Digital Transformation and Corporate Financial Risk:Evidence from Listed Companies in

As a core issue in enterprise operation management,corporate financial risk is directly related to the survival and development of enterprises,and digital transformation has brought new challenges to the control of corporate financial risk.Based on the data of The Shanghai Stock Exchange(SSE)and Shenzhen Stock Exchange(SZSE)from 2009 to 2022,this paper analyzes the impact of digital transformation on corporate financial risk and the impact mechanism.The empirical study finds that digital transformation significantly increases the financial risk of enterprises,and shows differences among different regions,different risk factors,and enterprise natures,and substantially increases the corporate financial risk in the East and West,non-state-owned enterprises,high-risk and low-risk enterprises.The mechanism analysis found that digital transformation would affect the financial risk of enterprises by increasing their R&D investment and reducing their debt level.The conclusion improves insights and guidance for analyzing and managing financial risks in enterprises under digital transformation.

The impact of green finance,eco-innovation,renewable energy and carbon taxes on CO_(2) emissions in BRICS countries:Evidence from CS ARDL estimation

A sharp increase in economic and human development has multiplied the carbon intensity due to which there is a significant need of effective strategies in order to curb carbon emissions.Thus,the present study aims to examine the effective of green finance,eco-innovation,renewable energy output(REO),renewable energy consumption(REC),and carbon taxes on carbon dioxide(CO_(2))emissions in BRICS countries in the time of 2001-2020.Cross-sectional autoregressive distributed lag(CS ARDL)is used to test the connection among the variables.Empirical estimations of CS-ARDL approach validates the effectiveness of green finance,eco-innovation,REO,REC,carbon taxes,and industrialization as the relationship of these factors with carbon emissions is negative in nature in BRICS economies.Based on the evidences,the study recommends the formulation of environmentally friendly practices and advancement in green finances to mitigate carbon emissions.

Quality of Provisions for Bad Debts and Earnings Information Contents

We measure the quality of provisions for bad debts, based on both the cross-sectional and time-series basis. Empirical tests show the impacts on earnings information contents, as well as on the incremental information content of cash flows.

“Waste-free Cities”Construction and Carbon Emission Reduction in China:Based on the Perspective of Circular Economy

Solid waste and carbon dioxide are important elements of environmental governance.Under the background of carbon peaking and carbon neutrality goals,the research on whether and how to promote the construction of“no waste cities”and carbon emission reduction is of great significance in China.The generation of solid waste and greenhouse gases such as carbon dioxide has the same origin,which can be well coordinated to promote environmental governance.

Identifi cation of national priority areas for adaptation to climate change in China

The problem of global warming has been identif ied as the f irst in the list of the top ten environmental prob-lems in the world.As climate change will seriously affect the social and natural world that people live in,so it may lay serious repercussions on economic progress,social improvement,and sustainable development.International bodies everywhere and many of the countries' governments are responding urgently to this call.In recent years,climate change has affected different regions in China in different ways.In its national agenda,the Chinese government should address the problem of climate change and its negative impact on socio-economic development.In this endeavor the nation should introduce policies which will help its people and economy to adapt to these effects and changes.Priorityf ields of adaptation to climate change are the sensitive areas or departments which are more vulnerable to the negative influences of climate change.The negative impacts of climate change in some parts of China are considered to be very serious indeed as they affect the whole economy and community.As a result,priority should be given to these more affected regions for the limited state f inancing.This paper def ines adaptation and discusses the basic principles and programs in the identif ication of national priority areas where adaptation should be exercised.Based on the past studies,four priority areas in China are identif ied,namely,disaster prevention and mitigation,water resources,agriculture,and ecosystem.An analysis on the identifi cation procedures,and the reasons and tasks involved are given for each.

Media coverage and price reactions to earnings news

In this study,we find that relative to firms with less media coverage,stock price sensitivity to positive(negative)earnings surprises in earnings announcements of firms with greater media coverage is stronger(weaker).This asymmetry in the effect of media coverage on stock price sensitivity to positive versus negative earnings surprises suggests that greater media coverage of earnings announcements intensifies stock price reactions to positive earnings surprises but attenuates reactions to negative earnings surprises.Moreover,we find that negative earnings news is less persistent for firms with greater media coverage.Overall,our findings support the conjecture that greater media coverage increases managers’incentive to avoid future negative news,thereby reducing the persistence of poor financial performance and weakening price reactions to negative earnings news.

Policy uncertainty and land transaction prices in China

Economic policy uncertainty has prominent effects on investment and output.Using unique transaction-level data in China,this paper explores the impact of economic policy uncertainty on land transaction premiums in China.On average,a 1%increase in the policy uncertainty level reduces land transaction premiums by 3.907 percentage points.The impact of policy uncertainty is more profound for firms with tighter financial constraints and land located in cities with lower rent-to-price ratios.The influence of policy uncertainty becomes weaker after the anti-corruption campaign in China,especially in provinces scrutinised by the central inspection teams,implying that improvements in the political environment alleviates the impact of policy uncertainty.

Influence of Chinese entrepreneurial companies' internationalization on independent innovation:Input incentive effect and efficiency improvement effect

Within the special environment of the Chi Next market, we study how an internationalization strategy affects the independent innovation of Chinese entrepreneurial companies from two dimensions: R&D input and patent output.An internationalization strategy has a significant incentive effect on R&D input and a significant efficiency improvement effect on patent output. Entrepreneurial companies with higher degrees of internationalization have higher R&D inputs and patent outputs. After endogeneity is controlled, these effects still exist. Internationalization strategy has more pronounced effects on independent innovation in strategic emerging industries. The results elucidate the internationalization strategy and independent innovation of Chinese entrepreneurial companies, and have valuable implications for Chinese regulators in making international development policies for strategic emerging industries and independent innovation.

Career concerns, shareholder monitoring and investment efficiency: From the perspective of compensation contract rigidity in Chinese SOEs

This paper presents theoretical analysis of how career concerns and shareholder monitoring affect chief executive officer(CEO) agency costs. We investigate investment efficiency prior to CEO retirement based on a sample of Chinese state-owned enterprises(SOEs) during the 1999–2007 period and find that there is a significant decline in investment efficiency prior to CEO retirement, relative to other periods, and that this decline becomes less significant under stronger shareholder supervision. Our research furthers understanding of the significance of SOE incentive and monitoring mechanisms.

Density-based rough set model for hesitant node clustering in overlapping community detection

Overlapping community detection in a network is a challenging issue which attracts lots of attention in recent years.A notion of hesitant node（HN） is proposed. An HN contacts with multiple communities while the communications are not strong or even accidental, thus the HN holds an implicit community structure.However, HNs are not rare in the real world network. It is important to identify them because they can be efficient hubs which form the overlapping portions of communities or simple attached nodes to some communities. Current approaches have difficulties in identifying and clustering HNs. A density-based rough set model（DBRSM） is proposed by combining the virtue of densitybased algorithms and rough set models. It incorporates the macro perspective of the community structure of the whole network and the micro perspective of the local information held by HNs, which would facilitate the further ＂growth＂ of HNs in community. We offer a theoretical support for this model from the point of strength of the trust path. The experiments on the real-world and synthetic datasets show the practical significance of analyzing and clustering the HNs based on DBRSM. Besides, the clustering based on DBRSM promotes the modularity optimization.

The Efficiency of the Chinese Commodity Futures Markets: Development and Empirical Evidence

This study investigates the efficiency of the Chinese metal futures （i.e. copper and aluminum） traded on China＇s Shanghai Futures Exchange. First, we thoroughly analyze the development of China＇s commodity futures markets, which provides a fundamental background. Then we examine the random walk and unbiasedness hypotheses for two metal futures during 1999-2004. Based on the empirical evidence, we argue that China＇s copper and aluminum futures markets are efficient, and that they aid the process of price discovery because futures prices can be considered as unbiased predictors of future spot prices. We attribute this efficiency to the regulatory changes made in 1999 and the increased financial skills and acumen of the participants in the market.

The Business Cycle and Profitability of Trading Strategies

Recent studies show that investor participation in the stock market rises during economic expansion and drops in economic recession. When investor participation is high, investors＇ cognitive and behavioral biases are likely to have a strong influence on stock prices. We consider four trading strategies that are based on well-known market anomalies and examine their profitability under different economic conditions. For all four strategies, the portfolios that are formed in the months when the economy is expanding obtain significant profits, whereas the portfolios formed in economic recession months are not profitable. This finding is robust to different ways of classifying recession months.