While the central government of China established its "dual carbon" goals, transformation of energy structure has become key component of the country's energy revolution and economic reform. Installment of the "Source-Grid-Load-Storage" (SGLS) systems is crucial for implementation of the ESG goals in domestic oilfields and uplifting of the economic efficiency for oil production. The SGLS system is a micro power grid capable of dispatching power among multiple equipment in the most efficient way but to consider multi factors including power generation, power storage, and electrical load. However, the randomness and intermittency of renewable energy power generation imposes significant challenges to the SGLS systems control, making it difficult to assess the economic benefits and therefore being undervalued by oil companies for its potential ESG benefits.To promote SGLS systems to be applied in the oilfields, this paper proposes a model to assess economic benefits of the SGLS system. Based on real data generated by sample Oilfield, an operation model designed for the SGLS system is established to access the optimal cost structure. Factors that have been built into the model include the main grid purchasing cost, dissipation cost during power transport, photovoltaic power generation cost, and energy storage cost. By calculating the optimal cost structure with the mentioned multi factors built in, the model can predict operational outcome of the SGLS system in real-time and guide on the power dispatching. Meanwhile, the model is trying to maintain the minimum requirement of energy reserve. Based on scenario testing, the economic benefits of SGLS system in oilfield production are assessed with an optimized cost approach, therefore a valuable reference for the oil industry. This research also conducted interviews with key people in the oil industry and proposes strategies to improve the economic benefits of SGLS systems in Oilfield based on takeaways from those interviews. This could be value-adding to accelerate construction of SGLS systems and its application in the oilfields. Meanwhile, the SGLS operational model designed in this paper as a power generation solution is innovative to the energy industry and with obvious economic benefits. Therefore, it could also be an enabler of the oil industry’s sustainable development in the long run.

Solar power, as an important part of renewable energy, has become one of the main choices for countries around the world in their energy strategic layout due to its cleanliness, renewability, and distributed attributes. In the context of the booming photovoltaic industry, China has emerged a large number of excellent photovoltaic companies, driving the whole industry to reduce costs and increase efficiency, making many contributions to the grid parity of photovoltaic power generation. In the development lifecycle of the photovoltaic industry, various companies choose different competitive strategies to deal with industry cyclical changes and external uncertainty based on their core competitiveness and market opportunities. Vertical integration is one of the strategic paths chosen by many photovoltaic companies. Therefore, it is an important issue to explore the impact of vertical integration on the development of Chinese photovoltaic companies.Based on the data of China's A-share listed photovoltaic companies from 2018 to 2022, this paper uses panel fixed effect model to empirically test the impact of vertical integration on corporate valuation, explores its influencing mechanism, and further analyzes the moderating effect of enterprise heterogeneity factors. The research in this paper shows that: (1) under other conditions unchanged, vertical integration significantly improves the valuation level of enterprises, and this positive impact will not change with the measurement method of enterprise valuation level. This is because the higher the vertical integration degree of enterprises, the stronger their ability to respond to external uncertainty. The more enterprises can obtain capital market preferences, the higher the enterprise valuation will be. This also means that the higher the vertical integration degree of photovoltaic enterprises, the higher their market share is, and they are more able to avoid the impact of external uncertainty, thus obtaining a higher valuation level in the secondary market. (2) The intermediary effect test shows that the channel for vertical integration of photovoltaic enterprises to affect enterprise valuation levels is to increase their market share. (3) Further heterogeneity analysis shows that enterprise profitability and enterprise size positively regulate the impact of vertical integration on enterprise valuation, while enterprise management shareholding ratio and enterprise operating cost ratio will weaken the positive promotion effect of vertical integration. The research conclusions of this paper provide micro-empirical evidence for how photovoltaic companies can improve their enterprise valuation, and also provide some management references for other unlisted companies in the same industry. Keywords: Photovoltaic enterprises; Vertical integration; Corporate valuation; Fixed effect model

Manufacturing enterprises are generally aware of the importance of digital transformation. However, how to achieve digital transformation troubles traditional manufacturing enterprises. The textile printing and dyeing industry started from early 1980s onwards China's reform and opening up. The industry has reached a stage of high production capacity and is facing significant pressure for transformation and upgrading. Many business operators are struggling to explore and seek to achieve cost reduction and efficiency increase through digital transformation, thereby accelerating industrial innovation and transformation. In order to alleviate the pressure of sharply rising labor, environmental and energy costs, and build a medium to long-term competitive advantage. Printing and dyeing enterprises need to use digital methods to empower and upgrade their previous operational processes from top to bottom, from inside to outside, and reshape new driving forces and advantages through digital transformation throughout the entire process, scenario, touch point, and lifecycle. This article focuses on the digital transformation investment, studies its determining factors and economic consequences from the perspectives of production process performance and overall enterprise performance .It has found that: (1) transformation factors, transformation direction, and transformation cognition all positively affect digital investment, but only the transformation direction has significant impact; (2) Digital investment has promoted the improvement of production process efficiency, and this promotion is significant at the 1% significance level; (3) Digital investment significantly promotes the overall efficiency; (4) The improvement of production process efficiency positively promotes the relationship between digital investment and enterprise efficiency, but this impact is not statistically significant. In other words, the positive correlation between digital investment and enterprise efficiency does not change statistically due to differences in enterprise production process efficiency. This inspires dyeing enterprises to allocate resources reasonably when undergoing digital transformation. Blindly invest in the production process digitization and neglecting the coordinated development of other aspects in digitalization can lead to unreasonable resource allocation, resulting in waste of resources.

Presently, the asset allocation of Chinese resident families and HNWIs is mainly characterized by the following two irrationalities: Firstly, high proportion of non-financial assets and the excessive reliance of families on real estate may bring many drawbacks such as over-concentration of risk and reduction of liquidity; Secondly, low holding rate and small holding scale of equity assets, and the concentration of wealth in cash and fixed-income assets may lead to difficulties in enjoying the benefits brought by rapid growth of the domestic economy. This study examines the key factors affecting the equity asset allocation of Chinese HNWIs, with the aim of providing a practical basis for HNWIs and wealth management practitioners to facilitate the inflow of capital into the capital market, thereby promoting the high-quality development of China's financial market.The study first sorts out the relevant theories and literatures in terms of asset allocation, and also compares the household asset allocation in China with that in developed countries such as America and Japan, to find out the differences and analyze the possible reasons. Subsequently, it proposes possible influencing factors through integrating related theories, and conducts questionnaire survey based on the hypotheses. Finally, multiple linear regression method is used to test the correlation between each factor and the proportion of equity asset allocation and put forward corresponding policy suggestions. The main findings of this study are as follows: First, investors' educational background is positively correlated with their proportion of equity asset allocation. The higher the education level and the deeper the background in finance, the higher their proportion of equity asset allocation. Second, retail investors who rely on their own research for investment have a higher allocation to stock assets. Third, investors with shorter average investment cycles have higher allocations to equity assets. Fourth, investors with higher investment expectations and higher maximum acceptable losses have higher equity asset allocations. Based on these, it is recommended to increase special education and training, strengthen the sharing of investment experience among HNWIs, and encourage long-term investors and professional investment advisers to increase equity asset allocation in order to realize wealth preservation and appreciation.

The pharmaceutical industry plays an important role in Chinese economic development. How to propel the innovation and growth of the pharmaceutical industry with capital market tools becomes an important question. With the increasing layout of venture capital (VC) in the pharmaceutical industry, the impact of VC participation on the innovation and growth of pharmaceutical enterprises should be carefully studied. For investment purposes, CVCs, which are established by industrial corporations, mainly focus on new technologies and modes in the relevant industrial chain of their parent companies, and try to establish strategic synergy through their equity investment. IVCs have no specific industry restrictions, and their purpose is to search for and identify innovative enterprises with high growth potentials, and to harvest financial gains by investing in them.In order to explore these issues, this paper collects and analyzes data from a sample of Chinese A-share listed pharmaceutical companies from 2015 to 2022, tests the impact of VCs on the innovation inputs, innovation outputs, and growth performance of this sample of companies, and examines the differences between the impacts of IVCs and CVCs on the relevant performance. It is found that VC investment has a significant positive impact on pharmaceutical firms' innovation input, innovation output, and firm growth. In particular, IVCs have a significant positive effect on innovation input, growth performance, and an insignificant effect on innovation output of pharmaceutical firms. CVCs, on the other hand, have a significant positive effect on innovation input, innovation output, and growth performance of pharmaceutical firms. In addition, the interaction between IVC and CVC can further enhance the innovation input level and growth performance level of pharmaceutical enterprises. This paper uncovers the differences in the impact of IVCs and CVCs on the innovation input, innovation output, and growth performance of pharmaceutical enterprises, expands the research on venture capital, enriches the driving mechanism of pharmaceutical enterprises' high-quality growth and innovation capability in the Chinese context. This paper also provides some insights into how pharmaceutical enterprises select VCs and how VCs can empower pharmaceutical enterprises in practice.

This paper analyzes China's transformative changes over the past four decades through a microeconomic lens focused on enterprises. Market-oriented non-state-owned enterprises have emerged as a pivotal force driving China's economic development within this context. The article investigates the determinants of their development. Notably, more than half of market-oriented non-state-owned enterprises have entered the inheritance stage, necessitating the exploration of novel attributes for sustained growth.The study's research scope is defined across four dimensions, with a specific focus on approximately 4,000 market-oriented non-state-owned enterprises. It investigates the driving factors behind sustained performance growth at various stages of these enterprises, emphasizing five variables: "partnership governance, entrepreneurial spirit, development strategy, incentive mechanisms, and innovation capability." Employing a combination of "typical case studies" and "group validation" methods, the research examines the factors influencing sustained growth in these enterprises and their interrelationships. The goal is to construct a model for enterprise succession and development, ultimately offering recommendations to foster sustained growth. The research paper is structured into an introduction, literature review and theoretical foundation, typical case studies, empirical research on a group, and a conclusion. ii Key findings include: Partnership governance positively impacts partners' entrepreneurial spirit, promoting sustained performance growth. Trajectory-oriented development strategies, effective incentive mechanisms, and leading innovation capabilities have a positive moderating effect on entrepreneurial spirit, fostering sustained performance growth. During the innovation development phase, partnership governance significantly influences entrepreneurial spirit with a noteworthy environmental moderation effect. The paper recommends implementing a "Dual-Factor Improvement Model" that enhances both partnership governance systems and the selection and functioning mechanisms of entrepreneurial spirit partners. This approach aims to boost partners' entrepreneurial spirit and facilitate high-quality succession in market-oriented non-state-owned enterprises，，ultimately achieving sustained high-quality growth. In conclusion, this research contributes to a deeper understanding of sustained performance growth in enterprises. It offers valuable insights for the succession and development of market-oriented non-state-owned enterprises and innovation-driven entrepreneurship. This research holds significant value in advancing sustained high-quality development among market-oriented non-state-owned enterprises in China, optimizing resource allocation, and nurturing talented individuals.

This paper studies the spillover effect of star funds in the Chinese mutual fund market. I show that star funds can attract more capital inflows to their sibling funds (managed by same fund manager) and family funds (managed by same fund company). The spillover effect is stronger for sibling funds.Further, I propose two mechanisms of spillover effect of star funds. The first mechanism is related to investors’ limited attention and ability. Star funds can easily attract investors’ attention among numerous fund products. The high degree of attention of star funds makes their related funds (e.g., family funds and sibling funds) get more attention, thus attracting more capital flows. I show that the spillover effect of star funds to their sibling funds is stronger among funds with a higher proportion of individual investors. Due that individual investors are more limited in attention and more easily pay attention to sibling funds, the result thus verifies the mechanism to a certain extent. The second mechanism is about performance correlation. Investors choose sibling or family funds of star funds because they expect their future performance to be as excellent as that of star funds. I find that the performance correlation between sibling funds and star funds is stronger than that between family funds and star funds. Combined with the result that the spillover effect of star funds on sibling funds is stronger than that on family funds, it verifies the mechanism to some extent. This paper is of great significance for understanding the spillover effect of star funds.