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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
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“Beyond GDP”:Feasibility and Desirability——Reflections on Economic Statistics Inspired by Coyle's Review Essay
QIU Dong;HU Lanli;British economist Diane Coyle published a review essay on Eli Cook's The Pricing of Progress:Economic Indicators and the Capitalization of American Life.This paper is inspired by reflections on economic statistics prompted by the review essay.It primarily examines whether, and to what extent, it is feasible to go beyond GDP.First, extending the debate between Coyle and Cook on the issue of “measuring progress”,the paper argues that the practice of economic statistics should focus on “the construction of macroeconomic statistics” and emphasize the importance of foundational issuse in the discipline, drawing on historical lessons to advance it.Furthermore, by addressing the inherently political nature of economic measurement, the paper explains why economic statistics has long been described as “political arithmetic”.It identifies the current objectives of economic measurement and the associated challenges in addressing fundamental matters, and through the dual perspectives of “beyond GDP” and “GDP and what lies beyond it”,offers a comprehensive discussion of whether these measurement goals are attainable and whether the scope of what is being measured is appropriately defined.
Exploring the Sources of New Impetus in China's Economy: From the Perspective of Biased Technological Progress
CHENG Kaiming;TENG Manzhou;LIU Shucheng;China's “extensive” economic growth mode driven by investment is gradually shifting towards a high-quality economic development mode driven by innovation.Therefore, clarifying the new impetus of economic growth and achieving the transformation towards an “intensive” economic growth mode driven by efficiency have become an urgent and important task.Against the background of China's non-steady economic growth, it is important to explore the growth of total factor productivity(TFP) and its sources, as well as to analyze the new impetus of China's economic growth from the perspective of biased technological progress.In order to explore the new impetus of economic growth and separate the enhancing effect of biased technological progress from total factor productivity.It is necessary to construct a factor-augmented technological progress production function that aligns with China's national conditions.Based on panel data of 281 prefecture-level and above cities from 2003 to 2022,the total output growth rate of cities is decomposed into technological progress effect, factor input effect, technology bias effect, and factor allocation effect, providing a new framework for decomposing economic growth momentum.This study shows that there has been a structural shift in the driving factors of technological progress.The index of labor-augmenting technological progress shows a continuous growth trend, while the marginal contribution of capital-augmenting technological progress significantly declined before 2013.During the reporting period, the overall labor income share showed a U-shaped characteristic.The growth rate of total factor productivity was mainly contributed by capital technological progress before 2010,then it was jointly contributed by capital technological progress and labor technological progress.The source of total factor productivity growth achieved a paradigm shift from capital driven to labor driven.Regional heterogeneity analysis shows that there are gradient differences in the direction of technological progress.The intensity of labor biased technological progress in southern cities, eastern cities, and large cities has gradually weakened.Cities in less developed areas have seen more labor-oriented technological progress in the past decade.The decomposition of economic growth momentum shows that the capital technology effect exhibits a global convergence trend, while the labor technology effect exhibits regional differentiation characteristics.Before 2013,the capital investment effect of underdeveloped cities was generally higher than that of developed regions, but it showed the opposite trend after 2013.The overall trend of labor input effect in cities in different regions is same, but cities in developed regions have higher labor input effects than those in underdeveloped ones.This study reveals the sources, evolutionary trends, and regional differences of new driving forces for China's economic growth, providing new empirical evidence for understanding the logic of factor reconstruction in China's regional economic transformation.The government should formulate differentiated policies, establish a technology capital factor adaptation system, implement capital allocation efficiency oriented policies, and construct a human capital gradient compensation mechanism to break the spatial stickiness of factor allocation.
Research on the Impact of Data Element Flow on Urban Economic Resilience
ZHANG Hu;GAO Zihuan;YAO Ke;The current “two overall situations” are intertwined and mutually influencing, the conflict between China and the United States is escalating comprehensively, the economic recovery is fragile and weak, and global uncertainties, instability, and insecurity are compounded, seriously threatening the stable operation of China's economy.In this context, as cities are the fundamental unit of economic activity, enhancing urban economic resilience has become an important guarantee for resisting external shocks and restoring economic vitality.However, with the rapid development of digital technologies such as artificial intelligence and big data, the digital economy has become a new driving force for economic development.Data element, along with labor, capital, land, and technology, are collectively regarded as the five major production factors, and the determinants of economic resilience have also changed.This study is based on the perspective of data element flow, systematically sorts out the theoretical mechanism of the impact of data element flow on urban economic resilience, and proposes related hypotheses such as the data element flow can enhance urban economic resilience.On this basis, this article uses a panel interactive fixed effects model to measure the economic resilience level of 240 prefecture-level and above cities in China from 2010 to 2021,and further employs the panel data model to explore the impact of data element flow on urban economic resilience.The reliability of the research conclusions is verified by using instrumental variable method, Heckman two-stage model, replacing core variables, considering dynamic effects, adjusting sample scope, etc.At the same time, the mechanism and heterogeneity of data element flow on urban economic resilience are examined, and the external conditions and boundary effects of data element flow are deeply explored.The research results indicate that the data element flow helps to enhance the urban economic resilience, especially with a significant impact on its resistance dimension.Mechanism analysis shows that the data element flow can promote urban economic resilience through two channels: promoting technological innovation and optimizing industrial structure.Heterogeneity analysis shows that the impact of data element flow on urban economic resilience varies depending on geographical location, resource endowment, city level, and policy environment.Further discussion reveals that digital infrastructure provides external conditions for the data element flow to enhance urban economic resilience, and this impact has boundary effects.This article proposes policy recommendations such as improving the market system for data element, accelerating the construction of digital infrastructure, and implementing supporting policies tailored to local conditions.These policy recommendations provide a theoretical foundation for exploring paths to enhance urban economic resilience and decision-making references for the government to guide the data element flow in enhancing urban economic resilience.
Digital Infrastructure Empowers High-quality Development of Urban Economy
PENG Jizeng;PENG Taoqiang;The Third Plenary Session of the 20th Central Committee of the Communist Party of China proposed to “improve the mechanism for the integrated application of new infrastructure and accelerate the digital transformation of traditional infrastructure.” The development of digital infrastructure, with broadband networks as its core, reshapes urban innovation patterns and plays a pivotal role in promoting high-quality development within the context of Chinese-style modernization.Based on panel data from 284 cities spanning the period 2011 to 2020,this study employs the “Broadband China” pilot policy as a natural experiment.By considering the perspectives of structural optimization and resource allocation, this study utilizes a multi-point Difference-in-Differences model to empirically examine the impact and implementation pathways of digital infrastructure construction on empowering high-quality urban economic development.The findings indicate that the establishment of “Broadband China” pilot cities significantly promotes the high-quality development of urban economies, with the policy effect exhibiting a marginal increasing trend over time.Government attention allocation, urban innovation vitality, and the development of digital finance serve as critical mechanisms through which “Broadband China” pilot city construction enhances high-quality economic development, with urban innovation vitality playing a predominant role in this process.The “Broadband China” pilot policy has a more pronounced promoting effect on high-quality economic development in cities with high levels of digital development, large-scale cities, cities in the eastern and southern regions, cities within urban agglomerations, and service-oriented cities.The policy's effectiveness is influenced by regional industrial structure characteristics and resource allocation efficiency.Structural optimization and efficient resource allocation exert a positive moderating effect on the policy effects of “Broadband China.” Based on these insights, the study offers policy recommendations for local governments to actively advance the “Broadband China” strategy, optimize the overall layout of digital infrastructure, and cultivate new drivers and advantages for high-quality economic development.
Measurement and Spatio-temporal Evolution of the Collaborative Agglomeration between Producer Services and Manufacturing
ZHAO Xinshun;ZHANG Xiaowan;Understanding the spatio-temporal evolution of the collaborative agglomeration between producer services and manufacturing, hereinafter referred to as collaborative agglomeration between the two industries, is crucial for regional coordinated development, for upgrading the industrial structure and building a modern industrial system.A theoretical analytical framework based on the vertical linkage model, incorporating three sectors and two regions, is constructed, and a novel industrial collaborative agglomeration index-Coagg index-is proposed to measure the collaborative agglomeration the two industries in 284 prefecture-level and above cities in China from 2004 to 2021.Subsequently, statistical methods such as Moran's I,Dagum Gini coefficient, kernel density estimation, and Markov chain are used to analyze the spatio-temporal characteristics, regional differences and dynamic evolutionary patterns of collaborative agglomeration between the two industries.The study reveals the following: First, the overall level of collaborative agglomeration between the two industries in China has not yet reached a high level of development and shows a downward trend.Second, clear echelon characteristics are observed across different regions and urban size levels, with cities like Shenzhen and Dalian taking the leading roles.Third, spatial aggregation characteristics are prominent, mainly dominated by “low-low” and “high-high” aggregation types.Fourth, the overall regional differences have expanded, and the super-variable density and intra-regional differences are the main causes of the overall regional difference.Fifth, in terms of the dynamic evolution of distributions, kernel density estimation reveals patterns of bipolar or multipolar differentiation at both national and regional levels; Markov chain results show that being adjacent to high-level regions can increase the probability of local medium-low level and medium-high level regionals transferring to higher levels, while being adjacent to low-level regions inhibits the transition of local low-level industries to higher levels.Based on these findings, policy recommendations are proposed in four key areas, including developing industrial agglomeration demonstration zones, narrowing regional disparities, enhancing spatial spillover effects, and emphasizing geographic proximity, in order to provide decision-making references to support the high-quality collaborative agglomeration development of producer services and manufacturing.
Research on the Impact of Climate Risk on Enterprise Supply Chain Resilience
TANG Qingliu;LIU Chang;SUN Hongfeng;In the era of global warming,climate risk shocks have become an important factor affecting the resilience of enterprise supply chain.Climate risk shocks will directly affect the operation of enterprises,and enterprises are not closed operation organizations.They can form an interactive supply chain network through direct business contacts with upstream and downstream enterprises in the supply chain.Any small changes in network nodes may cause ripple effects and affect the stability of the entire supply chain.Based on the perspective of supply chain interaction,using the data of China A-share listed companies from 2010 to 2022,this paper empirically tests the impact of heavy precipitation climate risk on enterprise supply chain resilience by using a two-way fixed effect model.The study found that the heavy precipitation climate risk significantly reduced the resilience of the enterprise supply chain.This conclusion is still robust after a series of tests such as propensity score matching and entropy balance matching,placebo test,replacement of the benchmark period of heavy precipitation climate risk measurement,adjustment of regression model and replacement of samples.Heterogeneity analysis shows that the negative impact of heavy precipitation climate risk on enterprise supply chain resilience is more significant in enterprises with long supply chain geographical distance,high supply chain concentration and precipitation sensitive industries.The mechanism test shows that heavy precipitation climate risk reduces the supply chain resilience of enterprises mainly by reducing supply chain trust,supply chain cooperation and supply chain efficiency.Further research shows that enterprise climate risk information disclosure,green lowcarbon technology innovation and spatial distribution dispersion can alleviate the negative impact of heavy precipitation climate risk on enterprise supply chain resilience.The marginal contribution of this study may be reflected in the following three aspects:First,it expands the research on the climate risk of heavy precipitation from the perspective of supply chain interaction.Most of the existing research on heavy precipitation climate risk focuses on the behavior of individual enterprises.From the perspective of supply chain interaction,this paper not only focuses on the operating conditions of enterprises affected by heavy precipitation climate risk,but also extends to the trust,cooperation and efficiency between upstream and downstream enterprises in the whole supply chain,which provides empirical evidence for building a research framework of heavy precipitation climate risk and enterprise supply chain resilience.Second,from the perspective of heavy precipitation climate risk,the research on the influencing factors of enterprise supply chain resilience is supplemented.In this paper,the heavy precipitation climate risk factors are incorporated into the research field of enterprise supply chain resilience,which provides a useful supplement to improve the research framework of enterprise supply chain resilience.Third,in practice,it provides important enlightenment for enterprises to implement climate adaptation behavior,build supply chain resilience and ensure supply chain security,and provides theoretical reference for the government to formulate climate change response policies.
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The Impact of New Quality Productive Forces on Urban Economic Resilience
WANG Jiating;LI Wenxuan;In the current critical period of promoting productivity transformation and advancing Chinese-style modernization,achieving the dual objectives of sustaining robust urban economic growth and enhancing urban economic resilience is of paramount strategic importance.Maintaining this balance is crucial for effectively preventing and mitigating major economic risks and realizing truly high-quality urban development.The research systematically examines the theoretical connotations and core elements of new quality productive forces,and constructing a comprehensive multi-dimensional indicator system to measure their development levels among 275 prefecture-level and above cities in China from 2011 to 2022.Based on this framework,the study employs econometric methods with the bidirectional fixed effects model and the threshold regression model to empirically investigate the precise impact of new quality productive forces on the urban economic resilience,providing valuable insights for policy formulation.The results show that:(1)The cultivation and development of new quality productive forces demonstrates a statistically significant positive effect on enhancing urban economic resilience.This fundamental relationship remains robust after passing a series of robustness tests.(2) The study identifies three primary transmission mechanisms:the modernization and upgrading of the industrial structure,the activation and stimulation of enterprise entrepreneurship,and the intelligence transformation of enterprise innovation processes.New quality productive forces fundamentally drive industrial transformation towards more advanced,efficient,and synergistic forms,reducing structural rigidities and creating more adaptive economic systems.They simultaneously stimulate entrepreneurial vitality within enterprises,fostering organizational adaptability,strategic innovation,and risk-taking capabilities essential for withstanding economic fluctuations.Furthermore,they promote the deep integration of intelligent technologies such as artificial intelligence and big data analytics into the innovation process,substantially increasing the innovation process' s efficiency,precision,and responsiveness to market changes.(3) The impact exhibits significant and heterogeneity across different urban contexts.The promoting effect is substantially more pronounced in non-resourcebased cities.Mopeaver,It is stronger in smaller-scale cities.Additionally,cities with pre-existing strong innovation capabilities benefit more significantly.This heterogeneity suggests the need for region-specific policy approaches.(4) After introducing the threshold variable of urban economic development level,it is found that the impact effect of new quality productive forces on urban economic resilience exhibits a nonlinear upword trend.A lower economic development level is not conducive to the positive role of new quality productive forces.When the urban economic development level rises to a certain extent,it can enhance the city's ability to cultivate and absorb new quality productive forces.This will significantly enhance the economic resilience of the city.Therefore,urban development policies should shift towards fostering and developing new quality productive forces,including gradually establishing a long-term mechanism for preventing urban economic risks,guiding the transformation and upgrading of the industrial structure,enhancing the entrepreneurial vitality of enterprises,and promoting the research and development of intelligent technologies.In addition,it is necessary to mteqrate the economic development foundation and in a contert-specific manner level of different cities,comprehensively apply policy tools,and give full play to the incentive effect of new quality productive forces on urban economic resilience.The research conclusion not only provides a new perspective for effectively promoting high-quality urban development,but also offers policy inspirations for enhancing urban economic resilience and strengthening cities' capacity to prevent and defuse major risks during the "15th Five-Year Plan" period.
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Research on the Impact of STAR Market Listing on Corporate Technological Innovation
LI Jingping;SU Ya;In the context of increasingly intense international competition and the national strategic pursuit of innovation-driven development,technological innovation has been widely and highly valued in China.As a pivotal measure in the incremental reform of China ' s capital market,the establishment of the Science and Technology Innovation Board(STAR Market) serves not only to open new financing channels for technology innovation enterprises but also to undertake the strategic mission of serving as an experimental field for systematic reforms.It aims to cultivate and support a cohort of innovative enterprises with core technologies, substantial hard-tech capabilities,and high market recognition,thereby empowering the development of the national innovation system.Based on a comprehensive dataset of STAR Marketlisted companies, this paper constructs panel data models to systematically and empirically test the impact of listing on the STAR Market on firms ' technological innovation activities(including both input and output) and its underlying mechanisms,aiming to provide a solid empirical basis for regulatory agencies 'policy making,corporates ' listing decisions,and investors ' investment strategy.The main findings are as follows.First, listing on the STAR Market has a significant direct positive effect on firms' innovation input as measured by R&D expenditure,while also indirectly enhancing their innovation output measured in terms of patent applications and grants.Secondly,the analysis confirms that the alleviation of financing constraints is the core pathway through which the listing acts to promote technological innovation.Listing on the STAR Market provides enterprises with a convenient equity financing platform,significantly improving their financial conditions.This mechanism is particularly prominent in companies with higher price-to-earnings ratios at the time of listing,as a higher market valuation directly amplifies their financing capacity, injecting more substantial capital momentum into large-scale,long-cycle R&D activities.Thirdly,the positive effect is characterized by obvious heterogeneity.Specifically,the promoting effect is more significant in the following specific subgroups of companies:those companies with particularly prominent scientific and technological attributes and higher dependence on R&D;those companies that did not receive private equity investment prior to listing,indicating that the STAR Market filled their critical financing gap;those companies demonstrating high information disclosure quality,where good information disclosure enhances market confidence, thereby amplifying the financing benefits;and those companies that listed before the release of the "Guidelines for the Evaluation of Sci-Tech Innovation Attributes(Trial)",which may reflect how the subsequent clarification of policies altered the market screening mechanism or led to strategic adjustments by some enterprises to meet the standards.These heterogeneities profoundly indicate that the positive effect of the STAR Market on technological innovation is the result of the combined influence of firms' inherent characteristics,the market environment,and policy evolution.
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Research on the Spatiotemporal Evolution and Development Obstacles of New Quality Productive forces's Ecological Environment
XU Hao;FENG Tao;Accelerating the cultivation of new quality productivity is the key to China 's current economic transformation and upgrading,and optimizing the ecological environment for the development of new quality productive forces is the prerequisite for accelerating the cultivation of new quality productive forces.Firstly,based on the connotation of the Marxist concept of productive forces,this paper analyzes the ecological environment factors of the development of new quality productive forces from the perspective of innovation value chain.Then,an evaluation index system for the ecological environment of new quality productive forces is constructed from five dimensions:organizational competition,factor input,development output,market environment and policy incentives.Using data from 30 mainland provinces in China from2013 to 2022 as samples,entropy weight method,spatial Moran index,and obstacle degree model are used for analysis.The results show that the overall ecological environment level of China ' s new quality productive forces is on the rise,with the eastern region significantly better than the central and western regions,and the northeast region deteriorating year by year;In 2022,Guangdong,Jiangsu,and Zhejiang ranked among the top three,while Qinghai had the fastest development with an average annual growth rate of 4.496 %;The eight major economic zones have significant differences,showing a trend of relative convergence and absolute divergence,with the Northwest Economic Zone optimizing the fastest;The south is significantly better than the north,showing a relative and absolute dual trend of development between the north and the south;There is significant spatial agglomeration in the ecological environment of inter provincial new quality productive forces,with spatial agglomeration characteristics transitioning in provinces and cities such as Beijing,Hunan,and Jiangxi.The main obstacles to optimizing the ecological environment of new quality productive forces have shifted from insufficient infrastructure in 2013 to insufficient talent investment in 2022.Talent investment has become the main obstacle to the development of the eastern,central,and western regions,while the administrative environment is the main obstacle to the development of the Northeastern region.There are significant differences in regional and inter provincial obstacles,which need to be overcome according to local conditions.Finally,it is recommended to optimize the ecological environment according to local conditions by optimizing the talent ecology,improving the policy ecology,and enhancing the market ecology,in order to accelerate the formation of new quality productive forces.
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Enterprise Digital Transformation,Supply Chain Spillover Effect and Employment Stabilization
HU Lei;WU Qiang;JIANG Zhener;Employment is the foundation of peoples livelihood,which bears on social stability and economic development.In the context of the booming development of the digital economy,digital transformation has not only emerged as a key path for enterprises to enhance competitiveness, but also has a profound impact on the job market.By improving production efficiency and expanding market size,digital transformation of enterprises can enhance their capacity to absorb employment.As collaboration within industrial and supply chains continues to gain importance,enterprises along the chain establish financial and business connections through their input-output relationships.Consequently,decisions made by one enterprise are transmitted to others along the chain, giving rise to supply chain spillover effects.Therefore,it is worth exploring whether the employment effects of digital transformation of enterprises can spill over along the supply chain.Using data from Chinese A-share listed companies from 2009 to 2022,this study empirically examines the impact and mechanism of digital transformation of suppliers on the labor employment scale client firms.It is found that digital transformation of suppliers significantly expands the scale of employment in clients.Mechanism tests indicate three primary channels:improving clients ' financial conditions,enlarging clients ' production scale,and enhancing clients ' market competitiveness.Heterogeneity analyses reveal notable differences across contexts.The employment expansion effect weakens when clients firms have higher levels routine task intensity or greater overstaffing,but is more pronounced among labor-intensive clients.The spillover is stronger when suppliers and clients operate in different industries or regions,and when clients are state-owned,high-growth,or high-productivity firms.The effect is also more prominent for clients located in regions with higher labor-market integration or those in Eastern China.The conclusion of this study provides a theoretical basis and empirical evidence to clarify the impact mechanism of supplier's digital transformation on the labor employment scale of clients.In light of this,four policy suggestions are proposed:accelerate the promotion of enterprises digital transformation, play the “multiplier" role of employment;strengthen the linkage effect of industrial and supply chains, improve the modernization level of industrial and supply chains;play the employment creation effect of digital transformation,prevent and resolve the impact of employment substitution;formulate differentiated support policies,and promote the effective linkage between digital transformation and stable employment.These suggestions provide important policy implications for promoting the deep integration of the real economy and digital economy,enhancing the modernization level of industrial and supply chains,and stabilizing and expanding employment scale.
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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: 39,911 ] [Citations: 1,960 ] [Reads: 71 ] 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: 22,327 ] [Citations: 584 ] [Reads: 51 ] 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: 25,942 ] [Citations: 542 ] [Reads: 72 ] HTML PDF Cite this article
A Review of Technologies on Quantile Regression
CHEN Jian-bao,DING Jun-jun(Macroeconomics Research Center,Xiamen University,Xiamen 361005,Fujian)Ordinary least square(OLS) regression models the relationship between vector of covariate and the conditional mean of a responsegiven.However,quantile regression models the relationship between covariateand the conditional quantiles of given.Taken together the ensemble of estimated conditional quantile offers a much more complete view of the effect of covariates on the location,scale and shape of the distribution of the response variable.It is especially useful in applications where people are interested in upper or lower quantiles of a response.In this paper we first introduce the concept of quantile regression,then provide some brief methods about estimation,hypothesis tests and goodness-of-fit of quantile regression,some important aspects of applications in economics are reviewed,a summary is given in the final section.
[Downloads: 9,970 ] [Citations: 409 ] [Reads: 82 ] 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: 39,911 ] [Citations: 1,960 ] [Reads: 71 ] 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: 25,942 ] [Citations: 542 ] [Reads: 72 ] 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: 22,327 ] [Citations: 584 ] [Reads: 51 ] HTML PDF Cite this article
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