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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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Data Assets Valuation Based on the Multi-period Excess Earnings Method
CHEN Menggen;ZHAO Yiran;LIU Yushan;In the digital age, data has become a key production factor in driving economic and social development.Accurately assessing the value of data assets is crucial for improving the system of national accounts and promoting economic growth.In view of the shortcomings of the common methods for intangible asset valuation, namely the income method, the market method and the cost method, the multi-period excess earnings method is adopted to calculate the enterprise's excess earnings during the development period of data assets, and the value contribution of other assets is stripped off by utilizing the earnings sharing rate to finally arrive at the value of data assets through discount accumulation.The multi-period excess earnings method has the advantages of low data acquisition difficulty and low cost.Given the current context where the data asset valuation system remains underdeveloped, this method demonstrates strong practicality.It can effectively address challenges such as the lack of historical data and the difficulty in accurately forecasting future earnings, making it highly advantageous in practical applications.On the basis, commercial banks are taken as an example to explore the effectiveness of the multi-period excess earnings method in the financial industry, and the rationality of the data asset valuation method is verified.This study not only contributes to the improvement of the foundational theory of data asset statistical accounting but also broadens the application scope of data asset valuation, providing a valuable reference for official statistical agencies in conducting data asset accounting practices.
Research on the Influence of New Quality Productive Forces on the Resilience of Urban Industrial Chain
MA Dan;CHEN Sinian;LEI Leyao;HE Zekai;On the basis of in-depth analysis of the connotation of new quality productive forces, from new quality laborers, new quality labor objects and new quality means of production of to build new quality productive forces comprehensive evaluation index system, the projection tracing model and CRITIC method to measure the development level of new quality productive forces, and build the industrial chain network calculated industrial chain toughness index, in addition to combing the influence of new quality productive forces on industrial chain toughness and its transmission mechanism and space spillover effect, finally test through operating the model.It is found that: firstly, in the time scale, new quality productive forces and the resilience of the industrial chain both show the rising trend, and in the spatial distribution, both show regional heterogeneity.The eastern region is significantly higher than the national average level, while the western region is lower than the average level.Secondly, new quality productive forces has a promoting effect on the resilience of the industrial chain, and the eastern region has the most significant promoting effect, while the western region is weakest.Thirdly, resource mismatch and industrial structure upgrading play an intermediary role in the impact of new quality productive forces on the resilience of the industrial chain.Finally, the promotion effect of new quality productive forces on the resilience of the industrial chain has a spatial spillover effect, and the spillover effect decreases with the increase of geographical distance.On the basis, it provides specific countermeasures and suggestions, both for accelerating the improvement of new quality productive forces and the resilience of the industrial chain, alleviating the upgrading of resource mismatch and industrial structure, and better guiding the energy efficiency of new quality productive forces.
Research on the Impact of Data Elements Agglomeration on the New Quality Productive Forces of Enterprises
YAO Bolun;DENG Yunke;Empowering enterprises with data elements to enhance new quality productive forces is a crucial issue for promoting high-quality economic development in China.Based on panel data from Chinese listed companies from 2011 to 2022,the National Big Data Comprehensive Pilot Zones(referred to as “Big Data Pilot Zones”) established in 2016 is selected as a quasi-natural experiment to examine the impact of data element agglomeration on new quality productive forces in enterprises.It is found that the launch of Big Data Pilot Zones effectively stimulates the development of new quality productive forces in enterprises.The conclusion remains robust after a series of tests, fully demonstrating the impact of data element agglomeration on the development of new quality productive forces in enterprises within the context of China's digital economy.Mechanism tests reveal that the implementation of the Big Data Pilot Zones policy significantly improves the quality of production factors, enhances the stability of enterprise supply chains, and attracts digital talent, leading to spatial agglomeration and knowledge spillover effect, thereby effectively enhancing the level of new quality productive forces in enterprises.Heterogeneity tests show that the Big Data Pilot Zones more effectively promote the level of new quality productive forces in non-state-owned enterprises, enterprises in highly digitized industries and enterprises in eastern region.Based on the research conclusions, it is recommended to enhance the policy intensity of the Big Data Pilot Zones and create a differentiated policy system according to local conditions; meanwhile, optimize the internal and external environment to enable high-quality development of enterprises.
Statistical Monitoring of Chinese Modernization of Agriculture and Rural
PANG Zhiqiang;CAI Xueling;The modernization of agriculture and rural areas is the most important part of building a socialist modern country in an all-round way, so it is necessary to strengthen the statistical monitoring of its progress and realization.This thesis systematically sorts out the development process and research logic of Chinese modernization of agriculture and rural, divides the development stages of agricultural and rural modernization, and deeply discusses the theoretical and statistical connotation of Chinese modernization of agricultural and rural, and builds a “three stages and three types of integration” monitoring system for the Chinese modernization of agriculture and rural.The process and regional differences of modernization of agricultural and rural in 30 provinces of China from 2013 to 2021 are empirically analyzed.The results show that, the overall process of Chinese of modernization of agricultural and rural is speeding up, but the development levels of different regions are different, showing a pattern of high development in the east and low development in the west, echelon progressive rule and hierarchical evolution.Among them, the first development echelon has realized the initial modernization of agriculture and rural and stepped into the basic modernization development stage, and the second development echelon is close to the initial modernization of agriculture and rural.However, the western region still lags the initial development level of modernization of agricultural and rural and belongs to the third development echelon.During the sample period, the development speed of provinces varied, with rapid growth in the east and steady growth in the west, and the initial modernization of agricultural and rural index of most provinces shows a fluctuating growth trend.The orientation of development of agricultural and rural is uneven, showing the characteristics of heavy construction and light management, the construction of rural infrastructure and basic services is high, and agricultural production efficiency is improved, but the industrial added value is low.It means that China should make up for the disadvantages of agricultural and rural development in the western region, improve the service function of basic service facilities, strengthen the depth of agricultural industry integration, give full play to the radiation effect of developed areas, strengthen the coordinated development of the east and west, and comprehensively promote the process of modernization of agricultural and rural.
Impact of Science and Technology Finance Policies on Innovation of Technology-based Small and Medium-sized Enterprises
XU Jiayang;QIAN Shuitu;China's economy is in an important period of structural adjustment, transformation and upgrading, and innovation-driven connotative growth has become the core driving force for building a new development pattern and achieving high-quality development.Technology-based small and medium-sized enterprises(Tech-SMEs) are the largest and most dynamic group among micro innovation entities in China.They are an important foundation for achieving “widespread entrepreneurship and innovation”,and also the core driving force for promoting the transformation of China's economy from factor driven to innovation driven.They play a key role in improving the overall efficiency of the national innovation system.However, technology-based small and medium-sized enterprises have a natural weakness in resource acquisition and factor allocation, facing problems such as difficulty in financing, high financing costs, and poor transformation of scientific and technological achievements.They need the support of innovative public policy supply tools.As a representative policy of China's science and technology finance, “the pilot of combining science and technology with finance” provides a good opportunity to examine the innovation driven effects of China's science and technology finance policies from the perspective of technology-based small and medium-sized enterprises.Based on the panel data of technology-based enterprises on the SME board and the GEM from 2007 to 2020,a quasi natural experimental framework is constructed using a multi-period difference-in-differences model to explore the impact and underlying mechanism of the policy of “the pilot of combining science and technology with finance” on innovation in technology-based small and medium-sized enterprises.The results show that “the pilot of combining science and technology with finance” policy can effectively promote innovation in technology-based small and medium-sized enterprises, and the positive impact of substantive innovation has a long-term effect.Parallel trend test, heterogeneity effect treatment, placebo tests, and other relevant robustness test all show that the benchmark regression results are robust and reliable.Further, mechanism analysis shows that science and technology finance policy drives the improvement of innovation quality of technology-based SMEs by alleviating the problem of “difficult and expensive financing” and compensating the positive externality of substantive innovation, improving the overall innovation capability of technology-based small and medium-sized enterprises.Heterogeneity analysis shows that the science and technology financial policy can correct structural mismatches in traditional financial development, and exhibit stronger innovation driven effects for growth stage enterprises, non-state-owned enterprises, and manufacturing enterprises.The corresponding policy implications are as follows: Firstly, the implementation scope of “the pilot of combining science and technology with finance” policy should be expanded, to promote the transformation of enterprise innovation from quantity growth to quality improvement.Secondly, the promising government and the effective market need to be joint to broaden the financing channels for enterprise innovation and create a good institutional environment.Thirdly, it is necessary to strengthen the pertinence, permeability and coordination of policy formulation, and give full play to the long-term incentive effect of science and technology finance on enterprise innovation.These conclusions have certain theoretical value and practical significance for improving the future science and technology financial policy system, improving the innovation ability of technology-based small and medium-sized enterprises, and building an innovative country and a science and technology power construction.
Study on Statistical Data Quality and Survey Compilation of Green Finance
SHI Daimin;YU Lan;SHI Haoming;Green finance serves as a critical pillar for sustainable development and the Chinese modernization.In recent years,the rapid development of green finance in China has facilitated the transformation of the economy towards a higher level and quality,while also contributing to the achievement of carbon peaking and carbon neutrality goals.In the process of rapid development of green finance,statistical theory of green finance lags behind the practice of green finance.Although statistical theory and practice have been established for green financial products such as green credit,green insurance,and green bonds,there are still many issues that need to be explored in depth regarding the classification,framework,and measurement of green finance statistics.In particular,the standards and systems for green finance statistics are relatively fragmented,and the data is still in complete and of insufficient quality,there is a lack of a comprehensive statistical system that can thoroughly monitor the development of green finance.Compiling a green finance survey can effectively present fundamental data on the total volume and structure of green finance,which facilitates a comprehensive and systematic monitoring of green financial activities and aiding in the analysis and assessment of the development status of green finance.Therefore,following the logical requirements of green finance statistical monitoring,this paper aims to compile a green finance survey.Specifically,it examines several fundamental issues,including the classification of green finance statistics,the data foundation,and the challenges in compiling the survey and the flow of funds table.The findings indicate that the current classification of green activities in statistical standards and systems is mainly based on industrial levels.To meet the diverse demands for green finance from government departments,enterprises,the general public,it is necessary to classify green finance from multiple perspectives,including the degree of greenness and its effects,and conduct multi-level green finance total amount.And it is necessary to further refine and expand the scope of green finance statistics,extending the statistical perspective from financial institutions to multiple sectors involved in green finance activities.Additionally,efforts should be made to optimize and enhance the structure and quality of green finance data,involve systematically constructing a multi-dimensional green finance database and establishing a quality supervision system for green finance.Finally,by integrating the various specialized statistical standards and systems of green finance,the compilation of a green finance survey and flow of funds table is proposed.These tools are designed to reflect the specific manifestations of green finance flows and stocks at different classification levels,providing an effective solution to the current lack of comprehensive green finance statistics.The research results are helpful to improve the statistical theory of green finance and provide some references for establishing a comprehensive statistical system of green finance.
The Spatial Layout of Urban Public Service Facilities,Flow of Talents and Urban Spatial Efficiency
WEI Xinyue;TIAN Weiteng;During the important period of urbanization in China,which is shifting from speed to depth,efficient urban development is the direction of future urban development,and the reasonable spatial layout of factor resources has become an important breakthrough in improving urban spatial efficiency.This article is based on the theory of new spatial economics and uses micro data on the POI of public service facilities and residential communities in China to measure the spatial layout of public service facilities from two aspects:spatial accessibility and spatial equality.Research has found that:(1) there is an inverted U-shaped relationship between the spatial accessibility of public service facilities and urban spatial efficiency,and the optimization of spatial equality of public service facilities can promote the improvement of urban spatial efficiency;(2) the spatial accessibility and spatial equality of public service facilities will have certain differences in their impact on urban spatial efficiency due to different administrative levels and density of the city;(3) Based on the theory of new spatial economics,it has been empirically verified that optimizing the spatial layout of public service facilities can attract the influx of high-quality talents,thereby promoting the improvement of urban spatial efficiency.Based on the conclusion,it is proposed to use the "Urban Residential Area Planning and Design Standards" as the standard to alleviate the symptoms of spatial mismatch between public service facilities and residential areas;Increase investment in public services such as education,grassroots medical institutions, and parks and green spaces in the peripheral areas of cities;Classify and plan the spatial layout of public service facilities differently based on the characteristics of different cities;By improving the spatial configuration of urban public service facilities and enhancing the livability of the city,talent can be attracted to flow in.
Digital Industry Agglomeration,Local Government Intervention,and Regional Green Total Factor Productivity
LI Dong;ZHANG Yingqin;LI Kaiyuan;Rationally promoting digital industry agglomeration to enhance regional green total factor productivity serves as an effective approach to building a modern industrial system and achieving green development.Grounded in Marshall's externality theory and the agglomeration theory of new economic geography,this analysis integrates digital industry agglomeration,regional GTFP,and local government intervention into a unified framework.It examines the mechanisms by which digital industry agglomeration generates positive and negative externalities—through sharing,matching,learning,and competition—that impact regional GTFP.Furthermore,the regulatory role of local government intervention in this process is analyzed.Using data from 30 provinces in China(2010—2021), digital industry agglomeration and regional GTFP are measured.A dynamic panel model and a nonlinear moderating effect model are employed to empirically test the influence mechanisms,impact channels,and the moderating role of local government intervention.Industry and regional heterogeneity are also explored.The findings indicate three key conclusions.First,the scale of digital industry agglomeration has steadily increased,with regional differentiation slightly improving;however,the overall trend still reflects multipolar development dynamics.Provincially,Beijing,Guangdong,Shanghai,Jiangsu,Tianjin,F ujian,and Zhejiang demonstrate comparative advantages as leading regions in digital industry development.Regionally,central and western areas exhibit lower levels of digital industry agglomeration compared to the eastern region,which remains dominant.The spatial distribution of digital industry agglomeration and regional GTFP aligns with economic development levels,both displaying an east-high,west-low pattern.Second,the relationship between digital industry agglomeration and regional GTFP follows an inverted U-shaped trajectory.During early stages,positive externalities dominate,enhancing GTFP.However,beyond the optimal scale,negative externalities,such as congestion and resource depletion,suppress further improvements.During the study period,the average agglomeration levels in Beijing,G uangdong,Shanghai,and Jiangsu exceeded the inverted U-curve's inflection point,highlighting pronounced negative externalities.The effects of agglomeration also vary by industry and region.For digital product manufacturing,an inverted U-shaped relationship with GTFP is observed,while digital technology application industries show no significant impact.Regionally,central and western areas benefit from positive externalities,while some eastern provinces face overagglomeration and rising negative effects.Third,the impact of digital industry agglomeration on regional green total factor productivity is primarily reflected in its role in driving green technological progress.Local government intervention,however,plays a negative moderating role in this process.These findings emphasize the need for policy adjustments that enhance positive externalities,mitigate negative impacts,and align with the dynamics of digital industry agglomeration.
Research on Configuration Path of Regional Collaborative Innovation Efficiency Improvement from the Perspective of Innovation Ecosystem
SUN Yanfang;ZHANG Shuhui;WANG Yong;The regional innovation system in the new development stage emphasizes the synergy,complementarity and value co-creation among the innovation subjects of industry,academia and research,while the positive role of the innovation ecosystem in the development of regional innovation has been tacitly acknowledged in the theoretical analyses both at home and abroad.Therefore,it is of great significance to build an innovation ecosystem and enhance the efficiency of regional industry-universityresearch co-innovation for the in-depth implementation of the national innovation-driven development strategy.Utilizing a sample of 30 Chinese provinces spanning from 2011 to 2022,six key variables are selected from the perspective of innovation ecology,and the regional innovation efficiency founded on industry-university-research institute collaboration was taken as the results,using the combination of Necessary Condition Analysis(NCA) and dynamic Qualitative Comparative Analysis(QCA) method to identify multiple equivalent configuration paths and their dynamic evolution rules.The results show that:Only the symbiotic coupling of innovation subject, innovation environment and innovation resources can produce regional efficient co-innovation, which has the characteristics of "All roads lead to Rome".It is embodied in three configuration paths of "environment-resource dual driving mode" and "Internet-assisted agent-resource driving mode".When other factors are the same,there is a potential substitution relationship between antecedent conditions or condition combinations,reflecting the "causal complexity” between regional innovation ecosystem and co-innovation efficiency.In the multi-temporal comparative analysis,the configuration paths that help to explain high regional co-innovation efficiency have a dynamic evolution.Digital innovation and open innovation will become the future development direction.The research contribution is primarily reflected in three key aspects.First,it integrates the concept of multi-actor collaborative innovation with the innovation value chain,unveiling the internal operational mechanisms and transformation processes of the innovation system under the active participation of industry-university-research entities,from the perspectives of resource flow and value creation.By examining resource flow and value creation,the study employs a two-stage Data Envelopment Analysis(DEA) model based on additive decomposition to quantitatively assess the efficiency of regional collaborative innovation,specifically from the perspective of industry-university-research cooperation.Second,the study investigates the intricate causal relationships between the innovation ecosystem and regional collaborative innovation efficiency through a grouping-based analytical lens, which transitions the focus of regional collaborative innovation efficiency research from a single-factor net effect perspective to a multi-factor synergistic perspective.Third,the study incorporates a temporal dimension to explore the dynamic evolution of the complex causal relationships between regional innovation ecosystems and coinnovation efficiency.Using a dynamic QCA methodology,cross-year cases are analyzed to capture the evolution patterns of configuration paths over distinct time periods.The research period is divided into two phases,allowing for the identification of temporal changes and the characterization of evolving patterns in regional collaborative innovation efficiency.
Research on National Data Asset Value Accounting
LI Baoyu;WANG Shuo;In the era of digital economy,the accounting of data assets has become an important part of national economic accounting.However,there is no consensus on the valuation methods of data assets both at home and abroad at present.The main content of this article is to discuss the theory and method of data asset value accounting.Firstly,the literature of the theories and methods on data asset value accounting at home and abroad is introduced comprehensively.Then,the viewpoint that data asset value accounting should adopt three price forms is proposed.The three price forms of data asset value accounting are cost price,producer price,and buyer price.Based on this,some theories related to cost price method and producer price method are discussed.It is proposed that the content of cost should be the production cost of data asset,while the producer price accounting needs to consider quality and performance factors,and make price adjustments.A series of points are presented,which include:the value of data assets should be independently calculated according to different calibers,the data asset value accounting should distinguish between asset price and asset income,and the production price evaluation should be simple and easy.Then,model of the producer price method is designed.The model is used to adjust costs using price index,quality index,and performance index.Two cases of company and institutional unit are designed to illustrate the application of the producer price method.Finally,suggestions are put forward to standardize the content,scope,and method of statistical accounting,develop statistical classification and accounting standards,and coordinate financial accounting and statistical accounting.
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: 19 ] 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.
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: 8 ] 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.
The Influence of Undimensionalization on the Reliability of Comprehensive Evaluation Results and an Empirical Analysis
ZHANG Weihua, ZHAO Mingjun(School of Management, CUMT, Xuzhou 221008,Jiangsu) The author thinks the rationality of an undimensionalized method depends on the rationality of the rank it assigns to objects. Under the premise of establishing gist of rational rank, we can choose the best one from non-dimensionalized methods according to the correlation coefficient between the ranks assigned by them and the rational rank collocation, and draw relavent conclusions through practical analysis.
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: 19 ] 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: 8 ] 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.
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