An Analysis of the Effects of ESG on Firm Performance and Financial Risk : Evidence from Chinese Stock Markets

Yanwei Zhao(Yanwei Zhao),Tae-Yeong Choi(Tae-Yeong Choi) 글로벌융합연구학회 2023 글로벌융합연구학회지 Vol.2 No.1

In this paper, we examine the effects of ESG(corporate environmental, social and governance) on firm petformance and financial risk. We choose China's A-share manufacturing firms listed on Shanghai and Shenzhen Stock Exchanges. Sample span covers January 2010 to December 2020. We obtain the financial data from the online CSMAR DB and Wind DB. Using panel data, we employ panel regression analysis. We choose Tobin's Q and Altrnan's Z-score as dependent variables to calculate firm performance and financial risk. We select the popular Bloomberg ESG composite score as independent variable to measure the corporate ESG. In addition, we add six control variables, namely, firm size, growth, book-to-market value ratio, rate of return, annual and industry dummy variables. We find that the ESG not only improve firm perfonnm1ce but also reduce film's financial risk. These findings are largely consistent with prior studies. This paper has at least two limitations due to sample collection difficulty. First, we use only the manufacturing industry data for empirical analysis. Second, we include only the state-owned firms in the sample, excluding the private manufacturing industry. In the future studies, we hope to overcome these limitations of this paper.

Effects of External Corporate Governance Mechanism on Financial Distress Risk: Evidence from Chinese Listed Firms

Yanwei Zhao,Tae-Yeong Choi 한국자료분석학회 2022 Journal of the Korean Data Analysis Society Vol.24 No.6

We explore the effects of external corporate governance measures on financial distress risk for the non-financial listed firms in China. For empirical analysis, we use panel regression models to handle the panel data collected from the CSMAR for 2010-2020. As a proxy for the financial distress risk or dependent variable, we employ the Z-score (Altman, 1968) which measures the financial distress risk inversely. As measures for external corporate governance mechanism or explanatory variables, we choose product market competition, control market competition, bank borrowing ratio, external audit, government supervision, supplier trust and customer support. In addition, we take three control variables, namely, company size, listing period, and operating profit ratio. Overall, our findings are largely consistent with prior studies, showing that the external corporate governance mechanism exert significant influence on financial distress risk. Among the independent variables, product market competition, external audit, supplier trust and customer support have a significant positive relationship with financial distress risk, while bank borrowing ratio has a significant negative association with the financial distress risk. Of the control variables, firm size and operating profit ratio are positively associated with the financial distress risk, while listing period is negatively associated with the financial distress risk of the company. These findings would be useful for corporate decision makers, institutional and individual investors, and government policymakers in devising investment strategy and government policies to alleviate the likelihood of financial distress risk.

A cosmic ray muons tomography system with triangular bar plastic scintillator detectors and improved 3d image reconstruction algorithm: A simulation study

Zhao Yanwei,Luo Xujia,Qin Kemian,Liu Guorui,Chen Daiyuan,Augusto R.S.,Zhang Weixiong,Luo Xiaogang,Liu Chunxian,Liu Juntao,Liu Zhiyi 한국원자력학회 2023 Nuclear Engineering and Technology Vol.55 No.2

Purpose: Muons are characterized by a strong penetrating ability and can travel through thousands of meters of rock, making them ideal to image large volumes and substances typically impenetrable to, for example, electrons and photons. The feasibility of 3D image reconstruction and material identification based on a cosmic ray muons tomography (MT) system with triangular bar plastic scintillator detectors has been verified in this paper. Our prototype shows potential application value and the authors wish to apply this prototype system to 3D imaging. In addition, an MT experiment with the same detector system is also in progress. Methods: A simulation based on GEANT4 was developed to study cosmic ray muons' physical processes and motion trails. The yield and transportation of optical photons scintillated in each triangular bar of the detector system were reproduced. An image reconstruction algorithm and correction method based on muon scattering, which differs from the conventional PoCA algorithm, has been developed based on simulation data and verified by experimental data. Results: According to the simulation result, the detector system’s position resolution is below 1 ~ mm in simulation and 2 mm in the experiment. A relatively legible 3D image of lead bricks in size of 20 cm 5 cm 10 cm used our inversion algorithm can be presented below 1 104 effective events, which takes 16 h of acquisition time experimentally. Conclusion: The proposed method is a potential candidate to monitor the cosmic ray MT accurately. Monte Carlo simulations have been performed to discuss the application of the detector and the simulation results have indicated that the detector can be used in cosmic ray MT. The cosmic ray MT experiment is currently underway. Furthermore, the proposal also has the potential to scan the earth, buildings, and other structures of interest including for instance computerized imaging in an archaeological framework.

내부 기업지배구조가 재무곤경위험에 미치는 영향 : 중국 상장기업을 중심으로

조암위(Yanwei Zhao),최태영(Tae-Yeong Choi) 한국자료분석학회 2021 Journal of the Korean Data Analysis Society Vol.23 No.5

본 연구는 내부 기업지배구조(internal corporate governance structure)가 기업의 재무곤경위험에 미치는 영향을 분석함으로써, 기업의 위험관리 차원에서 기업지배구조 메커니즘을 확인하고 시사점을 제시하고자 하였다. 패널모형분석을 위해 중국 상하이증권거래소와 심전증권거래소에 상장된 비금융·비관리대상 A주식을 대상으로 2010~2020년 기간 동안 2,652개 기업, 29,172개 기업-연도 관측치로 패널자료를 구성하였다. Li et al.(2021)에서 제시된 내부 기업지배구조 척도 중에서 이사회규모, 이사회회의개최횟수, 독립이사비율, 양직합일(duality of chair and CEO), 이사보수, 여성이사비율 등 7개를 설명변수, 재무곤경위험의 대용치인 Z-score(Altman, 1968)를 종속변수, 그리고 재무비율인 부채비율과 자기자본이익률(ROE) 등 2개를 통제변수로 각각 선택하였다. 분산팽창계수(variance inflation factor : VIF)를 이용해서 다중공선성 문제가 없음을 확인하였고, Hausman 검정을 통해 고정효과모형과 확률효과모형 중에서 고정효과모형을 선택하였다. 실증분석 결과, 기업지배구조 척도 중 이사회회의개최횟수와 지분이사비율, 이사보수, 여성이사비율 등은 기업의 재무곤경위험에 유의한 음(-)의 영향을 미치는 것으로 나타났다. 이사회규모는 기업의 재무곤경위험에 양(+)의 영향을 미치고, 독립이사비율과 양직합일은 기업의 재무곤경위험에 음(-)의 영향을 미치는 것으로 나타났지만, 이들 관계는 통계적으로 유의하지 않았다. 통제변수 중 부채비율은 기업의 재무곤경위험과 유의한 양(+)의 상관관계를 보여주었고, ROE는 유의하지 않았지만 음(-)의 상관관계를 가지는 것으로 나타났다. We examined the effects of internal corporate governance measures on financial distress risk using Chinese listed companies. All sample data are collected from CSMAR database. After the exclusion of financial firms, ST (special treatment) stocks, and incomplete data, the final sample contains 2,652 non-financial firms listed at Shanghai and Shenzhen Stock Exchanges. The data span covers 2010 to 2021, and the number of firm-year observations is 29,172. Using the original Z-score from Altman (1968) as the proxy measure for financial distress risk, we employed panel linear regression model to conduct the empirical analysis. We found that most of the internal corporate governance measures showed statistically significant relationship with firms’ financial distress risk. The number of board meetings per year, share director ratio, director salary, female director ratio and revealed significant positive impact on the financial distress of Chinese firms. Although statistically not significant, board size revealed positive relationship with financial distress risk, while proportion of independent directors and duality of chair and CEO showed negative relationship with financial distress risk of Chinese firms. Regarding the control variables, ROE showed significant negative effect on the firms’ financial distress risk while leverage ratio revealed significant positive effect on the financial distress risk.

The Nonlinear Effect of Population Aging and Socio-economic Conditions on Carbon Emission: An Empirical Analysis of 30 Provinces and Regions in China

Luo Zhenxing(Zhenxing Luo),Zhao Yanwei(Yanwei Zhao),Lim Jungmin(Jungmin Lim) 한국자료분석학회 2023 Journal of the Korean Data Analysis Society Vol.25 No.3

The central aim of this paper is to provide a comprehensive analysis of the impact of population aging on carbon emissions in China. In order to attain a deeper comprehension of this effect, this study investigates the non-linear relationship between population aging and carbon emissions through empirical analysis of 30 provinces and regions in China from 1997 to 2019 using a panel threshold model. Our primary research findings indicate that the correlation between population aging and carbon emissions demonstrates nonlinearity. Population aging has had an inhibitory effect on carbon emissions; however, as the aging population continues to increase, its effect on suppressing carbon emissions will weaken. Moreover, we have also uncovered non-linear relationships between energy intensity, per capita GDP, industrial structure, and carbon emissions. Notably, despite rapid growth in total fossil energy consumption, energy intensity has shown a decreasing trend in China, which has mitigated the upsurge in carbon emissions attributed to fluctuations in energy intensity. The positive correlation between GDP per capita and carbon emissions is evident, but there is little variation observed across different threshold levels. Finally, the relationship between industrial structure and carbon emissions is considerably intricate, our results show that a U-shaped curvilinear relationship exists between the two variables.

Synthesis of a Novel Ce-bpdc for the Effective Removal of Fluoride from Aqueous Solution

Zhao, Changqing,Cui, Yanwei,Fang, Fang,Ryu, Si Ok,Huang, Jiarui Hindawi Limited 2017 Advances in condensed matter physics Vol.2017 No.-

<P>Ce-1,1′-biphenyl-4,4′-dicarboxylic acid (Ce-bpdc), a novel type of metal organic framework, was synthesized and applied to remove excessive fluoride from water. The structure and morphology of Ce-bpdc were measured by X-ray diffraction, scanning electron microscopy, Fourier transform infrared spectroscopy, and X-ray photoelectron spectroscopy. The effects, such as saturated adsorption capacity, <SUP><SUB>HCO3</SUB>-</SUP>, and pH, were investigated. The optimal pH value for fluoride adsorption was the range from 5 to 6. The coexisting bicarbonate anions have a little influence on fluoride removal. The fluoride adsorption over the Ce-bpdc adsorbent could reach its equilibrium in about 20 min. The Ce-bpdc coordination complex exhibited high binding capacity for fluoride ions. The maximum adsorption capacity calculated from Langmuir model was high up to 45.5 mg/g at 298 K (pH = 7.0) and the removal efficiency was greater than 80%. In order to investigate the mechanism of fluoride removal, various adsorption isotherms such as Langmuir and Freundlich were fitted. The experimental data revealed that the Langmuir isotherm gave a more satisfactory fit for fluoride removal. Finally, the tested results of ground water samples from three places, Yuefang, Jiangji, and Sanyi which exhibited high removal efficiency, also demonstrate the potential utility of the Ce-bpdc as an effective adsorbent.</P>

FGFR4 Gly388Arg Polymorphism Affects the Progression of Gastric Cancer by Activating STAT3 Pathway to Induce Epithelial to Mesenchymal Transition

Yanwei Ye,Jie Li,Dongbao Jiang,Jingjing Li,Chuangfeng Xiao,Yingze Li,Chao Han,Chunlin Zhao 대한암학회 2020 Cancer Research and Treatment Vol.52 No.4

Purpose Fibroblast growth factor receptor 4 (FGFR4) plays a critical role in cancer progression involving in tumor proliferation, invasion, and metastasis. This study clarified the role of FGFR4-Arg388 variant in gastric cancer (GC), and more importantly highlighted the possibility of this single nucleotide polymorphism (SNP) as potential therapeutic targets. Materials and Methods FGFR4 polymorphism was characterized in advanced GC patients to perform statistical analysis. FGFR4-dependent signal pathways involving cell proliferation, invasion, migration, and resistance to oxaliplatin (OXA) in accordance with the SNP were also assessed in transfected GC cell lines. Results Among 102 GC patients, the FGFR4-Arg388 patients showed significantly higher tumor stage (p=0.047) and worse overall survival (p=0.033) than the Gly388 patients. Immunohistochemical results showed that FGFR4-Arg388 patients were more likely to have higher vimentin (p=0.025) and p-STAT3 (p=0.009) expression compared with FGFR4-Gly388 patients. In transfected GC cells, the overexpression of FGFR4-Arg388 variant increased proliferation and invasion of GC cells, increasing resistance of GC cells to OXA compared with cells overexpressing the Gly388 allele. Conclusion The exploration mechanism may be through FGFR4-Arg388/STAT3/epithelial to mesenchymal transition axis regulating pivotal oncogenic properties of GC cells. The FGFR4-Arg388 variant may be a biomarker and a candidate target for adjuvant treatment of GC.

TRAJECTORY PLANNING ALGORITHM USING GAUSS PSEUDOSPECTRAL METHOD BASED ON VEHICLE-INFRASTRUCTURE COOPERATIVE SYSTEM

Yingxuan Zhu,Kegang Zhao,Haolin Li,Yanwei Liu,Quancheng Guo,Zhengtao Liang 한국자동차공학회 2020 International journal of automotive technology Vol.21 No.4

Vehicle-infrastructure cooperative systems can potentially enhance both traffic safety and efficiency by conducting coordinated control through the interactive strategy between the vehicles and the infrastructure. In this study, the interactive strategy of a vehicle infrastructure cooperative system is designed. Lane change maneuver is a conventional behavior in driving. Thus, this paper proposes a trajectory planning algorithm based on a Gauss pseudo-spectral method that is applied to the intelligent vehicle-infrastructure cooperative system in the lane change scenario. A road side unit calculates the planning trajectory using collected vehicle information and sensor data and then sends the trajectory planning advice to the designated vehicle. The Gauss pseudo-spectral method is used to obtain the planning trajectory, which effectively helps solve the discontinuous optimization problems in partial conditions. It transforms the optimal control problem of dynamic systems into a nonlinear programming problem using the orthogonal collocation method to discretize the objective function and various constraints of the optimization problem. Furthermore, the ssuential quadratic programming method is used to solve the problem numerically. The effectiveness of the proposed method and interactive strategy are demonstrated through simulations and experimental results.

Comparative Analysis of Outcomes and Clinicopathological Characteristics of Synchronous and Metachronous Contralateral Breast Cancer: A Study of the SEER Database

Ruiyue Qiu,Wen Zhao,Jiao Yang,Yanwei Shen,Biyuan Wang,Pan Li,Andi Zhao,Qi Tian,Mi Zhang,Min Yi,Jin Yang,Danfeng Dong 한국유방암학회 2019 Journal of breast cancer Vol.22 No.2

Purpose: Numerous previous studies have reported inconsistent results about the differences between synchronous contralateral breast cancer (sCBC) and metachronous contralateral breast cancer (mCBC). This study aimed to compare the clinical characteristics and outcomes between sCBC and mCBC and determine predictive factors for the survival of sCBC and mCBC patients. Methods: Using the Surveillance, Epidemiology, and End Results Program database, we identified sCBC or mCBC patients from 2000 to 2010. The Kaplan-Meier method and Cox proportional hazards regression analysis were used to analyze overall survival and breast cancer-specific survival (BCSS) rates of sCBCs and mCBCs, respectively. Results: Overall, 14,057 sCBC (n = 8,139, 57.9%) and mCBC (n = 5,918, 42.1%) patients were included. The first tumors of sCBC were more likely to have higher stage and more lymph and distant metastases, whereas those of mCBC were more often infiltrating ductal carcinoma (IDC), had localized stage, were estrogen receptor (ER) and progesterone receptor (PR) negative, and had less axillary nodal involvement. The second tumors of mCBC tended to be IDC and have higher grade, adverse stage, ER and PR-negativity; and more axillary nodal involvement, compared to the second tumors of sCBC. mCBC patients had significantly favorable 5-year BCSS but worse long-term BCSS compared with sCBC patients. Moreover, subgroup analysis revealed no significant difference of BCSS between sCBC and mCBC among patients aged 18–60 years. Multivariate analysis indicated that age, grade, and stage of 2 tumors; surgery for second tumor; and ER status of the second tumor were independent prognostic factors for BCSS of contralateral breast cancer (CBC). Conclusion: The characteristics and outcomes of sCBCs and mCBCs were substantially different. sCBC and mCBC patients may have different prognosis, and the prognosis of CBC depends on the first and second tumors.

Neuroprotective Effects of Luteolin Against Spinal Cord Ischemia–Reperfusion Injury by Attenuation of Oxidative Stress, Inflammation, and Apoptosis

Jian Fu,Haibin Sun,Yongzhe Zhang,Wei Xu,Chuan Wang,Yanwei Fang,Jianhui Zhao 한국식품영양과학회 2018 Journal of medicinal food Vol.21 No.1

Luteolin (LU) is a widely distributed flavonoid with multitarget effects. The objective of this study was to determine whether LU could reduce the ischemia–reperfusion injury of the spinal cord (SCII) in a rat model. Forty-eight rats were divided into four groups: sham, SCII, SCII+L-LU (50 mg/kg), and SCII+H-LU (100 mg/kg). Abdominal aortic occlusion was carried out for 40 min in all groups. Hindlimb motor functions were evaluated using the Tarlov scoring system. Nissl and terminal deoxynucleotidyl transferase-mediated dUTP biotin nick end labeling (TUNEL) staining were used to detect cell survival and apoptosis in the spinal cord. Spinal cord samples were taken for determination of malondialdehyde, xanthine oxidase, superoxide dismutase, and glutathione peroxidase activities. The levels of tumor necrosis factor-α, interleukin (IL)-1β, and IL-18 were assessed using ELISA kits to examine the inflammatory responses in the spinal cord. Western blot analysis was used to examine the expression of nuclear factor erythroid 2-related factor (Nrf2) and nod-like receptor pyrin domain-containing 3 protein (NLRP3) levels. We found that LU pretreatment significantly improved the locomotor function of rats after SCII, increased neuron survival, and inhibited apoptosis in the spinal cord. Furthermore, the oxidative stress and inflammatory response were significantly suppressed upon treatment with LU. Finally, LU upregulated Nrf2 levels and downregulated NLRP3 protein expression in SCII tissues. Thus, LU exhibited a neuroprotective effect following SCII by alleviating oxidative stress and inhibiting inflammatory responses and cell apoptosis. The possible mechanism may be related to the activation of Nrf2 and inhibition of NLRP3 inflammasome pathway.