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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 Method and Application of Digital Economy Heat Index Based on Mixed-frequency Data
SU Bingjie;XU Yonghong;PAN Wenjie;The profound internalization and digitization of human social activities will result in the creation of extensive digital records, marking the advent of the era of big data, the rapid development of big data and the extensive use of technology not only greatly improve the speed and scope of information acquisition, but also promote a paradigm shift in economic research and research methodology.The joint construction of multi-temporal economic measurement indicators using mixed-frequency economic data and big data represents a significant exploration of big data to enhance the timeliness of economic monitoring.This paper employs the big data from the Internet search platform, facilitating the initial screening of dynamic digital economy annual heat keywords through the utilization of text analysis technology.Secondly, a hierarchical dynamic factor model and Monte Carlo simulation algorithm are used to create a digital economy heat index in terms of both Level and Growth dimensions at annual, quarterly, monthly, weekly, and daily levels, the annual rotation effect of the digital economy heat index is verified and an overview of its regional developments is created with the help of the BP test and Chow.Finally, the BP test and Chow method are employed to confirm the annual rotation effect of the digital economy heat index as well as analyze its regional development profile.Finally, the coupling coordination degree of the digital economy heat and digital innovation development is analyzed with the help of the coupling coordination degree model.The study reveals that the digital economy heat indexes for both the Level and Growth dimensions in China, as well as in the four regions under investigation during the specified sample period, demonstrate a gradual increase in fluctuation.However, it is notable that, the trend is most pronounced in the western region.Additionally, the index fluctuation for the Growth dimension exhibits a discernible two-stage characteristic, with a distinct transition marking of the year of 2021.From the perspective of coordination, there is considerable scope for improvement in the coupling degree of coordination between digital economy enthusiasm and digital innovation development.However, the eastern region of China displays a higher level of mutual adaptability in comparison to the other three regions, with the annual average value at the national level situated within the “moderate dissonance-on the verge of dissonance” stage.Furthermore, spatial correlation characteristics of the coupling degree of coordination indicate that the majority of China's 31 provinces(municipalities and districts) exhibit “high-high” and “low-high” characteristics.The spatial correlation characteristics of the coupling coordination degree reveal that the majority of 31 provinces, demonstrate a “high-high” and “low-low” agglomeration tendency with less “low-high” and “high-low” patterns, which largely gives rise to a prevailing “homogeneous characteristics dominant and high-low” agglomeration trend.The spatial correlation pattern of “homogeneous features dominated and heterogeneous features supplemented” is essentially established.This research contributes to the development of the index compilation theory and establishes a high-frequency macro index, thereby enhancing the timeliness of acquiring macroeconomic information and facilitating the monitoring of macroeconomic operations and forecasting.
The Evolution Mechanism and Measurement Analysis of Consumption-oriented Cities
SUN Hao;MAO Zhonggen;With the increasing fundamental role of consumption in economic development, consumption-oriented 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 reciprocal 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 consumption-oriented city index system from three dimensions: consumption subject, consuming object, and consumption environment, and uses an improved efficiency coefficient method to measure the consumption 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 world-renowned 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.
Research on the Synergistic Path of Data Assets Driving High-quality Development of Manufacturing Enterprises
YUAN Zeming;XIE Meiling;LIU Jia;High-quality development of the manufacturing industry is crucial for achieving high-quality economic development.The collaborative interaction of data assets and multiple factors is of great significance in promoting the high-quality development of manufacturing enterprises.Based on the resource allocation theory and the synergy theory, and following the “symbiotic matrix, symbiotic unit and symbiotic environment” framework of the symbiotic theory, 681 Chinese manufacturing enterprises are taken as the research objects.The method combining fuzzy set qualitative comparative analysis(fsQCA) and necessary condition analysis(NCA) is used to explore the multiple configuration paths of data assets and internal traditional production factors, external relationship resources and environmental conditions in promoting the high-quality development of manufacturing enterprises.The research findings are as follows: First, a single factor can't serve as the necessary condition for the high-quality development of manufacturing enterprises.Thus, it is necessary to explore the effective paths of multi-factor joint driving of the high-quality development of manufacturing enterprises from the perspective of configuration.Second, there are three types of effective configurations for achieving the high-quality development of manufacturing enterprises, namely, the intangible resource dominant type with data assets as the core, the type with data assets as the auxiliary and the co-dominance of intangible and material resources, and the material resource dominant type in the absence of data assets.The three different configurations reflect the multiple feasible paths for enterprises with different levels of data asset development to achieve high-quality development when facing different traditional factor resources, relationship resources and external environments conditions.Meanwhile, there are also three types of configurations that lead to the non-high-quality development of manufacturing enterprises, once again proving the necessity of the synergy of data assets and multiple factors.Finally, a horizontal observation of the configuration results shows that investor relationship resources play a universal role in the path of influencing the high-quality development of enterprises.A vertical observation reveals that there is a set of substitution relationships among the antecedent variables.In terms of the specific role of data assets, to a certain extent, data assets can promote the lightening of the enterprise's asset structure and drive the high-quality development of enterprises.The research conclusions inspire enterprises to explore more suitable high-quality development paths based on their own resource endowments and external environmental conditions, and also provide useful references for the formulation of government data asset management policies.
Research on Spatio-temporal Differentiation and Grouping Mechanism of China’s Digital Trade Resilience
CHENG Yunjie;LIU Xian;YANG Linjie;Digital trade resilience, defined as the capacity of digital trade systems to recover, adapt, and sustain growth amid external shocks such as geopolitical conflicts, economic downturns, or technological disruptions, has emerged as a critical determinant of high-quality development in trade especially in the digital era.By constructing a set of comprehensive indicators to accurately measure the level of digital trade resilience between China and other 54 “the Belt and Road” countries from 2010 to 2022.By analyzing its spatial and temporal evolution characteristics, aim to reveal how digital trade resilience varies across different regions and over time.Additionally, fuzzy set qualitative comparative analysis(fsQCA) is employed to reveal the grouping mechanism of digital trade resilience, identifying which combinations of factors contribute to different levels of resilience.The findings are multifaceted and insightful: Firstly, the digital trade resilience index between China and other “Belt and Road” countries rises evidently which indicates a strengthening ability withstanding external pressures.However, significant disparities exist across regions and dimensions.On the one hand, a closer look reveals that the average level of digital trade resilience index between China and the “One Road”countries is higher than the “Belt and Road” countries.On the other hand, digital trades between China and the “Belt and Road” countries demonstrate the strongest resistance and adaptive capacity, indicating a robust ability to address immediate challenges; The structural transformation capacity ranks second, showing a good potential for evolving and adjusting trade patterns; The recovery and adjustment capacity are relatively weaker, highlighting countries that need more attention and improvement.Secondly, from the perspective of dynamic evolution, a positive trend is shawed that, the number of countries with low digital trade resilience is obviously reduced, and the digital trade resilience index is developing in a good direction.But the spatial gaps between China and the other “Belt and Road” countries aregradually expanding, and the phenomenon of multi-level differentiation has been enhanced, the reason for the overall expansion of the overall difference is mainly due to the contribution of intra-group differences.This divergence means that while some countries are rapidly advancing, others are lagging behind, creating disparities that could affect the overall trade ecosystem.The results of the Markov Chain analysis show that the digital trade resilience has the characteristics of “path-dependence” and “self-locking”.These traits suggest that once a country establishes a certain level of resilience, it tends to remain within that level, making cross-level transitions challenging without significant interventions or changes in strategy.Eventually, in terms of group mechanism, high-level opening-up, production capacity, optimization and upgrading of industrial structure are important guarantees for improving digital trade resilience.These factors form the foundation upon which digital trade resilience is built.According to the development status of the research object and the economic and technological environment, the research also points out that there is heterogeneity in the group enhancement paths of the elements for digital trade resilience of different groups, which means strategies must be tailored according to the specific development status, economic conditions, and technological environments of each country or region.In conclusion, this study provides valuable insights and a factual basis for policymakers and stakeholders aiming to grasp the development law of digital trade resilience, to enhance the level of digital trade resilience of economies and to foster more robust and sustainable trade relationships between China and the other “Belt and Road” countries in the digital age.
Research on the Impact of FDI from the Belt and Road Countries on Labor Income Share
BAI Chen;CHEN Zhumeng;GU Tongtong;With the sustained progression of the Belt and Road Initiative(BRI),countries along its corridors have emerged as pivotal destinations for global foreign direct investment(FDI),playing increasingly crucial roles in shaping international capital flows.The influx of overseas capital has not merely generated immediate economic advantages but has also spurred profound and multifaceted socio-demographic consequences, spanning enhanced employment opportunities, technological diffusion, and improved livelihood standards.Employing the Cobb-Douglas(C-D) production function framework, systematically investigate the causal mechanisms and quantitative impacts of FDI inflows on labor income shares across BRI economies through rigorous panel data analysis spanning the period from 2006 to 2020.The empirical findings unveil several critical patterns: First, FDI's influence on labor income share follows a distinct U-shaped nonlinear trajectory, primarily mediated by the synergistic interactions between “technology rent-seeking effects”(where multinational enterprises extract disproportionate gains through intellectual property dominance) and “wage competition effects”(stemming from labor market liberalization).Second, the bargaining power dynamics between labor unions and capital owners exhibit significant moderating functions, either amplifying or mitigating FDI's impacts depending on institutional frameworks.Third, pronounced heterogeneity emerges when analyzing nations stratified by developmental stages and human capital endowments, with panel regression results documenting entrenched “Matthew effects”,where wealthier economies with advanced infrastructure and skilled workforces disproportionately capture higher-value FDI inflows compared to less developed counterparts.Fourth, threshold regression analyses targeting political stability indices, trade liberalization measures, and urbanization quality metrics reveal that all three dimensions of investment environments exhibit diminishing marginal negative impacts once specific critical thresholds are surpassed, conclusively demonstrating that nations achieving balanced development across institutional, infrastructural, and socio-economic domains derive substantially greater benefits from BRI-mediated multinational capital integration.In response to these findings, a tripartite policy framework is proposed: First and foremost, international collaborative mechanisms should be strengthened through multilateral dialogues to establish compensatory measures alleviating FDI-induced labor market inequalities, such as wage insurance programs and vocational training subsidies.Secondly, national governments must design medium-to-long-term FDI attraction strategies that deliberately balance technology importation with indigenous innovation ecosystems, avoiding overreliance on foreign capital while fostering domestic technological spillovers.Lastly, creating enabling environments necessitates harmonizing regulatory frameworks to attract foreign investments while simultaneously enforcing equitable labor market regulations, such as minimum wage laws and collective bargaining protections, to safeguard worker rights.Specifically, China's leadership in advancing BRI infrastructure projects should prioritize principle-based development cooperation, consciously aligning with host nations' developmental realities by promoting market institution maturation, standardized commercial practices, and transparent governance models.Through such calibrated approaches, China can substantively contribute to constructing a community with a shared future for humanity, transforming BRI from a mere economic corridor into a cornerstone of inclusive global development.
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 Influencing Factors of Enterprise Blockchain Technology Adoption Intentions Based on Meta-analysis
KANG Zhenwei;ZHU Jianming;Blockchain technology helps address issues such as information asymmetry and traceability difficulties faced by enterprises.In recent years,the topic of blockchain technology adoption has become a crucial research direction in the digital transformation of enterprises,attracting widespread attention from scholars.However,existing studies have yet to reach a consensus on the key influencing factors of enterprises' intentions to adopt blockchain technology,and a comprehensive evaluation of these influencing effects remains incomplete.A sample comprising 34 empirical research articles,published across various domestic and international platforms,is employed in this study.Through meta-analysis,it identifies and synthesizes the influencing factors and their effects on enterprises ' intentions to adopt blockchain technology,explores moderating variables of heterogeneity,and analyzes mediating variables in the process.The findings indicate that complexity and cost have significant negative impacts on enterprises' intentions to adopt blockchain technology,while the remaining 11 variables positively influence adoption intentions.However,the effects of these influencing factors exhibit heterogeneity across different studies.The analysis of moderating effects reveals that scale levels,application domains,and research regions are the primary sources of this heterogeneity.From a scale-level perspective,a seven-point scale more accurately reflects the effects of firm size and trading partner pressure on blockchain adoption.Across application domains,firm size and organizational readiness exert stronger influences on adoption intentions in the construction sector than in retail.Regionally,social influence plays a more significant role in driving blockchain adoption among domestic firms compared to foreign enterprises.Further research finds that perceived usefulness mediates the influence of perceived ease of use on enterprises' intentions to adopt blockchain technology.Based on the conclusions,it is suggested to promote enterprises' perception of the usefulness of blockchain technology,drive its application from specific contexts,improve the infrastructure and personnel conditions of enterprises to enhance their blockchain adoption capabilities,and strengthen guidance on blockchain adoption to create a favorable environment for technology application.
Vertical Ecological Protection Compensation and Upgrading of Industrial Structure
WANG Yeqiang;LUO Yangfan;The upgrading of industrial structure is conducive to economic growth and environmental protection in ecological protection areas.Vertical ecological protection compensation has a more direct and rapid impact on the industrial structure upgrading in ecological protection areas.It is of greater practical significance to examine the impact of vertical ecological protection compensation on industrial structure upgrading.Based on the county-level panel data from 2010 to 2022,this paper uses the quasi-natural experiment of the negative list system for industrial access in key national ecological function zones to identify the impact of vertical ecological protection compensation under the background of industrial regulation on upgrading of industrial structure by using the difference-in-difference model.The benchmark results confirm that vertical ecological protection compensation under the background of industrial regulation can promotes the upgrading of industrial structure,but the "running-in" of transfer payment of key national ecological function zones and negative list system for industrial access makes the policy effect lag by two years.The mechanism analysis shows that,vertical ecological protection compensation under the background of industrial regulation promotes the upgrading of industrial structure by inhibiting the industrial development of ecological protection areas and promoting the development of service industries in ecological protection areas.The heterogeneity study found that the policy effect was better in counties with low-level economic conditions and high financial pressure,and the policy effect of resource-based counties was better than that of non-resource-based counties.Therefore,it is necessary to improve the synergy between the transfer payment of key national ecological function areas and the negative list system for industrial access,to strengthen the policy effect of vertical ecological protection compensation.Optimize the system for the use of vertical ecological protection compensation,and promotes the tilt of vertical ecological protection compensation towards the service industry.Increase vertical ecological protection compensation in underdeveloped areas,and supports the upgrading of industrial structure of low-level economic development,high financial pressure and resource-based areas.
The Dual Impact of ESG Performance on Corporate Competitiveness:Governance Effect and Window-Dressing Effect
SHI Nan;ZHAO Tongpu;WANYAN Ruiyun;In recent years,with the increasing awareness of sustainable development,corporate ESG(Environmental,Social,and Governance) performance has garnered widespread attention from investors and has had a sustained impact on long-term business operations.The mechanisms by which ESG performance affects corporations primarily include the "governance effect" and the "window-dressing effect." Aimed at high-quality development goals,what kind of impact does ESG performance have on corporate competitiveness? This paper attempts to explore the economic relationship between corporate ESG performance and corporate competitiveness in China's capital market through theoretical analysis and empirical testing.The research results show that ESG performance significantly promotes corporate competitiveness,particularly through the "social" dimension(S) and "governance" dimension(G).ESG performance significantly enhances corporate competitiveness by increasing corporate philanthropic donations and improving total factor productivity,demonstrating the " governance effect " of ESG.However,in the "environmental" dimension(E),ESG performance instead leads to an increase in corporate carbon emissions,which may indicate that corporate efforts in environmental areas are more for superficial appearance,exhibiting the "window-dressing effect" of ESG.This article suggests that companies should enhance their substantive investment in ESG strategies by establishing a sound management system to ensure the continuous optimization of governance effects.Meanwhile,the government should prevent the emergence of "greenwashing" by encouraging the development of industry standards,strengthening the authenticity verification of corporate environmental protection measures,and promoting green technology innovation.
Study on Statistical Data Quality and Survey Compilation of Green Finance
SHI Daimin;YU Lan;SHI Haoming;Green finance serves as a critical pillar for sustainable development and the Chinese modernization.In recent years,the rapid development of green finance in China has facilitated the transformation of the economy towards a higher level and quality,while also contributing to the achievement of carbon peaking and carbon neutrality goals.In the process of rapid development of green finance,statistical theory of green finance lags behind the practice of green finance.Although statistical theory and practice have been established for green financial products such as green credit,green insurance,and green bonds,there are still many issues that need to be explored in depth regarding the classification,framework,and measurement of green finance statistics.In particular,the standards and systems for green finance statistics are relatively fragmented,and the data is still in complete and of insufficient quality,there is a lack of a comprehensive statistical system that can thoroughly monitor the development of green finance.Compiling a green finance survey can effectively present fundamental data on the total volume and structure of green finance,which facilitates a comprehensive and systematic monitoring of green financial activities and aiding in the analysis and assessment of the development status of green finance.Therefore,following the logical requirements of green finance statistical monitoring,this paper aims to compile a green finance survey.Specifically,it examines several fundamental issues,including the classification of green finance statistics,the data foundation,and the challenges in compiling the survey and the flow of funds table.The findings indicate that the current classification of green activities in statistical standards and systems is mainly based on industrial levels.To meet the diverse demands for green finance from government departments,enterprises,the general public,it is necessary to classify green finance from multiple perspectives,including the degree of greenness and its effects,and conduct multi-level green finance total amount.And it is necessary to further refine and expand the scope of green finance statistics,extending the statistical perspective from financial institutions to multiple sectors involved in green finance activities.Additionally,efforts should be made to optimize and enhance the structure and quality of green finance data,involve systematically constructing a multi-dimensional green finance database and establishing a quality supervision system for green finance.Finally,by integrating the various specialized statistical standards and systems of green finance,the compilation of a green finance survey and flow of funds table is proposed.These tools are designed to reflect the specific manifestations of green finance flows and stocks at different classification levels,providing an effective solution to the current lack of comprehensive green finance statistics.The research results are helpful to improve the statistical theory of green finance and provide some references for establishing a comprehensive statistical system of green finance.
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: 31 ] 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: 25 ] 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: 21,377 ] [Citations: 410 ] [Reads: 18 ] 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: 20 ] 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: 31 ] 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: 25 ] 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: 21,377 ] [Citations: 410 ] [Reads: 18 ] HTML PDF Cite this article
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