Increasing labor income share is the core essence of optimizing the income distribution pattern and achieving common prosperity. This paper examines the impact of local fiscal pressure on the labor income share of enterprises using difference-in-difference method with a quasi-natural experiment of the nation-wide abolition of agriculture tax in 2005. We find that local fiscal pressure significantly reduces the share of labor income of enterprises. Moreover, we find that the negative relationship is more pronounced in small and medium-sized enterprises, regions with lower financial development, regions with lower fiscal self-sufficiency, and firms in labor-intensive industries. Further mechanism analysis shows that fiscal pressure leads local governments to raise tax and non-tax enforcement, increase debt raising, and thus intensify firms' financing constraints. Financing constraints firms cut human capital investment to smooth out fixed asset investment, which in turn leads to a decrease in firms' labor income share. This study not only enriches the research on local fiscal pressure and labor income share of enterprises, but also provides empirical evidence and policy implications on how to improve the primary distribution structure and achieve common prosperity.

China is currently undergoing a dynamic process of evolution in the government-business relationship, with a transition from old to new forms. A new type of government-business relationship that emphasizes "cordiality" and "cleanliness" has become the fundamental approach for governments at all levels to improve this relationship. Examining whether such a relationship can better promote entrepreneurial spirit and drive regional innovation and entrepreneurship is of great significance. This study employs national industrial and commercial enterprise registration data and the China cordial and clean government-business relationship index to construct an annual observation sample of Chinese cities at or above the prefecture level from 2016 to 2019, empirically testing the impact of cordial and clean government-business relationships on regional entrepreneurship levels and its mechanism. The findings are as follows: First, a higher degree of cordial and clean government-business relationships leads to greater improvement in regional entrepreneurship levels. On average, a 10-point increase in the cordial and clean government-business relationship index corresponds to a 2.35% increase in the number of entrepreneurial enterprises in the city, with significant economic implications. Second, cordial and clean government-business relationships play a "cost-saving effect" and "income incentive effect" in empowering regional entrepreneurship and optimizing its structure. Third, the positive impact of cordial and clean government-business relationships on regional entrepreneurship levels is stronger in non-eastern regions, small-scale, and lower-level cities, indicating a "supporting the weak" effect. Fourth, the promoting effect of cordial and clean government-business relationships on regional entrepreneurship levels is stronger when their institutionalization in the region is higher and official media propaganda is stronger. Fifth, this study finds that cordial and clean government-business relationships can significantly improve the entrepreneurial probability of micro individuals, particularly in opportunity-based entrepreneurship, with a stronger empowering effect. In conclusion, the research findings not only enrich the literature on government-business relationships and regional entrepreneurship but also provide timely decision-making support for the current reform practice of building a new type of cordial and clean government-business relationship system in China.

By constructing a two-stage model of dynamic R&D investment of enterprises under own capital investment (OC), independent venture capital (IVC) financing, and corporate venture capital (CVC) financing, this study explores the influence of different financing modes on the dynamic R&D investment decision made by enterprises. The results show that, IVC financing always promotes R&D investment of enterprises in the second stage. It can also promote the R&D investment of enterprises in the first stage when the success probability of R&D projects is higher than a certain threshold. CVC financing can promote R&D investment of enterprises in the first stage when the success probability of R&D project is higher than a certain threshold and the strategic synergy of the R&D project for the CVC parent company is greater than the risk-free project. Compared with IVC, CVC can better promote the R&D investment of enterprises in the first stage, but if the result of the R&D project in the first stage is low quality, IVC can better promote the R&D investment of enterprise in the second stage.

This paper empirically examines the relationship between customer enterprises' ESG rating and supplier enterprises' green innovation, using all A-share listed companies from 2009 to 2022 as the research samples. The empirical results show that customer enterprises' ESG rating can positively influence supplier enterprises' green innovation; customer enterprises reduce the amount of funds absorbed from supplier enterprises, encourage supplier enterprises to increase innovation investment, and improve the managers' green cognition of supplier enterprises are the three mechanisms of promoting supplier enterprises' green innovation through customer enterprises' ESG rating; supplier enterprises' market power will negatively moderate the positive relationship between customer enterprises' ESG rating and supplier enterprises' green innovation. Heterogeneity analysis shows that the positive influence of customer enterprises' ESG rating on supplier enterprises' green innovation is more significant both when customer enterprises are under greater legitimacy pressure or have more substantive ESG practices, and when supplier enterprises lack credibility or face stricter environmental regulations. Further research shows that customer enterprises' ESG rating is more effective in promoting supplier enterprises' green innovation when the uncertainty of ESG rating results is low, and that supplier enterprises' green innovation contributes not only to supplier enterprises' own ESG rating but also to supplier enterprises' total factor productivity. This paper highlights the spillover effects of ESG rating pressure from the perspective of supplier enterprises, and provides empirical evidence and management enlightenments for effectively promoting enterprise green innovation.

The inequality between economic trade benefits and carbon emission costs among cities not only reveals the inherent interaction of cities' carbon decoupling processes among but also reflects the heterogeneity of their industrial division and economic structure. Existing carbon-decoupling index models insufficiently consider the impact of intercity carbon inequality, thereby leading to the ambiguity in the development trend of industrial carbon emissions with the urban carbon decoupling progress. Therefore, this study combines input-output analysis framework and complex network methods to construct a novel carbon decoupling index model considering carbon inequality relationships. Subsequently, this study empirically analyzes the grouped development patterns of carbon emissions in various industries under China's urban carbon decoupling process in 2012, 2015, and 2017, with a focus on 309 cities. The results indicate that the distribution of carbon inequality between Chinese cities exhibits a clear demand-side concentration feature. In recent years, the carbon decoupling benefits obtained by major Chinese cities through carbon inequality have continuously increased, becoming a crucial factor in achieving low-carbon development in their production activities. With the advancement of carbon decoupling, the interdependence of city-level industrial carbon emissions demonstrates a "U"-shaped development trend, initially decoupling and then recoupling. This study contributes to enhancing the understanding of the impact of cross-regional economic environmental connections on urban carbon decoupling development. It can help city managers at different development stages formulate differentiated policy combinations to achieve stable economic development and multi-industry collaborative emissions reduction.

The pollution control strategy of enterprise is not only affected by perceived pressures, but also closely related to enterprise's own resources that can be allocated. Therefore, from the perspective of configuration, this paper analyzes what kind of pressure perception and social capital combination can promote enterprises to adopt high-level environmental pollution control strategies from the perspective of configuration. The results showed that: 1) The effective pollution control mode of enterprises can be mainly divided into three categories: Pollution control path led by government supervision and social relations, the pollution control path driven by social relations led by capital, and the pollution control path driven by social relations led by R&D. 2) "Government pressure" and "R&D platform participation" are important factors that promote enterprises to adopt high-level pollution control. The group of high-politically embedded enterprises, small-sized enterprises, and enterprises in the industrial undertaking zone has a configuration with "government pressure" as the core condition, while the group of low-politically embedded enterprises, large-sized enterprises, and enterprises in the industrial relocation zone has a configuration with "R&D platform participation" as the core condition; 3) Good social relations among entrepreneurs are the basic guarantee for all kinds of enterprises to achieve high-level pollution control. In Chinese manufacturing business environment, fully mobilizing the role of entrepreneurs' social relations is conducive to promoting the high-level pollution control process of various enterprises. The results of this study are helpful to clarify the driving path and mechanism of high-level pollution control behavior of manufacturing enterprises, provide a theoretical basis for enterprises to achieve the phenomenon of "different paths to the same end" of high-level pollution control, and provide scientific guidance for fighting the tough battle of pollution prevention.

The environmental benefits of transportation have always been a focus of environmental economics. However, due to data availability and endogeneity issues, there is limited research on the impact of urban rail transit on ambient air quality at a national level. This study innovatively matches data on subway segments in 39 Chinese cities with a high-resolution daily PM_2.5 dataset, and employs a multi-period difference-in-differences approach to empirically analyze the causal relationship between the opening of new subway segments and local air pollution. The study finds that the opening of new subway segments significantly improves ambient air quality, leading to a reduction of approximately 2.37µg/m³ in PM_2.5 concentration within a 500-meter radius. Moreover, this pollution reduction effect is more pronounced on weekdays in cities with high per capita GDP, heavy air pollution levels, and large-scale coal-fired power plants, or on the initial subway section of a certain line, as well as in the initial segments of certain subway lines. This impact may be attributed to the diversion of public transportation passenger flows from surface transportation, resulting in a decrease in vehicular traffic on the surface. Furthermore, the study identifies network effects of subway openings, as the opening of new segments improves air quality around existing subway segments, and the degree of improvement is higher for existing segments that have closer connections to the newly opened segments. The estimation of health benefits indicates that the opening of subway segments reduces premature deaths caused by PM_2.5, bringing about an estimated economic value of approximately 11.4 to 28.5 billion yuan in terms of improved health for the population covered by the subway. The findings of this study provide theoretical and empirical evidence to better understand the causal relationship between subway construction and air quality, and offer insights for the scientific planning and development of urban rail transit, contributing to urban environmental governance and sustainable development.

Under the dual-carbon goal, it is a foundation for achieving low-carbon transition of supply and demand about how demand promotes enterprises' green production and the cost transfer of green production inhibits consumption. we nest the consumption value into the utility function of consumers, and then develop enterprises' green production decision-making models where the boundary conditions of low-carbon production are identified and the inhibitory mechanisms of cost transfer on consumption are examined. The results show that: Consumption value drives demand structure and enterprise production towards low-carbon, which can be strengthen by the dual-carbon goal; the relationship between carbon price and investment revenue plays a key role in enterprises' production paths, and there is a threshold value for investment revenue; if the revenue exceeds the threshold, carbon price stimulates enterprises to invest in emission reduction, but it has a negative impact on output, and its impact degree will be weakened with the implementation of carbon-abating goals, forming an inverted U-shaped trend; the cost transfer leads to demand structure to be low-carbon upgrade.

Grey market is formed in the arbitrage opportunity brought by the price difference of the same type of merchandise in different regions, which widely exists in the marketing cycle of brand products. At the same time, brand manufacturers strategically choose the release time of products in different channels to alleviate channel conflicts. For example, compared with the synchronization strategy (release of products in both high- and low-price market, simultaneously), the postponement strategy (release of products in high- and low-priced markets, successively) is one of the most common marketing strategies. Based on it, this paper considers a production and marketing system consisting of two manufacturers, one third-party speculator and customers. Aiming at the channel selection strategy of the powerful manufacturer in the grey market environment, the channel model decision models of the powerful manufacturer with synchronous strategy and postponement strategy are constructed respectively. By comparing and analyzing the influence of the grey market and the channel models on the decision-making of the powerful manufacturer. The results show that: 1) When the third-party participates in speculation in the grey market, it is the best channel strategy for the powerful manufacturer to adopt postponement strategy; 2) the pricing strategy of the powerful manufacturer depends on the channel model selection strategy; 3) the involvement of the third-party speculators in the grey market is closely related to the transfer costs, consumers' valuation of products and the degree of substitution of products in different markets. In addition, we also analyzes the influence of the different channel strategies of the powerful manufacturer on the low-price market product pricing of the general manufacturer.

This paper considers an agricultural supply chain consisting of a downstream company and a farmer in the presence of the latter having the adulteration behavior of agricultural raw-material products, in which the downstream company promises to purchase all the effective agricultural raw-material products of the farmer with a procurement price, and the latter determines the amount of brand and counterfeit agricultural raw-material products. Then, we develop a stylized model under the settings with non-blockchain-based (traditional technology-based) traceability and blockchain-based traceability. Our results show that under the blockchain-based traceability, the downstream company can restrain the farmer' enthusiasm to produce the counterfeit raw-material products via the procurement price. In addition, under some mild conditions, the blockchain-based traceability has significantly impact on inducing the farmer to produce less counterfeit raw-material products, and makes the farmer produce more brand raw-material products. However, it is interesting to show that blind pursuit of curbing adulteration by the farmer does not necessarily bring more profits to all the parties. Further, we find that under some cases, choosing the blockchain-based traceability can reach a "win-win" situation for the two parties. Moreover, the blockchain-based traceability does not always cause the company to offer a higher retail price of the final agricultural products, and consequently, consumer surplus is not always improved.

Identifying key nodes in emergency logistics networks contributes to the deployment of maintenance measures, ensuring the stability of emergency logistics networks. We introduce a cooperative game theory approach to identify key nodes in the emergency logistics networks. By defining the feasible coalition and coalition utility in the emergency logistics network, a single-valued solution in the emergency logistics network is proposed based on the Shapley value, which is used as the measurement method of node centrality in the emergency logistics network. Firstly, it is proved that the centrality of nodes calculated by this single-valued solution is mutually independent among different independent emergency logistics networks, which reduces the computational complexity. Secondly, the feasible component efficiency and road fairness are defined, and it is proved that this solution is the unique single-valued solution satisfying the two axioms mentioned above. Finally, the rationality and robustness are illustrated by numerical examples. Taking the single-valued solution as the measurement method of node centrality in an emergency logistics network can not only fully consider the topological characteristics of the network, but also take into account the non-network characteristics of nodes, which provides strong theoretical support for the optimization and stability maintenance of emergency logistics networks.

Since innovations rely on the combination and recombination of knowledge elements that are caused by organizational collaborations, innovations are dual embedded in the interdepend networks constructed by knowledge networks and collaboration networks. Accordingly, it has significant implications for maintaining the continuous operation of interdepend networks and preventing the neck problem of innovation by unveiling the destruction of combinatorial relationships of knowledge elements within knowledge networks and the cascade effects of organizational cooperative ties in collaboration networks caused by the failure of knowledge elements based on technical sanction. On the basis of constructing the three-dimensional properties structure ofof the knowledge element, we divide the failure strategies of the knowledge element into six categories. By using the data of the new generation of information technologies industry of China from 2000-2021, we comprehensively reveal the impact of knowledge elements failure on interdepend networks in accordance with the change of resilience of structure and function. Furthermore, drawing on the mechanism of knowledge replacement, we develop the stability strategies of network resilience and explore the ways to guarantee the operation of interdepend networks via the strategies practice simulation. We find that: 1) In the knowledge networks, different knowledge elements were combined following the existing innovation logic. Although knowledge elements were connected as scattered clusters, their contents emerged with the tendency of diversity. Knowledge elements that are characterized by relatively medium expertise but high relativeness can create serious neck problems of innovation. 2) In the collaboration networks, organizations had embedded their multiple knowledge elements into the knowledge networks, the cooperation of organizations was related to several knowledge elements and could not directly break by the failure of one knowledge element. 3) The strategies of the initial calculated-based and recalculated-based obtained similar effects. 4) Three essential ways can maintain the stability of interdepend networks. Including comprehensively combining the knowledge elements with medium-degree, adequately capturing the knowledge combinatorial opportunities that were provided by knowledge elements with medium in-degree, and continuously developing knowledge elements with fundamentality and high relativeness.

Trust relationship is the main tool to determine the importance of subject in group comprehensive evaluation. However, in the existing research, trust relationship mostly depends on emotional factors and is regarded as static and fixed. This can easily lead to the "trust risk" problem. How to avoid this problem and improve the reliability of trust relationship has become one of the important research contents in group evaluation. To solve this problem, this paper first constructs a trust relationship network based on Page Rank. A dynamic trust relationship measurement method is proposed, which considers affective trust and cognitive trust comprehensively, and realizes the dynamic calculation of the interaction process of trust relationship with groups. Further, a group consensus reaching method based on dynamic trust relationship is proposed to improve the efficiency of consensus reaching. On this basis, a group evaluation method considering the dynamic trust relationship of evaluation subjects is constructed. Finally, the validity and reliability of the method are demonstrated by an example of the selection of major investment projects.

Cross-efficiency analysis is an important extension of data envelopment analysis, which evaluates decision-making units by integrating both self-evaluation efficiency and peer-evaluation efficiency. Existing Cross-efficiency analysis methods mostly focus on obtaining efficiency results, without considering the relationship between self-evaluation and peer-evaluation efficiencies or the level of acceptance of peer-evaluation efficiency by decision-making units. This paper focuses on the cross-evaluation process and introduces social network analysis to construct a trust network between self-evaluation and peer-evaluation efficiencies, treating the cross-evaluation process as a group decision-making process within the evaluation system. Based on this, a cross-evaluation method based on consensus and trust relationships is proposed. First, the interval cross efficiency matrix is calculated using both benevolent and aggressive strategy. Then, the bidirectional trust network between decision-making units is constructed using social network analysis, which directly associates self-evaluation and peer-evaluation efficiencies. Second, based on the trust network, two indicators, namely recognition consistency and representativeness level, are proposed to assign corresponding weights to decision-making units. Third, a weighted cross-evaluation maximization model is established, and a consensus analysis is performed on the peer-evaluation efficiency values of each decision-making unit to obtain the final cross efficiency value that reflects the consistency and acceptance of peer-evaluation efficiency by decision-making units. Finally, a case study is used to demonstrate the feasibility and practicality of the proposed method.

In recent years, the emergence of customized buses has provided convenient services for commuters. However, changes in road conditions, attributed to factors such as traffic congestion, bad weather, and car accidents, have increased passenger travel time and significantly impacted the punctuality of bus operations, diminishing the appeal of customized bus services. This study addresses a new commuting customized bus network design problem. It takes into account uncertain road conditions, passenger separation, and the presence of heterogeneous vehicle models. We first formulate it into a multi-objective robust optimization model based on the minimum-maximum regret criterion. This model optimizes the selection of heterogeneous vehicle models, fleet routes, travel times, and passenger assignments with the aim of minimizing both passenger travel costs and bus system operating costs. Then, to effectively solve the model, we propose a multi-objective hybrid adaptive large neighborhood search algorithm. This algorithm incorporates problem-specific characteristics, introduces a passenger separation destruction operator based on these characteristics, and integrates a crossover operator to enhance the algorithm's optimization capability. Results of extensive numerical experimental results indicate that: i) The consideration of passenger separation and heterogeneous vehicles leads to improved vehicle resource utilization efficiency. Considering passenger separation results in an average time savings of 2.44% and a reduction of 11.46% in operating costs. Similarly, the inclusion of heterogeneous vehicle models yields an average time savings of 1.74% and a decrease in operating cost by 24.95%. ii) Compared with the traditional large neighborhood search algorithm and NSGA-II, our proposed algorithm consistently produces higher-quality Pareto solutions. iii) when compared to solutions obtained under deterministic road conditions, the solutions obtained in the presence of uncertainty in road conditions achieve an average reduction of 1.42% in passenger travel cost and a decrease of 18.24% in operating cost. This confirms the necessity of conducting robust commuting customized bus network design research under uncertain road conditions.

Automated guided vehicles (AGVs) are a key factor in determining the operational efficiency of automated container terminals. AGVs often face travel time uncertainties due to congestion, conflicts, weather, and other factors, resulting in quay and yard crane delays that reduce operational efficiency. In this paper, we introduce a distributionally robust method based on Wasserstein distance using historical travel data. We construct a data-driven model to manage the risk of waiting at quay cranes and yard cranes and to determine the task allocation scheme for AGVs with minimal operating costs. To solve the model, we first use conditional value-at-risk to approximate the distributionally robust chance constraints. Its closed-form solution is obtained by duality theory and analytic transformation, which are then transformed into a practical form. Secondly, exact branch-and-cut algorithms, along with heuristic algorithms and corresponding acceleration strategies, are designed for problems of varying sizes in automated container terminals. Experimental results demonstrate that the distributionally robust optimization method effectively captures the uncertainties in AGV travel times. Compared to the sample average approximation, the model and solution proposed in this paper can reduce the risk of waiting at quay cranes and yard cranes by 60%, significantly enhancing the robustness of the allocation scheme.

Shaping command system is an important measure to improve quality and efficiency of organizing test and training activities. The scientific design, reasonable construction and effective use of the command information system are the key to support the construction of the test and training command system. Based on the organization and command capacity needs of different types and different styles of test and training tasks, taking the combat command system of the US carrier strike group as the research object, centering on the construction problem of the marine test and training system, the description method based on unified architecture frame is adopted to design the architecture of the marine test and training command information system. Elaborate on system design content, ideas and technical approach from multiple perspectives such as capability classification, business activities, resource structure and service function. At the same time, combined with the tactical application characteristics of typical combat scenarios, based on the principle of digital and physical methods combination and equivalent function simulation, research the power grouping method of the marine test and training activities and mission support mode of the command information system. The relevant achievements can provide reference and inspiration for the research on the construction and application problem of military information systems in the field of test and training.

In this study, the impact of renewable energy technological innovation (RETI) on city-level energy transition and its mechanisms are investigated in 279 Chinese cities from 2005 to 2019. The results show that, on the whole, RETI has significantly contributed to city-level energy transition, but the real contribution was made after 2011, and the contribution to the energy transition was significantly stronger in cities located in the Southwest region than in other cities. In addition, RETI has a significant contribution to the energy transition in cities with a relative abundance of renewable energy and a relative scarcity of fossil energy, but the opposite is true for cities with a relative scarcity of renewable energy and a relative abundance of fossil energy. These findings hold after circumventing sample selection bias, endogeneity, and special sample interventions. Further studies found that reducing energy costs, increasing the economic penetration of renewable energy, and reducing pollution emissions are the key channels through which RETI drives city-level energy transition. This study is the first to reveal the mechanism of RETI on energy transition at the city level, which helps to promote the implementation of national and provincial energy development strategies to the city level, and provides strong support to promote city-level energy transition with high quality.

Nowadays, although global economic rebalancing has made great progress, seeking inclusive growth is still an important issue to be solved. We propose a global value chain-based accounting framework to quantify the global trend of inclusive growth, and further use structural decomposition analysis (SDA) to explore the driving factors accounting for the change of inclusive growth. Finally, considering the deviation between domestic value-added and national income, we also conduct a comparative study on the inclusiveness of global economic growth under the territorial and ownership calibers. We find that the global income gap (especially south-north gap) under the territorial and ownership calibers shows a downward trend, indicating that the inclusive level of global economic growth is improving. However, it should be alert that the global economic inclusive growth measured by national income shows sign of deterioration at the end of the analysis period. Further analysis shows that the input structure, final demand and population jointly contribute to the reduction of the global income gap. Among them, the derivation of value-added ratio between North and South has widened the global income gap, which is offset by the increasingly strengthened intermediate and final trade linkages between North and South. In addition, the expansion of final demand scale is also an important factor to narrow the global income gap. Our paper sheds light on the global economic inclusive growth and its driving factors, and also on how to boost inclusive growth.

This article establishes a multi-period DID model using the phased implementation of state-owned capital authorization management reform, and confirms that the reform of state-owned capital authorization management is beneficial for alleviating the tax burden on state-owned enterprises. In mechanism testing, the reform of authorized operations takes the implementation of market-oriented incentives and strengthening information transparency as a two-way path, which affects the tax burden of state-owned enterprises by increasing their profit motivation and increasing the difficulty of tax deviation. The heterogeneity analysis focusing on equity structure found that the above relationship is more significant in central enterprises, state-owned enterprises with high equity concentration, low equity balance and high regional economic development level. The research conclusion is conducive to expanding the policy effectiveness evaluation dimensions of authorized operation reform, providing direct empirical evidence for reducing government intervention and alleviating policy burden in authorized operation reform, and making incremental contributions to deepening theoretical exploration of authorized operation reform and supplementing factors affecting corporate tax burden.

Enhancing human capital and attaining high-quality economic progress are fundamental imperatives for the comprehensive construction of a modern socialist nation. Against this backdrop, our study employs data from Chinese A-share listed companies spanning 2011 to 2019 to explore the influence of local economic growth targets on corporate human capital structure and its underlying mechanisms. Our findings reveal that heightened local economic growth targets tend to hinder the optimization and advancement of corporate human capital structures, consequently diminishing enterprises' total factor productivity. Further analysis indicates that these effects are more pronounced in regions exhibiting greater governmental intervention capacity and willingness, companies facing severe financing constraints, and industries characterized by non-high-tech and labor-intensive sectors. Mechanistically, elevated economic growth targets prompt local government officials to skew fiscal expenditure structures, curtail public service outlays, steer enterprises towards increased fixed asset investments at the expense of innovation expenditures, thereby impeding the optimization and enhancement of human capital structures. This research not only contributes to the body of literature on economic growth targets and corporate human capital but also furnishes empirical insights to facilitate the optimization of official assessment systems and the realization of high-quality economic development objectives.

It is of vital importance to understand the relationship between financial geographic structure and financial stability, which, in the context of financial supply-side structural reform, can provide conducive implications as regards improving the capacity of financial sector for curbing and absorbing systemic risk. Hence, this paper builds on the 'leverage-and-connection' dimensions of systemic risk generation mechanism to develop a fundamental theoretic framework, based on which a thorough analysis is carried out on the transmission mechanisms between bank geographic diversification and systemic risk. We then empirically test the effect using the panel data of listed Chinese banks, combined with their detailed address information collected from the financial permit dataset. We find that bank geographic diversification significantly increases systemic risk. In terms of the leverage mechanism, geographic diversification reduces bank capital adequacy and slows down capital adjustment, which enhances the potential magnitude of risk amplification yielded by the leverage mechanism. In terms of the connection mechanism, geographic diversification generates a reinforcing effect on indirect interbank connection by increasing business structure similarity, which turns out to be stronger than the attenuating effect on direct interbank connection generated by decreasing interbank liabilities dependence, thereby altogether enhancing the potential magnitude of risk contagion yielded by the connection mechanism. Heterogeneity analysis shows that the systemic risk effect of bank geographic diversification is weaker among banks with looser financial constraints or headquartered in cities contemporaneously comoving less with the national economic growth. Panel quantile regression shows that the systemic-risk-increasing effect of bank geographic diversification is stronger among banks with higher levels of systemic risk. Our findings produce important policy implications from a geographic structural perspective as regards improving banking structure and ameliorating the macro-prudential assessment framework, which makes for the effective and efficient enhancement of banking sector's capacity for containing systemic risk.

Under the dual effects of high interest spreads in the financial industry and small returns on physical investments, a large number of enterprises have started to "shift from real to virtual" and invest their funds in shadow banking business. Previous studies have found that the shadow banking of non-financial enterprises not only has a "backlash effect" that increases their own operational risks, but also has a "shock effect" that exacerbates financial market risks. Our research starts from the perspective of the supply chain and takes Chinese A-share listed companies from 2007 to 2021 as samples to explore the "knock-on effect" of shadow banking of downstream enterprises on the supply chain. The research results indicate that: 1) Shadow banking of downstream enterprises will increase the operational risks of upstream suppliers, and this effect will intensify with the increase in cooperation stickiness between upstream and downstream enterprises and diminish with the improvement of information transmission levels between them. 2) "Material flow" and "capital flow" are crucial channels through which the shadow banking of downstream enterprises impact the operational risks of upstream suppliers. 3) Heterogeneity analysis reveals that when upstream suppliers belong to non-state-owned enterprises, or have low internal control quality and weak management capabilities, the "knock-on effect" of downstream enterprises' shadow banking on their operational risks are more significant.

In the context of the new era, the fundamental way to promote high-quality economic and social development is to improve urban development efficiency, and digital economy plays an important driving role in the process. This paper constructs a theoretical analytical framework for digital economy-driven urban development efficiency improvement, and empirically tests the impact of digital economy on urban development efficiency and spatial spillover effects using a spatial and temporal double-fixed spatial Durbin model. This paper finds that: Firstly, digital economy significantly contributes to urban development efficiency in the region and surrounding areas, and the finding still holds through a series of robustness tests. Secondly, digital economy contributes to urban development efficiency by enhancing social, economic and ecological benefits, but the enhancement is limited by the reduction of land benefits, while industrial integration, technological advancement, and urban-rural integration play an important role in its mechanism. Thirdly, the effect of digital economy in driving the improvement of urban development efficiency shows a non-linear trend of "downward and then upward" and spatial spillover characteristics. Fourthly, there is city-level heterogeneity and geographic-area heterogeneity in the impact of the digital economy on urban development efficiency, which means that the role of digital economy in driving urban development efficiency is more pronounced in cities with high administrative levels and large populations, as well as in the eastern and northern regions. The above findings imply that at present, China should take urban development efficiency as an important target to consider for the high-quality economic development, and take the development of digital economy as the main driving force to improve urban development efficiency.

To systematically explore the impact of regional synergistic development on urban sprawl, this paper firstly constructs a theoretical framework of regional synergistic development on urban sprawl; Subsequently, the fixed effects model, threshold effects model, spatial measurement model and spatial threshold model were used to reveal the effects and non-linear mechanisms of regional synergistic development on urban sprawl, as well as the spatial threshold effects and spatial spillover boundaries of regional synergistic development on urban sprawl at different stages. The results show that: 1) Regional synergistic development has an inhibitory effect on urban sprawl. On this basis, the threshold effect indicates that the relationship between the two has a non-linear characteristic of "first promoting, then inhibiting, and then strengthening the inhibitory effect", and is constrained by the thresholds of population mobility, industrial development, environmental concerns and transportation construction. 2) The increase in the level of regional synergistic development of the local region will exacerbate the phenomenon of urban sprawl in the neighboring regions, which has the obvious characteristic of "beggar-thy-neighbor", but the boundary of the spatial effect of the attenuation is only 280 km. 3) As the level of regional synergistic development increases, its inhibitory effect on local urban sprawl will continue to increase, while its facilitating effect on urban sprawl in neighboring areas will continue to decrease. 4) The spatial spillover effect of regional synergistic development on urban sprawl at different stages shows a wavy spatial distance decay characteristic, and the radiation boundary shrinks as the level of regional synergistic development increases.

As a new financial service, supply chain finance plays an important role in improving financing efficiency and reducing transaction costs for enterprises. Behind the huge benefits there are often frequent incidents of pseudo supply chain finance, and "supply chain security" is gradually elevated to the level of the macro national security system. This paper uses the data of A-share non-financial listed companies in Shanghai and Shenzhen Stock markets from 2007 to 2021, and we find that supply chain finance can significantly reduce firms' risk-taking, while this negative relationship is more obvious in non-state-owned enterprises and small enterprises. Further analysis shows that supply chain finance will enhance the resilience of the industrial chain and supply chain by improving the company's operating efficiency, alleviating underinvestment, stabilizing supply chain relations to reduce the risk-taking level. In addition, enterprises with good bank-enterprise relationship, higher industry competition and higher risk preference of management can enhance the reducing effects to a greater extent. Under the background of high environmental uncertainty faced by enterprises at present, this paper provides feasible ideas for enterprises to carry out supply chain finance to reduce production and operation risks and financial risks, and then maintain the security of industrial chain and supply chain.

As a result of the transition of atmospheric environmental governance from territorial administration to joint management, regional joint prevention and control has become a crucial air pollution control measure. However, joint prevention and control cannot exist wholly without territorial governance, and how to coordinate joint prevention and control with territorial governance has become the key to air pollution control. This paper explores the policy relevance and impact of territorial governance from the perspective of policy governance, using 12166 air pollution prevention and control policy texts issued by Chinese local governments from 2000 to 2018, and combining unsupervised learning and spatial econometric models. Research has found that local prevention and control policies mainly focus on supervision and regulation, including emergency management of heavily polluted weather, total pollutant emission control, project control and dust control, and mobile pollution source control, but each has its own emphasis on specific prevention and control; And the higher the correlation between regional policies, the more similar their pollution emissions, energy consumption, and industrial development are. The results indicate that pollution emissions and some influencing factors, such as the spatial spillover effect of environmental regulations, are also caused by similar policy prevention and control systems. The prospective policy relevance in territorial governance can serve as the foundation for regional joint governance, and promote regional environmental collaborative governance by further integrating regions with high policy relevance. This study provides a new explanation for the spatial dispersal and transmission of air pollution, and a feasible direction for regional joint prevention and control.

Corporate continuous green innovation activities are an important driver for promoting green and sustainable economic development. This paper uses a sample of A-share listed companies in China's capital market from 2009 to 2022 to empirically examine the influence of local government environmental protection concern on corporate green sustainable innovation levels. This study finds that local government environmental protection concern can enhance corporate green sustainable innovation levels, with stronger concern leading to higher levels of corporate green sustainable innovation. By distinguishing between types of corporate green sustainable innovation activities, the study finds that local government environmental protection concern promotes both upstream green sustainable innovation levels (source control) and downstream green sustainable innovation levels (end-of-pipe treatment), with a more pronounced impact on upstream green sustainable innovation levels. The analysis of the influencing mechanisms indicates that local government environmental protection concern improves corporate green sustainable innovation levels by increasing environmental resource compensation and strengthening managerial environmental awareness. Further heterogeneity analysis reveals that the positive impact of local government environmental protection concern on corporate green sustainable innovation levels is more pronounced in samples that CEOs with green experience, firms with stable institutional investors, heavily polluting industries, and cities with key environmental protection. The economic consequence test shows that local government environmental concern is beneficial for enhancing corporate environmental protection performance by improving corporate environmental outcomes, increasing corporate environmental advantages, and reducing corporate pollutant emissions and environmental governance costs. This paper uses the level of corporate green sustainable innovation as an entry point to explore the microeconomic consequences of local government environmental protection concern, providing theoretical references for promoting the current transition to green and sustainable economic development.

Blockchain technology changes the current financing channel of firms. It would help firms to solve the financing difficulties. This article considers a bank financing model to analyze the firm's optimal production strategy and investment of blockchain technology when the market demand is stochastic. The article also discusses the different decisions in three types of firms (the firm that initial capital to invest in the blockchain is relatively sufficient, the firm that initial capital to invest in the blockchain is insufficient, and the firm with no blockchain investment). In our model, we find that the firm's profit, production, and blockchain investment decision would be affected by initial capital, the bank interest rate, and the bank's interest rate discount coefficient of the blockchain investment. The article finds that with the difference in the level of investment efficiency and the level of profitability of the company, blockchain investment has an adverse impact. Besides, the stimulated market demand generated by blockchain investment can reduce the risk of firms' loan default. The article finds that blockchain investment can create huge value for firms and reduce actual financing costs. Moreover, the article identifies the different impacts of market risk on firm decisions. This work gives managerial insights into firms' financing and production strategy when investing in blockchain technology. The paper also finds that the discounts of interest rates and blockchain investment interest rates formulated by banks would play a guiding role in firms' production.

The international economic circulation affects China's economic growth through the production process of the product and the market demand of the product. In terms of production process, the mutual substitution of imported intermediate products and domestic intermediate products affects economic growth; in terms of market demand, foreign demand for China intermediate and final products affects China economic growth. Based on the structural decomposition analysis method, this paper decomposes the change of the Leontief inverse matrix into technology level change and import substitution, and decomposes the final demand change into domestic final demand change and export change, so as to measure the impact of international economic circulation on China economic growth from two aspects. The results show that: 1) Import substitution is an important channel for the international cycle to affect China economic growth, and it shows periodic characteristics. From 2000 to 2005, imported intermediate products replaced domestic intermediate products, which had a negative impact on economic growth; From 2005 to 2014, domestic intermediate goods substituted imported intermediate goods, and China gradually took control of more intermediate goods production processes. From 2015 to 2021, the share of imported intermediate goods again increased. 2) Compared to domestic final demand, the contribution of exports to China's economic growth has been continuously decreasing, and China's dependence on the final demand of international circulation has been gradually declining.

Promoting carbon emission reduction of urban residents is of great significance for mitigating climate problems. Based on the panel data of 288 cities above prefecture level in China from 2009 to 2019, this paper calculated the living carbon emissions of urban residents, and combined population and economic characteristics to cluster cities into four types for analysis, and analyzed the influencing factors of living carbon emissions of urban residents. And BP neural network and scenario analysis were used to predict the carbon reduction potential of various urban residents. The results show that: 1) The total carbon emission of urban residents in China is increasing year by year, and the proportion of carbon emission from electricity is the highest, and the growth rate of carbon emission from heating is the highest. 2) Urbanization level, per capita disposable income, energy structure and total population size all have positive effects on the carbon emissions of urban residents, while energy intensity and consumption tendency of urban residents have negative effects, and the influencing factors of carbon emissions of various cities have certain differences. 3) All kinds of cities have great carbon reduction potential in residents' life, and there are great differences. The carbon reduction potential of the second type of cities is significantly higher than that of other cities. The first type of cities has the lowest carbon reduction potential overall. The change degree of carbon reduction potential of the third and fourth types of cities is similar, showing a trend of first increasing and then decreasing. All localities may formulate and implement carbon reduction measures for residents according to local conditions.

Improving firm ESG performance is an important measure to achieve sustainable economic development. This study takes the implementation of the “Broadband China” strategy released in 2013 as a quasi-natural experiment and uses differences-in-differences method to evaluate the impact of digital infrastructure on firm ESG performance. The study finds that digital infrastructure has a significant promoting effect on firm ESG performance. The mechanism analysis shows that the impact of digital infrastructure on firm ESG performance is mainly achieved through pathways such as increasing government environmental concerns, incentivizing firms to fulfill social responsibilities, and improving firm information transparency. Heterogeneity analysis reveals that the promoting effect of digital infrastructure on firm ESG performance is more significant in large-scale firms, firms with high customer concentration, high-polluting industries, and firms with strong green innovation capabilities. This study evaluates the practical role of digital infrastructure from a sustainable development perspective, providing new empirical evidence for understanding the influencing factors of firm ESG performance and offering policy recommendations for strengthening digital infrastructure construction and promoting economic green transformation.

With the escalating impact of climate change leading to more frequent extreme precipitation events, effectively mitigating the risks and economic losses associated with this uncertainty is increasingly critical. This paper introduces a novel “Markov-Gumbel” theoretical model to measure precipitation index, which, in conjunction with risk-neutral theory, forms the basis for a new pricing model for precipitation index derivatives. We apply this model using daily precipitation data from regions such as Zhengzhou City in Henan Province and Xuzhou City in Jiangsu Province, China, to validate and analyze its efficacy. Research indicates that this new method for measuring the precipitation index offers enhanced flexibility and better captures seasonal variations. Moreover, the proposed pricing model for precipitation derivatives, grounded in risk-neutral valuation methods, results in more focused and stable pricing outcomes, significantly improving pricing accuracy. The findings of this research not only provide an innovative framework for the measurement and application of precipitation index derivatives but also offer valuable theoretical and practical insights for effectively hedging against risks associated with precipitation uncertainty.

Analysts' past performance and their employment status in the securities industry jointly affect the information disclosure quality of listed companies tracked and analyzed. This article uses the analyst-company dataset from 2011 to 2021, and constructs an analyst network reputation through 16 relevant indicators at the individual analyst and securities firm levels, and explores its impact on the information efficiency of the stock market. The study found that analyst network reputation increases competitive information, widens opinion divergence, and divides investors' attention, thereby reducing the information efficiency of the stock market. In particular, analyst recommendations may contain invalid information. When investors face numerous information with limited attention, trading activity decreases, stock liquidity declines, and market information efficiency is weakened. In addition, media coverage has a diminishing effect on analyst network reputation, and market investor sentiment has an amplifying effect on analyst network reputation, which reduces information efficiency.

Insufficient aggregate demand is the prominent contradiction facing the current economic operation, we must restore and expand consumption in a priority position. This paper empirically investigates the impact of the housing provident fund system on household consumption using data from three editions of the China Household Finance Survey in 2015, 2017, and 2019. The empirical results show that household contributions and withdrawals to the housing provident fund significantly increase household consumption levels and improve household consumption structure. Robustness tests show that the above conclusions remain robust after replacing the way the core variables are defined, replacing the instrumental variables, and relaxing the exclusivity constraints on the instrumental variables. The Heterogeneity analysis shows that the housing provident fund system has a greater impact on the consumption of housed, low-income, as well as young and middle-aged households. Further research finds that contributing to the housing fund reduces households' precautionary saving incentives, withdrawing from the housing fund increases households' disposable income and eases liquidity constraints, thereby boosting household consumption. This paper provides micro-level evidence that housing funds promote household consumption and improve household consumption structure, which can provide important references for relevant policy formulation.

Promoting enterprises to accelerate digital transformation is of great significance to enhance the core competitiveness of enterprises, empower the upgrading of traditional industries, generate new forms of business, as well as drive China's digital economy to become better and stronger. From the perspective of enterprises, this paper analyzes the antecedents of enterprises' digital transformation, constructs related indexes based on the text analysis method, proposes a two-factor theoretical model of manager characteristics and dynamic capabilities, and uses the structural equation model based on partial least squares estimation (PLS-SEM). The empirical results show that manager characteristics such as entrepreneurship, digital evangelist and coordinator, as well as corporate dynamic capabilities such as sensing, learning, integrating and coordinating, have a significantly positive role in promoting the tendency and output of digital transformation of enterprises. In addition, manager characteristics can significantly improve the level of enterprises' dynamic capabilities, and the effect of manager characteristics on enterprises' dynamic capabilities and digital transformation is moderated by managers' perception of policy uncertainty. In addition, the above effects are heterogeneous between state-owned and private enterprises, enterprises in the eastern, central and western regions, as well as enterprises in provincial and non-provincial capitals. This paper fills the research gap on the antecedents of digital transformation, and provide a feasible practical path for enterprises to cultivate managers in the digital era and improve their dynamic capabilities.

The “Triple Reform” policy is a significant initiative aimed at addressing the challenges of renewable energy consumption and promoting the high-quality development of new energy in the context of increasing renewable energy penetration. This study focuses on Shandong Province, which has a strong reliance on traditional coal-fired power, and employs a static Computable General Equilibrium (CGE) model to link renewable energy with the “Triple Reform” policy. The study simulates the impact on the economic and environmental aspects of Shandong Province under different shares of renewable energy electricity consumption, coupled with the simultaneous implementation of the “Triple Reform” policy. The research investigates the underlying reasons for the slow progress in the implementation of the “Triple Reform” policy for coal-fired power units and, based on this, transforms the compensation issue into a cost problem. Cost estimation for the implementation of the “Triple Reform” policy in Shandong Province is carried out. The results indicate that the implementation of the “Triple Reform” plan will have certain negative impacts on the regional economy but can also bring significant environmental benefits. In the scenario with 60% coal-fired power and 40% renewable energy electricity (F60C40), the cost of implementing the “Triple Reform” policy in Shandong Province is estimated to be 4 billion yuan. The policy recommendations of this study emphasize the need for vigorous development of renewable energy in China, urging coal-fired power units to actively implement the “Triple Reform” policy. It also suggests timely introduction of reasonable policy support or economic incentives to leverage the stabilizing role of coal-fired power.

China's high-quality development and carbon peaking and carbon neutrality goals both require an overall consideration to economic benefits and environmental cost. Transnational investment promotes the reconstruction of global industrial and supply chains, which also leads to dispute of environmental responsibilities under the accounting of economic benefits based on the ownership principle and the accounting of carbon emission based on the territorial principle. In this paper, we employed an inter-country inter-industry input-output database that distinguishes the activities of multinational enterprises (MNEs) and introduced counterfactual analysis and scenario analysis to evaluate impact of structural change in GVC on China's gross national income (GNI) and CO$_2$ emissions. There was significant industrial shift toward China from 2005 to 2016, boosting China's GNI and CO$_2$ emissions by 15.23% and 20.50% respectively compared to 2016 levels. For the future shift, the scenario analysis shows that compared with the relocation of GVC led by developed economies, the relocation led by China would yield lower negative impact on China's GNI when reducing same amount of China's CO$_2$ emissions. The negative impact on GNI and CO$_2$ emissions varies by sector initiating the relocation and by economy undertaking the relocation. Our analysis provides policy implications for China's future GVC relocation and high-quality development.

Our country is in the crucial process of industrial structure reformation, and expanding the new infrastructure investment, which has a feature of digital technology application, has a practical significance in pushing the upgrading industrial structure. This article picks China's 2004-2021 provincial panel data as samples to empirically prove the spatial effect of new infrastructure investment on industrial structure upgrading. Empirical results illustrate that the new infrastructure investment will accelerate the upgrading of the province's industrial structure, and have a positive spatial spillover effect. New infrastructure investment will inhibit the coordinated transformation of industrial structure, but this negative impact is not contagious among regions; The impact of new infrastructure investment on the upgrading of industrial structure is heterogeneous among different infrastructure types and eastern, central, and western regions. The above conclusions have certain policy implications for China to grasp the direction of new infrastructure investment, improve the efficiency of resource allocation, and accelerate the pace of industrial structure optimization and upgrading.