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Sponsor: Shaanxi Provincial Department of Education
Sponsored by：Xi'an University of Finance and Economics
Higher Education Branch of China Statistical Education Society
Director: ZHAO MINJUAN
Vice Director: LI JIAORUI ZHAO YANYUN
Publisher: Editorial Department of Journal of Statistics and Information
Address:No. 64, XiaozhaiEast Road, Yanta District, Xi’an, China
Post Code：710061
E-mail: tjyxxlt@126.com
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Specification and Application of Multi-source Merging Data Dynamic Factor Model
MA Huimin;FANG Guobin;A multi-source merging data dynamic mixed two factor model that considers both explanatory variables and error components has been proposed.Due to the different factorization methods and analysis purposes of the two parts,it is called a mixed two factor model.Unlike general dynamic factor models,the dynamics of dynamic mixed double factor models(DMDFM)mainly come from the study of lagged terms of the dependent variable.The assumption that the residual term and the explanatory variable are independent of each other is not valid in the dynamic panel data model due to the presence of lagged terms in the right-hand term of the dependent variable.OLS or MLE estimation cannot obtain consistently effective estimators,and generalized moment estimation(GMM)is generally used.The estimation of the model adopts an iterative GMM estimation method.Firstly,the error components of the model are estimated through GMM,and then the estimated error components are factor decomposed.Next,the estimated factor error components are regarded as the intercept term of the model,and GMM estimation is used again to obtain the parameter estimation values of the model.The relevant theoretical proofs and simulation results indicate that using two-step GMM to estimate DMDFM can obtain consistent estimates of the model.The estimation model derived has good explanatory power and predictive performance.Due to the use of dimensionality reduction for the number of indicators,a large number of explanatory variables can be represented by a few common factors,which improves the applicability of the model.However,in practical applications,each explanatory variable has its own meaning.The next step to consider is how to provide a reasonable explanation for the common factors of explanatory variables.It is limited to dimensionality reduction of a large number of indicators and does not make variable selection based on the explanatory power of these indicators,which also limits the use of the model.In addition to sequence correlation and cross-sectional correlation,there may also be other structural features within panel data,which are particularly common in spatial panels due to individual related structural changes.For example,features such as structural transformation,heteroscedasticity,and variance inflation cannot be solved by dynamic mixed two factor models.Studying other structural features within panel data is the next step that needs to be considered.The application of multi-source merging data dynamic mixed two factor models to analyze the Internet financial market has achieved good results in terms of both business forecast and influencing factor analysis.On the basis of traditional data sources,the prosperity of the Internet financial market could be predicted by compiling the investor sentiment index and investor attention index of the Internet financial market,and comprehensively considering other transactions and financial indicators of the market.From the analysis of the influencing factors of the model,it can be seen that the relevant variables that integrate multi-source text information have a significant impact on the modeling of returns.The specific types of dynamic factor models deserve further research in application analysis.
Accounting for Processing Trade Based on Economic Ownership and Its Application
YANG Zhongshan;LIU Shaomin;As a special form of international trade,processing trade accounting has become an important factor in assessing international trade trends.From the perspective of official Chinese statistics,systematically studying the accounting methods for processing trade and their applications helps correct statistical biases in the current system and offers significant theoretical innovation and practical guidance.SNA2008 proposes the principle of economic ownership,advocating that trade activities be accounted for based on economic substance rather than trade form,which is the fundamental principle of trade accounting.First,the connotation of the principle of economic ownership is explained,the advantages of applying this principle to accounting are illustrated,and the issues involved in translating the principle of economic ownership from theory into practice are summarized.Second,in the context of bilateral goods trade,improvements are made to the existing accounting methods based on gross trade value,and a practical trade accounting method based on economic ownership is proposed.This method is applied to an overall adjustment simulation of the China-US goods trade balance from 2015 to 2024 from China's official perspective,and to partial adjustment simulations from both processing trade type and commodity type perspectives.The results show that after adjusting for the processing trade accounting method based on economic ownership,the China-US goods trade balance from 2015 to 2024is significantly lower than the value reported by Chinese customs statistics.There are notable differences in the extent of adjustment across trade types and commodity types:for trade type,specific-type processing with imported materials is the primary contributor to the adjustment;for commodity type,the adjustment is highly concentrated in high-tech products with HS codes 84 and 85.The processing trade accounting method based on economic ownership is incorporated into China's statistical system,thereby facilitating the transformation of the principle from a theoretical norm into localized accounting practice.This adaptation not only improves the accuracy of China's merchandise trade statistics but also provides empirical support for policy discussions.Finally,it is recommended that China's statistical authorities initiate research and pilot work on a supplementary trade accounting system based on economic ownership,and optimize statistical work in terms of data collection,data development,and data dissemination.In addition,China's statistical authorities are advised to promote the standardized application of the principle of economic ownership in trade statistics through bilateral or multilateral channels.
Artificial Intelligence Application in Focal Firms and Green Collaborative Innovation in Supply Chains:A Green Knowledge Spillover Perspective
XIANG Shujian;XUAN Yuanyuan;Supply chain green innovation has long been constrained by structural bottlenecks in green knowledge spillovers,while the development and application of artificial intelligence technology is becoming an important pathway to break down knowledge flow barriers and reshape green collaborative innovation.From the perspective of green knowledge spillovers,this study employs a double machine learning approach to investigate the driving effect,underlying mechanism,and boundary conditions of core firms' artificial intelligence application on supply chain green collaborative innovation.The findings reveal that core firms' artificial intelligence application significantly promotes supply chain green collaborative innovation and generates an asymmetric impact on upstream and downstream firms.Specifically,the impact on downstream firms is primarily driven by business dependency,whereas the impact on upstream firms is significantly constrained by geographic distance.Mechanism analysis shows that artificial intelligence functions mainly through two pathways:green technology knowledge spillover and green management knowledge spillover.The technology knowledge spillover exhibits a pronounced upstream-oriented characteristic,while the management knowledge spillover displays a bidirectional diffusion trend.Regarding boundary conditions,core firms' structural holes and degree centrality in the supply chain network exert differential moderating effects on green knowledge spillovers.Structural holes mainly enhance the technology knowledge spillover effect,whereas degree centrality significantly strengthens both technology and management knowledge spillovers.Therefore,it is essential to strengthen the artificial intelligence empowerment of core firms,promote knowledge spillovers in a differentiated manner,and leverage network positional advantages to break the“knowledge silos”in supply chains,thereby driving upstream and downstream green collaborative innovation.
Research on the “Quantitative and Qualitative Improvement” Effect of National New Generation Artificial Intelligence Innovation and Development Pilot Zones on Urban Innovation
HAO Zhenlong;REN Xiumei;ZHOU Yanli;As the core driving force leading a new round of technological revolution and industrial transformation,artificial intelligence is profoundly reshaping the ecological system and development pathways of urban innovation.The difference-in-differences method is employed to systematically evaluate the impact effects,mechanisms,and heterogeneity of the National New-generation Artificial Intelligence Innovation and Development Pilot Zones on the urban innovation capacity in both quantity and quality dimensions.Findings indicate that the pilot zone policy has a positively significant effect on both the quantity and quality of urban innovation capabilities,and the conclusion remains robust after addressing endogeneity concerns and conducting a series of robustness tests.Mechanism analysis indicates that the above relationship is realized through agglomeration effects,attraction of innovative talent,and optimization of resource allocation.Heterogeneity analysis shows that the policy's promoting effect on innovation“quantity”is more pronounced in central cities,while its effect on innovation“quality”is more significant in eastern cities.Additionally,the policy exerts a stronger promoting effect on non-central cities than on central cities.Further analysis finds that the policy has significant spillover effects on innovation quantity for cities within 200km and on innovation quality for cities within 100km,and it also exhibits spillover effects on urban innovation quality at distances of 300-350km.This research not only provides empirical evidence for a deeper understanding of the impact of the pilot zone policy but also offers policy insights for fostering innovation capacity in Chinese cities.
Embodied Carbon Productivity in Chinese Industrial Sectors:Linkage Effects,Network Structure and Drivers
HU Jianbo;FAN Guojie;LU Zhongrui;Achieving carbon peaking and carbon neutrality entails the optimization of the industrial structure,in which improving embodied carbon productivity across sectors continues to play a crucial role in this process.Based on a non-competitive input-output(I-O)model,this study constructs indicators for embodied carbon productivity linkages across China's industrial sectors based on interindustry relationships.It then further traces the dynamic evolution of the influence and sensitivity coefficients of sectoral embodied carbon productivity.Social network analysis and the quadratic assignment procedure(QAP)are further employed to examine the structural characteristics and driving factors of the embodied carbon productivity network.The empirical results show that,over the sample period,the overall influence and sensitivity coefficients followed a broadly coordinated and synchronized evolutionary trajectory,first increasing and then declining.Industries with both strong radiation and constraint effects are mainly concentrated in the primary and tertiary sectors.Industries with weak radiation but strong constraint effects are primarily located in upstream sectors.Industries with both weak radiation and constraint effects are mainly distributed in midstream sectors,and industries with strong radiation but weak constraint effects are largely found in downstream sectors.The overall network structure of embodied carbon productivity remains relatively stable,while the node-level network connectivity exhibits an inverted U-shaped evolution trend,rising first and then declining.Meanwhile,both intra-block and inter-block linkages gradually weaken,while the network transmission mechanism is characterized by intra-block connections and interblock spillovers.Further analysis indicates that heterogeneous environmental regulation and block membership significantly shape intersectoral differences in embodied carbon productivity.These findings clarify the linkage effects,network structure,and driving forces of embodied carbon productivity across industrial sectors,providing theoretical insights and empirical evidence for unleashing green development momentum and advancing low-carbon industrial transformation.
Measurement System,Statistical Test and Promotion Path of Rural Governance Performance
PANG Zhiqiang;YOU Jingchen;WANG Panpan;Effective rural governance is the fundamental guarantee for rural revitalization and an important part of the modernization of grassroots governance systems and governance capacity.Constructing a standardized measurement and evaluation system for rural governance performance is essential to diagnose rural governance effectiveness and track the progress of governance system and capacity building.This paper first decomposes rural governance performance into three subsystems:system construction,capacity enhancement and goal achievement,and constructs a " process-result " twodimensional measurement framework.On the basis of inheritance and innovation, this paper establishes a measurement index system covering 3 subsystems, 16 criterion layers and 28 indicators,clarifies the observation points and target values of each indicator,and optimizes the evaluation methods including combined weighting,index synthesis and hierarchical evaluation, so as to form a complete measurement system for rural governance performance.This paper further formulates the selection criteria for sample counties and selects Kang County of Gansu Province as the typical research area.Adopting questionnaire survey, forum interview and literature review methods to collect data, this paper conducts a systematic evaluation of rural governance performance.The results show that despite a weak governance foundation,Kang County has explored a distinctive path for effective rural governance,with significant improvements in governance system construction,capacity enhancement and goal realization.Finally,based on the solutions to practical deficiencies obtained from field research and the popularization value of local practical experience,this paper proposes optimization paths for rural governance performance,including strengthening governance capacity through diversified measures, promoting industrial income growth via intensive development,and improving public service quality through model innovation.
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Research on Horizontal Benefit Compensation Mechanism for Grain Producing and Marketing Regions Based on the Dual Perspectives of Ecological Cost and Opportunity Cost
HAI Xiaohui;HE Jitong;ZHU Jianping;WANG Chunzhi;The horizontal benefit compensation mechanism between grain producing and marketing regions represents a significant institutional innovation for ensuring national food security and promoting regional coordinated development.First,the grain producing and marketing regions are reclassified by integrating four indicators,including grain security contribution,to construct a more scientific and rational regional classification system.Based on this,a comprehensive compensation standard is systematically established from a dual perspective of "ecological cost—opportunity cost," incorporating both positive and negative values of cultivated land ecosystem services,as well as the implicit labor cost and the value of cultivated land development rights.Furthermore,a complete compensation framework is proposed,featuring a “phased and diversified " funding mechanism,an implementation pathway combining “horizontal local compensation with vertical central coordination," and a supporting safeguard system.Results show that the number of major producing regions has decreased to nine, while major marketing regions have increased to nine,reflecting a pattern of "concentrated production and dispersed consumption." The total compensation required by producing regions amounts to 10 662.90 billion CNY, while marketing regions should contribute 9 984.67 billion CNY.Heilongjiang,Jilin,and Henan rank top three in compensation receipts,whereas Guangdong,Zhejiang,and Fujian are the top three contributors.The proposed compensation framework and scheme can provide theoretical foundations and practical references for establishing a scientific and sustainable inter-regional grain compensation mechanism in China.
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Internet Development and Carbon Total Factor Productivity Enhancement in the Service Sector
WANG Xuliang;LI Yaqin;There are dual problems of long-term efficiency lag and growing carbon emissions in China 's service sector,and there is an urgent need to improve the carbon total factor productivity(TFP) of the service industry.Accordingly,this study explores the potential drivers of carbon TFP growth in the service sector from the perspective of internet development.Firstly,this study investigates the overall impact of the internet development on carbon TFP of the service sector and the transmission mechanisms from the theoretical level.Then,the entropy method and the non-radial biennial Malmquist-Luenberger index are used to measure the internet development and the carbon TFP of the service industry,respectively,and the impact of the internet development on the carbon TFP of China ' s service sector is identified from the empirical level.The findings show that there is a significant positive impact of internet development on service sector carbon TFP,and the positive impact of internet development on service sector carbon TFP is mainly reflected in the later period of the sample(2013-2021) and in the eastern region.The mechanism test finds that internet development increases service sector carbon TFP by promoting low-carbon technological progress and optimizing resource allocation in the service industry.Further discussion finds that service sector marketization and human capital strengthen the positive impact of internet development on service sector carbon TFP.In addition,there is a positive spatial spillover effect of internet development on service sector carbon TFP.Accordingly,coordinated efforts in network upgrading,digital and lowcarbon technology R&D,cross-regional factor mobility,marketization,and human capital are warranted to fully unleash the potential of internet development in empowering service sector carbon TFP.
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The Employment Effect of Government-Guided Funds:From the Perspective of Enhancing Quality and Expanding Scale
FU Xiangdong;JI Yunyang;Employment is the foundation of people's livelihood and is related to the high-quality development of the economy and society as well as the long-term stability of the country.Based on the panel data matching Chinese government-guided funds with A-share listed companies in Shanghai and Shenzhen from 2009 to 2023,the impact of government-guided funds on employment scale and high-quality full employment was systematically examined.This study has found that government-guided funds can significantly increase the scale of labor employment in the invested enterprises,and this conclusion still holds true after relevant robustness tests.Mechanism analysis indicates that government-guided funds mainly increase the scale of labor employment in enterprises by empowering them to enhance the resilience of their supply chains and reduce the risk of stock price crashes.Heterogeneity analysis reveals that this employment growth effect is more prominent in regions with a low degree of marketization,non-laborintensive industries,and enterprises with a low proportion of patient capital.Further research has found that government-guided funds have enhanced the employment quality of enterprises,achieving "quality improvement and capacity expansion" in employment.Meanwhile,government-guided funds have also generated significant employment spillover effects,especially promoting the expansion of formal employment scale at the regional level.This study reveals the mechanism by which government-guided funds promote employment by stabilizing enterprise products and expectations in the capital market.It holds significant implications for systematically evaluating the policy effectiveness of government-guided funds and their role in stabilizing employment and improving people's well-being.
[Downloads: 233 ] [Citations: 0 ] [Reads: 6 ] HTML PDF Cite this article
The Policy Effect of Changing from Business Tax to VAT on Improving the Accuracy of Industry Classification Statistical Data
XU Yonghong;XUE Zhaoqin;JIANG An;Since 2016,China 's transition toward high-quality economic development and its pursuit of mutually beneficial international cooperation have heightened the demand for precise economic and social governance.Policymakers and scholars alike are increasingly calling for macro-statistical data that are more accurate,detailed,and aligned with international standards.However,statistical accuracy continues to be affected by industry classification practices formed during earlier periods of rapid growth, when mixed operational structures were common.A key source of inaccuracy lies in the misclassification of auxiliary service activities within enterprises.In China,auxiliary units are typically classified according to the primary industry of their parent enterprise.This practice,however,diverges from the 2008 System of National Accounts(SNA 2008),which stipulates that auxiliary units that are geographically separate or maintain independent accounts should be recorded as distinct statistical entities,even if they lack independent legal personality.This study focuses on how China's " Business Tax to Value-Added Tax Reform "(B2 V Reform)addresses this statistical discrepancy.The reform reduced the tax burden on smaller auxiliary units by shifting them from the business tax regime to the value-added tax system, distinct from their parent enterprises.This change creates a strong economic incentive for firms to legally separate their auxiliary service departments.As a result,the reform promotes more accurate industry classification,especially for diversified enterprises in sectors such as manufacturing and mining,whose core activities involve tangible goods production.Given these economic-statistical linkages,the B2 V Reform offers a valuable opportunity to evaluate the accuracy of industry classification data and to inform adjustments to historical statistical records.Using provincial panel data from 2003 to 2021,this paper applies a three-dimensional time-based analytical framework to empirically assess the impact of the B2 V Reform on the accuracy of industry classification data and to examine variations across sectors.Exploratory adjustments are also made to relevant historical data.The findings indicate that the reform significantly improved data accuracy in pilot industries during its initial phase, while its effect on other industries in later stages was more limited.Heterogeneity analysis reveals that the reform had the strongest impact on the "information transmission,software,and information technology services" industry and the "leasing and business services" industry.After historical data adj ustment, employment figures in these two corrected sectors-based on urban nonprivate units-exceed the originally reported values.This outcome confirms that the B2 V Reform helps mitigate the underestimation of historical data in related service industries.Overall,this study validates the role of the B2 V Reform in improving the accuracy of industry classification data.The findings are expected to help reduce statistical discrepancies in China ' s official practice and to provide a useful reference for the National Bureau of Statistics in revising economic statistical data.
[Downloads: 249 ] [Citations: 0 ] [Reads: 21 ] HTML PDF Cite this article
A Review of Technologies on Random Forests
FANG Kuang-nana,b,WU Jian-bina,ZHU Jian-pinga,b,SHIA Bang-changa,b(a.Department of Statistics,School of Economics;b.Data Mining Center,Xiamen University,Xiamen 361005,China)Random Forests is a statistical learning theory,using bootsrap re-sampling method form sample sets,and then combining the tree predictors by majority voting so that each tree is grown using a new bootstrap training set.It is widely applied in medicine,bioinformatics,economics and other fields,because of its high prediction accuracy,good tolerance of noisy data,and the law of large numbers they do not overfit.In this paper we first introduce the concept of random forest and the latest research,then provide some important aspects of applications in economics,and a summary is given in the final section.
[Downloads: 48,490 ] [Citations: 2,563 ] [Reads: 137 ] HTML PDF Cite this article
Analysis on the Reliability and Validity of Questionnaire
ZENG Wu-yi~1,HUANG Bing-yi~2(1.School of Economics,Xiamen University,Xiamen 361005,Fujian;2.School of Management,Xiamen University,Xiamen 361005,Fujian)Study on the reliability and validity of the questionnaire has always been neglected in many(questionnaire) surveys in China.This paper mainly investigates the reliability and validity of a questionnaire and their evaluating methods.It also simply introduces how to use SPSS software to analyze the reliability and(validity) of a questionnaire.
ESG Performance,Institutional Investor Preference and Firm Value of Listed Companies
BAI Xiong;ZHU Yi-fan;HAN Jin-mian;To explore whether the ESG practices of listed companies can create value for the company and whether institutional investors in the capital market have ESG investment preferences will help companies recognize, participate in and practice the concept of ESG sustainable development.Based on the data of 3 400 A-share listed companies in Shanghai and Shenzhen Stock Exchange from 2013 to 2020,the shareholding ratio of institutional investors is introduced to explore the mechanism of ESG performance affecting corporate value and analyze whether institutional investors have ESG investment preference on this basis.The results are as follows:(1) ESG has the function of value creation.Good ESG performance of listed companies can significantly enhance their corporate value.(2) Attracting institutional investors to increase their shares is one of the ways for listed companies to enhance corporate value through ESG practice, and the proportion of institutional investors plays a partial intermediary role in the process of ESG influencing corporate value.(3) Institutional investors have a preference for ESG investment, and to a certain extent, they can tolerate low short-term operating performance of listed companies with good ESG performance All the above conclusions are robust.In the extended study, it is found that there is no heterogeneity in the value creation function of ESG between state-owned and non-state-owned listed companies.The preference of institutional investors ESG has heterogeneity in property rights and industry.Institutional investors prefer the listed companies with good performance of ESG in the secondary and tertiary industries and non-state-owned enterprises.Based on the research conclusions, suggestions are puts forward to accelerating the top-level design of ESG information disclosure and regulatory standards, encouraging companies to strengthen information disclosure, and cultivating medium and long-term institutional investors, which will help build and improve China's ESG development ecosystem and promote high-quality development.
[Downloads: 24,114 ] [Citations: 955 ] [Reads: 111 ] HTML PDF Cite this article
A Summary of Machine Learning and Related Algorithms
CHEN Kai1,ZHU Yu1,2(1.School of Statistics,Renmin University of China,Beijing 100872,China;2.Xi'an University of Finance & Economic,Xi'an 710061,China)Since the computer was invented,people have been wanted to know that whether it can learn.Machine learning is essentially a multidisciplinary field. It absorbed some results of artificial intelligence,probability and statistics,computational complexity theory,control theory,information theory,philosophy,physiology,neurobiological.This paper mainly based on statistical learning wanted to give a brief review and presentation to the perspective of machine learning and the development of related algorithms.
[Downloads: 28,808 ] [Citations: 681 ] [Reads: 162 ] HTML PDF Cite this article
Measurement of China's Provincial Digital Economy and Its Spatial Correlation
JIN Can-yang;XU Ai-ting;QIU Ke-yang;Based on the input-output perspective of economic systems, the index measurement system of digital economy development level is constructed from five dimensions: digital infrastructure, digital innovation, digital governance, digital industrialization and industrial digitization by combining the fuzzy set idea, and the weights are determined and compiled with the help of the vertical and horizontal pull-off method for China's provincial digital economy development index from 2012 to 2019.Based on this, the modified gravitation model is used to measure the spatial correlation intensity of the provincial digital economy development level, and the social network analysis is used to reveal the overall shape, internal structure, and evolutionary trend of the digital economy correlation network.The results are shown as follows.(1) The overall development of the digital economy across the country is on the rise, but the “Matthew effect” and “digital divide” are obvious, with the level of digital economy development decreasing from the eastern coast to the western inland.(2) The initial formation of a network of digital economy linkages, the agglomeration and spillover effects in various regions have gradually increased, and the mobility of digital resource elements in the province has been greatly enhanced.(3) Guangdong, Jiangsu, Beijing and other eastern provinces, as structural hole occupiers, have information and resource control advantages in the development of the digital economy, and Henan, Shaanxi and Sichuan, which have faster rate of effective scale and limit system enhancement, are seen as potential occupiers of structural holes.(4) The development of the digital economy is characterized by a clear aggregation of small groups, with four cohesive subgroups formed at the provincial level, and the linkage within the subgroups is significantly stronger than the external influence.(5) Due to geographical location, climatic conditions and other factors, there is less communication among members within the Northwest subgroup, and the density within its subgroup is lower than that of the whole network, and its internal digital economy tie needs to be further strengthened.The research findings have important implications for promoting the construction of a new pattern of digital economy development in China.
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A Review of Technologies on Random Forests
FANG Kuang-nana,b,WU Jian-bina,ZHU Jian-pinga,b,SHIA Bang-changa,b(a.Department of Statistics,School of Economics;b.Data Mining Center,Xiamen University,Xiamen 361005,China)Random Forests is a statistical learning theory,using bootsrap re-sampling method form sample sets,and then combining the tree predictors by majority voting so that each tree is grown using a new bootstrap training set.It is widely applied in medicine,bioinformatics,economics and other fields,because of its high prediction accuracy,good tolerance of noisy data,and the law of large numbers they do not overfit.In this paper we first introduce the concept of random forest and the latest research,then provide some important aspects of applications in economics,and a summary is given in the final section.
[Downloads: 48,490 ] [Citations: 2,563 ] [Reads: 137 ] HTML PDF Cite this article
A Summary of Machine Learning and Related Algorithms
CHEN Kai1,ZHU Yu1,2(1.School of Statistics,Renmin University of China,Beijing 100872,China;2.Xi'an University of Finance & Economic,Xi'an 710061,China)Since the computer was invented,people have been wanted to know that whether it can learn.Machine learning is essentially a multidisciplinary field. It absorbed some results of artificial intelligence,probability and statistics,computational complexity theory,control theory,information theory,philosophy,physiology,neurobiological.This paper mainly based on statistical learning wanted to give a brief review and presentation to the perspective of machine learning and the development of related algorithms.
[Downloads: 28,808 ] [Citations: 681 ] [Reads: 162 ] HTML PDF Cite this article
Analysis on the Reliability and Validity of Questionnaire
ZENG Wu-yi~1,HUANG Bing-yi~2(1.School of Economics,Xiamen University,Xiamen 361005,Fujian;2.School of Management,Xiamen University,Xiamen 361005,Fujian)Study on the reliability and validity of the questionnaire has always been neglected in many(questionnaire) surveys in China.This paper mainly investigates the reliability and validity of a questionnaire and their evaluating methods.It also simply introduces how to use SPSS software to analyze the reliability and(validity) of a questionnaire.
ESG Performance,Institutional Investor Preference and Firm Value of Listed Companies
BAI Xiong;ZHU Yi-fan;HAN Jin-mian;To explore whether the ESG practices of listed companies can create value for the company and whether institutional investors in the capital market have ESG investment preferences will help companies recognize, participate in and practice the concept of ESG sustainable development.Based on the data of 3 400 A-share listed companies in Shanghai and Shenzhen Stock Exchange from 2013 to 2020,the shareholding ratio of institutional investors is introduced to explore the mechanism of ESG performance affecting corporate value and analyze whether institutional investors have ESG investment preference on this basis.The results are as follows:(1) ESG has the function of value creation.Good ESG performance of listed companies can significantly enhance their corporate value.(2) Attracting institutional investors to increase their shares is one of the ways for listed companies to enhance corporate value through ESG practice, and the proportion of institutional investors plays a partial intermediary role in the process of ESG influencing corporate value.(3) Institutional investors have a preference for ESG investment, and to a certain extent, they can tolerate low short-term operating performance of listed companies with good ESG performance All the above conclusions are robust.In the extended study, it is found that there is no heterogeneity in the value creation function of ESG between state-owned and non-state-owned listed companies.The preference of institutional investors ESG has heterogeneity in property rights and industry.Institutional investors prefer the listed companies with good performance of ESG in the secondary and tertiary industries and non-state-owned enterprises.Based on the research conclusions, suggestions are puts forward to accelerating the top-level design of ESG information disclosure and regulatory standards, encouraging companies to strengthen information disclosure, and cultivating medium and long-term institutional investors, which will help build and improve China's ESG development ecosystem and promote high-quality development.
[Downloads: 24,114 ] [Citations: 955 ] [Reads: 111 ] HTML PDF Cite this article
Research on the Impact of R&D Investment and Government Subsidy on Enterprise Innovation Performance
WANG Xi;ZHANG Qiang;HOU Jia-xiao;China's demographic dividend has gradually weakened, and the shortcomings of the manufacturing industry have begun to become prominent.In this context, the urgent needs of enterprise innovation, backward technology and production capacity changes can be changed in order to achieve a healthy development of the manufacturing industry.Select the financial data of 692 listed manufacturing companies in the A-share market from 2015 to 2019,and use a panel data model to study the internal relationship between government subsidies, R&D investment and innovation performance of listed manufacturing companies.The results show that: government subsidies and R&D investment are positively correlated with enterprise innovation performance.For manufacturing enterprises, it is necessary to improve the effect of government subsidies on the innovation performance of manufacturing enterprises through measures, such as establishing and improving the subsidy pre-investigation system, increasing subsidies, strengthening the supervision of subsidy funds, and expanding subsidy channels.By increasing the level of R&D investment, establish and improve the internal control system and formulate R&D plans to give full play to the role of government subsidies in promoting enterprise innovation performance.
[Downloads: 14,998 ] [Citations: 479 ] [Reads: 336 ] HTML PDF Cite this article
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