Digital communication plays a crucial role in facilitating mutual communication and shared market insights, exerting a far-reaching influence on the capital market.This paper employs artificial intelligence and text vectorization techniques to analyze sentiment and information quality across nearly 3 million interactions on the Shenzhen Stock Exchange's Hudongyi platform from 2010 to 2019.The study reveals the complex interplay between investor sentiment negativity, digital communication, and market pricing efficiency. The findings are as follows: First, there is a significant negative correlation between the negativity of investor sentiment and market pricing efficiency.Second, high-quality digital interactions between investors and listed companies, on the one hand, directly enhance stock pricing efficiency, and on the other hand, effectively mitigate the negative impact of investor sentiment on the market.Third, while noise in digital communication does not directly affect market pricing efficiency, it may exacerbate the negative market impact of investor sentiment.The study suggests that enhancing the quality of communication information, improving information disclosure mechanisms, and integrating digital communication platforms are crucial for preventing the accumulation of negative sentiment and improving the efficiency of resource allocation in the capital market.

In this paper, we selected monthly average IPO first-day gain (RIPO), IPO volume (NIPO), the total market capitalization weighted turnover (TURN), and the number of new accounts of Shanghai A-share (NIA) from January 1 2013 to June 1 2014,as proxy variables of investor sentiment, excluding the following two macroeconomic factors: monthly consumer price index and macroeconomic sentiment index. Then, we constructed an investor sentiment SENT index of the Shanghai A-share market. The consistency and superiority analysis shows that the investor sentiment index we constructed has better explanatory power; then we verify that there is a bidirectional granger causality between investor sentiment index and the monthly index of Shanghai A-share market.

Members of the organization in Chinese enterprises are often placed on different position due to intimate, ability and loyalty to core manager, which can lead to chaxu climate. Chaxu climate is caused by managers treat subordinates differently in the organization. This kind of organizational climate means resource allocation non-equivalence and subordinates' identities “offset”, and then change the social space within the organization, which also has impact on employees' mental and behavioral tendency. An empirical research from service companies shows that employees' perceived Chaxu climate can strengthen workplace ostracism and weaken organization-based self-esteem (OBSE), then lead to indifference. Workplace ostracism plays an important role in the follow-up influence of Chaxu climate. Workplace ostracism not only can affect indifference directly, but also can weaken OBSE, and then lead to indifference. Therefore, managers should pay attention to the cultivate trust within the organization and keep organizational justice for the purpose of reducing organizational politics. Also managers should strengthen subordinates' organization based self-esteem by enhancing their cognitive of own value and importance, reduce subordinates' sense of exclusion by overall design of organizational work and workplace friendship to break the silence and provide suggestions.

Enterprise digital transformation affects the performance of enterprises in achieving goal and result under a certain resource, condition, and environment in the process of enterprise operation through transaction cost and investment benefit.Based on the production process and factor allocation theory of economic production theory, the author constructs a research model on the impact mechanism of enterprise digital transformation on performance, and empirically tests the structural relationship between enterprise digital transformation and enterprise performance through two basic mediating variables, transaction cost and investment benefit, and its operation mode constrained by changes in the direction and degree of other related factors, using relevant valid data of China A-share listed companies from 2007 to 2022.The empirical test results confirm that enterprise digital transformation is positively correlated with performance; the impact of enterprise digital transformation on performance is achieved through transaction cost and investment benefit, and is also regulated by factors such as intellectual property protection, high-tech enterprise qualifications, and labor intensity.This study follows the basic principle that enterprises achieve output growth and efficiency improvement through combinative factor and innovative technology, empirically studies the mechanism that enterprise digital transformation affects performance.This research expands the application boundary of economic production theory, enriches the existing literature on enterprise investment and cost management, and provides theoretical basis for accelerating digital transformation to improve enterprise performance.

The rapid development of internet finance has aroused wide attention of all parties; many people are trying to give a full explanation on the phenomenon of internet finance. Based on the absent of the theoretical framework of Internet finance, and combined with existing research and theoretical analysis, this paper builds a theoretical framework along with path of industrial integration, financial innovation and financial deepening, that is in the background of industrial integration internet companies act as financial intermediaries to carry out new financial innovation businesses which promote financial deepening. And the following empirical test proves the effectiveness of the framework by selecting Alibaba group as a case study. The result shows that the framework can better explain the internal logic of development and phenomenon of internet finance, especially give an answer to why the internet companies play an important role in starting and promoting internet finance rather than financial institutions, and it can also lay a theoretical foundation for the further study of internet finance.

The small and micro enterprises play an important role in employment, economic growth, technology innovation and social harmony. The biggest problem it faces at the present stage is financing. The government plays a crucial role in solving the problem. The paper analyzes the bottleneck in financing and defines the financing mechanism based on the government behavior and selects 216 small and micro enterprises to conduct the empirical research and explore the influence of each path variable. The results show that commercial banks are the preferred way for financing, followed by social financial institution, the action of capital market is weakest. The financial subsidy of the government does not work, but the public service system and credit guarantee of the government have an effective influence for the financing of small and micro enterprises. Finally, the paper puts forward that the government can improve the ability of small and micro enterprises in financing from strengthening the system construction, adjusting the policy direction, guiding the allocation and revolution of financial resources.

Since nearly half century, finance risk management has had many huge changes in management idea, organization system, risk management content and the method. This article promulgates that, financial institutions’ pursuing profit, the complex and changeable external environment, advancement of financial theory and technology as well as the reconsidering of heavy loss events have profoundly promoted finance risk management evolution. Along this clue, this article has further analyzed the profound influence of this evolution and the enlightenment significance to our country financial industry development.

This study explores the moderating role of management autonomy in the relationship between Top Management Team(TMT)heterogeneity and organizational resilience.Drawing on upper echelons theory and information processing theory, we construct a research model where management autonomy moderates the impact of TMT heterogeneity on organizational resilience.Utilizing a sample of effective data from Chinese A-share listed companies from 2007 to 2021, we employ multiple linear regression analysis to empirically test the relationship between TMT heterogeneity and organizational resilience from two dimensions: identity-related heterogeneity and task-related heterogeneity.The study examines how this relationship changes in direction, magnitude, and heterogeneity under the moderation of environmental autonomy and organizational autonomy.The results confirm that both identity-related and task-related heterogeneity of TMT are positively correlated with organizational resilience.Environmental autonomy positively moderates the relationship between task-related heterogeneity and organizational resilience, while organizational autonomy positively moderates the relationships between both identity-related and task-related heterogeneity with organizational resilience.This research introduces elements of TMT heterogeneity and management autonomy into the discussion of the mechanisms influencing organizational resilience.Through empirical testing, it reveals the internal workings of the relationship between TMT heterogeneity and organizational resilience under the moderation of management autonomy.The study extends the application boundaries of upper echelons theory and information processing theory, enriches the existing literature on strategic management, and provides a theoretical basis for enterprises to enhance organizational resilience through the configuration of TMT.

Green development of economy needs a great amount of capital.Due to financial market failures,capital for China's green economy transition can not be fulfilled by the free market automatically.A series of problems exist in the green finance affairs which needed to be solved by market invention means to rea-lize China's green development.Based on previous studies including market failure,government intervention and green finance,in this paper we summary the forms of financial market failures in green economy transition and related barriers of financing,provide invention mechanism for the failures,and propose policy implications for China including:establishing green bank system,social capital crowding in of dual objects,creating multilevel loan risk sharing and compensation mechanism,relaxing capital regulation policy for green loans,issuing green bond to support direct finance.

Network community is in the form of interest identity and online aggregation,which lies in the initiative sharing and interacting activities of the members to create the common experience value.As the online comments become the important external cues when shopping,the non-trade network communities play an important reference function in influencing consumers' purchase decision due to its non-profit feature.The non-trade network community doesn't relate to their members' direct economic benefits,and the core of operation is to keep members' continued psychological contact and participation with brand,which is the central proposition of the Customer Engagement Theory.Based on the mutual value of the non-trade network communities,we explored the tendency of individual pro-social values and the perception of community values influencing the members' flow experience.By investigating 209 members of the mainland mainstream non trading virtual community,we show that community values have positive impact on communities members' mutual activities and information sharing behaviors,and the tendency of individual pro-social values only has significant effects on members' mutual activities.What's more,the mutual activities and information sharing behaviors influence the flow experience of community members.

Polluter-Pays Principle is one of the basic principles in the field of environment.Correct and comprehensive understanding of this principle is of great importance for the ongoing environmental tax reform.Based on summarization of its development process and deep exploration for its meaning,two basic issues for the principle were analyzed:(1)how to define pollution and polluters?(2)how much should the polluter pay?Then a comment on the application of Polluter-Pays Principle in China was given.Results showed that the polluter should bear all the costs of pollution control and environmental damage;if polluters do not pay or pay less,this will benefit polluters and damage the welfare of society.At present,there are some defects of the existing pollution charge policy such as low charge standards,large differences of charge standards among regions and unscientific object of taxation.The formulation of environmental taxes based on Polluter-Pays Principle can provide a reference for the environmental tax reform.

This paper analyzes the instant urgency of fiscal risk supervision in the implementation of public-private partnerships(PPP)concerning PPP as a higher risk of public service supply mode with insufficient legal and ethical constrains that increases the financial risk while PPP being promoted nation-wide on a large scale,and summarized present situation and problems of fiscal risk supervision under the current governmental policy of PPP,that the current needs should be focused on establishing executable instructions,rules,rigid constraints and quantitative risk control indicators,etc.Drawing on international experience,policy advice is made based on concerning aspects of the establishment of designated PPP department and personnel for all levels of government,and the establishment of a scientific and comprehensive fiscal risk supervision techniques and methods for PPP projects.

The mechanism by which organizational resilience affects innovation efficiency in enterprises exhibits heterogeneity.Based on the theory of dynamic capabilities, the author used effective data from“specialized, refined, differential, and innovative”(SRDI)companies listed on the A-share market in China from 2013 to 2022 as research samples.Using data envelopment analysis, the author empirically tested the correlation and heterogeneity between organizational resilience and corporate innovation efficiency from two dimensions: performance growth and financial volatility.The test results confirm that financial fluctuations in enterprises are negatively correlated with innovation efficiency, while performance growth is positively correlated with innovation efficiency; The impact of partial intermediary organizational resilience on enterprise innovation efficiencyby alleviating financing constraints and enhancing their dynamic capabilities; The mechanism by which organizational resilience affects innovation efficiency in enterprises is reflected in heterogeneity across different regions, ownerships, industries, and levels of innovation efficiency.This study empirically tests the correlation between the performance growth and financial volatility of two dynamic capability indicators of Chinese SRDI enterprises and their core competitiveness-innovation efficiency.It expands the application boundaries of dynamic capability theory and enriches the existing literature on strategic management theory.The research conclusions help provide a theoretical basis for enterprises to enhance organizational resilience and improve innovation efficiency in dynamic, complex, and uncertain environments.

The current financial crisis warning research focuses on model which is based on financial indicators.However,in reality accounting fraud or nonfeasance causes the failure of financial early warning model in the past economic crisis.the models selecting one-sided indicators are not suitable for all kinds of sample companies.The development of big data technology makes it possible to obtain comprehensive and objective information.This paper proposes that internet users are regarded as a sensor to enterprise.Based on the relevant online information,sensor signals are formed by mixing the analysis of emotion processing and internet information release frequency statistics together,try to bring the index of big data into financial risk early warning model,and compares the prediction results of the model analysis.We found the financial risk early warning model based on big data has better effectiveness.The results provides a theoretical basis for forecasting listed company financial crisis by big data.

Employees' adoption intentions toward chatbots are influenced by the emotional-functional characteristics of chatbots and their resultant psychological responses.Grounded in the Stimulus-organism-Response (SOR) framework, this study establishes a research model examining the mechanisms through which chatbots' emotional characteristic and functional characteristic influence employee acceptance intention, utilizing a sample of 305 employees from 5 internet companies.By employing partial least squares structural equation modeling (PLS-SEM) and artificial neural network (ANN) methodologies, the results demonstrate that: (1) employees perceived emotional value mediates the relationship between chatbots' emotional expression and acceptance intention; (2) the mediating effect of perceived functional value between chatbots' customized response and acceptance intention is not statistically significant.Moderation analyses reveal: (1) the mediating effect of perceived emotional value is more significant among employees with high need for human interaction; (2) employees exhibiting high need for uniqueness derive greater perceived functional value from chatbots' customized response characteristic.This research elucidates the mechanisms underlying chatbots' emotional-functional characteristics' impact on adoption intention, extending the application scope of the SOR framework and perceived value theory.The findings provide practical insights for organizational managers to optimize human-AI collaborative environments, enhance employee productivity in machine-augmented workplaces, while offering strategic pathways for building human-AI co-creative ecosystems.

The Silicon Valley Bank of USA is well known for providing loans to high-tech small and medium enterprises,and becomes a model for domestic science & technology bank.This paper analyzes the current viewpoints about Silicon Valley Bank in China,corrects the domestic viewpoints about the Silicon Valley bank that is not correctly understood,and clarifies the correct approach in the equity investment,debt investments and loans to support the development of venture capital institutions of Silicon Valley Bank,points out that Silicon Valley Bank only provides loans not equity,and the loans for venture capital are actually for the individual's short-term credit loans;and a new theory is proposed to explain the the reason why Silicon Valley Bank dares to support the high-tech enterprises in early stage,and the reason for success of Silicon Valley Bank is that it solves five key problems in credit business of the bank,namely value found,valuation,financial innovation,risk control and disposal of loan default,so as to ensure the security and profitability of the bank funds.Finally,it is pointed out what science and technology banks in China should learn from Silicon Valley Bank.

This paper, through the analysis of the economic cause, the historical contribution and the existing system environment of the local government financing platform, proved the existence value and irreplaceable nature of the local government financing platform, and on this basis, put forward the future development path and policy suggestions of transformation of China's local government financing platform, combined with international experience and China's reality, counter the defects and problems of the system and mechanism of financing platform, the new policy environment and economic situation.

近年来，国际资本流动对人民币汇率走势的影响越发显著，如何引导资本流动成为汇率预期管理的关键。人民币加入SDR，可增进SDR代表性与正当性，同时借助IMF背书，提升国际影响力，引导资本流动。笔者通过构建两国的代际交叠模型探讨货币入篮SDR的作用机理。在信息不对称的理论假设下，货币入篮SDR可以从信息结构影响债权人监督债务人的交易成本，引起资本收益率变动，进而引导资本流动形成汇率波动压力。检验SDR其他权重货币，验证了入篮SDR对资本流动影响的推断。研究发现：影响主要针对长期资本流动，具有滞后性，短期资本不显著；长期资本总量上升，净额受货币发行国资本存量与合意资本的差异影响。人民币纳入SDR有利于加快国际化进程，倒逼制度建设和进一步提升市场开发程度，影响国际资本流动，改变汇率变动的预期。但人民币国际化仍需在币值稳定的基础上推进。

The digital economy has an increasingly far-reaching impact on the inter-governmental financial relations, which provides a new opportunity to stimulate the initiative and creativity of local governments.Based on the research perspective of local government's“competitive advantage”development strategy, this paper constructs a quasi-natural experiment with the pilot policy of“Broadband China”, and uses a dual machine learning model to investigate the impact of digital economy on regional tax competitiveness and its internal mechanism.It is found that the digital economy can release the fiscal incentive effect by reducing the vertical fiscal imbalance and strengthening the horizontal tax competition, and effectively improve the level of local tax competitiveness, and this effect is more significant in the cities that pay more attention to new quality productivity, receive more transfer payments, and provide better basic public services.Furthermore, the development of digital economy can also promote the improvement of the tax competitiveness of surrounding cities through the spatial spillover effect, and the spillover effect is the best in 200~400km.In addition, despite the increasingly fierce tax competition among local governments in the digital economy environment, this competitive behavior is no longer the traditional“race to the bottom”, but has turned to the benign competition aimed at improving regional tax competitiveness.Therefore, we should actively promote the development of digital economy, further release the fiscal incentive effect under the decentralization system, enhance the economic enthusiasm and autonomous ability of local governments, and guide local governments to regulate competition through the construction of a scientific and reasonable tax competitiveness evaluation system, so as to spontaneously achieve inter-regional tax coordination.

GAO has a long history, and maintains a clear sense of position during its active participation to improve national governance. It set organization centering on the national governance improvement, and proposed Accountability Organization Maturity Model. Both substantial Audit report and high- risk list issued annually by GAO play an important role in improving national governance. National governance in China is facing new challenges, which raises a higher requirement for our national audit. According to China's Socioeconomic development status quo, and drawing on the experience of GAO, our national audit ought to keep on enhancing the fight against corruption, further improving the audit report transparency, as well as taking measures like Strengthening economic responsibility audit, increasing the proportion and level of performance auditing, exploring how to increasing insight and facilitating foresight, optimizing the internal department structure, developing management level of audit institutions and so on, then improve our national auditing for better participation in national governance.