Mixed-ownership reform and strategic choice of Chinese state-owned enterprises.

The strategic choice of state-owned enterprises (SOEs) is crucial to the sustainable development of China's economy. This paper explores the impact of mixed-ownership reform on the strategic choice of SOEs from the shareholder power and the board power. We find that the greater the diversity of mixed shareholders, the depth of mixed equity, the control of mixed equity, and the excess control of mixed equity, the higher the degree of mixed-ownership reform, and the more likely it is to promote SOEs to choose the prospector strategy. The mechanism test states that the impact of mixed-ownership reform on enterprise strategy is achieved through the balance effect between non-state-owned shareholders and state-owned controlling shareholders with the same power, and the synergy effect between different powers of non-state shareholders. Further research indicates that the mixed-ownership reform has a stronger driving effect on the prospector strategy in SOEs under strict external supervision, competitive industries, and local areas. This study clarifies the governance logic of non-state-owned shareholders on the strategic positioning of SOEs by dual control rights, and it provides empirical evidence for the formulation of enterprises' market-oriented strategic objectives.

Perceived transaction cost and its antecedents associated with fintech users' intention: Evidence from Pakistan.

Researches depict a considerable degree of acknowledgment of financial technology improvement in Pakistan. However, the costs blocking clients' intention to utilize financial technology remain dubious. Building upon Transaction Cost Economics and Innovation diffusion theory, this paper hypothesizes that consumers' transaction cost of fintech is affected by nine antecedents: perceived asset specificity, complexity, product uncertainty, behavioral uncertainty, transaction frequency, dependability, limitations, convenience, and economic utility. Transaction cost has a negative relationship with consumers' intentions to use fintech for online buying or availing services. We tested the model using data gathered from the individuals. The results show that factors that are positively related to consumers' perceived transaction cost, among them product uncertainty (ß = 0.231) is the greatest of factors, followed by behavior uncertainty (ß = 0.209) and asset specificity (ß = 0.17), those that are negatively associated are dependability (ß = 0.11), and convenience (ß = 0.224). The study is limited in scope, focusing primarily on cost factors. Future research may analyze additional cost-related elements and the actual use of financial technology by using samples from different countries.

A Habitable Earth and Carbon Neutrality: Mission and Challenges Facing Resources and the Environment in China-An Overview.

Since the Industrial Revolution, the impacts of human activities have changed the global climate system, and climate warming has had rapid and widespread effects on the planet. At present, the world is experiencing a series of natural disasters, such as climate change, environmental pollution, biodiversity loss, and sea level rise, which pose a serious threat to the livability of the Earth. An international consensus has been reached that achieving carbon neutrality is the key to tackling climate change; it is also crucial to building a livable planet. To achieve carbon neutrality, energy is the main aspect, for which technology regarding resources and the environment is essential. In this context, we collected data, performed an in-depth analysis of the basic and structural characteristics of the development of the coal industry and environmental remediation, studied and judged the trends in regional economic development and demand growth, and closely examined the requirements of China's development strategy, which focuses on the ideas of carbon peak and carbon neutralization in line with local development trends and economic system characteristics. We must build a livable Earth, promote the green and low-carbon transformation of regional energy, promote high-quality economic development, and ensure the safe supply of energy.

Firm information disclosure environment and R&D investment: Evidence from Internet penetration.

Guided by the conviction that "Clear waters and green mountains are as good as mountains of gold and silver", China highly values sustainable economic and social development through innovation and Internet technology. Regression analysis is performed to examine the impact of corporate information disclosure environment proxied by the Internet penetration rate on innovation. Leveraging from the city-level Internet penetration rates data in China from 2003 to 2017, this study gets the following findings: (1) Firms headquartered in cities with high Internet penetration rates tend to be more innovative, i.e. they invest more in research and development. (2) This result is supported by several robustness checks, such as alternative measures of key variables, alternative empirical specifications, and tests to mitigate identification concerns. (3) "financing constraint" and "tolerance of innovation failure" are two channels that influence firms' innovative endeavors. (4) Additional tests show that Internet penetration rates facilitate a firm's output efficiency of innovation input, total factor productivity, and human capital environment for innovation. The above conclusions not only enrich the relevant literature on the influencing factors of corporate innovation from the perspective of the firm information disclosure environment but also provide an important reference for further understanding the positive role of macro technology development on social and economic development.

The assessment of xenogeneic bone immunotoxicity and risk management study.

BACKGROUND: Xenogeneic bone has been widely used in a variety of clinical bone-related disease to promote bone healing and restore bone defects. However, the adverse effects of immune system limit its application in the clinic. The aim of this study was to evaluate xenogeneic bone safety of immunotoxicity and explore the methods for immune risk supervision. RESULTS: Xenogeneic bone, which is freeze-dried bovine cancellous bone, was implanted into the muscle of mice. On day 7, 14 and 28, the effects of xenogeneic bone were examined on humoral immunity and cellular immunity, including the levels of IgG, IgM, C3, inflammatory factors (TNF-α, IL-6), alkaline phosphatase (ALP) and the lymphocyte phenotype. The data showed that xenogeneic bone implantation had no potential to induce immune responses not only in humoral immunity but also in cellular immunity. To reveal the risk of immunogenicity, the residual DNA and the clearance of α-gal epitope were analyzed in 2 different bones (bone 1 is deproteinized bone, bone 2 is acellular and defatted bone). It was suggested that DNA of xenogeneic bone can be limited to < 50 ng per mg dry weight for the repair or regeneration with the acceptable immune risk. And α-gal clearance of xenogeneic bone could be an effective risk factor for improving xenograft quality management. CONCLUSIONS: Through the detection of xenogeneic bone immunotoxicity, our findings indicated that the supervisions of risk factors could contribute to reduce the immune risk. And the risk factors under the acceptable limitation could decrease or replace animal experiment. However, it still needs to be studied on the limitation of α-gal epitope to predict rejection of xenogeneic bone more accurately.