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

China's economic growth has entered "new normal," and the task of reducing carbon emissions has become more onerous. Hence, this study aimed to explore whether China's carbon emissions trading pilot policy stimulated corporate green innovation capabilities. The data pertained to the green patent data of the listed companies in Shanghai and Shenzhen stock exchanges during 2008-2018. Using a difference-in-difference-in-differences (DDD) method, the study took advantage of the variations across regions, across enterprises, and across years and obtained several novel findings. First, the pilot carbon emissions trading policy significantly stimulated the green innovation capabilities of emission control companies in the pilot areas compared with enterprises in nonpilot areas and the nonemission control list. Second, the effect of the policy on the improvement in corporate green innovation capabilities might be driven by the improvement in corporate input factor allocation efficiency and the additional benefits that could be obtained from the carbon trading market. Third, the positive effect of the policy on the green innovation capabilities of state-owned enterprises was more significant. Therefore, the establishment and promotion of a unified national carbon emissions trading market and supporting mechanisms should be accelerated to achieve the balance of stable economic growth and carbon emission task. [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]

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]

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

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