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The mechanism analysis uncovers that this system enhances the green innovation of enterprises by strengthening the environmental regulatory pressure of the government and the environmental compliance pressure of enterprises, reflecting both regulatory and deterrent effects. The results of the extended analysis indicate that the promotion effect of the environmental supervision system on green innovation in enterprises through random sampling is more evident in the state-owned enterprises and the enterprises located in the areas with less financing constraints, lower agency costs, and stronger intellectual property protection. In addition, the random inspection of the environmental supervision system not only significantly improves the environmental performance of enterprises and demonstrates their environmental effectiveness, but also significantly improves their economic performance and demonstrates their economic effectiveness. Therefore, it is necessary for the government departments to actively carry out the random inspection of the environmental supervision system, strengthen intellectual property protection and take measures to alleviate the financing constraints faced by enterprises during the process of green innovation. Meanwhile, enterprises should further improve the corporate governance mechanism and reduce agency costs, so as to promote the level of corporate green innovation. Reference | Related Articles | Metrics | Comments（0） Select Industry Intellectualization and Employee Incentive System Design: Evidence from Employee Stock Ownership Plan BAI Yu-fan, QIAO Hui-ying, LUO Hong, LIU Bao-hua Contemporary Finance & Economics    2024, 0 (10): 100-112.   Abstract （23）            Knowledge map    Save With the widespread application of industrial robots, the Chinese labor market is undergoing a profound transformation. Faced with this challenge, how enterprises can respond to this change and promote high-quality development through effective employee incentive strategies has become a question that decision-makers must seriously consider. The empirical analyses from the perspective of employee equity incentives show that, with the deepening application of industrial robots, firms are inclined to implement employee stock ownership plan, which has a higher employee shareholding ratio, longer lock-in period and wider coverage of employees. The motivation test reveals that the introduction of industrial robots has enhanced the willingness of enterprises to accumulate high-quality human capital through employee stock ownership plans, and helps alleviate employees’ concerns about potential opportunistic behaviors in the enterprise, thereby prompting employees to make proprietary investments. Further analysis reveals that in the context of industrial intelligence, to implement employee share ownership plans can significantly promote corporate innovative capabilities. This provides important insights for enterprises to effectively respond to the challenges brought by industrial intelligence through institutional design, thereby achieving high-quality development. Reference | Related Articles | Metrics | Comments（0） Select Unfair Treatment in the Workplace and Employee Voice Behavior: An Adjusted Mediation Model MAO Chang-guo, GUO Lei Contemporary Finance & Economics    2024, 0 (9): 85-97.   Abstract （30）            Knowledge map    Save In daily work environments, unfair treatment with low-intensity frequently occurs and causes significant chronic damages. However, due to its relatively hidden manifestations, it is often overlooked by organizational managers. Using a multi-level linear analysis model, this study explores the impact mechanism and boundary of the two types of low-intensity workplace injustice, i.e., psychological contract breach and uncivilized behaviors, on employee voice behaviors. The analysis based on the survey data of 415 full-time employees from 42 teams shows that both of the two types of unfair treatment can significantly reduce employees' organizational identification, thereby inhibiting their voice behavior. In addition, this indirect effect is moderated by employees' proactive personality and leaders' benevolent style. Specifically, employees' proactive personality will exacerbate the negative impact of psychological contract breach and uncivilized behavior on organizational identification, while leaders' benevolent style will enhance the positive impact of organizational identification on employees' voice behavior. Based on the above research conclusions, managers should pay attention to low-intensity workplace injustice and deeply understand their impact mechanisms under different leadership styles and employee characteristics. By means of institutional design, cultural training, and management incentives, they should adopt targeted preventive measures and intervention strategies, so as to create a harmonious and healthy organizational environment. Reference | Related Articles | Metrics | Comments（0） Select The Value of Brand: Brand Capital and Corporate Earnings Management XU Ye-kun, ZHENG Xiu-feng Contemporary Finance & Economics    2024, 0 (9): 98-110.   Abstract （41）            Knowledge map    Save Brand capital, as a vital intangible asset, has a profound influence on firms' financial decision-makings. Utilizing The National Tax Survey data from 2010 to 2016, and on the basis of estimating enterprise brand capital with perpetual inventory method, this paper empirically examines the impact of brand capital on corporate earnings management and its mechanisms. The findings indicate that corporate brand capital can suppress the earnings management behavior of corporate management. The analysis of the mechanism of action shows that brand capital has financial effects, reputation effects, and supervisory effects, thus brand capital can suppress management's earnings manipulation behaviors. Further analysis reveals that this inhibitory effect of brand capital on earnings management is more pronounced in enterprises with higher complexity and those belonging to the consumer goods industry. The analysis of economic consequences indicates that the inhibitory effect of brand capital on earnings management can enhance the value of the enterprise. Therefore, the relevant government departments should support enterprises to implement brand strategy, constantly improve the policies and supporting measures related to corporate brand strategy, thus promote the high-quality development of enterprises. Reference | Related Articles | Metrics | Comments（0） Select Harmony is Precious and Beautiful: Digital Transformation and Corporate Cooperation Culture CHEN Xiao-shan Contemporary Finance & Economics    2024, 0 (8): 85-99.   Abstract （78）            Knowledge map    Save While empowering traditional technological innovation and reshaping enterprise resources and capabilities, can digital transformation promote the changes in corporate culture and organization? Combining the traditional Chinese virtue of“harmony is precious and beautiful”, this paper conducts an empirical research based on data from the A-share listed companies from 2010 to 2022. The findings shows that digital transformation can help to enhance corporate cooperation culture, mainly through the two paths of alleviating information asymmetry and improving corporate ESG performance. The heterogeneity analysis reveals that the positive effect of digital transformation on corporate cooperation culture is more pronounced in the enterprises of large-scale, non-capital-intensive, or with higher proportion of institutional investor shareholding, and the positive media coverage can strengthen the relationship between the two. The analysis of economic consequences shows that digital transformation can help promote corporate innovation by enhancing their collaborative culture. Based on the above research conclusions, it is recommended that enterprises should seize the opportunity of digital transformation in a timely manner, actively cultivate a corporate culture of keeping promises and pursuing win-win cooperation. Government departments should promote long-term assistance policies for digital transformation tailored to enterprises and establish sound cooperation and communication platforms between enterprises. Reference | Related Articles | Metrics | Comments（0） Select How Does Pro-Clean Government-Business Relationship Affect Corporate ESG Performance WANG Fan-lin, GUO Yu-hang, LI Shao-qing Contemporary Finance & Economics    2024, 0 (8): 100-111.   Abstract （51）            Knowledge map    Save The performance of enterprises in environmental, social, and governance (ESG) aspects cannot be separated from the support and guarantee of the institutional environment. Taking A-share listed companies in Shanghai and Shenzhen stock exchanges from 2017 to 2021 as samples, this study explores how pro-clean government-business relationship affects corporate ESG performance. The findings show that pro-clean government-business relationship can significantly improve corporate ESG performance. The mechanism analysis reveals that the pro-clean government-business relationship mainly enhances corporate ESG performance through the two channels: improving the external financing environment and suppressing the short-sighted behaviors of corporate management. Further analysis reveals that the“clean”dimension of the government-business relation plays a major role; and in enterprises registered in provincial capitals or municipalities, belonging to non-heavily-polluting industries, with a high degree of digital transformation, and with a higher proportion of institutional investors holding shares, the pro-clean government-business relation can significantly improve corporate ESG performance. Based on the above research conclusions, it is recommended that local governments should actively build pro-clean government-business relationship to optimize financing channels. Meanwhile, enterprises should overcome short-term profit seeking behaviors, so as to achieve long-term sustainable development. Reference | Related Articles | Metrics | Comments（0） Select Registration System Reform, Supply Chain Relations, and IPO Pricing Efficiency WANG Sheng-nian, ZHANG Nan Contemporary Finance & Economics    2024, 0 (7): 88-103.   Abstract （25）            Knowledge map    Save The important goal of comprehensively implementing the registration system reform is to improve the pricing efficiency of the capital market. Taking A-share IPO companies from 2010 to 2022 as research samples, this study explores the impact of supply chain relationships on IPO pricing efficiency and its mechanism. The empirical results indicate that supply chain concentration has reduced the efficiency of IPO pricing, which is manifested as the risk effect of supply chain relationships on IPO companies, while the registration system reform has effectively alleviated the negative relationship between the two. The mechanism test reveals that supply chain concentration can reduce IPO pricing efficiency by affecting the business prospects and information environment of IPO companies. Further research has found that the industry reputation of suppliers/customers and their geographical proximity can alleviate the negative relationship between the two. The low reputation underwriters and their participation in follow-up investment have intensified the negative relationship between the two. The intensification of supply chain concentration has led to an oversupply of IPO funds, suppressing the first day IPO burst. Therefore, the regulatory authorities should improve the supporting system for the registration system reform, strengthen the auditing inquiry of enterprises with higher supply chain concentration, improve IPO pricing efficiency, and ensure that the market plays a key role in resource allocation. Reference | Related Articles | Metrics | Comments（0） Select How Flexible Human Resource Management Drives Employee Self-Leadership: From the Perspective of Dynamic Status GAO Feng, LUO Wen-hao, WANG Man-yi Contemporary Finance & Economics    2024, 0 (7): 104-115.   Abstract （30）            Knowledge map    Save In today’s increasingly complex and volatile business environment, employee self-leadership plays an important role in the survival and development of an organization. However, how to promote employee self-leadership through effective management practices still needs to be further explored. Based on the dynamic status theory, this paper analyzes the affecting mechanism of flexible human resource management on employee self-leadership, especially the mediating role of the status seeking motivation of the employees between the two and the moderating role of universal concept of leadership. The analysis of the data of 439 longitudinal employee questionnaire at three different time points shows that flexible human resource management is positively correlated with employee self leadership, and that status pursuit motivation plays a mediating role in the relationship between the two. When the general concept of leadership among employees is lower, flexible human resource management has a stronger positive relationship to affect employee self-leadership through status seeking motivation. Based on the above conclusion, in the new environment of human-machine coexistence, managers should attach importance to establishing flexible human resource management, pay attention to the cognitive characteristics and motivational factors of employees, and transmit signals of variable status to employees, thereby stimulating their status pursuit motivation and self-leadership behaviors. Reference | Related Articles | Metrics | Comments（0） Select Multiple Large Shareholders and Corporate ESG Performance TAN Lin, LIU Jiang-tao Contemporary Finance & Economics    2024, 0 (6): 84-97.   Abstract （95）            Knowledge map    Save The question of whether good stakeholder relationships can solve a wider range of ESG issues has attracted much attention. As the most direct stakeholders of a company, the major shareholders usually have a significant impact on the formulation and implementation of corporate strategy. Taking A-share listed companies from 2009 to 2021 as samples, this study examines the impact and mechanism of multiple large shareholders on corporate ESG performance. The results indicate that the multiple large shareholders can improve corporate ESG performance. This incentive effect is more significant when there are more major shareholders and a higher proportion of shareholding relative to the controlling shareholder. Furthermore, multiple large shareholders promotes corporate ESG strategic adjustments mainly by alleviating the financing constraints faced by the enterprise and monitoring the opportunistic behavior of the controlling shareholders. In addition, the participation of institutional investors, news media, and external auditors as three external information intermediaries can form a synergistic governance effect with multiple major shareholders, thereby having a positive impact on the relationship between multiple large shareholders and corporate ESG performance. Therefore, policy makers should encourage and support the diversification of corporate equity, fully guide the external stakeholders to play a supervisory and governance role, and promote enterprises to actively practice sustainable concepts. Reference | Related Articles | Metrics | Comments（0） Select Workplace Prestige Syndrome: Scale Development and Validation CAO Yuan-kun, ZHANG Qiong, LUO Yuan-da Contemporary Finance & Economics    2024, 0 (6): 98-110.   Abstract （50）            Knowledge map    Save Talents with high performance and high potential are crucial to the development of an organization. However, the recognition and expectation given by the organization may make them burdened by reputation and bring negative effects to the organization. Therefore, workplace prestige syndrome has important research value and practical significance as an important psychological explanation mechanism to solve the dilemma of“talent curse”faced by organizations. However, there are some limitations in the existing researches on the conceptual connotation and measurement tools of the workplace prestige syndrome, which hinders the development and application of the related researches. Following the standardized procedures, this paper develops the Workplace Prestige Syndrome Scale and works out a structured measurement tool that includes the three dimensions: evaluating, achieving, and working with the prestige. The predictive validity test of this scale indicates that workplace prestige syndrome has a positive impact on emotional exhaustion and work stress. Based on the above research results, organizations should pay close attention to the workplace prestige syndrome, evaluate the effectiveness of talent incentive measures based on the three-dimensional measurement table, and effectively respond to the three different types of reputation difficulties by improving interpersonal communication, ensuring organizational fairness, and enhancing the matching degree between talents and work. Reference | Related Articles | Metrics | Comments（0） Select Humor Advertisement and Consumer Ambivalent Attitude LI Xue-xin, LIAN Yi-zhen, LI Lin Contemporary Finance & Economics    2024, 0 (5): 86-100.   Abstract （86）            Knowledge map    Save Humor advertisement is a common type of advertisements, which is playing an important role in improving consumer product attitudes and promoting the development of the advertising industry. Based on the SOR theory and the elaboration likelihood model, this paper explores the impact, mechanism, and boundary conditions of humor advertisement on consumer subjective and objective ambivalent attitudes with three experiments. The results indicate that, firstly, compared to non-humor advertisement, humor advertisement could significantly exert negative impact on consumers' subjective and objective ambivalent attitudes. Secondly, there are differences in the mechanism of the impact of humor advertisement on consumers' subjective and objective ambivalent attitudes, which could alleviate the subjective ambivalent attitudes from the positive emotion through the peripheral paths, while produce a negative impact on the objective ambivalent attitudes both from the perceived AD credibility through the cognitive path and from the positive emotion through the peripheral path. Thirdly, by enhancing the“distraction effect”and by leveraging the“vampire effect”, the feasibility AD appeals and the desirability AD appeals could respectively moderate the impact of humor advertisement on consumers' subjective and objective ambivalent attitudes significantly. Based on the above research findings, it is suggested that enterprises can use humor advertisements to affect consumers by enhancing their trust in the advertising content, their positive cognitive understanding of the product, and their positive emotions when watching the advertisements. And by changing the means of expression of humor advertisements, enterprises can also achieve the targeted exertion of differentiated effects on the ambivalent attitudes of consumers. Reference | Related Articles | Metrics | Comments（0） Select Digital Transformation and Allocation of Decision-Making Power: Empirical Evidence from Enterprise Groups XU Wen-shuai, PENG Jian-fei, WU Yun-lang Contemporary Finance & Economics    2024, 0 (5): 101-113.   Abstract （59）            Knowledge map    Save Little attention in the existing literature is paid to the impact of digital transformation on the allocation of decision-making power within enterprise groups. By making use of the data of A-share listed companies from 2007-2020, this paper analyzes the relationship between digital transformation and the allocation of decision-making power in enterprise groups. The results show that digital transformation has significantly reduced the the concentration of decision-making power allocation in enterprise groups, and that the down movement of decision-making power can contribute to the better integration between the expertise and decision-making for the subsidiaries, which ultimately increases their innovation output. This conclusion remains robust after controlling the possible endogenous issues. The mechanism analysis shows that digital transformation facilitates decentralized management in enterprise groups mainly by reducing the agency costs of the subsidiaries. It is found through distinguishing the types of digital transformation that both the underlying technology and practical applications of digital transformation contribute to reducing the concentration of corporate decision-making power allocation. The results of the test based on the enterprise characteristics and the compatibility of digital transformation between parent and subsidiary companies show that digital transformation has a more significant impact on the decentralization of decision-making power allocation in non-state-owned and high-tech enterprise groups. The high digitalization of parent companies and subsidiaries is more conducive to the formation of a decentralized governance model in enterprise groups. Therefore, the government authorities should further accelerate the pace of digital transformation to optimize the allocation of decision-making power within enterprise groups, thereby promote the construction of a strong and innovative country. Reference | Related Articles | Metrics | Comments（0） Select “To Have the Source of Flowing Water”: A Study of the Innovation Spillover Effect of Suppliers WEI Qing-fang, WEI Xia-hai Contemporary Finance & Economics    2024, 0 (4): 85-98.   Abstract （74）            Knowledge map    Save Building a supply chain with strong innovation capabilities is a crucial strategic task for China during the “14th Five-Year Plan” period and beyond. Based on the data of supply chain innovation from listed companies, this study delves into the impact of supplier innovation on downstream customer innovation from both theories and experiences. The main findings are as follows: Firstly, suppliers have a certain leading advantage in innovation ability compared to downstream customers, which is reflected in the fact that their invention patent application time is generally earlier than that of downstream customers, and they have a higher number of invention patents in industries highly dependent on innovation driven development. Secondly, supplier innovation demonstrates significant spillover effects, significantly increasing the innovation output of downstream customers. After a series of endogeneity tests and other robustness tests, this conclusion still holds. Thirdly, supplier innovation contributes to promoting knowledge spillover, increasing cooperated innovation and enhancing the R&D efficiency of downstream customers, thereby increasing their innovation output. Fourthly, supplier innovation yields significant economic benefits, boosting the corporate value and growth prospects of the downstream customers. The above findings contribute to a deeper understanding of corporate innovation and supply chain collaboration, at the same time, offering new policy insights to promote the integration of supply chains and enhance innovation capabilities in China. Reference | Related Articles | Metrics | Comments（0） Select The Influencing Mechanism of Internet Celebrity Endorsement on Brand Value in the New Media Environment: The Mediating Role of Fans’ Engagement NIE Xuan, SHEN Peng-yi, XU Ji-nan Contemporary Finance & Economics    2024, 0 (4): 99-112.   Abstract （152）            Knowledge map    Save The rapid development of new media platforms such as Weibo, Bilibili, and Xiaohongshu has spawned a new type of celebrity -- internet celebrity. Hiring internet celebrities as their brand endorsers to attract fans has also become an important brand marketing strategy for companies. However, in the new media environment, the research on how internet celebrity endorsement enhance brand value remains to be further studied. Based on the social influence theory and the relationship strength theory, this paper tries to explore the influencing mechanism and the functional boundary of internet celebrity endorsement on brand value in the new media environment through three experiments. The results show that, compared with the traditional celebrity endorsements, internet celebrity endorsements can significantly enhance brand value.Internet celebrity endorsements can strengthen fans’ engagement and further enhance brand value. When the relationship between brand and endorsers is relatively strong, the positive effect of internet celebrity endorsement on enhancing brand value is more significant than that of traditional celebrity endorsement. When a brand’s endorsement advertisement released on a new media platform contains multiple endorsers, compared with the traditional celebrity endorsement, the positive influence of internet celebrity endorsement on fans’ engagement and the mediating role of fans’ engagement will be weakened. The above conclusion has enriched the relevant researches on the influence of internet celebrity endorsement and fans’ engagement, which has guiding significance for enterprises to implement internet celebrity endorsement strategies in brand marketing. Reference | Related Articles | Metrics | Comments（0） Select Government Demand-Induced Innovation: Empirical Evidences from China’s Green Public Procurement Policy DENG Ke-bin, LI Jia-qi Contemporary Finance & Economics    2024, 0 (3): 83-96.   Abstract （72）            Knowledge map    Save The market-guided green transformation of industrial enterprises is considered a crucial approach to achieving sustainable economic development. Based on China’s green public procurement policy, this paper examines the role of government demands in guiding the green innovations of enterprises by using a multi-period double-difference approach. The result reveals that the government public procurement is the important source of demands in the environment protection products markets, and that the green procurement policy has effectively stimulated the development of green innovations in Chinese industrial enterprises. In this process, the increase in product market competition and the reduction of green R&D risks are the key mechanisms, and the demand pull effect is mainly reflected in the sample of enterprises sensitive to market competition and innovation risks. As an environmental policy focused on demand, the stronger the government’s purchasing power, the clearer the demand for green technology, and the shorter the distance to the final demand, the stronger the guiding role of the green procurement in green innovations. Further study reveals that although the effectiveness of the green procurement policies is significantly better than the similar environmental regulations, which can promote the overall green transformation of the industry, it mainly stimulates the diffusion of environmental technologies rather than breakthroughs. The above findings reveal the incentivizing role and the pathway of government green public procurement on corporate green innovations, indicating that the driving effect of government demand on market demand is an important reason why green procurement has become a powerful tool to stimulate innovations. Reference | Related Articles | Metrics | Comments（0） Select Analyst Attention, Employee Social Comparison, and Corporate Charitable Donations WU Wei, GE Jian-hua Contemporary Finance & Economics    2024, 0 (3): 97-110.   Abstract （60）            Knowledge map    Save The existing researches generally emphasize the role of stakeholders in promoting corporate social responsibility practices, while ignoring the potential conflicts among different stakeholders regarding corporate social responsibilities. When the external stakeholders (analysts) and the internal stakeholders (employees) of a company hold conflicting attitudes towards corporate donations, what changes do corporate charitable donations make? The empirical analysis of Chinese listed companies from 2006 to 2018 shows that although the analyst community is increasingly concerned about and anticipating the charitable performance of enterprises, when the internal employees find that their income is“treated harshly”through social comparison, they will develop a resistance attitude towards corporate donations. In this situation, enterprises will balance the internal and external interest demands to adjust donation amounts. The income gap between employees and corporate executive teams, as well as the income gap with the peers (the employees in the same industry and region), will both significantly weaken the positive impact of analyst attention on corporate donations. The above research conclusions reveal the potential conflicts in corporate social responsibility attitudes among different stakeholders and the triggering mechanisms of employee social comparison, which is beneficial for promoting the researches on corporate social responsibilities under the influence of heterogeneous stakeholder interactions. Reference | Related Articles | Metrics | Comments（0） Select Managerial Power Delegation and Efficiency Loss of Executive Compensation Incentives XU Jia-qian, SHI Ke, XU Li-ping, XIN Yu Contemporary Finance & Economics    2024, 0 (1): 86-99.   Abstract （73）            Knowledge map    Save Based on the manually collected and organized data on the changes in management power in the amendment announcements of the charters of listed companies from 2010 to 2019, this paper adopts a double difference method to test the impact of management power sinking based on the autonomy of the company’s charter on the executive compensation. The findings show that after the management power sinking, both the executive compensation and the excess compensation are significantly increased. Specifically, when the management power sinks, the increase in executive compensation and excess compensation is mainly reflected in a significant increase in scale compensation (rather than performance-based compensation), while the sensitivity of the company’s compensation performance significantly decreases. These empirical evidences support the management power theory. When the management power sinks, the company’s on-the-job consumption increases and the internal and external salary gap widens, but the company’s future business performance and market value have not significantly improved. Therefore, the decentralization of management power according to the autonomy of the company’s charter may lead to efficiency losses in the executive compensation incentives. The internal and external supervision mechanisms of the company, as well as the shareholding of the management, have a restraining effect on the positive correlation between the sinking of the management power and the executive compensation. Based on the above research conclusions, when companies modify their charters to authorize the management, they should pay attention to the potential rent-seeking behaviors of the executives, and achieve appropriate authorization and effective supervision. Reference | Related Articles | Metrics | Comments（0） Select Research on the Trigger Mechanism of Corporate Breaking-Through Green Innovation under the“Dual Carbon”Goal ZENG Jing-wei, LI Xiao-hong, SONG Peng Contemporary Finance & Economics    2024, 0 (1): 100-111.   Abstract （67）            Knowledge map    Save The“dual carbon”goals put forward new requirements for enterprise to conduct green innovations. The break-through green innovation plays an important role in promoting the achievement of the“dual carbon”goals, as it faces the breakthroughs in green technology and the crossing of green technology tracks. However, current studies have not fully focused on how to trigger breakthrough green innovations in enterprises in the context of the“dual carbon”goals. To this end, by adopting the stimulus-organism-response (SOR) theoretical framework and making use of the questionnaire survey data from 287 manufacturing enterprises, this paper explores the impact mechanism of “dual carbon”goals focus - enterprise dual perception - enterprise radical green innovation, and analyzes the moderating role of knowledge power in it. The empirical results show that the “dual carbon”goal focus has a positive impact on enterprise radical green innovation, and the enterprise green innovation mission and market green pressure perception play a mediating role between the two. Knowledge power exhibits a differentiated regulatory effect, positively regulating the relationship between the focus on“dual carbon”goals and the sense of green innovation mission, while negatively regulating the relationship between the focus on“dual carbon”goals and the perception of market green pressure. The above research conclusion opens the black box of the impact mechanism of the “dual carbon”goal focus on enterprise radical green innovation, and provides an important reference for the triggering of enterprise radical green innovation under the“dual carbon”goals. Reference | Related Articles | Metrics | Comments（0） Select Research on the Enhancement Mechanism of Digital Capability on the Innovative Ecosystem Resilience of Platform E-Commerce Enterprises WU Qun, HAN Tian-ran Contemporary Finance & Economics    2023, 0 (12): 81-93.   Abstract （76）            Knowledge map    Save The in-depth promotion of the digital economy has accelerated the complex and changeable market ecology. In the face of the dynamic environment of high-frequency innovation and fierce competition, how to leverage digitalization to improve the resilience of the innovative ecosystem has become an important issue for platform e-commerce enterprises to achieve high-quality development. This paper explores the impact of digital capability on the resilience of the innovative ecosystem of the platform e-commerce enterprises. The results of the empirical test based on 608 questionnaires collected from platform e-commerce enterprises show that digital capability can exert a significant positive impact on the innovation ecosystem resilience of the platform e-commerce enterprises, that the supply chain collaboration plays a mediating effect between digital capability and the innovative ecosystem resilience of the platform e-commerce enterprises, and that the value co-creation willingness can positively regulate the relationship between the digital capability, the supply chain collaboration and the resilience of the innovative ecosystem of the platform e-commerce enterprises. The above conclusions indicate that cultivating digital capability can enhance the shock resistance capability of platform e-commerce enterprises, and enhance the adaptability and learning ability of platform e-commerce enterprises by building a supply chain collaboration platform and improving the value co-creation willingness of innovation subjects, so as to enhance the resilience of the innovative ecosystem of platform e-commerce enterprises. Reference | Related Articles | Metrics | Comments（0） Select Research on the Legitimacy Acquisition and Asset Divestment of Newly Appointed CEOs WU Jiong, LI Han Contemporary Finance & Economics    2023, 0 (12): 94-106.   Abstract （72）            Knowledge map    Save In recent years, the asset divestment behavior of newly appointed CEOs has become increasingly common. Based on the data from A-share listed companies in Shanghai and Shenzhen Stock Exchanges from 2010 to 2021, this study empirically tests the relationship between CEO succession sources and asset divestitures. The findings show that the succeeded CEO from external tends to divest assets. The analysis of the impact mechanism reveals that due to being faced with the more stringent internal and external legitimacy pressures, the succeeded CEO from external needs to adopt the strategies of transmitting signals to the outside and maintaining the internal relationships to establish legitimacy. Therefore, the succeeded CEO from external will divest assets to meet the funding needs for implementing the strategic actions. The results of the heterogeneity analysis reveal that the higher the CEO’s personal risk goals and the higher the company’s economic benefits, the more likely the external successors of CEO is to engage in asset divestment. The new CEOs from non family members or from the external other than family members are more inclined to divest assets. The results of the economic consequence analysis reveal that the asset divestment behavior of the external successors of CEO can improve the short-term performance of the enterprises. To this end, the newly appointed CEO should actively establish legitimacy, make reasonable choices for the company’s resources allocation during asset divestment; the enterprises should promote the coordination and integration between the new CEOs and other executive members; and the external stakeholders need to strengthen their understanding and supervision of the new CEOs and the operation of the enterprises. Reference | Related Articles | Metrics | Comments（0） Select Limited Partnership Agreement Structure and Financing Constraint: Evidences from China’s Private Listed Companies LIU Yu-wei, MA Sheng Contemporary Finance & Economics    2023, 0 (11): 80-92.   Abstract （81）            Knowledge map    Save The new economic environment has given rise to new equity structures, which may also lead to more serious information asymmetry and financing difficulties. Based on the samples of private A-share listed companies in China from 2014 to 2021, this paper examines the impact of the limited partnership agreement architecture integrated into corporate enterprises on corporate financing constraintsand its mechanism. The results show that the limited partnership agreement architecture can alleviate the financing constraints faced by private enterprises. The test of the internal transmission mechanism indicates that the limited partnership agreement structure has reduced the company’s operational risk, improved the company’s performance, increased the company’s cash dividend ratio, and thus alleviated financing constraints. Further analysis reveals that during the growth and decline periods, due to more severe agency issues and stronger financing needs, the limited partnership agreement structure has a more significant mitigating effect on financing constraints. The enterprises listed on the Science and Technology Innovation Board have high profitability uncertainty, high risks, and high degree of information asymmetry faced by investors. The limited partnership agreement structure can more effectively alleviate the financing constraints. In addition, if the actual controller concurrently serves as the chairman of the board or general manager, then the higher the degree of separation between the two powers, the more significant the role of the limited partnership agreement structure in alleviating financing constraints, which confirms that the limited partnership agreement structure can alleviate the agency problem of hollowing out by the actual controller.The above research results have expanded our understanding of the new equity structure in China’s capital market from a micro perspective, providing new ideas for further improvement of the financing capacity of private enterprises. Reference | Related Articles | Metrics | Comments（0） Select The Impact of Chain Shareholders on Corporate Digital Transformation CHEN Ze-yi, HUANG Yu-qing Contemporary Finance & Economics    2023, 0 (11): 93-105.   Abstract （122）            Knowledge map    Save In the context of accelerating the digital transformation of enterprises, exploring the influencing factors of digital transformation is crucial for optimizing the enterprise resource allocation and the high-quality development. The widespread network of chain shareholders has a profound impact on the major business decisions of enterprises, and it is worth paying attention to whether chain shareholders can empower the digital transformation of enterprises. Taking A-share listed companies from 2013 to 2020 as samples, this paper examines the impact of chain shareholders on digital transformation of enterprises. The findings show that the chain shareholders are playing a synergistic effect in the process of digital transformation, helping to accelerate digital transformation. The mechanism test results indicate that chain shareholders have played a synergistic effect in participating in business decision-making, raising funds, optimizing human capital structure, and enhancing technological innovation capabilities, which has enhanced digital transformation capabilities, and thus promoting the accelerated transformation of the enterprise. Furthermore, chain shareholders have a stronger role in promoting the digital transformation of state-owned and high-tech enterprises. In addition, digital transformation helps drive business growth and improve business performance. Based on the above conclusions, it is recommended to reasonably introduce chain shareholders and fully tap into the resources and information advantages of shareholder networks, so as to promote the digital transformation of enterprises and the high-quality economic development. Reference | Related Articles | Metrics | Comments（0） Select Can Digitalization of Enterprises Enhance“Less Talk More Action”in Their Environmental Liability? DUAN Rui-kun, DUAN Yong-jia, LIU Yi Contemporary Finance & Economics    2023, 0 (10): 85-96.   Abstract （130）            Knowledge map    Save In the context of digital economics, responsible digitalization practised by enterprises is an important path to promote the development of science and technology in the right direction and to achieve compatibility between digital transformation and green development. The fulfillment of corporate environmental responsibility is often plagued by issues such as“too much talk and too little action”, “drifting green”, and“decoupling”. Based on the micro data of A-share listed companies from 2011 to 2019, this paper explores the impact of corporate digitalization level on corporate environmental responsibility of “less talk and more action”and its boundary conditions. The findings indicate that the digitalization level has a significant promoting effect on corporate environmental responsibility in a“less talk and more action”way.Under high environmental pressure, the level of digitalization has a stronger promoting effect on corporate environmental responsibility of“speaking less and doing more”. When enterprises face higher financing constraints, the promotion effect of digitalization on their environmental responsibility of“speaking less”is weaker. The promotion effect of digitalization level on“less talk”mainly affects the low-quality disclosure of enterprise environmental information rather than high-quality disclosure. The promotion effect of digital level on corporate environmental responsibility will not sacrifice the financial performance of the enterprise. The above research conclusions reveal the close connection between enterprise digitization and enterprise green development, providing important insights for achieving the two major social goals of digital transformation and green development. Reference | Related Articles | Metrics | Comments（0） Select The Impact of Dual Performance Feedback on Internationalization Speed of Firms WU Jian-zu, JIN Ao Contemporary Finance & Economics    2023, 0 (10): 97-108.   Abstract （51）            Knowledge map    Save The existing researches mainly focus on the impact of performance feedback based on a single expected goal from the perspective of corporate behavior theory, neglecting the dual performance feedback effects based on historical and social expectations, as well as the self-serving motivation of managers. Based on the theory of corporate behavior and theself-serving motivation of managers, this paper infers that the dual performance feedback changes the speed of enterprise internationalization by influencing the motivation and intensity of their rapid internationalization. This paper conducts an empirical study with A-share manufacturing listed companies from 2009 to 2018 as research objects. The findings show that under the mutual influence of consistent historical and social performance feedback, the internationalization speed of enterprises accelerates. On the one hand, the dual negative feedback has led to an increase in the intensity of problem search among managers, viewing the rapid internationalization as a solution to problems, thereby forming a rapid internationalization motivation of“poverty leads to change” on the other hand, the dual positive feedback promotes the improvement of managers’ self-efficacy, viewing the rapid internationalization as a means to achieve sustained growth, thereby forming a rapid internationalization motivation of“being rich and more ambitious”. Under the interactive influence of inconsistent historical performance feedback and social performance feedback, the driving forces of“poverty leads to change”and“wealth leads to progress”both decrease in intensity, and the internationalization speed of enterprises slows down. Therefore, in international strategic decision-making, focusing on the reference role provided by the dual performance feedback and the interactive impact of manager problem search and self service can help enterprises to better cope with the risks and opportunities of internationalization. Reference | Related Articles | Metrics | Comments（0） Select Limited Partnership Agreement Framework and Corporate Innovation: Evidences from Chinese Listed Companies on GEM CHEN De-qiu, HOU Xin-hao Contemporary Finance & Economics    2023, 0 (9): 83-96.   Abstract （82）            Knowledge map    Save Along with the rapid development of China's capital market and the decentralization of equity ownership in listed companies, the fight for control of these companies has become increasingly fierce. Against this background, the limited partnership agreement framework has become an important means for the founder teams to consolidate their control of the listed companies, and has frequently appeared in the ownership structure of the listed companies. Based on the data from Chinese listed companies on GEM from 2012 to 2021, this study explores the long-term impact of the limited partnership agreement framework on corporate development from the perspective of corporate innovation. The empirical results show that the limited partnership agreement framework is positively correlatedwith the number of corporate patent applications. Further research indicates that when the limited partnership enterprises in the limited partnership agreement framework are employee shareholding platforms, they have a stronger impact on the promotion of corporate innovation. The limited partnership agreement framework can enhance corporate innovation capacity throughthe two mechanisms of reducing enterprise agency costs and improving their risk-bearing capacity. Compared to the central and western regions, the positive impact of limited partnership agreement framework on corporate innovation is stronger in the eastern region. The above-mentioned conclusions not only confirm the positive role of the limited partnership agreement framework in consolidating the control rights in listed companies and promoting corporate innovation, but also provide important enlightenment for enterprises to design ownership rights, and for government to manage and improve the limited partnership systems. Reference | Related Articles | Metrics | Comments（0） Select Is There an Intelligent Bonus in Enterprise Executive Compensation NI Yi-ning, MA Ye-qing, WANG Zi-feng Contemporary Finance & Economics    2023, 0 (9): 97-110.   Abstract （78）            Knowledge map    Save The impact of enterprise intelligent development on enterprise executive compensation has attracted wide attention from all walks of life. By selecting the samples of China's listed companies, this paper measures the degree of enterprise intelligent development, and empirically tests the impact of enterprise intelligent developmenton enterprise executive compensation. The findings show that there is an inverted U-shaped relationship between enterprise intelligent development and executive compensation. The impact of enterprise intelligent development on enterprise executive compensation is more significant in the technology-intensive enterprises, enterprises with high R&D intensity, private enterprises, large scale intelligent enterprises, enterprises with higher human capital level, and enterprises with executives who are not core members. The enterprise intelligent development can influence executive compensation through the two channels of enterprise governance structure optimization and productivity effect, as well as the spatial spillover effect of intelligent technology. The enterprise intelligent development has narrowed the compensation gap between executives and ordinary employees, but widened the compensation gap between executives with different education background. The above-mentioned conclusions provide theoretical basis and policy suggestions for China to make better use of intelligence to achieve high-quality economic development and comprehensively promote the great rejuvenation of China with Chinese modernization in the new era. Reference | Related Articles | Metrics | Comments（0） Select The Impact of Inefficient Capital Market Pricing on Enterprise Innovation Quality LI Qi-jia, LUO Fu-kai, PANG Ting-yun Contemporary Finance & Economics    2023, 0 (7): 82-93.   Abstract （56）            Knowledge map    Save The improvement of innovation quality has become an important driving force to promote the breakthrough of the key core technologies and the high-quality development of enterprises, but the problem of “low quality and low efficiency”still exists in the innovation activities of China. In the context of realizing technological independence and self-improvement and practicing innovation-driven development, it is of great significance to explore the influence of the capital market environment on the quality of corporate innovation and to seek breakthrough paths for corporatehigh-quality innovation. This paper conducts and empirical study based on China’s A-share non-financial listed companies in Shanghai and Shenzhen stock markets. The findings show that the inefficient capital market pricing will significantly weaken the quality of corporate innovation and makes them fall into an innovation dilemma. The analysis of the mechanism of action shows that overvaluation of stock prices will lead companies to adopt strategic innovations to cater to investors, while undervaluation of stock prices will weaken the enthusiasm of enterprises to invest in R&D. Both of the two tendencies are not conducive to the improvement of corporate innovation quality. The heterogeneity test reveals that the negative impact of inefficient capital market pricing on corporate innovation quality is more prominent when the corporate equity financing is highly dependent, the short-term performance pressure is high, the information asymmetry is strong, and the agency problems are relatively serious. According to the above empirical evidences, the government can take advantage of the market-oriented reforms to further improve the pricing efficiency of the capital markets; while the enterprises should actively respond to the low-quality innovation-induced tendency under the short-term pressure of the capital market through the optimization of the corporate governance level and the information disclosure environment, so as to effectively enhance their high-quality innovation capabilities. Reference | Related Articles | Metrics | Comments（0） Select Can Digital Transformation Effectively Reduce Companies’ Reliance on Large Customers? YUAN Ye-fang, WAN Yi-jian Contemporary Finance & Economics    2023, 0 (7): 94-107.   Abstract （107）            Knowledge map    Save China’s traditional informal system of“relationship contract trust”has contributed to the widespread dependence of enterprises on large customers, which is not conductive to their long-term development in the era of rapid development of the digit economy. Based on the samples of non-financial listed companies in China from 2007 to 2019, this paper analyzes the relationship between the digital transformation and the dependence on large customers. The results show that the digital transformation can effectively reduce customer concentration and then reduce their dependence on large customers. The results still hold after the robustness tests, such asthe parallel trend and placebo tests, changing the variable measurement indicatorsand the instrumental variables. In terms of the mechanisms of action, the improvement of corporate competitiveness and information transparency are two important mechanisms of the digital transformation affecting the customer concentration. Further examination of the cross-sectional differences reveals that the negative effect of digital transformation on the customer concentration is more significant among the firms with stronger management capabilities, higher technologies, higher market shares and higher levels of external digitization. The above findings can not only enrich the study of the influencing factors of customer concentration and provide empirical evidences for enterprises to reduce their dependence on large customers,but also provide a decision-making basis for local governments to formulate differentiated policies to promote enterprises’ digital transformation. Reference | Related Articles | Metrics | Comments（0） Select Multiple Large Shareholders, Control Transfer of State-owned Enterprises and Controlling Investment BU Dan-lu, WEN Cai-hong, LI Yan-lin Contemporary Finance & Economics    2023, 0 (6): 81-93.   Abstract （58）            Knowledge map    Save Controlling investment can improve the operating efficiency of the internal capital, while it may also increase the agency problems. Using the data of A-share listed companies in Shanghai and Shenzhen stock exchanges from 2007 to 2019, this paper applies the dynamic DID model to examine the impact of the transfer of the state-owned control on the controlling investment and its influencing mechanism. The results show that the transfer of the control of state-owned enterprises has promoted the controlling investment, and that the control transfer of state-owned enterprises can increase the controlling investment mainly through the tunnelling effect of the controlling shareholders. The multiple large shareholders have a negative governance effect on the controlling investment promotion effect of state-owned control rights transfer. Further analysis shows that the companies with state-owned control transfer can achieve industry changes and scale expansion through the controlling investment, but they tend to controlling investment with higher premium and lower expansion efficiency. In addition, the control transfer of state-owned enterprises has an obvious time effect on the controlling investment. From the perspective of the tunnelling effect of the controlling shareholders and the governance effect of the multiple large shareholders, the above-mentioned conclusion reveals that the transfer of the state-owned control is an important factor affecting the corporate controlling investment, which not only provide empirical evidences for the investors and other stakeholders to screen the corporate controlling investment behaviors, but also provide policy references for the stock right design in the mixed ownership reform of state-owned enterprises. Reference | Related Articles | Metrics | Comments（0） Select Differentiated Impact of Different Digitization Route on Enterprise Innovation Ability: An Study Based on 1035 Questionnaires of Industrial Enterprises ZHAO Bo, GUO Zi-yu, HUANG Xin-zao, LUO Xiao-juan Contemporary Finance & Economics    2023, 0 (6): 94-105.   Abstract （54）            Knowledge map    Save Digital transformation can help to enhance the innovation capability of enterprises. However, only a few researches focus on the differences in the improvement of enterprise innovation ability by management digitization and production digitization. Based on 1035 questionnaires of industrial enterprises, this paper conducts an empirical test. The findings show that digitization of management and digitization of production are important factors affecting the improvement of enterprise innovation ability, of which the digitization of management is conducive to the overall improvement of enterprise innovation ability (the overall effect), while the digitization of production is only positively correlated with innovation output, and has no significant correlation with R&D input and innovation input-output ratio (the local effect). Secondly, the two types of digital transformation paths have a heterogeneous effect on the enterprises with different sizes, types and industrial chain locations. Due to the nonlinear relationship existing between enterprise size and innovation ability, the digitalization of small, medium and micro enterprises is significantly and positively correlated with the improvement of innovation ability, while there is no correlation between the two in larger enterprise samples. Compared with high-tech enterprises, digital transformation has a stronger positive impact on the innovation capability of non-high-tech enterprises. The management digitization can significantly improve the innovation ability of enterprises in different industrial chain positions, but this kind of role of the production digitization is biased. According to the above research conclusion, in the context of digital economy, the government should strengthen its support for the two types of digital transformation paths, and introduce precise and differentiated policies to support the digital transformation of the micro, small and medium-sized enterprises and the non-high-tech enterprises, so as to improve the innovation ability of such enterprises. Reference | Related Articles | Metrics | Comments（0） Select Value Chain Reconstruction Path in Digital Transformation of Traditional Enterprises and Its Mechanism: A Longitudinal Single Case Study from the Perspective of Digital Empowerment YU Ke-fa, YANG Hui Contemporary Finance & Economics    2023, 0 (5): 79-91.   Abstract （117）            Knowledge map    Save With the fast development of information technology, to push the reconstruction of value chain through digital transformation has become an important strategic measure for many enterprises. From the theoretical perspective of digital empowerment, this paper explores how traditional enterprises can use digital technology to empower value creators in digital transformation, and then studies the continuous restructuring of enterprise value chain by combining the vertical single case study of Renhe Group, a traditional pharmaceutical enterprise. The findings show that: (1) during the process of digital transformation of the traditional enterprise, corporate value chain reconstruction experiences the evolution path of “optimization of internal value chain -- integration of industrial value chain -- construction of ecological value chain”; (2) digital technology can exert effect on enterprise value chain reconstruction, mainly through the empowerment on employee, customer, cooperation, process and product; (3) digitization drives ecological value chain construction to be the new competitive model, the construction ecological value chain is the main direction for enterprise value chain reconstruction in the era of digital economy. During the digital transformation of the traditional enterprises in the era of digital economy, to present the evolution path model of value chain reconstruction provides some management enlightenment for the traditional enterprisesto obtain systematic competitive advantages by constructing an ecological value chain with the help of digital technology. Reference | Related Articles | Metrics | Comments（0） Select Consultant Teams for M&As and the Duration of Cross-Border M&A Deals: The More the Better or Enough is Enough? LI Ya-ting, ZHANG Zhu, QI Bao-xin Contemporary Finance & Economics    2023, 0 (5): 92-105.   Abstract （112）            Knowledge map    Save Cross-border M&A is not just a game between the target and the acquirer, the consultant is another important party in the transaction. However, the existing studies pay little attention to the role of consultant teams in cross-border M&As. Taking the cross-border M&As initiated by Chinese enterprises as analyzing targets, this paper studies the influence of the consultant teams hired by the acquirers on the duration of cross-border M&As.The results show that the larger the team of consultants, the longer the M&A transaction lasts. This conclusion is still valid after a series of robustness tests with instrumental variables, etc.. In addition, if the consultant team has abundant host country experience, or when the target is a public-listed company, the above-mentioned effect will be weakened. When the transaction is properly-ordered M&As or the top management team of the acquirer has rich overseas experience, the above effect will be strengthened. The above conclusions have complemented the previous literatures on the role of consultants in M&As, and enriched the understanding of the process before the completion of M&As of the existing literatures. Meanwhile, the results indicate that multinational enterprises should select appropriate consultant team in accordance with the characteristics of M&A transaction to improve the efficiency. Thus, this study provides important theoretical references for enterprises to carry out cross-border M&As. Reference | Related Articles | Metrics | Comments（0） Select The Influence of Customer Incivility on Coworkers as Bystanders: Schadenfreude or Emotional Support ZHAN Xiao-jun, WANG Tao Contemporary Finance & Economics    2023, 0 (4): 80-92.   Abstract （138）            Knowledge map    Save Service industry employees often encounter customer incivility, which will not only have a negative impact on employees’ emotions, attitudes, behaviors and performance, but also have a greater impact on bystanders. At present, few scholars have explored the impact of customer incivility on service employees from the perspective of bystanders, especially from the perspective of colleagues as bystanders. Based on the theory of social information processing, this paper explores the double-edged sword effect of the helping behaviors and the negative workplace gossip performed by the colleagues as bystanders who observed customer incivility on the employees that encountered uncivil behaviors by taking emotional support and schadenfreude as mediators and task interdependence as moderators, respectively. The results of the data analysis of 320 valid questionnaires collected in three stages show that the emotional support and schadenfreude of the coworkers can play a mediating role between OCI and helping behaviors, and between OCI and negative gossip behaviors. The task interdependence plays a moderating role, when task interdependence is high, OCI is positively correlated with bystanders’ emotional support; when task interdependence is low, OCI is positively correlated with bystanders’ schadenfreude. The task interdependence moderates the mediating effects of emotional support and schadenfreude. When the task interdependence is higher, the indirect effect of OCI on employees’ helping behaviors through coworkers’ emotional support will be stronger, and the indirect effect of OCI on employees’ negative gossip behaviors through coworkers’ schadenfreude will be weaker. These research conclusionshave enriched the researches in the field of bystander of customer incivility, providing some enlightenment for managers to reduce the negative impact of customer incivility. Reference | Related Articles | Metrics | Comments（0） Select The Impact of Board Secretary Holding Other Position on the Quality of Investors Interactive Information LI Xiao-fei, XU Jian Contemporary Finance & Economics    2023, 0 (4): 93-105.   Abstract （134）            Knowledge map    Save By adopting the method of big data and text analysis and taking the question-and-answer data onthe“Interactive Easy”platform of Shenzhen Stock Exchange from 2011 to 2021 as the basis, this paper empirical investigates the impact of board secretary holding other position on the quality of investors’ interactive information. The results show that compared with full-time board secretary, the board secretary holding other executive position can significantly improve the comprehensiveness and specificity of the quality of investors’ interactive information. This impact is more significant in the samples of board secretary holding shares or the analysts paying more attentions. Further research reveals that board secretary holding other position also reduces the agency costs between the controlling shareholders and the medium and small shareholders through improving the quality of investors’ interactive information. The above-mentioned conclusion reveals that board secretary holding other position caneasy the present situation of the asymmetry between power and responsibility to a certain extent. It can also provide new ideas for further analysis of the factors influencing investors’ interactive information. Reference | Related Articles | Metrics | Comments（0） Select Can“Punishing One”Necessarily“Warn One Hundred Others”? A Study on the Favorable Comparative Effect of Punishment Announcement: Experimental Evidences from Fraudulent Decision-Making CHEN Yi-zao, WANG Sheng-yuan Contemporary Finance & Economics    2023, 0 (3): 82-93.   Abstract （100）            Knowledge map    Save Favorable comparison is a common cognitive process of individuals in making unethical decisions. It reduces their sense of moral condemnation from the unethical behaviors performed by themselves by comparing with worse behaviors. Then, is there any information source that may induce individuals to make favorable comparison in reality? In theory, the fraud cases involving large amounts and with very bad social impacts that disclosed in the regulatory punishment announcements may become such potential information sources. By simulating the actual annual performance report scenario, this paper studies the impact of the information of severe casesrevealed in the punishment announcements on the fraud behaviors of small-amount fraud decision-makers by designing a laboratory to experiment and investigate the fraud decision-makings. The experimental results support the hypothesis of favorable comparative effect, that is, compared with the subjects who are not induced by the information of severe cases, the subjects who are induced by the information of severe cases have a higher degree of performance misstatement in the experimental decision-making, and this effect mainly exists in the subjects with a higher degree of risk preference. In addition, the subjects who are induced by the information of serious cases show a much lower level of negative emotion after performing fraudulent behaviors. Reference | Related Articles | Metrics | Comments（0） Select Does Green Financial Policy Promote Corporate Green Innovations? Evidences from the Green Financial Reform and Innovation Pilot Zones QI Huai-jin, LIU Si-qin Contemporary Finance & Economics    2023, 0 (3): 94-105.   Abstract （211）            Knowledge map    Save Taking the green finance reform and innovation pilot zones set up in 2017 as a quasi-natural experiment, this paper uses the green patent data of the listed companies in the heavily polluting industries of Shanghai and Shenzhen A-shares in China from 2014 to 2020 to explore the impact of the green finance pilot policy on the corporate green innovations with the double difference method. The findings show that the green finance pilot policy is conducive to improving the green innovation activity of the enterprises. For enterprises with higher pollution emission intensity, the green innovation incentive effect of the policy is more obvious. Corporate reputation risk and financing convenience are the two important channels for the policy to improve the activity of green innovation of enterprises. The above conclusions are more significant in the samples of non-state-owned enterprises, with higher degree of dependence on external financing and with weaker environmental regulations. This research conclusion not only provides empirical evidences for the implementation effect of the green finance pilot policy, but also has practical significance for improving the green finance system and replicating and promoting the green finance reform and innovation pilot zones. Reference | Related Articles | Metrics | Comments（0） Select How the Member Relationshipof Maker Teams Affects Their Performance in Dealing with Emergencies? Reflection on the Synergistic Effect of Platform Organizations LIU Yao-bin, WANG Meng-lu, XIONG Li Contemporary Finance & Economics    2023, 0 (2): 81-93.   Abstract （151）            Knowledge map    Save Under the dual impact of global economic downturn and COVID-19 epidemic prevention and control, the makersas the main force to carry out Chinese“Innovation and Entrepreneurship”cause are all faced with an ever-changing environment with“not only inside worries, but also outside troubles”. To improve the capability to deal with emergencies becomes a top priority for all of them. However, the current researches have not paid enough attention to the impact of the network relationship characteristics of the maker teams themselves on their performance in dealing with emergencies. Based on social network theory, this study proposes that the relationship characteristics among the members of maker teams can influence their impromptu behaviors and their types, which in turn affect the team performance in dealing with emergencies. The maker platform organizations may use specialized maker training strategies to optimize the above influencing mechanisms. The questionnaire data from 162 maker teams (with 639 members) on 38 platforms reveals that the network relationship strength, the heterogeneity and the informality of team members can exert negative, inverted-U shape and positive effects respectively on the double element improvisations of the teams, which in turn affect team performance in dealing with emergencies indirectly. The interpersonal skill training organized by platforms has a synergisticeffect in the whole process, i.e., playing positive role inweakening the negative effect of the relationship strength, optimizing the inverted-U shape affecting curve of relationship heterogeneity, and amplifying the positive effect of relationship informality. This study innovatively pays attention to the initial influences of maker team organizations on their emergency-dealing performance, and suggests that platform organizations should play a better synergic role in supporting thesustainable development of themaker enterprises. Reference | Related Articles | Metrics | Comments（0） Select The Impact of Peer Firms on the Innovation Investment of Family Firms: To Reduce Risks or to Increase Returns? WU Fang Contemporary Finance & Economics    2023, 0 (2): 94-105.   Abstract （130）            Knowledge map    Save The Chinesestyle modernization is inseparable from the high-quality development of private economy. Being an important part of the private economy, family enterprises arefaced with the problem of long-term insufficient innovation input. Under the background of innovation-driven development in China, it is of great significance to improve the innovation level of family firms. The existing studies usually treat family firms as individuals that make independent decisions, ignoring the influence from other firms. Based on the theories of social psychology and socioemotional wealth, this article discusses the influence of peer firms on the innovation investment of family firms, which can provide a new perspective to solve the problem of insufficient innovation investment of family enterprises. The results show that peer firms have a significant promoting effect on the innovation investments offamily firms, and that the information acquisition imitation is the main internal mechanism. While the competitive imitation has no significant effect, which indicates that the essence of that peer effect is to reduce risk rather than increase returns. Both the firms and environment characteristics have heterogeneous influence on the above effects. When the equity restriction degree inside of the companies is weaker, or the company is in recession, or the economic policy uncertainty outside of the company is greater, or the company is located in the eastern region, the peer effect of innovation investment offamily firms is more remarkable. Reference | Related Articles | Metrics | Comments（0） Select Research on the Enabling Effects of Customer Empowering Behaviors from the Perspective of Resources GUO Gong-xing, TIAN Jian, CHENG Bao Contemporary Finance & Economics    2023, 0 (1): 82-93.   Abstract （82）            Knowledge map    Save Based on the resource conservation theory, this paper explores the enabling effect of customer empowering behaviors on employees' self-oriented outcome (job satisfaction) and customer-oriented outcome (customer-oriented organizational citizenship behavior) and its mechanism of action by collecting the supervisor-employee matching data in the three stages. The results of the data analysis based on 365 valid questionnaires show that customer empowering behaviors have a significant positive impact on job satisfaction and customer-oriented organizational citizenship behavior, that harmonious work passion plays a mediating role between the customer empowering behaviors and job satisfaction and the customer-oriented organizational citizenship behavior, and that job autonomy not only moderates the relationship between customer empowering behaviors and harmonious work passion, but also moderates the mediating effect of harmonious work passion between the customer empowering behaviors and job satisfaction and the customer-oriented organizational citizenship behavior. This study not only enriches the literatures on customer empowering behaviors in theory, but also provides valuable implications for improving the job satisfaction and customer-oriented organizational citizenship behaviors of frontline service employees in practice. Reference | Related Articles | Metrics | Comments（0） Select CEO Stock Price Crash Experience and Enterprise Risk Taking: Common Occurrence or Self-Created Suspicion XU Fei Contemporary Finance & Economics    2023, 0 (1): 94-107.   Abstract （55）            Knowledge map    Save Stock price collapse can seriously affect the healthy development of capital markets; it is urgently needed to study the specific impact of stock price collapse on the executive behaviors and enterprise operation. Based on sensory adaptation and the law of generalized fear, this paper puts forward two kinds of competitive hypotheses:“common occurrence”and“self-created suspicion”. It constructs an analytical framework of“stock price collapse experience -- CEO behaviors -- enterprise risk taking”to conduct an empirical test by using the data of A-share listed companies from 2007 to 2019, so as to reveal CEO's behavioral characteristics at the post stock price collapse stage. The main conclusions include：（1）CEO stock price collapse experience will significantly reduce the level of enterprise risk-taking, this verifies the view of“self-created suspicion”;（2）highly educated CEOs and male CEOs are more likely to reduce the level of enterprise risk-taking after experiencing the stock price crash, and the experience of stock price crash induced by corporate internal reasons has a more obvious negative impact on CEO risk-taking;（3）CEO's share price collapse experience mainly reduces the enterprise risk-taking level by reducing the enterprise's financial leverage, credit sales, bad debt losses, over investment and underinvestment, and by increasing the proportion of enterprise working capital. Therefore, the enterprise managers should not only pay attention to the antecedents of the stock price collapse, but also pay attention to the consequences of the stock price collapse, so as to serve the enterprise management practice after the stock price collapse. 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