被引排行
Research on Financial Performance Evaluation of Media Industry Listed Companies Based on AHP-DEA
JING Qi;School of Journalism and Communication,Renmin University of China;School of Journalism & Communication,Northwest University;On the basis of system analysis on the financial target of the listed companies in media industry.This paper used the analytic hierarchy process to build financial performance evaluation index system,by screening a large number of listing corporation financial performance evaluation indexes.Then,this paper used the data envelopment analysis method to build a comprehensive evaluation model of financial performance.Finally,through the analysis of the financial data on 34 listing corporation,we have obtained the comprehensive ranking of financial performance,the scale of income.Based on the data analysis,some proposals are put forward.Examples of model are verified.The experimental results show that the model is effective.
Agricultural Informatization,Spatial Spillover Effect and Agricultural Green Total Factor Productivity:Based on the Method of SBM-ML Index and Spatial Durbin Model
GAO Yang;NIU Zi-heng;College of Economics,Shandong University;Research Center for Food Safety Co-governance of Shandong Province,Qufu Normal University;Based on the panel data from 2003 to 2015 of 30 provinces in China,this paper uses the ML index based on SBM's directional distance function to estimate agricultural green total factor productivity.Then,using spatial Durbin model and partial differential method,this paper analyzes the influence of agricultural informatization on agricultural green total factor productivity and divide that into direct effect and spatial spillover effect.The results show that agricultural green total factor productivity grows at 4.5%per year in average,agricultural technological progress is the main dynamic and decrease progressively from the middle?to the eastern to the western.There is an increasing trend in local correlation of agricultural green total factor productivity.Agricultural informatization level increases 1%,agricultural green total factor productivity will increase 0.450 3%in total.Among them,the direct effect contributed0.340 1%,and the spillover effect contributed 0.110 2%.Therefore,it is supposed to implement the policy of regional agricultural support,strengthen the precise assistance for less-developed provinces from well-developed provinces in agriculture,and improve the level of agricultural informatization.
Research on Green Bond Issuance and “Green” Incentive Effect in the Context of Dual Carbon
CHAI Hongrui;ZHAO Rui;FANG Yunlong;In recent years, “Green Swan”4 events have emerged frequently, and climate-related risks have increasingly become an important factor affecting the world's economic and financial stability.Under the continuous impact of extreme weather, countries around the world are beginning to pay attention to environmental protection and sustainable development issues.To substantially improve the environment and pursue sustainable development, it is necessary not only to strengthen end-of-pipe treatment, but also to change the incentive mechanism of resource allocation through fiscal and financial means, so that the economy and energy structure can become cleaner and greener.On September 22,2020,at the 75th session of the United Nations General Assembly, China officially proposed the “double carbon” goal, emphasizing that China aims to achieve peak carbon by 2030 and carbon neutrality by 2060.Driven by the double carbon target and high-quality economic development, how to promote green development and sustainable development through building a green financial system, guide the real economy to achieve green transformation, and ultimately achieve a balance between economic development and environmental protection has become an important issue of concern to all sectors of society.As an important financial instrument, green bonds play an indispensable role in the construction of China's green financial system.This paper explores whether there is a “green” incentive effect of green bonds that is different from that of ordinary bonds, and finds that the “green” attribute can significantly reduce the credit spread of bonds and lower the financing cost of bond issuers, and this effect is heterogeneous among different types of green bonds.Green bonds outperform ordinary bonds in terms of capital income and liquidity, which to some extent counteracts the negative impact on investors' motivation caused by the lower interest income of green bonds and provides incentives for investors to buy and trade green bonds; further analysis shows that the issuance of green bonds not only improves the liquidity of the bond market, but also improves the liquidity of their own stocks.This linkage between debt and equity liquidity is mainly due to the “reputation spillover” effect of green bonds, which improves “profitability” and “risk tolerance” to improve equity liquidity.This linkage between debt and equity liquidity is mainly due to the “reputation spillover” effect of green bonds and the improvement of equity liquidity through two channels: “profitability” and “risk tolerance”.The above findings not only provide the latest evidence from the Chinese bond market for the current debate on green premium, but also further expand the research dimension on green bonds and provide a policy reference for China to establish a sound green bond market system and further promote sustainable development strategies.
Research on Influential Factors on Disclosure of Environmental Accounting Information——Practical Data from Public Listed Companies in the Chemical Products Industry in China
ZHANG Jun-rui1,GUO Hui-ting1,JIA Zong-wu2,LIU Dong-lin1 (1.School of Management,Xi'an Jiaotong University,Xi'an 710049,China;2.School of Accounting,Xi'an University of Finance and Economics;Xi'an 710061,China)To construct company environmental accounting system for social environment sustainable development,this article starts with the examination empirically of the impact of specific corporate financial regulation factors on the voluntary disclosure of information of listed companies in chemical industry in China from 2003 to 2005,take the percept of corporate accounting.The results of the statistical analysis shows that large companies with more profit behave better in disclosing environmental information.But not many companies disclosed this information voluntarily.It's necessary to enforce compulsory disclosure system of environmental information,which is important to sustainable development in Harmonious Society.
Study on Measurement and Influencing Factors of Rural Industrial Integration Development Level in Upper Reaches of Yangtze River
CHENG Li;KONG Fang-xia;Taking the upper reaches of the Yangtze River as examples,the evaluation index system of rural industrial integration development is constructed from four aspects:integration of agriculture,extension of agricultural chain,expansion of agricultural function and infiltration of advanced factor technology into agriculture.Based on the panel data from 2004 to 2016,the influencing factors of Rural Industrial Convergence Development in the upper reaches of the Yangtze River are further empirically studied based on panel models.The results show that,the overall level of rural industrial integration in the upper reaches of the Yangtze River has increased from 0.2088 to 0.6116,which increased by 0.4028.Among the four specific modes of integration in the agricultural industry,the development trend of penetrating integration of advanced technology in agriculture is the most prominent.The differentiation characteristics of rural industrial integration level are obvious.The level of rural industrial integration in Sichuan and Chongqing is relatively high,while that in Yunnan and Guizhou is relatively low.Consumption demand,land circulation,technological progress,infrastructure,environmental quality,human capital,financial development and other factors have different effects on rural industrial integration and development,and each factor has different effect because of there different modes.
Study on the Influence of Digital Finance Development to Enterprises Green Innovation
GU Hai-feng;GAO Shui-wen;Through constructing a panel regression model to make an empirical analysis on the impact of digital finance development on enterprise green innovation and its mechanism with the annual data of China's A-share listed companies from 2011 to 2020.The results show that:(1)Development of digital finance promotes enterprises green innovation.Compared with enterprises in non-state-owned, high pollution and high level of financial supervision, the development of digital finance has greater promotion on green innovation of enterprises in state-owned, low pollution and low level of financial supervision.(2)Financing constraints and enterprise risk play an intermediary role in the relationship between digital financial development and enterprise green innovation.Digital financial development promotes enterprise green innovation by alleviating financing constraints and inhibiting enterprise risk channels.The transmission channel of “digital financial development-financing constraints/enterprise risk-enterprise-green innovation” is effective.(3)Corporate social responsibility has a positive regulatory effect on the relationship between the development of digital finance and corporate green innovation, and improvement of corporate social responsibility performance will intensify the promotion of corporate green innovation by the development of digital finance.(4)Government environmental regulation plays a positive regulatory role in the relationship between digital financial development and enterprise green innovation, and improvement of government environmental regulation level will intensify the promotion of corporate green innovation by the development of digital finance.(5)Media attention can positively regulate the relationship between digital financial development and enterprise green innovation, namely, the increase of media attention will strengthen the promotion effect of digital financial development on enterprise green innovation.On the one hand, the research finds enrich the theoretical research on the influence of digital finance on enterprises' micro investment behavior, and further expand the research on the influencing factors of green innovation, and promote the macro and micro interaction research.On the other hand, the research finds provide important decision-making reference for realizing the effective combination of digital financial development and enterprise green innovation, promoting the construction of ecological civilization, and realizing China's “Double Carbon” goal.
Can Digital Transformation Promote Human Capital Structure Adjustment?
CHEN Hong;ZHANG Meng-yun;WANG Wen-hua;HU Yao-dan;In the context of the digital economy era, digital transformation has become an important starting point for enterprise transformation and upgrading.Digital technology not only affects macroeconomic development, but also profoundly affects the internal and external environment of enterprises, and can provide strong support for high-quality development of enterprises.Based on the perspective of corporate human capital structure, taking Shanghai and Shenzhen A-share listed companies from 2011 to 2019 as the research object to empirically test the impact of digital transformation on corporate human capital structure.It is found that, digital transformation is conducive to promoting the optimization and adjustment of the human capital structure of enterprises, which is embodied in the rising demand for high-level labor and the optimization of labor structure.The above conclusion still holds after a series of robustness tests.Further research finds that, firstly, there are significant differences in the improvement of human capital structure by the underlying technologies and practical applications of digital transformation.The underlying technologies will increase the demand for high-level labor, while the practical application of technologies will change the internal labor structure of enterprises; Secondly, enterprises will have redundant employees in the early stage of digital transformation, but this phenomenon will gradually be alleviated with the deepening of digital transformation; Finally, digital transformation can enhance the value of enterprises after promoting the adjustment of human capital structure.The research expands the research on digital transformation at the enterprise level, and organically combines digital transformation with the human capital structure of enterprises, which helps to confirm the positive role of digital transformation of enterprises and promote the deep integration of digital transformation and the real economy.The perspective of enterprise development confirms the significance and practical value of digital transformation, and also has important reference value for promoting digital transformation of enterprises, building digital China and promoting economic transformation and upgrading.Therefore, from the perspective of enterprises, they should actively embrace digital transformation on the basis of their own business development and organizational construction.They should not only pay attention to the positive effects of digital transformation on enterprises, but also pay attention to the possible adverse effects of digital transformation and avoid them.Digital transformation has truly become a powerful force for enterprise development, transformation and upgrading.From the perspective of the government, on the one hand, it should pay attention to the construction and improvement of digital infrastructure to provide a solid foundation for the digital transformation of enterprises.On the other hand, it should strengthen intellectual property protection, reduce market access barriers, and provide tax incentives to provide a good external environment for the digital transformation of enterprises.From a personal point of view, workers should actively improve their educational level and knowledge literacy, and continuously improve themselves by participating in on-the-job education to meet the demand for high-quality workers in the context of digital transformation.All in all, the digital transformation of an enterprise requires the efforts of many parties.Through the extensive pooling of resources from all walks of life, digital transformation will surely become a powerful boost for enterprise development, transformation and upgrading.
Bootstrap Methods:Developments and Frontiers
XIE Yi-hui1,2,ZHU Yu1,3(1.School of Statistics,Renmin University of China,Beijing 100872, China;2.Center for Applied Statistics,Renmin University of China,Beijing 100872,China;3.School of Statistics,Xi'an University of Finance and Economics,Xi'an 710061,China)Bootstrap methods have been developed and extended in a large number of fields of statistics ever since the first inception by Efron(1979).This paper gives an introduction of the basic methodology,historical developments and some frontiers of the bootstrap theory.The main directions introduced in this paper includes: bootstrap for i.i.d data,model-based bootstrap,block bootstrap,sieve bootstrap,transform-based bootstrap,bootstrap for Markov process,bootstrap for long range dependence and bootstrap for spatial data,among which the first direction is the most fundamental,and other directions can be regarded as extensions under certain conditions.At the same time,we'll give some program scripts for different bootstrap algorithms;our tool is R language,which is being widely adopted nowadays in implementing new methods and models of statistics by international academicians.
Intelligent Transformation,Competitive Strategy and Cost Stickiness of Manufacturing Enterprises
YUE Yu-jun;GU Meng;As an important choice to promote the high-quality development of manufacturing enterprises, intelligent transformation realizes the transformation of enterprise operation and management through different competitive strategies, presenting different cost structures.Cost stickiness is the result of enterprise resource allocation and reflects the asymmetry of enterprise cost with the change of business volume.Clarifying the relationship among intelligent transformation, competitive strategy and cost stickiness has important theoretical and practical significance for manufacturing enterprise strategic choice, intelligent transformation and system construction.Based on the data of Chinese A-share manufacturing enterprises from 2013 to 2019,with the help of crawler technology, the keywords of “intelligent transformation” in the enterprise annual report are collected, creatively describes the quantity and degree of enterprise intelligent transformation, constructs a regression model, empirically analyzes the relationship between intelligent transformation, competitive strategy and cost stickiness, and further investigates the relationship between intelligent transformation, competitive strategy and cost stickiness, and further examines the intermediary mechanism of competitive strategy and cost stickiness, intelligent transformation and cost stickiness.It is found that the cost and income of manufacturing enterprises change in the same direction, but the range of cost reduction when income decreases is lower than income increases, that is, there is a cost stickiness; Manufacturing enterprises that choose different strategic forms will show different cost behaviors.Compared with cost leading strategic manufacturing enterprises, differentiated strategic manufacturing enterprises have stronger cost stickiness; Intelligent transformation can effectively restrain the cost stickiness of manufacturing enterprises, and its inhibitory effect is more obvious in differentiated strategic manufacturing enterprises than in cost leading strategic manufacturing enterprises.The above results are still valid after a series of robustness tests such as fixed effect model test, Heckman two-stage test and instrumental variable method test.Further analysis shows that agency cost plays a significant intermediary role in the relationship between competitive strategy and cost stickiness, that is, manufacturing enterprises with differentiation strategy will aggravate cost stickiness due to deteriorating agency problem; In the process of intelligent transformation restraining cost stickiness, agency cost plays a significant intermediary role, that is, intelligent transformation can restrain cost stickiness by reducing agency problems.Therefore, manufacturing enterprises should seize the opportunity of intelligent transformation and choose the appropriate competitive strategy according to their own business conditions; Consolidate the foundation of software and hardware, promote the intellectualization of products and businesses, and gradually integrate intellectualization into enterprise operation and management; Look for suitable governance for enterprise development, strengthen the system construction, including risk management, internal control, etc.