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The Realization of Public Sentiment and Economic Fluctuations: The Perspective of Financial News LI Shou-hao, DING Li-gui Journal of Guizhou University of Finance and Economics    2021, 39 (05): 30-41.   Abstract （3281）      PDF （2324KB）（3617）       Knowledge map    To systematically analyze the relationship between public expectations and economic fluctuations, we construct a system to analyze economic climate based on public opinion by text mining. Through the creation of a financial sentiment dictionary and natural language processing, we quantify the public's judgment on the economic situation reflected in multi-channel news, that is, the financial sentiment score, which could be used to measure the chaos of economic activity. Because the financial sentiment score can be obtained and updated in real time, it is forward-looking and can be used to portray public expectation. In the empirical analysis, there is indeed a linkage between economic fluctuation and public expectation. The empirical analysis finds that official information tends to reversely realize, and free public expectation and professional expectation could self-realize, that is, optimism brings economic growth, and pessimism brings economic decline. A further Granger test finds that there is a two-way causal relationship between economic fluctuations and public expectations, verifying their self-realization relationship. For the mechanism and path of self-expectation realization, we believe that news information shows the consistent and stable preferences of rational individuals, i.e., the financial sentiment score. Such emotion is finally transmitted to the economic activities of entrepreneurs, causing self-realization. This finding could help the public and regulators further understand the interaction between expectation management and macroeconomic regulation. Reference | Related Articles | Metrics

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XE Wen-Yu null    2010, 28 (5): 47-.   Abstract （1934）      PDF （576KB）（3199）       Knowledge map    Related Articles | Metrics

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CA Shao-Hong, XIANG Qiu-Lan null    2010, 28 (5): 18-.   Abstract （1483）      PDF （564KB）（3046）       Knowledge map    Related Articles | Metrics

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The impact of financial technology on commercial banks' risk-taking-From the perspective of credit structure of commercial banks REN Bi-yun, ZHENG Zong-jie Journal of Guizhou University of Finance and Economics    2021, 39 (05): 61-69.   Abstract （826）      PDF （1418KB）（2827）       Knowledge map    The integrated development of financial technology and commercial banks has attracted extensive attention from all walks of life in recent years, but the research on the relationship between financial technology, credit structure and risk-taking of commercial banks is not sufficient. Therefore, this paper manually collects some data of Baidu search index and listed banks, constructs the financial technology development index, makes an empirical analysis based on the panel data of listed banks from 2013 to 2019, and discusses the relationship between the three. The results show that:(1) the integrated development of financial technology and commercial banks is conducive to reducing the risk-taking of commercial banks(2) There are significant differences in the effect of applying financial technology in different commercial banks. Compared with state-owned commercial banks, the effect of other joint-stock commercial banks applying financial technology to mitigate risk is more obvious(3) The application of financial technology to different credit structures has significant differences in the impact and preference of commercial banks on risk-taking. State owned commercial banks prefer to adjust the loan guarantee structure with the help of financial technology to mitigate risk-taking, while other commercial banks prefer to adjust the loan term structure with the help of financial technology to mitigate risk-taking. The research conclusion of this paper provides important enlightenment for the deep integration of fintech and commercial banks, optimizing credit structure and mitigating risk. Reference | Related Articles | Metrics

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null    2011, 29 (2): 73-.   Abstract （1638）      PDF （523KB）（2432）       Knowledge map    Related Articles | Metrics

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HONG Ming-Yong null    2010, 28 (5): 94-.   Abstract （1445）      PDF （699KB）（2285）       Knowledge map    Related Articles | Metrics

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LIU Liang-Can null    2010, 28 (5): 58-.   Abstract （922）      PDF （481KB）（2190）       Knowledge map    Related Articles | Metrics

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Environmental Protection Taxes and Green Technology Innovation of Enterprises—Evidence from the Adjustment of Pollution Charges Standard in China WEN Hu-wei, ZHONG Qi-ming Journal of Guizhou University of Finance and Economics    2020, 38 (03): 91-100.   Abstract （551）      PDF （2078KB）（2168）       Knowledge map    Based on the reform practice of adjusting the environmental tax standard, this paper adopts the difference-in-difference method to investigate the heterogeneous effect of policy intervention, and discusses the impact of environmental protection tax on the green technology innovation. The results show that environmental tax has a significant positive effect on both the extensibility and intensiveness of green technology innovation, which supports "Porter Hypothesis". The environmental tax forces the green technology innovation for medium-sized and lager firms, but the impact on small firms is not significant. The effect of environmental tax adjustment policy on green technology innovation is more prominent for firms in high-polluting industries, in cities with strong policy execution and in regions with green tax policy. Environmental protection taxes will bring dividends to environmental governance, but supporting policies are needed to reduce the adverse impact on small and micro-enterprises. Reference | Related Articles | Metrics

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Corporate Social Responsibility Disclosure, Investment Efficiency and Corporate Innovation DU Shan, WANG Zhan-jie Journal of Guizhou University of Finance and Economics    2021, 39 (01): 52-62.   Abstract （413）      PDF （2138KB）（2125）       Knowledge map    With the background of mandatory corporate social responsibility disclosure in China at the end of 2008, we selected listed companies from 2009 to 2018 as the object to explore the economic consequences of corporate social responsibility disclosure through investment efficiency and corporate innovation. Study found that corporate social responsibility disclosure has promoted investment efficiency and corporate innovation, at the same time, the investment efficiency and the corporate innovation are the paths of corporate social responsibility disclosure improve corporate performance, but the intermediary role of investment efficiency on corporate performance lies only in the samples of excessive investment, and the intermediary role of corporate innovation on the corporate performance lies in not only innovation input but also innovation output. By examining the economic consequences of corporate social responsibility disclosure, this paper is a supplement to the theoretical research on corporate social responsibility disclosure, and provides a basis and reference for clarifying the economic consequences of corporate social responsibility disclosure. Reference | Related Articles | Metrics

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ZENG Ming-Bin, ZHOU Chao-Wen null    2011, 29 (1): 55-.   Abstract （989）      PDF （618KB）（2097）       Knowledge map    Related Articles | Metrics

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ZHOU Jian-Bo, FENG Jing-Yu, CONG Rue-Fen null    2010, 28 (5): 1-.   Abstract （1376）      PDF （606KB）（2096）       Knowledge map    《老子》是先秦最为光辉的哲学经典之一，其中蕴含着丰富的经济思想，且与西方自由主义经济理念有颇多相通之处。两者的政府管理思想、管理目标相近且都认识到了人民利益实现的重要性，但在立场和管理的方式方法方面存在一定的差异。产生这些差异的重要原因是两者不同的时代背景。 Related Articles | Metrics

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The influence of brand social media advertising content on consumers' social media involvement HOU Tian-yi, DENG Fu-min, WANG Xiao-yan Journal of Guizhou University of Finance and Economics    2021, 39 (04): 92-100.   Abstract （389）      PDF （1294KB）（2064）       Knowledge map    How to optimize the content of brand social media advertising is a hot issue in academia.Based on the involvement theory and the characteristics of social media,this study defines the four dimensions of consumer social media participation:consciousness,emotion,rational thinking and identity.After collecting second-hand data,variance model is used to analyze the impact of brand social media advertising content on consumers' social media participation.The results show that the type of social media advertising content has a significant impact on consumers' social media involvement,and new product content has the best effect,followed by promotion,game/lottery and social responsibility content.This study not only enriches the theoretical research of brand social media advertising from the perspective of consumer behavior,but also provides valuable management suggestions for brand design of social media advertising content marketing. Reference | Related Articles | Metrics

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WUI Qi null    2010, 28 (5): 64-.   Abstract （824）      PDF （522KB）（1967）       Knowledge map    Related Articles | Metrics

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LI Yu-Rong, MIAO Qing, HAN Xue null    2010, 28 (5): 69-.   Abstract （1052）      PDF （650KB）（1951）       Knowledge map    Related Articles | Metrics

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CANG Ping, WU Jun-Min, WANG Hong null    2010, 28 (6): 64-.   Abstract （1110）      PDF （528KB）（1897）       Knowledge map    Related Articles | Metrics

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null    2011, 29 (2): 49-.   Abstract （1191）      PDF （622KB）（1887）       Knowledge map    Related Articles | Metrics

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null    2010, 28 (1): 1-6.   Abstract （1193）      PDF （1413KB）（1854）       Knowledge map    Related Articles | Metrics

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HE Zhi-Yu null    2011, 29 (1): 107-.   Abstract （853）      PDF （481KB）（1845）       Knowledge map    Related Articles | Metrics

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DONG Xiao-Yu, HAO Ling-Yan null    2010, 28 (5): 34-.   Abstract （1633）      PDF （564KB）（1799）       Knowledge map    Related Articles | Metrics

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Does High-Speed Railway Improve the Efficiency of Urban Green Development-An Empirical Test Based on Difference in Difference Model RAN Qi-ying, ZHANG Jin-ning, YANG Xiao-dong Journal of Guizhou University of Finance and Economics    2020, 38 (05): 100-110.   Abstract （839）      PDF （1860KB）（1789）       Knowledge map    Based on the balanced panel data of 271 prefecture level cities in China from 2006 to 2017, this paper uses the data envelopment analysis method to measure the efficiency of urban green development, and then uses the difference in difference model and the intermediary effect model to test the impact and mechanism of high-speed rail on urban green development efficiency. The results show that:(1) on the whole, the opening of high-speed rail has significantly improved the efficiency of urban green development. This conclusion is still valid after alleviating endogenous problems and carrying out a number of robustness tests. From the perspective of dynamic effect, the pull of high-speed rail to urban green development efficiency is increasing year by year. (2) The mechanism analysis shows that the opening of high-speed rail improves the efficiency of urban green development by means of innovation effect, structural effect and configuration effect, among which innovation effect plays the strongest role, while structural effect has a weak impact. (3) The heterogeneity study found that the pull effect of high-speed rail on urban green development efficiency is more significant in the eastern region and large and medium-sized cities. (4) Based on the analysis of the expansion of geographical distance circle, it shows that the promotion effect of the opening of high-speed railway on the green development efficiency of cities in different circles shows an inverted U-shaped trend, and reaches the maximum at 200 km away from the central city. Reference | Related Articles | Metrics

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Mixed reform of state-owned enterprises, government subsidies and innovation YANG Xing-quan, HAN He-yang Journal of Guizhou University of Finance and Economics    2021, 39 (02): 1-10.   Abstract （415）      PDF （1511KB）（1788）       Knowledge map    Based on the unbalanced panel data of the state-owned enterprise mixed reform in China's Shenzhen-Shanghai A-share market from 2003 to 2017, this paper uses fixed effects regression to analyze the influence of government subsidies and state-owned enterprise innovation, and the influence of state-owned enterprise mixed reform on the innovation effect of government subsidies. The results show that government subsidies can promote the innovation of state-owned enterprises; the mixed reform of state-owned enterprises significantly enhances the innovation effect of government subsidies. Further analysis found that the higher the quality of government, the better the innovation effect of government subsidies, and the stronger the effect of mixed reform of state-owned enterprises on the innovation effect of government subsidies. Finally, this article examines the policy trend of "highlighting the main business" in the "Operational Guidelines for the Reform of Mixed Ownership of Central Enterprises". The results show that government subsidies have significantly increased the R&D investment in the main business of enterprises, and the mixed reform of state-owned enterprises can not only promote the R&D investment in the main business subsidized by the government, but also curb its non-main business R&D investment. Reference | Related Articles | Metrics

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LIU Yong-Wen, LOU Wei null    2010, 28 (5): 53-.   Abstract （1221）      PDF （520KB）（1778）       Knowledge map    Related Articles | Metrics

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The Welfare Effects of Parenthood: Influence of number and gender of children to parents' well-being CHEN Yi-li null    2016, 34 (03): 76-84.   Abstract （345）      PDF （1185KB）（1778）       Knowledge map    Children are considered to be able to bring their parents utility but the empirical results are controversial. Whether China's family planning and children's gender would have a significant impact on parents' well-being? Based on the data of Chinese General Social Survey 2008, the study show that whether the one-child parents is not a significant factor affecting parents' happiness, but the girls are more helpful to improve the well-being of their parents compared to boys. These results are the same in the full sample, the rural and urban population, a different level of education, the middle-aged population. However, the number and gender of children have no significant effect on the well-being of young and old parents. The raising costs of fertility, changes in people's reproductive motives and behavior, and gender roles of boy and girl are all related to the conclusion. Reference | Related Articles | Metrics

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YUE Feng-Li null    2010, 28 (5): 25-.   Abstract （973）      PDF （491KB）（1771）       Knowledge map    Related Articles | Metrics

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LONG Shao-Bo, LUO Tian-Yuan null    2010, 28 (5): 87-.   Abstract （1575）      PDF （487KB）（1769）       Knowledge map    Related Articles | Metrics

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ZHAO Jia-Zhang null    2011, 29 (1): 35-.   Abstract （914）      PDF （560KB）（1763）       Knowledge map    Related Articles | Metrics

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How Does Green Credit Affect Bank Financial Performance—Based on the Heterogeneity of Regional Green Development ZHANG Lin, LIAN Yong-hui, CAO Hong Journal of Guizhou University of Finance and Economics    2020, 38 (03): 22-32.   Abstract （497）      PDF （1591KB）（1749）       Knowledge map    Based on the unbalanced panel data of 34 Chinese commercial banks from 2007 to 2017, this paper empirically tests the influence of green credit on banks’ financial performance and examines the moderating effect of green development on the relationship between green credit and bank financial performance using the provincial green development index provided by "China Green Development Index Report". Results show that: green credit granted is helpful to improve banks’ financial performance, and the improvement effect is mainly achieved by improving banks’ return on interest bearing assets; green development can enhance the economic benefits of green credit granted by banks, and the enhancement effect is mainly related to the greening degree of local economic growth and the support degree of local governments for green development.Commercial banks should actively carry out green credit business; government departments should strengthen and improve green credit incentive policies to promote the coordinated development of green finance and green economy. Reference | Related Articles | Metrics

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null    2011, 29 (3): 64-.   Abstract （1141）      PDF （595KB）（1739）       Knowledge map    Related Articles | Metrics

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null    2011, 29 (2): 43-.   Abstract （782）      PDF （674KB）（1734）       Knowledge map    Related Articles | Metrics

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LI Han-Wen null    2010, 28 (5): 29-.   Abstract （1272）      PDF （516KB）（1718）       Knowledge map    Related Articles | Metrics