-government projects is not high. Although various e-government evaluation index systems have been proposed in both theoretical research and application aspects, which provide strong support for the development of e-government, these index systems still have limitations. This paper comprehensively applies BP neural network and adaptive matching tracking, and constructs an e-government performance evaluation model based on adaptive matching neural network. We conduct simulation experiments on the constructed model to verify the accuracy and rationality of the model evaluation. It is feasible to introduce the Balanced Scorecard to construct the E-government performance evaluation index system. The constructed index system has strong objectivity, operability, comprehensiveness, guidance and sustainability, and can be applied to the practice of e-government performance evaluation. It is feasible to use the adaptive matching tracking neural network model to evaluate the performance of e-government. The model has the ability to self-learn the evaluation samples, and can grasp the mapping relationship between the evaluation indicators and the evaluation results, so as to imitate the evaluation of experts, and overcome the evaluation randomness and subjective uncertainty that are difficult to get rid of in traditional manual evaluation. In order to better evaluate the operation status of the e-government system and its adaptability to future needs, and find out its existing problems, this paper fully considers the interaction process between the government and enterprises, and establishes a corresponding responsive government. The application of adaptive matching tracking neural network model for e-government performance evaluation has better optimization results than the original BP neural network model. The specific performance is that the convergence speed is fast, the training will not fall into a local minimum, and the error of the evaluation results is small. [ABSTRACT FROM AUTHOR]

High-tech enterprises, as the key subjects that can stimulate innovation vitality and promote innovation-driven development strategies in China, require government guidance for their innovative activities. However, the existing research has not answered the issue of how the government behavior activates the innovation ability of high-tech enterprises and what is the internal mechanism. As such, this paper takes government participation in high-tech enterprises as its research object, constructs an evolutionary game model of government participation in enterprise innovation, analyzes the internal mechanism of improvements to high-tech enterprises' innovation ability under government tax and fee policy incentives and regulatory measures, and uses MATLAB numerical simulation to verify the results. The research shows that (1) increasing the general corporate income tax rate and reducing the high-tech corporate income tax rate can promote the transformation of general enterprises into high-tech enterprises and encourage enterprises to engage in scientific and technological innovation activities. However, when the high-tech corporate income tax rate is lower than 0.1, the marginal effect will be reduced. (2) Increasing the deduction coefficient and amortization coefficient can make high-tech enterprises more motivated to participate in innovation activities and thus render enterprise innovation more lucrative. (3) Increasing administrative penalties from regulatory authorities can promote the development of innovative activities in high-tech enterprises, but their intensity must be controlled within a reasonable range. The presented results have reference value for the adjustment of tax and fee policies among high-tech enterprises. [ABSTRACT FROM AUTHOR]

Forum comments are valuable information for enterprises to discover public preferences and market trends. However, extensive marketing and malicious attack behaviors in forums are always an obstacle for enterprises to make effective use of this information. And these forum spammers are constantly updating technology to prevent detection. Therefore, how to accurately recognize forum spammers has become an important issue. Aiming to accurately recognize forum spammers, this paper changes the research target from understanding abnormal reviews and the suspicious relationship among forum spammers to discover how they must behave (follow or be followed) to achieve their monetary goals. First, we classify forum spammers into automated forum spammers and marketing forum spammers based on different behavioral features. Then, we propose a support vector machine-based automated spammer recognition (ASR) model and a k-means clustering-based marketing spammer recognition (MSR) model. The experimental results on the real-world labelled dataset illustrate the effectiveness of our methods on classification spammer from common users. To the best of our knowledge, this work is among the first to construct behavior-driven recognition models according to the different behavioral patterns of forum spammers. [ABSTRACT FROM AUTHOR]

With the rapid development of information technology, the sharing economy based on "Internet plus" cloud platforms has become a new collaborative innovation mode and a hot topic in recent years. Considering that government regulation restricts green innovation cooperation among cloud manufacturing enterprises, an evolutionary game model involving the government and cloud manufacturing enterprises A and B with potential differences in their technology knowledge is established using evolutionary game theory. A replication dynamic equation is established, the evolutionarily stable equilibrium strategy of the three parties is analysed, and the key factors affecting the cooperative selection strategy of the government and cloud manufacturing enterprises are discussed through a MATLAB-based numerical simulation. This research shows that when governmental incentives and punishments, the platform load capacity, the trust between enterprises, the technology loss coefficient, and the informatization degree are increased, the government will tend to choose supervision, and cloud manufacturing enterprises A and B will tend to choose the "collaborative innovation" strategy. These results provide a scientific basis suggesting that the government should not only formulate rules and regulations for cloud manufacturing enterprises but also promote green collaborative innovation among such enterprises and enhance their core competitiveness. [ABSTRACT FROM AUTHOR]

This article has been retracted by Hindawi following an investigation undertaken by the publisher [[1]]. REFERENCES 1 Cao M., Duan K., Ibrahim H. Exploring the Influence of Local Government Debt on Enterprise Investment through the Empirical Evidence at the Municipal Level. [Extracted from the article]