Against the backdrop of recurrent global crises, economic uncertainty, and mounting environmental and social pressures, corporate resilience—defined as a firm’s capability to withstand external systemic shocks—has emerged as a critical determinant of long-term sustainability. This study empirically exames the effect of ESG (Environmental, Social, and Governance) performance on corporate resilience in China’s A-share market, using the COVID-19 pandemic as a natural experiment to identify causal effects. The sample comprises 651 A-share listed firms, excluding financial institutions, real estate firms, and ST/*ST companies, over the period from January 20, 2020, when the pandemic was officially announced in China, to June 30, 2024. ESG performance is measured as the average of 2018–2019 ratings issued by three major domestic agencies, thereby capturing firms’ pre-shock conditions and mitigating concerns of reverse causality. Corporate resilience is evaluated along two dimensions: resistance, measured by the severity of losses in net income, revenue, and stock price, and recovery, measured by the time required for ROA, EBIT, stock price, and Tobin’s Q to return to pre-shock levels. To ensure the robustness of the findings, this study employs linear regression models with industry-clustered robust standard errors, an instrumental-variable approach using R&D intensity and analyst coverage as instruments, and a Cox accelerated failure time model to estimate recovery duration. The empirical results indicate that stronger pre-shock ESG performance significantly enhances corporate resistance and shortens recovery time. Mechanism analyses further reveal that ESG strengthens corporate resilience by improving total factor productivity, alleviating financing constraints, and enhancing corporate reputation. These findings remain robust to multicollinearity diagnostics and a range of additional robustness tests. Overall, this study provides empirical evidence of the value of ESG in strengthening corporate resilience and offers important implications for firms, policymakers, and investors.

Establishing a comprehensive risk management system and establishing a sound and effective internal control mechanism are important conditions for the survival and healthy development of enterprises. Enterprises should continue to innovate their internal control mechanisms, continuously improve and strengthen their internal control and risk management functions, continuously improve their internal control effectiveness, and assist in high-quality development of enterprises. The article elaborates that the digital transformation of auditing helps to achieve internal audit goals and improve the effectiveness of internal control; Blockchain technology, due to its excellent characteristics of distributed decentralization, authenticity, transparency, and tamper resistance, will help transform the methods of financial and accounting business and audit supervision; The application of blockchain technology in the field of auditing will inevitably lead to the reshaping of audit work models; Blockchain technology will become a trigger point for the audit revolution, comprehensively empowering audit and risk management work. The article introduces JD's blockchain ABS standardization solution, while Tencent and TCL Group's industrial blockchain solve the reliable transmission of trust and value at low cost, confirming that the close combination of blockchain technology with enterprise finance and auditing can assist internal control and play an important risk prevention and control role in enterprise operations. The "blockchain+audit" can achieve online real-time audit, risk assessment and warning, and data analysis becomes the core of audit content; Blockchain+auditing will become an important tool for internal control and risk management in enterprises.

随着跨境贸易人民币结算试点工作扩大至全国范围，学术界对“人民币国际化”问题的讨论也日趋热烈。但值得注意的是，众多的意见和观点并未对货币的“国际化”与“国际货币化”这两个不同的概念加以区别。本文通过对国际货币所应具有的六项职能的分析，指出了货币的“国际化”与“国际货币化”这两者的差异，并且通过对日本政府的所谓“日元国际化”相关一系列文件以及日元朝向国际货币发展历程的回顾和分析，指出目前日元国际货币化的挫折，很大程度上是日本政府长期模糊“货币国际化”与“国际货币化”这两者概念、消极应对日元发展成为国际货币的结果。最后，本文根据中日两国当前金融及货币、资本市场政策的比较，指出人民币今后将长期处于提高其国际影响力——即“国际化”的阶段，并据此提出了人民币“国际化”和“国际货币化”这两个不同进程的目标设想。 with the development of the strategy of “Going Global” with Renminbi, the relative research in academe is becoming more and more. However, in many views and papers, the concepts of “currency internationalization” and “becoming an international currency” are not distinguished from each other. This paper indicates the difference between them by an analysis on 6 functions of the “international currency”. Then, by the reviews of Japanese government’s documents about so-called “internationalization of Japanese Yen” and the Japanese Yen’s process of becoming an international currency, this article argues that the present frustration that Japanese Yen becomes an international currency is the consequence of the former Japanese government’s long-term resistances by casting a mist on it’s definitions of “currency internationalization” and “becoming an international currency”. Finally, based on a comparison of China’s financial, monetary and capital market’s policies with Japan’s , this paper indicates that Renminbi will be in a long-term stage of “currency internationalization”, namely, in the stage of increasing international influence, and concisely brings forward a line of internationalization and becoming an international currency for Renminbi.

We empirically evaluate 20 prominent contributions to a broad range of areas in the empirical corporate finance literature. We assemble the necessary data and then apply a single, simple econometric method, the connected-groups approach of Abowd, Karmarz, and Margolis (1999), to appraise the extent to which prevailing empirical specifications explain variation of the dependent variable, differ in composition of fit arising from various classes of independent variables, and exhibit resistance to omitted variable bias and other endogeneity problems. In particular, we identify and estimate the role of observed and unobserved firm- and manager-specific characteristics in determining primary features of corporate governance, financial policy, payout policy, investment policy, and performance. Observed firm characteristics do best in explaining market leverage and CEO pay level and worst for takeover defenses and outcomes. Observed manager characteristics have relatively high power to explain CEO contract design and low power for firm focus and investment policy. Estimated specifications without firm and manager fixed effects do poorly in explaining variation in CEO duality, corporate control variables, and capital expenditures, and best in explaining executive pay level, board size, market leverage, corporate cash holdings, and firm risk. Including manager and firm fixed effects, along with firm and manager observables, delivers the best fit for dividend payout, the propensity to adopt antitakeover defenses, firm risk, board size, and firm focus. In terms of source, unobserved manager attributes deliver a high proportion of explained variation in the dependent variable for executive wealth-performance sensitivity, board independence, board size, and sensitivity of expected executive compensation to firm risk. In contrast, unobserved firm attributes provide a high proportion of variation explained for dividend payout, antitakeover defenses, book and market leverage, and corporate cash holdings. In part, these results suggest where empiricists could look for better proxies for what current theory identifies as important and where theorists could focus in building new models that encompass economic forces not contained in existing models. Finally, we assess the relevance of omitted variables and endogeneity for conventional empirical designs in the various subfields. Including manager and firm fixed effects significantly alters inference on primary explanatory variables in 17 of the 20 representative subfield specifications.