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Can whole steps of grain production be outsourced? Empirical analysis based on the three provinces of Jiangsu,Jilin,and Sichuan in China

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Journal of Integrative Agriculture 2024年第1期23卷 336-347页

作者： Jiacheng Liu Shengzhi Mao Qiufen Zheng Zhigang Xu school of finance and Taxation Nanjing University of Finance and EconomicsJiangsu 210023China school of Economics Southwestern University of Finance and EconomicsSichuan 611130China school of Economics and Management Nanjing Agricultural UniversityJiangsu 210095China

Certain outsourcing services for agricultural management in China,such as pest control in grain production,have experienced prolonged sluggishness,contrasting with the relatively high level of outsourcing services observed in harvesting,land preparation,and *** study examines the feasibility of implementing whole-step outsourcing in grain production by conducting a case study of rice and maize production in Jiangsu,Jilin,and Sichuan provinces in *** provision of outsourcing services hinges on two essential conditions:technological advancements fostering specialized production and economies of scale,coupled with a market size sufficient to realize the aforementioned potential economies of *** results showed that outsourcing pest control or harvesting services had varying economies of *** outsourcing services in pest control were less common than in harvesting services,and their marginal growth space of the economies of scale with technological change was also *** by the operational characteristics of pest control itself,the market scale of its professional services is ***,achieving the whole-step outsourcing of grain production necessitates not only technological innovation but also effective policy interventions to overcome the constraints of market *** interventions include(1)optimizing crop layouts between planning regions and reducing land fragmentation and(2)supplying timely and effective inter-regional agricultural information for service providers aided by information technology.

关键词： outsourcing services economy of scale technical conditions market scale

Optimal Timing of Business Conversion for Solvency Improvement

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Acta Mathematicae Applicatae Sinica 2024年第3期40卷 744-757页

作者： Peng LI Ming ZHOU school of finance Nanjing University of Finance and EconomicsNanjing 210023China Center for Applied Statistics and school of Statistics Renmin University of ChinaBeijing 100872China

In this paper,we study the optimal timing to convert the risk of business for an insurance company in order to improve its *** cash flow of company evolves according to a jump-diffusion *** conversion option offers the company an opportunity to transfer the jump risk business *** exchange for this option,the company needs to pay both fixed and proportional transaction *** proportional cost can also be seen as the profit loading of the jump risk *** formulated this problem as an optimal stopping *** solving this stopping problem,we find that the optimal timing of business conversion mainly depends on the profit loading of the jump risk business.A larger profit loading would make the conversion option *** fixed cost,however,only delays the optimal timing of business *** the end,numerical results are provided to illustrate the impacts of transaction costs and environmental parameters to the optimal strategies.

关键词： optimal stopping jump-diffusion process conversion option

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

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

Effect of geopolitical risk and economic uncertainty indices on renewable energy

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Geoscience Frontiers 2024年第3期15卷 237-247页

作者： Xin Zhao Kamel Si Mohammed Yaohui Wang PawełSte˛pien Grzegorz Mentel school of Statistics and Applied Mathematics Anhui University of Finance and EconomicsBengbuPR China Faculty of Economics and Management University Ain Temouchent Belhadj BouchaibAlgeria school of Urban and Regional Science Institute of Finance and Economics ResearchShanghai University of Finance and EconomicShanghaiPR China Institute of Economics and finance University of SzczecinPoland Department of Quantitative Methods Faculty of ManagementRzeszow University of TechnologyRzeszow 35-959Poland

In this study,the relationships between five renewable energy sub-sectors markets and the geopolitical risk(GPR)and economic uncertainty indices(EUI)were examined using daily data from March 30,2012,to April 1,*** cross mapping results show that the renewable energy indices have definite relationships with the GPR and *** renewable energy indices show differences in response directions,speed and trends for a standard information difference impulse from the GPR and the EUI.A positive dynamic conditional correlation between renewable energies and EUI was observed in the first and second waves of the COVID-19 *** contrast,there was a relatively decreased effect for two risk indices during the Russia-Ukraine conflict of February-March *** results show that renewable energy may act as a time-varying hedge against economic uncertainty and GPR owing to its safehaven properties at various ***,building more secure and reliable renewable energy systems can help countries to increase their energy independence,which protects them against the risks of political and economic uncertainty.

关键词： Renewable energy Uncertainty indices Impulse response Safe-haven

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

Interregional Value-Added Tax in the Era of E-Commerce: Tax Policy Design Based on Big Data from Online Retailing

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Journal of Social Computing 2024年第1期5卷 46-57页

作者： Yu Chen Luwei Xiang Hu Yang school of Public finance and Taxation Central University of Finance and EconomicsBeijing 100008China school of Management and Economics The Chinese University of Hong KongShenzhen 518172China school of Information Central University of Finance and EconomicsBeijing 100008China

The value-added tax(VAT)in China is levied and allocated based on the origin *** the background of the increasing substitution of online retail for traditional offline retail,this mechanism will exacerbate the disparity of regional tax revenue,and intensify tax competition among local ***,reconsidering the allocation mechanism of value-added tax in China can be an important policy decision,and it is influenced by various economic and social ***,we utilize large-scale retail transaction data from an e-commerce platform to measure regional disparities in retail and consumption among different regions and then reveals present tax policy results in revenue imbalance in different ***,we establish a model based on game theory to illustrate how the origin principle leads to fierce tax competition among ***,by establishing and solving tax allocation models between local governments and the central government,this study simulates and calculates the degree of revenue imbalance under different scenarios and attempts to propose policy *** results indicate that implementing the destination principle will reduce regional tax ***,adjusting the allocation ratio between the central government and local governments based on city levels is advantageous for further reducing regional tax revenue disparities.

关键词： value-added tax e-commerce destination principle origin principle

ESG performance and cost of debt

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China Journal of Accounting research 2024年第4期17卷 165-189页

作者： Yongdong Shi Shijie Zheng Pengsong Xiao Hongxian Zhen Tong Wu school of Fintech/school of finance Dongbei University of Finance and EconomicsDalianChina school of Economics and Management Anhui Normal UniversityWuhuChina Bank of Chengde ChengdeChina school of Accounting/China Internal Control research Center Dongbei University of Finance and EconomicsDalianChina

We analyze China Securities Index Co.,Ltd.(CSI)environmental,social and governance(ESG)scoring data,which incorporate Chinese characteristics,to assess the impact of ESG performance on corporate debt financing *** findings indicate that better CSI ESG scores are correlated with lower debt financing ***,improvements in local environmental execution enhance the effect of CSI ESG scores on debt financing ***,this effect diminishes with increased internal control quality and *** has the greatest impact on reducing debt financing costs,followed by social and environmental *** CSI ESG scores reduce corporate debt financing costs by enhancing debt repayment capacity and reducing information *** consequence analysis confirms that lower financing costs,driven by improved ESG performance,significantly enhance total factor productivity and firm *** ESG scores also significantly impact bank loans but not corporate bond financing.

关键词： CSI ESG performance Debt financing costs Sustainable development Chinese capital market

On the Pathwise Uniqueness of Solutions of One-dimensional Reflected Stochastic Differential Equations with Jumps

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Acta Mathematicae Applicatae Sinica 2024年第1期40卷 149-163页

作者： Hua Zhang school of Statistics and Data Science&Key Laboratory of Data Science in finance and Economics Jiangxi University of Finance and EconomicsNanchang330013China

In this paper, we are concerned with the problem of the pathwise uniqueness of one-dimensional reflected stochastic differential equations with jumps under the assumption of non-Lipschitz continuous coefficients whose... 详细信息

关键词： reflected diffusion processes with jumps pathwise uniqueness local time Meyer It?'s formula