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The high-quality development of SRDI enterprises is crucial for China to overcome critical technological bottlenecks and thereby achieve technological independence and strength. However, the factors driving the high-quality development of SRDI enterprises are not isolated elements, but rather a complex system of interconnected antecedents. This study employs the TOE framework and fuzzy set Qualitative Comparative Analysis (fsQCA) with 141 Chinese SRDI "little giant" listed companies as samples to explore how various factors contribute to their high-quality development. The findings indicate: (1) No single factor is necessary for SRDI enterprises' high-quality development. (2) It is the synergy of multiple factors, in various combinations, that drives their high-quality development. (3) Technological innovation plays a key role in these pathways; SRDI enterprises should leverage their resources and capabilities for a synergistic technology-organization-environment match, selecting the most suitable development path. The results of this study not only enrich our understanding of the factors influencing SRDI enterprises' high-quality development but also offer insights for both the enterprises and government policy-making. [ABSTRACT FROM AUTHOR]

Employing the "Green Credit Guidelines" implemented in 2012 as the basis for a quasi-natural experiment, this study applies the method of Difference-in-Differences(DID) to investigate the influence of the Green Credit Policy on both the quantity and quality of enterprise innovation. The outcomes of our analysis reveal that the policy has significantly boosted both the quantity and quality of innovation among enterprises identified as heavy polluters. It is noteworthy that the policy's positive impact on innovation quantity surpasses its positive effect on innovation quality. This substantiates that the Green Credit Policy effectively generates incentivizing outcomes for innovation among the heavy polluters, thereby verifying Porter's hypothesis within the domain of green credit in China. Furthermore, we find that the positive impact is more significant for enterprises with lower innovation capabilities, large-scale enterprises, state-owned enterprises, and those situated in both the Eastern and Western regions. Through these findings, this study illuminates a novel perspective on the interplay between the Green Credit Policy and enterprise innovation dynamics in China. [ABSTRACT FROM AUTHOR]

To stimulate economic growth, China has launched multiple economic stimulus plans in recent years, intensifying corporate debt financing and subsequently elevating the leverage levels. Addressing and effectively reducing the leverage levels of our country's enterprises has emerged as a pressing issue in the trajectory of our economic development. This paper primarily investigates the drivers, pathways, and mechanisms for reversing the over-leveraged values of enterprises. Key findings include: (1) Excessive indebtedness exerts a negative impact on corporate value, with the suppressing effect intensifying as the degree of over-leverage increases; (2) Over-leveraged enterprises can effectively decrease their debt levels and enhance their value through private placement. Further research suggests that this mechanism operates by amplifying the operational leverage of over-leveraged enterprises post private placement and alleviating financing constraints, thereby elevating corporate value. (3) Compared to non-state-owned enterprises, state-owned enterprises exhibit higher levels of indebtedness. Among over-leveraged firms, enhancements in corporate governance and increased investment efficiency can positively transform corporate value. This study offers valuable insights for the ongoing supply-side structural reforms and governance guidance from the regulatory bodies. [ABSTRACT FROM AUTHOR]

This study used the entropy weight method to develop an index of green transition and empirically examined the influence of analyst coverage on green transitions by manufacturing enterprises in China. We examined A-share listed manufacturing firms from 2010–2020, using patent data, media reports from Chinese Research Data Services, and other data from the Cathay Capital Database. After excluding cases with missing data, our final sample comprised 16,576 observations. The following conclusions were drawn. First, analyst coverage significantly contributed to green transition. Second, the analysis of the impact mechanism showed that improving information transparency, weakening principal-agent conflict, and increasing environmental legitimacy pressure are the paths through which analyst coverage affects manufacturing's corporate green transition. Third, the effect of analyst coverage was stronger for large-scale and state-owned manufacturing companies. [ABSTRACT FROM AUTHOR]

The impact of the incumbent state‐owned enterprises (SOEs) on the births of new private‐owned enterprises (POEs) in China is a central concern for the government and society. In this paper, we apply agglomeration theories to distinguish the linkages between SOEs and POEs. Using China's 2008 economic census, the 2007 Input‐Output Table, and the 2005 population census, we measure the formation of new POEs at the city‐industry level, and the agglomeration forces of distance proximity to inputs, outputs, labor, and technology. More explicitly, we measure the extent to which local SOEs provide relevant inputs, consume outputs, employ similar workers, and use similar technology. Our findings indicate that overall, incumbent SOEs hinder the formation of new POEs. For manufacturing, the entry of new POEs is significantly lower in places where more upstream SOEs are concentrated. For services, the entry of new POEs is significantly lower in places where more upstream and downstream SOEs are concentrated. However, the agglomeration effects from the incumbent POEs are either insignificant or significantly positive. [ABSTRACT FROM AUTHOR]

Using a sample of Chinese local listed state-owned enterprises (SOEs) from 2008 to 2020, we find that provincial State-owned Assets Supervision and Administration Commission (SASAC) leaders' work experience at local companies significantly improves local SOEs' investment efficiency. This effect is stronger for local SOEs with shorter pyramidal layers and those in regions with weak institutional environments. Moreover, mechanism tests show that provincial SASAC leaders' work experience at local companies improves local SOEs' investment efficiency by decreasing agency costs and weakening policy burdens. Overall, our study highlights the important role of regulators' characteristics in determining the investment efficiency of SOEs. • Provincial SASAC leaders' work experience at local companies significantly improves local SOEs' investment efficiency. • This effect is stronger for local SOEs with shorter pyramidal layers and in regions with a weak institutional environment. • Agency costs and policy burdens are channels through which such work experience improves local SOEs' investment efficiency. [ABSTRACT FROM AUTHOR]

Carbon trading market is a central policy tool for promoting cleaner enterprises' energy consumption and investment behaviors. It is crucial for enterprises to establish a green and low-carbon development model by clarifying carbon trading impact mechanism on enterprise behaviors and the interactive relationship between entities in the carbon market. China's contract-based carbon market is still in the development stage, the impact of the mainstream allowance mechanism and government regulation on enterprises' energy behaviors has yet to be determined. In view of this, this paper describes mathematical mechanisms of the influence of carbon prices and carbon quotas on enterprises' energy consumption and investment, and the evolutionary game model of government-enterprise behaviors is constructed, the evolution process and appropriate strategies of enterprises' energy behaviors in the development of the carbon market are discussed. This paper uses real data of China carbon market to simulate the model, it is found that strategies such as relaxation of carbon quotas and carbon subsidies dynamization are needed during the initial development of the market. In the mature stage of the carbon market, strategies are needed to increase the proportion of government carbon revenue and reduce its regulatory cost. The higher the initial willingness of government-enterprise, the better the effect of strategies and the constraints of public willingness. The model and results have theoretical implications for enterprises' energy transformation and government regulation, and provide a reference for the development of China's carbon market. • Constructed benefit-cost analytical framework for enterprises' energy behaviors. • Described mechanisms of carbon trading affecting enterprises' energy behaviors. • Constructed government-enterprise behaviors model by the evolutionary game theory. • Found new conclusions of enterprises' energy behaviors under the carbon market. [ABSTRACT FROM AUTHOR]