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Bureaucratic Culture and Innovation

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China & World Economy 2024年第3期32卷 31-66页

作者： Shigang Li Kexin She Li Zhang international school of business and finance Sun Yat-sen UniversityChina National school of Development Peking UniversityChina international school of business and finance Key Laboratory of Mesoeconomics and Coordinated Development of Regions and IndustriesSun Yat-sen UniversityChina

This study explores the effects of bureaucratic culture on *** define bureaucratic culture as a culture in which power and officials are held in the highest *** panel data of publicly listed Chinese manufacturing firms from 2007 to 2015,we found that bureaucratic culture negatively correlated with firms'patent output.A mechanism analysis shows that bureaucratic culture hindered corporate innovation by reducing firms'research and development inputs and decreasing innovation ***,we provided evidence that anti-corruption campaigns and the development of formal institutions could neutralize the negative impact of bureaucratic culture on corporate *** study is the first to investigate quantitatively the causal effect of bureaucratic culture on corporate innovation and it can deepen the understanding of the relationship between culture and innovation in *** speculate that promoting a creative culture,particularly one that fosters entrepreneurial spirit,is of utmost importance.

关键词： bureaucratic culture corporate innovation economic growth talent allocation

Crowding-in or Crowding-out:How Infrastructure Investment Affects Household Consumption

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China finance and Economic Review 2024年第1期13卷 43-66页

作者： Zhiyu Yan Yufei Yuan Yi Xue school of international business and Economics University of International Business and Economics

This paper constructs a dynamic model of household consumption decisions and accordingly designs empirical analyses to identify how infrastructure investment affects private *** estimation results of provincial panel data reveal that infrastructure investment can not only indirectly promote household consumption through the income channel but also directly promote household consumption expansion through the expectations channel,with a significant"crowding-in"***,the effect is significantly weaker in provinces with a lower housing supply elasticity,showing the"crowding-out"pattern through the wealth *** survey data provide an explanation for individual *** investment has a greater pushing effect on house prices in provinces with a lower housing supply *** house price growth has significant"crowding-out"effects on the consumption of wealthy *** not only significantly weakens the driving effect of infrastructure investment on aggregate household consumption,but also increases wealth inequality in the long *** paper explains how infrastructure investment affects household consumption and the corresponding role played by house prices,providing empirical evidences for theoretical studies related to macro-regulatory policies in China.

关键词： infrastructure investment household consumption housing supply elasticity macro regulatory policies

Dynamic analysis of major public health emergency transmission considering the dual-layer coupling of community–resident complex networks

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Chinese Physics B 2024年第7期33卷 158-169页

作者：杨鹏范如国王奕博张应青 school of Economics and Management Wuhan UniversityWuhan 430072China Postdoctoral Research Station China International Engineering Consulting CorporationBeijing 100000China school of business Administration Guizhou University of Finance and EconomicsGuiyang 550025China

We construct a dual-layer coupled complex network of communities and residents to represent the interconnected risk transmission network between communities and the disease transmission network among residents. It characterizes the process of infectious disease transmission among residents between communities through the SE2IHR model considering two types of infectors. By depicting a more fine-grained social structure and combining further simulation experiments, the study validates the crucial role of various prevention and control measures implemented by communities as primary executors in controlling the epidemic. Research shows that the geographical boundaries of communities and the social interaction patterns of residents have a significant impact on the spread of the epidemic, where early detection, isolation and treatment strategies at community level are essential for controlling the spread of the epidemic. In addition, the study explores the collaborative governance model and institutional advantages of communities and residents in epidemic prevention and control.

关键词： propagation dynamics complex networks public health events community structure

Spatial impact of digital finance on carbon productivity

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Geoscience Frontiers 2024年第3期15卷 358-372页

作者： Huaping Sun Tingting Chen Christoph Nedopil Wang school of finance and Economics Jiangsu UniversityZhenjiangChina school of Economics and Management University of Science and Technology BeijingBeijingChina Fanhai international school of finance Fudan UniversityShanghaiChina

Low carbon productivity has been identified as a key direction for China’s future *** an important driving force for economic growth,the question of whether digital finance that is reliant on digital technology can support the development of a low-carbon urban economy remains *** on the carbon productivity measured by panel data from 201 cities for the period 2011-2020,this study applies the spatial Dubin model and threshold regression model to explore the impact of digital finance on carbon productivity,yielding the following key ***,the spatial distribution heterogeneity of carbon productivity in China’s eastern region is higher than that in the western region,and both productivity and digital finance are characterized by high(low)-high(low)dotted spatial ***,digital finance can significantly improve carbon productivity via two transmission channels:the human capital and marketization *** the same time,digital finance exerts a spatial spillover effect on carbon productivity,and rising local digital finance levels will increase carbon productivity in neighboring *** analysis indicates that the spillover effect of digital finance in urban agglomerations and eastern regions is more ***,fixed-asset investment has a positive nonlinear moderating effect on digital finance,thus improving carbon *** the per capita investment in fixed assets does not exceed 682.73 yuan,digital finance exerts only a limit pulling effect on carbon productivity;when it is higher than this value,the pulling effect is intensified.

关键词： Digital finance Carbon productivity Spatial spillover effect Fixed-asset investment Spatial heterogeneity

FinTech Can Prevent the Formation of Zombie Firms:Evidence from China

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Social Sciences in China 2024年第1期45卷 111-133页

作者： Jiang Jiatong Yang Lu Yin Zhentao school of international Trade and Economics University of International Business and Economics school of Public Policy&Management Tsinghua University Institute of finance and Banking Chinese Academy of Social Sciences

The interplay between financial technology(FinTech)and real economy firms has garnered considerable *** paper explores the relationship and mechanism between FinTech and corporate zombification using the data of Chinese A-share listed firms in China from 2011 to *** research findings reveal that FinTech significantly inhibits firm zombification,and FinTech breadth and depth both play a significant role in restraining firm *** exploration indicates that,on the one hand,FinTech reduces friction in the financial market,inhibiting firm zombification by improving firm investment efficiency,especially alleviating *** the other side,FinTech indirectly affects the technological investment,production,and operation of firms,thereby inhibiting firm zombification by increasing their total factor *** analysis suggests that the inhibitory effect of FinTech on corporate zombification is more pronounced for non-stateowned firms and small-sized firms,as well as those in manufacturing industries and highly competitive *** paper provides some novel evidence on evaluating the effect of FinTech on firms and also offers new insights for efficient governance of zombie firms.

关键词： FinTech zombie firms investment efficiency total factor productivity

Artificial intelligence and corporate risk-taking:Evidence from China

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China Journal of Accounting Research 2024年第3期17卷 50-71页

作者： Hong Chen Mengyun Zhang Jun Zeng Wenhua Wang school of Accountancy Yunnan University of Finance and EconomicsKunming 650221China school of Management Zhaotong UniversityZhaotong 657000China business school University of International Business and EconomicsBeijing 100029China

The deep integration of artificial intelligence(AI)into enterprises presents both opportunities and challenges,making it a focal point of current *** study explores the impact of AI on corporate risk-taking,using data spanning 2010-2019 from A-share listed companies in *** findings suggest that AI significantly heightens companies’level of ***,financing constraints can amplify the relationship between AI and risk-taking,enhancing their sensitivity *** also significantly improves firms’investment efficiency and mitigates their underinvestment ***,mediation tests indicate that AI enhances risk-taking by diminishing firms’risk per***,we offer valuable insights into and references for accelerating the deep integration of AI into enterprises.

关键词： Artificial intelligence Risk-taking Financing constraints

A Tale of Two“Skewness”:Managerial Epidemic Experience,Probability Weighting and Financial Market Stability

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Social Sciences in China 2024年第1期45卷 157-181页

作者： Gu Leilei Ni Xiaoran Peng Yuchao business school Central University of Finance and Economics school of Economics Xiamen University school of finance and Belt&Road finance Institute Central University of Finance and Economics

Under probability weighting,entrepreneurs with skewness preference tend to seek rightskewed and avoid left-skewed *** show that Chinese firms managed by CEOs with professional epidemic experience,i.e.,who previously experienced the outbreak of SARS during their tenure as high level executives,have a lower stock price crash risk measured by the negative skewness of stock prices in subsequent *** particular,those firms intentionally avoid stock price crashes by adopting more conservative strategies in ***,we provide the first evidence on the unintended effect of entrepreneurs'subjective judgments of the probabilities of disease outbreaks on financial market *** have long-term implications for the financial system.

关键词： SARS epidemic experience probability weighting skewness preference stock price crash risk

GMAT:A Graph Modeling Method for Group Preference Prediction

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Journal of Systems Science and Systems Engineering 2024年第4期33卷 475-493页

作者： Xiangyu Li Xunhua Guo Guoqing Chen international business school Jinan UniversityZhuhai519070China school of Economics and Management Tsinghua UniversityBeijing100084China

Preference prediction is the building block of personalized services,and its implementation at the group level helps enterprises identify their target customers *** methods for preference prediction mainly focus on behavioral interactions to extract the associations between groups and products,ignoring the importance of other auxiliary records(e.g.,online reviews and social tags)in association *** paper proposes a novel method named GMAT for group preference prediction,aiming to collectively detect the sophisticated association patterns from user generated content(UGC)and behavioral *** doing so,we construct a tripartite graph to collaborate these two types of data,and design a deep-learning algorithm with mutual attention module for generating the contextualized representations of groups and *** experiments on two real-world datasets show that GMAT is superior to other baselines in terms of group preference ***,GMAT is able to improve prediction accuracy compared with its different variants,further verifying the proposed method’s effectiveness on association pattern detection.

关键词： Group preference UGC tripartite graph deep learning

Decision and Coordination of an E-commerce Supply Chain Considering Returns and Network Externalities

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Journal of Systems Science and Systems Engineering 2024年第5期33卷 552-575页

作者： Liang Shen Fei Lin Yuyan Wang Luping Ding T.C.E.Cheng Dexia Wang school of Public finance and Taxation Shandong University of Finance and Economicsjinan 250014China bschool of Management Science and Engineering Shandong University of Finance and EconomicsJinan 250014China PolyU business school The Hong Kong Polytechnic UniversityHung HomKowloonHong Kong 999077China

Considering the large number of returns in online sales and the network externalities of e-platforms,we develop a decentralized model and a centralized model to explore the impacts of returns and network externalities on e-commerce supply chain(ECSC)*** show that in the decentralized model,the service level,price,market demand,and ECSC members’profits increase with the network externality ***,the service level and price increase,while the market demand and ECSC members’profits decrease with the product return *** centralized model is the optimal operating mode when it is properly *** design the“commission and return cost-sharing”contract to optimize ECSC,in which the proportion of the e-platform’s sharing of the return handling cost is exactly equal to the proportion of the system profit after *** on the decentralized model,we develop two extended models in which we endogenize the impacts of the service level and return rate on the network externality *** comparisons between the extended and decentralized models,we show that high-quality service can improve ECSC’s profitability,while a high return rate hurts its economic performance.

关键词： E-commerce supply chain coordination mechanism network externalities return products