Evaluation of PPP-ABS investment environment based on combined weighting of level difference maximization and TOPSIS method.

Asset-backed securitization (ABS) is currently used to refinance public-private partnership (PPP) projects in the infrastructure field. To stimulate the investors' enthusiasm, this study evaluated the investment environment of PPP projects asset-backed securitization (PPP-ABS). Firstly, we established a PPP-ABS investment environment evaluation indicator system based on the literature review and the practice of PPP-ABS. Then, the optimal weights of each indicator were determined by the combined weighting of level difference maximization method, where the subjective weights were determined by the AHP method, and the objective weights were determined by the entropy method. Finally, we evaluated the PPP-ABS investment environment from 2015 to 2022 with the technique for order preference by similarity to ideal solution (TOPSIS) method. The final valuation results are consistent with the actual situation. The results showed that the PPP-ABS investment environment exhibits a stable and upward trend. Under the overall guidance of the government, the approval process, information disclosure and supervisory systems have continued to improve, the number of ABS products issued has continued to grow, and the overall market risk is controllable. However, some problems still need to be solved and improved, including inadequate accounting and tax systems, insufficient liquidity in the secondary market, and the recovery of economic development in the post-COVID-19 era. This study fills the research gap in PPP-ABS. It proves the rationality and feasibility of PPP-ABS and is expected to provide a reference for investors' decision-making and promote the sustainable and healthy development of PPP-ABS.

Macro tax incentives and corporate sustainable innovation: Evidence from Chinese Enterprises.

Innovation has become the driving force behind China's economy's sustainable growth. Due to the efficient transmission of taxation leverage, preferential tax policies are frequently used to stimulate innovation. Therefore, the incentive effect of preferential tax policies on sustainable innovation has gradually become the focus of attention. This paper takes the 2016-2019 China A-share listed high-tech enterprises as a sample, calculates tax incentive intensity with the aid of B-index, and studies the incentive effect of preferential tax policies on the sustainability of corporate innovation. This study shows that: (1) Tax incentive intensity has a positive incentive effect on corporate sustainable innovation. (2) The R&D expenses plus deduction policy and the preferential tax rate policy can significantly enhance corporate sustainable innovation, but there is a substitution effect between them. (3) Based on the heterogeneity of institutional environment and enterprise characteristics, the incentive effect of tax preferential policies is more obvious in enterprises which are non-state-owned and in areas with low government intervention and sound legal system. However, the incentive effect of different types of preferential policies differs in the size of the enterprise. This study will provide reference for the improvement of preferential tax policy system and the optimization of innovation policy environment.