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学者姓名：张雨
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Abstract ：
With the advent of the digital era and the prevalence of social media, minority shareholder activism on online interactive platforms has emerged as a novel form of corporate governance in emerging markets. This paper explores the impact of minority shareholder activism on debt financing costs in China. Using a dataset of 28,827 firm-year observations from 3364 listed firms between 2010 and 2023, we find that minority shareholder activism significantly reduces debt financing costs. Extensive endogeneity and robustness tests suggest causality. Furthermore, we identify improved corporate governance and information environment as economic mechanisms driving this effect. Heterogeneity analyses indicate that state ownership weakens the negative effect of minority shareholder activism on debt financing costs, whereas media coverage and corporate risk-taking degree amplify this effect. Overall, our findings emphasize the potential of minority shareholders to reduce debt financing costs through their engagement in online interactions during the information age.
Keyword ：
corporate governance corporate governance debt financing costs debt financing costs G30 G30 G34 G34 information environment information environment M41 M41 Minority shareholder activism Minority shareholder activism online interactive platforms online interactive platforms
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| GB/T 7714 | Liao, Kezhi , Wang, Zhihao , Zhang, Yu . Minority Shareholder Activism and Debt Financing Costs: Evidence from China [J]. | EMERGING MARKETS FINANCE AND TRADE , 2025 , 61 (10) : 2993-3021 . |
| MLA | Liao, Kezhi 等. "Minority Shareholder Activism and Debt Financing Costs: Evidence from China" . | EMERGING MARKETS FINANCE AND TRADE 61 . 10 (2025) : 2993-3021 . |
| APA | Liao, Kezhi , Wang, Zhihao , Zhang, Yu . Minority Shareholder Activism and Debt Financing Costs: Evidence from China . | EMERGING MARKETS FINANCE AND TRADE , 2025 , 61 (10) , 2993-3021 . |
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Portfolio selection is widely recognized as the foundation of modern finance; diversification is an old practical rule. There is no research to utilize and compare them for countering COVID-19 in stock markets. In such an area, this paper makes contribution to the literature. We originate a counter-COVID measure for stocks and thus compare portfolio selection and diversification. We find that portfolio selection dominates naive diversification in variance, expected return, and counter-COVID. © 2025 The Authors.
Keyword ：
Artificial intelligence Artificial intelligence Commerce Commerce Constraint theory Constraint theory Electronic trading Electronic trading Financial markets Financial markets Information management Information management Information systems Information systems Information use Information use Investments Investments
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| GB/T 7714 | Qi, Yue , Zhang, Yu , Liu, Tongyang . Who Can Counter COVID-19 in Stock Markets? Markowitz or Diversification [C] . 2025 : 1389-1397 . |
| MLA | Qi, Yue 等. "Who Can Counter COVID-19 in Stock Markets? Markowitz or Diversification" . (2025) : 1389-1397 . |
| APA | Qi, Yue , Zhang, Yu , Liu, Tongyang . Who Can Counter COVID-19 in Stock Markets? Markowitz or Diversification . (2025) : 1389-1397 . |
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Markowitz [Portfolio selection. Journal of Finance, 7(1), 77-91] originates portfolio selection as the birth of modern finance. After his feat, Markowitz [Foundations of portfolio selection. Journal of Finance, 46(2), 469-477] perceives general considerations in addition to variance and expected return of portfolio selection. However, there is relatively limited research in maximizing the considerations. In such an area, this paper theoretically enriches portfolio selection and makes contribution to the literature. Specifically, we obtain complete efficient sets' piecewise-linear-segment structure by parametric quadratic programming. Only by the structure, in theorems and corollaries, we prove the considerations as piecewise linear functions, maximize the considerations, and dominate stock-market indexes. Our models are general and universally fit numerous scenarios. Practically, we implement our models for the 30 component stocks of Dow Jones Industrial Average and 1937 US stocks of as a comprehensive sample, dominate the average, and can outperform the average out of sample.
Keyword ：
parametric quadratic programming parametric quadratic programming portfolio optimization portfolio optimization Portfolio selection Portfolio selection
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| GB/T 7714 | Qi, Yue , Zhang, Su , Wang, Yue et al. Post-Optimizing General Considerations for Portfolio Selection by Efficient Sets' Piecewise-Linear-Segment Structure via Parametric Quadratic Programming [J]. | ASIA-PACIFIC JOURNAL OF OPERATIONAL RESEARCH , 2025 . |
| MLA | Qi, Yue et al. "Post-Optimizing General Considerations for Portfolio Selection by Efficient Sets' Piecewise-Linear-Segment Structure via Parametric Quadratic Programming" . | ASIA-PACIFIC JOURNAL OF OPERATIONAL RESEARCH (2025) . |
| APA | Qi, Yue , Zhang, Su , Wang, Yue , Zhang, Yu , Liu, Tongyang . Post-Optimizing General Considerations for Portfolio Selection by Efficient Sets' Piecewise-Linear-Segment Structure via Parametric Quadratic Programming . | ASIA-PACIFIC JOURNAL OF OPERATIONAL RESEARCH , 2025 . |
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This paper examines the impact of minority shareholder short-termism on investment inefficiency in China. Using a sample of listed companies between 2010 and 2020, we find that minority shareholder short-termism, as reflected on online investor interactive platforms, significantly increases inefficient investments. Our findings withstand a series of endogeneity and robustness tests. Further analyses reveal that increased trading activity and performance expectation pressure are key channels through which minority shareholder short-termism exacerbates inefficient investments. Additionally, the presence of long-term institutional investors and state ownership mitigates the negative effects of minority shareholder short-termism on investment efficiency. In terms of inefficient investment types, minority shareholder short-termism aggravates underinvestment rather than overinvestment.
Keyword ：
inefficient investments inefficient investments investor interactive platforms investor interactive platforms Minority shareholder short-termism Minority shareholder short-termism
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| GB/T 7714 | Zhang, Yu , Liao, Kezhi , Wang, Zhihao et al. Minority shareholder short-termism and investment inefficiency: evidence from the Chinese investor interactive platforms [J]. | ASIA-PACIFIC JOURNAL OF ACCOUNTING & ECONOMICS , 2025 . |
| MLA | Zhang, Yu et al. "Minority shareholder short-termism and investment inefficiency: evidence from the Chinese investor interactive platforms" . | ASIA-PACIFIC JOURNAL OF ACCOUNTING & ECONOMICS (2025) . |
| APA | Zhang, Yu , Liao, Kezhi , Wang, Zhihao , Zhang, Jingxue . Minority shareholder short-termism and investment inefficiency: evidence from the Chinese investor interactive platforms . | ASIA-PACIFIC JOURNAL OF ACCOUNTING & ECONOMICS , 2025 . |
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Addressing the challenge of optimizing forestry resource allocation and boosting productivity quality through green credit supply (GCS) is a pressing issue. This study calculates the ecological value of forestry across 30 provinces (including autonomous regions and municipalities) in China from 2012 to 2022 and employs the Slack Based Measure and Global Malmquist-Luenberger (SBM-GML) model to measure Forestry Ecological Total Factor Productivity (FETFP) to identify the level of Forestry Ecological Development Efficiency. It provides an empirical analysis of the impact of the GCS on FETFP and explores the underlying mechanisms driving this relationship. The key findings are as follows: GCS enhances FETFP by promoting innovation-driven growth and reducing capital misallocation. It exhibits a dual effect, boosting technological progress and resource allocation efficiency. Furthermore, financial technology plays a moderating role in the relationship between GCS and FETFP. The analysis also reveals that the impact of GCS on FETFP is heterogeneous and influenced by differences in fiscal decentralization and environmental regulation. These two factors exert complementary and substitutive effects on GCS. The findings of this study provide important reference values for optimizing green credit policies and enhancing FETFP in both developing and developed countries.
Keyword ：
Advantage effect Advantage effect Forestry ecological total factor productivity Forestry ecological total factor productivity Green credit supply Green credit supply Resource allocation Resource allocation
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| GB/T 7714 | Dong, Bingrui , Chen, Liupeng , Zhang, Yu et al. How does green credit supply enhance the efficiency of forestry ecological development? Taking the perspective of ecological total factor productivity [J]. | JOURNAL OF CLEANER PRODUCTION , 2025 , 488 . |
| MLA | Dong, Bingrui et al. "How does green credit supply enhance the efficiency of forestry ecological development? Taking the perspective of ecological total factor productivity" . | JOURNAL OF CLEANER PRODUCTION 488 (2025) . |
| APA | Dong, Bingrui , Chen, Liupeng , Zhang, Yu , Xie, Bangsheng . How does green credit supply enhance the efficiency of forestry ecological development? Taking the perspective of ecological total factor productivity . | JOURNAL OF CLEANER PRODUCTION , 2025 , 488 . |
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Based on city-level data from 287 Chinese prefecture-level administrative units spanning 2011 to 2021, this study employs text analysis to quantify FinTech development and applies a double machine learning model to empirically assess the impact of FinTech on Inclusive Green Growth, along with its underlying mechanisms. The key findings are as follows: (1) FinTech significantly promotes Inclusive Green Growth, particularly in the areas of payment systems, lending and capital raising, and investment management. This conclusion holds across a range of robustness checks, including alternative measurement indicators, different machine learning models, and tests for endogeneity. (2) Mechanism analysis demonstrates that FinTech drives Inclusive Green Growth by fostering financial employment, expanding financial supply, and facilitating green technological innovation. (3) Heterogeneity analysis reveals that while China still faces elements of the resource curse, the positive impact of FinTech on Inclusive Green Growth is more pronounced in regions with higher levels of digital infrastructure, environmental regulation, and green finance. These findings provide valuable insights into leveraging FinTech's potential to support China's high-quality economic development.
Keyword ：
double machine learning double machine learning FinTech FinTech Inclusive Green Growth Inclusive Green Growth
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| GB/T 7714 | Wu, Binhong , Ding, Yuting , Xie, Bangsheng et al. FinTech and Inclusive Green Growth: A Causal Inference Based on Double Machine Learning [J]. | SUSTAINABILITY , 2024 , 16 (22) . |
| MLA | Wu, Binhong et al. "FinTech and Inclusive Green Growth: A Causal Inference Based on Double Machine Learning" . | SUSTAINABILITY 16 . 22 (2024) . |
| APA | Wu, Binhong , Ding, Yuting , Xie, Bangsheng , Zhang, Yu . FinTech and Inclusive Green Growth: A Causal Inference Based on Double Machine Learning . | SUSTAINABILITY , 2024 , 16 (22) . |
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林长制作为生态文明建设的重大制度创新，在改善林业和生态的同时，也改变了企业外部环境和内部运营管理。为了探究林长制的实施对企业资本成本的影响，文章基于2013—2020年上市公司数据，运用双重机器学习模型、平行趋势检验和PSM-DID检验等方法实证分析林长制对企业资本成本的影响及作用机制。研究发现：（1）林长制实施后，试点企业资本成本平均降低了24.60%，表明林长制对企业的资本成本具有显著的抑制作用；（2）机制分析发现，林长制的实施是通过提高企业环保投资水平和环境信息披露质量来降低企业资本成本；（3）异质性分析发现，林长制的实施对重污染企业和东部地区企业资本成本的降低更为显著。文章首次分析林长制与企业资本成本之间的关系，从企业环保投资和环境信息披露的视角，识别林长制对企业资本成本的影响的机制效应，拓展了林长制经济影响的研究。政策启示：深化林长制的实施，实行区域差异化政策；企业应顺应政府环保投资激励机制，加大环保投资力度；制定绿色转型战略，实现可持续发展。
Keyword ：
企业环保投资 企业环保投资 企业资本成本 企业资本成本 双重机器学习 双重机器学习 林长制 林长制 环境信息披露 环境信息披露
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| GB/T 7714 | 陈宋艺 , 董丙瑞 , 张雨 et al. 林长制的实施降低了企业资本成本吗？——基于上市公司的经验证据 [J]. | 林业经济 , 2024 , 46 (12) : 47-64 . |
| MLA | 陈宋艺 et al. "林长制的实施降低了企业资本成本吗？——基于上市公司的经验证据" . | 林业经济 46 . 12 (2024) : 47-64 . |
| APA | 陈宋艺 , 董丙瑞 , 张雨 , 谢帮生 . 林长制的实施降低了企业资本成本吗？——基于上市公司的经验证据 . | 林业经济 , 2024 , 46 (12) , 47-64 . |
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