This paper develops a new network data envelopment analysis (DEA) model that simultaneously integrates the non-convex metafrontier and undesirable outputs and which is super efficient at performing dynamic network slacks-based measures. The model is employed to discuss the efficiency of 36 commercial banks in China during the years 2010–2014. The efficiency of these banks shows significant heterogeneity and the efficiency of most foreign banks has much room for improvement. Regarding both the non-convex metafrontier and the group frontier, state-owned banks perform the best, followed by joint-stock banks, with foreign banks performing the worst; the same is true for the technology gap ratios. The empirical results produced by the feasible generalized least squares estimation method indicate that liquidity and scale effects exert positive impacts on bank efficiency. An alternative estimation method confirmed that the conclusions were robust.

It is important to investigate the sustainability nexus using composite ecological efficiency (eco-efficiency) indicators from quantitative and computational modeling perspectives. To provide a more comprehensive measure of eco-efficiency, this paper develops three data envelopment analysis (DEA) models incorporating metafrontier and undesirable outputs into a slacks-based measure (SBM), an epsilon-based measure (EBM), and minimum distance to weak efficient frontier (MinDW), respectively, named Meta-U-SBM, Meta-U-EBM, and Meta-U-MinDW. We show theoretically: if a decision-making unit (DMU) is being Meta-U-SBM-efficient, it is also being Meta-U-EBM-efficient and Meta-U-MinDW-efficient, and vice versa. For each DMU, its score measured by Meta-U-MinDW is the highest, while its score measured by Meta-U-SBM is the lowest. Using the proposed models, we make a first empirical attempt at measuring the eco-efficiency of the Key Environmental Protection prefecture-level cities in China from 2003 to 2015. The results show that: (1) the eco-efficiency of eastern cities performs the best, followed by central cities and western cities. Cities not listed as resource-based (RB) outperform RB cities; (2) eastern cities are closer to metafrontier than central and western cities; and (3) efficiency change and technological progress dominate the basic trend of the eco-efficiency growth. Results derived from the proposed methodologies can help managers and policymakers in the city to assess sustainability development quantitatively and comprehensively, they can also provide implications for the environmental management of sustainability development at city level. Policy implementations are presented based on the empirical results.

[This corrects the article DOI: 10.1371/journal.pone.0204559.].

The present paper investigates the impact of pollution information transparency index (PITI) on eco-efficiency using a novel panel dataset covering 109 key environmental protection prefecture-level cities in China over the period 2008–2015. We apply an extended data envelopment analysis (DEA) model, simultaneously incorporating metafrontier, undesirable outputs and super efficiency into slack-based measure (Meta-US-SBM) to estimate eco-efficiency. Then, the bootstrap Granger causality approach is utilized to test the unidirectional Granger causal relationship running from PITI to eco-efficiency. Results of DEA model show that there exist significant spatiotemporal disparities of eco-efficiency, on average, the eco-efficiency in eastern region is relative higher than those of central/western region. Estimates of ordinary least square (OLS) method, quantile regression, and spatial Durbin model document that the evidence of an inverted-U-shaped relation between PITI and eco-efficiency is supported, and the turning points vary from 0.3370 to 0.4540 with different model specifications. Finally, supplementary analysis of panel threshold model also supports the robust findings. Policy implications are presented based on the empirical results.

In this study, the industrial eco-efficiency measures of 30 Chinese provinces (municipalities and autonomous regions) from 2001 to 2015 were estimated based on a proposed data envelopment analysis (DEA) model and the non-convex metafrontier-undesirable outputs-super efficiency-slacks-based measure (NCMeta-US-SBM) which simultaneously incorporates non-convex metafrontier technology, undesirable outputs, and super efficiency into slacks-based measure. Subsequently, dynamic spatial econometric models were employed to test the spatial convergence of industrial eco-efficiency. The empirical results show that: 1) the average value of industrial eco-efficiency was the highest in the eastern region (0.67), followed by the western region (0.30) and central region (0.27), indicating the existence of a significant regional disparity. 2) Strong evidence for global and club spatial convergence of industrial eco-efficiency was found. With regard to regional heterogeneity, provinces in the eastern region converged faster than those in the central and western regions; while the convergence speed of industrial eco-efficiency increased after 2008 with respect to temporal heterogeneity. 3) The ownership structure appeared to have a higher impact on industrial eco-efficiency than other controls in the presence of spatial conditional β-convergence. These findings are robust with regard to both spatial econometric model and spatial weighting matrix specifications. Based on the empirical analysis, the following policies promote industrial eco-efficiency in China have been recommended. First, relevant authorities must take effective measures to encourage the central/western regions to adopt clean energy technologies. The energy subsidy policies should strive to break through the technological lock-in and turn to regional green development. Second, full advantage of the spatial effects must be taken and technological exchanges and cooperation among neighboring areas must be strengthened to ensure that the industrial eco-efficiency of the central and western regions converge with those of the eastern coastal areas. Policy implications of multidimensional heterogeneity and adjustment of industrial structure should be highlighted while promoting industrial eco-efficiency. Finally, it is crucial to emphasize factors, such as foreign direct investment (FDI), ownership and industrial structures to attract FDI and optimize the current industrial structure.

This paper examines alternative hypotheses of beta convergence for different measures of energy efficiency. We collect a novel set of prefecture-level data that substantially extend the breadth of the datasets ever used in this literature. GMM estimators are then used to empirically test the national and club convergence of energy efficiency among these prefectures. We find strong evidence for prefecture-level national and club convergence in energy efficiency. In particular, the listed key environmental protection (KEP) prefectures, prefectures in central and western regions and prefectures not listed as resource-based (RB) converge faster than the non-KEP prefectures, prefectures in eastern region and RB prefectures. Sensitivity analyses suggest that these results are robust to alternative measures of energy efficiency and GMM specifications.

Eco-efficiency measures if economic growth and environmental protection are effectively balanced. To understand the path of green urban growth in China, this article examines the converging patterns of eco-efficiency for 191 Chinese cities within 2003 and 2013. Two types of modified Data Envelopment Analysis (DEA) methods and spatial modeling approach are adopted in empirical analyses, with cities grouped based on three types of heterogeneities that facilitate the formation of potential convergence clubs. We find that major Chinese cities are β-converging in their eco-efficiency scores and are forming place-based convergence clubs in terms of geographical location, environmental policy, and resource endowments. Less efficient clubs are converging at a faster speed toward low-level steady states, while more efficient clubs are reaching separate high-level equilibria with relatively slow rates and longer half-life. We further raise corresponding policy implications that aim at retarding or reversing the ongoing trend of eco-efficiency deterioration.

This paper investigates the strategic eco-efficiency competition among Chinese cities. In particular, how a city's eco-efficiency is affected by its neighboring cities. The empirical analysis covering 191 Chinese prefectures suggest that a city's eco-efficiency is asymmetrically influenced by its neighbors of different distances. A city is pushed up to a higher level of eco-efficiency by the positive pressure from its neighbors whose eco-efficiency is higher than itself. However,facing the negative pressure from its neighbors,a city's eco-efficiency could be pulled down to a lower level. Within a distance of 150km, a 1 unit of increase in the positive pressure from its neighbors is associated with 7.8% of increase in a city's eco-efficiency. In contrast,a 1 unit of increase in the negative pressure from its neighbors is related with 35.7% of decline in a city's eco-efficiency. These results imply that the race to bottom is the dominant power in the strategic eco-efficiency competition among Chinese cities.

In the process of synchronous development of promoting new-type industrialization,informatization and urbanization,some prefecture-level cities become the new hub city or benchmarking city which benefited from the effective agglomeration of elements and resources,there are competitions between cities in terms of economic growth and environmental regulation.It is of great theoretical and practical significance to study how urban competition affects the achievement of regional sustainable development.Using the panel data of 191 prefecture-level cities in China from 2003 to 2015,we measure the high-order pressure and low-order suction of spatial spillovers from the economic growth and environmental regulationrespectively.This paper also studies the impacts of the competitions of economic growth and environmental regulation within inter-city on eco-efficiency.Our main findings show that,firstly,the high-order pressure and low-order suction of spatial spillovers in terms of economic growth and environmental regulation in the adjacent areas are different in the direction of improving eco-efficiency,the former promotes while the latter restrains,,and the effects of'throw the handle after the blade'and'pollution heaven'are the most prominent.Secondly,when the distance threshold is 750 km,the eco-efficiency growth rate will be decreased by 14.5％ and increased by 9.7％ for each additional unit of high-order pressure and low-order suction of economic growth,while the eco-efficiency growth rate will be increased by 4.5％ for each additional unit of low-order suction of environmental regulation.Thirdly,estimation results of the sub-samples document that the effect of'throw the handle after the blade'is still prevailing in the impact of the economic growth competition of each group on promoting eco-efficiency.Fourthly,compared with the resource-based (RB) and non-key environmental protection (KEP) cities,the non-RB and KEP cities are more likely to be affected by the neighboring cities which are more restrictive in terms of environmental regulation,and the performance of their environmental regulation presents significant'pollution heaven'effect.The conclusions of the study suggest that it is necessary to introduce the healthy competition between cities in the process of regional sustainable development.The local governments should attach great importance to the positive and negative spatial spillovers of economic growth and environmental regulation,and ecoefficiency growth pole areas should exert their demonstration effects and spillover effects.To enhance the eco-efficiency rapidly and effectively and realize green development,different cities should adopt different restriction mechanisms,persisting in classifying guidance and developing uniquely.

Eco-efficiency is of great significance in facilitating a region's sustainable development. However, there are some inconsistencies among the concepts and also relationships of eco-efficiency and its relevant efficiencies in recent studies. This paper integrates eco-efficiency and three related-efficiencies (economic efficiency, energy efficiency, and environmental efficiencies) into a total-factor analysis framework, regarding them as composite eco-efficiency indicators. Employing a new data envelopment analysis approach, named Meta-US-SBM, which considers meta-frontier, undesirable outputs, super efficiency, and slacks simultaneously, the measure system of these four efficiencies is established. An empirical study is conducted using Chinese provincial data from 2001 to 2014. Results indicate that, overall, the regional economic efficiency is better than other related efficiency indicators. Furthermore, different provinces are adopting different development modes, as denoted by significant heterogeneity among eco-efficiency indicators.

This paper studies the economic and environmental impacts of foreign direct investment (FDI) in China. First, we build a simple theoretical model to predict the overall beneficial effects of FDI, and also find that a stronger sense of “environmental citizenship” by the FDI firm is associated with lower pollution and lower emission intensity in the host region. For empirical analysis, we use Spatial Durbin Model (SDM) to address the regional spillovers of FDI and pollution in China, and confirm the beneficial impacts of FDI both environmentally and economically. We also find that FDI from Hong Kong, Macau, and Taiwan (HMT) that is assumed to exhibit a stronger sense of environmental citizenship due to its closer ties with mainland China, significantly improves the host region's environmental outcome but has no measurable effects on its economic growth; in contrast, FDI from other origins significantly promotes the economic growth of the host economy although it has no measurable impacts on the environmental outcome.

以2009-2015年沪市A股中的混合所有制企业为研究样本,通过构建持股近似度和持股关注度两个新指标,研究混合所有制企业中不同身份属性大股东之间的利益冲突状况及其对公司绩效的影响.结果发现:总体上,混合所有制企业中的大股东利益冲突与公司绩效负相关,且不同的股权混合模式对公司绩效的影响也不同.国有大股东和非国有大股东持股比例差距适中的股权混合模式有利于提升公司绩效;两类股东持股比例差异过大或过小的股权混合模式均不利于提高公司绩效.因此,在混合所有制改革过程中,不宜过分强调异质性股东间的制衡作用,而应通过合理设计股权混合模式,有效化解大股东利益冲突,更好地发挥国有资本和非国有资本各自的优势.

利用改进的数据包络分析模型测度2000年以来30个省(市)跨期可比的生态效率,考察其时空演变特征,基于空间杜宾模型分析各类因素影响生态效率的直接效应和空间溢出效应.研究发现:区域生态效率呈空间集聚态势,具有路径依赖特征;专利授权总数和资本劳动比以及外商直接投资均具有积极的直接效应,且对邻近区域具有正向空间溢出效应;城镇化的各类效应均不显著,以原燃料和动力价格指数代表的价格机制、企业研发人力投入占比反而对本地生态效率有显著负向影响.建议:以生态效率为核心建立区域考核约束机制,在提升城镇化质量、改革资源价格形成机制、优化创新投入结构等的同时,还需重视各类机制和结构的协同创新,进行系统化设计和差异化改革.

Regional competition may play an important role in the balance of environmental protection and economic growth. However, it is a pending issue of whether the competition among Chinese local governments leads to a race to black development or green development. This paper aims to explore the strategic interactions in provincial development in terms of an environment-economic indicator, i.e., the pollution intensity in China from 2000 to 2013. We divide four predominant industrial pollutants into two groups according to whether the pollutant is regulated, and then test the strategic interactions among regions based on the spatial lag term by employing the spatial Durbin model. The results show that the heterogeneous factors, such as various pollutants and regional difference, may give rise to diversified competition strategies. We find that the “race to black development” hypothesis is not supported at the national level, and the “race to green development” hypothesis is established in the developed eastern regions only in terms of the regulated industrial pollutants. We also detect how pollution intensity is influenced by the direct and spatial spillover effects of environmental regulation and find that environmental legislation has been effective in reducing regulated pollutants’ pollution intensity, while the effects of environmental staff and investment are weak. Finally, some policy suggestions are discussed.

Deviation may occur in measuring equity restriction ratio,if relationship between shareholders in listed companies is not considered.In view of this,this paper measures the new equity restriction ratio and uses the board panel data of China's A-share listed companies during2003-2013 to study the relationship between equity restriction and the firm performance.The results show:firm performance is significantU-shapedrelation with the new equity restriction ratio,while it is linear related with the former equity restriction ratio;There is a grey interval of equity restriction ratio[1,2],where the effect of equity restriction on firm performance is negative;the firm performance shape related with the equity restriction ratio is effected by the shareholders' holding pattern and the environment.The conclusion support that the positive effect of equity restriction on the firm performance needs some conditions,which means that equity restriction ratio must be moderate.

现有研究未充分考虑上市公司各股东的关联关系以区分持股模式，本文基于实际控制人拥有的控制权比例，将上市公司的持股模式由三种分类模式调整为四种分类模式，即绝对控股、相对控股I和II以及分散持股，然后利用2003-2013年数据从整体和行业两个层面考察了中国上市公司股东持股模式。研究发现：上市公司普遍处于大股东控制状态，且股改后大股东加强了控制权，市场中主流的持股模式从绝对控股变为相对控股。其中，相对控股II模式后期占比达到15%以上，不容忽视。分行业研究表明公用事业和房地产行业中大股东控制的特征最为明显。

一股独大现象是中国上市公司的典型特征,如何看待和应对该现象是公司治理理论和实践亟待回答的重大问题.利用2003年～2013年的大样本数据,依据实际控制人持股和竞争性股权的比例将持股模式分为四类,以研究不同模式的一股独大在两类公司治理成本方面的差异.结果表明:大股东持股比例高的绝对控股和集中型相对控股模式具有两类治理成本"双低"的特征;分散持股模式和大股东持股比例低的分散型相对控股模式具有两类治理成本"双高"的特征,且分散型相对控股模式的第二类治理成本最高.股权分置改革有助于改善治理环境和降低治理成本,但对不同持股模式和不同治理成本的影响有差异.研究表明,不能简单否定一股独大,而应区分模式看待.高持股集中度下的一股独大有助于改善公司治理,但低持股水平下的一股独大可能带来严重的两类公司治理问题,应作为监督管理之重点.

小班讨论教学模式为解决学生实践能力差等问题提供了新思路.以学生为本意味着教学中应重视和响应其合理需求.学生需求-组织模式-教学效果(DMP)分析框架提出:通过组织模式的创新优化和组合运用有效地响应学生的合理需求,实现小班讨论的最佳教学效果.基于问卷调查和计量研究发现:生动趣味、联系实践和自主创新等需求最受学生重视;案例分析和投资模拟等组织模式的教学效果相对更好;小班讨论的组织模式不同,所响应的学生需求类型也不同,有四种模式积极响应了自主创新需求,仅一种模式积极响应了生动趣味需求.应把握各种组织模式与学生需求之间的内在联系,结合学生需求和能力进行组织模式的创新设计和综合运用.

There are two typical subprocesses in bank production—deposit generation and loan generation. Aiming to open the black box of input-output production of banks and provide comprehensive and accurate assessment on the efficiency of each stage, this paper proposes a two-stage network model with bad outputs and supper efficiency (US-NSBM). Empirical comparisons show that the US-NSBM may be promising and practical for taking the nonperforming loans into account and being able to rank all samples. Applying it to measure the efficiency of Chinese commercial banks from 2008 to 2012, this paper explores the characteristics of overall and divisional efficiency, as well as the determinants of them. Some interesting results are discovered. The polarization of efficiency occurs in the bank level and deposit generation, yet does not in the loan generation. Five hypotheses work as expected in the bank level, but not all of them are supported in the stage level. Our results extend and complement some earlier empirical publications in the bank level.

近年来严重的雾霾在中国许多城市持续大面积出现,这敲响了提升区域发展绿色度的警钟.金融可以也应该在促进绿色发展中发挥重要作用.本文分析金融发展影响区域绿色发展的四个机理,利用生态效率反映区域绿色发展水平,运用空间杜宾模型和中国省域面板数据实证研究了各机理的相对重要性及其空间溢出效应.主要发现有:相对而言,企业监督效应和资本配置效应的作用更显著;前者对当地绿色发展的积极影响相对最大,但长期中才会对周边区域的绿色发展产生积极的空间溢出效应;后者对当地绿色发展具有显著影响,但空间溢出效应不显著;金融危机后资本支持效应和长期贷款的监督效应得到了加强,但证券市场的监督效应则反而具有负面影响;绿色金融效应及其空间溢出均不明显,暗示着有必要加强金融支持绿色产业和环境保护的力度.金融支持绿色发展的政策重点可能在于加强资金使用监督,而不仅是加大资金投入.