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Abstract China's carbon emissions have been ranking first in the world. This study filled in the gaps in research, decomposed carbon intensity from the perspective of time, space and industry. A decoupling effort model based on factor decomposition models was constructed to analyze the driving factors of carbon emissions and economic decoupling, which builded a foundation for achieving sustainable economic development. Using the Logarithmic Mean Divisia Index method (LMDI), the paper measured the carbon emission intensity of 29 provinces and cities in China from 1998 to 2019, and decomposed the decoupling effect between GDP and carbon emission on the basis of factor decomposition by tapio. The results showed that: (1) Carbon intensity declined first, then rise lightly, and finally declined steadily. For the primary industry and the tertiary industry, the carbon intensity declined steadily, while the carbon intensity increased accordingly to the overall carbon intensity. In terms of spatial evolution, the regional differences between different provinces decreased correspondingly. (2) The cumulative contribution rates of these three effects, i.e., technological progress, industrial structure and regional scale were 106.3299%, −15.1486% and 8.8188%, respectively. There were obvious differences of these cumulative contribution rates of carbon intensity among different provinces. (3) From the perspective of industrial, technological progress effect is the largest contribution for carbon intensity in the secondary industry. The Industrial structure effect mainly affects the primary and tertiary industries; and no significant difference in regional scale effect. (4) The decoupling effect gradually improved, and technological progress has played an absolute leading role in promoting the decoupling effect. Based on the research results, the key policy recommendation are put forward as follows: (1) Further improve the technological level and support clean technology enterprises. (2) Promote industrial upgrading in backward industrial provinces (3) Promote regional assistance and the introduction of high-quality foreign investment.

Abstract China's carbon emissions have been ranking first in the world. This study filled in the gaps in research, decomposed carbon intensity from the perspective of time, space and industry. A decoupling effort model based on factor decomposition models was constructed to analyze the driving factors of carbon emissions and economic decoupling, which builded a foundation for achieving sustainable economic development. Using the Logarithmic Mean Divisia Index method (LMDI), the paper measured the carbon emission intensity of 29 provinces and cities in China from 1998 to 2019, and decomposed the decoupling effect between GDP and carbon emission on the basis of factor decomposition by tapio. The results showed that: (1) Carbon intensity declined first, then rise lightly, and finally declined steadily. For the primary industry and the tertiary industry, the carbon intensity declined steadily, while the carbon intensity increased accordingly to the overall carbon intensity. In terms of spatial evolution, the regional differences between different provinces decreased correspondingly. (2) The cumulative contribution rates of these three effects, i.e., technological progress, industrial structure and regional scale were 106.3299%, −15.1486% and 8.8188%, respectively. There were obvious differences of these cumulative contribution rates of carbon intensity among different provinces. (3) From the perspective of industrial, technological progress effect is the largest contribution for carbon intensity in the secondary industry. The Industrial structure effect mainly affects the primary and tertiary industries; and no significant difference in regional scale effect. (4) The decoupling effect gradually improved, and technological progress has played an absolute leading role in promoting the decoupling effect. Based on the research results, the key policy recommendation are put forward as follows: (1) Further improve the technological level and support clean technology enterprises. (2) Promote industrial upgrading in backward industrial provinces (3) Promote regional assistance and the introduction of high-quality foreign investment.

With rapid progress in the corporate social responsibility (CSR) theories and the up-gradation of the global market information disclosure system, enterprises have increased their attention toward relevant stakeholders and social responsibility. CSR exerts a substantial impact on the sustainable development of enterprises and markets in the economic and social fields. On the one hand, the increasingly perfect supporting facilities promote the financial growth of the entire society. While on the other hand, the profit-seeking trend of capital is also on the rise. The incongruity between the rapid progress of enterprises and the lack of social responsibility limits the benign development of the market. This study discusses the antecedents of CSR from the variable combination perspective using the fuzzy-set qualitative comparative analysis. It also investigates which combination of characteristics has better CSR performance. After the configuration analysis, it is identified that four paths lead to high CSR performance. These include the market-developed type, political link type, financial performance type, and state-owned enterprise subsidy type, and the level of each type is explained in-depth. Finally, this study provides management inspiration for the government and enterprises to formulate a sound social responsibility strategy and improve CSR performance by optimizing the matching of CSR activities and business objectives.

With rapid progress in the corporate social responsibility (CSR) theories and the up-gradation of the global market information disclosure system, enterprises have increased their attention toward relevant stakeholders and social responsibility. CSR exerts a substantial impact on the sustainable development of enterprises and markets in the economic and social fields. On the one hand, the increasingly perfect supporting facilities promote the financial growth of the entire society. While on the other hand, the profit-seeking trend of capital is also on the rise. The incongruity between the rapid progress of enterprises and the lack of social responsibility limits the benign development of the market. This study discusses the antecedents of CSR from the variable combination perspective using the fuzzy-set qualitative comparative analysis. It also investigates which combination of characteristics has better CSR performance. After the configuration analysis, it is identified that four paths lead to high CSR performance. These include the market-developed type, political link type, financial performance type, and state-owned enterprise subsidy type, and the level of each type is explained in-depth. Finally, this study provides management inspiration for the government and enterprises to formulate a sound social responsibility strategy and improve CSR performance by optimizing the matching of CSR activities and business objectives.

Background and Purpose— Ischemic stroke induces metabolic disarray. A central regulatory site, pyruvate dehydrogeanse complex (PDHC) sits at the cross-roads of 2 fundamental metabolic pathways: aerobic and anaerobic. In this study, we combined ethanol (EtOH) and normobaric oxygen (NBO) to develop a novel treatment to modulate PDHC and its regulatory proteins, namely pyruvate dehydrogenase phosphatase and pyruvate dehydrogenase kinase, leading to improved metabolism and reduced oxidative damage. Methods— Sprague–Dawley rats were subjected to transient (2, 3, or 4 hours) middle cerebral artery occlusion followed by 3- or 24-hour reperfusion, or permanent (28 hours) middle cerebral artery occlusion without reperfusion. At 2 hours after the onset of ischemia, rats received either an intraperitoneal injection of saline, 1 dose of EtOH (1.5 g/kg) for 2- and 3-hour middle cerebral artery occlusion, 2 doses of EtOH (1.5 g/kg followed by 1.0 g/kg in 2 hours) in 4 hours or permanent middle cerebral artery occlusion, and EtOH+95% NBO (at 2 hours after the onset of ischemia for 6 hours) in permanent stroke. Infarct volumes and neurological deficits were examined. Oxidative metabolism and stress were determined by measuring ADP/ATP ratio and reactive oxygen species levels. Protein levels of PDHC, pyruvate dehydrogenase kinase, and pyruvate dehydrogenase phosphatase were assessed. Results— EtOH induced dose-dependent neuroprotection in transient ischemia. Compared to EtOH or NBO alone, NBO+EtOH produced the best outcomes in permanent ischemia. These therapies improved brain oxidative metabolism by decreasing ADP/ATP ratios and reactive oxygen species levels, in association with significantly raised levels of PDHC and pyruvate dehydrogenase phosphatase, as well as decreased pyruvate dehydrogenase kinase. Conclusions— Both EtOH and EtOH+NBO treatments conferred neuroprotection in severe stroke by affecting brain metabolism. The treatment may modulate the damaging cascade of metabolic events by bringing the PDHC activity back to normal metabolic levels.

Background and Purpose— Ischemic stroke induces metabolic disarray. A central regulatory site, pyruvate dehydrogeanse complex (PDHC) sits at the cross-roads of 2 fundamental metabolic pathways: aerobic and anaerobic. In this study, we combined ethanol (EtOH) and normobaric oxygen (NBO) to develop a novel treatment to modulate PDHC and its regulatory proteins, namely pyruvate dehydrogenase phosphatase and pyruvate dehydrogenase kinase, leading to improved metabolism and reduced oxidative damage. Methods— Sprague–Dawley rats were subjected to transient (2, 3, or 4 hours) middle cerebral artery occlusion followed by 3- or 24-hour reperfusion, or permanent (28 hours) middle cerebral artery occlusion without reperfusion. At 2 hours after the onset of ischemia, rats received either an intraperitoneal injection of saline, 1 dose of EtOH (1.5 g/kg) for 2- and 3-hour middle cerebral artery occlusion, 2 doses of EtOH (1.5 g/kg followed by 1.0 g/kg in 2 hours) in 4 hours or permanent middle cerebral artery occlusion, and EtOH+95% NBO (at 2 hours after the onset of ischemia for 6 hours) in permanent stroke. Infarct volumes and neurological deficits were examined. Oxidative metabolism and stress were determined by measuring ADP/ATP ratio and reactive oxygen species levels. Protein levels of PDHC, pyruvate dehydrogenase kinase, and pyruvate dehydrogenase phosphatase were assessed. Results— EtOH induced dose-dependent neuroprotection in transient ischemia. Compared to EtOH or NBO alone, NBO+EtOH produced the best outcomes in permanent ischemia. These therapies improved brain oxidative metabolism by decreasing ADP/ATP ratios and reactive oxygen species levels, in association with significantly raised levels of PDHC and pyruvate dehydrogenase phosphatase, as well as decreased pyruvate dehydrogenase kinase. Conclusions— Both EtOH and EtOH+NBO treatments conferred neuroprotection in severe stroke by affecting brain metabolism. The treatment may modulate the damaging cascade of metabolic events by bringing the PDHC activity back to normal metabolic levels.

In this paper, we use financial data of Chinese listed companies from 2010 to 2020 to explore the relation between working capital financing structure and firm value under certain monetary policy and macro economy situation. We find that when monetary policy expands, the use of aggressive working capital financing structure is conducive to value maximization; when the macroeconomic situation is good, the aggressive working capital financing structure helps to improve firm value. Further study finds that monetary policy expansion urges firms to use more short-term debt to cut capital cost, and better macroeconomic situation can cut firm’s bankrupt cost to bring down working capital financing structure and improve firm value.

In this paper, we use financial data of Chinese listed companies from 2010 to 2020 to explore the relation between working capital financing structure and firm value under certain monetary policy and macro economy situation. We find that when monetary policy expands, the use of aggressive working capital financing structure is conducive to value maximization; when the macroeconomic situation is good, the aggressive working capital financing structure helps to improve firm value. Further study finds that monetary policy expansion urges firms to use more short-term debt to cut capital cost, and better macroeconomic situation can cut firm’s bankrupt cost to bring down working capital financing structure and improve firm value.

AbstractMany developing countries are facing the difficulty of choosing between economic growth and energy conservation and emission reduction (ECER). China has strengthened the implementation of ECER by setting environmental accountability as the development goal of local governments, hoping to have better governance effects. To evaluate the actual intervention effect of this approach, this paper constructs panel data covering 46 countries from 1995 to 2014 and uses the difference-in-differences (DID) method and the composite control method to quantitatively analyse the policy effect. The results show that China can effectively curb energy consumption and carbon emission intensity per unit of GDP by adding ECER targets to the government’s five-year plan, which has significant effects on ECER. Furthermore, we use an intermediary mechanism to test and identify low-carbon alternatives and an ECER promotion mechanism for technological advancement. The conclusion shows that economic development is compatible with low carbon and energy consumption. Combined with China’s long-term goals for ECER, it can be considered that on the road to achieving carbon peaking and carbon neutrality in the future, the economy and tertiary industry should be rationally developed, the degree of urbanization should receive more attention, and the proportion of thermal power generation should be reduced.