Though China's shadow banking has compensated for the lack of formal financial development, its rapid expansion may magnify the risks of China's financial system. The New Regulation of Capital Management (NRCM) has been issued to regulate shadow banking in China. In this paper, with Chinese A-share listed firms from 2013 to 2021 as samples, we use the optimized generalized double difference approach to study the impact of shadow banking regulation on firm investment efficiency and its effect mechanism. We find that under the NRCM, shadow banking regulation, mainly by inhibiting firms' overinvestment, can substantially enhance firms' investment efficiency. Moreover, the mechanism test also finds that, by suppressing corporate financial asset investment and reducing corporate risk and agency costs, the NRCM can improve investment efficiency. Our study helps to take a more dialectical view of shadow banking regulatory policies and provides some implications for other developing countries and emerging economies.

From a dynamic perspective, this paper examines the impact of ESG rating changes on earnings management in China. The results show that ESG rating changes can restrain earnings management. The impact mechanism is achieved by increasing the attention of institutional investors and analysts. Furthermore, the inhibition effect of ESG rating changes on earnings management is more pronounced in mature enterprises, enterprises in heavily polluting industries, enterprises in regions with high marketization level. Our research reveals the importance of ESG rating and the cautionary effect of ESG rating changes and provides implications for the sound development of the capital market.

Shadow banking has somewhat compensated for China's lack of formal financial development. However, it may also amplify the financial system's risks, which runs counter to the initial expectation of macroprudential management. With the regulation of shadow banking in China under the New Asset Management Regulation (NAMR), this paper investigates the impact of shadow banking regulation on the stock price synchronicity of China's A-share listed companies and its mechanism from 2013 to 2021. The mechanism test finds that shadow banking regulation can reduce stock price synchronicity by reducing firms' agency costs and improving information transparency. Our study enriches the related research on shadow banking regulation. It provides evidence on the microeconomic consequences of shadow banking from the perspective of stock price synchronicity for other developing countries and emerging economies.

Purpose In recent years, environmental issues and resource depletion have posed significant challenges to firms and society. To address these environmental challenges, firms seek to build strategic alliances of green supply chain management (GSCM) with their supply chain partner. As the largest developing country in the Asia–Pacific region, China needs to take more responsibility for environmental protection, which requires more Chinese firms to participate in GSCM. Therefore, focusing on the issue of GSCM and innovation persistence in the context of an increasingly harsh ecological environment is essential. Design/methodology/approach To test the hypothesis, the authors perform an empirical analysis on a sample of 124 listed firms in China from 2014 to 2019. The results are robust to a battery of robustness analyses the authors performed to take care of endogeneity. Findings Empirical results indicate that GSCM can promote innovation persistence and both market environment turbulence and technology environment turbulence have a positive moderating effect on the relationship between the two. Mechanism tests show that GSCM can improve innovation efficiency, ensure innovation quality and alleviate financing constraints, thus promoting the innovation persistence of firms. Originality/value This study can provide a theoretical basis for the country to promote GSCM orientation, raise firms' awareness of the value of GSCM, convey the significance of GSCM to investors, influence firms' investment decisions and give experience to other developing countries.

文章以2010-2020年中国沪深A股上市公司为样本,研究了企业社会责任对资本结构动态调整的影响效应及作用机制,并在此基础上进一步探讨了企业社会责任影响资本结构动态调整的价值创造效应.研究发现:积极履行社会责任能够提高企业资本结构动态调整速度,且上述结果在过度负债企业、非国有企业和重污染企业承担社会责任时更加显著,融资约束缓解和信息环境改善是企业社会责任影响资本结构动态调整的内在机制.

文章选用我国2013-2020年创业板上市公司的非平衡面板数据,利用层次回归法,研究政府补助、资本结构与研发投入三者之间的关系.实证结果表明,政府补助能够促进企业的研发投入,资本结构在政府补助对研发投入的影响中起中介效应作用.同时分组回归结果显示,政府补助对非国有企业的研发投入促进作用更强,对初创期与成熟期企业研发投入增长的促进作用比成长期强.文章建议政府应适当加大对创业板企业的资金补助,促进创业板上市企业的持续发展.

文章选取2013-2020年我国创业板上市公司为样本,采用多元回归的分析方法,在分析上市公司研发投入与可持续增长的关系中,重点分析和检验了政府补助对二者关系的影响.结果表明:(1)企业研发投入与可持续增长正相关,即研发投入越多,越有利于实现可持续增长;(2)政府补助在研发投入与企业可持续增长之间起到负向调节作用;(3)政府补助的负向调节效应主要集中在非国有企业.上述研究结果对企业提高可持续增长能力和政府制定相关政策具有一定的借鉴意义.

文章以2013-2020年我国创业板上市公司数据为研究对象,通过中介变量法探讨了融资约束对企业持续增长的影响机制.结果表明:融资约束通过影响企业运营和财务决策从而制约企业可持续增长;融资约束对于可持续增长的抑制作用有一部分是通过研发投入实现的;融资约束对可持续增长的制约作用对于不同产权特征和规模的企业来说存在差异.文章从理论上丰富了融资约束的经济后果研究,并为企业如何依据自身特点配置资源从而支撑可持续增长提供了经验.

自2015年中央经济工作会议明确将去杠杆作为供给侧结构性改革的目标以来,去杠杆一直是我国宏观经济调控的主旋律,学者们也基于实践,就企业去杠杆行为的影响因素和经济后果进行了全面的研究,形成了较为丰富的研究成果,但仍缺乏系统的综述.因此,以截至2021年4月1日发表在我国核心期刊上的161篇相关研究文献为基础,探寻和总结我国企业去杠杆行为的各种影响因素及其产生的经济后果,并对未来研究提出展望.

本文基于发明专利代表的实质性导向背景,利用2014—2018年我国科技型中小企业数据,构建信息选择反馈机制,实证检验了科技型中小企业创新策略选择,以及创新策略、企业价值低估和融资约束三者之间的关系.研究表明,资源配置能力越弱的科技型中小企业越倾向选择利用性创新战略;投资者会低估利用性创新策略企业价值;由于企业价值低估,利用性创新策略企业会存在更严重的融资约束.进一步检验创新策略对企业不同外部融资方式的影响,发现利用性创新策略企业更多是在股权融资方式上受限,更倾向选择商业信用融资等债务融资方式.本文结论为解决科技型中小企业在创新过程中存在的"融资贵""融资难"问题提供依据与建议.

疫情防控常态化背景下,地铁高峰满载率控制与单位运输成本的增加是北京地铁运营当前面临的问题,如何更加有效引导乘客分流出行,实现地铁运营供需的高效匹配,是北京城市管理高质量发展的目标之一.

本文基于2011―2019年沪深A股上市公司数据,探讨"双碳"目标下数字经济通过数字化转型影响企业持续绿色创新的内在机理.研究发现,数字经济能够促进数字化转型与企业持续绿色创新,数字化转型在数字经济与企业持续绿色创新之间发挥中介效应.异质性分析显示,在数字经济产业组、非资源型城市组和互联网发展水平高的地区组,数字化转型在数字经济与企业持续绿色创新之间发挥的中介效应更加明显.进一步分析发现,底层技术在数字经济与企业持续绿色创新之间发挥的中介效应高于实践应用发挥的中介效应;数字化转型在数字经济与企业持续绿色实质创新之间发挥的中介效应高于其在数字经济与企业持续绿色策略创新之间发挥的中介效应.经济后果研究表明,企业持续绿色创新能够降低碳强度,且主要体现在碳交易试点地区.

The continuous improvement of transportation infrastructure is an important support for achieving high-quality development, while the high-quality characteristics of development will inevitably promote the process of economic and social sustainability. From the dual perspectives of economic transformation and people’s social livelihoods, we regard the opening of a high-speed railway (HSR) in China’s cities as a quasi-natural experiment, and utilize the difference-in-difference (DID) method to examine the impact of improved transportation infrastructure on the high-quality development of prefecture-level cities and its action mechanism. This study is the first to incorporate HSR openings and environmental regulation into the same framework, focusing on the high-quality development problem of cities. The empirical results reveal that: (1) the opening of an HSR can advance industrial structure upgrading and increase social employment level, thereby promoting the high-quality development of cities; (2) the intensity of environmental regulation is an important action mechanism that affects such relationships, but it presents two different influences on an HSR’s industrial effect and employment effect, that is, inhibition and reinforcement, respectively; and (3) urban heterogeneity tests illustrate that an HSR opening plays a more significant role in promoting the high-quality development of China’s eastern region cities and non-resource-based cities. Our findings are beneficial to improve the effectiveness and accuracy of decision-makers’ investment in transportation infrastructure as well as to facilitate the benign interaction between the national HSR policy and local environmental regulation strategies, thereby achieving the high-quality and sustainable development of urban economy and society.

Because of the long cycle of innovation, more investment, high risk and other characteristics, Chinese innovative firms tend to have a higher degree of information asymmetry, leading to frequent stock price 'flash crashes'. This study investigates the impact of innovation information disclosure on stock price crash risk by examining the supervisory effect and insurance effect of innovation information disclosure for Growth Enterprises Market(GEM)-listed firms in China from 2015 to 2019. We find that innovation information disclosure helps reduce firms' future stock price crash risk. The mechanism test finds that innovation information disclosure can exert both supervisory and insurance effects to reduce stock price crash risk. Specifically, after dividing innovation information disclosure into three categories: innovation advantage, content and risk disclosure, a vertical comparison reveals that the insurance effect of innovation advantage disclosure is more significant than the supervisory effect, while the opposite is true for innovation risk disclosure; a horizontal comparison reveals that the supervisory effect of innovation advantage, content and risk disclosure increases and the insurance effect decreases in order. The more types of innovation information disclosure, the more significant the effect of reducing stock price crash risk. Further analysis finds that the inhibitory effect of innovation information disclosure on stock price crash risk is stronger in firms with higher agency costs and higher innovation intensity in the industry. Our research has some insights into how to reduce the stock price crash risk of innovative companies in China.

基于投资者信息风险识别与补偿视角,以2010-2021年中国沪深A股企业为样本,研究"非清洁"内控审计意见对企业技术创新的影响及作用机制,结果发现,"非清洁"内控审计意见可以传递信息风险,与企业技术创新存在负相关关系,且对探索性技术创新的影响更显著.机制分析表明,投资者可以识别"非清洁"内控审计意见的信息风险并寻求价格补偿,通过提高资本成本,从而抑制企业技术创新.相较于债务资本成本,"非清洁"内控审计意见对权益资本成本的影响更显著.进一步研究发现,环境不确定性会强化"非清洁"内控审计意见与技术创新的负相关关系,而产品市场竞争缓解了这一关系..研究结果为投资者判定企业风险提供了依据,为认识"非清洁"内控审计意见在国家创新战略层面的信息风险价值提供了经验证据.

Tech-based SMEs are important subjects for achieving national innovation-driven development, and it is crucial to study whether and how changes in the macro-institutional environment affect their innovation efficiency. New Asset Management Regulation (NAMR) is a policy promulgated by the Chinese government to address the chaotic expansion of shadow banking in China, and this study treats it as a quasi-natural experiment, selecting a sample of Chinese GEM-listed firms from 2015 to 2019, adopting the event study method and the generalized double difference method, and empirically testing the impact of shadow banking contraction on the innovation efficiency of Chinese tech-based SMEs and its mechanism. This study finds that shadow banking contraction under the NAMR significantly improves innovation efficiency of tech-based SMEs. The mechanism test finds that the NAMR can optimize the debt financing structure of tech-based SMEs, reduce their financing costs and financing risks, and ultimately accelerate their innovation efficiency by improving their financing efficiency, which supports the hypothesis of "financing efficiency view"; it is further found that, to tech-based SMEs, the more they rely on shadow banking and the severer financing constraints they endure, the more obvious NAMR's effect is on improving innovation efficiency. The findings not only provide some empirical evidence to clarify the controversy of shadow banking in China from the perspective of firm innovation, but also have some implications for the subsequent financial regulatory reform.

Environmental, Social and Governance (ESG) concept has internal consistency with the high-quality development of China’s economy theoretically, and implementing ESG concept is an important way to achieve sustainable economic development. However, whether ESG performance can promote the high-quality development from the perspective of micro enterprises is rarely studied. Thus, we explore the impact and mechanism of ESG performance on enterprises’ high-quality development. The empirical results indicate that good ESG performance is conducive to promoting high-quality development of enterprises. Environmental performance and social performance can promote high-quality development of enterprises more than corporate governance performance. The mechanism results show that innovation input plays a medicating role between ESG performance and enterprises’ high-quality development. The additional analysis suggest that the promoting effect is more obvious in state-owned enterprises, environmentally sensitive enterprises and enterprises with less financing constraints. This study has enlightenment significance for enterprises to value ESG performance and government departments to formulate relevant policies.

Purpose The purpose of this paper is to show how the external issue of economic policy uncertainty (EPU) affects enterprises’ corporate social responsibility (CSR). Design/methodology/approach This study investigates the relationship between EPU and CSR based on the Chinese capital market from 2010 to 2018. Following the most recent studies focused on economic policy uncertainty, this paper uses the news-based method proposed by Baker et al. (2016) to measure EPU and explore the effect of EPU on CSR, as well as the mediating role of state ownership in such a relationship. Findings Empirical results show that increasing EPU will restrain enterprises’ social responsibility behaviour and the inhibitory effect is more obvious for state-owned enterprises. Further analyses reveal that the inhibitory effect of EPU on CSR is stronger for enterprises that face severe financial constraints and is significant for various components of CSR, and trade policy uncertainty could also curb enterprises’ social responsibility behaviour. Practical implications As a stable economic environment is important for enterprises’ CSR engagement, the present study’s conclusions can help policymakers better understand the implications of policy stability for enterprises’ financial and non-financial decisions and especially their CSR decisions. Social implications With the increasing attention paid to the CSR of enterprises, this study provides evidence that enterprises should develop appropriate CSR strategies according to the economic policy environment and enhance their capacity to withstand the risks generated by EPU. Originality/value To the best of the author’s knowledge, this study is the first to analyse the relationship between EPU and CSR. The results contribute to a better understanding of what issues influence enterprises’ CSR engagement, highlighting the importance of a stable economic policy environment and of enterprises’ ability to withstand risks.