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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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Construction and Application of a Time-varying Higher-order Moment Dual Component RGARCH Model Based on Good and Bad Volatility
GUO Baocai;In complex financial markets, higher-order moments(skewness and kurtosis) contain valuable information about asset returns and can better characterize the occurrence of extreme events.Additionally, good and bad volatility exert asymmetric effects on future volatility predictions.Therefore, by incorporating time-varying higher-order moments into the two-component Realized-GARCH(RGARCH) model and introducing good and bad volatility into the short-term equation, a time-varying higher-order moment two-component RGARCH(RGARCH-RS-SK) model based on good and bad volatility is proposed.The model fully utilizes the information from higher-order moments and is capable of more comprehensively capturing the features of asset return distributions, such as spikes, heavy tails, and the heterogeneity indicated by good and bad volatility.It is further applied to the Shenzhen Composite Index, the empirical and robustness tests indicate that, the proposed model effectively captures the asymmetry of volatility, the time-varying nature of higher-order moments, and characteristics such as “skewness, spikes, and heavy tails”, demonstrating excellent fitting and forecasting performance.The Value at Risk(VaR) obtained from the proposed model serves as a good quantile estimate, and both VaR and Expected Shortfall(ES) predictions pass the tests of statistical validity and loss function, allowing for more flexible measurement of market risk.These findings suggest that integrating time-varying higher-order moments, good and bad volatility, and a two-component structure can more accurately predict market volatility and risk values, supporting national economic stability and risk management.
Measurement and Spatiotemporal Evolution Analysis of the Coordinated Transformation Development Level of Enterprise Digitalization and Greening
LI Huiyun;LIU Qianying;LUO Zhenghan;ZHENG Hongrui;Against the backdrop of green, low-carbon development and Digital China initiatives, digitalization-greening coordinated transformation development has become critical for enterprises.This study uses A-share listed companies from 2015 to 2023 as the sample, constructing evaluation index systems for digitalization and greening based on the “insititution-action-effectiveness” framework.Based on the measurement results and using the coupling coordination degree model, the coordinated development level is measured, and its characteristics and spatiotemporal evolution are analyzed.The research reveals that:(1) The dual-driven collaboration level of enterprises has been increasing year by year.Coordination at the institutional level is the highest, followed by the effectiveness level, while the action level is the lowest.Enterprises with high levels of digitalization and greening, as well as large-scale and state-owned enterprises, have higher levels of digitalization-greening coordinated development.(2) Across industries, the coordinated transformation development level has trended upward yearly; high-tech industries outperform non-high-tech ones, and heavily polluting industries outperform non-heavily polluting ones.(3) There is positive spatial autocorrelation and agglomeration in the digitalization-greening coordinated development level of companies across provinces and municipalities.High-high agglomeration regions are mainly in the eastern areas, while low-low ones are in the western and northeastern regions.Among the five national-level urban agglomerations, enterprises in the Beijing-Tianjin-Hebei urban agglomeration have the highest level of coordinated transformation development with the smallest differences, whereas those in the Chengdu-Chongqing urban agglomeration have the lowest level of coordinated development with the largest differences.These findings disclose the evolutionary patterns of Chinese listed companies' dual-driven collaboration level and offer new assessment perspectives.
Impact of Industrial Internet Pilot Policies on Green Transformation of Manufacturing Enterprises
PING Weiying;SHI Huaan;LUO Liangqing;At present, all sectors of Chinese society are deeply aware of the urgent need to shift from the crude economic growth model of the past to an intensive and sustainable green development model that promotes the coordinated development of the economy, society and the environment.Among them, the green transformation of the manufacturing industry is not only an important symbol of high-quality development, but also a sustainable development model that meets the requirements of ecological civilisation construction.Therefore, promoting the green transformation of manufacturing enterprises is an important cornerstone for ensuring high-quality development and achieving a win-win situation for both the economy and the environment.Taking the industrial internet pilot policy as the background of institutional reform, based on the data of Shanghai and Shenzhen A-share listed manufacturing enterprises from 2012 to 2023,the enterprise green transformation index is measured by using the fully fuzzy relative method, and the impact of the industrial internet pilot policy on the green transformation of manufacturing enterprises is examined by using the staggered difference-in-differences.It is found that there is a significant promotion effect of the industrial internet pilot policy on the green transformation of enterprises in the examing period, and the effect shows a durable long-term trend.The mechanism test shows that the pilot policy accelerates the green transformation of enterprises specifically in the form of transformation effect, resource effect and signalling effect.Specifically, the policy provides new kinetic energy for green transformation by enhancing the digital transformation of enterprises and promoting the digital transformation of the industry, lays a stable financial foundation for green transformation by alleviating the financing constraints of enterprises and forces enterprises to enhance their autonomous willingness for green transformation by increasing the degree of integration into the external market.However, the intermediary effects present differential time-series dynamic characteristics.Heterogeneity analyses show that the promotion effect of pilot policies on enterprises' green transformation presents heterogeneous characteristics according to the differencis in enterprises' internal characteristics and external environments, which are more obvious in regions with high environmental regulations and high levels of the digital economy, as well as in mature and technological enterprises.In particular, the above findings pass a series of robustness and endogeneity tests such as the parallel trend hypothesis, heterogeneity effect treatment test, instrumental variables method, and exclusion of small-sample estimation bias.In the context of resource and environmental constraints and the pursuit of high-quality economic development, this study has an important reference value for finding a practical development path for economic green transformation, and provides empirical evidence for objectively evaluating the effectiveness of China's industrial internet pilot policies.
Digital Economy, R&D Factor Mobility and Green Innovation Efficiency in High-tech Manufacturing Industries
CHENG Guangbin;LI Jingru;WU Jiaqing;The deep integration of the digital economy and the real economy is a key driver for industrial transformation and green development.Especially under the guidance of the new development philosophy, this integration has injected new momentum into the green transformation of high-tech manufacturing, becoming a critical pathway to stimulate green innovation vitality and achieve high-quality development.As the main battlefield for scientific and technological innovation, high-tech manufacturing is also the core supporting force for the green transformation of the modern industrial system.Enhancing its green innovation efficiency amid the digital economy wave is an urgent issue that needs to be addressed.This study, based on panel data for 30 provinces in China from 2013 to 2022,examines the impact and mechanisms of the digital economy on the green innovation efficiency of high-tech manufacturing from the perspective of R&D factor mobility.The findings indicate that the digital economy significantly enhances the green innovation efficiency and two-stage efficiency in high-tech manufacturing, and it remains valid after a series of robustness and endogeneity tests.Mechanism analysis indicates that the digital economy enhances the green technology R&D efficiency in high-tech manufacturing by accelerating the flow of R&D personnel and capital.During the green technology commercialization phase, the flow of R&D personnel plays a positive mediating role, while the flow of R&D capital has the opposite effect.Heterogeneity tests reveal that the enabling effects of the digital economy are significantly stronger in eastern regions than in central and western regions.Additionally, in regions with higher levels of intellectual property protection and better-developed factor markets, the promotional effects of the digital economy are more pronounced.On the basis, the following policy recommendations are proposed: First, the government should strengthen digital-infrastructure construction, improve digital application levels, and promote the leading role of the digital industry in the green transformation of high-tech manufacturing.Second, the government should improve the intellectual property protection system, clarify the boundaries of property rights protection, and effectively safeguard the rights and interests of green technology R&D entities.Furthermore, it is necessary to formulate differentiated property rights protection strategies tailored to the characteristics of high-tech sub-industries.Last, attention should be paid to the endowment of green innovation resources.Digital resources should be reasonably allocated to narrow the regional digital-development.And active encouragement should be given to technological exchanges among high-tech enterprises to foster a proactive green R&D environment.
Research on the Differentiated Effect of Green Innovation in Digital Finance
ZHAO Zeyue;How to scientifically explain the impact of the development of digital finance on the green innovation gap is of great significance for optimizing the spatial pattern of green innovation and improving the overall national innovation efficiency.Based on China's provincial panel data from 2011 to 2023,empirically analyzes the characteristic facts and heterogeneous bilateral dynamic evolution of the impact of digital finance development on green innovation gap by using two-way fixed-effect model, threshold model and quantile model.The results show that:(1) Overall, the advancement of digital finance demonstrates a substantial narrowing effect on the green innovation gap and the inhibitory influence exhibits a pronounced preference for substantive green innovation.In other words, as digital finance develops, it not only reduces the disparity in green innovation, but also directs resources and efforts toward more meaningful and impactful forms of green innovation.(2) The inhibition effect of digital financial development on green innovation gap has multidimensional heterogeneity.From the perspective of spatial and temporal heterogeneity, the narrowing effect gets more obvious in the “13th Five-Year Plan” period and the central and western regions.From the perspective of structural heterogeneity, the depth of digital finance applying has a better effect on narrowing the green innovation gap, followed by the coverage of digital finance, and the degree of digital support services has the worst effect.(3) As the development level of digital finance improves, the narrowing effect on the green innovation gap exhibits a nonlinear dynamic evolution characterized by diminishing marginal returns.Initially, advancements in digital finance lead to rapid reductions in the green innovation gap.However, over time, the rate of improvement slows down, suggesting that additional investments in digital finance may yield progressively smaller benefits unless accompanied by complementary policies or innovations.(4) The development of digital finance can trigger a “structural mutation” effect.This implies that under certain conditions, the influence of digital finance on green innovation may undergo abrupt changes, potentially altering the dynamics of the innovation ecosystem.Such mutations could arise from technological breakthroughs, shifts in consumer preferences, or policy interventions that reshape the interaction between digital finance and green innovation.Valuable implications are for both theoretical understanding and practical policymaking.Based on the research conclusions, it is proposed that the development of digital finance should be actively accelerated, and integrated into high-quality green innovation activities, and homogenized financial empowerment policies should be abandoned.It provides a fresh perspective on promoting the coordinated development of green innovation by highlighting the pivotal role of digital finance.Furthermore, it furnishes actionable insights for policymakers aiming to accelerate the deep integration of digitalization and green development during the “15th Five-Year Plan” period.
Research on the Impact of Digital Government on Corporate Green Innovation
GUO Xiaoxu;ZHANG Rao;With the development of digital economy and the advancement of Chinese-style modernization,government functions are changing to digitalization and big data,and exerting the green effect of digital government is a new driving force to promote sustainable socio-economic development.Based on the data of A-share listed enterprises in Shanghai and Shenzhen from 2008 to 2022,construct a doubledifference model to explore the impact of digital government on corporate green innovation by using the pilot of information-enabled cities as a quasi-natural experiment,and test the mechanism of digital government 's effect on corporate green innovation and the difference of its effect through the mechanism effect test and the group regression examination.It is found that digital government can significantly promote enterprise green innovation.The mechanism of digital government is examined from the perspective of "society-enterprise-government".At the level of internal corporate governance mechanism,digital government can promote corporate green innovation by promoting corporate digital transformation,reducing corporate transaction costs, and inhibiting corporate R&D manipulation.At the level of external regulatory environment mechanism,it is found that digital government can promote corporate green innovation by increasing public awareness of environmental protection,enhancing environmental protection,and improving the environmental protection of the environment.expands new kinetic space for the enhancement of corporate green innovation by improving public environmental awareness and enhancing environmental enforcement.The heterogeneity test finds that the promotion of enterprise green innovation by digital government is more obvious in enterprises with higher attention to digital information,enterprises in highly marketized regions, and non-state-owned enterprises.The findings help to comprehensively evaluate the environmental governance effects of digital government development,and provide policy insights for the in-depth implementation of the pilot strategy of information-enabled cities and the leading role of digital government in green innovation.
"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 motivated by reflections on economic statistics prompted by that 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 matters 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 has become an urgent and important task.In the background of China's nonsteady 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 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 model 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 finds that there has been a structural shift in the driving factors of technological progress.The index of labor enhanced technological progress shows a continuous growth trend,while the marginal contribution of capital enhanced 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.Before2013,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 regions.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 Mechanism and Effect of Data Elements Driving Corporate Green Transformation
SUN Panfeng;ZHUO Ronghai;TIAN Maozai;Green development refers to an economic growth and social development that aims at efficiency,harmony and sustainability,and its core lies in realizing a harmonious symbiosis between environmental protection and economic development,striving for a win-win situation.Currently Chinese enterprises still face two major challenges in their green transformation proess:insuffieient transformation momentum and inadequate capabilities.As a core element in the era of digital economy,can data elements drive the green transformation of enterprises? What are the paths of enterprise green transformation? Is there any heterogeneity?Answering the above questions is not only crucial for enterprises to innovate their production and operation methods and promote their green,high-quality and sustainable development,but also of great significance for promoting China ' s economic transition to green development,reaching the goal of "dual-carbon",and realizing high-quality and sustainable development of the economy.Therefore,this paper focuses on the above issues to carry out theoretical analysis and empirical verification.Therefore,this paper selects all A-share non-financial listed companies in China from 2011 to 2023 as the research samples,and uses the double fixed-effects regression model,based on the micro perspective to deepen the influence of micro-level data elements on China ' s corporate green transformation and its mechanism path.The study finds:First,data elements can effectively drive the green transformation of Chinese enterprises.Second,data elements can effectively alleviate the information asymmetry problem faced by enterprises,promote green technological innovation,and then drive the green transformation of enterprises.Third,government subsidies play a positive moderating role in the process of enterprise green transformation driven by data factors,the driving effect of data elements on enterprise green transformation is more significant in the central and western regions,non-heavily polluted enterprises and state-owned enterprises than in the eastern regions,heavily polluted enterprises and non-state-owned enterprises.Based on the conclusions of the previous study,this paper constructs a systematic solution from the three dimensions of institutional innovation,subject empowerment and policy synergy to provide a multidimensional practical path for fully releasing the multiplier effect of data elements in green transformation.It not only provides both theoretical depth and practical value of decision-making reference for enterprise green transformation in the era of digital economy,but also meets the requirements of the “dual-carbon”strategy and high-quality development,and provides a way to crack the structural contradiction in the "transition pain period",and helps our country build a modernized industrial system and a green development model.
Research on the Framework Design and Compilation of Satellite Accounts for Data Assets
WANG Panpan;JIA Xiao'ai;With the development of the digital economy,data assets have garnered increasing attention from both national governments and enterprises.A critical challenge in data asset accounting lies in rigorously and systematically quantifying the pivotal role of data assets play in driving the national economy.By constructing a satellite account for data asset,it becomes possible to systematically quantify data-driven economic activities and dynamically assess the value of data assets.Grounded in the interconnected structure of data assets within economic operations,this framework implements a multidimensional,hierarchical account system that comprehensively maps their lifecycle and economic contributions.The accounting entities within the data asset satellite account are classified into two dimensions based on the production and utilization of data assets,corresponding to industrial sectors and institutional sectors,respectively.The accounting objects include data products and data assets.Data products are further categorized into eight distinct types based on variations in their supply mechanisms and usage patterns,thereby facilitating the exploration of tailored valuation methodologies for different types of data products.A holistic accounting framework for data assets must systematically address two interconnected dimensions:the endogenous processes governing the creation and accumulation of data assets themselves,and the exogenous spillover effects through which these assets influence broader economic indicators.To operationalize this dual perspective,dedicated endogenous accounts and exogenous accounts and are established as complementary components of the accounting system.The endogenous accounts adhere to the principles of double-entry bookkeeping and the national economic equilibrium(total output,total income,and total expenditure are equal),structured in alignment with the core sequence of national economic accounts.Starting with production account,the framework progresses through flowbased accounts such as income distribution and capital formation.These sequential analyses culminate in stock accounting to evaluate the accumulated value of data assets.This systematic approach enables the compilation of flow accounts(including the goods and services account,the production account,the distribution of income account,and the capital account) alongside dedicated the data asset stock account,thereby capturing both transactional dynamics and cumulative asset valuation within a unified system.The exogenous accounts for data assets take Gross Domestic Product(GDP) as an example,GDP impact accounts are established under distinct GDP accounting methodologies(production,income,and expenditure approaches) to systematically quantify how data capitalization redefines GDP measurement.By extracting and applying relevant data from input-output tables to conduct an empirical case implementation of the accounts,this exercise validates the operational validity and structural coherence of the Data Asset Satellite Account framework,demonstrating its alignment with established economic measurement standards.
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: 54 ] 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: 22,018 ] [Citations: 546 ] [Reads: 39 ] 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: 54 ] 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: 42 ] 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: 54 ] 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: 54 ] 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: 22,018 ] [Citations: 546 ] [Reads: 39 ] HTML PDF Cite this article
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