Information
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
WeChat Official
Non-probability Sample Inference Based on Random Forests with Stratified Weighting
YANG Jingbo;ZHOU Qi;Due to the uncontrollable nature of selection mechanisms,non-probability samples suffer from serious selection bias problems,which limit their application in population inference.Traditional non-probability sample inference methods mainly depend on the correct specification of parametric models,and large estimation bias is produced when model misspecification occurs.Although non-parametric methods such as kernel methods and k-nearest neighbors alleviate the model specification problem to some extent,they often perform poorly when high-dimensional auxiliary variables are involved.To address this problem,a random-forest-based stratified weighting inference method for non-probability samples is proposed.First,weighted CART classification trees are constructed to identify the selection mechanism and to classify homogeneous units.Then,drawing on the idea of stratified sampling,the non-probability sample is used to estimate the mean of the target variable within each leaf node,the probability sample is used to estimate the scale weight of each leaf node,and the population mean is estimated from a single tree.Finally,estimation accuracy and robustness are improved through the random forest ensemble.In addition,variance estimation of the estimator is provided based on the traditional infinitesimal jackknife method.Simulation studies show that,compared with the k-nearest-neighbor-based estimation method,the proposed method can effectively identify the selection mechanism when the dimension of auxiliary variables is high,and the estimator is more robust and efficient.The proposed method is applied to non-probability samples collected by the Pew Research Center to estimate two indicators concerning American public attitudes toward national conditions and interpersonal relationships.
Internet Development and Carbon Total Factor Productivity Enhancement in the Service Sector
WANG Xuliang;LI Yaqin;There are dual problems of long-term efficiency lag and growing carbon emissions in China's service sector,and there is an urgent need to improve the carbon total factor productivity(TFP) of the service industry.Accordingly,this study explores the potential drivers of carbon TFP growth in the service sector from the perspective of internet development.Firstly,this study investigates the overall impact of the internet development on carbon TFP of the service sector and the transmission mechanisms from the theoretical level.Then,the entropy method and the non-radial biennial Malmquist-Luenberger index are used to measure the internet development and the carbon TFP of the service industry,respectively,and the impact of the internet development on the carbon TFP of China's service sector is identified from the empirical level.The findings show that there is a significant positive impact of internet development on service sector carbon TFP,and the positive impact of internet development on service sector carbon TFP is mainly reflected in the later period of the sample(2013-2021) and in the eastern region.The mechanism test finds that internet development increases service sector carbon TFP by promoting low-carbon technological progress and optimizing resource allocation in the service industry.Further discussion finds that service sector marketization and human capital strengthen the positive impact of internet development on service sector carbon TFP.In addition,there is a positive spatial spillover effect of internet development on service sector carbon TFP.Accordingly,coordinated efforts in network upgrading,digital and lowcarbon technology R&D,cross-regional factor mobility,marketization,and human capital are warranted to fully unleash the potential of internet development in empowering service sector carbon TFP.
Statistical Measurement,Transmission Effects and Policy Responses of Financial Risks under External Monetary Shocks
LI Xiaohong;Against the backdrop of global monetary policy uncertainty shocks and China's imperative to guard against systemic financial risks,incorporating external monetary shocks,systemic financial risk,and time-varying effects into a unified analytical framework carries both academic value and policy significance.From the perspective of China's macroeconomic and financial system,this paper constructs and measures a systemic financial risk index by applying principal component analysis to 19 indicators across four dimensions,which incorporates newly added timeliness indicators alongside traditional economic indicators.On this basis,the modified Mundell-Fleming-Dornbusch(M-F-D) model and the Stochastic Volatility Time-Varying Parameter Vector Autoregression(SV-TVP-VAR) model are employed to analyze the transmission mechanism and external spillover effects of external monetary policy on China's systemic financial risk.The findings show that the two types of monetary policies have significant external spillover effects on China's systemic financial risk,with short-term effects stronger than long-term ones-peaking initially and gradually stabilizing within 10 months.Additionally,price-based monetary policies exert a significantly stronger impact on systemic financial risk than quantity-based ones.In light of these findings,the author proposes establishing a trinity policy framework of "macroprudential regulation + market reform + international coordination",developing a differentiated response system,improving the early-warning measurement system for the systemic financial risk index with "full-dimension coverage + dynamic monitoring + intelligent early warning" capabilities,and perfecting a rigid early-correction accountability mechanism for risks.These measures aim to maintain China's systemic financial risk at a medium-low level,safeguarding the comprehensive deepening of reform and the development of new quality productive forces in the new era.
Study on the Statistical Measurement,Regional Variations,and Influencing Factors of Local Government Debt Risks in China
HE Jianfeng;FAN Qianxi;CHENG Qingsong;Measuring local government debt risk and analyzing its spatial distribution are of great importance for maintaining regional economic stability and preventing systemic risks.Based on provincial panel data in China from 2015 to 2024,this paper constructs a comprehensive evaluation index system of local government debt risk and measures its overall level.On this basis,the Dagum Gini coefficient is used to examine regional differences and their sources,kernel density estimation is applied to reveal the dynamic evolution of debt risk distribution,and the obstacle degree model together with the geographically and temporally weighted regression(GTWR) model is employed to identify the internal and external determinants of local government debt risk.The results show that:(1) China's local government debt risk generally exhibits a fluctuating upward trend,with a spatial pattern characterized by "high in the west,low in the east,and intermediate in the central region";(2) the overall regional disparity in local government debt risk shows a slight narrowing trend,while inter-regional differences,especially those between the eastern and western regions,remain the main source of the total gap;(3) kernel density estimation reveals an overall rightward shift of the distribution,indicating rising risk levels nationwide and across the three major regions,while the dispersion tends to decrease,with occasional but not pronounced multi-polar differentiation in certain years;(4) at the indicator level,the main obstacle factors are the proportion of budget expenditure,the proportion of land transfer revenue,and dependence on transfer payments,while at the dimensional level the major obstacle factors are fiscal expenditure and implicit debt;(5) external factors,including openness,economic development,financial development,price level,real estate prices,and industrial structure,all exert significant but spatially and temporally heterogeneous effects on local government debt risk.Based on these findings,differentiated regional strategies are recommended:the western region should curb debt expansion and enhance fiscal sustainability,while the eastern and central regions should optimize debt structures and financing mechanisms.Broader measures include improving fiscal expenditure,tightening implicit debt supervision,hardening budget constraints,and strengthening resilience to real estate and macroeconomic fluctuations for more effective risk governance.
Measurement System,Statistical Test and Promotion Path of Rural Governance Performance
PANG Zhiqiang;YOU Jingchen;WANG Panpan;Effective rural governance is the fundamental guarantee for rural revitalization and an important part of the modernization of grassroots governance system and governance capacity.Constructing a standardized measurement and evaluation system for rural governance performance is essential to diagnose rural governance effectiveness and track the progress of governance system and capacity building.This paper first decomposes rural governance performance into three subsystems:system construction,capacity enhancement and goal achievement,and constructs a “process-result” two-dimensional measurement framework.On the basis of inheritance and innovation,this paper establishes a measurement index system covering 3 subsystems,16 criterion layers and 28 indicators,clarifies the observation points and target values of each indicator,and optimizes the evaluation methods including combined weighting,index synthesis and hierarchical evaluation,so as to form a complete measurement system for rural governance performance.This paper further formulates the selection criteria for sample counties and selects Kang County of Gansu Province as the typical research area.Adopting questionnaire survey,forum interview and literature review methods to collect data,this paper conducts a systematic evaluation of rural governance performance.The results show that despite a weak governance foundation,Kang County has explored a distinctive path for effective rural governance,with significant improvements in governance system construction,capacity enhancement and goal realization.Finally,based on the solutions to practical deficiencies obtained from field research and the popularization value of local practical experience,this paper proposes optimization paths for rural governance performance,including strengthening governance capacity through diversified measures,promoting industrial income growth via intensive development,and improving public service quality through model innovation.
Measurement System,Statistical Test and Promotion Path of Rural Governance Performance
PANG Zhiqiang;YOU Jingchen;WANG Panpan;Effective rural governance is the fundamental guarantee for rural revitalization and an important part of the modernization of grassroots governance systems and governance capacity.Constructing a standardized measurement and evaluation system for rural governance performance is essential to diagnose rural governance effectiveness and track the progress of governance system and capacity building.This paper first decomposes rural governance performance into three subsystems:system construction,capacity enhancement and goal achievement,and constructs a " process-result " twodimensional measurement framework.On the basis of inheritance and innovation, this paper establishes a measurement index system covering 3 subsystems, 16 criterion layers and 28 indicators,clarifies the observation points and target values of each indicator,and optimizes the evaluation methods including combined weighting,index synthesis and hierarchical evaluation, so as to form a complete measurement system for rural governance performance.This paper further formulates the selection criteria for sample counties and selects Kang County of Gansu Province as the typical research area.Adopting questionnaire survey, forum interview and literature review methods to collect data, this paper conducts a systematic evaluation of rural governance performance.The results show that despite a weak governance foundation,Kang County has explored a distinctive path for effective rural governance,with significant improvements in governance system construction,capacity enhancement and goal realization.Finally,based on the solutions to practical deficiencies obtained from field research and the popularization value of local practical experience,this paper proposes optimization paths for rural governance performance,including strengthening governance capacity through diversified measures, promoting industrial income growth via intensive development,and improving public service quality through model innovation.
[Downloads: 118 ] [Citations: 0 ] [Reads: 7 ] HTML PDF Cite this article
Research on Horizontal Benefit Compensation Mechanism for Grain Producing and Marketing Regions Based on the Dual Perspectives of Ecological Cost and Opportunity Cost
HAI Xiaohui;HE Jitong;ZHU Jianping;WANG Chunzhi;The horizontal benefit compensation mechanism between grain producing and marketing regions represents a significant institutional innovation for ensuring national food security and promoting regional coordinated development.First,the grain producing and marketing regions are reclassified by integrating four indicators,including grain security contribution,to construct a more scientific and rational regional classification system.Based on this,a comprehensive compensation standard is systematically established from a dual perspective of "ecological cost—opportunity cost," incorporating both positive and negative values of cultivated land ecosystem services,as well as the implicit labor cost and the value of cultivated land development rights.Furthermore,a complete compensation framework is proposed,featuring a “phased and diversified " funding mechanism,an implementation pathway combining “horizontal local compensation with vertical central coordination," and a supporting safeguard system.Results show that the number of major producing regions has decreased to nine, while major marketing regions have increased to nine,reflecting a pattern of "concentrated production and dispersed consumption." The total compensation required by producing regions amounts to 10 662.90 billion CNY, while marketing regions should contribute 9 984.67 billion CNY.Heilongjiang,Jilin,and Henan rank top three in compensation receipts,whereas Guangdong,Zhejiang,and Fujian are the top three contributors.The proposed compensation framework and scheme can provide theoretical foundations and practical references for establishing a scientific and sustainable inter-regional grain compensation mechanism in China.
[Downloads: 114 ] [Citations: 0 ] [Reads: 6 ] HTML PDF Cite this article
Internet Development and Carbon Total Factor Productivity Enhancement in the Service Sector
WANG Xuliang;LI Yaqin;There are dual problems of long-term efficiency lag and growing carbon emissions in China 's service sector,and there is an urgent need to improve the carbon total factor productivity(TFP) of the service industry.Accordingly,this study explores the potential drivers of carbon TFP growth in the service sector from the perspective of internet development.Firstly,this study investigates the overall impact of the internet development on carbon TFP of the service sector and the transmission mechanisms from the theoretical level.Then,the entropy method and the non-radial biennial Malmquist-Luenberger index are used to measure the internet development and the carbon TFP of the service industry,respectively,and the impact of the internet development on the carbon TFP of China ' s service sector is identified from the empirical level.The findings show that there is a significant positive impact of internet development on service sector carbon TFP,and the positive impact of internet development on service sector carbon TFP is mainly reflected in the later period of the sample(2013-2021) and in the eastern region.The mechanism test finds that internet development increases service sector carbon TFP by promoting low-carbon technological progress and optimizing resource allocation in the service industry.Further discussion finds that service sector marketization and human capital strengthen the positive impact of internet development on service sector carbon TFP.In addition,there is a positive spatial spillover effect of internet development on service sector carbon TFP.Accordingly,coordinated efforts in network upgrading,digital and lowcarbon technology R&D,cross-regional factor mobility,marketization,and human capital are warranted to fully unleash the potential of internet development in empowering service sector carbon TFP.
[Downloads: 105 ] [Citations: 0 ] [Reads: 4 ] HTML PDF Cite this article
The Employment Effect of Government-Guided Funds:From the Perspective of Enhancing Quality and Expanding Scale
FU Xiangdong;JI Yunyang;Employment is the foundation of people's livelihood and is related to the high-quality development of the economy and society as well as the long-term stability of the country.Based on the panel data matching Chinese government-guided funds with A-share listed companies in Shanghai and Shenzhen from 2009 to 2023,the impact of government-guided funds on employment scale and high-quality full employment was systematically examined.This study has found that government-guided funds can significantly increase the scale of labor employment in the invested enterprises,and this conclusion still holds true after relevant robustness tests.Mechanism analysis indicates that government-guided funds mainly increase the scale of labor employment in enterprises by empowering them to enhance the resilience of their supply chains and reduce the risk of stock price crashes.Heterogeneity analysis reveals that this employment growth effect is more prominent in regions with a low degree of marketization,non-laborintensive industries,and enterprises with a low proportion of patient capital.Further research has found that government-guided funds have enhanced the employment quality of enterprises,achieving "quality improvement and capacity expansion" in employment.Meanwhile,government-guided funds have also generated significant employment spillover effects,especially promoting the expansion of formal employment scale at the regional level.This study reveals the mechanism by which government-guided funds promote employment by stabilizing enterprise products and expectations in the capital market.It holds significant implications for systematically evaluating the policy effectiveness of government-guided funds and their role in stabilizing employment and improving people's well-being.
[Downloads: 293 ] [Citations: 0 ] [Reads: 11 ] HTML PDF Cite this article
The Policy Effect of Changing from Business Tax to VAT on Improving the Accuracy of Industry Classification Statistical Data
XU Yonghong;XUE Zhaoqin;JIANG An;Since 2016,China 's transition toward high-quality economic development and its pursuit of mutually beneficial international cooperation have heightened the demand for precise economic and social governance.Policymakers and scholars alike are increasingly calling for macro-statistical data that are more accurate,detailed,and aligned with international standards.However,statistical accuracy continues to be affected by industry classification practices formed during earlier periods of rapid growth, when mixed operational structures were common.A key source of inaccuracy lies in the misclassification of auxiliary service activities within enterprises.In China,auxiliary units are typically classified according to the primary industry of their parent enterprise.This practice,however,diverges from the 2008 System of National Accounts(SNA 2008),which stipulates that auxiliary units that are geographically separate or maintain independent accounts should be recorded as distinct statistical entities,even if they lack independent legal personality.This study focuses on how China's " Business Tax to Value-Added Tax Reform "(B2 V Reform)addresses this statistical discrepancy.The reform reduced the tax burden on smaller auxiliary units by shifting them from the business tax regime to the value-added tax system, distinct from their parent enterprises.This change creates a strong economic incentive for firms to legally separate their auxiliary service departments.As a result,the reform promotes more accurate industry classification,especially for diversified enterprises in sectors such as manufacturing and mining,whose core activities involve tangible goods production.Given these economic-statistical linkages,the B2 V Reform offers a valuable opportunity to evaluate the accuracy of industry classification data and to inform adjustments to historical statistical records.Using provincial panel data from 2003 to 2021,this paper applies a three-dimensional time-based analytical framework to empirically assess the impact of the B2 V Reform on the accuracy of industry classification data and to examine variations across sectors.Exploratory adjustments are also made to relevant historical data.The findings indicate that the reform significantly improved data accuracy in pilot industries during its initial phase, while its effect on other industries in later stages was more limited.Heterogeneity analysis reveals that the reform had the strongest impact on the "information transmission,software,and information technology services" industry and the "leasing and business services" industry.After historical data adj ustment, employment figures in these two corrected sectors-based on urban nonprivate units-exceed the originally reported values.This outcome confirms that the B2 V Reform helps mitigate the underestimation of historical data in related service industries.Overall,this study validates the role of the B2 V Reform in improving the accuracy of industry classification data.The findings are expected to help reduce statistical discrepancies in China ' s official practice and to provide a useful reference for the National Bureau of Statistics in revising economic statistical data.
[Downloads: 253 ] [Citations: 0 ] [Reads: 23 ] HTML PDF Cite this article
A Review of Technologies on Random Forests
FANG Kuang-nana,b,WU Jian-bina,ZHU Jian-pinga,b,SHIA Bang-changa,b(a.Department of Statistics,School of Economics;b.Data Mining Center,Xiamen University,Xiamen 361005,China)Random Forests is a statistical learning theory,using bootsrap re-sampling method form sample sets,and then combining the tree predictors by majority voting so that each tree is grown using a new bootstrap training set.It is widely applied in medicine,bioinformatics,economics and other fields,because of its high prediction accuracy,good tolerance of noisy data,and the law of large numbers they do not overfit.In this paper we first introduce the concept of random forest and the latest research,then provide some important aspects of applications in economics,and a summary is given in the final section.
[Downloads: 48,490 ] [Citations: 2,563 ] [Reads: 145 ] HTML PDF Cite this article
Analysis on the Reliability and Validity of Questionnaire
ZENG Wu-yi~1,HUANG Bing-yi~2(1.School of Economics,Xiamen University,Xiamen 361005,Fujian;2.School of Management,Xiamen University,Xiamen 361005,Fujian)Study on the reliability and validity of the questionnaire has always been neglected in many(questionnaire) surveys in China.This paper mainly investigates the reliability and validity of a questionnaire and their evaluating methods.It also simply introduces how to use SPSS software to analyze the reliability and(validity) of a questionnaire.
ESG Performance,Institutional Investor Preference and Firm Value of Listed Companies
BAI Xiong;ZHU Yi-fan;HAN Jin-mian;To explore whether the ESG practices of listed companies can create value for the company and whether institutional investors in the capital market have ESG investment preferences will help companies recognize, participate in and practice the concept of ESG sustainable development.Based on the data of 3 400 A-share listed companies in Shanghai and Shenzhen Stock Exchange from 2013 to 2020,the shareholding ratio of institutional investors is introduced to explore the mechanism of ESG performance affecting corporate value and analyze whether institutional investors have ESG investment preference on this basis.The results are as follows:(1) ESG has the function of value creation.Good ESG performance of listed companies can significantly enhance their corporate value.(2) Attracting institutional investors to increase their shares is one of the ways for listed companies to enhance corporate value through ESG practice, and the proportion of institutional investors plays a partial intermediary role in the process of ESG influencing corporate value.(3) Institutional investors have a preference for ESG investment, and to a certain extent, they can tolerate low short-term operating performance of listed companies with good ESG performance All the above conclusions are robust.In the extended study, it is found that there is no heterogeneity in the value creation function of ESG between state-owned and non-state-owned listed companies.The preference of institutional investors ESG has heterogeneity in property rights and industry.Institutional investors prefer the listed companies with good performance of ESG in the secondary and tertiary industries and non-state-owned enterprises.Based on the research conclusions, suggestions are puts forward to accelerating the top-level design of ESG information disclosure and regulatory standards, encouraging companies to strengthen information disclosure, and cultivating medium and long-term institutional investors, which will help build and improve China's ESG development ecosystem and promote high-quality development.
[Downloads: 24,138 ] [Citations: 970 ] [Reads: 117 ] HTML PDF Cite this article
A Summary of Machine Learning and Related Algorithms
CHEN Kai1,ZHU Yu1,2(1.School of Statistics,Renmin University of China,Beijing 100872,China;2.Xi'an University of Finance & Economic,Xi'an 710061,China)Since the computer was invented,people have been wanted to know that whether it can learn.Machine learning is essentially a multidisciplinary field. It absorbed some results of artificial intelligence,probability and statistics,computational complexity theory,control theory,information theory,philosophy,physiology,neurobiological.This paper mainly based on statistical learning wanted to give a brief review and presentation to the perspective of machine learning and the development of related algorithms.
[Downloads: 28,808 ] [Citations: 681 ] [Reads: 164 ] HTML PDF Cite this article
Measurement of China's Provincial Digital Economy and Its Spatial Correlation
JIN Can-yang;XU Ai-ting;QIU Ke-yang;Based on the input-output perspective of economic systems, the index measurement system of digital economy development level is constructed from five dimensions: digital infrastructure, digital innovation, digital governance, digital industrialization and industrial digitization by combining the fuzzy set idea, and the weights are determined and compiled with the help of the vertical and horizontal pull-off method for China's provincial digital economy development index from 2012 to 2019.Based on this, the modified gravitation model is used to measure the spatial correlation intensity of the provincial digital economy development level, and the social network analysis is used to reveal the overall shape, internal structure, and evolutionary trend of the digital economy correlation network.The results are shown as follows.(1) The overall development of the digital economy across the country is on the rise, but the “Matthew effect” and “digital divide” are obvious, with the level of digital economy development decreasing from the eastern coast to the western inland.(2) The initial formation of a network of digital economy linkages, the agglomeration and spillover effects in various regions have gradually increased, and the mobility of digital resource elements in the province has been greatly enhanced.(3) Guangdong, Jiangsu, Beijing and other eastern provinces, as structural hole occupiers, have information and resource control advantages in the development of the digital economy, and Henan, Shaanxi and Sichuan, which have faster rate of effective scale and limit system enhancement, are seen as potential occupiers of structural holes.(4) The development of the digital economy is characterized by a clear aggregation of small groups, with four cohesive subgroups formed at the provincial level, and the linkage within the subgroups is significantly stronger than the external influence.(5) Due to geographical location, climatic conditions and other factors, there is less communication among members within the Northwest subgroup, and the density within its subgroup is lower than that of the whole network, and its internal digital economy tie needs to be further strengthened.The research findings have important implications for promoting the construction of a new pattern of digital economy development in China.
[Downloads: 14,238 ] [Citations: 579 ] [Reads: 124 ] HTML PDF Cite this article
A Review of Technologies on Random Forests
FANG Kuang-nana,b,WU Jian-bina,ZHU Jian-pinga,b,SHIA Bang-changa,b(a.Department of Statistics,School of Economics;b.Data Mining Center,Xiamen University,Xiamen 361005,China)Random Forests is a statistical learning theory,using bootsrap re-sampling method form sample sets,and then combining the tree predictors by majority voting so that each tree is grown using a new bootstrap training set.It is widely applied in medicine,bioinformatics,economics and other fields,because of its high prediction accuracy,good tolerance of noisy data,and the law of large numbers they do not overfit.In this paper we first introduce the concept of random forest and the latest research,then provide some important aspects of applications in economics,and a summary is given in the final section.
[Downloads: 48,490 ] [Citations: 2,563 ] [Reads: 145 ] HTML PDF Cite this article
A Summary of Machine Learning and Related Algorithms
CHEN Kai1,ZHU Yu1,2(1.School of Statistics,Renmin University of China,Beijing 100872,China;2.Xi'an University of Finance & Economic,Xi'an 710061,China)Since the computer was invented,people have been wanted to know that whether it can learn.Machine learning is essentially a multidisciplinary field. It absorbed some results of artificial intelligence,probability and statistics,computational complexity theory,control theory,information theory,philosophy,physiology,neurobiological.This paper mainly based on statistical learning wanted to give a brief review and presentation to the perspective of machine learning and the development of related algorithms.
[Downloads: 28,808 ] [Citations: 681 ] [Reads: 164 ] HTML PDF Cite this article
Analysis on the Reliability and Validity of Questionnaire
ZENG Wu-yi~1,HUANG Bing-yi~2(1.School of Economics,Xiamen University,Xiamen 361005,Fujian;2.School of Management,Xiamen University,Xiamen 361005,Fujian)Study on the reliability and validity of the questionnaire has always been neglected in many(questionnaire) surveys in China.This paper mainly investigates the reliability and validity of a questionnaire and their evaluating methods.It also simply introduces how to use SPSS software to analyze the reliability and(validity) of a questionnaire.
ESG Performance,Institutional Investor Preference and Firm Value of Listed Companies
BAI Xiong;ZHU Yi-fan;HAN Jin-mian;To explore whether the ESG practices of listed companies can create value for the company and whether institutional investors in the capital market have ESG investment preferences will help companies recognize, participate in and practice the concept of ESG sustainable development.Based on the data of 3 400 A-share listed companies in Shanghai and Shenzhen Stock Exchange from 2013 to 2020,the shareholding ratio of institutional investors is introduced to explore the mechanism of ESG performance affecting corporate value and analyze whether institutional investors have ESG investment preference on this basis.The results are as follows:(1) ESG has the function of value creation.Good ESG performance of listed companies can significantly enhance their corporate value.(2) Attracting institutional investors to increase their shares is one of the ways for listed companies to enhance corporate value through ESG practice, and the proportion of institutional investors plays a partial intermediary role in the process of ESG influencing corporate value.(3) Institutional investors have a preference for ESG investment, and to a certain extent, they can tolerate low short-term operating performance of listed companies with good ESG performance All the above conclusions are robust.In the extended study, it is found that there is no heterogeneity in the value creation function of ESG between state-owned and non-state-owned listed companies.The preference of institutional investors ESG has heterogeneity in property rights and industry.Institutional investors prefer the listed companies with good performance of ESG in the secondary and tertiary industries and non-state-owned enterprises.Based on the research conclusions, suggestions are puts forward to accelerating the top-level design of ESG information disclosure and regulatory standards, encouraging companies to strengthen information disclosure, and cultivating medium and long-term institutional investors, which will help build and improve China's ESG development ecosystem and promote high-quality development.
[Downloads: 24,138 ] [Citations: 970 ] [Reads: 117 ] HTML PDF Cite this article
Research on the Impact of R&D Investment and Government Subsidy on Enterprise Innovation Performance
WANG Xi;ZHANG Qiang;HOU Jia-xiao;China's demographic dividend has gradually weakened, and the shortcomings of the manufacturing industry have begun to become prominent.In this context, the urgent needs of enterprise innovation, backward technology and production capacity changes can be changed in order to achieve a healthy development of the manufacturing industry.Select the financial data of 692 listed manufacturing companies in the A-share market from 2015 to 2019,and use a panel data model to study the internal relationship between government subsidies, R&D investment and innovation performance of listed manufacturing companies.The results show that: government subsidies and R&D investment are positively correlated with enterprise innovation performance.For manufacturing enterprises, it is necessary to improve the effect of government subsidies on the innovation performance of manufacturing enterprises through measures, such as establishing and improving the subsidy pre-investigation system, increasing subsidies, strengthening the supervision of subsidy funds, and expanding subsidy channels.By increasing the level of R&D investment, establish and improve the internal control system and formulate R&D plans to give full play to the role of government subsidies in promoting enterprise innovation performance.
[Downloads: 15,012 ] [Citations: 480 ] [Reads: 339 ] HTML PDF Cite this article
Tracking the information about your manuscript
Communicate with the editorial office
Query manuscript payment status Editor LoginCollecting, editing, reviewing and other affairs offices
Managing manuscripts
Managing author information and external review Expert Information Expert LoginOnline Review
Online Communication with the Editorial Department