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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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Two Empirical Models Based on Special Functions for Researching U-shaped Effect
LI Shuang;HE Jie;In the field of social science, the U-shaped effect holds significant research importance.Exploring and studying the U-shaped effect not only aids in understanding the complex relationships among variables and reveals the underlying mechanisms of their interactions but also clarifies the inflection points of the U-shaped curve, providing guidance and insights into the optimal value or optimal interval of factor input in practical applications.Based on the unique properties of trigonometric and hyperbolic functions, two new empirical models for characterizing and testing U-shaped relationships are proposed: the Double-Chord model and the Hyperbolic model.Firstly, the two new models are theoretically derived and interpreted from a mathematical perspective.Subsequently, from an empirical perspective, the models are tested using sample data from Chinese A-share listed companies for the period 2014-2023,focusing on the topic of “Enterprise Value and Equity Balance.” Finally, from a statistical analysis perspective, the performance of the Double-Chord model, Hyperbolic model, and traditional quadratic model is comprehensively evaluated and compared using random sampling regression and random forest algorithms.The results indicate that both the two new models accurately capture the U-shaped relationships, and the calculation of the curve's extremum is relatively straightforward.Regression results based on 10,500 times random sampling show that the performance metrics of the two new models, including information loss, goodness of fit, and explanatory power, are stable.Compared to the quadratic model, the two new models exhibit superior performance, with stronger data fitting and explanatory capabilities, and more stringent statistical significance standards, making the statistical analysis results derived from the two new models more reliable.Evaluation results based on the random forest algorithm are consistent.After considering all indicators, the performance ranking of the three models is as follows: the Hyperbolic model performs best, followed by the Double-Chord model, and the quadratic model ranks last.
Measurement and Evaluation of Coupling Coordination between China’s Industrial Chain and Innovation Chain
CAO Ye;Facing the profound changes unseen in a century and the trend of global industrial chain and supply chain reconstruction, exploring the level of coupling coordination and regional development differences between China's industrial chain and innovation chain's is a beneficial measure to accurately connect scientific and technological innovation and industrial development, which is of great significance to strengthen the deep integration of scientific and technological innovation and industrial innovation and build a modern industrial system.287 cities at prefecture level and above in China are selected as research samples, and the coupling coordination model is used to measure the level of coupling coordination between the industrial chain and innovation chain, the Dagum Gini coefficient method and spatial Moran index are used to explore the regional differences and spatial effects of the coupling coordination development.Research has found that overall, the coupling coordination between China's industrial chain and innovation chain has shown an upward trend from 2013 to 2022,at a moderate level of coupling coordination.In terms of regions, there are obvious regional and urban differences in the level of coupling coordination between China industrial chain and innovation chain during the study period, which mainly shows that, the average coupling coordination of eastern region and the first-tier cities is higher than other regions.The decomposition results of regional differences indicate that, the regional differences in the coupling coordination development of China's industrial chain and innovation chain are gradually narrowing, and the hypervariable density is the main source of regional differences.The urban differences have also steadily narrowed, and the differences among cities are the main source of urban differences.The spatial effect analysis results show that, there is a positive spatial spillover effect in the coupling coordination of China's industrial chain and innovation chain, and the effect gradually strengthens over time.On the basis, policy recommendations have been put forward to improve the quality of industrial chain development, enhance the level of innovation chain development, drive the coordinated development of industrial chain and innovation chain, and narrow the regional differences between industrial chain and innovation chain, so as to promote the coupling coordination development of industrial chain and innovation chain.
Regional Differences and Spatial Association in the Integrated Development of Industry Chain and Innovation Chain
ZHANG Linyu,;HU Xuhua;School of Finance and Economics, Jiangsu University;The integration of industrial chain and innovation chain is an important gripper to enhance the resilience of China's industrial chain and supply chain as well as a strategic choice to realize the innovation-driven high-quality development of China's economy.Based on the four dimensions of integration structure, integration policy, integration behavior and integration effectiveness, the evaluation index system for the integration development of industrial chain and innovation chain is constructed.The dynamic evaluation method combining TOPSIS and gray correlation degree is used to measure the level of integrated development of industry chain and innovation chain from 2012 to 2022,in 30 provincial-level administrative regions of China, and then Dagum Gini coefficient and the decomposition method and spatial autocorrelation model are applied to examine regional differences and spatial association in the level of integrated development of industrial chain and innovation chain in China.It concludes that, first, the overall level of the integration of China's industrial chain and innovation chain is low, but shows an accelerating upward trend; In terms of time sequence, it is divided into three stages of development: low-level stagnation, steady rise and accelerated advancement, and its developmental stage is consistent with the time of deployment of national policies; Spatially, it shows a distribution pattern of “high in the east, second in the middle, and low in the west and northeast”;And in terms of sub-system development, it presents a feature of the best development of the integration effectiveness sub-system and the fastest growth rate of the integration policy sub-system.Second, the overall regional differences in the integration and development of China's industrial chain and innovation chain show a decreasing trend, and inter-regional differences are the main source of the overall differences in the integration of the industrial chain and innovation chain.Third, there is significant spatial dependence and spatial heterogeneity in the integration and development of China's industrial chain and innovation chain, showing the spatial characteristics of high-value agglomeration in the eastern region and low-value agglomeration in the western and northeastern regions.Based on the conclusions, policy recommendations to promote the integration of the industrial chain and the innovation chain are put forward in terms of strengthening the basic safeguards, bridging regional differences and consolidating the ecological system.
Digitization Construction, Platform Economy and Total Factor Carbon Productivity
MA Shaojuan;HE Zhuo;XU Yong;The proposal of the “dual-carbon” development strategy not only points out a new direction for the sustainable development of China's economy, but also provides a reference for other countries around the world to climate change, and then achieve energy conservation and carbon emissions reduction.Based on the channel of masking effect of platform economy, the provincial panel data from 2013 to 2022 is used as the research sample.The mediation effect model and the regulatory effect model are constructed based on the common panel regression model with double fixed effects, which analyze the difference of the impacts of digitization construction on total factor carbon productivity before and after taking the “dual-carbon” development strategy.The research shows that: first, the digital construction and total factor carbon productivity show a significant positive correlation.That is, when the level of digital construction is improved, the total factor carbon productivity increases; When the level of digital construction is reduced, the total factor carbon productivity decreases.At the same time, the conclusion is still robust after a series of robustness tests and endogeneity tests.Second, the platform economy plays a significant masking effect in the influence of digital construction on total factor carbon productivity.That is, for the effect of digital construction on total factor carbon productivity, the platform economy can produce an indirect effect opposite to the direct effect, which leads to the enhancement of the total effect of digital construction on total factor carbon productivity and the weakening of the direct effect.Third, the “dual-carbon” development strategy will have a moderating effect on the masking effect of the platform economy.That is, the implementation of “dual-carbon” development strategy has reduced the masking effect of the platform economy, and then strengthened the positive impact of digitization construction on total factor carbon productivity.Based on the above conclusions, the following three suggestions are put forward: First, continuous promoting digital construction.The relevant departments should expand the coverage of digital networks and promote the green development of data centers, and further release the digital dividend to achieve the development goal of reducing carbon emissions.Second, accelerate the high-quality development of platform economy, enterprises can use innovative technologies such as blockchain, digital twin and extended reality to build diversified futrre application scenarios, accelerate the advantages of the metavere in the future industry, and proinote the industrial chain, scale and intcrnationalization of platform economy.Third, grasp the development opportunities of the “dual-carbon” development strategy, strengthen the adjustment of energy structure and promote the clean and efficient use of coal, improve energy utilization efficiency and reduce carbon emission intensity, and then continue to promote energy conservation and emission reduction.Based on the innovative channel of masking effect of platform economy, the relationships of the “two-carbon” development strategy, digital construction, platform economy and total factor carbon productivity is clarified.In order to promote the improvement of carbon productivity in all provinces in China, introduce emission reduction and carbon reduction policies according to local conditions, and provide theoretical support and development path for the global realization of sustainable development goals.
Research on Financial Support for Green and Low-Carbon Transformation of the Energy Industry under the Dual Carbon Goal
LI Lingfei;ZHU Minting;LI Yaoyuan;Driven by the “dual-carbon” goals, the energy industry's green and low-carbon transition faces enormous financial demands.In response to the issue of financial support for the energy industry's green and low-carbon transformation, a four-dimensional mechanism is constructed from four perspectives: financial scale, financial structure, financial efficiency, and financial innovation.Based on panel data from 13 provinces in energy-rich regions from 2005 to 2022,the Partial Least Squares Structural Equation Model(PLS-SEM) method is used for validation.The results indicate that:(1) Expanding financial scale is conducive to technological progress and the upgrading of the energy industry, although it may bring a certain degree of environmental pollution.Overall, the effect of financial scale on the energy industry's green and low-carbon transition is positive;(2) Financial structure and financial innovation do not significantly impact technological progress, industry upgrading, and environmental improvements in the energy sector;(3) The improvement in financial efficiency is constrained by current capital allocation priorities, making it difficult to effectively promote technological progress and the green and low-carbon transformation of the energy industry;(4) Technological progress serves as a crucial mediator between financial development and the green and low-carbon transformation of the energy industry, and is a key driver of both energy industry upgrading and environmental improvement.Finally, based on the empirical results, policy recommendations are proposed from four dimensions: expanding the scale of green finance, improving multi-level energy capital markets, developing smart finance, and promoting energy financial innovation.Firstly, create green energy financial centers based on the resource endowments of energy-rich regions to expand their financial scales.Secondly, optimize the financial structure of energy-rich areas, enhance capital risk appetite, and develop multi-level energy capital markets.Thirdly, vigorously develop financial technology to improve financing efficiency in the energy sector.Fourthly, strengthen energy financial innovation based on energy endowments.
Research on the Identification,Spatial Distribution and Influencing Factors of Green High-value Patents
LIAN Ganghui;XU Aiting;LI Jinchang;Green high-value patents serve as the explicit manifestation of green, high-quality technologies.Identifying these patents from large-scale portfolios and analyzing their spatial distribution and determinants are pivotal for advancing China's technological development based on the dual carbon goals perspective.A systematic identification framework is constructed by integrating the conceptual definition of green high-value patents.A progressive "green patents-high-value patents" screening process and a three-stage evaluation approach,preliminary indicator construction,attribute reduction,and index weighting, are developed using the variable precision neighborhood rough set method.The spatial distribution of green high-value patents is mapped,and their influencing factors are compared with those of general green patents.Results indicate that since the enactment of China's Patent Law, green high-value patents have surged from single-digit to tens of thousands,yet their spatial distribution exhibits limited multi-tiered leapfrog development.Regional disparities remain significant,driven primarily by inter-regional differences, with distinct spatial clustering.Divergent factors influence green high-value patents and general green patents:economic foundations,government support,talent availability,digital infrastructure,and intellectual property protection positively drive green high-value patent cultivation,while artificial intelligence(AI) advancement shows a mild inhibitory effect.In contrast, general green patents(particularly utility models with lower technical thresholds) rely less on advanced technological flows or stringent intellectual property protection,diminishing the expected impacts of digital infrastructure and IP safeguards.Environmental regulations,potentially distorted in implementation,only incentivize general green patents.Policy recommendations emphasize optimizing innovation resource allocation,fostering AI-green technology integration to mitigate resource competition, calibrating intellectual property protection to avoid technical barriers from overprotection,and designing phased environmental regulations to prevent short-term compliance pressures from stifling cutting-edge green R&D.
The Impact of Non-state-owned Shareholders Appointing Directors on Inefficient Investment Behavior of Enterprises
ZHANG Wanding;JIAO Beibei;WANG Weibo;Given the unique ownership structure of state-owned enterprises(SOEs),inherent systemic challenges such as elongated principal-agent chains,absentee ownership,and insider control phenomena have historically constrained SOEs' investment efficiency due to governance distortions.In this context,mixed-ownership reform emerges as a pivotal institutional innovation in contemporary SOEs restructuring,characterized by the strategic integration of market-oriented non-state capital while maintaining state equity dominance.Through strategic bargaining processes within corporate governance architectures,the reform mechanism confers substantive decision-making influence to non-state shareholders in capital allocation matters,thereby catalyzing governance transformation from administrative command paradigms to market-driven accountability frameworks.Based on the realistic background of mixed ownership reform,state-owned enterprises with mixed ownership properties listed on the Shanghai and Shenzhen A-shares from 2008 to 2021 are selected as research objects to examine the relationship between non-state-owned shareholder appointed directors and inefficient investment behavior of enterprises,as well as the influence of internal and external environment on the relationship between non-state-owned shareholder appointed directors and inefficient investment behavior of enterprises.The research results indicate that,the appointment of directors by non-state-owned shareholders to participate in high-level governance can effectively improve inefficient investment in state-owned enterprises.Management power and industry competition have a negative moderating effect on the relationship between the appointment of directors by non-state-owned shareholders and inefficient investment in enterprises,while the marketization process has a positive moderating effect on the relationship.Exploring the impacts and channels of the appointment of directors by non-state-owned shareholders on inefficient investment behavior in enterprises from a micro governance perspective can theoretically expand and deepen research on the pre driving factors of inefficient investment behavior,and provide empirical support for further deepening ownership reform of state-owned enterprises.Therefore,state-owned enterprises should adhere to classification reform,actively introduce strategic investors,establish a board of directors with participation from all parties and mutual checks and balances,improve inefficient investment,and achieve the appreciation and preservation of state-owned assets.
Influence Mechanism of ICT Capital on the Spatial Correlation Network of Carbon Emission under Carbon Peaking and Carbon Neutrality Goals
XU Qiong;ZHONG Meirui;DONG Yu;The deep penetration and strong integration of information and communication technology(ICT) in the field of resources and environment has a strong driving spillover effect,which provides important potential for regional collaborative pollution and emission reduction.Therefore,it is a key scientific issue worth exploring whether different cities in China prefer "mutual benefit and win-win" or "no one cares" in the spatial correlation network of carbon emissions.Based on the inter-provincial panel data of China from 2000 to 2022,the hyperbolic efficiency model is used with truncated normal exit to calculate the ICT capital of China provinces,accurately describes the spatial correlation network of carbon emissions in China by using social network analysis,and further tests the influence mechanism of ICT capital on the spatial correlation network of carbon emissions.The results show that:(1) ICT capital is helpful to strengthen the spatial correlation network of carbon emission in China,so as to further promote the cooperation of carbon emission reduction between provinces and cities to achieve mutual benefit and win-win.(2) ICT capital mainly strengthens the spatial correlation network of carbon emissions by narrowing the regional income gap,romoting resource allocation and strengthening environmental rules.The three intermediary mechanisms all play an effective part of the intermediary role.(3) Considering the heterogeneity of ICT capital,the impact of ICT communication capital and hardware capital on the spatial correlation network of carbon emissions is more prominent,while the impact of ICT communication capital on the spatial correlation network of carbon emissions is weaker;Considering the heterogeneity of geographical location,ICT capital has a more significant impact on the spatial correlation network of carbon emissions in eastern and central provinces and cities of China,but it has not yet had a significant impact on the spatial correlation network of carbon emissions in western provinces and cities of China.Considering the heterogeneity of location characteristics,the spatial correlation network of carbon emissions in lowcarbon pilot provinces and cities,energy-intensive provinces and cities and high-tech innovative provinces and cities is more susceptible to the influence of ICT capital,while the spatial correlation networks of carbon emissions in non-low-carbon pilot provinces and cities,non-energy-intensive provinces and cities and low-tech innovative provinces and cities are less susceptible to ICT capital.This study expands new ideas for the research on ICT and carbon emissions,breaks through the traditional "point-line" relationship research between ICT and carbon emissions under the "attribute" data,reveals the " point-line-surface" panoramic relationship between ICT and carbon emissions spatial correlation network, and enriches the theoretical framework and research content of the existing research on the relationship between digital technology and carbon emissions.At the same time,the influence mechanism analysis of ICT capital on the spatial correlation network of carbon emissions will help all provinces and cities to fully release the dividend of ICT capital,guide all provinces and cities to effectively build the spatial correlation network of carbon emissions,reach an effective regional community of coordinated pollution control and emission reduction,and promote the early realization of the Carbon Peaking and Carbon Neutrality goals.
The Impact and Mechanism Analysis of Talent Policy Support on the Dual Innovation of "Specialized,Refined,Distinctive and Innovation" Enterprises
MIAO Peng;JIN Ziyi;WANG Fushi;The cultivation of " Specialized,Refined,Distinctive and Innovation " enterprises is considered essential for addressing "bottleneck" challenges.Listed " Specialized,Refined,Distinctive and Innovation" enterprises are selected as the research subject,and the direct effect of talent policy support on the dual innovation of these enterprises is analyzed theoretically.The mechanism is further explained based on the signaling function of government talent policy support.Empirically,the process and impact mechanism of talent policy support on the dual innovation of "Specialized,Refined,Distinctive and Innovation" enterprises are examined using a sample of listed enterprises from 2007 to 2023.It is found that talent policy support significantly promotes substantive innovation,while it does not trigger strategic innovation behavior.The conclusion has been validated through robustness tests such as propensity score matching(PSM) and substitution of dependent variables.The signaling role of talent policy support is shown to help "Specialized,Refined,Distinctive and Innovation " enterprises aggregate scientific and technological talents,leverage government resources,and enhance commercial credit,thereby fostering substantive innovation.The impact of talent policy support on substantive innovation exhibits regional heterogeneity,with the greatest effect observed in the eastern region,followed by the central region,and the least in the western region.The mechanisms also display regional heterogeneity,with the mechanisms of scientific and technological talent capital,government resource support,and commercial credit being significant in the eastern and central regions,but not in the western region.Based on these findings,several policy recommendations are proposed,strengthening the support and publicity of talent policies,promoting the effective integration of talent policies with government resources,paying attention to regional disparities,and reinforcing the construction of the innovation ecosystem and government resource support in the western region.The contributions of the research are reflected in the following three aspects.First, "Specialized,Refined,Distinctive and Innovation" enterprises are recognized as key carriers of the innovation-driven development strategy.However,the existing literature on these enterprises remains limited,particularly in exploring the impact of talent policy support on their innovation quality.The current research serves as a valuable supplement to the existing body of literature.Second,not only the regional heterogeneity of the talent policy impact support on substantive innovation is clarified,but the differences in mechanism effectiveness across regions are also examined.Clarifying the differences provides a reference for the adjustment and optimization of talent policies in different regions.Third,significant policy implications are highlighted.Under the current context of supporting the development of "Specialized,Refined,Distinctive and Innovation " enterprises,national support primarily focuses on post-certification tax incentives and subsidies for the enterprises themselves,while policy support targeting talent remains insufficient.Enhancing the effectiveness of talent policy implementation is expected to stimulate substantive innovation activities in "Specialized,Refined,Distinctive and Innovation" enterprises,improve resource utilization efficiency,and contribute to solving "bottleneck" challenges.
The Evolution Mechanism and Measurement Analysis of Consumption-Onierted Cities
SUN Hao;MAO Zhonggen;With the increasing fundamental role of consumption in economic development,consumptionoriented cities have become an important direction of urban development and transformation.The Chinese government attaches paramount importance to consumption-driven urban development.The Ministry of Commerce of the People's Republic of China is actively advancing the cultivation and construction of international consumption hub cities,marking the transition of this initiative from policy conceptualization to public policy implementation.Compared to the production-oriented city model,consumption-oriented cities necessitate robust societal production capacity while emphasizing the formation and optimization of consumption functions.Here,consumption becomes the primary driver of urban economic growth,with urban development priorities—spanning environmental,economic,and social dimensions-increasingly focused on accommodating the evolving characteristics of resident consumption demand.The evolutionary analysis based on Rostow's theory of economic development stages and Chenery's theory of industrialization stages indicates that the general pattern of urban functional transformation is from primary consumption-oriented cities to production-oriented cities and then to consumption-oriented cities.In the process of urban development,cities inherently exercise both production and consumption functions.However,during their evolutionary progression,these roles exhibit dynamic interplay and recip rocal shifts,thereby driving a continuous functional transformation.Urban transitions should not prioritize one function over the other through development strategies detached from the city's inherent endowment characteristics.To examine the process of urban functional transformation in China,this article constructs a consumeroriented city index system from three dimensions:consumer subject,consumer object,and consumer environment,and uses an improved efficiency coefficient method to measure the consumer oriented city index.The measurement results of 54 cities in China based on the index system show that Beijing and Shanghai are typical consumption-oriented cities,Shenzhen,Guangzhou,Hangzhou,Chengdu are mature consumption-oriented cities,while other cities have weaker consumer oriented characteristics,and they belong to transitional or embryonic consumption-oriented cities.The development experience of worldrenowned international consumer center cities includes enhancing urban influence,improving urban facilities,gathering high-end brands,enriching cultural products,strengthening international exchanges,and building landmark commercial districts.These development experiences provide reference and inspiration for China to cultivate and build international consumer center cities.Nations must adhere to the evolutionary laws of urban functions,promoting urban functional transformation by adapting to local conditions and temporal dynamics.The development of urban functional transformation occurs in distinct stages,requiring cities to drive adaptive transitions based on their developmental phases and endowment conditions,while avoiding reckless advancement of consumption-oriented city construction.Adaptive transition remains a core principle to uphold in advancing urban functional transformation.To cultivate consumption-oriented cities,it is essential to coordinate and balance urban production and consumption,accurately identify city types,grasp the transformation process,and prevent either premature or delayed transitions toward consumption-driven urban models.
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: 29 ] 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: 22 ] 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: 18 ] HTML PDF Cite this article
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: 21,343 ] [Citations: 403 ] [Reads: 16 ] 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: 29 ] 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: 22 ] 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: 21,343 ] [Citations: 403 ] [Reads: 16 ] HTML PDF Cite this article
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