Under the“dual carbon”goals,transitioning effectively in the traditional energy industry requires investment in photovoltaic(PV)power projects as a major development direction.Accurately assessing the investment eff...Under the“dual carbon”goals,transitioning effectively in the traditional energy industry requires investment in photovoltaic(PV)power projects as a major development direction.Accurately assessing the investment efficiency of PV projects is a crucial reference for project decision-making.This study analyzed PV power generation evaluation methods and project efficiency models,integrating national and industry reports to select an appropriate model for calculating PV project efficiency.Using facilities suitable for rooftop PV projects in certain traditional energy enterprises in Chongqing as examples,the study calculated that the internal rates of return(IRR)for all test sites exceeded the enterprises’capital costs,confirming their investment value.Recommendations include:(1)Prioritizing projects with higher efficiency;(2)Simultaneous implementation of projects with similar efficiency in the same administrative area;(3)Maximizing surplus electricity revenue in cases of excess generation.This research aims to support traditional energy enterprises in transitioning to new energy projects and offers a reference for calculating investment efficiency in various PV power projects,including ground-mounted and wall-mounted PV systems.展开更多
This paper studies the effect of earnings information quality and debt maturity structure and their interaction on investment efficiency. The results show that companies with higher earnings information have higher in...This paper studies the effect of earnings information quality and debt maturity structure and their interaction on investment efficiency. The results show that companies with higher earnings information have higher investment efficiency, and the quality of earnings information has increased investment efficiency by reducing the lack of investment and suppressing overinvestment. The companies with higher short-term debt ratio show higher investment efficiency. The results show that there is a certain substitution effect between the effect of earnings information quality and the maturity strueture of debt on the efficiency of investment.展开更多
Investment helps companies achieve innovation. Efficient investments often do more with less. Manufacturing enterprises should pay more attention to the issue of investment efficiency, seize investment opportunities a...Investment helps companies achieve innovation. Efficient investments often do more with less. Manufacturing enterprises should pay more attention to the issue of investment efficiency, seize investment opportunities and achieve efficient investment. Due to the continuous increase of borrowing costs in the financial markets, enterprises are getting more and more difficult to raise funds from the outside, so more and more enterprises are turning their attention to the financially redundant resources within the enterprises. Making good use of financially redundant resources will help enterprises solve the financing difficulties and enable them to have sufficient funds for investment activities and lay the foundation for sustainable development.展开更多
Drawing on the implementation of the compliance management guidelines issued by China’s SASACs,we construct a quasi-natural experiment to examine the impact of the implementation of these guidelines on the investment...Drawing on the implementation of the compliance management guidelines issued by China’s SASACs,we construct a quasi-natural experiment to examine the impact of the implementation of these guidelines on the investment efficiency of SOEs.The investment efficiency of SOEs is significantly improved after the implementation of the guidelines.The impact is more pronounced on SOEs with significant financing constraints,high financing requirements and intense competition in the product market.We also find that the guidelines improve efficiency investment by reducing management’s risk appetite,mitigating the Type I agency problems and enhancing the level of internal control.The conclusions indicate that compliance management is an important strategy for enhancing the investment efficiency of SOEs.展开更多
As a highly disruptive digital technology,blockchain provides new solutions for reshaping corporate governance mechanisms and improving resource allocation.We empirically examine the relationship between blockchain an...As a highly disruptive digital technology,blockchain provides new solutions for reshaping corporate governance mechanisms and improving resource allocation.We empirically examine the relationship between blockchain and corporate investment inefficiency.We find that blockchain can help improve corporate investment efficiency,and this result is valid after a series of robustness tests.Blockchain can not only significantly restrain overinvestment but also alleviate underinvestment.Reducing financing costs and alleviating agency conflicts are the two channels through which blockchain is associated with corporate investment efficiency,and financial reporting quality is the condition on which the channels depend.When the CEO holds few shares or the trade credit environment in the region where the company is located is poor,the effect of blockchain is more prominent than it is otherwise.Investment efficiency cannot be improved by blockchain for companies providing blockchain products or services to customers,only for those promoting their own operations and management with blockchain.Ultimately,blockchain can enhance companies’value by alleviating inefficient investment.We reveal the role of blockchain in corporate investment efficiency,furnish microeconomic evidence for the integration of digital technology and the real economy and provide implications for China to promote digital technology to drive high-quality company development.展开更多
As an important part of the enterprise information system,accounting information plays a significant role in enterprise management decision-making,This study investigates the impact of accounting information quality o...As an important part of the enterprise information system,accounting information plays a significant role in enterprise management decision-making,This study investigates the impact of accounting information quality on corporate labor investment efficiency.Using a sample of Chinese listed firms,we show that higher accounting information quality is associated with higher labor investment efficiency(i.e.,a lower deviation of labor investment from the expected employment level justified by economic fundamentals).Firms with higher accounting information quality reduce underinvestment and overinvestment in labor by alleviating financial constraints and agency conflicts.Cross-sectional tests indicate that this effect is more pronounced among non-state-owned enterprises and firms with higher labor adjustment costs.The robustness test shows that our results are robust to alternative proxies,endogeneity concerns,and controls for non-labor investments.This study sheds light on how enterprise information systems influence management decision-making practices from the perspective of accounting information quality.展开更多
Based on upper echelons theory and using a sample of private Chinese A-share listed firms from 2008 to 2020,this paper studies the impact of executives’overseas experience on firms’labor investment efficiency.The re...Based on upper echelons theory and using a sample of private Chinese A-share listed firms from 2008 to 2020,this paper studies the impact of executives’overseas experience on firms’labor investment efficiency.The results show that executives with overseas experience significantly enhance firms’labor investment efficiency.After distinguishing between different types of overseas experience,the results show that executives with only study experience or with both study and work experience abroad have a significant positive effect on firms’labor investment efficiency,while executives with only overseas work experience have no significant effect.A cross-sectional analysis based on labor adjustment costs shows that the positive impact of executives’overseas experience is more pronounced in labor-intensive firms,firms with a greater proportion of R&D investment and firms with a higher percentage of highly educated employees.The mechanism tests show that executives with overseas experience can optimize labor investment efficiency by lowering agency costs,attracting analyst attention and alleviating financing constraints under conditions of underemployment.This study enriches the literature on the characteristics of executive teams and the efficiency of labor investment,providing reference and inspiration for firms to attract more high-quality returnees and optimize their labor resource allocation.展开更多
As an essential infrastructure,the rural power grid is vital in promoting agricultural and rural carbon sequestration and improving rural energy electrification.It is necessary to carry out in-depth research on its co...As an essential infrastructure,the rural power grid is vital in promoting agricultural and rural carbon sequestration and improving rural energy electrification.It is necessary to carry out in-depth research on its comprehensive efficiency.Based on the requirements of“double carbon”and rural revitalization strategy for the rural Power Grid,this paper focuses on the modernization and low-carbon transformation of the rural Power Grid.It constructs an input-output index system for the investment efficiency of the rural Power Grid in China under the new situation.It uses the primary data of the rural Power Grid of 30 prefecture-level cities in China from 2019 to 2021 to evaluate the investment efficiency of the rural Power Grid in China through a three-stage DEA model.The empirical results show that:considering the regional differences,the comprehensive efficiency of the rural Power Grid in backward areas is significantly improved;that is,the three-stage DEA method can more objectively evaluate the comprehensive efficiency of the rural Power Grid.In the context of the continued promotion of the rural revitalization strategy,to improve the comprehensive efficiency of the rural Power Grid,it is necessary to improve the technical level of the rural Power Grid further and appropriately expand the scale of investment in the rural Power Grid.展开更多
Brand competitiveness is a significant indicator of high-quality development of enterprises and a pivotal factor in an enterprise's pursuit of long-term growth.Using panel data on Chinese A-share listed companies ...Brand competitiveness is a significant indicator of high-quality development of enterprises and a pivotal factor in an enterprise's pursuit of long-term growth.Using panel data on Chinese A-share listed companies from 2007 to 2021,this study constructs a measure of brand competitiveness using textual analysis and empirically examines its effect on corporate investment efficiency.The results reveal that brand competitiveness mitigates inefficient investment through two distinct channels:the reputation constraint mechanism and the information acquisition mechanism.These effects are more pronounced in environments characterized by intense market competition,advanced managerial cognition,and sustained brand competitiveness.Additionally,brand competitiveness is shown to significantly enhance total factor productivity,thereby supporting high-quality development of enterprises.The findings offer practical implications for enterprises aiming to strengthen brand competitiveness and advance toward high-quality development.展开更多
Purpose:This research endeavors to investigate the impact of open government data on corporate investment,emphasizing the exploration of underlying mechanisms,heterogeneous effects,and implications for investment effi...Purpose:This research endeavors to investigate the impact of open government data on corporate investment,emphasizing the exploration of underlying mechanisms,heterogeneous effects,and implications for investment efficiency.Utilizing the implementation of government data open platforms as a quasi-natural experiment,this study aims to elucidate how public data transparency affects firms’investment decisions and resource allocation.Design/methodology/approach:This study employs a staggered Difference-in-Differences(DID)model as its principal methodological framework.This approach facilitates causal inference by examining the differential changes in corporate investment between firms influenced by the data openness policy and those that remain unaffected over time.Findings:The findings indicate that open government data substantially enhance corporate investment levels.A mechanistic analysis identifies three principal channels through which this effect is mediated:alleviation of overall financing constraints,reduction of financing costs,and expansion of the financing scale.A heterogeneity analysis suggests that the positive impact is more pronounced in state-owned enterprises,high-tech firms,and companies experiencing elevated levels of macroeconomic uncertainty.Moreover,the transparency of government data improves the responsiveness of corporate investment to emerging opportunities,thereby augmenting the overall efficiency of corporate investment.Research limitations:This study primarily examined the influence of government data transparency on corporate investment,while not accounting for the effects of macroeconomic variability,internal corporate governance frameworks,and industry-specific regulatory policies.Practical implications:Government open data platforms can effectively boost corporate investment and resource allocation.Policymakers should focus on improving the quality and accessibility of these data,especially in areas with high economic uncertainty,to support business investments.Firms,particularly high-tech and financially constrained firms,can use open data to ease capital limitations and find investment opportunities.Regulators should promote data transparency to enhance economic vitality through efficient corporate investments.Originality/value:This study enhances the existing literature by offering causal evidence of the impact of open government data on corporate investment,a subject that has been relatively underexplored empirically.By employing a quasi-natural experiment centered on the implementation of government data platforms,this study adopts a robust methodological approach to address endogeneity issues,thereby advancing methodological rigor in investigations of public data governance and corporate behavior.展开更多
Air pollution poses a significant threat to human health,particularly in urban areas with high levels of industrial activities.In China,the government plays a crucial role in managing air quality through the Air Pollu...Air pollution poses a significant threat to human health,particularly in urban areas with high levels of industrial activities.In China,the government plays a crucial role in managing air quality through the Air Pollution Prevention and Control Action Plan.The government provides direct financial support and guides the investment direction of social funds to improve air quality.While government investment has led to improvements in air quality across China,concerns remain regarding the efficiency of such large-scale investments.To address this concern,we conducted a study using a three-stage data envelopment analysis(DEA)-Malmquist model to assess the efficiency of government investment in improving air quality in China.Our analysis revealed regional disparities and annual dynamic changes.Specifically,we focused on the Beijing-Tianjin-Hebei areas as a case study,as the investment primarily targeted industrial activities in urban areas with the goal of improving living conditions for urban residents.The results demonstrate significant differences in investment efficiency between regions.Beijing exhibits relatively high investment efficiency,while cities in Hebei Province require improvement.We identified scale inefficiency,which refers to the ratio of air pollutant reduction to financial investment,as the main factor contributing to regional disparities.However,we found that increasing the total investment scale can help mitigate this effect.Furthermore,our study observed positive but fluctuating annual changes in investment efficiency within this city cluster from 2014 to 2018.Investment-combined technical efficiency,which represents the investment strategy,is the main obstacle to improving yearly investment efficiency.Therefore,in addition to promoting investment strategies at the individual city level,it is crucial to enhance coordination and cooperation among cities to improve the investment efficiency of the entire city cluster.Evaluating the efficiency of government investment and understanding its influencing factors can guide future investment measures and directions.This knowledge can also support policymaking for other projects involving substantial investments.展开更多
The increase of probability and depth of weather anomalies, which is important characteristic of climate change process, leads to higher risk of loss of perennial grasses forage yield, rise of price volatility on fora...The increase of probability and depth of weather anomalies, which is important characteristic of climate change process, leads to higher risk of loss of perennial grasses forage yield, rise of price volatility on forage grain market. Increase of sustainability of dairy production supposes development of adapted to new weather conditions technologies of forage production, which are characterized by different investment and current costs. It generates a need of economic evaluation and comparative analysis of technologies taking into account climate change forecast and need of sustainable forage production guarantee. Purpose of the research project is the development of approaches to assessing adaptive technologies in forage production, increasing of dairy farming sustainability to changes in the external environment, including climate change. We assessed changes in forage production technologies in the Leningrad region of Russia, analyzed the implications of these changes for production and financial performance of dairy farming, proposed and tested methods for determination of the optimum harvesting time of perennial grasses. Special attention is paid to the long-term effects of changing the structure of cows＇ diet--shortening the productive use of animals, which reduces the efficiency of dairy herd use and limits the possibility of expanded reproduction. The primary method of the study is the analysis of milk production statistics in the Leningrad region and the Russian Federation. As a result of the study, the necessity to improve the production and investment planning quality, as well as the use of forecasts during planning of dairy production, is grounded.展开更多
Marx＇s theory of the law of diminishing land fertility is an indispensable part of Marx＇s theory of rent. Marx not only denied the non-scientific component of the theory, but also affirmed the scientific component o...Marx＇s theory of the law of diminishing land fertility is an indispensable part of Marx＇s theory of rent. Marx not only denied the non-scientific component of the theory, but also affirmed the scientific component of the theory. China＇s theoretical circles have held a total negative attitude towards the theory for a long term, which has brought serious consequences to research on agricultural economic theory and agricultural production practice. Comprehensively understanding the scientific connotation of Marx＇s theory of the law of diminishing land fertility has extremely important theoretical and practical significance for reducing the blindness of land investment and improving the investment efficiency of land.展开更多
The ESG score system is a fundamental component of the green financial system that is essential in promoting corporate environmental progress.In this work we investigate the micro-environmental impact of ESG scores us...The ESG score system is a fundamental component of the green financial system that is essential in promoting corporate environmental progress.In this work we investigate the micro-environmental impact of ESG scores using panel fixed effects models.We examine the processes underlying the influence of ESG scores on the performance of corporate green innovation as well as any potential inequalities in this impact under different moderating factors.To conduct our analysis we use data from Chinese-listed A-shares on the Shanghai and Shenzhen stock exchanges from 2010 to 2019.Our study demonstrates a relationship between corporate green innovation and ESG ratings indicating that higher ESG ratings assist businesses in achieving better green innovation results.This beneficial effect is evident both numerically and qualitatively and it continues to hold up even after being put through several demanding tests.Additionally we pinpoint two main ways that ESG encourages corporate green innovation by boosting government-enterprise ties and strengthening corporate investment efficiency.We also note that while business characteristics aligned with sustainability further enhance the favorable influence of ESG on green innovation performance characteristics linked to ecologically detrimental activities impede the contribution of ESG to green innovation.Our study adds to the body of knowledge already available on corporate environmental performance and green finance by offering empirical insights that can help enhance corporate environmental development and improve the ESG rating system.展开更多
Promoting the growth of the lithium battery sector has been a critical aspect of China's energy policy in terms of achieving carbon neutrality.However,despite significant support on research and development(R&...Promoting the growth of the lithium battery sector has been a critical aspect of China's energy policy in terms of achieving carbon neutrality.However,despite significant support on research and development(R&D)investments that have resulted in increasing size,the sector seems to be falling behind in technological areas.To guide future policies and understand proper ways of promoting R&D efficiency,we looked into the lithium battery industry of China.Specifically,data envelopment analysis(DEA)was used as the primary approach based on evidence from 22 listed lithium battery enterprises.The performance of the five leading players was compared with that of the industry as a whole.Results revealed little indication of a meaningful improvement in R&D efficiency throughout our sample from 2010 to 2019.However,during this period,a significant increase in R&D expenditure was witnessed.This finding was supported,as the results showed that the average technical efficiency of the 22 enterprises was 0.442,whereas the average pure technical efficiency was at 0.503,thus suggesting that they were suffering from decreasing returns to scale(DRS).In contrast,the performance of the five leading players seemed superior because their average efficiency scores were higher than the industry's average.Moreover,they were experiencing increasing scale efficiency(IRS).We draw on these findings to suggest to policymakers that supporting technologically intensive sectors should be more than simply increasing investment scale;rather,it should also encompass assisting businesses in developing efficient managerial processes for R&D.展开更多
The interplay between financial technology(FinTech)and real economy firms has garnered considerable attention.This paper explores the relationship and mechanism between FinTech and corporate zombification using the da...The interplay between financial technology(FinTech)and real economy firms has garnered considerable attention.This paper explores the relationship and mechanism between FinTech and corporate zombification using the data of Chinese A-share listed firms in China from 2011 to 2021.The research findings reveal that FinTech significantly inhibits firm zombification,and FinTech breadth and depth both play a significant role in restraining firm zombification.Mechanism exploration indicates that,on the one hand,FinTech reduces friction in the financial market,inhibiting firm zombification by improving firm investment efficiency,especially alleviating under-investment.On the other side,FinTech indirectly affects the technological investment,production,and operation of firms,thereby inhibiting firm zombification by increasing their total factor productivity.Heterogeneity analysis suggests that the inhibitory effect of FinTech on corporate zombification is more pronounced for non-stateowned firms and small-sized firms,as well as those in manufacturing industries and highly competitive industries.This paper provides some novel evidence on evaluating the effect of FinTech on firms and also offers new insights for efficient governance of zombie firms.展开更多
文摘Under the“dual carbon”goals,transitioning effectively in the traditional energy industry requires investment in photovoltaic(PV)power projects as a major development direction.Accurately assessing the investment efficiency of PV projects is a crucial reference for project decision-making.This study analyzed PV power generation evaluation methods and project efficiency models,integrating national and industry reports to select an appropriate model for calculating PV project efficiency.Using facilities suitable for rooftop PV projects in certain traditional energy enterprises in Chongqing as examples,the study calculated that the internal rates of return(IRR)for all test sites exceeded the enterprises’capital costs,confirming their investment value.Recommendations include:(1)Prioritizing projects with higher efficiency;(2)Simultaneous implementation of projects with similar efficiency in the same administrative area;(3)Maximizing surplus electricity revenue in cases of excess generation.This research aims to support traditional energy enterprises in transitioning to new energy projects and offers a reference for calculating investment efficiency in various PV power projects,including ground-mounted and wall-mounted PV systems.
文摘This paper studies the effect of earnings information quality and debt maturity structure and their interaction on investment efficiency. The results show that companies with higher earnings information have higher investment efficiency, and the quality of earnings information has increased investment efficiency by reducing the lack of investment and suppressing overinvestment. The companies with higher short-term debt ratio show higher investment efficiency. The results show that there is a certain substitution effect between the effect of earnings information quality and the maturity strueture of debt on the efficiency of investment.
文摘Investment helps companies achieve innovation. Efficient investments often do more with less. Manufacturing enterprises should pay more attention to the issue of investment efficiency, seize investment opportunities and achieve efficient investment. Due to the continuous increase of borrowing costs in the financial markets, enterprises are getting more and more difficult to raise funds from the outside, so more and more enterprises are turning their attention to the financially redundant resources within the enterprises. Making good use of financially redundant resources will help enterprises solve the financing difficulties and enable them to have sufficient funds for investment activities and lay the foundation for sustainable development.
基金support from Xi Jinping Thought on Socialism with Chinese Characteristics for a New Era Research Centre of Beijing(23LLGLC052).
文摘Drawing on the implementation of the compliance management guidelines issued by China’s SASACs,we construct a quasi-natural experiment to examine the impact of the implementation of these guidelines on the investment efficiency of SOEs.The investment efficiency of SOEs is significantly improved after the implementation of the guidelines.The impact is more pronounced on SOEs with significant financing constraints,high financing requirements and intense competition in the product market.We also find that the guidelines improve efficiency investment by reducing management’s risk appetite,mitigating the Type I agency problems and enhancing the level of internal control.The conclusions indicate that compliance management is an important strategy for enhancing the investment efficiency of SOEs.
基金supported by the National Natural Science Foundation of China[grant number 72202042,71902038,71872078]Guangdong Basic and Applied Basic Research Foundation[grant number 2020A1515110752]
文摘As a highly disruptive digital technology,blockchain provides new solutions for reshaping corporate governance mechanisms and improving resource allocation.We empirically examine the relationship between blockchain and corporate investment inefficiency.We find that blockchain can help improve corporate investment efficiency,and this result is valid after a series of robustness tests.Blockchain can not only significantly restrain overinvestment but also alleviate underinvestment.Reducing financing costs and alleviating agency conflicts are the two channels through which blockchain is associated with corporate investment efficiency,and financial reporting quality is the condition on which the channels depend.When the CEO holds few shares or the trade credit environment in the region where the company is located is poor,the effect of blockchain is more prominent than it is otherwise.Investment efficiency cannot be improved by blockchain for companies providing blockchain products or services to customers,only for those promoting their own operations and management with blockchain.Ultimately,blockchain can enhance companies’value by alleviating inefficient investment.We reveal the role of blockchain in corporate investment efficiency,furnish microeconomic evidence for the integration of digital technology and the real economy and provide implications for China to promote digital technology to drive high-quality company development.
基金The authors thank the Editor and the anonymous reviewers for their constructive comments,which significantly improve the quality of this paper.This work is supported by the National Social Science Fund of China under Grant No.19BGL074.
文摘As an important part of the enterprise information system,accounting information plays a significant role in enterprise management decision-making,This study investigates the impact of accounting information quality on corporate labor investment efficiency.Using a sample of Chinese listed firms,we show that higher accounting information quality is associated with higher labor investment efficiency(i.e.,a lower deviation of labor investment from the expected employment level justified by economic fundamentals).Firms with higher accounting information quality reduce underinvestment and overinvestment in labor by alleviating financial constraints and agency conflicts.Cross-sectional tests indicate that this effect is more pronounced among non-state-owned enterprises and firms with higher labor adjustment costs.The robustness test shows that our results are robust to alternative proxies,endogeneity concerns,and controls for non-labor investments.This study sheds light on how enterprise information systems influence management decision-making practices from the perspective of accounting information quality.
基金support from the Ministry of Education of Humanities and Social Science Project(21YJC630055)the Guangdong Province Philosophy and Social Sciences Coconstruction Project(GD23XGL069).
文摘Based on upper echelons theory and using a sample of private Chinese A-share listed firms from 2008 to 2020,this paper studies the impact of executives’overseas experience on firms’labor investment efficiency.The results show that executives with overseas experience significantly enhance firms’labor investment efficiency.After distinguishing between different types of overseas experience,the results show that executives with only study experience or with both study and work experience abroad have a significant positive effect on firms’labor investment efficiency,while executives with only overseas work experience have no significant effect.A cross-sectional analysis based on labor adjustment costs shows that the positive impact of executives’overseas experience is more pronounced in labor-intensive firms,firms with a greater proportion of R&D investment and firms with a higher percentage of highly educated employees.The mechanism tests show that executives with overseas experience can optimize labor investment efficiency by lowering agency costs,attracting analyst attention and alleviating financing constraints under conditions of underemployment.This study enriches the literature on the characteristics of executive teams and the efficiency of labor investment,providing reference and inspiration for firms to attract more high-quality returnees and optimize their labor resource allocation.
基金supported by the State Grid Science and Technology Project (1300-202157362A-0-0-00).
文摘As an essential infrastructure,the rural power grid is vital in promoting agricultural and rural carbon sequestration and improving rural energy electrification.It is necessary to carry out in-depth research on its comprehensive efficiency.Based on the requirements of“double carbon”and rural revitalization strategy for the rural Power Grid,this paper focuses on the modernization and low-carbon transformation of the rural Power Grid.It constructs an input-output index system for the investment efficiency of the rural Power Grid in China under the new situation.It uses the primary data of the rural Power Grid of 30 prefecture-level cities in China from 2019 to 2021 to evaluate the investment efficiency of the rural Power Grid in China through a three-stage DEA model.The empirical results show that:considering the regional differences,the comprehensive efficiency of the rural Power Grid in backward areas is significantly improved;that is,the three-stage DEA method can more objectively evaluate the comprehensive efficiency of the rural Power Grid.In the context of the continued promotion of the rural revitalization strategy,to improve the comprehensive efficiency of the rural Power Grid,it is necessary to improve the technical level of the rural Power Grid further and appropriately expand the scale of investment in the rural Power Grid.
基金supported by the major project of the National Social Science Fund of China titled "Construction and Analysis of a Macroeconomic Accounting Value Index Based on Marx's Labor Theory of Value"(No.18ZDA073).
文摘Brand competitiveness is a significant indicator of high-quality development of enterprises and a pivotal factor in an enterprise's pursuit of long-term growth.Using panel data on Chinese A-share listed companies from 2007 to 2021,this study constructs a measure of brand competitiveness using textual analysis and empirically examines its effect on corporate investment efficiency.The results reveal that brand competitiveness mitigates inefficient investment through two distinct channels:the reputation constraint mechanism and the information acquisition mechanism.These effects are more pronounced in environments characterized by intense market competition,advanced managerial cognition,and sustained brand competitiveness.Additionally,brand competitiveness is shown to significantly enhance total factor productivity,thereby supporting high-quality development of enterprises.The findings offer practical implications for enterprises aiming to strengthen brand competitiveness and advance toward high-quality development.
基金supported by the following grants:National Natural Science Foundation of China(Grant No.72271147)Natural Science Foundation of Guangdong Province(Grant No.2022A1515010573)+3 种基金STU Scientific Research Initiation(Grant No.STF21005STF21004)the Philosophy and Social Science Planning Project of Guangdong Province(Grant No.GD21CGL12GD23XYJ76).
文摘Purpose:This research endeavors to investigate the impact of open government data on corporate investment,emphasizing the exploration of underlying mechanisms,heterogeneous effects,and implications for investment efficiency.Utilizing the implementation of government data open platforms as a quasi-natural experiment,this study aims to elucidate how public data transparency affects firms’investment decisions and resource allocation.Design/methodology/approach:This study employs a staggered Difference-in-Differences(DID)model as its principal methodological framework.This approach facilitates causal inference by examining the differential changes in corporate investment between firms influenced by the data openness policy and those that remain unaffected over time.Findings:The findings indicate that open government data substantially enhance corporate investment levels.A mechanistic analysis identifies three principal channels through which this effect is mediated:alleviation of overall financing constraints,reduction of financing costs,and expansion of the financing scale.A heterogeneity analysis suggests that the positive impact is more pronounced in state-owned enterprises,high-tech firms,and companies experiencing elevated levels of macroeconomic uncertainty.Moreover,the transparency of government data improves the responsiveness of corporate investment to emerging opportunities,thereby augmenting the overall efficiency of corporate investment.Research limitations:This study primarily examined the influence of government data transparency on corporate investment,while not accounting for the effects of macroeconomic variability,internal corporate governance frameworks,and industry-specific regulatory policies.Practical implications:Government open data platforms can effectively boost corporate investment and resource allocation.Policymakers should focus on improving the quality and accessibility of these data,especially in areas with high economic uncertainty,to support business investments.Firms,particularly high-tech and financially constrained firms,can use open data to ease capital limitations and find investment opportunities.Regulators should promote data transparency to enhance economic vitality through efficient corporate investments.Originality/value:This study enhances the existing literature by offering causal evidence of the impact of open government data on corporate investment,a subject that has been relatively underexplored empirically.By employing a quasi-natural experiment centered on the implementation of government data platforms,this study adopts a robust methodological approach to address endogeneity issues,thereby advancing methodological rigor in investigations of public data governance and corporate behavior.
基金the Beijing Social Science Foundation Project Key Project of the Social Science Program of the Beijing Education Commission(Grant No.SZ202011232024)Ministry of Education Humanities and Social Sciences Planning Fund Project(Grant No.20YJAZH129).
文摘Air pollution poses a significant threat to human health,particularly in urban areas with high levels of industrial activities.In China,the government plays a crucial role in managing air quality through the Air Pollution Prevention and Control Action Plan.The government provides direct financial support and guides the investment direction of social funds to improve air quality.While government investment has led to improvements in air quality across China,concerns remain regarding the efficiency of such large-scale investments.To address this concern,we conducted a study using a three-stage data envelopment analysis(DEA)-Malmquist model to assess the efficiency of government investment in improving air quality in China.Our analysis revealed regional disparities and annual dynamic changes.Specifically,we focused on the Beijing-Tianjin-Hebei areas as a case study,as the investment primarily targeted industrial activities in urban areas with the goal of improving living conditions for urban residents.The results demonstrate significant differences in investment efficiency between regions.Beijing exhibits relatively high investment efficiency,while cities in Hebei Province require improvement.We identified scale inefficiency,which refers to the ratio of air pollutant reduction to financial investment,as the main factor contributing to regional disparities.However,we found that increasing the total investment scale can help mitigate this effect.Furthermore,our study observed positive but fluctuating annual changes in investment efficiency within this city cluster from 2014 to 2018.Investment-combined technical efficiency,which represents the investment strategy,is the main obstacle to improving yearly investment efficiency.Therefore,in addition to promoting investment strategies at the individual city level,it is crucial to enhance coordination and cooperation among cities to improve the investment efficiency of the entire city cluster.Evaluating the efficiency of government investment and understanding its influencing factors can guide future investment measures and directions.This knowledge can also support policymaking for other projects involving substantial investments.
文摘The increase of probability and depth of weather anomalies, which is important characteristic of climate change process, leads to higher risk of loss of perennial grasses forage yield, rise of price volatility on forage grain market. Increase of sustainability of dairy production supposes development of adapted to new weather conditions technologies of forage production, which are characterized by different investment and current costs. It generates a need of economic evaluation and comparative analysis of technologies taking into account climate change forecast and need of sustainable forage production guarantee. Purpose of the research project is the development of approaches to assessing adaptive technologies in forage production, increasing of dairy farming sustainability to changes in the external environment, including climate change. We assessed changes in forage production technologies in the Leningrad region of Russia, analyzed the implications of these changes for production and financial performance of dairy farming, proposed and tested methods for determination of the optimum harvesting time of perennial grasses. Special attention is paid to the long-term effects of changing the structure of cows＇ diet--shortening the productive use of animals, which reduces the efficiency of dairy herd use and limits the possibility of expanded reproduction. The primary method of the study is the analysis of milk production statistics in the Leningrad region and the Russian Federation. As a result of the study, the necessity to improve the production and investment planning quality, as well as the use of forecasts during planning of dairy production, is grounded.
文摘Marx＇s theory of the law of diminishing land fertility is an indispensable part of Marx＇s theory of rent. Marx not only denied the non-scientific component of the theory, but also affirmed the scientific component of the theory. China＇s theoretical circles have held a total negative attitude towards the theory for a long term, which has brought serious consequences to research on agricultural economic theory and agricultural production practice. Comprehensively understanding the scientific connotation of Marx＇s theory of the law of diminishing land fertility has extremely important theoretical and practical significance for reducing the blindness of land investment and improving the investment efficiency of land.
文摘The ESG score system is a fundamental component of the green financial system that is essential in promoting corporate environmental progress.In this work we investigate the micro-environmental impact of ESG scores using panel fixed effects models.We examine the processes underlying the influence of ESG scores on the performance of corporate green innovation as well as any potential inequalities in this impact under different moderating factors.To conduct our analysis we use data from Chinese-listed A-shares on the Shanghai and Shenzhen stock exchanges from 2010 to 2019.Our study demonstrates a relationship between corporate green innovation and ESG ratings indicating that higher ESG ratings assist businesses in achieving better green innovation results.This beneficial effect is evident both numerically and qualitatively and it continues to hold up even after being put through several demanding tests.Additionally we pinpoint two main ways that ESG encourages corporate green innovation by boosting government-enterprise ties and strengthening corporate investment efficiency.We also note that while business characteristics aligned with sustainability further enhance the favorable influence of ESG on green innovation performance characteristics linked to ecologically detrimental activities impede the contribution of ESG to green innovation.Our study adds to the body of knowledge already available on corporate environmental performance and green finance by offering empirical insights that can help enhance corporate environmental development and improve the ESG rating system.
基金This workwas supported by R&D and Application Demonstration of Common Key Technologies in Modern Service Industry,Key Special Sub Topics of National Key R&D Plan(Grant No.2018YFB1402500).
文摘Promoting the growth of the lithium battery sector has been a critical aspect of China's energy policy in terms of achieving carbon neutrality.However,despite significant support on research and development(R&D)investments that have resulted in increasing size,the sector seems to be falling behind in technological areas.To guide future policies and understand proper ways of promoting R&D efficiency,we looked into the lithium battery industry of China.Specifically,data envelopment analysis(DEA)was used as the primary approach based on evidence from 22 listed lithium battery enterprises.The performance of the five leading players was compared with that of the industry as a whole.Results revealed little indication of a meaningful improvement in R&D efficiency throughout our sample from 2010 to 2019.However,during this period,a significant increase in R&D expenditure was witnessed.This finding was supported,as the results showed that the average technical efficiency of the 22 enterprises was 0.442,whereas the average pure technical efficiency was at 0.503,thus suggesting that they were suffering from decreasing returns to scale(DRS).In contrast,the performance of the five leading players seemed superior because their average efficiency scores were higher than the industry's average.Moreover,they were experiencing increasing scale efficiency(IRS).We draw on these findings to suggest to policymakers that supporting technologically intensive sectors should be more than simply increasing investment scale;rather,it should also encompass assisting businesses in developing efficient managerial processes for R&D.
基金the“Survey on the Digital Transformation of Small and Medium-Sized Enterprises(SMEs)”(No.2024ZDDC002)a major economic and social investigation project conducted by the Chinese Academy of Social Sciences,and the“Construction and Research of China's FinTech Development Index”(No.23ZKJC068)a foundational research initiative of the Chinese Academy of Social Sciences think tank.
文摘The interplay between financial technology(FinTech)and real economy firms has garnered considerable attention.This paper explores the relationship and mechanism between FinTech and corporate zombification using the data of Chinese A-share listed firms in China from 2011 to 2021.The research findings reveal that FinTech significantly inhibits firm zombification,and FinTech breadth and depth both play a significant role in restraining firm zombification.Mechanism exploration indicates that,on the one hand,FinTech reduces friction in the financial market,inhibiting firm zombification by improving firm investment efficiency,especially alleviating under-investment.On the other side,FinTech indirectly affects the technological investment,production,and operation of firms,thereby inhibiting firm zombification by increasing their total factor productivity.Heterogeneity analysis suggests that the inhibitory effect of FinTech on corporate zombification is more pronounced for non-stateowned firms and small-sized firms,as well as those in manufacturing industries and highly competitive industries.This paper provides some novel evidence on evaluating the effect of FinTech on firms and also offers new insights for efficient governance of zombie firms.
