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Downstream Competition and Upstream Innovation:Theory and Evidence from China

China Finance and Economic Review 2024年第1期13卷 67-87页

作者： Jing Dai Guanchun Liu Ziqi Ye Haiou Mao Yongwei Ye school of Finance Hubei University of Economics Lingnan College Sun Yatsen University school of Business Administration Zhongnan University of Economics and Law College of economics and Management Huazhong Agricultural University school of Public economics and Management Shanghai University of Finance and Economics

Competition is the catalyst of corporate innovation,which is the foundation of a country's core *** the view of vertical industrial chain,this paper examines how downstream competition affects upstream firms'innovation *** innovation helps reduce the production cost of each product,increasing demand of intermediate products caused by downstream competition enhances the marginal revenue of upstream firms'innovation,thus leading to an innovation incentive *** identify causality,we utilize China's WTO accession,a quasinatural experiment,to calculate downstream competition combined with import tariff reduction and input-output table,and then run a difference-in-difference *** the data of Annual Survey of Industrial Firms and State Intellectual Property Office,our results find that downstream competition has a significantly positive impact on upstream firms'innovation,and this effect is more pronounced in firms with less industry competition,greater initial innovation capacity and weaker financial ***,the number of firms,the degree of industry competition and the scale of intermediate products in the downstream sector increase,confirming the market size *** sum,our findings document that downstream competition can motivate upstream firms to innovate through vertical industrial chain,providing some useful insights for China to build a fair market competition environment and promote innovation-driven growth regime.

关键词： downstream competition upstream firms'innovation vertical industrial chain market size effect

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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 *** 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 *** 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 *** to developed countries benefited more from CBEC,both intensively and *** 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

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Principal Model Analysis Based on Bagging PLS and PCA and Its Application in Financial Statement Fraud

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Journal of Systems Science and Information 2024年第2期12卷 212-228页

作者： Xiao LIANG Qiwei XIE Chunyan LUO Liang TANG Yi SUN school of economics and Management Beijing University of TechnologyBeijing 100124China shanghai Tongtu Semiconductor Technology Co. LtdShanghai 210203China school of Finance Anhui University of Finance&EconomicsBengbu 233000China

Motivated by the Bagging Partial Least Squares(Bagging PLS)and Principal Component Analysis(PCA)algorithms,a novel approach known as Principal Model Analysis(PMA)method is introduced in this *** the proposed PMA algorithm,the PCA and the Bagging PLS are *** this method,multiple PLS models are trained on sub-training sets,derived from the training set using the random sampling with replacement *** regression coefficients of all the sub-PLS models are fused in a joint regression coefficient *** final projection direction is then estimated by performing the PCA on the joint regression coefficient ***,the proposed PMA method is compared with other traditional dimension reduction methods,such as PLS,Bagging PLS,Linear discriminant analysis(LDA)and *** results on six public datasets demonstrate that our proposed method consistently outperforms other approaches in terms of classification performance and exhibits greater ***,it is employed in the application of financial statement fraud *** and other five algorithms are utilized to financial statement fraud which concerned by the academic community,and the results indicate that the classification of PMA surpassed that of the other methods.

关键词： principal model analysis partial least squares principal component analysis dimension reduction ensemble learning financial statement fraud detection

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Dynamic control of a firm’s process innovation with knowledge accumulation in a vertically differentiated monopoly

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Journal of Management Analytics 2024年第1期11卷 1-25页

作者： Shoude Li Antai College of economics and Management Shanghai Jiao Tong UniversityShanghaiPeople’s Republic of China

This paper explores a multiproduct firm’s process innovation of high-and lowquality goods with knowledge accumulation in a vertically differentiated *** show that:(i)the system admits a saddle-point steady-state equilibrium under firm decision-making and social planner adjustment,respectively;(ii)the firm’s learning rates of knowledge accumulation of process innovation call for more intense efforts in both directions;(iii)there is a substitution between the process innovation for these two kinds of goods;(iv)the social incentive towards both kinds of innovation efforts is always larger than the private incentive characterizing the profit-seeking *** contribution extends the dynamic innovation literature that focuses on singlegood and considers the effects of corresponding knowledge accumulation on process innovation of these two kinds of ***,this theoretical work contributes to the design of efficient innovation effort strategies for firms’process innovation with corresponding knowledge accumulation in a vertically differentiated monopoly market.

关键词： process innovation knowledge accumulation high-quality good low-quality good

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Disease Burden and Costs Associated with Multiple Sclerosis in China:A Cross-sectional Analysis of Nationwide Survey Data

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Neuroscience Bulletin 2024年第4期40卷 533-538页

作者： Yusheng Jia Xuanqi Qiao Jin Zhao Hainan Li Shanlian Hu Min Hu Department of Health economics School of Public HealthFudan UniversityShanghai200032China National Health Commission Key Laboratory of Health Technology Assessment Fudan UniversityShanghai200032China

DearEditors,Multiple sclerosis(MS)is a chronic,autoimmune neurological disorder characterized by inflammatory demyelination of the central nervous system;it is associated with reduced mobility,cognitive impairment,and numerous comorbidities[1].Global MS incidence(2.1 per 100,000 person-years)and prevalence(30.1 per 100,000)have increased in recent years,and its prevalence is notably higher in Western countries,ranging from~30 to 200 cases per 100,000[2].In China,recent epidemiological research has shown that the crude prevalence was 2.44 per 100,000 in 2016[3],and the age-and sex-adjusted incidence was 0.235 per 100,000 person-years[4].Despite the relatively low prevalence compared with the global average,China has extensively addressed the well-being of over 30,000 MS patients,enrolling MS in China's First National List of Rare Diseases in 2018.

关键词： prevalence impairment autoimmune

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Implicit regulation in M&As:Evidence from voluntary earnouts in China

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China Journal of Accounting Research 2024年第2期17卷 147-163页

作者： Wen Zeng Huifang Yin shanghai university of Finance and economics China

Earnout provisions(“earnouts”hereafter)provide for contingent payments in M&A agreements and play a role in reducing information ***ever,in China,earnouts are not solely driven by negotiations between acquirers and targets but are also related to regulatory *** CSRC amended the M&A regulation in 2014,deregulating mandatory earnouts while retaining the approval *** on this context,we explore whether regulators implement implicit regulation by encouraging the usage of voluntary earnouts,and the economic consequences of such *** results show that earnouts are more likely to be included in an M&A contract when the deal requires CSRC approval.M&As that involve earnouts are also more likely to obtain regulatory approval and in a shorter *** findings suggest that regulators may still prefer earnouts even after *** addition,we find that the association between voluntary earnouts and acquirers’postacquisition performance is negative when the M&A deal requires regulatory approval,suggesting that voluntary earnouts influenced by regulatory preference can potentially have a negative *** analyses indicate that this impact can be alleviated by comment letters and market *** findings provide regulators with insights into the effects of the regulatory reform in the M&A market.

关键词： Voluntary Earnouts Implicit Regulation Regulatory Reform

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Private information and investment-q sensitivity:Evidence from new products

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China Journal of Accounting Research 2024年第1期17卷 28-44页

作者： Ganbing Li Kai Zhu shanghai university of Finance and economics China

This study shows that a decline in investment efficiency due to information asymmetry may not necessarily devalue a firm but may enhance its value *** base their investment decisions on both public and private ***,effectively transmitting private information to investors in a competitive market is quite challenging,as it leads to stock prices inadequately reflecting a firm’s true ***,firms must invest to achieve their business objectives,which results in a deviation between a firm’s actual investment level and the market’s expected investment level,thereby reducing investment-q ***,this deviation does not imply a waste of societal resources;instead,it improves a firm’s core competitiveness in the product *** consider the future launch of new products as a proxy for firm private *** find that(1)private information is negatively associated with investment-q sensitivity,and that the greater the sales of the new product,the lower the investment-q sensitivity;(2)the negative effect is more pronounced for firms with higher revenue volatility and ownership concentration than for those with lower revenue volatility and ownership *** study helps us to further understand how to evaluate firm investment efficiency from the perspective of private information and provides empirical evidence of the costs of the new product launch process.

关键词： Private information New product Investment-q sensitivity

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Environmental, social, and governance performance and corporate innovation novelty

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International Journal of Innovation Studies 2024年第2期8卷 109-131页

作者： Wanyi Chen Yuchuan Xie Kang He SILC Business school Shanghai UniversityShanghai200444China school of economics Huazhong University of Science and TechnologyWuhan430074China school of Business Shantou UniversityShantou515063China

Environmental,social,and governance(ESG)performance,along with the novelty of innovation,are significant factors in promoting sustainable development for *** study employs the Heckman two-stage model to examine the impact of ESG performance on innovation novelty using a dataset comprising A-share listed companies in the shanghai and Shenzhen Stock Ex-changes from 2011 to *** results indicate that enhanced ESG performance significantly fosters innovation by expanding innovation resources and mitigating agency *** analysis reveals that this relationship is more pronounced under high economic policy uncer-tainty,a challenging information environment,elevated financing constraints,and in the context of digital *** study not only expands the research on the economic implications of ESG performance for enterprise innovation behavior but also places a distinct emphasis on innovation quality rather than ***,this study enriches the existing literature on the factors influencing innovation novelty and extends research into the link between envi-ronmental protection and firm innovation,particularly from the perspective of stakeholder ***,this study holds practical significance for governments aiming to enhance ESG evaluation systems and establish guiding policies that encourage novel innovations,ultimately contributing to sustainable and high-quality ***,this study provides guidance to enterprises by encouraging them to embrace green development,improve social responsibility,and elevate their governance standards to promote innovation quality.

关键词： ESG Innovation novelty Resource dependence theory Agency problem Innovation quality Sustainable development

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THE LIMITING PROFILE OF SOLUTIONS FOR SEMILINEAR ELLIPTIC SYSTEMS WITH A SHRINKING SELF-FOCUSING CORE

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Acta Mathematica Scientia 2024年第2期44卷 583-608页

作者：金可石影谢华飞 Zhejiang College Shanghai University of Finance and EconomicsJinhua321013China school of Mathematical Sciences Zhejiang Normal UniversityJinhua321004China school of Mathematics and Statistics Nanyang Normal UniversityNanyang473061China

In this paper,we consider the semilinear elliptic equation systems{△u+u=αQ_(n)(x)|u|^(α-2)|v|^(β)u in R^(N),-△v+v=βQ(x)|u|^(α)|v|^(β-2)v in R^(N),where N≥3,α,β>1,α+β0} shrink to a set with finitely many points as n→∞.Motivated by the work of Fang and Wang[13],we use variational methods to study the limiting profile of ground state solutions which are concentrated at one point of the set with finitely many points,and we build the localized concentrated bound state solutions for the above equation systems.

关键词： Schrödinger system ground states solutions bound state solutions

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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 *** 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 *** 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 *** results suggest that,in the treated groups,there could be enhanced academic spillovers from the top *** treatment especially benefited the two lowest performing students in science *** contrast,the treatment exerted negative effects on the test scores of the two middle-performing students,due to a disruption *** 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

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