Does enterprise digitization reduce carbon emissions? Evidence from China

The digital transformation and expansion of businesses will provide China’s low-carbon economic develop‐ment strategy with fresh impetus in the backdrop of the emerging digital economy and environmentally friendly growth.This article measures the level of enterprise digitization using two methods:the enterprise digitization index and text analysis word frequency statistics.Additionally,carbon emissions are obtained by measuring various types of emissions according to the carbon emission classification range standard.To ac‐count for endogeneity and unobservable variables,relative indicators,such as the rate of increase for company emissions of carbon,are utilized.Using microdata from Chinese listed firms from 2011 to 2021,this study ex‐amines the implications of corporate digitization on enterprise carbon emissions.This study further analyzes the transmission mechanism and investigates the function of green finance in controlling corporate digitiza‐tion and reducing corporate carbon emissions by distinguishing between two types of green patents.Research shows that businesses’carbon emissions are greatly reduced as a consequence of getting digital.Even after performing several robustness and endogeneity tests,the conclusion still remains valid.According to mecha‐nism analysis,which demonstrates that the main strategy for reducing corporate emissions of carbon through the digitalization of enterprises is to promote innovation in green technology.The regulation of green finance in enterprise digitalization will further reduce corporate carbon emissions.According to the analysis of hetero‐geneity,state-owned businesses and those situated in areas with stringent environmental regulations are more significantly impacted by enterprise digitization on corporate carbon emissions.This article discusses the mechanism of promoting corporate carbon emissions through digitalization,expands on relevant research on corporate digitalization,and analyzes the achievable paths of corporate digitalization and low-carbon develop‐ment strategies.

Research on the Pricing of Convertible bonds in China Migration risk based on credit rating

At present,further research and exploration on credit risks are being carried out in the global field,and increasingly profound modem credit risks are exposed to the bond market.This requires that we cannot ignore the impact of credit rating migration risk on bond pricing,so as to adapt to the sustainable and healthy development of the bond market under the new normal of China's economy.The innovation point of this paper is to try to analyze the pricing of Convertible bonds in China from the perspective of credit rating migration risk.Tsiveriotis and Femandes(1998)model is selected,and the credit risk in the model is assumed to be caused by the credit rating migration risk,and the credit spread is used to measure the credit rating migration risk.The research conclusion of this paper is as follows:First,it is valid to consider the risk of credit rating migration in the TF(1998)model.The market price of convertible bonds is on average 1.22% higher 1han the theoretical value of the model.In general,the theoretical value obtained from the model has little deviation from the market price,and has a good fitting degree.Second,from the Angle of credit rating,the selection of 32 samples of convertible bonds only empirical research shows that the credit rating of AA-convertible bonds average deviation rate is negative,suggest that the credit rating of AA-the phenomenon of convertible bonds value is underestimated,and AAA credit rating to AA,AA+,the average deviation rate of convertible bonds is positive,that credit rating AA(containing AA)more convertible bond value is overrated phenomenon,and the higher the credit rating of the average deviation rate of convertible bond,the greater the overvalued levels.It has certain guiding significance for participants in the convertible bond market.