企业ESG表现良好是否会降低权益资本成本，事关我国通过建设多层次资本市场实现绿色发展战略目标，具有重要现实意义。本文选取2009—2020年中国A股上市公司数据，考察企业ESG表现对权益资本成本的影响，从企业风险视角出发采用多种风险指标对上述影响的作用机制进行检验，并进行不同层面的异质性分析。实证结果表明：（1）企业良好的ESG表现能够降低企业权益资本成本。（2）企业风险是上述影响的作用机制之一，即企业提高ESG表现能够通过降低企业风险来降低权益资本成本。（3）从宏观来看，企业所在地区较高的市场化程度是上述影响机制成立的条件之一。（4）从行业来看，ESG表现与权益资本成本之间的关系在不同污染属性的行业之间具有异质性。（5）从微观来看，企业所有制对于ESG表现与权益资本成本之间的关系存在明显的调节效应。本文深化了人们对“双碳”背景下企业可持续发展能力与企业融资成本之间关系的理解，为企业重视和提升ESG表现提供了有力的经验证据。

We show that government deleveraging causes corporate distress in a distorted financial market. Our difference-in-differences analysis exploits China’s top-down deleveraging policy in 2017, which reduces local governments’ borrowing capacity through shadow bank financing. Private firms with government procurement contracts experience larger accounts receivable increases, larger cash holdings reductions, and higher external financing costs. These firms also experienced greater likelihoods of ownership changes and deteriorated performance. Effects are muted for state-owned enterprises, which enjoy funding privileges in China’s financial system. Our paper thus reveals a novel channel of allocation inefficiencies where government deleveraging amplifies adverse impacts of financial distortions.

In the metaverse era，the digital transformation of manufacturing is an inevitable requirement to reshape the manufacturing value chain and enhance industrial competitiveness. The Industrial Metaverse combines digital technology with real industries， promotes the efficient development of physical industries， and builds a new manufacturing and service system covering the entire industry chain and value chain. Metaverse is a more concrete complex of the digital future， and a new area of digital economic innovation and industrial chain expansion. The Industrial Metaverse is a work platform that combines real employees and virtual employees， completes the industrial manufacturing value chain cycle， enables virtual digital technology to empower the real world， and realizes the symbiosis and integrated development of the real world and the digital world. Copy and change the real world in the digital world， and realize intelligent， humanized and crowd-innovative innovation management. The paper expounds that digital transformation is the only way for high-quality development of enterprises， and the industrial metaverse is a new time and space for the transformation and rebirth of manufacturing，and an important driving force for the future industry. The machine vision measurement of GETECH.CN and the digital twin solutions of SIEMENS and GE were briefly introduced and their effects.

China’s housing purchase restriction (HPR) policy imposes administrative restrictions on households’ home purchase eligibility to curb speculative demand. We quantify households’ willingness to pay (WTP) to re-acquire such eligibility. The empirical results based on the staggered DID specification suggest that when local governments implement the HPR policy, the transaction prices of judicial housing auctions legally exempted from HPR increase by 18.91%. This HPR-exempted qualification premium can be converted to an estimate of 22.48% of the transaction price as buyers’ WTP for home purchase eligibility. The heterogeneity analysis also suggests that the WTP significantly increases when speculative incentives are stronger in the housing market. If policymakers in mainland China consider replacing the HPR policy with an additional buyer transaction tax like that in Singapore and Hong Kong, China, the WTP estimates can serve as the benchmark in setting the tax rate.

We examine empirically and theoretically the effects of industrial robot adoption on corporate financing. Empirically, using firm-level panel data on robot deployment in China, staggered across both provinces and industries, we find that robot adoption reduces the cost of debt and increases leverage. We hypothesize that the underlying reason is that being a substitute for labor, robots provide a hedge against fluctuations in labor costs. A model based on this hedging argument delivers additional testable predictions concerning determinants of the relation between robot adoption and corporate financing, which are borne out in the data, providing support for the proposed mechanism. Our evidence is inconsistent with alternative channels behind the observed relations.

In the era of digital economy, innovation in industrial chain and supply chain is an important part of industrial transformation and upgrading, and also an inevitable choice for enterprises to win competitive advantages. The competition between enterprises is not only about products and services, but also about the industry chain, supply chain, and value chain; The autonomy and controllability of the supply chain and its management level determine the quality of enterprise operation and development. This paper analyzes the characteristics of Midea Group's intelligent supply chain management, discusses the supply chain financial characteristics of Haier, Sany Group and Xiaomi, and confirms the importance of industrial chain and supply chain Financial innovation for high-quality development of manufacturing industry. Pointing out the necessity and feasibility of digital technology empowering innovation in logistics and supply chain management, smart supply chain is the guarantee for large-scale personalized customization, and supply chain finance plays an important role in the development of industrial clusters.

In the new wave of sustainable finance, firms are under increasing pressure from stakeholders to engage in ESG activities, among which the role of financial analysts is a key driving factors of corporate sustainability. This paper investigates the effect of analyst coverage on corporate environmental, social, and governance (ESG) performance. Using the dataset of listed firms in China from 2009 to 2020, we find that analyst coverage significantly improves the target firm’s ESG scores. We validate three non-mutually exclusive channels through which analyst coverage encourages ESG engagement: (1) encourage firms’ awareness on ESG issues via ESG-oriented information production; (2) alleviate ESG undervaluation and strengthen the financial relevance of ESG performance; (3) mitigate financial constraints to support corporate ESG activities. We establish causality with an instrumental variable estimation and a difference-in-differences approach. Our findings highlight the information intermediary role of financial analysts in driving corporate sustainability.

Service oriented manufacturing is a new industrial form that integrates manufacturing and service development in the process of industrialization. In the era of digital economy, developing service-oriented manufacturing is an important way to strengthen the core competitiveness of the manufacturing industry, an important measure to expand domestic demand strategy, and an inevitable requirement to reshape the manufacturing value chain, enhance the resilience of the industrial chain, and promote the transformation of the manufacturing industry from large to strong. The article elaborates on the driving force for enterprises to carry out service-oriented manufacturing, which comes from fierce market competition, customer heterogeneity, and customer demand for complete solutions; Analyzed the mechanism and path of service-oriented manufacturing in the digital economy era, pointed out that digital empowers the transformation of the manufacturing industry, and promotes the global value chain climb of China's manufacturing industry; The article points out that changing from B2C to C2B is a fundamental disruption to the operational logic of the manufacturing industry; Analyzed the new characteristics and trends of service-oriented manufacturing such as personalized customization and product lifecycle management, and elaborated that lifecycle management is the high-end of the manufacturing value chain in the digital economy era. Chinese manufacturing enterprises should accelerate their transformation and strive to climb towards the high-end of the manufacturing value chain; Introduced the practices of companies such as Rolls Royce, Siemens, General Electric, and Sany Group in product lifecycle management. It is pointed out that adding high-quality, efficient, and differentiated services to industrial products is of great significance for enterprises to achieve differentiated competition and climb the global value chain of China's manufacturing industry.

Based on the connectedness time-frequency domain decomposition method are adopted in this paper. With the help of network topology for visualization, the characteristics and transmission path of financial risks in the time-frequency domain under major emergencies are studied. The results show that after the occurrence of MPEs, the level of risk spillover in China's financial market usually decreases in the short term, medium term and long term. When the policy has a long time lag or the market reaction is not timely, the medium term risk spillover will be higher than the short term risk spillover.

A relatively mild form of government failure - for example, bureaucrats can count but do not differentiate quality - can significantly affect the efficacy of industrial policy. We investigate this idea in the context of China's largest pro-innovation industrial policy using a structural model. We find that the return to the subsidy program is -19.7\% (but would be 7.8\% if the mild government failure can be removed). Furthermore, the welfare loss is exacerbated by patent trade.