Abstract:FinTech is a comprehensive term that encompasses various financial activities aimed at promoting financial services to be more convenient，cheaper，more inclusive，and safer in virtue of mobile internet，blockchain，artificial intelligence，big data，and other ways of scientific and technological innovations． It tightly combines financial services with application scenarios in a digitized，intelligent，and secure way． It accomplishes the goals of financial service suppliers for liquidity，profitability，and security，as well as meeting the functional demands of financial service demanders for paying，financing，investment，and trading． Starting from the analysis of mobile internet，big data，artificial intelligence，blockchain，and other emerging technologies and the financial innovations promoted by them，this paper takes the three major business processes of financial services as the breakthrough point． It combs the documents from three aspects: payment and settlement，credit and financing，and asset management services． In addition，the study considers and reflects financial regulation from four perspectives: the reformation of the regulatory concepts，the expansion of regulatory content，the reconstruction of regulatory mechanism，and the innovation of regulatory technology． Finally，it discusses prospects for future research．

Abstract:The design of incentive mechanism in the context of principal-agent is an important subject of management science research． However，existing research pays less attention to how to incentivize agents who engage in risky decisions． The paper considers the effect of fund managers’performance incentives on asset prices in an experimental stock market in the context of principal-agent dynamics by introducing both the roles of investors and fund managers． The results show that mispricing is common in experimental stock markets no matter fund managers face linear incentive ( proportional to fund return) ，convex incentive ( reward good fund performance) or concave incentive ( penalize bad fund performance) ． Further，benchmark-linked convex and concave incentives could lead to a significantly higher level of mispricing than linear incentives． At the same time，the risk attitude and overconfidence of fund managers can significantly affect the impact of incentives on mispricing． In addition，the incentive mechanism affects the mispricing of stocks by influencing the risk-taking behavior of fund managers rather than herd behavior． Exploring the relationship between the micro-level fund manager incentive mechanism and the macro-level market mispricing has reality significance for the institutional design of fund companies，for the strengthening of the prudential supervision of institutional investors’portfolio risks by the regulatory authorities，and for the maintenance of financial market stability．

Abstract:Listed companies’violations have been an important issue that attracts the attention of the capital market． While studying the causal relationship between single-dimensional variables and this issue is crucial，constructing an effective holistic prediction model is also of great significance． This paper constructs a prediction model of listed companies’violations based on important company characteristics and managerial individual characteristics from the perspective of internal governance． Using a sample of Chinese A-share listed companies from 2008 to 2019，this study introduces two machine learning algorithms，LightGBM and SHAP，to examine the predictive ability，importance ranking，and prediction mode of the two types of characteristics on violation behaviors． The results show that the model can predict corporate violations to a certain extent，and corporate characteristics have a greater impact on the prediction than managerial individual characteristics． Specifically，higher information transparency of listed companies，higher net profit margin of total assets，lower asset-liability ratio，higher managerial shareholding ratio，lower performance volatility，and higher analyst attention are associated with a lower tendency for the model to predict violations． In addition，the model predicts an increased tendency for violations when executives are young and when the chairman and CEO roles are combined． Moreover，most corporate characteristics and managerial individual characteristics exhibit a non-linear relationship in predicting corporate violations，which is consistent with the findings of traditional theoretical and empirical studies． Overall，our study enriches the research on the characteristics of corporate executives in China from a predictive perspective and provides empirical evidence for regulatory authorities and investors to improve supervision and investment efficiency and for companies to optimize internal governance mechanisms．

Abstract:Given the increasing presence of female directors in firms，the roles they play in leading firms’decision-making have attracted extensive attention． However，little is known about why firms choose to appoint female directors at boards． Based on the framework of awareness-motivation-capability( AMC) ，this paper employs fuzzy-set qualitative comparative analysis method． This research investigates the configuration effects of seven congruent factors，including industry female director ratio，female leader，diversification，gender equality culture，regional marketization，financial performance，as well as their causal complex mechanisms on the appointment of female directors． The results suggest that the driving mechanisms behind the presence of a high number of female directors can be categorized into four types: “pressure and atmosphere driver”，“pressure and capability driver”，“pressure and desirability driver”and“desirability and capability driver”． Further， female leaders and industry female director ratio are critical driving factors． There is an asymmetric causal relationship between the mechanisms of high-degree female directors and those of non-high-degree female directors．

Abstract:Although accurately assessing the impact of compensation regulation policies on corporate incentive mechanisms has important academic significance and policy value，due to data limitations and identification strategies，there are still many controversies and deficiencies in current research． This paper utilizes the exogenous shock of the Compensation Ｒeform Program to investigate the impact of compensation incentives on the risk-taking of central enterprises． The DID test based on the Compensation Reform Program in 2015 shows that the risk-taking level in the treatment group has significantly reduced after the policy compared with the control group． Additionally，the higher the promotion expectation of the executives，the smaller the degree of competition and the longer the control chain level，the less the negative impact． Further analyses reveal that the policy inhibits the high-risk investment and financing behavior． Specifically，the debt financing rate is lower; the innovation investment scale is larger，but the innovation output is lower． These results indicate that the effective incentive mechanism is the necessary condition to improve the risk-taking of central enterprises． Therefore，the research is helpful to deepen the dispute discussion of compensation system reform，and provide theoretical basis and policy reference for further promoting the reform of state-owned enterprises and improving the efficiency of state-owned enterprises．

Abstract:In the context of cooperative game between GP and LP in private equity funds，this paper defines the corporation and limited partnership through the ownership of decision rights，introduces the GP’s capability parameter，and discusses the advantages of limited partnership，as well as the role of human capital in the choice of enterprise organizational form． It finds that due to the decision rights transferring from LP to GP，limited partnership can achieve higher human capital incentive and enterprise value． However，the shift in decision rights will cause the LP to lose its advantages in income distribution． Only when the GP’s capability reaches a high level，will the income of both the GP and LP under a limited partnership be higher than under corporation，achieving Pareto improvement． This paper explains why limited partnerships are often adopted in human capital-intensive industries，such as private equity funds． To better support the real economy，cultivating high-quality GPs is the key to the healthy and sustainable development of private equity funds． This will help to form a virtuous circle of human capital promotion and industrial transformation and upgrading，thereby improving the comparative advantage of human capital in income distribution．

Abstract:The major public health event that began at the end of 2019 has brought unprecedented shocks to China’s real economy and various asset markets，and has triggered extensive discussions on the spillover effects among various assets in China． This paper，using time-varying parametric vector autoregressive ( TVPVAR) model based dynamic spillover index framework and its frequency-domain extensions，explores the timedomain and frequency-domain characteristics of return and volatility spillovers among a risky asset market ( China’s stock market) and four potential hedging assets ( government bond，foreign exchange，gold and crude oil) under the impact of major public health event． The empirical results show that，firstly，both the total return and volatility spillover index of the asset system in China as well as their three frequency-domain components show an unprecedented increase under the impact of major public health event; Secondly，the short-term component of asset return spillovers is the largest，while the volatility spillovers are dominated by the long-term component; Thirdly，the main sources of return and volatility spillovers will change due to changes in domestic and international development trends of the major public health event，and the roles played by some assets will change significantly during the event． To be specific，in terms of return spillover，bond and crude oil are sources of net return spillover in addition to stock during the medium and late stages of the event，respectively． In addition，although gold is a net receiver of short-term return spillover，it is a net transmitter of medium-and long-term return spillover． In terms of volatility spillover，stock and bond are additional sources of volatility spillover in addition to crude oil during the severe and palliative periods of the event． At this time， although stock and crude oil are the sources of long-term volatility spillover，they are the net receiver of shortand medium-term volatility spillover． As the event becomes manageable，crude oil is still the net transmitter of volatility spillover，while bond becomes the net transmitter of short-and medium-term volatility spillover and the net receiver of long-term volatility spillover． Finally，Government bond，foreign currency and gold are better safe-havens in severe period of major public health event，while holding a short position in crude oil canalso help to hedge against stock market risk．

Abstract:Many firms face significant price fluctuations and unpredictable demand for raw materials，making it increasingly important to study optimal procurement strategies under these uncertainties． Previous studies have focused on optimization problems with single parameter uncertainty and assumed the parameter to fluctuate randomly，which is not representative of the real world． Prices and demand in reality are often uncertain simultaneously and cannot be randomly observed． This paper uses online theory to investigate the procurement of raw materials under uncertain price and demand，presents a corresponding mathematical model，and analyzes a dynamic and effective competitive strategy，which is proved to have a better competitive ratio performance． Numerical analysis further demonstrates the strategy has superior empirical performance．