The construction of a valuation system with Chinese characteristics is a crucial step towards enhancing the adaptability and pivotal role of the capital market and supporting the high-quality development of China's economy.This paper systematically addresses three key questions regarding the construction of the valuation system with Chinese characteristics.Firstly,which pricing factor is important for the Chinese valuation system? Secondly,has this factor been incorporated into the current market valuation models? Thirdly,if not,how can it be included in the valuation system?

We propose that the valuation system with Chinese characteristics should consider the total social value created by firms,rather than solely focusing on the net present value of profits for shareholders.The measure of a firm's total social value should encompass two aspects:①stakeholder value,including the benefits to employees,suppliers,customers,debt holders,and governments; ②the multiplier effect that a firm generates for the overall economy through its production network.This measure not only reflects an orientation towards improving people's welfare but also fully embodies the prominent features of the importance of the node industry in China's economic growth model.

We empirically examine whether the total social value has been priced using China's A-share sample stocks from 2003 to 2021.The results indicate that firms with high social value demonstrate superior fundamental performance.The portfolio of high social value stocks can generate excess stock returns that cannot be explained by existing pricing factors.Investors are more likely to underestimate the earning performance of firms with strong social value.These findings suggest a mispricing and undervaluation of the social value factor in China's current capital market valuation system.

The reconstruction of the valuation system with Chinese characteristics is an ongoing and lengthy process.It requires simultaneous efforts from the investment side and the corporate side to mutually cultivate capital and assets that recognize social value.Our policy recommendations include:Firstly,standardizing and strengthening the disclosure of information related to corporate social value.Secondly,enhancing investor education and leveraging the role of professional institutional investors to focus more on information related to social value.Thirdly,from the investment side,cultivating long-term capital for social value,such as insurance,pensions,social security,and annuities,and developing broad-based index products.Fourthly,encouraging Chinese enterprises to proactively strengthen their strategic and operational management capabilities in creating social value.Lastly,strengthening systematic research on the valuation system of Chinese characteristics.

The interaction between the digital revolution and climate change has prompted significant interest in understanding the role of digitalization in promoting low-carbon development. As scholars both domestically and internationally investigate whether digital technologies can effectively reduce carbon emissions,the discourse has evolved into a critical area of inquiry. This paper synthesizes existing literature on the carbon emission effects of digitalization,presenting a structured analysis across three dimensions:theoretical frameworks,mechanism analyses,and empirical validations.

Digitalization is characterized as a general-purpose technology,differentiating it from traditional technologies through its systemic,multi-layered,and structural impacts on the economic environment. Such characteristics signify that the effects of digitalization on carbon emissions extend beyond conventional analytical frameworks of technological economics. The neo-classical economic growth model,which has historically served as a theoretical basis for understanding economic interactions,appears increasingly inadequate in fully elucidating the complex dynamics between digital technology and carbon emissions. This inadequacy highlights the necessity for a reevaluation of the theoretical underpinnings that inform research on the environmental impacts of digitization,signaling it as a prominent frontier in scholarly inquiry.

In exploring these impacts,researchers have turned to multi-level analytical approaches,uncovering various mechanisms that elucidate the interplay between digitalization and environmental outcomes. Noteworthy among these mechanisms are several critical effects:the substitution and income effects of digitalization on energy consumption,which imply that the introduction of digital technologies can lead to improved efficiencies and altered consumption behaviors;the efficiency effects of digital technologies on energy technologies themselves,fostering advancements in clean energy solutions;the transformation effects that accompany digitalization,prompting shifts in economic structures towards more sustainable practices;and enabling effects that enhance the capacity of individuals and organizations to engage in environmentally friendly behaviors.

The complexity inherent in these different mechanisms yields diverse outcomes,accentuating the need for rigorous empirical testing of the relationship between digitalization and carbon emissions. Thus,this area of research has garnered attention,as evidenced by the substantial body of literature employing econometric methods to explore these relationships. Predominantly,studies within this domain leverage a variety of samples,timeframes,and methodologies to analyze how digitization influences carbon emissions and sustainability efforts. Nevertheless,perspectives on the ability of digitalization to facilitate a transition towards green,low-carbon economies remain varied and sometimes contentious.

Contemporary empirical research has increasingly gravitated toward direct estimations of carbon emissions linked to digital development,particularly focusing on the concept of implicit carbon through environmental assessment paradigms. This methodological shift signifies an evolving understanding of the ecological footprint associated with the proliferation of digital technologies. Within the context of China,research has predominantly centered on testing the relationship between digitization and carbon emissions,revealing that nearly 94% of empirical studies support the assertion that digitalization can contribute to carbon reduction. Such contributions are typically framed in  promoting technological innovation and fostering structural transformation within industries.

However,despite this supportive empirical evidence,there remains a notable gap in understanding the theoretical foundations that underpin the positive correlations between digitalization and carbon reduction. This lack of theoretical engagement raises concerns regarding the potential overestimation of the positive impacts attributed to digitalization. As a developing country,China's experience offers unique insights,especially given the continuing expansion of its industrial economy alongside the rapid advancement of its digital economy. Notably,while digital technologies are swiftly integrating into traditional economic sectors,the country's energy system has not yet achieved a predominant transition towards renewable energy sources,complicating the narrative of digitization's impact on sustainability.

The actual effects of digital development on carbon emissions may diverge from findings observed in empirical studies,indicating a need for further investigation into this dynamic. As such,the article advocates for an enhanced emphasis on the theoretical exploration of carbon emission effects related to digitalization. It underscores the importance of comprehensively understanding the specific mechanisms through which digitalization influences carbon emissions to provide a more nuanced perspective on its potential benefits.

Furthermore,this discourse encourages researchers to conduct more targeted assessments of digitalization's carbon emission effects,particularly in relation to its application within various industries in China. As digital technologies continue to evolve,policymakers and stakeholders must acquire a holistic and objective understanding of the carbon reduction effects attributed to digitalization. By doing so,strategic decisions can be made that leverage digital advancements to foster economic growth while simultaneously addressing pressing environmental challenges.

Overall,the intersection of digitalization and climate change remains a fertile ground for academic exploration,necessitating a balanced integration of theoretical and empirical approaches to elucidate the complex relationships at play. Understanding these dynamics not only aids in effective policymaking but also contributes to the broader discourse on sustainability and climate resilience in the face of ongoing technological advancements.

Bitcoin,created in 2009, symbolized a brand new stage of digital currency (“DC”).In general,digital currency can be classified as private DC and CBDC(central bank DC):the former has the two main categories of Bitcoin-like cryptocurrency and USDT-like stablecoins while the latter has a retail type and a wholesale type.Overall,the practice of digital currency is still in its early stages,and academic research has not been going on for long.The mechanisms and rules of different digital currencies vary greatly,and scholars' perspectives and methods differ,with disagreements and controversies on many issues.Therefore,it is necessary to systematically review and comment on the literature.Moreover,literature on digital currencies has grown rapidly in recent years,particularly those related to stablecoins and CBDC.This article attempts to review the representative literature of DC and important policy discussions regarding CBDC.The ultimate goal is to point out future research directions of CBDC,particularly for China's CBDC (e-CNY),and to stimulate further thoughts on China's digital currency policy practice.

Such work should be highly meaningful,as China's central bank's policies on digital currency are quite advanced globally,such as banning private digital currency transactions and developing CBDC early on,but the domestic academic community has not provided so much serious and in-depth academic research in this area,and there is not enough support for policy practice.As digital currency development is surging globally,China's central bank is at the forefront,and the academic community should catch up.

In the main body,this paper aims to comprehensively review the international frontier literature and policy reports on digital currency since 2009,based on the two main threads:private DC and CBDC.Specifically,in the field of private DC,it focuses on international literature related to private digital currency and blockchain technology,covering four themes:the operation mechanism of cryptocurrency,competition among various digital currencies,cryptocurrency transactions and industrial organization,and the rise of stablecoins and their impact.In the field of CBDC,it mainly reviews international literature on CBDC,covering five major themes:whether to issue CBDC,its impacts on financial intermediaries,firm investment and welfare,CBDC and privacy,CBDC and financial stability,and policy discussions on CBDC.Furthermore,given the intensive pilots of China's CBDC since 2019,this paper particularly uses one section to discuss policy issues of e-CNY,e.g.,if e-CNY should stick to the current status/definition as being M0 and retail CBDC.In the end,it points out the future research direction of CBDC,particularly of e-CNY,including optimal design from consumers' perspective,analysis regarding e-CNY used for cross-border transactions,impacts of the two-tier system on the payment industry and data market,impacts on monetary policy and financial stability,and other dimensions of future pilots and explorations,etc.

Since the initiation of China's reform and opening-up,the nation has made remarkable strides in its socialist modernization efforts.In the early stages,rapid economic and social development was prioritized to meet the immediate developmental needs,emphasizing industrial growth and urbanization to lift large segments of the population out of poverty and underdevelopment.This approach was aligned with the urgent need to build a robust economic foundation.However,as the economy advanced and reached higher levels of development,the focus shifted towards optimizing overall developmental efficiency and addressing imbalances to prevent the “wooden bucket effect”, where the weakest link constrains progress.Among these imbalances,the urban-rural divide remains a significant challenge,with substantial disparities in development,public services,and income distribution between urban and rural areas.These disparities not only hinder overall national development but also exacerbate social inequalities and tensions.Reducing these disparities is crucial for achieving coordinated development and resolving the fundamental contradictions in Chinese society,ensuring that the benefits of modernization and economic growth are more evenly distributed across different regions and communities.

Cadres with experience as county party secretaries typically possess a profound understanding of grassroots conditions,strong connections with the populace,especially farmers,and a deep insight into urban-rural disparities.This uniquely positions them  to facilitate coordinated urban-rural development.Their hands-on experience at the county level enables them to identify and address the specific needs and challenges faced by rural communities,thereby fostering a more inclusive growth model.Therefore,this research examines the impact of county governance experience on the governance performance and policy approaches of prefectural party secretaries,focusing on their effectiveness in promoting urban-rural coordination and narrowing the urban-rural income gap.By evaluating how these leaders leverage their grassroots experience to implement policies that bridge the urban-rural divide,this study aims to provide insights into effective governance strategies that support balanced and sustainable development.

This study investigates the impact of county governance experience on prefectural party secretaries governance performance and policy approaches in promoting urban-rural coordinated development and reducing the urban-rural income gap.Utilizing prefecture-level annual panel data from 2001 to 2019,we conduct an empirical analysis.Our findings indicate that prefectural party secretaries with prior experience as county party secretaries are more effective in narrowing the urban-rural income gap in their jurisdictions.This result remains robust across various empirical models.We also perform a parallel trend test within the Difference-in-Differences (DID) framework proposed by Liu et al.(2022),confirming the causal significance of our findings.Heterogeneity analysis of work experience reveals two key insights:First,there is an additive effect of grassroots governance experience at different levels.Secretaries who have also served as township party secretaries achieve more pronounced results in reducing the urban-rural income gap.Second,the type of county-level administrative experience matters.Serving in counties within the same prefecture,non-municipal districts,and major agricultural counties has a more significant impact.Regional heterogeneity analysis shows that if a prefectural party secretarys jurisdiction includes national-level poverty counties,their county governance experience significantly enhances their ability to narrow the urban-rural income gap.This reflects the matching effect between officials work experience and regional development endowments.Micro-level household data analysis indicates that one specific mechanism driving this effect is the improvement of agricultural production and income for rural residents.Regarding specific policy measures,prefectural party secretaries with county governance experience tend to place a higher emphasis on agricultural work in their government reports.This leads to higher levels of agricultural modernization,improved agricultural production standards,and significantly better rural financial supply.

This paper makes two significant contributions to the literature.First,it examines the impact of grassroots work experience on prefectural party secretaries governance performance and policy approaches,aligning with studies on leaders growth,education,and career experiences.Based on “imprinting theory”, which suggests that formative environments have lasting effects (Simsek et al.,2015),the study explores how pre-career experiences influence policy decisions.For example,secretaries with educated youth experience or those who grew up in impoverished areas tend to invest more in rural development (Du and Xu,2019; Deng,2023).Additionally,higher education levels and international experiences enhance leaders capabilities,such as attracting foreign investment (Gao and Dong,2017),while local governance experience influences policy preferences and effectiveness in regional development (Persson and Zhuravskaya,2016; Zhou et al.,2020).This research fills a gap by focusing on the experience as county party secretaries,providing empirical support for the effectiveness of progressive cadre training,and offering theoretical and policy insights for cadre selection and development.

Second,by investigating the effect of county governance experience on urban-rural income gaps,this study contributes to the literature on urban-rural gaps,income distribution,and rural revitalization.Previous researches have highlighted urban-biased policies as  key factors in widening these disparities (Zhou and Zhou,2011; Chen and Lin,2013).This paper examines broader policy choices and governance behaviors,tracing them back to leaders career experiences.The findings suggest that leaders with county governance experience are better positioned to promote coordinated urban-rural development and narrow income gaps.This research provides valuable insights for policy-making aimed at rural revitalization,achieving common prosperity,and advancing Chinese-style modernization,by focusing on the rural perspective in policy formulation and implementation.

The growth of the platform economy in China has accelerated notably,with its influence on broader economic and societal progress becoming increasingly discernible. As internet traffic underpins the platform economy,its relationship therewith necessitates immediate scholarly inquiry. This study initiates with an overview of the historical trajectory of China's platform economy and the evolution of its regulatory framework. Subsequently,it investigates the consequences of monopolistic platforms' traffic-driving strategies on social welfare,focusing on the decision-making processes of diverse market participants within the platform economy. 

Utilizing a Hotelling-based model of platform monopoly,the research reveals several insights. In the proposed model,two pivotal design elements are instantiated: firstly,the platform facilitates the generation of traffic by means of deploying advertisements pertaining to enterprises' commodities,thereby directing novel users to the firms; secondarily,the platform can set the price for user traffic. We solve for the equilibrium conditions of the model within a specific parameter space and examine the manner in which the platform's pricing mechanisms and the strategic behavior of firms are modulated by the level of market segmentation. We find that,in scenarios where monopolistic platforms employ “paid traffic-driving” as a strategy,prospective market entrants opt to remunerate the platform for marketing services thereby enabling market access,and the platform generates positive revenue. In instances where the level of market segmentation is low,the equilibrium of the model consistently exhibits a state of relative stability,with the firm's marketing strategy—specifically,the ratio of consumers reached through Internet traffic driving via the platform—remaining constant. Conversely,in scenarios characterized by a high degree of market segmentation,the firm's marketing strategy intensifies correspondingly with the progressive fragmentation of the market,resulting in a monotonic increase in the percentage of consumers exposed to advertising for products.

Subsequently,the paper delves into the welfare economics implications of the model by incorporating the concept of a central planner and the definition of the “first-best” scenario. The analysis reveals that monopoly platforms manifest the fundamental characteristics with respect to welfare outcomes: monopoly platform fosters market competition and enhances consumer welfare,albeit partially,as the platform showing unsuitable goods to consumers counteracts welfare improvements. In barely segmented markets,variations in segmentation do not impact consumer welfare-related efficiency losses. However,in highly segmented markets,the monopolistic platform's actions result in more substantial efficiency detriments which increase with the degree of segmentation. 

The analysis of consumer welfare in this paper uncovers a more profound source of efficiency loss attributable to the platforms Internet traffic monetization practices based on traffic driving. Within the model proposed herein,consumers,who are inherently the suppliers of their traffic,lack the capacity of pricing; instead,it is the platforms or firms that retain the authority to set prices. Given that the cost of user traffic acquisition for platforms and firms is negligible (as no transfer payments are made to users),the optimal price of user traffic from the perspective of consumer welfare maximization should also be zero. From this perspective,the monopoly of the firm in the primary market can be decomposed into two parts: the firm initially secures a monopoly over traffic and monetizes it through commodity sales,then bars competitors from the market by setting the price of traffic driving at positive infinity. The emergence of platforms altered this. The platform achieves traffic monopolies and monetizes its traffic through traffic driving,thereby reducing the price of user traffic to a relatively lower level,which,in turn,enhances consumer welfare when compared to the scenario of complete monopoly by firms. Nevertheless,efficiency losses persist as the price of user traffic has not been restored to a reasonable level. These findings suggest that if consumers are precluded from pricing their own traffic,then Internet traffic should function to augment consumer welfare by disrupting monopolies and fostering competition among firms,rather than serving as a conduit for profit for those entities wielding traffic pricing power.

In response to these findings,the paper suggests a regulatory approach aiming to mitigate the adverse effects of monopolistic traffic driving,which implements interventions based on the distinctive attributes of the markets,for instance,the level of market segmentation,in which platforms operate.

On September 22,2020,President Xi Jinping announced at the 75th Session of the United Nations General Assembly that China would strive to peak CO2 emissions before 2030,and achieve carbon neutrality before 2060.China is taking pragmatic actions towards these goals.As a responsible country,China is committed to building a global climate governance system that is fair,rational,cooperative and beneficial to all,and makes its due contribution to tackling climate change using its greatest strengths and most effective solutions.

China's energy conservation and emission reduction policy system originated in the 1980s.With transition from a planned economy to a market economy,China's energy-saving and emission reduction policies have gradually transitioned from administrative directives to market-oriented economic incentives,accumulating rich experience in reducing carbon emissionsduring the past 40 years.The establishment of the dualcarbon goals in 2020 provides clearer goals and greater challenges for China's emission reduction undertakings.

Carbon pricing mechanism is an important market-based policy option adopted by many countries and regions to address climate issues,and it mainly includes two methods：carbon tax and carbon emissions trading.Carbon emissions trading is currently the core market regulation mechanism in China.China proceeded carbon emissions trading pilots in seven provinces and cities in 2013,and the carbon trading market was officially launched in July 2021.It covered more than 4 billion tons of emissions,becoming the world's largest carbon trading market once the market went online.Carbon trading is playing an important role in the process of China's emission reduction,but its effect is limited.

Carbon tax,another representative market incentive policy tool,is frequently advocated as a cost-effective instrumentin reducing emissions,so it might be necessary to be introduced to China in due time to make up for the shortcomings of current carbon trading policies.Many countries or regions have successfully achieved the synergistic development of carbon tax and carbon trading.Therefore,the feasibility of levying a carbon tax in China and how to realize the coordinated development of carbon tax and carbon market are hot topics of research.

Studies on China's carbon tax system mainly focus on the feasibility analysis of introducing a carbon tax and using large-scale macro models such as “Computable General Equilibrium” (CGE) to simulate the impact of carbon tax on emission reduction and economics.Especially after the launch of the carbon emissions trading pilot in 2013,domestic research on the carbon tax has been concerned more about the design of the carbon tax mechanism,and the coordinated development of carbon tax and carbon trading,while research on quantitative analysis has stagnated.Earlier quantitative research on China's carbon tax system based on CGE models are complicated,with high computational costs,and it is difficult to clarify the policy transmission mechanism.

Imposing carbon tax would have macroeconomic and environmental impacts.The economy acts as a complex network that closely connects the production sector with the consumption sector.The production network contains rich information about the structure and interactions of industries.Acemoglu et al.(2012) find that the production network is an important channel for the propagation of sectoral individualshocks into macroshocks.Microeconomic idiosyncratic shocks may lead to aggregate fluctuationsin the presence of intersectoral input-output linkages.Therefore,when formulating or evaluating policies,it is not comprehensive enough to consider the direct impact alone,but necessary to take the aggregate effects caused by the production network into account.The propagation mechanism proposed by Acemoglu et al.(2012) also applies to the carbon tax.King et al.(2019) found that sector-specific carbon tax changes can have complex general equilibrium effects in the presence of intersectoral linkages.They provide an analytical characterization of how incremental taxes on emissions of any set of sectors impact aggregate emissions,thereby offering a novel perspective for the analysis of carbon taxes.

In this paper,we focus on theeffects of carbon tax in China from the perspective of production networks.We first calculate sectoral carbon emissions generated from energy consumption in 2020 and estimate the embodied carbon flow matrix based on Chinese 42-sector and 153-sector input-output tables.Then we simulate how an incremental sector-specific carbon tax influences the economys total carbon emission through the intersectoral production network linkage as well as the impact on the labor input,output and carbon emission of the taxed sector drawing on the model constructed by King et al.(2019).We find that,due to the existence of production networks,the imposition of a carbon tax will not only reduce the total carbon emissions of the economy by decreasing the output of the taxed sector,but also trigger indirect effects through the upstream and downstream linkages.Therefore,targeting sectors based on their position within the production network can achieve a greater reduction in aggregate emissions than taxing sectors solely based on their direct emissions.

The simulation results show that the sectoral ranking of the carbon reduction effect and direct emissions does not correspond one-to-one.Taxing “Petroleum,Coking Products and Processed Nuclear Fuel Products”, “Production and Supply of Electricity and Heat”, and “Metal Smelting and Rolling Processed Products” among the 42 sectorsor taxing  “Production and Supply of Electricity and Heat”, “Refined Petroleum and Processed Nuclear Fuel Products” and  “Rolled Steel Products” among the 153 sectors will bring the most significantcarbon reduction effect.As the above sectors are the main suppliers of raw materials and major carbon emitters in the production network,imposing carbon tax will prompt them to reform their production technologies and optimize their energy structures,thereby achieving an effective reduction in the total carbon emissions of the economy through their upstream and downstream influences.In addition,taxing on “Petroleum,Coking Products and Processed Nuclear Fuel Products” can bring the biggest decrease in total carbon emissions with a smaller drop of its own production.

The mixed ownership reform aims to increase the efficiency of state-owned capital allocation and improve the corporate governance of state-owned enterprises. It is the current focus and key of China's state-owned enterprise reform. In October 2022,the 20th National Congress of the Communist Party of China (CPC) pointed out that “deepening the reform of state-owned capital and state-owned enterprises,accelerating the optimization of the state-owned economic layout and structural adjustment,promoting the state-owned capital and state-owned enterprises to become stronger and better,and enhancing the core competitiveness of enterprises”. Mixed ownership reform has continued to advance at different levels of the state-owned economy. With the continuous strengthening of mixed ownership reform,non-state capitals have taken shares in state-owned enterprises,which has brought significant impacts on the governance structure,business mechanism and operational efficiency of state-owned enterprises. Based on this,academics have explored the economic consequences of the mixed ownership reform of state-owned enterprises (SOEs),focusing mainly on the economic efficiency of SOEs in terms of investment activities,financing activities and enterprise performance.

In recent years,how to promote green economic and social development has attracted worldwide attention. The overall task of China's ecological civilization in the new era is to promote green development and harmonious coexistence between human beings and nature. However,existing researches on the consequences of mixed ownership in SOEs have paid more attention to the economic development of the enterprises,but less attention to the impact of the investment on environmental protection. The impact of mixed ownership reform of state-owned enterprises on environmental issues has been an important topic of widespread concern in both theoretical and practical circles. Based on this, the paper explores how the degree of mixed ownership affects the environmental investment of state-owned enterprises and how local government environmental regulation influences this relationship.

Focusing on the above issues,this paper uses the data of Chinese A-share state-owned listed companies as a sample to systematically investigate the relationship between mixed ownership and environmental protection investment. We find that the degree of mixed ownership is negatively correlated with environmental protection investment. The greater the diversity of mixed ownership and the higher the degree of integration,the less investment in environmental protection. We further consider the impact of the new Environmental Protection Law,which was implemented on 1 January 2015,and find that the relationship between the degree of mixed ownership and environmental protection investment remains negative before and after the implementation of the institution. This negative relationship is significantly alleviated after 2015,reflecting the importance of government environmental regulation. Therefore,we then explore the impact of government environmental regulation to further confirm the mitigating effect of government environmental regulation on the negative relationship between the degree of mixed ownership and environmental investment.

Further analysis indicates:distinguishing the types of environmental protection investment,the degree of mixed ownership has an inhibitory effect on different types of environmental protection investment; distinguishing the degree of industry pollution,the degree of mixed ownership has a stronger inhibitory effect in heavy polluting industries; distinguishing the participation of mixed entities,the higher the degree of foreign and private equity participation,the lower the investment in environmental protection; distinguishing the level of state-owned enterprises,the degree of mixed ownership in central state-owned enterprises has less impact. The conclusions of the paper remain unchanged after a series of robustness tests including the difference-in-differences model,Heckman two-stage model,firm fixed-effects model,adding control variables,and changing the environmental regulation measure.

The finding of this paper has the following contributions. First,previous studies on mixed ownership in SOEs have mainly focused on corporate performance,investment decisions,risk-taking,etc.,and few papers have paid attention to the impact of the degree of mixed ownership on environmental protection. Although most scholars have found that the degree of mixed ownership promotes the performance growth of SOEs,the performance growth does not mean the growth of environmental protection inputs,and it is even possible that the performance growth is at the expense of environmental protection inputs. This paper examines the impact of the degree of mixed ownership on environmental protection and broadens the study of the economic consequences of the degree of mixed ownership. Second,previous research on environmental protection has focused on environmental regulation,government regulation,social media and so on. Little literature has focused on the impact of changes in own equity structure. SOEs hold a large amount of economic resources and occupy a monopoly position in important industries affecting the environment,and the efficiency of SOEs in environmental protection largely determines the ultimate effect of environmental protection in China. This paper provides a new perspective for the study of environmental protection and highlights the importance of government environmental supervision,and also provides inspiration on how to synergistically improve mixed ownership and environmental protection.

In this study,we examine persistence in the performance of activist short sellers in identifying firms to short.In contrast to prior work on mutual funds and security analysts,we first document that the average market-adjusted return of an activist's past targets does not predict the return of his/her current campaign target.Rather,we find evidence that the activist's past track record in identifying firms that delist predicts the likelihood that the target of the current campaign will delist.This finding holds even in a subsample of activists that survive.The evidence suggests that superior activist short sellers possess the consistent skill/ability to identify firms that delist,despite the lack of consistency in predicting targets' cumulative returns in pre-specified return accumulation windows.These seemingly conflicting results are nonetheless consistent with anecdotes that it is very difficult to consistently time shorts correctly due to the uncertainty  when prices will incorporate the bad news.

Consistent with persistence in the delisting measure of campaign performance,we find that investors react more negatively on the publication date to campaigns initiated by activists with a greater percentage of past targets that delist.We find that this more negative reaction is concentrated on the day the campaign is initiated; the market-adjusted return in the week or month after the publication date is not associated with the activist's past performance.Further,we provide preliminary evidence that there is a greater increase in the aggregate short interest before campaigns announced by activists with a superior record in identifying firms that delist.This result suggests the short side as a whole (activist short sellers,their clients,and/or friends) is able to capitalize off superior activists' greater market reputation.This ability in turn provides an incentive for activist short sellers to maintain their reputation for superior performance.

Finally,we investigate whether performance persistence varies with activists' tenure.We first document that the likelihood that an activist leaves the profession is more sensitive to past performance in the early years of his/her career,providing greater incentives for activists to perform well initially.Consistent with this result,we find that performance persistence is higher in the early years and declines as tenure increases,even after we correct for survivorship bias.Despite this decline in persistence with tenure,we do not observe that the market reaction to past performance varies with tenure.The evidence is consistent with activists' establishing a reputation when they first enter the profession,and either working less or becoming more opportunistic once experienced,e.g.,once their reputations reach very high levels as in Benabou and Laroque(1992).Overall,the paper sheds light on the behavior of activist short sellers and has broader implications in understanding the new form of  information intermediary in which investors act as intermediaries for each other.