Yun Zhang

I. Based on information asymmetry theory, this paper investigates the impact of strategic alliances on corporate outward foreign direct investment (OFDI) and its underlying mechanisms, proposing th...

This paper examines how customer firms' carbon transition risk affects supply chain stability. Quantifying carbon transition risk exposure at the firm level, the authors find that customer firms' carbon transition risk has a robust negative effect on supply chain stability. This effect is achieved primarily through reduced supplier-customer firms' production linkage and trade credit. The effect is heterogeneous, being most pronounced when suppliers possess weaker relative bargaining power and customers are in industries with higher carbon transition risks, while macroeconomic monetary policy is in a period of tightening. Moreover, the extended results show that customers' digital transformation and improved information disclosure quality can effectively mitigate the disruptive effects of carbon transition risk on supply chains. The findings highlight that the adverse impacts of carbon transition risk on supply chain stability are significant and warrant serious attention.

This study examines the effect of financial agglomeration on green technology innovation and its spatial spillovers across 27 cities in China's Yangtze River Delta from 2009 to 2023. Financial agglomeration significantly promotes green technology innovation, with heterogeneous effects shaped by local conditions. This positive impact is amplified in cities facing tighter financing constraints and those with stronger human capital infrastructure. In contrast, more stringent environmental regulations weaken the marginal effect of financial agglomeration on innovation. We also found positive spatial spillovers: financial agglomeration in one city promotes green innovation in neighbouring areas. The results highlight the importance of aligning financial development with local institutional and structural conditions. Policymakers should enhance the allocative efficiency of financial clusters, invest in human capital, and improve cross‐city coordination to support green innovation diffusion.

Using the Propensity Score Matching (PSM) and Differences-in-Differences (DID) models, this study evaluates the effects of the Basic Ecological Compensation (BEC), an incentivized command-and-control environment regulation formulated by the Weihe River Basin of China for environmental protection, on the comprehensive performance of prefecture-level cities along the Weihe River Basin from 2009 to 2019. Results show that the BEC policy can improve the performance of the Weihe River Basin and that fiscal decentralization has a positive regulatory effect on the policy. We suggest improving compensation mechanisms and standards, appropriately intensifying fiscal decentralization, and popularizing successful experiences of provinces.

This paper investigates the impact of air pollution on China’s internal migration using the Migrant Population Dynamic Monitoring Survey and Air Quality Index (AQI) data in 2014. Binary response models suggest that, on average, the probability of the willingness to leave will grow by approximately 0.1 if the average value of AQI is increased by 100 points. The migration effect of sever air pollution still holds using two-stage least squares estimation. In particular, compared to inter-province and intra-city within the same province, interviewees are more willingness to leave in intra-county with the same city. Besides, individuals from the cities in central and western regions, the listed key environmental protection (KEP) cities and cities not listed as resource-based (RB) cities have stronger willingness to leave than those from the cities in eastern region, Non-KEP cities and RB cities. Our results are robust to alternative measures of air pollution and models specification.