As China's power grid investment enters a new phase that focuses more on quality and efficiency of development,power grid investment and construction requires high-level technological innovation and high-quality investment.Assessing power grid investment risks is extremely important to avoid and reduce investment risks and make optimal investment decisions.This article establishes a risk assess-ment index system from four aspects:market policy,regulation,technology,and social environment.It constructs an improved failure mode and impact analysis model that introduces prospect theory and interval intuition fuzzy to evaluate power grid investment risk.The results in-dicate that effectiveness regulatory risk,price regulatory risk,and safety regulatory risk are the most critical risk factors.Based on this,risk re-sponse suggestions are proposed from three aspects:regulatory risk prevention and control,integration of risk information resources,and construction of regulatory risk management institutions.
Under the highest guidance of the "Opinions of the Central Committee of the Communist Party of China and the State Council on Building a Data Infrastructure System to Better Play the Role of Data Elements" （hereinafter referred to as the "Twenty Data Articles" ）,China is rapidly building a data element market,which involves important links such as data ownership confirmation,pricing,and trading.Currently,the data industry generally believes that data pricing and data asset value evaluation are difficult challenges.Due to the unique value characteristics of data that are different from other elements:specificity,synergy,and infinite availability,and the "Twenty Data Articles" also clearly indicate that the distribution and compensation of data value need to be combined with the characteristics of data elements.Therefore,it is necessary to build data pricing models that match these special value characteristics,both in terms of market economy laws and policy requirements,and provide a solid and verifiable theoretical foundation and computing technology.This is of great significance for building a data element market and developing the digital economy.This article starts from the guiding principle of "20 data items" on data returns,and based on the principles of fairness and effectiveness,constructs the theoretical foundation of data pricing and data asset value evaluation.Based on cooperation with central enterprises,internet groups,and financial institutions,relevant computing technologies have been developed.Through theoretical proof,it demonstrated that there exists a unique,fair and effective theoretical solution for the distribution of benefits among the participating contribution data elements in any economic activity,meeting the requirements of fairness and effectiveness principles.Furthermore,this article has developed data asset graph technology,which can analyze the contribution of upstream and downstream data in the data production and usage chain,and continuously automate the inventory of the return value of data in various economic activities,providing a parameter basis for the total valuation of data assets.
Climate change and its natural disasters have become important influencing factors for economic and social development and financial security and stability,and timely prevention of the potential impact of climate change risks is of great significance.Based on the review of research on climate change and economic growth,financial risks and related fields,this paper constructs a DSGE model with natural disaster shocks,financial intermediary and multiple economic entities as the analysis objects,and clarifies the impact of natural disasters on financial variables and the transmission mechanism.Research has found that natural disasters can cause asset prices to rise in the short term and decrease in the long term,and increase the risk premium of capital returns;The impact of natural disasters has a negative impact on bank credit demand and total assets,leading to a decrease in output and capital stock;The impact of natural disasters mainly affects asset prices,financing costs,and credit demand,exacerbating financial risks and feeding back to the real economy.Based on the research findings,this article proposes measures such as carbon reduction to mitigate natural disasters and financial risks caused by climate change,improve the construction of institutional mechanisms to respond to natural disasters,and focus on preventing the negative impact of natural disasters on the financial system and related risks.
Power futures market is the next stage of the development of the electricity spot market. In the power futures market, we must consider how to deal with the risks brought by the emerging power financial derivatives. Based on the analysis of the principle of dynamic margin system of SPAN (Standard Portfolio Analysis of Risk) futures, we introduced SPAN system into Chinese power futures market, and simulated the parameters by VaR and risk matrix. Then, this paper selects two power futures products of ICE (INTERCONTINENTAL EXCHANGE) for example analysis of this model. The results show that, compared with the current static margin system in China, SPAN futures dynamic margin system can reduce the margin level of power futures products for a long time and reduce the occupancy rate of funds. The dynamic margin system is an important direction for the development of domestic power futures market in the future.
In order to better reflect the influence of stable urban housing prices on industrial structure upgrading, based on the panel data of 104 cities with dynamic land price monitoring from 2003 to 2020, a dynamic panel model is built. Under the premise of controlling transport, commercial, science and technology, urban climate conditions and other variables, the overall effect of housing price on industrial structure upgrading, the output of the secondary industry and the output of the tertiary industry are quantitatively measured. The results show that:（1） Stabilizing urban housing price promotes the upgrading of industrial structure;（2） Stabilizing urban housing prices can promote the output of the secondary industry;（3） Stabilizing urban housing prices can promote the output of the tertiary industry, and the improvement of urban livability can significantly promote the improvement of the output level of the tertiary industry. Based on this, we should adhere to the principle of "housing residence instead of vicious speculation", design the spatial layout of urban industries according to local conditions, and improve the housing security system.
With the continuous promotion of China’s ecological civilization construction and green low-carbon development,the carbon emission trading pilot policy has significantly impacted regional green innovation.Based on the panel data of 30 Chinese provinces from 2005 to 2020,this paper empirically examines the impact of the carbon emissions trading pilot policy on the regional green innovation level using the spatial econometric model.The results show that China’s green technology innovation and green process innovation both have significant positive autocorrelation and spatial spillover effects.The carbon emissions trading pilot policy has a significant promotion effect on the green innovation level of pilot provinces and cities.Further analysis finds that the carbon trading pilot policy has a heterogeneous impact on regional green innovation at different levels of economic development;the adjustment,optimization,and upgrading of industrial structure,the increment of R＆D investment,and the improvement of labor quality are conducive to improving the level of China’s green technology innovation and green process innovation.
Energy supply is a strategic issue related to the country’s economic and social development, which is crucial to the long-term stable development of the economy, the improvement of people’s lives, and the long-term stability of society.This paper establishes the Chinese economy-energy-environment computable general equilibrium（CGE） model including energy input module, to simulate and analyze the systematic impact of energy price fluctuations on economic development.This study finds that（1） The rise of energy prices will push up domestic prices, slow down economic development, and inhibit the out put of various industrial sectors to varying degrees;（2） The drop on prices of coal, oil and natural gas will increase the use of high-carbon energy, leading to an increase in carbon dioxide emissions and emission intensity;（3） When the price of fossil energy rises, the society will increase the demand for clean energy, reduce the consumption of fossil energy, and achieve the reduction of carbon dioxide emissions, which will help to achieve the goal of sustainable economic development.
Preventing and monitoring the asset quality of listed companies is of great significance to improving the efficiency of asset allocation in China’s financial market, enhancing the ability to serve the real economy, and promoting the high-quality development of China’s economy.This paper selects listed companies in China from 2017 to 2021 as samples, and uses earnings management as the mediating variable to conduct empirical research on the impact of NPL on Stock price synchronicity.The results show that the NPL have a positive and significant impact on Stock price synchronicity, and the mediating effect of earnings management is significant.Effectively controlling the NPL of listed companies,improving financial transparency and strengthening financial supervision can improve the Stock price synchronicity in the current market environment.Therefore,listed companies can reasonably and effectively control the proportion of NPL by strengthening the prevention and management of internal NPL and building a non-performing asset disposal team in the process of development; Investors can also enrich their investment value system from the perspective of NPL; Relevant regulatory authorities can further strengthen financial supervision and improve financial transparency of listed companies.
The charging pile is the key "chain" of the new energy automobile industry. It plays an essential role in promoting the new energy industry’s development and even realizing the "carbon peaking and carbon neutrality" goal in China. This paper uses the three-stage DEA-Tobit model, taking 38 charging pile-listed companies from 2017 to 2020 as samples, to analyze the efficiency of technological innovation in the charging pile industry and its influencing factors based on the time delay effect. The research finds that pure technical efficiency is the main factor affecting the efficiency of technological innovation in the charging pile industry. After removing environmental factors’ interference, technological innovation efficiency has been significantly improved on the macro level. Moreover, individual companies’ scale efficiency and pure technical efficiency need to be improved. Tobit regression shows that the technological innovation efficiency of the charging pile company is significantly related to government policies, company size, and scientific research expenditure. It is suggested that the government should refine the evaluation indicators of charging piles and optimize the industrial support policies. Charging pile companies can implement differentiated management, increase investment in innovation, improve charging technology, and improve the efficiency of technological innovation.
After China’s comprehensive victory in poverty alleviation,consolidating and expanding the achievements in poverty alleviation and comprehensively promoting rural revitalization have become one of the main contents of poverty alleviation during the "14th Five-Year Plan" period.The long-run impacts of the financial supports on the former national-level poverty counties listed in the SevenYear Poverty Alleviation Program are empirically analysed based on the 27 poverty counties in Henan province.The findings include that in general the financial supports have long-run positive impacts on the economic growth of the former poverty countries,although there exists heterogeneity among them.The financial supports stimulate the economic growth mainly through the investment and the upgrade of the industrial structure.The gap of economic development between the poverty and none-poverty counties still exists.The financial supports should continually play important role in consolidating the achievements in poverty alleviation.
The mediation of price dispute disputes fully embodies the development concept of putting the people at the center,and has the characteristics of rooting at the grassroots level,being close to the people,focusing on prices,and serving the people’s livelihood.It has significant and unique advantages in solving the "key small things" that the people urgently need.Since the implementation of the "total to total" online litigation and mediation work,the development of price dispute mediation work has entered the "fast lane" ,effectively resolving various price conflicts in civil and commercial litigation cases,and becoming a new brand of price public services that price recognition agencies strive to create.On the basis of in-depth practical investigation and research on the progress of price dispute mediation work,this article proposes targeted suggestions for further improving the work,providing new experience for diversified,efficient,and convenient resolution of price disputes and promoting social harmony and stability.
Cities are important carriers of innovation.Taking the data of 278 cities as a sample,combined with the national smart city pilot,this paper uses the multi-period double difference model to study the impact of implementing the smart city governance model on the efficiency of urban innovation.Research has found that,overall,promoting smart city governance models has a significant impact on improving urban innovation efficiency.Heterogeneity analysis shows that cities with higher levels of higher education have more significant innovative effects in implementing smart city governance models compared to cities with average levels of higher education;In western and northeast China’s cities,the implementation of smart city governance model has significant innovation effect,but the marginal utility of improving innovation efficiency in eastern and central cities is relatively small.Mechanism analysis shows that the smart city governance model enhances the urban innovation effect mainly through the technological environment effect generated by the application of information technology,the industrial structure effect generated by driving industrial transformation and upgrading,as well as the human capital effect generated by the improvement of livability and business level in cities and the increase of employment opportunities.It has important implications for further expanding research on the relationship between urbanization and innovation,and improving the path of improving urban innovation efficiency.
On November 15, 2021, the Beijing Stock Exchange officially opened. This is a milestone in the development history of China’s capital market. Based on the establishment and construction of the Beijing Stock Exchange, this paper analyzes its impact on China’s multi-level capital market from both theoretical and empirical aspects. On the one hand, the Beijing Stock Exchange has played a connecting role in China’s multi-level capital market and led innovation; On the other hand, through the analysis of the development of the Beijing Stock Exchange and the liquidity of listed companies, we can find that as listed companies enter the selected level from the "New Third Board"（NEEQ）to the Beijing Stock Exchange, their price index, transaction volume, P/E ratio and market value have increased significantly. After the establishment of the Beijing Stock Exchange, the liquidity of innovative enterprises has been greatly improved. This reflects that the establishment of the Beijing Stock Exchange has a "spillover" effect on the enterprise liquidity of the "New Third Board" innovation layer. The research results show that the establishment of the Beijing Stock Exchange is conducive to the development of listed enterprises in the secondary market, and also improves the liquidity of the innovative enterprises in the "New Third Board", and improves the construction of China’s multi-level capital market. In the future, the Beijing Stock Exchange needs to expand the depth and breadth of the market, improve the registration system and information disclosure system, realize transaction diversification, prevent system risks, improve liquidity and carry out digital construction.
With carbon peaking and carbon neutrality, the low-carbon energy big data management system uses advanced digital technology to effectively control the carbon emissions and new energy consumption of key enterprises with high energy consumption in real time, accurately quantify the carbon emissions and green energy use of enterprises, and help enterprises to reduce costs, improve efficiency, rationally plan and reduce carbon emissions. In this paper, the author uses the analytic hierarchy process, from three aspects of economy, environment and society, to give weight to indicators, and the topsis model to evaluate the comprehensive benefits between the installation of photovoltaic in 2017 to the use of low-carbon energy big data management system in 2021. The results show that in the application scenario of "green energy code", the low carbon energy big data management system can provide auxiliary decision for increasing the use of green energy, reducing energy consumption, decreasing emission reduction, and controlling planning, which aims to promote the development of green and low carbon economy. On this basis, the low carbon energy big data management system can help the low carbon energy big data management system expand its market and create multiple values by expanding user coverage, deepening application scenarios and innovating business models.
As one of the ways of online learning, pan-knowledge short video has become an important way for people to acquire knowledge. Taking bilibili as an example, by sorting out the relationship among customer perception experience, value co-creation intention and tolerance, the theoretical model of pan-knowledge short video user perception on co-creation intention is constructed, and its hypothesis is verified through empirical analysis. The results show that customer expectation, interaction, convenience and unique demand all positively affect customer experience. Customer experience positively affects users’ willingness to co-create value; And customer experience influences value co-creation intention through tolerance. Based on this, it is necessary to meet customers’ expected income, increase customer participation, improve user experience, and pay attention to customer tolerance, so as to realize the value co-creation between the platform and consumers.
As a significant issue in the process of citizenization, the quality of farmers’ life after entering cities is also a popular topic that the academic circle has focused on for a long term. The important contents of promoting the sustainable development of urban and rural areas as well as social stability lie in the improvement of the life satisfaction of farmers entering cities and the enhancement of their psychological recognition. The survey data of farmers entering cities in the suburbs and far suburbs of Beijing is used to divide the citizenization into two dimensions of registered residence identity and psychological recognition. The ordinal logarithm model and instrumental variable method are used to test the impact of citizenization on the life satisfaction of farmers entering cities. In accordance with the research, the psychological recognition of farmers entering cities to urban identity has a more significant impact on their life satisfaction in contrast with that of registered residence identity. If the willingness of farmers entering cities to communicate with urban residents is stronger, they will have a higher degree of self-recognition of urban residents’ identity, and have a higher life satisfaction. Besides, the influence of registered residence identity and psychological recognition on their life satisfaction exist the difference of gender and personal characteristics. In view of it, some suggestions are proposed, such as further promoting the reform of the registered residence system and the full coverage of basic public services for farmers entering cities, perfecting the supporting policy system for the citizenization of farmers entering cities, and speeding up the comprehensive integration of farmers into the city.
住房公积金制度是一种具有保障性作用的住房制度,即通过单位缴存、个人缴存和长期储蓄相结合的方式来为单位职工缴纳一定比例的资金,从而为本单位职工,尤其是中低收入的职工提供较低的购房贷款利率,是一种能够有效缓解购房压力、提升住房质量的优惠政策.经过三十余年的发展,住房公积金制度已经成为我国住房保障体系中至关重要的一部分,为大量中低收入家庭圆了安居梦.近年来,伴随着我国新型城镇化的建设进程不断发展,住房公积金的总归集量也随之壮大,在贯彻落实这一制度的过程中难免会出现一系列问题,如公积金覆盖率较低、执法力度不强等.
With the continuous growth of the global digital economy,the issue of digital tax collection has become a popular topic of concern for domestic and foreign scholars.International organizations represented by the OECD advocate for promoting global tax reform.Some countries have implemented digital service taxes to protect their digital industry development.However,due to conflicts of interest and other reasons,the progress of digital tax reform has been slow,and there are differences in the digital service tax plans and attitudes in different countries.On the basis of analyzing representative organizations and countries （regions） promoting the reform of digital service tax,this paper sorts out relevant literature and deeply analyzes the dual effects of digital service tax collection.This includes positive effects such as combating tax avoidance,ensuring tax fairness,enhancing corporate competitiveness,and increasing tax sources,as well as negative effects such as constituting tax discrimination,inducing tax shifting,intensifying double taxation,and triggering data security.In order to better respond to the global digital economy tax reform,China needs to improve the infrastructure construction and governance system of the digital economy,improve domestic laws and regulations related to digital service tax,and improve the international competitiveness of Chinese digital enterprises.At the same time,we must continue to improve China’s voice in international tax reform,so as to promote fair competition and long-term development of the digital industry.
High standard farmland is an inevitable choice to strengthen ecological civilization construction and comprehensively promote rural revitalization.Based on expounding the essential characteristics of high standard farmland construction,this paper clarifies the realistic dilemmas in the process of high standard farmland construction,such as low awareness of green production mode,low efficiency of fund use and large gap,serious land fragmentation,unclear allocation of rights and responsibilities of the main body, "reconstruction with light management" and low level of informatization.From the perspective of ensuring national food security,the construction of high standard farmland in the new development stage should practice the concept of green development,optimize the construction space layout,efficiently allocate the use efficiency of funds,develop modern ecotype high standard farmland,increase the promotion of agricultural technology,regulate the rights and responsibilities of participants,strengthen the post construction management responsibility and improve the digital level.
The commercial circulation industry in the new era is of great significance in meeting the people’s needs for a better life and building a trade power, which is related to consumption upgrading. This paper takes the digital economy, new urbanization and commercial circulation industry as the main research objects, brings the digital economy, new urbanization and commercial circulation industry into the same model, analyzes the direct impact of the digital economy and new urbanization on the commercial circulation industry, and whether the two indirect impacts exist as interactive items, and how they affect the commercial circulation industry. The research found that: from the regression results of the overall data of the country, the development of digital economy can promote the circulation of commerce and trade;The impact of new urbanization on commercial circulation industry is significantly positive; The interaction between new urbanization and digital economy plays a significant role in the commercial circulation industry. From the perspective of regions, the results of the eastern and central regions are slightly different from the overall results of the whole country. The indirect effects of digital economy and new urbanization in the eastern and central regions have a significant impact on the commercial circulation industry. Based on this, we should accelerate the integration of new urbanization and digital economy, comprehensively promote digital industrialization, industrial digital transformation and upgrading, and realize the overall construction of the digital commerce circulation market.
