Abstract:This paper expands the theoretical analysis framework of new classicalinframarginal economics, constructs a theoretical model of Internetdriven manufacturing upgrades, reveals the internal mechanism of the Internetdriven manufacturing upgrades, and uses the dynamic spatial Dubin model to investigate the impact and spatial spillover effects of the Internet on the upgrading of the manufacturing industry. The results show that the Internet plays a significant role in promoting the upgrading of the manufacturing industry in this region and surrounding areas, with the longterm effect being greater than the shortterm effect. The mechanism test found that the Internet has driven the upgrading of the manufacturing industry primarily by deepening the division of labor and improving production efficiency, with the mediating effect of the division of labor being significantly greater than that of production efficiency. Further research found that compared with having Internet resources, improving the level of Internet technology application in a region can promote the upgrading of the manufacturing industry. Compared with the central and western regions, the eastern region has an absolute advantage in “Internet+”, which not only accelerates the upgrading of manufacturing industry in the region, but also has obvious spatial spillover effects on the upgrading of the manufacturing industry in the surrounding areas. The above research conclusions provide theoretical basis and empirical evidence for China’s implementation of the “Internet+Manufacturing” action plan.

Abstract:This study constructs a quasinatural experiment based on carbon emission trading system（CETS）pilot zones, and then explores the effect of CETS on corporate energy conservation and emission reduction (ECER). Using a staggered differenceindifference model and data on the ECER of Chinese listed firms from 2010 to 2017, our findings reveal that firms participating in the CETS trials exhibit better ECER performance than their counterparts, suggesting that CETS promotes corporate ECER performance. In addition, CEOs’ overseas experience reinforces the positive effect of CETS on ECER performance. Moreover, the positive impact of CETS on ECER performance is more pronounced for firms in polluting industries and highly competitive industries, CETS is significantly positively associated with both green innovation and environmental cooperation in the value chain, and CETS can significantly mitigate carbon emissions at the firm level. Our findings provide important references to understand the governance role of CETS.

Abstract:Lowcarbon transformation is a profound change in consumption patterns. Lowcarbon behavior choices are of great significance for reducing greenhouse gas (GHG) emissions and achieving carbon neutrality. This paper proposes a method for systematically estimating the GHG emissions of online and offline retail and catering consumption. Taking Beijing as an example, this paper conducts 160 000 Monte Carlo simulation experiments to account for GHG emissions under different consumption styles and then analyzes the emission reduction strategies of lowcarbon consumption. On average, the GHG emissions from online retail and food delivery are higher than those from traditional offline consumption. The high emissions of online consumption mainly come from the transportation and packaging of express delivery, while the emissions of offline consumption largely result from consumers’ trips during shopping and catering. The study develops a distanceemission curve, revealing the critical point that online and offline consumption choices should follow. The results show that the lowcarbon intensity of online or offline consumption is related to the distance between consumers and shops or restaurants, as well as the mode of transportation. If consumers walk or travel by public transportation, offline consumption is generally more lowcarbon. However, if the store or restaurant is far away and the consumer drives, online consumption will be more lowcarbon. Reducing the GHG emissions from packaging, transportation, delivery, travel, and consumption behavior is an effective reduction strategy. The results show that different strategy choices can reduce GHG emissions from goods or foods consumption by up to 94

Abstract:Based on the multiobjective optimization view and resource dependence theory under the conditions of attention constraints, this study uses the new policy of Measures for Pursuing Responsibility for Ecological and Environmental Damage of Party and Government Leading Cadres (2015) as a quasinatural experiment. It uses a differenceindifferenceindifferences (DDD) method and a sample of China’s listed enterprises from 2012-2018 to empirically test the dual pressure of position change expectation and environmental governance perceived by local officials in prefecturelevel cities on the impact of green innovation of listed firms in the jurisdiction. The results show that prefecturelevel officials will urge enterprises in their jurisdictions to improve green innovation performance if they face the dual pressure of position changes and environmental governance after the implementation of the new governance system. The mechanism study finds that prefecturelevel city officials facing dual pressures would improve the green innovation performance of enterprises under their jurisdiction more actively through the local government to improve the regulatory and incentive green innovation policy intensity. Further analysis finds that the promotion effect of municipal officials facing the dual pressure of governance is stronger in improving the lowquality green patents of enterprises than for the highquality green patents, reflecting strategic rather than substantive innovation under pressure. Moreover, the above effects are more pronounced when enterprises are in heavily polluting industries, nonstateowned, and located in highlevel cities. This paper enriches the relevant studies on the activation of enterprises’green innovation behavior by national policies and provides evidence to support how to achieve the “harmonious coexistence” between the improvement of enterprises’green competitiveness and regional environmental protection. It also provides an important reference for relevant departments to further promote the reform of official assessment methods.

Abstract:How is ESG advantage priced into the stock market? Using ESG ratings as a measure of ESG performance, this paper selects Ashare listed companies in Shanghai and Shenzhen from 2010 to 2021 as the research sample and investigate whether an ESG investment market exists in China’s stock market. Furthermore, the mechanisms behind the ESG anomaly and the influencing factors are explored. The results indicate that firms with lower ESG ratings have significant excess returns relative to firms with higher ESG rating, i.e., ESG ratings reduce the crosssectional returns of firms. It is further concluded that this effect is more pronounced, mainly in smallcap firms, and the excess returns arise from the mispricing of investors’underreaction to ESG information, which does not align with the risk compensation hypothesis. The results enrich the behavioral asset pricing theory and complement the economic consequences of CSR commitment from the perspective of crosssectional asset returns.

Abstract:With the intensifying competition in the electricity sales market, independent electricity sales companies, as new market entities, face the risks of “batch and zero upside down” and “bias assessment”. As the electricity sales service quality is unobservable beforehand, they also face the risk of information asymmetry. Therefore, optimizing their electricity sales strategy has important theoretical and practical significance. Independent power sales companies with different types of power sales service quality have different power purchase costs and deviation control capabilities, so the sales price and deviation assessment apportionment ratio (hereinafter referred to as apportionment ratio) can be an effective signal to convey the service quality of independent power sales companies. Considering the influence of the sales price and apportionment ratio on power users’ strategy choices, this paper establishes a singlesignal game model based on the apportionment ratio, a dualsignal game model, and the independent electricity sales company’s sales price strategy. Furthermore, it solves the Bayesian game model. Moreover, it compares the equilibrium results of different signal game, analyzes the conditions for achieving a separation equilibrium, and obtains the optimal strategy for an independent retail electricity company. The results show that, unlike the sales price signal, both the apportionment ratio signal and the dual signal can mitigate the risk of adverse selection in the electricity sales market. However, using the dual signal can help lower the optimal apportionment ratio and the sales price of the electricity sales company while increasing its electricity sales and profits. Moreover, the conditions for achieving a separation equilibrium are more relaxed. This research can provide decisionmaking support for regulating the operation of China’s electricity market and improving the efficiency of electricity market operation.

Abstract:Current mainstream ecommerce platforms usually provide two selling schemes: The reselling scheme and the agency scheme. Firms that sell products on these platforms can choose either or both. This paper examines the firm’s quality disclosure strategies under three selling schemes: The reselling scheme, the agency scheme, and the mixed scheme. The analysis shows that a quality threshold exists under each scheme and that the firm chooses to disclose its quality only when the quality is above the threshold. The above result qualitatively holds when the firm endogenously decides the product quality. Moreover, the firm is less likely to disclose its quality when the proportion of high involved consumers or the search cost increases. Interestingly, unlike previous studies, when the consumer’s perception of quality difference in the mixed scheme is sufficiently high, the firm is more likely to disclose product quality under the mixed scheme than under the reselling scheme or agency scheme. In other words, competition stimulates the firm’s incentive to disclose its quality. Besides, by comparing the firm’s exante profits under the three schemes, it is found that when the commission rate of the platform is extremely high, the firm can obtain more by adopting the reselling scheme; in other cases, the firm can obtain more by adopting the mixed scheme.

Abstract:This study proposes an intelligent pickandpass system and a storage assignment algorithm to improve orderpicking operations in ecommerce warehouses. In this paper, the structure of the pickandpass system and the idea of the algorithm are presented. The algorithm has been applied to the lineside storage optimization of the picking line at FineEx, a supply chain management firm in Shanghai, and its effectiveness has been verified using the real data from FineEx. Combined with hardware equipment, the algorithm has created a commercialized smart picking product that significantly enhances order sorting efficiency. This solution can mitigate the pressure brought by labor shortages during ecommerce promotions.

Abstract:The digital transformation of enterprises has injected new vitality into the cost reduction and efficiency enhancement of enterprises and the promotion of highquality development of the economy, and implementing the“Residence without Speculation” policy will play a role in the business decisionmaking of enterprises, which in turn will affect the effect of the transformation of enterprises. Based on the data of listed companies in China, this paper explores the impact of implementing the “Residence without Speculation” policy on the digital transformation of enterprises and its mechanism. The main conclusions drawn in this paper are summarized as follows. Implementing the “Residence without Speculation” policy can significantly enhance the level of enterprise digital transformation. This effect can work through four mechanisms, namely, enterprise resource allocation channel, financing constraint channel, financing structure channel, and risk prevention channel. The heterogeneity analysis finds that the relationship between housing policy and the digital transformation of enterprises shows obvious differentiation under different enterprise characteristics, industry characteristics, and city characteristics. Further analysis shows that digital transformation of enterprises has a substantial positive effect on the total factor productivity, and the “Residence without Speculation” policy will have a negative moderating effect on this effect. This paper expands the research on the impact of real estate market regulation on enterprise behavior decisionmaking and also provides new ideas for promoting the digital transformation of enterprises.

Abstract:In the knowledge economy era, knowledge empowering matters for the competitiveness of SOE in the mixed ownership reform. Based on the perspective of tacit knowledge sharing, this paper builds a mixed oligopoly model to study the optimal mixed ownership structure and its impact on social welfare. We find that: First, the private enterprise has incentives to share tacit knowledge if and only if equity share acquired by it is larger than a certain threshold (hereafter called equity transfer threshold). Mixed ownership that without knowledge sharing cannot improve welfare. Second, the equity transfer threshold that exactly incentivizes knowledge sharing corresponds to the optimal ownership structure. At this optimal ownership structure, the social welfare can be improved if and only if the SOE’s absorptive capacity is higher than a certain threshold and the knowledge value lies in a reasonable range. Further analysis shows that equity transfer threshold that incentivizes knowledge sharing remains robust after we consider explicit knowledge transfer, increasing marginal cost, differentiated duopoly and the multitask of stateowner. Meanwhile, in the vertical industrial chain structure, the private firm has endogenous incentives to share tacit knowledge, but the ownership structure still matters for social welfare. Finally, if the knowledge value is the private enterprise’s private information, a feasible contract can be designed to screen the knowledge type. This study enriches the theory of mixedownership firm, provides analytical framework and guidance for the practice of mixedownership reform.

Abstract:As an important macroprudential policy tool, stress tests have increasingly become an important topic in the discussion of financial regulation. However, it is still unclear whether stress tests have achieved the purpose of enhancing China’s financial stability. 〖JP3〗This paper uses banks that participated in the central bank’s〖JP〗 stress tests from 2012 to 2019 as the research sample, constructs the “stress tests exposure” indicator for these banks based on the stress tests results disclosed in the China Financial Stability Report, and empirically examines the effect of the above macroprudential policy on the risktaking of the participating banks and the possible underlying channels. The results show that an increase in “stress tests exposure” induces the participating banks to take less risk, in the form of a lower level of passive risktaking rather than active risktaking. This effect is more significant among stateowned (large) banks. As the stress level increases, the participating banks reduce their exposure to traditional credit assets and increase their exposure to shadow banking assets. The adjustment of risky asset portfolios varies across bank types. As “stress tests exposure” increases, nonstateowned (small and mediumsized) banks significantly reduce loans to highrisk industries but increase shadow banking assets to avoid supervision, while stateowned (large) banks tend to actively reduce their shadow banking activities. This study helps to deepen the understanding of the effectiveness of regulatory actions and macroprudential policies, and is of great value for policy makers in improving and regulating regulatory rules.