Search

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]

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]

Marine ecological aquaculture is considered a robust scientific farming model, but it has not been widely promoted in China. Although some studies have examined stakeholders' interests in ecological transformation, few studies to date have analyzed the interaction mechanism of the stakeholders in ecological transformation. Therefore, drawing on evolutionary game theory, this study analyzed the different behavioral strategies and evolutionary mechanisms of the government, marine aquaculture farmers, and aquatic enterprises engaged in marine farming processes. Furthermore, a numerical simulation was conducted to evaluate the rationality of the theoretical model. The results show that several factors affected the ecological transformation of mariculture. Government subsidies reduced farmers' and aquatic enterprises' costs of adopting ecological farming. The government's increasing fines for aquaculture pollution slowed down the speed of the system to a stable point. The cost of adopting ecological farming by farmers and aquatic enterprises will affect their decision to adopt or invest in it. The increase in the market price of eco-aquatic products helped accelerate the ecological transformation of mariculture. The brand effect obtained by aquatic enterprises by investing in ecological farming helped increase participation to further improve this practice. In terms of policy implications, we recommend the promotion and guidance of marine aquaculture technology, government support and investment, environmental control of the aquaculture industry, and brand building of eco-aquatic products to transform and upgrade marine aquaculture farming. [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]

Boosting green technology innovation of enterprise is the key to achieving a win-win situation for both environmental performance and economic performance. However, some Chinese enterprises still have hesitations and misgivings as to whether they should adopt green technology. Considering the uncertainty of the innovation and the irrational psychological factors of decision makers, the purpose of this paper is to analyse the driving mechanisms and the long-term behaviour of enterprises green technology innovation, as well as to explore what preconditions are required for enterprises to adopt green technology innovation. The methods are prospect theory and evolutionary games. This paper first calculates the equilibrium stability and evolutionary stability strategies of the enterprise green technology innovation system and then simulates the effect of subjective gains and losses values and other psychological parameters in the prospect editing and evaluation stage. Results show that increase in subjective gain and decrease in reference points and subjective spill benefit will motivate enterprises to adopt green technology innovation in the prospect editing stage; higher risk preference and lower loss aversion will increase enterprises' motivation for green technology innovation in the prospect evaluation stage. Besides, we find that enterprise decisions are influenced by risk perception and loss aversion rather than just the magnitude of the benefits and cost. Small- and medium-sized enterprises are more likely to turn to green technology innovation than large enterprises under the same level of risk preference and loss aversion. Finally, some suggestions are put forward for the government to encourage enterprises to adopt green technology innovation. This paper can provide a reference for theoretical and practical research on evolutionary game and prospect theory on green technology innovation of enterprises. [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]

In order to further improve the evaluation quality of enterprise operating efficiency, reduce the error items and invalid items of partition, and improve the objectivity of operating condition evaluation, this study takes listed enterprises as an example and proposes an evaluation method of operating efficiency based on association rule algorithm and data set. In this method, the results of operating efficiency are scientifically analyzed from horizontal and vertical dimensions. The operating cost of total assets of listed companies is taken as indicators, and the correlation test is carried out by Kendall's tau_b. From the longitudinal comparison results, it can be seen that only 12 of the 19 enterprises in the study have small-scale changes and increase year by year, accounting for 63.16%. At the same time, there are also 6 enterprises with an overall trend of decline, which objectively reflects the reasonable operation status and operation scale of enterprises in the study. [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]

Using data on China's A-share listed enterprises from 2012 to 2019, we investigate the impact of China's green finance reform and innovation pilot (GFRIP) policy on green innovation by the difference-in-difference (DID) method. The results show that the GFRIP policy has a significant role in promoting enterprises' green innovation. Heterogeneity analysis shows that the positive effect of the GFRIP policy on green innovation is only significant for heavily polluting enterprises, large enterprises, state-owned enterprises, and enterprises headquartered in regions with a low level of marketization. Debt financing is an important mechanism for the GFRIP policy to promote corporate green innovation; that is, the GFRIP policy alleviates corporate debt financing constraints and then promotes corporate green innovation. Our study provides theoretical and practical enlightenment for developing countries such as China to deepen reform of the green financial system and promote green innovation. [ABSTRACT FROM AUTHOR]

Based on the senior certified public accountants selected by the Chinese Institute of Certified Public Accountants and data drawn from China's A-share listed companies from 2014 to 2019, this study studies the influence mechanism of signing auditors' personal reputational promotion on corporate financing constraints. The results show that the improved reputation of signing auditors will help ease the financing constraints faced by companies. Moreover, compared with that of signing auditors from Big Four accounting firms, the improved reputation of signing auditors from non-Big Four firms has a more significant effect on alleviating the financing constraints of enterprises. In addition, private enterprises and small and medium-sized enterprises face more severe financing constraints than state-owned enterprises and large enterprises, and the reputational promotion of signing auditors can better alleviate the financing constraints of the former two types of enterprises. The research conclusions provide theoretical and data-driven support for constructing audit reputation mechanisms in China and improving the financing capabilities of enterprises. [ABSTRACT FROM AUTHOR]

In recent years, the "Belt and Road" Initiative (BRI) has paid more and more attention to practicing the concept of green development. The concept of green development in the BRI will help promote the active response to climate change in the regions along the route and maintain global ecological security and is of great significance to the green transformation and development of energy-intensive enterprises. Using company-level data from China over the 2011-2020 period, we provide a comprehensive analysis of the impact of the BRI on energy-intensive enterprise accounting conservatism. We find that BRI has decreased the energy-intensive enterprise accounting conservatism, and this result continues to hold after a series of robustness tests. We also examine the effect of the RBI on accounting conservatism across company types and ages and find that the BRI is beneficial to energy-intensive state-owned enterprises (SOEs) and young companies. Furthermore, analysis reveals that BRI changes the accounting conservatism of energy-intensive enterprises mainly through debt financing, tax burden, and legal environment channels. [ABSTRACT FROM AUTHOR]

The decisive and decision-making challenges of business investment are for the good development of enterprises. In order to have a better market advantage of chemical granules for enterprises, the analytic hierarchy process (AHP) is constructed to analyze the company's performance. Under the environment of state-owned enterprises and foreign enterprises competing for market resources together, building a performance evaluation system suitable for the development stage of the company can adjust the planning strategy and analyze its own disadvantages in time. When analyzing the effective combination of performance appraisal and enterprise development, as well as the effective communication between employees and enterprise managers, feedback information is obtained through the experimental results. Under this analysis condition, this paper describes the feasibility and soundness of the AHP model system for enterprises, and what favorable decision-making methods can be provided for later development. Based on the selection of performance evaluation indicators, AHP analysis can clearly get the weight of each indicator and the correlation between them, in order to improve and build a new system of evaluation indicators. This paper concludes the following: (1) based on the analysis of enterprise performance appraisal indicators, using the AHP model evaluation method to calculate the indicators, the optimized indicators for the performance appraisal of the comprehensive and efficient significantly improved. (2) Comparing the traditional AHP calculation with the optimized model calculation, the results show that under the optimized calculation, the index is more concise and the fluctuation is reduced, which reduces the burden on administrators. (3) In the membership degree of index evaluation grade, the membership degree with an excellent grade is 0.9, which shows that the index plays a very important role in evaluation. (4) According to the development indicators of enterprises in recent years, it is found that the growth rate of resources is growing slowly, the demand for the talent market is still in a stable state as always, and its financial resources have increased by 120% in 2016. [ABSTRACT FROM AUTHOR]

Preferential access to scarce resources can bring competitive advantages and better performance to enterprises. However, the existing literature has a relatively single research path on the influencing factors of enterprise resource access, which has lack of sufficient research from the perspective of multidimensional environment. In particular, as an important factor affecting enterprises' access to external resources, few studies have given empirical results on the impact of political factors such as government structure on enterprise resource access. Preferential access to scarce resources can bring competitive advantages and better performance to enterprises. However, the existing literature has a relatively single research path on the influencing factors of enterprise resource access, which lacks sufficient research from the perspective of multidimensional environment. In particular, as an important factor affecting enterprises' access to external resources, few studies have given empirical results on the impact of political factors such as government structure on enterprise resource access. Through the discussion of multidimensional environmental factors, this paper can provide theoretical reference for the reform of government institutions and the establishment of good political relations between enterprises and the government. Focusing on the multidimensional environment of government structure, political relations, and enterprise resource acquisition, this paper takes 129 enterprises in Central China as samples and uses the structural equation model to empirically verify the relationship between the formalization of government structure, liaison mechanism, decentralization, and enterprise resource acquisition, especially the easing effect of political relations. The results show that the formalization of government structure is promoting enterprises to obtain policy resources and financial resources; the liaison mechanism helps enterprises to obtain financial resources and market resources; decentralization has a significant positive impact on enterprises' access to policy resources and market resources; and political connection magnifies the positive effect of government structure on enterprise resource acquisition, but there are differences in different dimensions. [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]

China's 13th five-year plan puts forward the development concept of "green development" and takes the construction of green financial system as the development strategy, which shows that the concept of environmental governance and green development is becoming more and more important for national economic development. It is a major strategic task for China to build an environmental governance system dominated by the government and dominated by enterprises and implement the main responsibility of enterprise environmental governance. At present, the environmental supervision of local governments needs to be improved urgently. It is necessary to strengthen the production regulation of enterprises and promote the emission of "three wastes" up to the standard based on the principle of "polluter pays." The green development of enterprises is not only conducive to the improvement of their own "three effects" and corporate image but also has the external spillover effect of giants and is conducive to the construction of ecological civilization. Therefore, this study will focus on the collaborative governance in the field of environment, explore the ideal collaborative governance framework in the process of environmental collaborative governance, as well as the difficulties and optimization paths of collaboration, and put forward corresponding suggestions for the current environmental governance. [ABSTRACT FROM AUTHOR]

With the continuous expansion of global investment institutions, the development of the investment industry is gradually accelerating, but the risks behind the investment are also constantly increasing. Using the data of A-share companies in China's capital market from 2010 to 2019, this paper studies the impact of venture capital on corporate fraud. Empirical results show that venture capital holdings reduce the probability and frequency of corporate fraud. These findings remain robust after mitigating endogeneity using PSM, Heckman's two-step, one-step approach, suggesting a causal relationship between venture capital holdings and fraud reduction. Further research shows that the way venture capital holdings reduce corporate fraud is to suppress corporate fraud by improving the company's internal and external information environment. Furthermore, venture capital holdings play an important role in the governance of corporate disclosure fraud and operational fraud, but not in the governance of TMT fraud. In addition, the venture capital has better inhibitory effects on the supervision and governance of the fraud frequency of nonstate-owned enterprises compared with state-owned enterprises. The results of this research imply that venture capital shareholding plays an important role in preventing corporate fraud. This study contributes to the researches about the value-added role of venture capital and reveals the governance effect of venture capital on corporate fraud. Besides, it provides the theoretical evidence for capitals to better serve the real economy. [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]

China attaches importance to the development of "specified, refined, characterized, innovative (SRCI)" small- and medium-sized enterprises (SMEs) under the background of the major strategic adjustment of the new pattern of "dual circulation." This study studies the willingness and influencing factors of SMEs through questionnaire survey, interview, and data mining of 147 technology-based SMEs, 20 "SRCI" small giant enterprises, and 146 NEEQ-listed enterprises by descriptive statistics and inference statistics. To promote "SRCI" quality development of SMEs, the policy suggestions are guided to consummate the related industry, the established companies' cultivation library are improved, the public service platform of SMEs is established and improved, enterprises are guided to enhance independent innovation ability by "patent" to strengthen the innovative service supportability, and SMEs are guided to strengthen the echelon construction of talent team with the standard of high-quality development. Suggestions on strengthening the support for the listing of high-quality enterprises can provide a reference for the management of decision-making and enterprise practice of government departments. [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]

In this study, we use a tripartite evolutionary game model to analyze the financial support for science-tech enterprises' innovation with government participation. Based on the game model, the study uses replication dynamics to analyze the stability of evolutionary trajectory in the eight scenarios of enterprises, the government, and the financial institutes. Then, we discuss the effect of the reputation multiplier, the efficiency of firms' innovation output, and the positive socio-economic externalities multiplier by simulation as the important innovative points in this study. The study draws the following conclusions: (1) enterprises will choose high R&D intensity instead of low R&D intensity if the output of former exceeds that of the latter, (2) enterprises' R&D output is closely related to the strategy choices of the government and financial institutes, and (3) enterprises can attract government subsidy by boosting economic and social externalities. The government subsidies to enterprises with high R&D intensity will improve the innovation output by the innovation investment and reputation multiplier. So, the government can implement subsidy policy to boost high-intensive R&D activity. Financial institutes' strategy choice between equity investment and debt investment is influenced by investment yield difference and can influence enterprises' R&D intensity choices. [ABSTRACT FROM AUTHOR]

At present, the information security problems of smart city show a high incidence, and it is necessary to strengthen the information security supervision of smart city. In the process of supervision, there is a game relationship between local government and smart city enterprises. This paper firstly constructs the game matrices of local government and enterprises under the static and three dynamic reward and punishment mechanisms, then conducts numerical simulation with the help of MATLAB to arrive at the optimal reward and punishment mechanism through comparison, and finally explores the influence of the change of the upper limit value of each key variable on the directionality and sensitivity of the decision-making behavior of game subjects under the optimal mechanism. The result shows that initial value is one of the decisive factors influencing the choice of management strategy by enterprise. Dynamic reward and dynamic punishment mechanism is the best reward and punishment mechanism for information security supervision in smart cities. In case the upper limit value of key parameters is increased, a larger punishment has a strong influence on the positive strategy choice of the enterprise, and a reasonable adjustment of the reward policy can likewise mobilize the probability that the enterprise actively chooses to strengthen information security management. Based on the simulation results, we propose a feasible strategy. [ABSTRACT FROM AUTHOR]

This study discusses the impact of earnings persistence on abnormal audit fees and explores the mechanism between earnings persistence and abnormal audit fees. The results show that the stronger the earnings persistence is, the lower the abnormal audit fees are. The earnings persistence only has a significant impact on the positive abnormal audit fees, and the impact on the negative abnormal audit fees is not obvious. Furthermore, it is found that the negative correlation between the earnings persistence and abnormal audit fees has obvious heterogeneity; that is, it is more significant in companies with low environmental uncertainty and state-owned companies. The mechanism test shows that earnings persistence reduces abnormal audit fees by improving company operating risk, which proves the "Risk Compensation View" of abnormal audit fees to a certain extent. The research provides an important reference for the management and shareholders to eliminate abnormal audit fees and for the regulatory authorities to regulate audit fees. [ABSTRACT FROM AUTHOR]

State-owned enterprises (SOEs) play an important role in China. During the transformation from a planned to a market economy, plenty of Chinese SOEs fell into trouble. Dalian machine tool group (DMTG) who was once a leading enterprise in the Chinese machine tool industry bankrupted in 2017. To explore the causes of its collapse, we employ the interpretative structural model (ISM) to investigate the reasons for its failures from multi-aspect and at different levels. The results indicate that the root cause of this bankruptcy is the top manager's mismanagement; the lack of a reasonable strategic positioning and long-term product planning are also important factors of DMTG's failure, and the problems of human resource management accelerated the bankruptcy. Findings provide lessons to be learned from the bankruptcy for SOEs and offer managerial insight into SOEs. [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]

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]

As an important part of energy saving and carbon reduction, the low-carbon development of the transportation industry is imperative. It is the responsibility of smart transportation enterprises to closely combine their own digital technology with the governments' policies to achieve green innovation. In this study, we conducted an evolutionary game model of the interaction between the governments and smart transportation enterprises, which depended on innovation subsidies and punitive taxes. Besides, we derived the evolutionarily stable strategy of the governments and enterprises and used a simulation to analyze the impact of various policy tools on green innovation strategy. The results showed that the behavior of the governments relies on the benefits of supervision and the costs of supporting green technology innovation. The enterprises' behavior depends on the benefits of green innovation and the loss of no green innovation. Moreover, different policy tools provided by the governments can accelerate the implementation of enterprises' green innovation. [ABSTRACT FROM AUTHOR]

This article, titled "Retracted: Latest Lessons from the Bankruptcy of State-Owned Enterprises (SOEs) in China: An Interpretative Structural Model (ISM) Approach," has been retracted by Hindawi, the publisher, due to evidence of systematic manipulation of the publication process. The investigation revealed discrepancies in scope, description of the research, and availability of data, as well as inappropriate citations and incoherent content. Hindawi cannot vouch for the reliability of the article's content. Wiley and Hindawi have implemented additional measures to safeguard research integrity. The corresponding author has been given the opportunity to respond to the retraction. [Extracted from the article]

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]

Accurate poverty alleviation (APA) is crucial to building a well-off society in an all-round way. Companies and the capital market are implementers of APA. In the context of stock price collapse risk (SPCR), this paper verifies whether the APA by state-owned listed enterprises (SOLEs) could effectively suppress SPCR. Empirical results show that SOLEs engaging in APA and investing heavily in APA have a relatively low SPCR. This conclusion holds after the control of robustness and endogenous factors. Information disclosure system mediates the effect of APA on SPCR. Besides, APA suppresses SPCR more significantly in central state-owned enterprises (SOEs) and public welfare SOEs. Further analysis indicates that good institutional environment, strong poverty alleviation pressure, poverty experience of executives, and model of party organization governance can effectively enhance the influence of APA on SPCR. The research results suggest that SOLEs actively engaging in APA can effectively suppress SPCR by disclosing APA information. This is an organic manifestation of APA effectiveness in the capital market. [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]

The effects of tax rate changes on corporations' earning management are not fully understood. As a transitional economy, China has listed companies with different ownership and special regulatory rules. We explore under the expectation of tax reduction whether there are differences in the way and degree of earnings management implemented by different types of companies. Our study shows that firms under the anticipation of tax reduction make use of earning management, including delaying sales, taking unusual income-decreasing discretionary accruals, and so on, which leads to lower income in higher tax rate period. We find that private enterprises have more attention to reduce earning in the higher tax rate period than state-owned enterprises (SOEs), indicating that the ownership has effect on the extent of earning management. Moreover, under the specific regulations in Chinese stock market, we find that for those listed companies with negative net profit in the previous year, the priority is how to reverse losses rather than tax saving. [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]

In the practice of various Internet-based sharing economies, environmental issues of shared products become more prominent and urgent. By analysing the relationship among government, enterprises, and consumers, this paper develops a system dynamics model based on the evolutionary game theory to explore the quantity change pattern of environment-friendly products in a sharing industry. A discrete dynamic system simulation of the quantity change process takes shared bikes in Beijing as a case study. The simulation results are consistent with the analysis of evolutionary game theory. The results show that government subsidies to both enterprises and consumers can lead to higher quantities of environment-friendly shared products, while consumer subsidy is better than enterprise subsidy. In addition, governments and enterprises need to ensure moderate investments to improve consumer experience and environmental awareness. [ABSTRACT FROM AUTHOR]

Due to the demand for safety and convenience in traveling, self-driving technology has developed very fast in the past decades. In this paper, a novel technology forecasting model is developed. The topic-based text mining and expert judgment approaches are combined to forecast the technology trends efficiently and accurately. To improve the reliability of the results, multidimensional information including scientific papers, patents, and industry data is considered. Then, the model is utilized to forecast the development trends of self-driving technology in China. Data ranging from 2002 to 2019 are adopted with proper data cleaning. Topic clustering for papers and patents is performed, and the hierarchical structures are constructed. On this basis, the results of technology's evolution based on papers and patents are compared and the development trends are obtained. With these results, it is speculated that technology on "Decision" will be the next hotspot in patents. The research results of this paper will provide reference and guidance for Chinese enterprises and government in decision-making on self-driving technology. [ABSTRACT FROM AUTHOR]

Government subsidies (GSs) have triggered a remarkable increase in the production capacity of photovoltaic (PV) electricity in China. However, the lack of core technologies has limited PV enterprises' competitiveness in the global market. This research investigates the impacts of R&D subsidies and non-R&D subsidies on the innovation in PV enterprises. With samples of Chinese listed PV enterprises from 2010 to 2019, this study finds R&D subsidies exert a notable positive impact on the innovation in PV enterprises. In small and medium enterprises (SMEs) and enterprises without state-owned shares, both R&D subsidies and non-R&D subsidies have positive impacts on the innovation. Considering the policy orientation, R&D subsidies granted under demand-orientation policies promote the innovation in PV enterprises. The government should increase the amount of R&D subsidies, optimize the R&D subsidies' evaluation mechanism, and reasonably grant R&D subsidies from the demand side. [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]

Many factors affect the diffusion of generic technology due to the variety of generic technology and the multiplicity of diffusion carriers. Therefore, it is very urgent to determine the main factors that influence generic technology diffusion. Based on theories of industrial generic technology diffusion, this paper constructs a differential game-based model between government and enterprises. Then, this study explores the key factors that affect the diffusion strategy of industrial generic technology innovation and analyzes the possible method for improving industrial generic technology innovation diffusion. The following conclusions are obtained. Incentive measures, rewards, and penalties play a key role in the diffusion of generic technology, and the costs and benefits incurred by the diffusion are critical to the diffusion of generic technology. Also, the net income of enterprises has a positive impact on the adoption of generic technology diffusion. After that, this paper carries out data simulation for result verification and provides some policy implications. [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]

With the continuous improvement of the rare earth's international status, the status of rare Chinese earth has gradually become prominent all over the world. When China enjoys the advantages of large reserves of rare-earth resources, at the same time, Chinese rare-earth enterprises are lagging in technology and lacking innovation capabilities. The rare-earth industry is mainly concentrated on the separation and smelting process, which has an indelible impact on the ecological environment around the mine. Some scholars have carried out research on ecological restoration in mining areas, but there are few studies on interest subjects in ecological restoration work in mining areas, especially the research based on game theory is more scarce. This article constructs a trilateral evolutionary game model of the central, local governments, and mining enterprises. This article analyzes the impact mechanism of policy changes on the rare-earth mining industry and analyzes the three-party evolutionary game model by adjusting the values of external variables. The research shows that the central government's subsidies to local enterprises, the central government's performance evaluation to the government, the local government's punishment to enterprises, and the local enterprise's reproduction income are important factors that determine the evolution of the trilateral game. Therefore, the central government should strengthen the supervision of local governments and enterprises when formulating policies related to the rare-earth industry, and local governments should strengthen their own management and local environmental regulations. [ABSTRACT FROM AUTHOR]

Turkish Sugar Inc., a public enterprise including 25 factories, is the first corporation of Turkish industry. According to the government policy, public sugar factories (PSFs) will be privatized as geography-based 6 portfolio groups in two years. As performance measures of PSF affect government, sugar producers, and several unions in privatizing process, a systematic approach is necessary to measure efficiencies and grouping factories. This paper uses a new DEA- (Data Envelopment Analysis-) based clustering approach for measuring efficiency scores of PSF and grouping them instead of geography- based portfolio groups. This new approach can help decision makers in privatizing process. At the same time, target values obtained by dual model can be used to eliminate inefficiencies of some PSFs. [ABSTRACT FROM AUTHOR]