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学者姓名：魏效坤
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Abstract ：
Crude oil is considered a vital energy source that significantly shapes firms' production, operation, investment and financing activities. This paper examines the association between oil price volatility (OPV) and corporate debt choice. Using a sample of Chinese listed firms from 2008 to 2022, we find that OPV can increase (decrease) reliance on bank debt (bond financing). This finding is consistent after conducting various robustness checks. Besides, this effect is greater for energy-related industries, less competitive industries, or non-stated-owned firms. Moreover, we find that this effect stems from increased information asymmetry and escalated financial distress risks. Finally, OPV arising from positive price fluctuations has a greater impact on debt choice than negative price changes. This study enhances the understanding of OPV's economic implications, emphasizing the need for policymakers to consider the macroeconomic context when evaluating firms' debt strategies.
Keyword ：
Bank debt Bank debt Bond financing Bond financing Debt choice Debt choice Oil price volatility Oil price volatility
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| GB/T 7714 | Jiang, Yan , Gan, Tian , Wei, Xiaokun et al. Oil price volatility and corporate debt choice: Evidence from China [J]. | JOURNAL OF COMMODITY MARKETS , 2025 , 40 . |
| MLA | Jiang, Yan et al. "Oil price volatility and corporate debt choice: Evidence from China" . | JOURNAL OF COMMODITY MARKETS 40 (2025) . |
| APA | Jiang, Yan , Gan, Tian , Wei, Xiaokun , Zou, Honghui . Oil price volatility and corporate debt choice: Evidence from China . | JOURNAL OF COMMODITY MARKETS , 2025 , 40 . |
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Using a large sample of bonds issued by Chinese listed firms from 2010 to 2021, we explore the relationship between judicial independence as improved by Circuit Courts (CCs) and bond credit spreads (BCS). We find that bond issuers covered by CCs experience a decrease in BCS compared to those uncovered. This result remains unchanged under various checks, including a propensity score matching method, entropy balance method, difference-in-differences framework, alternative sample, and other robust tests. In addition, this favorable effect of improved judicial independence is greater for issuers with greater default risks or liquidity risks, consistent with the "perceived lower recovery risk story" and "perceived lower liquidity risk story." Finally, this effect is stronger for bond issuers operating in regions with poor legal environments, higher levels of local protectionism, or stronger government interventions. Our paper stresses the important role of the judiciary in decreasing debt financing costs.
Keyword ：
Bond credit spread Bond credit spread Bond liquidity Bond liquidity Judicial independence Judicial independence Law and finance Law and finance
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| GB/T 7714 | Lv, Dayong , Ye, Qi , Jiang, Yan et al. Enhanced judicial independence and bond credit spreads: Evidence from the establishment of circuit courts [J]. | RESEARCH IN INTERNATIONAL BUSINESS AND FINANCE , 2025 , 79 . |
| MLA | Lv, Dayong et al. "Enhanced judicial independence and bond credit spreads: Evidence from the establishment of circuit courts" . | RESEARCH IN INTERNATIONAL BUSINESS AND FINANCE 79 (2025) . |
| APA | Lv, Dayong , Ye, Qi , Jiang, Yan , Wei, Xiaokun . Enhanced judicial independence and bond credit spreads: Evidence from the establishment of circuit courts . | RESEARCH IN INTERNATIONAL BUSINESS AND FINANCE , 2025 , 79 . |
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Digital transformation in public sectors has become a prominent trend in economic development and public management. This paper utilizes a difference-in-differences (DID) approach based on the Chinese digital government (DG) policy to explore the impact of DG transformation on venture capital (VC) investment. The results show that DG transformation improves the likelihood and amount of VC investment for startups. These results remain robust after accounting for potential endogeneity concerns and conducting various robust checks. Additionally, this positive effect is driven by enhanced government efficiency and increased innovation activities. Furthermore, the study finds that DG policy shortens VC investment duration, underscoring the impact on investment strategies. This study contributes to the literature by providing novel insights into the effects of public sector digitalization and its role in stimulating private capital markets.
Keyword ：
Digital government Digital government Government efficiency Government efficiency Innovation Innovation Venture capital Venture capital
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| GB/T 7714 | Wei, Xiaokun , Jiang, Yan , Gan, Tian et al. One click into capital: The impact of digital government on venture capital [J]. | PACIFIC-BASIN FINANCE JOURNAL , 2025 , 91 . |
| MLA | Wei, Xiaokun et al. "One click into capital: The impact of digital government on venture capital" . | PACIFIC-BASIN FINANCE JOURNAL 91 (2025) . |
| APA | Wei, Xiaokun , Jiang, Yan , Gan, Tian , Zou, Honghui . One click into capital: The impact of digital government on venture capital . | PACIFIC-BASIN FINANCE JOURNAL , 2025 , 91 . |
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Relationship conflict is commonplace during the cooperation period between the general contractor and subcontractor. However, how to prevent the adverse effect arising from relationship conflict on the final project outcome is scarce, especially in empirical studies. Drawing on the conservation of resources (COR) theory, a theoretical model revealing the underlying deteriorating mechanism (relational behavior) and corresponding prevention strategies (prior ties) is developed. Based on 174 questionnaires collected from the Chinese construction industry, the model and proposed hypotheses are empirically examined. The results suggest that relationship conflict between the general contractor and subcontractor harms cooperation performance, and relational behavior mediates this relationship. If the general contractor and subcontractor have a prior cooperative relationship, the devasting impact of relationship conflict can be undermined. These findings deepen the understanding of the underlying mechanism by which relationship conflict impairs the final cooperation performance and afford insights into relationship conflict management from a pre-prevention perspective.
Keyword ：
conservation of resources (COR) theory conservation of resources (COR) theory prior ties prior ties relational behavior relational behavior relationship conflict relationship conflict
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| GB/T 7714 | Gan, Xueqing , Le, Yun , Jia, Jianyao et al. UNVEILING THE BUFFERING ROLE OF PRIOR TIES IN RELATIONSHIP CONFLICT MANAGEMENT IN THE CONSTRUCTION INDUSTRY [J]. | JOURNAL OF CIVIL ENGINEERING AND MANAGEMENT , 2025 , 31 (5) : 438-449 . |
| MLA | Gan, Xueqing et al. "UNVEILING THE BUFFERING ROLE OF PRIOR TIES IN RELATIONSHIP CONFLICT MANAGEMENT IN THE CONSTRUCTION INDUSTRY" . | JOURNAL OF CIVIL ENGINEERING AND MANAGEMENT 31 . 5 (2025) : 438-449 . |
| APA | Gan, Xueqing , Le, Yun , Jia, Jianyao , Liu, Tingting , Jiang, Kaiwen , Wei, Xiaokun . UNVEILING THE BUFFERING ROLE OF PRIOR TIES IN RELATIONSHIP CONFLICT MANAGEMENT IN THE CONSTRUCTION INDUSTRY . | JOURNAL OF CIVIL ENGINEERING AND MANAGEMENT , 2025 , 31 (5) , 438-449 . |
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Global climate change is a major environmental challenge, and the new-energy market is increasingly attracting investors' attention as a key area for investment, especially because of the impact of climate change on price volatility. In this study, we investigated the impact of climate change on China's new-energy market by introducing the following two indicators: China's climate policy uncertainty (CEU) indices and the climate uncertainty (CU) indices. We employed Diebold-Mariano and model confidence set tests to assess the out-of-sample prediction accuracy of our model. Empirical results showed that incorporating climate risk indices significantly improved the predictive accuracy of the three deep-learning models, with the CU index performing best in a variational modal decomposition (VMD)-long short-term memory (LSTM) model. In particular, in a VMD-LSTM model with the CU index indicator, the mean absolute error values for 1-, 3-, and 5-step ahead predictions were reduced by 8.1 %, 17.3 %, and 18.4 %, and the mean squared error values were reduced by 20.3 %, 40.0 %, and 32.4 %, respectively. Finally, the empirical findings remained robust, even when considering different estimation windows (historical training periods), forecast horizons (short-term, medium-term and long-term), and the impact of the COVID-19 pandemic.
Keyword ：
Climate risk Climate risk Deep-learning Deep-learning New-energy New-energy Realized volatility Realized volatility
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| GB/T 7714 | Jiang, Wei , Tang, Wanqing , Li, Jianfeng et al. Climate risk and renewable energy market volatility: Machine learning approach [J]. | RESEARCH IN INTERNATIONAL BUSINESS AND FINANCE , 2025 , 76 . |
| MLA | Jiang, Wei et al. "Climate risk and renewable energy market volatility: Machine learning approach" . | RESEARCH IN INTERNATIONAL BUSINESS AND FINANCE 76 (2025) . |
| APA | Jiang, Wei , Tang, Wanqing , Li, Jianfeng , Wei, Xiaokun . Climate risk and renewable energy market volatility: Machine learning approach . | RESEARCH IN INTERNATIONAL BUSINESS AND FINANCE , 2025 , 76 . |
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