期刊：
International Journal of Energy Research,2023年2023 ISSN：0363-907X
作者机构：
[Cheng, Fei] Zhejiang Huayun Informat Technol Co Ltd, Hangzhou, Peoples R China.;[Wei, Cong] Zhejiang Univ Finance & Econ, Sch Econ, Hangzhou, Peoples R China.;[Wei, Cong] Springfield Coll, Springfield, MA USA.;[Tang, Tian; Kong, Jiayang] Cent China Normal Univ, Sch Econ & Business Adm, Wuhan, Peoples R China.;[Tang, Tian; Kong, Jiayang] Cent China Normal Univ, Sch Math & Stat, Wuhan, Peoples R China.
摘要：
In recent years, the Chinese Central Government has put great emphasis on the marine economy, since it has been a new driving force of the national economic development. Yet, the relationship between marine economic development and energy efficiency remains unknown. In this paper, we investigate whether marine economic development affected energy efficiency. We focused on the Zhoushan Archipelago, the first National New Area for marine economic development in China. We applied panel data approach to construct the counterfactual of Zhoushan Archipelago. We compared Zhoushan and its counterfactual, the synthetic Zhoushan, and viewed the difference between them, after the Zhoushan Archipelago New Area, as the impact of marine economic development on energy efficiency. We found that compared with its counterfactual, the real Zhoushan had a more substantial improvement in energy efficiency after the National New Area construction. We estimated that the construction of the National New Area for Marine Economy increased energy efficiency by about 10 percentage points. We also applied the bootstrapping technique to illustrate the significance of the estimated results. The results suggest that the Zhoushan Archipelago New Area construction had a statistically significant impact on energy efficiency. In addition, we conducted two tests, including leave-one-out tests and permutation tests, to check the robustness of estimated results, which also serve as an illustration of significance of the estimated results from an alternative empirical perspective. The results from these two tests are similar to each other, both indicating that the Zhoushan Archipelago New Area construction had a statistically significant positive impact on energy efficiency. Overall, our results suggest that marine economic development had a sizable improvement in energy efficiency.
作者：
Su, Kuangxi;Yao, Yinhong;Zheng, Chengli;Xie, Wenzhao
期刊：
International Review of Economics & Finance,2023年83:35-50 ISSN：1059-0560
通讯作者：
Chengli Zheng
作者机构：
[Zheng, Chengli; Su, Kuangxi] Cent China Normal Univ, Sch Econ & Business Adm, Wuhan, Hubei, Peoples R China.;[Zheng, Chengli; Su, Kuangxi] Cent China Normal Univ, Financial Engn Res Ctr, Wuhan, Hubei, Peoples R China.;[Yao, Yinhong] Capital Univ Econ & Business, Sch Management & Engn, Beijing, Peoples R China.;[Xie, Wenzhao] Changjiang Secur Co Ltd, Wuhan, Hubei, Peoples R China.
通讯机构：
[Chengli Zheng] S;School of Economics and Business Administration, Central China Normal University, China<&wdkj&>Financial Engineering Research Center, Central China Normal University, China
摘要：
Effective and robust crude oil hedging strategies are becoming increasingly important for investors. However, due to the differences between data characteristics, the choice of model usually has a significant impact on hedging performance, and an incorrect model can make the hedging performance less efficient and robust. In this paper, a novel hybrid hedging model is proposed to reduce the model uncertainty. In detail, different hedging models are combined to construct a hybrid. Then, the maximum percentage reduction of the hybrid is selected as the optimization target to derive optimal hedge ratios and combination weights. The essence of the hybrid hedging model is to choose a better one among different strategies. In the empirical analysis, we construct the hybrid model by combining three single models: parametric, nonparametric, and semiparametric minimum-CVaR hedging models. The empirical results show that the novel hybrid model significantly outperforms other four competitive models in return, Sharpe ratio, maximum drawdown and downside volatility, while slightly outperforms other competitors in CVaR reduction. The robustness tests by changing the window width, confidence level, data frequency, empirical data, and objective function to be optimized validate the above conclusions.
作者机构：
[Lai, Jiaxin; Chen, Silu; Tian, Chenling] Cent China Normal Univ, Sch Econ & Business Adm, Wuhan, Hubei, Peoples R China.;[Jiang, Xia] Zhejiang Normal Univ, Coll Econ & Management, China Africa Int Business Sch, Jinhua, Peoples R China.;[Jiang, Xia] Nanjing Univ, Business Sch, Nanjing, Peoples R China.;[Jiang, Xia] Zhejiang Normal Univ, Coll Econ & Management, China Africa Int Business Sch, 688 Yingbin Rd, Jinhua 321004, Peoples R China.;[Jiang, Xia] Nanjing Univ, Business Sch, 22 Hankou Rd, Nanjing 210093, Peoples R China.
通讯机构：
[Jiang, X ] Z;Zhejiang Normal Univ, Coll Econ & Management, China Africa Int Business Sch, 688 Yingbin Rd, Jinhua 321004, Peoples R China.;Nanjing Univ, Business Sch, 22 Hankou Rd, Nanjing 210093, Peoples R China.
关键词：
Environmental regulation;top management team (TMT) harmonious environmental passion climate;TMT environmental performance anxiety climate;enterprise green innovation
摘要：
Although environmental regulations are effective forces to conduct green innovation, the existing research has not yet reached a consensus on the relationship between environmental regulations and enterprise green innovation. The objective of this study is to explore the influence mechanism of environmental regulations (i.e., market-based and command-based) on enterprise green innovation from the perspective of social information processing theory and regulatory focus theory. A time-lagged survey based on a Chinese sample of 184 firms supports the hypothesized moderated mediation model. The results show that (a) environmental regulations positively impact enterprise green innovation; (b) top management team (TMT) harmonious environmental passion climate fully mediates the relationship between market-based environmental regulation and enterprise green innovation, while TMT environmental performance anxiety climate partially mediates the relationship between command-based environmental regulation and enterprise green innovation; (3) chief executive officer (CEO) promotion regulatory focus moderates the positive impact of TMT harmonious environmental passion climate on enterprise green innovation, and CEO prevention regulatory focus moderates the positive impact of TMT environmental performance anxiety climate on enterprise green innovation. These findings extend the green innovation literature on how and when environmental regulations affect enterprise green innovation.
