与已有文献聚焦CEO原生故乡不同,本文基于创新资源外溢与融资约束缓解的双重视角,探究第二故乡CEO对企业创新行为的影响效应及作用机理,并采用2002-2020年A股上市公司相关数据进行实证检验.研究结果表明,第二故乡CEO显著促进了所在企业的创新活动.机制检验结果表明,通过属地高校的创新资源外溢和依托校友关系网络资源帮助企业减轻融资约束,是第二故乡CEO促进企业创新的潜在渠道.通过进一步分析发现,第二故乡CEO对企业创新的促进作用在CEO是男性、公司是技术密集型企业、行业竞争度较高,以及地区创新文化氛围更浓厚时尤为明显.本文丰富了CEO故乡效应的相关文献,从微观层面揭示了企业家通过属地高校创新资源外溢渠道和融资约束缓解渠道推动属地企业创新的作用机制和积极影响,也从高管社会网络角度深化对产学研合作机理及效果的理解.
本文通过选取2000-2019年贵州省实际利用外商直接投资额(FDI)、入境旅游收入和地区生产总值(地区GDP)相关数据,建立向量自回归(VAR)模型,通过协整检验、脉冲响应、方差分解等方法,对FDI、入境旅游收入与贵州省经济增长之间的影响关系进行实证分析.协整检验结果显示,三者之间存在长期稳定的协整关系;脉冲响应结果显示,FDI和入境旅游收入对贵州省GDP均有正向影响;方差分解结果显示,贵州省GDP会受自身影响而表现出一定的持续性和惯性,FDI实际利用额对贵州省GDP的贡献度大于入境旅游收入对贵州省GDP的贡献度.最后,本文根据实证分析结果提出相应的对策建议,以期为贵州省积极有效引入FDI、大力发展入境旅游、促进地区经济增长提供借鉴参考.
能源高质量发展是实现"碳达峰、碳中和"战略目标的必然要求.本文以五大新发展理念为指导,从创新驱动、协调发展、绿色清洁、开放安全、民生共享五个维度出发,构建能源高质量发展综合评价体系.采用全局熵权TOPSIS法测算2008-2021年中国区域能源高质量发展水平的综合评价值,基于TOWA算子加权得到动态综合评价值,并利用障碍度模型分析中国能源高质量发展的障碍因子.研究结果表明:中国能源高质量发展水平呈现波动上升趋势,按照地理位置划分,其发展水平由高到低分别为东部、西部和中部;中国能源高质量发展的空间分布呈现"东西部高、中部低"的特征;能源工业投资强度、每万人专利申请授权数、能源自足率是中国大多数省区市能源高质量发展的主要障碍因子.本文根据研究结论提出有针对性的政策建议,可为中国能源业制定发展策略提供理论支持,对推进中国区域能源高质量的全面发展具有现实意义.
研究基于中国制造业上市公司2007-2021年数据,探究企业对外研发创新过程中研发国际化强度、启发式规则及社会资源对创新持续性的逻辑影响机理.研究发现,研发国际化强度与创新持续性呈显著倒U形关系;机会利用型和机会创造型启发式规则分别与研发国际化强度同时作用,对企业创新持续性发挥积极、强化作用,但机会创造型启发式规则的协同强化效应更明显.本地制度完善,机会利用型启发式规则与研发国际化强度同时作用,对创新持续性有显著正向影响;政治关联情境下,机会创造型启发式规则与研发国际化强度同时作用,能积极促进创新持续性.
粤港澳大湾区是贵州扩大开放合作的主攻方向,以产业合作为着力点对接融入粤港澳大湾区,对贵州高质量发展具有重要现实意义.本文基于贵州与粤港澳大湾区的产业互补性分析认为,贵州推进与粤港澳大湾区产业合作应以珠三角为重点方向,以工业为重点领域,瞄准化工及新材料、大数据、加工贸易、健康医药、新型建材五大重点产业精准对接.在此基础上剖析所面临的瓶颈制约因素,并从加强统筹引导、建强产业合作平台等方面提出贵州加强与粤港澳大湾区产业合作的对策建议.
研究采用价格离散度、换手率和零交易天数比率三种债券流动性测度方法,分析流动性风险对应收账款资产支持债券定价的影响,发现控制信用风险和其他特征控制变量后,价格离散度和零交易天数比率对应收账款资产支持债券信用价差有显著正影响,换手率对应收账款资产支持债券信用价差有显著负影响.将应收账款资产支持债券发行规模作为流动性替代变量,实证发现债券发行规模越大、流动性越好,信用价差越小.投资者评估应收账款资产支持债券价值应考虑债券流动性、债券发行规模,市场要完善应收账款资产证券化产品信息披露机制,扩大应收账款资产证券化产品披露范围,丰富投资者类型,改进结算系统,引进做市商制度.
基于复杂网络理论,研究根据主动权益型基金季度重仓持股数据建立基金共同持股关系网络模型和个股基金子网络关系模型,采用残差平均聚类系数、平均最短路径和残差网络密度实证个股基金子网络基金持股相似度和信息交流效率,发现基金抱团程度越高、信息传递效率越高,个股崩盘风险越低;震荡市中,基金抱团投资对个股崩盘风险影响的分样本和全样本回归结论一致;极端市场行情下,基金抱团对个股崩盘风险影响的有效性降低,甚至失效;牛市中,市场情绪乐观、行情好,基金抱团投资对个股崩盘风险的削弱作用显著降低;熊市中,基金抱团投资对个股崩盘风险的影响不显著.
"Zero waste" management of municipal solid waste is a concrete action for Hunan province to actively implement the national decisions and deployment of "zero-waste city" construction, and also an important fulcrum for Hunan′s ecologically strong province construction. And it is of great significance to promote the construction of national ecological civilization, high-quality economic development and meet people′s needs for a better life. Based on the analysis of the significance and current situation of "zero waste" management of municipal solid waste in Hunan, this article sorted out the main dilemmas faced by the management subjects, object and tools from the basic elements of management, and put forward countermeasures and suggestions to promote the "zero waste" management of municipal solid waste in Hunan from the aspects of playing the linkage role of multiple management subjects, systematically building multiple management tools, raising management funds through multiple channels and improving management technology at various levels.
Under the background of "carbon peak" and "carbon neutrality",it is of great significance for green finance to support the photovoltaic industry to realize the double cycle.Based on the international trade data from 2012 to 2018,the entropy method is used to calculate the development level of green finance in China and the influence and mechanism of green finance on the double cycle of Chinese photovoltaic industry is analyzed empirically based on the comprehensive FGLS estimation method.It is found that green finance has a significant positive effect on domestic photovoltaic installed capacity, and the industrial structure has a partial positive intermediary effect between green finance and the inner cycle of photovoltaic industry; green finance is significantly and positively related to the export trade of photovoltaic industry.Meanwhile, exchange rate fluctuations and technological innovation are indirect channels for green finance to affect the external circulation of photovoltaic industry.Therefore, it is necessary to establish and improve the green finance development policy system, improve the independent research and development capacity of key materials and low-carbon frontier technologies, unblock the double-cycle technology of the photovoltaic industry, accelerate international cooperation based on green standards, and formulate exchange rate risk neutral strategy, so as to promote the outer cycle development of the photovoltaic industry and realize the green support for the high-quality development of the financial photovoltaic industry.
The supply pattern of rural ecological public products has changed from the traditional "one dimensional supply" to the new "multiple supply".However, due to the lack of effective communication and coordination among the multiple supply subjects, the cooperation level of the multiple supply subjects presents a "fragmented" state, and the phenomenon of "triple failure" of supply arises.The supply-side structural reform of rural ecological public products in the new era should be based on the pattern of "multiple supply",introduce advanced governance tools, build a multiple collaborative supply model, integrate the "fragmented" state, and achieve high-quality supply of rural ecological public products.There are many issues in the supply of multiple collaborative cooperation, such as "decentralization" "de-publicization",low supply efficiency, and unclear supply accountability, which objectively restrict the benign operation of the supply model.Measures such as strengthening the dominant position of the central government, reasonably improving the incentive system, scientifically constructing the cooperation mechanism, and clearly defining the boundary of responsibility and right can solve the difficulties faced by multiple cooperative cooperation.Give full play to the optimal energy efficiency of the cooperative supply community.
With the establishment of the goal of "peak CO2 emissions, carbon neutrality",to achieve this goal scientifically and effectively, and achieve the balance and coordination between industrial economic development and carbon emissions, is one of the important issues to be solved urgently in the process of rapid development of Guiyang city.This study first calculated the change value of Guiyang′s industrial carbon emission intensity from 2013 to 2020 by establishing the measurement system of Guiyang′s industrial carbon emission intensity referring to the IPCC method.Then the STIRPAT model is used to decompose and analyze the factors affecting the industrial carbon emissions in Guiyang from six aspects, including the number of industrial employees, per capita gross industrial output value, industrial scale, energy structure, energy intensity and energy processing and conversion rate.Finally, according to the analysis results, some countermeasures are put forward to reduce the industrial carbon emission intensity in Guiyang.
Consumption is a cornerstone of stable economic growth and basic driving force of economic growth.Over the past decade, the consumption scale in Guizhou has been expanding with continuous optimization of the consumption structure.However, under the influence of the COVID-19 pandemic and downward economic pressure, residents′ willingness to consume has decreased and the growth of the conventional major consumption areas has been sluggish.As pointed out in Report to 20th CPC National Congress, it is imperative to "accelerate the establishment of a new development pattern with the focus on promoting high-quality development".Under the new development pattern, on the basis of fully stabilizing employment and increasing income, provincial government of Guizhou should actively exploit the potential of residents consumption, develops new forms and models of consumption, accelerate the integration of online and offline consumption, cultivate new consumption growth points, and enhance the resilience and internal driving force of economic development.These are important topics for promoting high-quality development.
Based on the data of the A-share listed companies from 2008 to 2019,the study examines the impact of enterprise annuity on employee mobility.The results show that enterprise annuity has a positive impact on employee mobility.It can not only attract employees inflow, but also reduce employees outflow, and help enterprise change from net outflow state to net inflow state.Enterprise annuity not only affects absolute employee mobility, but also affects relative employee mobility based on historical, industry and regional expectations.The effect of enterprise annuity on employee flow is heterogeneous, and it only affects state-owned enterprises significantly, but not non-state-owned enterprises.The above conclusion still passes the robustness test after the introduction of instrumental variables, lag time, changing explanatory variables and sample.Encouraging enterprises to implement the enterprise annuity system is crucial and beneficial to the enterprise human resource management and the far-reaching development of enterprises, and also has positive significance for improving the multi-level endowment insurance system.
Virtual reality technology has brought new changes to the marketing strategy of tourism destinations.The effect and mechanism of virtual tourism experience on on-the-spot travel intention are worth further discussion.Based on emotion evaluation theory and questionnaire survey data, this study explores the mechanism of authenticity perception, pleasure emotion, individual innovation and on-site travel intention in virtual tourism experience, collects data by using questionnaires, tests and analyzes the five major hypotheses, and draws the following conclusions: virtual tourism authenticity perception in the experience positively affects on-site travel intention and pleasure; pleasure positively affects on-site travel intention, and partially mediates the relationship between authenticity perception and on-site travel intention; individual innovation mediates the relationship between authenticity perception and pleasure.This study confirms the positive effect of authenticity perception in virtual tourism on on-site travel intention, and provides development and management suggestions for destination marketing based on the research results.It is suggested that tourist destinations can use virtual reality technology to strengthen external publicity, enhance virtual tourism content production and its perceptual authenticity, strengthen human-scene interaction, enhance virtual tourism experience, and develop more dimensional tourism destination marketing strategies.
After the construction of a well-off society in an all-round way in China, the continuous promotion of the integrated development of primary, secondary and tertiary industries in rural areas becomes the necessary requirement for the realization of rural revitalization and the agricultural rural modernization.Limited by natural resources and production conditions, Guizhou faces huge challenges in realizing the integrated development of rural primary, secondary and tertiary industries.The purpose of this article is to start from the realistic predicament of Guizhou agricultural product processing industry, analyzes the four issues of Guizhou agricultural product processing industry: weak demand growth, low added value of products, weak cluster competitiveness, and unbalance between raw material supply and demand.The article suggests that local government should speed up the scale, improve the system of primary agricultural product demand, strengthen the industrial value-added and efficiency-added measures, establish and improve the supply chain value-added system, vigorously develop the cluster industrial supply chain, improve the modern agricultural product processing system, strengthen the agricultural product supply chain management, and improve the raw material supply security system with four path selection.It also discusses suggestions on improving the quality of agricultural product processing industry development in Guizhou so as to promote the integrated development of the primary, secondary and tertiary industries in Guizhou rural areas.
This paper is based on panel data of China′s 31 provinces, autonomous regions and municipalities from 2011 to 2020,a mediation effect model was used to empirically analyze the impact of digital infrastructure construction, scientific and technological innovation on the green development of industrial enterprises.The results show that digital infrastructure construction reduces pollutant emissions through direct effect and significantly promote the green development of industrial enterprises.Scientific and technological innovation has a significant mediation effect on the green development of industrial enterprises.In addition, industrial structure, environmental control and economic development have a positive effect on the green development of industrial enterprises, while urbanization demonstrates a significant negative effect on the overall green development of industrial enterprises.In terms of regional heterogeneity, the positive impact of digital infrastructure construction on the green development of industrial enterprises is higher in eastern China than in central, western and north-eastern China.According to the research conclusions, this paper proposes that the positive impact of digital infrastructure construction on the green development of industrial enterprises should be strengthened by further expanding the coverage of digital infrastructure, promoting energy saving and efficiency of digital infrastructure, and optimizing the construction environment of digital infrastructure.At the same time, through the promotion of scientific and technological innovation, digital infrastructure construction should give full play to its role in promoting the green development of industrial enterprises.
The implementation of the rural vitalization strategy in the era of digital economy and the promotion of agricultural products through e-commerce is beneficial to improve the well being of the people.Various activities also took place nationwide to work faster to improve the development of agricultural products e-commerce.There is the first national-level comprehensive big data experimental area in Guizhou Province, and it is one of the poorest provinces with the most difficult task in the fight against poverty in the country but still completed on schedule.Its experience, practices and existing problems in development have attracted the attention of both at home and abroad.Through in-depth investigation and analysis, this paper found that under the background of the rural vitalization strategy, the e-commerce service system of agricultural products in Guizhou has been continuously improved, the supply chain system has been continuously optimized, the production and marketing connection has been continuously strengthened, and the sales terminal has been continuously upgraded.However it also faces some difficulties such as the lag of agricultural product brand construction, the weak expectation of enterprise market expansion, the outdated concepts of business operation and management, and the large shortage of rural e-commerce talents, relatively backward big data to ensure the safety of agricultural products, and shortcomings in infrastructure logistics.Based on the above findings, a series of targeted countermeasures and suggestions are put forward in order to further promote the development of agricultural products e-commerce in Guizhou Province.
Based on the panel data of 11 provinces（municipalities） in the Yangtze River Economic Belt from 2006 to 2020,this paper uses the fixed-effect spatial Dubin model to empirically study the spillover effect of commercial ＆ trade circulation innovation on green development.The level of commerce and trade circulation innovation in the provinces（municipalities） of the Yangtze River Economic Belt demonstrates the random distributed characteristics of "high-high agglomeration" and "low-low agglomeration".This innovation also shows a significant positive spatial autocorrelation and has a significant spatial spillover effect on regional green development, which can promote the green development of innovative local and surrounding areas.Therefore, this article suggests that local government should strengthen the innovation of commerce and trade circulation within the region, encourage online and offline interactive innovation, promote two-way linkage green development, open wider to the outside world, adhere to the new path of urbanization, improve the environment for innovative commerce and trade circulation and green development, and continue to promote green development of the Yangtze Economic Belt.
This paper takes all A-share listed companies in Shanghai and Shenzhen from 2007 to 2021 as the research object, and tests the impact of the degree of digital transformation of enterprises on the value of enterprises in the era of digital economy through regression analysis.It uses the proportion of executives′ shareholding and corporate tax burden as the intermediary to conduct the test as well as the heterogeneity test according to the nature of the property rights and the size of the company.The study found that the degree of digital transformation has a significant positive correlation with enterprise value.The shareholding ratio of executive and tax burden are effective mediators for the degree of digital transformation affecting enterprise value.The heterogeneity test reveals that state-owned enterprises and SMEs are more affected by digital transformation.The article enriches the research related to digital transformation and enterprise value, and is of great significance to induce digital transformation, facilitate the healthy growth of enterprises, increase value of enterprise, and improve the market economies system.
The research takes China′s A-share listed companies from 2015 to 2021 as the research object, and based on the data of SynTao Green Finance′s ESG rating analysis report, it empirically tests the impact of corporate ESG on corporate financing constraints.Enterprise ESG alleviates financing constraints by reducing the degree of information asymmetry, and information asymmetry plays an intermediary role between enterprise ESG and financing constraints.For enterprises with a high proportion of state-owned enterprises or institutional investors, ESG plays a more significant role in easing their financing constraints.Appropriately increasing the proportion of corporate institutional investors, optimizing financial ESG information intermediary business, and cultivating and enhancing investors′ sense of social responsibility are conducive to creating a good financial market environment, have positive significance for alleviating financing constraints.
