Enterprise Level Research Articles

Data Analysis and Optimization Strategies in Financial Management

In the increasingly fierce market competition, the decision-making level of enterprises can directly affect their future. Once a decision is made incorrectly, it can cause a significant crisis for the company. The information data in enterprise financial management is the most important reference for company leaders when making decisions. In corporate governance, financial analysis can comprehensively reflect the operational situation of a company. Financial analysis can provide strong data support for the production and operation of enterprises, and it is an effective way to improve operational efficiency. This article optimizes asset allocation based on data analysis and optimization strategies to achieve maximum return on investment portfolio. The current value, annual return, and risk level of stocks for different asset classes are 10 million yuan, with an annual return of 15%. The current value of the bond is 8 million yuan, with an annual yield of 6%. This article provides a reliable basis for financial management and business decision-making.

СЕТЕВОЕ ВЗАИМОДЕЙСТВИЕ ПРИ РЕАЛИЗАЦИИ ПРОЕКТОВ ПРОИЗВОДСТВА ВЫСОКОТЕХНОЛОГИЧНОЙ ГРАЖДАНСКОЙ ПРОДУКЦИИ: СУЩНОСТЬ, ИДЕНТИФИКАЦИОННЫЕ ПРИЗНАКИ

Solving the task set by the state for defense industry enterprises to increase the share of high-tech civilian products to 50 % by 2030 requires accelerating the process of increasing innovative potential. To a large extent, the implementation of this plan is seen through the creation of network interaction between the defense industry and subjects of innovative activity that have the necessary potential. The purpose of the study is to determine the characteristics of the network, its identification characteristics, which make it possible to identify types of networks for the implementation of projects for the production of high-tech civilian products. Objectives of the study: to substantiate the relevance of using the network approach in organizing the integration interaction of various levels of government and defense industry enterprises; to explore the concept of a network, highlighting scientific approaches that form different ideas about the essence and structure of the network; to identify the main identification features of networks; to justify the need to carry out a typology of networks within the framework of the identified types of ongoing projects for the production of high-tech civilian products with the participation of the innovative potential of defense industry enterprises. The methodological basis of the study is the methods of analysis, synthesis, comparison and generalization. Research is based on the study of conceptual ideas about the functioning of networks, their systematization and generalization. The result of the study is an analysis of existing approaches to defining the content of the concept of a network; highlighting the main identification features; determination of the types of ongoing projects for the production of high-tech civilian products. The use of a network approach allows for strategic interaction and integration of the state, regions, and defense industry enterprises; building innovation capacity to accelerate market entry and expansion; attracting foreign partners as participants in network interaction. The revealed identification features are implemented to varying degrees when organizing network interaction within the framework of selected types of projects for the production of high-tech civilian products. In this regard, it was concluded that it is necessary to develop a typology of networks for the implementation of these types of projects.

The influence of non-state-owned shareholder governance on the governance level of state-owned enterprises--Based on the perspective of board resolution behavior and party organization governance.

With an increasing number of heterogeneous shareholders participating in corporate governance in reality, the assumption of shareholder homogeneity in agency theory is gradually relaxing in the modern field of corporate governance. The policy of mixed ownership reform in China provides empirical evidence for studying heterogeneous shareholder governance. To fully understand the governance effects of non-state shareholders, we employ the ownership proportion held by non-state shareholders among the top ten shareholders and the appointment of directors as measures for non-state shareholder governance. Using a panel fixed-effect model from the perspective of state-owned enterprises (SOEs) party organizations, we examine the impact of non-state shareholder governance on the governance level of SOEs. The study reveals that non-state shareholder governance positively affects the governance level of SOEs, with board resolutions playing a crucial role in this relationship. When party members serve as directors, the governance effect of non-state shareholders is more significant. Based on the aforementioned research findings, we recommend further refining corporate governance measures for SOEs within the context of SOE reforms. It is advisable to optimize the party organizational governance structure and leverage the synergistic effects of non-state shareholder governance and party organizational governance. Advancing reforms along the Pareto improvement path will contribute to establishing a distinctive corporate governance system for Chinese SOEs.

Маркетинговые концепции и оценочные показатели сектора технологичных развлекательных продуктов и услуг

The article analyzes the essential aspects of the experience economy, its features and functioning mechanisms, as well as the rationality of marketing and its individual concepts in this area. A list of indicators has been determined that reflect the effectiveness of experience marketing at all levels of management: at the macroeconomic level – the share of population spending on culture and entertainment in the structure of GDP; foreign trade potential of creative industries (share in world exports, in %); export of creative goods and services; import of creative goods and services; indicators of tourist flow (international and domestic tourism); NASDAQ index; at the mesoeconomic level – the share of citizens’ spending on culture and entertainment in regional scale; at the microeconomic level – the share of the population’s expenditure on culture and entertainment in the family budget; the company’s customer satisfaction index; sales conversion rate; demand for non-food products; the share of the budget allocated for experience marketing by companies; an indicator of overall consumer loyalty; business profitability ratio. Current trends in the development of the experience economy in the Russian Federation have been identified, as well as problems with its development at the national, regional, and enterprise levels. Based on the analysis of respondent assessments, further potential for expanding the experience economy through the marketing component has been identified. However, existing trends towards expanding this industry and increasing the profitability of businesses operating in this area or associated with it are offset by a number of problems arising in modern operating conditions, namely: at the macro level – the need to increase the efficiency of mechanisms for implementing the development of the experience economy (economic and institutional); insufficient financial support for industries and areas of the experience economy, as well as the necessary infrastructure component; at the micro level – ensuring the NPS and ROI of experience marketing; obtaining a sufficient budget; generating traffic and leads; identifying suitable technologies and their availability; correct targeting. The directions for overcoming them have been identified: at the macro- and mesolevel, the development of effective implementation mechanisms and support for industries and spheres of the experience economy; at the microeconomic level, the development of new methods and tools in the fields of economics and management, marketing and its optimal targets, as well as marketing communications at the enterprise level.

How does market-incentive environmental regulation affect enterprises green growth? The mediating role of R&D investment and innovation output

Manufacturing enterprises is a country's economic mainstay. However, their longtime extensive growth pattern of “high growth and high emission” has brought huge environment pollution and restricted sustainable development. Under the circumstance of carbon reduction and global green development, market-incentive environmental regulation (MER) has attracted the attention of scholars and become a kind of important methods of encouraging manufacturing enterprises green growth. Presently, two fairly distinct viewpoints of “Follow Cost” and “Porter Hypothesis” both have their own supportive research results, and the explanation for the role of MER is completely opposite. What's more, empirical research at the enterprise level is scarce. Therefore, this study makes a further analysis from the perspective of enterprises heterogeneous innovation ability. Guided by the classic theory of “Follow Cost” and “Porter Hypothesis”, this study aims to evaluate the applicable conditions of MER's environmental improvement effect, and testing the differential impact mechanism of MER on enterprise Green Total Factor Productivity (GTFP), enterprise Green Technological Change (GTC) and enterprise Green Efficiency Change (GEC). All these give theoretical and empirical supplementation for the rationality of related theories. This study examines the hypotheses and mechanism according to 1220 Chinese manufacturing listed companies data 2011–2020. The empirical results indicate that: (1) In short term, MER has a significant positive impact on GTC, and a significant negative impact on GTFP and GEC. (2) As innovation driven factors, both enterprise R&D investment and innovation output play the mediating role. (3) Heterogeneity analysis indicates that the impact mechanism varies depending on enterprise industry-type, location and digital level. Thus, policymakers should develop appropriate MER policies, and manufacturing enterprises should strengthen technological innovation to help achieve environmental sustainability and profit performance.

Digital transformation, supply chain collaboration, and enterprise growth: Theoretical logic and Chinese practice

The rapid development of the new generation of digital technology has injected new vitality into the digital transformation (DT) and continued growth of enterprises. This paper selects data from China's A-share listed companies from 2010 to 2019 and uses transaction cost theory to empirically test the effect of enterprise digital transformation (EDT) on enterprise growth and its mechanism. Research has found that DT can significantly promote enterprise growth. The reduction of supply chain collaboration costs plays an important role as an intermediary mechanism in this process. At the same time, industry competition intensity, regional marketization level, and digital infrastructure level have played positive regulatory roles. In addition, when the enterprise's level of financing constraints is low and it is a manufacturing enterprise or state-owned enterprise, the promotion effect of EDT on enterprise growth is more significant. While expanding the research perspective and measurement methods of EDT, this paper integrates the strategic actions of EDT and the inter-enterprise collaboration costs of the supply chain into a unified theoretical framework, revealing a new theoretical mechanism for DT to promote enterprise growth. It also provides practical inspiration for relevant policy formulation and enterprise transformation and upgrading.

Research on the Relationship between Equity Incentive and Enterprise Performance Based on Propensity Score Matching

In corporate governance, the separation of ownership and management rights has always been a difficult problem for enterprises and academic circles. The introduction of equity incentive plan has alleviated the separation of the two rights to a certain extent. Ordinary OLS regression is difficult to overcome the influence of endogeneity. Therefore, the companies selected in this paper are Shanghai and Shenzhen A-share listed companies in China, and their financial data from 2010 to 2022 are selected for research, uses propensity score matching method to divide the samples into incentive group and control group, and conducts co-support test and balance test on the samples, so as to study the relationship between equity incentive and enterprise performance. Linear regression method is used to analyze the effect of government subsidies on firm performance. It is found that the implementation of equity incentive can improve the performance level of enterprises. Through the role of government subsidies, the influence of equity incentive on the performance level of enterprises will be enhanced.

CREATION OF TOOLS FOR THE DEVELOPMENT OF THE ENTERPRISE - SUBJECT OF ZED

The purpose of the article is to consider tools for the development of enterprises that are subjects of foreign economic activity (FEA). The consequences of the war against Ukraine create a compelling need for the development of the national Ukrainian economy. Analyzing the foreign experience of different countries in the post-war period indicates that export activities are one of the most reasonable vectors for such development, both at the level of individual enterprises and at the level of the national economy as a whole. Strengths, weaknesses, opportunities, and threats have been identified for Ukrainian enterprises operating in the field of foreign economic activity. It is shown that the number of threats has increased compared to the pre-war period. Despite the significant number of threats and weaknesses, the analysis shows that Ukrainian enterprises have a "window of opportunities" that can be effectively used. Using dichotomous criteria for the possibility of entering foreign markets and the potential of the domestic market, a matrix of strategic choice has been developed. This matrix is intended for use at the level of individual enterprises. A reasonable strategic choice for the enterprise is determined for each quadrant of this matrix in the general version, and industry-specific recommendations are considered. Based on formulated key questions, necessary development tasks are identified for enterprises as subjects of foreign economic activity. These tasks include strategic goal setting, determination of the competitive advantage used, and development of the enterprise strategy. Necessary management tools are proposed and described for the implementation of each of these tasks. A set of key questions has been developed for the chosen model of enterprise development strategy to determine the content of the elements of such a strategy. The usage of proposed development tools for subjects of foreign economic activity is briefly presented using the example of automotive industry enterprises.

Research on the mechanism of enhancing digital innovation capability of strategic emerging enterprises-taking Haining manufacturing enterprises as an example

In the context of the digital economy era, digital transformation has become a key driving force for the development of strategic emerging enterprises. The enhancement of digital innovation ability is especially important for strategic emerging industries, which can not only improve the market competitiveness of enterprises, but also promote the optimization and upgrading of industrial structure. After investigation and analysis, strategic emerging industries face the challenges of imperfect management and organization system within enterprises, weak government support, and insufficient innovation atmosphere in the social environment on the road to digitalization, and the enhancement of their digital innovation capability often requires the synergy of internal enterprise mechanism and external support. To address the above issues, this study takes manufacturing enterprises in Haining City, Zhejiang Province, as the object of research, and investigates the mechanism of enhancing the digital innovation capability of strategic emerging enterprises from three levels: the enterprise level, the government level, and the social environment level. This study has important theoretical and practical significance for understanding how strategic emerging enterprises can enhance their competitiveness through digital means, and how governments can formulate effective policies to support enterprises' digital innovation.

Examining the emission reduction effect of carbon emission trading and carbon tax synergism and their impact mechanisms to reduce the carbon emission of company: based on 247 listed companies of China

ABSTRACT Using the panel data of Shanghai and Shenzhen A-share listed companies spanning from 2007 to 2021, we explore the impact of the synergism of carbon emission trading policy and carbon tax policy on the carbon emission level of enterprises through the difference-in-difference model, intermediary effect model, regulatory effect model. The research results show that: (1) Carbon emission trading and carbon tax both promote enterprises’ carbon emission reduction. (2) There are three paths for carbon emission trading and carbon tax policies to encourage enterprises’ carbon emission reduction actions synergistically: improving enterprises’ green technology innovation level, optimising energy structure, and accelerating industrial structure optimisation. (3) Mediated regulatory effect results show that the greater the company’s government support and R&D investment, the greater the synergism between carbon trading and carbon tax policies to drive green technology innovation and the better the carbon emission reduction effect of the company. (4) The synergism between carbon trading and carbon tax policies positively fosters public ownership companies’ carbon emissions reductions and heavily polluted industry companies.

Assessment of clean production level in phosphate mining enterprises: Based on the fusion group decision weight and limited interval cloud model

To develop a robust cleaner production level assessment model for phosphate mining enterprises, this study investigated the key factors influencing their cleaner production levels. The model incorporates integrated group decision weights and a limited interval cloud model. Based on the comprehensive life cycle of phosphate mining production, we constructed a detailed evaluation index system to assess the cleaner production level of these enterprises. This system defined the quantitative ranges for each level and revealed the interrelationships among the indicators. To ensure comprehensive weight determination, we proposed a method that integrates the expertise of multiple stakeholders. This method leveraged group decision-making principles to effectively resolve conflicts in expert judgments during the weight determination process. In addressing the characteristics of evaluation indicators for the cleaner production level of phosphate mining enterprises, we proposed employing a finite interval cloud model to accurately characterize the distribution of the indicators. Leveraging the finite interval cloud model, we obtained numerical characteristics for various indicators and incorporated the weights of the integrated group decision-making attributes. This approach enabled us to determine the cleaner production level of phosphate mining using a finite interval cloud generator. Validation using five phosphate mining enterprises in Hubei Province, China, confirmed the model's high accuracy. This model demonstrated its applicability in evaluating cleaner production levels for phosphate mining enterprises, offering a theoretical foundation for developing targeted environmental management policies.

Do environmental regulation policies increase urban boundary pollution? Micro evidence from Chinese industrial enterprises

Industrial organizations frequently opt to relocate their activities to regions bordering administrative boundaries, where regulatory oversight is comparatively lax, to hinder adherence to environmental regulations, which leads to boundary pollution concerns. Using a staggered DID model to Assess the influence of governmental environmental regulations on pollution at administrative boundaries using microdata obtained from Chinese industrial enterprises, this research employs the low-carbon city pilot policy as a quasi-experiment. The following are the study's findings: (1) The low-carbon city pilot policy increase boundary pollution levels by 1.3 % at the industrial enterprise level, supporting the pollution haven hypothesis. A series of robustness tests, including boundary enterprise identification and boundary distance calculations, are used to validate this result. (2) The low-carbon city pilot policy's boundary pollution effect has a fluctuating, wave-like spatial pattern. The pollution effect is most noticeable at about 10 km from the administrative boundary. (3) There is no evidence that the low-carbon city pilot policy's impact on industrial enterprises is consistent with the Porter hypothesis. (4) Environmental regulations are like a two-edged sword. According to data obtained from the branches of financial institutions, environmental regulations not only contribute to boundary pollution but also influence the development of the boundary area to some degree. This research provides original empirical findings from the standpoint of micro-level enterprises, substantiating the presence of boundary pollution as a result of environmental regulation evasion, providing policy recommendations for the development of environmental regulatory policies and the management of urban boundary pollution.

Innovation and entrepreneurship of Chinese returning migrant workers in their home region

This study aims to investigate the influence of pre-entrepreneurial career mobility frequency and job changes among returning migrant workers (RMWs) on the innovation level of enterprises, with a particular focus on the mediating role of urban social capital accumulated by RMWs. Using data from the “current entrepreneurial status of RMWs”, we applied an ordered probit model to validate our hypotheses. To address endogeneity, a recursive bivariate probit model was used, and stepwise regression combined with bootstrap methods was employed to ascertain the mediating influence of urban social capital. Our results demonstrate a significant positive correlation (P < 0.01) between pre-entrepreneurial career mobility frequency and the innovation level of enterprises among RMWs. However, there's a notable negative correlation (P < 0.01) between experiences as elementary workers and enterprise innovation level, while technical and marketing roles correlate positively (P < 0.01) with enterprise innovation level. Urban social capital mediates the relationship between career mobility and enterprise innovation level, suggesting that career mobility enhance urban social capital accumulation, influencing RMWs' enterprise innovation levels. This empirical evidence holds even after robustness tests. We further observed that RMWs with fewer than three career moves lean towards low level of enterprise innovation, while those with three or more gravitate towards high level of enterprise innovation. This study advances the theory of career mobility and enriches the understanding of enterprise innovation levels. Additionally, it provides critical theoretical insights for prospective RMWs entrepreneurs in strategizing their career mobility and job changes. Policy implications suggest that, in addition to providing entrepreneurial support, the government should facilitate pre-entrepreneurial career mobility channels for migrant workers and consider the transition from rural to urban employment as a socialized ritual for RMWs engaging in entrepreneurship.

Modelling the enablers of productivity of enterprise-level Agile software development process using modified TISM approach

Purpose This study aims to examine the enablers of productivity of enterprise-level Agile development process using modified total interpretative structural modeling (TISM). The two main objectives of the current study are to determine the variables influencing enterprise-level agile development productivity and to develop modified TISM for the corresponding components. Design/methodology/approach To identify enablers of the productivity of enterprise-level agile software development process a literature review and opinions of domain experts were collected. A hierarchical relationship among variables that show direct and indirect influence is created using the modified TISM (M-TISM) technique with Cross Impact Matrix-Multiplication Applied to Classification analysis. This study examined and analyzed the relationships between the determinants within the enterprise using a M-TISM technique. Findings With the literature review, the study could identify ten enabling factors of the productivity of Agile development process at the enterprise level. Results depict that program increment (PI) planning and scalable backlog management, continuous integration and continuous delivery (CI/CD), agile release trains (ART), agile work culture, delivery excellence, lean and DevOps practices, value stream mapping (VMS), team skills and expertise, collaborative culture, agile coaching, customer engagement have an impact on the productivity of enterprise-level Agile development process. The results show that team collaboration, agile ways of working and customer engagement have a greater impact on productivity improvement for enterprise-level Agile development process. Research limitations/implications The developed model is useful for organizations employing scaled Agile development processes in software development. This study provides a recommended listing of key enablers, that may enable productivity improvements in the Agile development process at the enterprise level. Strategists should focus on team collaboration and Agile project management. This study offers a modified TISM model to academicians to help them understand the effects of numerous variables on maintaining the productivity of an enterprise-level Agile. The identified characteristics and their hierarchical structure can help project managers during the execution of Agile projects at the enterprise level, more effectively, increasing their success and productivity. Originality/value The study addresses the gap in the literature by interpretative relationships between the identified enabling factors. The model validation is carried out by a panel of nine experts from several information technology organizations deploying Agile software development at the enterprise level. This unique method broadens the knowledge base in Agile software development at scale and provides project managers and practitioners with a practical foundation.

The cost of pollution in the digital era: Impediments of air pollution on enterprise digital transformation

The negative externalities of air pollution constrain the transformation of the real economy. Identifying the intrinsic association between air pollution and enterprise digital transformation (EDT) under the wave of the digital economy can help realize the synergistic promotion of green development and the digitalization process. The paper examines the impact of air pollution on EDT by matching the data of listed enterprises in Shanghai and Shenzhen, China, from 2010 to 2019 with city-level air pollution data. This paper uncovers the following findings: First, air pollution significantly hinders EDT. This finding remains robust after accounting for endogeneity, strategic disclosure in enterprise annual reports, and sample self-selection. Second, the effect of air pollution on EDT is asymmetric at the enterprise, industry, and regional levels. Specifically, air pollution exerts a more pronounced dampening effect on EDT in state-owned enterprises, heavily polluting industries, and low-marketization regions. Third, air pollution dampens EDT by increasing economic policy uncertainty external to the enterprise, reducing its internal talent reserve, and crowding out its digital investments. Fourth, augmenting the size of government subsidies, promoting digital infrastructure construction, and strengthening digital financial development are effective ways to mitigate air pollution's impediments to EDT. Fifth, in the face of severe air pollution, aggressive digital transformation strategies adopted by enterprises can alleviate financing constraints and enhance enterprise value. This paper effectively identifies the cost of pollution in the digital era from an EDT perspective, providing important policy insights for advancing EDT under air pollution.

Study of the profitability of the hospitality industry: statistical aspect

The article is devoted to a statistical study of the profitability of the hospitality industry, particularly temporary accommodation, and catering enterprises, as a component of the hospitality industry. The study's relevance in recent years is noted, as the industry has suffered significant losses due to the impact of the COVID-19 pandemic and full-scale invasion. The latest publications on this issue are studied. It is determined that scientists have studied the activities of hospitality enterprises mainly at the micro level. Scientific discussions on the issues of profitability and profitability of the hospitality business at the macro level using statistical analysis are practically absent, which led to this study. Using the graphical method and the calculated statistical indicators of dynamics over the past ten years, the net profit (loss) dynamics of temporary accommodation and catering enterprises are analyzed. It is determined that enterprises are primarily unprofitable. To determine the reasons for the unprofitability of the industry, the factors influencing the profitability of the hospitality business are selected: net income from sales of products (goods, works, services), other operating income, other income, and expenses. Using correlation and regression analysis, the influence of each factor on net profit (loss) is calculated. It is determined that the indicators significantly impact the income item "Other income" and expenses. Based on the results of the calculations, a multivariate regression model was built and analyzed, which confirmed a significant positive impact of other income on net profit (loss) and a negative impact on expenses. Using the trend analysis, the author determines the trend and forecasts the industry's net profit (loss) for 2024 and 2025, which demonstrates a tendency to further reduce the industry's profitability without effective measures for its development. It is determined that to avoid further deepening of the crisis in the hospitality sector, it is necessary to implement effective strategies and measures both at the level of enterprises and the level of the State. Keywords: hospitality industry, profitability of the hospitality industry, statistical analysis of profitability of the hospitality industry.

Enterprise Credit Risk Decision: Application Based on Improved AHP

The credit risk of Shouguang vegetable enterprises in China is the biggest obstacle to corporate loans. Building a credit risk assessment model for Shouguang vegetable enterprises and accurately rating the risk of loan enterprises is the key to successful loans. This article aims to construct an AHP evaluation model for the credit risk of Shouguang vegetable enterprises. The data is sourced from managers, bank credit personnel, university researchers, and enterprise related customers who are familiar with the enterprise, while considering four risk levels: impact degree(I), occurrence probability(P), risk manageability(M), and government support(S). This article uses AHP and risk index scores to evaluate the credit risk of Shouguang vegetable enterprises. This model calculates the risk index score based on survey data from 41 corporate credit risk professionals, constructs a pairwise comparison judgment matrix, and conducts consistency testing. It calculates the risk level membership vectors of impact degree, occurrence probability, risk manageability, and government support level at four risk levels, and then calculates the comprehensive evaluation membership vector of credit risk for Shouguang vegetable enterprise. The calculation results show that the comprehensive credit risk assessment level of Shouguang vegetable enterprise belongs to the general risk level, with a membership value of 0.5836. The results still show that the credit rating of Shouguang vegetable enterprises in the four risk levels of impact degree, occurrence probability, risk manageability, and government support are all average risk levels, but there are differences in membership values. The maximum membership value under the impact degree level is 0.6163, and the minimum membership value under the risk manageability level is 0.5572. This study provides a feasible and practical model for enterprise credit risk assessment and conducts a detailed evaluation of the credit risk of Shouguang vegetable enterprise, providing valuable reference for enterprise managers, bank credit personnel, and related researchers.

Transportation infrastructure upgrading and green development efficiency: Empirical analysis with double machine learning method

In order to deal with the environmental problems such as pollution emissions and climate change, sustainable development in the field of transportation has gradually become a hot topic to all sectors of society. In addition, promoting the green and low-carbon transformation of China's transportation is also an important issue in the new era. Thus, it is particularly important to correctly identify the green effect of high-speed rail. However, the traditional causal reasoning model faces several challenges such as ‘dimensional curse’ and multicollinearity. Based on the panel data of 283 prefecture-level cities in China from 2003 to 2019, this study uses the double machine learning model to explore the impact of transportation infrastructure upgrading on the efficiency of urban green development in China. The research shows that the upgrading of transportation infrastructure can effectively improve the efficiency of urban green development by 4%. Service industry agglomeration and green innovation are verified as two mediating channels. Moreover, the synthetic difference in difference model is employed to evaluate the regional impact of high-speed rail, and finds that the regional impact of transportation policies often exceeds the impact of individual cities. We further apply the conclusions of this paper to the research at the micro enterprise level. Goodman-Bacon decomposition and a variety of robustness tests confirm the validity of our conclusions. The study's comprehensive empirical analysis not only validates the positive effects of transportation upgrades on green development, but also offers novel insights into the underlying mechanisms and policy implications of transportation upgrading.

Is it possible for semiconductor companies to reduce carbon emissions through digital transformation? Evidence from China

The semiconductor industry serves as both a driver of digital transformation (DT) and a bearer of energy preservation and lower emissions. This study focuses on the Chinese-listed semiconductor businesses from 2013 to 2021, delving into the mechanism of digital transformation on reducing carbon emissions. It validates the moderating function of supply chain configuration and reveals heterogeneity at both the regional and corporate levels. The following important results are reached by this work: Among semiconductor enterprises, firstly, digital transformation considerably reduces enterprises' carbon emission intensity, a conclusion that stands robust after robustness checks. Secondly, digital transformation achieves carbon mitigation by improving both green and traditional innovation efficiency. Thirdly, the increased centralization of supply chain configuration propels enterprises to achieve carbon reductions through digital transformation. Lastly, heterogeneity research finds that digital transformation in the eastern area inhibits the increase in carbon intensity, while the central-western and northeastern regions do not exhibit a similar trend. At the enterprise level, the carbon mitigation effect of digital transformation is especially noticeable in semiconductor enterprises that are highly labor-intensive, large in size, have high environmental uncertainty, and are state-owned. These findings provide empirical evidence for semiconductor enterprises to implement differentiated digital transformation practices and coordinate the creation of green transformation policies.

Minimizing the consequences of credit risks for agricultural producers

The article presents the results related to minimizing the consequences of risks for agricultural producers. It is established that the credit risk of agricultural enterprises should be considered as the probability of loss not only of mortgaged property, but also of future income. Its components are: systemic risks — arising in the external environment of participants in the credit process; collateral risks — related to the probable loss of mortgaged property or a decrease in its value; production risks — leading to losses in production activities. It is proved that one of the means of reducing credit risks is credit insurance, which should be considered as a set of types of insurance aimed at reducing credit risk at the level of the borrower and the lender. At the level of an agricultural enterprise, crop insurance, animal insurance, life insurance of the borrower, liability insurance for non-repayment of loans can be used. At the lender level, such insurance concerns the risk of non-repayment of loans and the risk of loss of property by the mortgagee. It was found out that a number of risks that lead to high loss-making of agricultural enterprises have a significant impact on the process of crediting agricultural enterprises. In particular, the combination of systemic risks, most of all price, inflation, and government regulation risk, reinforced by the complexity of the formation of market structures, leads to price disparity between products produced in agriculture and products consumed by them. It is determined that agricultural enterprises are not able to generate stable cash receipts, and the lack of an effective mechanism for the sale of agricultural products also does not contribute to increasing the profitability of enterprises in the industry.