Abstract:As a new economic format，sharing economy has brought far-reaching impacts to market participants such as consumers，enterprises and platforms. Meanwhile，it has also brought several social problems. In the field of economics and management，quantitative research on sharing economy has grown rapidly，especially with regard to its external impacts. However，there is a lack of systematic and comprehensive analysis. This paper comprehensively classifies the existing literature of sharing economy into analytical and empirical work， and summarizes them from perspectives of consumers，enterprises/distributional channels，sharing platforms and the society，respectively. Further，the paper provides implications for domestic scholars to carry out relevant research as well as insights for enterprises，platforms and policy makers.

Abstract:As a form of non-structural data，textual big data has been deeply influencing accounting and fi- nance research in the recent decade. This influence manifests in two strands of literature. The first centers on information，such as applying textual analysis in measuring the quality ( such as readability) and quantity of information ( the information content of financial document) ，information disclosure and anomalies among other related issues. The second strand is mainly on applying textual analysis to constructing new indicators，such as competition，innovation and Economic Policy Uncertainty. This paper first surveys the two strands of literature and then analyzes the advantages and disadvantages of textual analysis. Lastly the opportunities and challenges in applying textual analysis in accounting and finance research are suggested.

Abstract:The report of the 19th CPC National Congress explicitly pointed out that it is necessary to "accelerate the establishment of a legal system and policy orientation for green production...to build an environmental governance system in which the government plays the leading role, enterprises play the main role，and social organizations and the public participate." In this context, could the family business, as a socially emerging force，be involved in the construction of the environmental governance system? This paper explores this problem by using the Twelfth China Private Enterprise Survey Database. The study finds that compared with non-family businesses，family businesses are more willing to invest in green innovation. This is mainly due to the motivation for the preservation of extended socioemotional wealth and the drive of external institutional pressure. The policy implications of this paper is to further deepen market-oriented reforms and improve the construction of green environmental protection system，so as to strengthen the long-term commitment of family business through a sound institutional environment to guide them to actively carry out green innovation. Based on these actions，Chinese government can not only help family business establish a long-term competitive advantage and become the main role of the environmental governance system，but also effectively promote the construction of a resource-conserving and environment-friendly society.

Abstract:Motivated by the in-depth economic globalization and the deepening of China’reform and opening， R&D cooperation with large foreign firms has gradually become an important way for domestic firms to participate in the innovation-driven development strategy. This paper analyzes the factors influencing the endogenous selection of international cooperative R&D of downstream firms by constructing a negotiation game model under the situation of intermediate inputs trade. This paper finds that only when the R&D spillover effect is relatively small，will the downstream firms choose to conduct international R&D cooperation. However，if the R&D spillover effect is too small，the international cooperative R&D activities of downstream firms will lead to a decline of social welfare. It is also found that the enhanced monopoly of the upstream market and the policy of final product trade liberalization would promote international cooperative R&D of firms in the downstream of the industrial chain.

Abstract:Base on“A Thousand Villages Investigation“of 2017 by Shanghai University of Finance and Economics，the paper investigates the Internet financial inclusion in the Chinese rural areas. Internet finance has developed very rapidly in these years in the Chinese rural areas. But there are distinct differences among areas. The paradox of Internet financial inclusion may exist. The paper builds a model to measure the development level of Internet financial inclusion of the whole country and different provinces from three aspects: The permeation，useless and effectiveness of Internet finance. It is found that Internet financial inclusion is the best in the East of China，while worst in the Northeast of China. Gini Index decomposition shows that the sources of these differences in Internet financial inclusion are mainly resulted from those differences between different areas，with the differences within each area being relatively small. Then，those factors，and their respective contribution，which significantly affect the development of Internet financial inclusion are got by Shapley difference decomposition. The influence model is built on those significant factors. As a whole，those factors concerning farmer households are the main causes which delay the development of Internet financial inclusion in rural areas，especially the self-exclusion. Though，the causes show some differences in different areas. In the East of China，governments should use Internet first to build an Internet environment for farmer household. In the Middle of China，governments should improve the investment in communal facilities of Internet. In the West of China，governments should invest more in Internet hardware. In the Northeast of China，governments should retain talents and decrease the human resource outflow. All these measure together can contribute to the improvement in inclusion of Internet finance in Chinese rural areas.

Abstract:Exploring the time-lag effect of environmental regulation policies on industrial structure change is the key to understand the impact of policies on industrial structure change in the time dimension. Beijing-Tianjin-Hebei and surrounding regions are selected as the research object. Through quantitative analysis of the environmental regulation policies at the central level and those of Beijing-Tianjin-Hebei and surrounding regions from 2004 to 2016，the time-lag effect of“central + local”multiple environmental regulation policies on industrial structure change is studied. The results show that: 1) The time-lag effect of environmental regulation policies on industrial structure change is multi-period，and the effect of environmental regulation policies is different in different periods. Industrial structure change is also the result of the effect of multi-period environmental regulation policies，and the impact of multi-period environmental regulation policies on industrial structure change is inverted U-shaped. 2) Environmental regulation policies usually have immediate regulatory effect on polluting enterprises in the year of promulgation，but the impact is strong and short-lived，which will cause polluting enterprises to make temporary response in the short term. 3) From the third year，the environmental regulation policies have played a continuous and stable role in regulating industrial structure change， making the secondary industrial structure in Beijing-Tianjin-Hebei and surrounding regions change in the direction of target expected by the policies.

Abstract:This study explores the effects of textual tone in analyst reports on the stock price synchronicity. Based on 377 644 sell-side analyst reports of Chinese listed firms from 2006 to 2018，10 434 sentences from analyst reports are randomly selected and these training materials are manually classified into positive，neutral and negative categories. To compare superiority of different methods，11 machine learning algorithms are applied to train the labeled sentences，and Nave Bayes is finally used to measure the analyst report tone. The empirical results show that the tone of analyst report is negatively associated with the stock price synchronicity of the companies. Although the results are different from most of the conclusions of the existing researches，the results can be well explained by the individual selective perception theory in the capital market of China， where the short-selling mechanism is underdeveloped. Furthermore，the analyst’s positive textual tone improves the information efficiency of the stock market by 1) stimulating the firms to issue more announcements， 2) guiding institutional investors to buy and 3) attracting other analysts to release more reports. This study has important implications for investors to focus on the index of textual tone，for listed companies to strengthen the information disclosure management，and for government departments to improve the capital market system.