Education for Sustainable Development (ESD) has been widely promoted as a key strategy for fostering pro-environmental behavior, yet the psychological mechanisms underlying its effectiveness remain inadequately understood. This study investigates how ESD participation influences pro-environmental behavior through the mediating roles of environmental attitudes, environmental self-efficacy, and social norm perceptions. Using structural equation modeling with data from 500 university students, we tested a comprehensive model integrating these psychological pathways. Environmental attitudes, mediating 56% of the effects, emerged as the strongest factor, followed by social norm perceptions (27%) and environmental self-efficacy (17%). These findings demonstrate full mediation through these psychological mechanisms, suggesting that ESD’s effectiveness depends on its ability to transform students’ environmental attitudes, strengthen their self-efficacy beliefs, and foster supportive social norms. These results contribute to both the theoretical understanding and practical implementation of ESD by highlighting the relative importance of different psychological pathways and suggesting targeted strategies for enhancing educational interventions. This study provides evidence-based insights for educators and policymakers seeking to design more effective sustainability education programs in higher education settings.

In this study, we leverage a comprehensive dataset of over 3.8 million bid entries from institutional investors participating in China’s capital market to investigate the determinants of heterogeneous bidding behavior among these investors and the subsequent economic outcomes. We evaluate the sustainability of initial public offering (IPO) performance through three interrelated metrics: post-IPO stock price performance, financial accounting performance, and environmental, social, and governance (ESG) performance. Our analysis reveals a pronounced positive association between the quality of firms’ pre-IPO and the recent reforms to the bookbuilding mechanism in China’s capital market, as well as the level of diversity in institutional investors’ bidding opinions. After accounting for these factors, we focus on the nexus between the diversity of bidding opinions and the sustainability of IPO performance. The empirical evidence indicates that a higher degree of diversity in bidding opinions is inversely related to firms’ post-IPO stock price performance, financial accounting performance, and ESG performance. Further mechanism tests suggest that this diversity leads to a depletion of medium- to long-term share price performance by intensifying market sentiment; impedes the enhancement of financial accounting performance by reducing the capital raised during the IPO; and negatively impacts ESG performance by constraining the firm’s ability to fulfill its corporate social responsibilities. These findings challenge the assumption that diversity of opinion is always beneficial. The insights gained from this research have significant implications for the sustainable growth strategies of listed companies in emerging markets.

The carbon emissions trading system (CETS) is a helpful policy instrument for separating carbon emissions from economic expansion, and it significantly impacts energy efficiency (EE). This study uses 30 Chinese provinces from 2007 to 2020 as its research samples, and classifies energy efficiency into single-factor energy efficiency (SFE) and total-factor energy efficiency (TFE), using the difference-in-differences model to examine the effect and mechanism of the CETS on EE. As an additional tool to assess the efficacy of the CETS, the corresponding evolution of the rebound effect of energy-related carbon emissions (RECE) is also calculated. This study shows that the CETS can significantly improve EE in China's pilot provinces. The influence mechanism indicates that the effect of the CETS on EE is influenced by the level of government governance, green innovation, and industrial structure optimization. Further study finds that after the CETS was carried out, the RECE in pilot provinces was higher than that in non-pilot provinces, and 31.4% of carbon emissions reduced by EE improvement rebounded. Therefore, the CETS has yet to realize its full carbon reduction potential. The study offers specific policy proposals for the enhancement of China's CETS in light of the aforementioned findings.

The key driving force for high-quality development is innovation, and collaborative innovation is an important form of organizing and realizing innovation. However, the impact of collaborative innovation networks on high-quality regional development remains unclear. At the city cluster level, this study analyzes more than 300,000 patent data based on the data of prefecture-level cities in China from 2012 to 2020 using the crawler method and social network analysis. The results show that, first, collaborative innovation in China is characterized by growth, network, and structural stability. Second, collaborative innovation can significantly improve the high-quality development of urban economies by reducing human resource mismatch and increasing the “intensive margin” and “expansive margin” of innovation. Third, at the national level, increased urban collaboration in terms of width and depth has contributed to the economy’s high-quality development. However, the two have not yet demonstrated complementarity, although at the level of urban agglomerations, the two are significantly complementary. Fourth, heterogeneity analysis shows that collaborative innovation is more effective in promoting high-quality development for highly matured city clusters and cities with robust innovation capacity. It can considerably overcome geographical constraints. From the regional heterogeneity perspective, the promotion of high-quality development through collaborative innovation is stronger in southern and central China. It is recommended that emerging market countries and city clusters focus on constructing and developing collaborative innovation networks and promoting high-quality economic development through measures such as increasing network density, enhancing the breadth and depth of synergies among cities, and developing differentiated policies.

The paper explores the impact of China's free trade zone policies on urban economic development by way of the time-varying DID model using the annual panel data of 284 cities from 2010 to 2019. Through the study, it is found that the free trade zone policies have effectively promoted urban economic growth. Moreover, it is found that: (1) the pilot cities implementing free trade zone policies have registered economic growth via the mediating effect of foreign trade; (2) the free trade zone policies exert more obvious influential effect on eastern and coastal cities; (3) the relatively loose scope of free trade zones can more effectively promote the local urban economic development.

Based on the theory of work - family balance, this paper employs a two-way fixed-effects model to explore the relationship between agricultural mechanization and investment in children's education. The findings indicate that a county-level increase in the level of mechanization can stimulate financial and time investments in children's education. Further heterogeneity analysis suggests that this impact is more pronounced on girls and primary school-aged children. The findings imply that reducing the labour burden on farmers will enable them to focus more on caring for their children.

The China Securities Regulatory Commission’s book-building system reform provides a new context for testing the Miller hypothesis. On the basis of data from over 6.79 million bids issued by institutional investors during the initial public offering (IPO) process of Chinese sci-tech enterprises, this study systematically examines the relationship between bid divergence among institutional investors and IPO underpricing. Results reveal the following: 1) The reform of the book-building system is a significant factor leading to increased bid divergence among book-building institutions. 2) Bid divergence among institutional investors has a significant negative impact on IPO underpricing.

The paper explores life value assessment methods in China from both the historical and modern perspectives. The historical perspective includes the death penalty ransom approach and government pricing approach, while the modern perspective contains the human capital method and willingness-to-pay method. The human capital method measures the economic value created by people and uses it as their life assessment value, and the willingness-to-pay method evaluates peoples’ life value indirectly through the trade-off between the death risk and benefit. The paper then puts forward improvement ideas for the two modern life value assessment models and proposes possible future research directions, meanwhile providing a reference for such practical issues as compensation policymaking for industrial injuries or deaths for the sustainable development of emerging countries.

从券商声誉视角探索科创板公司IPO抑价的成因.采用分析师预测法将IPO抑价率分解成一级市场IPO折价率和二级市场IPO反应率,剖析券商声誉对IPO抑价的内在影响机制.结果显示,券商声誉对一级市场IPO折价率作用效果不显著,对二级市场IPO反应率则存在显著正向作用.剔除市场波动影响、增添C-M声誉排名指标、分时段估计分析师预测结果后,结论依然稳健.这表明券商声誉并未有效发挥信息披露和认证中介功能,反而激发了市场投资者的有限理性行为.建议构建券商声誉正向排名和逆向声誉损失测度相结合的双向测评机制;同时从强化科创板公司信息披露质量、理性投资者培育等方面构建噪声过滤机制.

ESG, as an investment concept of sustainable development of enterprises, is very closed to the bond market. However,the related literature has not paid enough attention to it. Based on the panel data model and by the relevant data of China’s Ashare listed companies from 2012 to 2019, an empirical study is carried out in this paper. The results confirm that the bond value at risk of a company with a high score of ESG will be significantly reduced. And this effect is not only more prominent in enterprises with large assets or non-industrial nature, but also more significant with the improvement of the government’s information disclosure intensity of ESG. Meanwhile, it is proved that ESG score can reduce the value at risk of corporate bond through two intermediary effects: debt financing cost and real earnings management.

中国人民银行等四部门于2018年4月联合发布的 《关于规范金融机构资产管理业务的指导意见》(简称资管新规)有效切断了影子银行业务风险传递路径,但也对商业银行业务开展带来挑战.文章选取13家上市商业银行2011年第2季度到2020年第1季度的数据,通过构建中介效应模型研究资管新规、影子银行业务和商业银行稳定性风险之间的关系.结果表明,三者间存在中介效应,且在资管新规作用下商业银行影子银行业务与银行稳定性风险之间呈现非线性的U型关系.通过分样本、增加控制变量以及广义矩估计法对上述结论进行稳健性检验,均验证资管新规政策对商业银行稳定性带来的影响,并据此提出相关建议.

本文以重庆市主城区2019年12月31日在售的1546套二手住宅作为研究样本,重点探讨户型朝向与二手住宅价值之间的关系.首先,通过享乐主义模型对二手住宅特征价格进行分解,利用FGLS估计回归参数以规避异方差导致的不良后果,其次,在相同小区内筛选一组户型朝南和非南的二手住宅样本充当试验组和对照组进行配对回归.实证研究发现,同一小区内,相对于户型朝向非南的二手住宅,重庆市主城区二手住宅的南向溢价仅为1.41％,本文从天气特征和地理特征两方面解释了重庆市主城区相较平原城市溢价偏低的原因.

风险投资参与辅导是科创板IPO过程的重要特征之一,本文选取科创板2019年上市的70家公司为样本,实证检验了风险投资参与程度对IPO抑价的影响.研究结果显示:第一,VC参与总量、退出数量和早期参与VC机构数量均对首周IPO抑价存在显著的正向作用.第二,VC机构质量及进入时长特征对IPO抑价影响作用不显著.第三,交叉型特征指标对首周IPO抑价存在显著的正向作用.基于此,建议通过构建投资市场一体化、将VC机构纳入定价参与方、优化VC培育机制等进一步完善IPO制度,充分提升科创板市场的资源配置效率.

随着我国资本市场发展和会计披露要求的进一步完善,自由现金流折现法在企业价值评估中得到广泛应用,但如何更为科学、合理地预测企业自由现金流仍是一项关键且充满挑战的课题.为尽力规避评估实务中可能面临的主观噪声,获取相较精准的预测值,文章将新陈代谢思想引入灰色预测模型中,采用Fisher最优分割法对马尔科夫链的状态区间进行划分,试图以上述改进方法为基础预测企业自由现金流.试验结果表明在"小样本、贫信息"的情境下,改进后的组合预测模型相较灰色预测、灰色马尔科夫模型及灰色新陈代谢模型在预测精度上有所提升.

以科创板2019年上市的70家公司作为研究对象,实证研究了研发强度、承销商跟投意愿与IPO抑价之间的关系.研究结果显示:研发强度对IPO抑价具有显著的正向影响;承销商跟投意愿对IPO抑价不存在显著影响.进一步用创业板研发强度、承销商声誉指标对比分析显示:研发强度和跟投意愿在一定程度上能够体现科创板IPO的特征.建议从研发信息披露、估值方法合理化、披露要求差异化、跟投比例区间化、与承销费用挂钩、以投行本身为跟投主体等方面进一步完善IPO制度.

选取2010—2017年于我国A股上市的54家金融企业为样本,运用面板截面效应模型检验高管团队的职业背景、海外背景、政治背景、学术背景、金融背景这5类背景异质性对其人口统计特征与企业绩效关系的调节效应。研究结果显示:人口统计特征对学术背景异质性所表征的情境并不敏感;在金融企业中,低工作相关类人口统计特征与企业绩效的关系更容易受背景异质性的影响。

This paper focused on the relationship between the orientation of an apartment and its property value. Firstly, we used Hedonic model to decompose the characteristic prices of an apartment, and adopted FGLS to estimate the regression parameters to avoid the adverse consequences caused by heteroscedasticity phenomenon. The empirical result shows that the orientation is not the key factor in the demander’s purchase process. Secondly, in the same community, we selected samples facing south and non-south as a test group and a control group. Through paired regression analysis, we find that in Chongqing’s second-hand housing market, compared to the apartment having no south-facing orientation, those with it on average are valued only 1.42% .It is suggested that the evaluation practice should pay more attention to the orientation characteristics and measure orientation value according to local conditions.

测度和评价环境政策带来的工业废气治理效应,对于完善已有的环境制度具有重要意义.基于2012—2017年中国省级面板数据,构建环境政策与工业废气治理环境效应和经济效应的测度模型,分析环境政策对工业废气治理的影响,并对东中西部地区差异性进行比较.研究发现:除绿化政策对两类效应不具有良性的影响效果外,其他类别的环境政策对工业废气治理都具有正向显著的环境效应和经济效应.从环境政策的工业废气治理效应的区域差异来看,中西部地区经济发展及投资激励政策不能带来积极的环境效应;东部地区的污染惩治政策和绿色税费政策对工业废气治理的影响显著优于中西部地区;公众参与政策在公众环境意识更强的东部地区控制环境污染以及促进工业创新经济发展的效果相比于中西部地区都更为明显.

在人们生活品质不断提高和对居住环境不断重视的现实条件下,空气污染成为社会各界持续关注的焦点.本文利用2013-2018年我国139个城市的数据,分析了空气质量对城市房价的影响,并采用中介效应法考察其影响机理.研究发现,空气污染对房价具有负资本化效应,一般而言,空气污染每增加1％,房价相应会降低0.07％;空气污染对房价的影响存在区域异质性,相较于西部地区影响不显著的结果,东中部地区空气污染显著降低房价;此外,空气污染可以通过阻碍城市化水平对房价产生影响.本文研究城市空气质量改善与房价的相关性,对打造和谐生态环境、构建绿色城市具有一定的现实意义.