We provide the first systematic analysis of the stock return lead-lag effect among firms connected through shared analyst coverage in China’s A-share markets. We measure the shared analysts-weighted average returns of connected firms (CF) and show that CF return is a significant positive predictor of future returns of the focal firms in the following one to 12 months. The CF-based long-short portfolio earns an abnormal return of 10% to 12% per year. The effect is robust to controls for the industry and geographic momentum effects. Further evidence shows that the CF momentum spillover effect is stronger when the focal firm shares more analysts with connected firms, is covered by more non-star analysts or analysts with lower levels of education, or is held by more stress-resistant institutional investors. Our findings contribute to the cross-asset momentum literature by documenting a new, strong, and long-lasting momentum spillover effect in the Chinese stock markets.

This paper selects Chinese A-share listed manufacturing companies from 2011 to 2020 as a research sample and analyzes the impact of economic policy uncertainty on business performance. We find that economic policy uncertainty is detrimental to the improvement of business performance; service transformation can significantly offset the adverse effect of economic policy uncertainty on business performance, and this positive effect will increase with the depth of service transformation, Furthermore, embedded service transformation is more effective than mixed service transformation in weaking the adverse effects of economic policy uncertainty on business performance. The results of the heterogeneity test show that the negative relationship between economic policy uncertainty and firm business performance, as well as the positive effect of servitization transformation, is more noticeable in non-state-owned enterprises and low sale growth firms. The results are robust after various specifications of variables, possible endogeneity issues, and more control variables are considered.

This paper examines the impact of the carbon emissions trading scheme (ETS) on directed technological change in the context of Chinese pilot schemes. We focus on firms’ heterogeneity in driving innovation and explore policy variations across pilots. Using a matched difference-in-differences design with a zero-inflated Poisson model, we find that the low-carbon innovation is driven by firms at the intensive margin. On average, a firm files 0.16 additional low-carbon patents annually at the intensive margin. In addition, when looking across pilots, the effect on low-carbon innovation is significant in two pilots, Beijing and Shanghai. We further find that, when looking at firms with different productivity levels measured by output per worker, the pilot ETS encourages low-carbon innovation at the intensive margin but reduces entry into low-carbon innovation at the extensive margin for the more productive firms. Our results suggest that innovation inertia matters, and future policies should encourage smaller firms covered by ETS to start innovation in low-carbon technologies.

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China has now entered the pilot phase of the digital currency electronic payment, and the impact of the digital currency electronic payment on China's bank credit system is unknown. This paper analyzes the long-run equilibrium and short-run variation relationship between digital currency electronic payment and narrow money multiplier based on the long-run cointegration equation and short-run VECM using data from the first quarter of 2014 to the second quarter of 2022 for the scale of digital currency electronic payment usage and narrow money multiplier variables. It is found that the introduction of digital currency electronic payment will expand the narrow money multiplier by reducing the cash leakage rate and the excess reserve ratio, thus enhancing the credit creation capacity of China's banks; among the determinants of the narrow money multiplier, the proportion of factors that the central bank can control increases, and the central bank's monetary regulation capacity is enhanced. Finally, this paper proposes that the central bank should improve the technical construction of the central bank's digital currency, strengthen the cooperation with various participants, and enhance the supervision of merchant banks.

自从2018年《公司法》中关于股份回购进行了专项修订，我国资本市场中开启了股份回购的热潮，股份回购逐渐成为上市公司资本运作的重要方式。本文以2006年至2021年我国上市公司中进行股份回购的公司为样本，研究股份回购对非效率投资的影响，结果发现股份回购可以抑制非效率投资，主要通过降低委托代理成本来抑制投资过度，以及通过缓解融资约束来减少投资不足。当产权性质为国有企业或管理层权力较大，会抑制股份回购对非效率投资的积极影响，而当市场化程度较高时，则会加强股份回购对非效率投资的积极影响。研究结论为企业提高投资效率与完善法规建设有重要参考意义。

党的十八大以来，我国以新发展理念为引领，在推动高质量发展中促进经济社会发展全面绿色转型。ESG投资为高质量发展带来了更广泛的发展空间，国内企业也在ESG理念下推动高质量发展。本文选取2009年-2021年中国A股上市公司为样本，旨在研究ESG评级能否抑制机构投资者羊群行为。研究结果发现：第一，ESG评级提升能抑制机构投资者羊群行为，在采用公司、年份双向固定效应、替换核心变量、倾向性得分匹配后回归以及时序关系检验等稳健性检验后结果与上述结论一致。第二，将企业信息透明度、应计盈余管理、被分析师关注程度来衡量机构投资者面临的企业信息环境，并分别进行机制分析。结果表示，ESG评级对机构投资者羊群行为的抑制作用受到投资者面临的信息环境即企业信息质量的影响，ESG评级能通过缓解信息不对称程度抑制机构投资者羊群行为。第三，ESG评级对机构投资者羊群行为的抑制作用呈非线性关系，企业在较低的ESG评级基础上提升评级对于机构投资者羊群行为的抑制效应更强。

企业金融化业务发展对于企业来说究竟有何种效应一直是理论界和实务界关注的一个热点问题。利用 2007-2021 年沪深 A 股上市公司数据，从非线性关系视角，考察了金融化对企业研发投入的影响。实证发现，随着金融化水平的提升，企业的研发投入呈现先升后降的倒 U 型关系，并从产权性质、融资约束程度和市场竞争力三方面进行了异质性分析。进一步分析了企业配置金融资产对研发人员投入及研发技术投入的影响。从作用机制上看，机构投资者参股稳定性随金融化程度的增加出现先升后降的趋势，即稳定的机构投资者持股比例能促动企业增加创新投资。