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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 attention.This 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 2021.The research findings reveal that FinTech significantly inhibits firm zombification,and FinTech breadth and depth both play a significant role in restraining firm zombification.Mechanism exploration indicates that,on the one hand,FinTech reduces friction in the financial market,inhibiting firm zombification by improving firm investment efficiency,especially alleviating under-investment.On the other side,FinTech indirectly affects the technological investment,production,and operation of firms,thereby inhibiting firm zombification by increasing their total factor productivity.Heterogeneity 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 industries.This 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

Spatial Structure of Peer Networks and Academic Achievement Based on a Random Control Trial Experiment

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China & World Economy 2024年第3期32卷 67-97页

作者： Shilan Feng Ya Tan Zhi Wang Qinghua Zhang school of Marxism Peking UniversityChina school of international Trade and economics University of International Business and EconomicsChina China Center for Economic Studies Fudan Universityand Shanghai Institute of International Finance and EconomicsChina Guanghua school of Management Peking UniversityChina

This paper investigates whether changing the seating arrangement in a classroom can facilitate positive spillovers from top-performing students to others,using a field experiment conducted in a Chinese high school.Among study groups with balanced abilities,the treatment altered the spatial distribution by assigning the two top students to seats in the spatial center of each group.In the reference groups where students were allowed to choose their own seating arrangements,the lowest performing were significantly less likely to sit next to a top student than they would be under a random assignment.The results suggest that,in the treated groups,there could be enhanced academic spillovers from the top students.The treatment especially benefited the two lowest performing students in science subjects.In contrast,the treatment exerted negative effects on the test scores of the two middle-performing students,due to a disruption mechanism.The results suggest that the spatial layout of a peer network can have a significant impact on learning outcomes.

关键词： field experiment peer effects social interactions spatial structure test scores

Import Policy Uncertainty and Innovation

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China & World Economy 2024年第1期32卷 197-230页

作者： Lingshan Chen Yunong Li Qian Xie Mao Zhou school of international business Southwestern University of Finance and Economics(SWUFE)China school of international business SWUFEChina Institute of economics Chinese Academy of Social SciencesChina

The Chinese government has emphasized innovation as the primary driving force for economic development in the new era.This paper studies the effect of import policy uncertainty(IPU)on the innovation activity of Chinese manufacturing firms.It establishes a simple model to show that the presence of IPU encourages innovation and that a reduction in IPU discourages innovation.It distinguishes the almost unnoticed IPU reduction from tariff reduction on China's WTO accession and develops a novel difference-in-differences specification that identifies the negative effect of IPU reduction on innovation using updated data for Chinese manufacturing and patent filings.The result holds after a battery of identification assumptions and robustness checks are considered.The import channel explains about two thirds of the effect of IPU on innovation,but not all of the effect.Finally,this paper examines the effect across firms of different levels of productivity and ownership types and patents of different categories.

关键词： import policy uncertainty innovation patent WTO

Mixed Integer Robust Programming Model for Multimodal Fresh Agricultural Products Terminal Distribution Network Design

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工程与科学中的计算机建模(英文) 2024年第1期138卷 719-738页

作者： Feng Yang Zhong Wu Xiaoyan Teng business school University of Shanghai for Science and TechnologyShanghai200093China school of Management Shanghai University of International Business and EconomicsShanghai201620China

The low efficiency and high cost of fresh agricultural product terminal distribution directly restrict the operation of the entire supply network.To reduce costs and optimize the distribution network,we construct a mixed integer programmingmodel that comprehensively considers tominimize fixed,transportation,fresh-keeping,time,carbon emissions,and performance incentive costs.We analyzed the performance of traditional rider distribution and robot distribution modes in detail.In addition,the uncertainty of the actual market demand poses a huge threat to the stability of the terminal distribution network.In order to resist uncertain interference,we further extend the model to a robust counterpart form.The results of the simulation show that the instability of random parameters will lead to an increase in the cost.Compared with the traditional rider distribution mode,the robot distribution mode can save 12.7%on logistics costs,and the distribution efficiency is higher.Our research can provide support for the design of planning schemes for transportation enterprise managers.

关键词： Fresh agricultural product terminal distribution network rider delivery robot delivery uncertainty

How can technology and efficiency alleviate the dilemma of economic growth and carbon emissions in China's industrial economy? A metafrontier decoupling decomposition analysis

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Petroleum Science 2024年第2期21卷 1415-1428页

作者： Miao Wang Chao Feng school of business Zhengzhou UniversityZhengzhou450001HenanChina school of economics and business Administration Chongqing UniversityChongqing400030China

This paper attempts to explore the decoupling relationship and its drivers between industrial economic increase and energy-related CO_(2) emissions(ICE). Firstly, the decoupling relationship was evaluated by Tapio index. Then, based on the DEA meta-frontier theory framework which taking into account the regional and industrial heterogeneity and index decomposition method, the driving factors of decoupling process were explored mainly from the view of technology and efficiency. The results show that during2000-2019, weak decoupling was the primary state. Investment scale expansion was the largest reason hindering decoupling process of industrial increase from ICE. Both energy saving and production technology achieved significant progress, which facilitated the decoupling process. Simultaneously, the energy technology gap and production technology gap among regions have been narrowed, and played a role in promoting decoupling process. On the contrary, both scale economy efficiency and pure technical efficiency have inhibiting effects on decoupling process. The former indicates that the scale economy of China's industry was not conducive to improve energy efficiency and production efficiency, while the latter indicates that resource misallocation problem may exist in both energy market and product market.

关键词： China's industrial sector Decoupling process Meta-frontier DEA Index decomposition method Driving factors

Global Spillovers of China's Monetary Policy

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China & World Economy 2024年第3期32卷 1-30页

作者： Wenni Lei Dongzhou Mei Mi Zhang school of economics Minzu University of ChinaChina school of international Trade and economics Central University of Finance and EconomicsChina

Spillovers from China's monetary policy have become increasingly obvious with China's growing importance in the global economy and its close economic and trade ties with the world.This study establishes a proxy structure vector autoregression model to investigate the magnitude and transmission channel of spillovers from China to global and regional economies,taking advantage of high-frequency changes in asset prices in the financial markets to identify monetary policy shocks.The analysis reveals that China's monetary policy can affect the global economy by influencing international trade and commodity prices but there is no evidence of China's monetary policy affecting global financial variables.Tightness in China's monetary policy can cause a decline in world output whereas expansion in monetary policy can support global trade and output.This study also finds that the response of emerging Asian economies to China's monetary policy shock was nearly twice that of developed economies,while the transmission path did not change.The results of this study are consistent with the stylized fact that China's monetary policy plays an important role in the global trade and commodity cycle,although it does not drive the global financial cycle.

关键词： China's monetary policy commodity prices external instruments global trade spillovers

Registration system reform and initial public offering ownership preference:Evidence from China

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China Journal of Accounting Research 2024年第1期17卷 74-95页

作者： Xihao Wu Di Zhang Zhongxin Wu international business school Hainan UniversityChina

Whether registration system reform(RSR)can curb administrative intervention and create a fair market environment has long been a concern in China.We explore this issue from the perspective of the initial public offering(IPO)preference based on the entropy balancing method,and findings are as follows.First,an IPO ownership preference exists under approval system.That is,state-owned enterprises(SOEs)are more likely than private enterprises to obtain IPO approval.However,RSR significantly changes this preference,especially for non-politically connected private enterprises.Second,the post-IPO market performance of SOEs is inferior to that of private enterprises under approval system,thus excluding the view that approval is prioritized for SOEs because of superior performance.Third,compared with SOEs,private enterprises are more likely to switch the issuance system from approval system to registration system;this change makes it easier for them to obtain IPO approval,indicating that private enterprise owners perceive the registration channel to be fairer.Fourth,the effect of RSR on IPO ownership preference mainly occurs in companies in three major urban agglomerations in China—the Pearl River Delta,the Yangtze River Delta,and the Beijing–Tian jin–Hebei region—and in technology-intensive industries.Collectively,our findings reveal that RSR cultivates a fairer IPO approval process.

关键词： Registration system reform Administrative intervention Approval system IPO ownership preference

Cross-border E-commerce and China's Exports during the COVID-19 Pandemic

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China & World Economy 2024年第3期32卷 215-242页

作者： Yi Che Meng Yuan Yan Zhang Lin Zhao school of business East China University of Science and TechnologyChina school of business Xiangtan UniversityChina school of economics Shanghai University of Finance and EconomicsChina

China's exports experienced a rapid recovery after the outbreak of the 2019 COVID-19 pandemic.A primary engine was cross-border e-commerce(CBEC)trade,which bucked the downward export trend during the pandemic.By exploring the variation in the number of CBEC comprehensive pilot zones across provinces,we identified the causal impact of CBEC on exports using monthly province-product-destination data for 2019 and 2020.We found strong and robust evidence that CBEC contributed to exports during the pandemic by promoting the expansion of incumbent exports(intensive margin)rather than through the expansion of product categories and exporting partners(extensive margin).Specifically,higher pandemic risk suppressed the role of CBEC at the intensive margin while enhancing it at the extensive margin.Exports to developed countries benefited more from CBEC,both intensively and extensively.Compared with final products,a larger number of intermediate products were exported through CBEC after the outbreak of the pandemic.

关键词： China's exports COVID-19 pandemic cross-border e-commerce extensive margin of trade intensive margin of trade

Source localization in signed networks with effective distance

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Chinese Physics B 2024年第2期33卷 577-585页

作者：马志伟孙蕾丁智国黄宜真胡兆龙 Zhejiang Normal University School of Computer Science and TechnologyJinhua 321004China Shanghai business school School of Business and EconomicsShanghai 200235China Jinhua Polytechnic School of Information EngineeringJinhua 321016China

While progress has been made in information source localization,it has overlooked the prevalent friend and adversarial relationships in social networks.This paper addresses this gap by focusing on source localization in signed network models.Leveraging the topological characteristics of signed networks and transforming the propagation probability into effective distance,we propose an optimization method for observer selection.Additionally,by using the reverse propagation algorithm we present a method for information source localization in signed networks.Extensive experimental results demonstrate that a higher proportion of positive edges within signed networks contributes to more favorable source localization,and the higher the ratio of propagation rates between positive and negative edges,the more accurate the source localization becomes.Interestingly,this aligns with our observation that,in reality,the number of friends tends to be greater than the number of adversaries,and the likelihood of information propagation among friends is often higher than among adversaries.In addition,the source located at the periphery of the network is not easy to identify.Furthermore,our proposed observer selection method based on effective distance achieves higher operational efficiency and exhibits higher accuracy in information source localization,compared with three strategies for observer selection based on the classical full-order neighbor coverage.

关键词： complex networks signed networks source localization effective distance