Previous studies have paid attention to the relationship between energy efficiency and economic development, but they ignored the improvement of environmental pollution in the process of energy utilization. In this paper, the environmental pollution variables are included in the framework of energy efficiency analysis, and the EBM-DEA model is used to measure the energy efficiency of each region in China. It empirically examines the impact of energy efficiency under environmental constraints on the economic development mode, using dynamic spatial panel models. The results show that China's economic development mode has obvious spatial correlation and path dependence. Compared with energy efficiency without environmental constraints, the impact of energy efficiency under environmental constraints on the economic development mode is more obvious, which also shows that if the environmental pollution improvement effect is neglected, it will underestimate impact of energy efficiency on the transformation of economic development mode. The conclusions of this paper provide the policy enlightenment to enhance the level of energy efficiency in China and accelerate the transformation of economic development mode.

This paper applies VaR, MES, CoVaR and ΔCoVaR indicators to measure the financial systemic risk contribution of the 56 major financial institutions and real estate companies in China's A-share market.Combined with the latest development of network topology analysis methods, we examine the contagious of risk in both aspects of dynamic and static.The analysis results show that the four indexes can effectively identify the time points of tail-risk accumulations in China's financial sectors and there exists a significant contagion effect on the risk spillover of China's financial system.Simultaneously, the paper finds that China's systemic risk spillover index is increasing gradually, and the contagion center has changed in the events of “Bank Money Shortage” and “Circuit-breaker Mechanism”.In the “ Bank Money Shortage ”, the banking sector has become the source of risk contagion; and in the “ Circuit-breaker Mechanism ”, real estate and security have become the network center of risk contagion.On this basis, this paper puts forward several suggestions for improving China's financial risk prevention system and supervision mechanism, which makes this paper has academic value and practical significance on preventing cross-market, cross-product and cross-sector risk contagion.

As the rapid development of asset management business, China has gradually entered the “great asset management era”.Meanwhile, China's shadow banking system has rapidly grown, which brought great challenges to the transmission of China's monetary policy.The paper established a DSGE model with financial friction to study the mechanism of shadow banking system.We find shadow banks have higher loan interest rates, which intensify the financial dual-track system in China.In addition, the loan ability of shadow banks is less sensitive to monetary policy, which weakens the transmission of monetary policy.In the future, it is necessary to standardize the development of asset management business and improve the shadow banking system so as to strengthen the effectiveness of monetary policy.

From the financial restraint perspective, this paper analyzes the threshold effect of Chinese residents’ asset allocation efficiency with micro survey data.Empirical results from perspectives of liquidity constraint, owning real estate and commercial assets show that there is significant asymmetric threshold effect in Chinese residents’ asset allocation efficiency across different samples.The higher the assets held by the residents, the lower is the margin of investment return.The results also indicate that the residents with lower liquidity constraint can obtain higher asset allocation benefit.We also find that real estate plays a small role in enhancing residents’ asset allocation benefit whereas it crowds out other types of assets.Under the framework of financial restraint, substituting real estate for commercial assets can stabilize the overall economy from micro aspects, lower systematic financial risk, better income structure, and improve asset allocation efficiency.

As a requirement of the public hospital reform initiated by the State Council in 2015, public hospitals in pilot cities should remove the markup on drug sales, and separate treatment and drug sales.Using medical insurance claims data from 2013 to 2015 for enrollees in the Urban Employee Basic Medical Insurance in one of China’s provincial capital cities, this paper examines the impact of separating treatment and drug sales reform on inpatient spending.The results show that the reform increases the inpatient spending by 4.9 percent, but has no statistically significant effects on out-of-pocket spending, which corresponds with a significant increase in the reimbursement rate.In addition, the reform substantially reduces the spending on drugs by 9.5 percent, but increases the spending on caring and diagnoses service by 69.7 and 53.4 percent, respectively.Moreover, the results show that the reform also leads to an increase in the frequency of inpatient visits in a given time period.In sum, the reform improves the composition of hospital revenue, but fails to reduce total inpatient spending and the out-of-pocket spending.

Based on panel data from China mainland financial index over the year of 2003 to 2017, this paper analyzes the commercial bank pro-cyclical leverage and its formation mechanism using GMM and the fixed effects models.The empirical results show that the leverage of commercial banks in China is significantly positive to economic fluctuation,but the leverage of state-owned commercial banks is stable, while joint-stock commercial banks and city commercial banks have more pro-cyclical leverage.Under easing monetary policy, the poor developed bank with high liquidity has incentive to add leverage.The higher the leverage, the more pro-cyclical it is.The numerator effect is more significant for the pro-cyclicality of leverage, but deposit is not pro-cyclical.Interbank financing increases the pro-cyclicality of leverage.Joint-stock commercial banks and city banks have pro-cyclical new interbank business (selling repurchase).The results indicate that it is the joint-stock commercial banks and city banks that should reduce the pro-cyclicality of leverage; the focus is to control the repurchase deals; structuralcontra-cyclical leverage supervision and structural monetary policy should be applied.

In recent years, China has made lots of progress on interest rate liberalization, especially in cancelling the lower limit of loan interest rate in 2013.This provides a natural experimental area for us to prove how economic policy influences company’s financing behavior.This paper examines the relationship between interest rate liberalization and cost of debt financing by using A share listed companies from 2007 to 2016.We find that companies obtain debt financing at a lower cost when the interest rate liberalization is at a higher level.Compared with companies which don’t have internal market, the ones with internal market get funds at a lower cost.With the development of interest rate liberalization, companies without internal market will have lower debt financing cost.Our findings have reference value for debt financing choice, internal markets and group financing companies.

Chinese government invested a huge number of subside onto high-tech firms in order to boost the innovation level of them.However, present literature does not arrive at the same conclusion.Using a panel of about 30,000 high-tech firms in Zhongguancun from 2001 to 2012, this paper adopts Propensity Score Matching and Difference in Difference to re-evaluate the effect of government subsidy on innovation, and arrive at the following conclusions: first, generally speaking, government subsidy significantly improves high-tech firms’ innovation expenditures, new products sales and application for patents; second, government subsidy has spill-over effect - it improves the purchased new technology at expense of significant reduction of independent innovation; third, government subsidy has significant effect on improving high-tech firms’ short-term innovation, but no significant effect on long-term innovation; These conclusions shed light on the adjustment of government policies to optimize the effect of subsidy on firm innovation.

Existing literature has shown that underwriter reputation has a certification function, but there is always controversy about the empirical evidence that whether underwriter reputation can certify IPO firms or not.Different from the general use of ranking, market share or other indirect proxies, this paper examines the underwriter reputation damage from a new perspective by using IPO fraud of Chinese listed companies.The empirical evidence shows that: (a) Firms going public hiring underwriters with clients reporting IPO fraud exhibited higher underpricing levels and lower long-term returns compared to the firms that hired underwriters without IPO clients reporting fraud in the same period; (b) Firms hiring underwriters after their corporate clients were caught IPO fraud exhibited higher underpricing levels and lower long-term returns compared to the firms hiring the same underwriters before their clients reporting fraud.(c) To tackle potential endogeneity problem, we adopt a difference-in-differences approach and find that our baseline results are still hold.This paper is of great significance for the mechanism of underwriter reputation damage.

We find that substantial transformation initiatives did not occur after a strategic name change, so transformation cannot be the real motivation of them.Furthermore, with comparing companies’ financial performance before and after a policy released in 2014, plus a comparison between state-owned companies and non-stated-owned companies who have different motivation to reduce stocks, we find that companies doing strategic name change are motivated to raise their stock prices and then cash out to gain profit in short term.Investors in China’s capital market should be warned not to interpret strategic name change as a signal of companies’ business transformation.

What are the products of the insurance companies？Does insurance's investment belong to production activities？ Should we use “gross methods” or “net methods” to accounting it？ These basic topics on insurance economics have tremendous theoretical and measurement differences. The scholarships in national accounting field have studied for over 60 years and gotten systematic and brilliant development on this topic. But these results haven't been acknowledged and applied broadly. Based on the combination of insurance, economics and national accounting theories, we build an innovative theoretical-system and accounting methods on insurance production. Then we analyzed Chinese accounting subjects in two periods, and measured insurance outputs during 2003-2015. Finally, we find significant differences between two kinds of insurance outputs.

As a common phenomenon in the capital market, stock price crash will have an enormous shock to investors’ wealth and companies’ reputation in extreme cases, so it has been paid great attention by academia, industry fields and regulators.This paper takes the stocks of A-share listed companies in China from 2007 to 2016 as samples and studies the impact of different information on the risk of stock price crash.On this basis, we examine two different types of investor behavior, namely, whether overconfidence and loss aversion affect the relationship between information and the risk of stock price crash.The results show that: (1) Tangible information significantly reduces the risk of stock price crash, while intangible information has no significant impact on the risk of stock price crash; (2) The higher the degree of investors’ overconfidence, the weaker the negative relationship between the tangible information and the risk of stock price crash; (3) The higher the degree of investors’ loss aversion, the stronger the negative relationship between tangible information and the risk of stock price crash.This research not only provides a good idea of risk management for investors’ investment decision, but also provides a relevant theoretical basis for regulators’ policy making.