Yuan Feng

This study explores the impact of government informatization construction on corporate digital technology innovation. It uses the integration of informatization and industrialization pilot zones in China as a quasi-natural experiment of government informatization construction, and construct a difference-in-differences model. Based on a sample of Chinese A-share corporations from 2007 to 2021, the empirical findings reveal that government informatization construction significantly promotes corporate digital technology innovation by enhancing corporate attention to digital technologies and reducing transaction costs. Furthermore, the positive impact is more pronounced in the southern regions and regions with stronger intellectual property protection and high-tech and digital economy industries, as well as mature-stage corporations and corporations with higher levels of digital technology innovation. These findings provide valuable insights for implementing informatization policies and facilitating corporate digital technology innovation.

The indispensability argument for abstract mathematical entities has been an important issue in the philosophy of mathematics. The argument relies on several assumptions. Some objections have been made against these assumptions, but there are several serious defects in these objections. Ameliorating these defects leads to a new anti-realistic philosophy of mathematics, mainly: first, in mathematical applications, what really exist and can be used as tools are not abstract mathematical entities, but our inner representations that we create in imagining abstract mathematical entities; second, the thoughts that we create in imagining infinite mathematical entities are bounded by external conditions.

Residents' high medical expenses is the core challenge that needs to be solved urgently in China's medical reform for a long time. Based on the panel data of 30 provinces in Chinese Mainland during 2011–2019, we evaluate the impact of China's national comprehensive medical reform pilot policy on residents' medical expenses by using the difference-in-differences model. The results show that the pilot policy was generally conducive to reducing residents' medical expenses, resulting in a reduction of 2.13% in per capita medical expenses for inpatients, but the effect on per capita medical expenses for outpatients was insignificant. Mechanism analysis shows that hospital competition and institutional environment played a moderating role in the effect of the pilot policy on residents' medical expenses reduction. The more intense the hospital competition and the better the institutional environment, the more significant of the reduction effect. In addition, the reduction effect of the pilot policy was greater in the central provinces, the provinces with poor medical infrastructure, and the provinces with strong financial strength. This study provides useful policy insights for deepening medical reform and reducing residents' medical expenses.

Studies show that research and development may not always benefit entrepreneurial firms. This paper focuses on the double-edged effect of R&D activities on attracting institutional investment in entrepreneurial firms. Based on a panel dataset of 700 listed entrepreneurial firms in ChiNext, we document: an inverted-U relationship between R&D intensity and future institutional investment, which we argue is evidence that institutional investors are concerned about R&D overinvestment; an inverted-U relationship between R&D capitalization and future institutional investment, which we argue shows suspicion of the institutional investors towards high R&D capitalization. Furthermore, by splitting institutional investors into venture capitals and non-venture capitals, we confirm that VCs have higher acceptance of both R&D intensity and capitalization as VCs have more expertise to alleviate a certain level of risks.