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Under the constraints of low-carbon transformation goals, energy enterprises have significantly increased their debt default risk levels due to carbon price fluctuations. This article first analyzes the contagion mechanism of debt default risk among energy enterprises, and based on this, constructs a debt default risk contagion model among energy enterprises considering carbon price fluctuations, and then simulates and analyzes the evolution characteristics of debt default risk contagion among energy enterprises. The research results indicate that: (1) As the proportion of carbon emission cost increment and investor sentiment index increase, the stability of the debt network of energy enterprises strengthens. As the ratio of commercial credit among energy enterprises and influence of energy enterprises increase, the impact of debt risk gradually intensifies. (2) The investor sentiment index has a strengthening effect on the influence of energy enterprises, the proportion of commercial credit among energy enterprises, and the proportion of carbon emission cost increment. The commercial credit ratio between energy enterprises and its influence has a mutually reinforcing effect. (3) The investor sentiment index has suppressed debt default risk for various energy enterprises. The joint risk suppression effect of the proportion of carbon emission cost increment and the influence of energy enterprises in petroleum and petrochemical enterprises is more prominent. The joint risk constraint ability between the proportion of carbon emission cost increment and investor sentiment index in coal enterprises is stronger. [ABSTRACT FROM AUTHOR]

Climate change is a challenge facing all countries around the world. In response to the global climate change, China has pledged a two-stage carbon reduction goal of "dual carbon" to realize sustainable development. Industrial structure upgrading driven by green finance is an important way to reduce carbon emissions and achieve sustainable development. In this work, we investigate the impact of green finance on promoting industrial structure upgrading in Jiangsu province. We construct the grey correlation degree and coupling coordination degree model to analyze the relationship between green finance development and industrial structure upgrading with data from 13 prefecture-level cities in Jiangsu province from 2010 to 2021. The results demonstrate that green finance policies inhibit the financing tendencies of high-energy consumption industries and improve the financing difficulties of high-energy enterprises, forcing high-energy industries to transform and realize industrial upgrading. In addition, the improvement in green energy consumption structure and energy production efficiency will promote an improvement in carbon emission efficiency. Moreover, the development of green finance contributes to promoting industrial structure upgrading, putting forward new requirements for the development of green finance as well. Furthermore, the promotion of green finance and low-carbon industries provides a strong driving force for industrial structure upgrading as well as high-quality economic development in Jiangsu province. Therefore, the green finance policy system, as well as innovation in green financial products, needs to be further improved to accelerate industrial structure upgrading. [ABSTRACT FROM AUTHOR]

This research constructs a credit default estimation model for micro and small enterprises (MSEs) under the condition of changing information asymmetry. The model is established through the refinement, abstraction and portrayal of the core elements contained in the default trigger mechanism; this mechanism is based on the cash flow, the default boundary and the distribution of actual cash flow in the framework of the incomplete information model. By relaxing the assumption that the bank can fully observe the customer's initial information, this work constructs a theoretical model with practical application value that can effectively describe the default risk of MSEs. Numerical simulation shows that the model can accurately estimate the default probability of MSEs by quantitatively modelling the mechanism of default risk management and control which is applicable to the risk characteristics of MSEs. The model is also suitable for the continuous dynamic estimation and forecast of individual customer credit application and post‐lending risk. [ABSTRACT FROM AUTHOR]

An evaluation index system is developed to assess food safety supervision in the sales links of dairy products. Evaluation research is conducted using the fuzzy-ANP comprehensive evaluation model to assess the product safety supervision of dairy products in the sales link based on 307,705 survey data acquired from 1,501 online and offline dairy businesses in China. Evaluation results show that (1) the overall situation of dairy product safety supervision in the sales link is encumbered by the fact that the online situation of dairy product safety supervision in the sales link is general. It does not achieve a relatively good level; (2) the investment in food safety supervision of dairy products in the sales link is insufficient for the online e-commerce platforms. Especially, the processes of reviewing and approving relevant business sales qualification must be improved; (3) online business types do not directly determine the situation of dairy product safety supervision in the sales link, but the operating environment, sales staff quality, and warehousing management are common regulatory weaknesses; and (4) for offline provinces, the level of economic development can affect the situation of dairy product safety supervision in the sales link. Aside from emphasizing sales qualifications, economically backward provinces should improve the supervision of the operating environment, sales equipment, sanitary status of workers, and other aspects. [ABSTRACT FROM AUTHOR]

Abstract: This paper introduces the SIRS contagion model of food safety risk considering the entry rate, the normal bankruptcy rate, the abnormal bankruptcy rate, and other correlated parameters of food enterprise. The influences of these correlated factors on the contagion of food safety risk is discussed and theoretically analyzed. Computer simulation was performed to measure the entry rate of food enterprises, the normal bankruptcy rate, the abnormal bankruptcy rate, the re‐violation rate, the recovery rate, and the connectivity of food enterprises. The study found that: (a) the inhibitory effect of the normal bankruptcy rate on food safety risk contagion is the most significant; (b) the abnormal bankruptcy rate and the recovery rate can also constrain food safety risk, but the re‐violation rate will scale up the food safety risk; (c) a negative correlation exists between the entry rate and the contagion threshold of food safety risk, and a positive correlation is observed between the entry rate and the contagion scale of food safety risk; (d) with the increasing number of food enterprises' business partners, the contagion scale of food safety risk will increase. Practical applications: This study is significant in supervising and managing the food market because it analyzes the contagion mechanism and the influence factors of food safety risk in the food supply network. According to the research results, we could take corresponding effective actions which introduced in the research to control the contagion scale of food safety risk and to guard the safety of food market. [ABSTRACT FROM AUTHOR]

The incentives of control right transfer is an important element of the principal-agent incentives contracts, but the principal-agent incentives contract mechanism design under the dynamic learning mechanism still lack of in-depth study. Thus based on existing research, this paper considered the interaction between the project income risk and the professional managers' moral hazard, and integrated with the control right transfer incentives and the risk-averse behavior of professional managers. And based on those, this paper established the two-stage optimization and learning model of the principal-agent incentives contract including capital and labor input of professional managers of risk-aversion, and explored the learning mechanism and influential factors of venture investors, and found the interaction mechanism among the control right transfer incentives, the risk-averse professional managers' moral hazard behavior and the project income risk. The study found that the positive correlation between control right transfer incentives and project risk, and the scale compensation effect under the learning effects of risk investors. In addition, the study also found the significant enhanced effect of on-the-job consumption and the strategic benefits of risk project on the labor utility of professional managers of risk aversion through calculating the experiment, but the significant enhancement effect of the strategic benefits of risk project on the investment income of venture investors is sole. Integrating the control right transfer incentives, the risk-averse professional managers' moral risk and project income risk into the design of risk investment principal-agent contract has stronger theory value, also have a certain reference significance for venture investors and professional managers. [ABSTRACT FROM AUTHOR]

This paper introduces an evolving network model of credit risk contagion containing the average fitness of credit risk contagion, the risk aversion sentiments, and the ability of resist risk of credit risk holders. We discuss the effects of the aforementioned factors on credit risk contagion in the financial market through a series of theoretical analysis and numerical simulations. We find that, on one hand, the infected path distribution of the network gradually increases with the increase in the average fitness of credit risk contagion and the risk aversion sentiments of nodes, but gradually decreases with the increase in the ability to resist risk of nodes. On the other hand, the average fitness of credit risk contagion and the risk aversion sentiments of nodes increase the average clustering coefficient of nodes, whereas the ability to resist risk of nodes decreases this coefficient. Moreover, network size also decreases the average clustering coefficient. [ABSTRACT FROM AUTHOR]