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Due to environmental externalities, micro-enterprises with profit-seeking features do not develop sufficient motivation for environmental governance. In a fiscally decentralized system, local environmental protection authorities perform environmental supervision, and the intensity of the regulations that they implement has an important influence on corporate environmental governance. Based on the promotion tournament framework, this paper aims to discuss the driving mechanism of corporate environmental governance using turnover of environmental protection department directors (EPDDs) as an indicator.

Using samples of A-share companies listed on the Shanghai and Shenzhen exchanges from 2007 to 2014, this paper examines the impact of EPDD turnover on corporate environmental governance and its underlying mechanism.

The results show that corporate environmental governance exhibits a political periodicity that changes with the turnover of the EPDD, and the periodicity remains after controlling for the influence of changes in provincial party secretary and governor. Internal mechanisms analysis indicates that, without financial independence, local environmental protection departments rely on increasing sewage charges, not environmental protection subsidies, to promote corporate environmental governance. Further, considering heterogeneity among officials, it finds that the younger a new EPDD is, the more pronounced the periodicity of corporate environmental governance. However, there is no significant difference between in-system and out-system turnover.

In general, this paper describes the mechanisms of corporate environmental governance from the perspective of political economics, and the results have implications for the potential improvement of the government’s environmental supervision functions and the development of ecological civilization in China.

Based on the text mining tools, this paper aims to propose a new method to evaluate the subjectivity and objectivity of corporate social responsibility information disclosure.

The authors build up a text subjectivity evaluation model of corporate social responsibility reports through meta-analysis; a text mining is conducted to all sample CSR reports released by Chinese listed companies untill March 2016[1]. Furthermore, the authors made an overall and quantitative analysis of the situation which contained changing state, characteristics and abnormal value on the subjectivity and objectivity of information disclosure.

The results show that the subjectivity scores of social responsibility reports of Chinese listed companies are generally in a normal distribution. The diagram turns out to be a rising trend over the years and increases linearly from 2011 to 2013. Also, the industry heterogeneity and policy control are the main reasons for the formation of the differences, which are significant between different industries and different years.

This paper provides not only an important empirical basis for the research of corporate social responsibility but also a new idea for the non-financial information disclosure as well as objective evaluation of normative text.

The purpose of this paper is to use samples from Chinese-listed companies to investigate the effects of interest rate deregulation and earnings transparency on company’s capital structure in China over the period of 2003–2015. In particular, the authors study the link between state-owned enterprises (SOEs), economic growth targets and marketization in China’s unique institutional context.

Based on the methodology of quantitative analysis, the authors use baseline and cluster analysis for all samples with full set of controls, for robustness tests of alternative proxy of interest rate control by using a cluster analysis at the firm level, regarding endogeneity tests conducted fixed effect model with adding instrument variables (IV), two-period factors regression method via IV and system generalized method of moments for dynamic analysis.

The results show that earnings transparency increases firm leverage and the additional tests suggest that such an effect takes place via a mechanism by reducing the cost of debt finance. However, information transparency could moderate the effects of interest rate deregulation on corporate capital structure. In addition, it finds that SOEs are less sensitive toward the changes of interest rates in China because lending to SOEs is policy-oriented and lacks of market evaluation of business risk. Government control is conducive to enhancing the transparency of the whole industry; however, market-oriented reform is conducive to enhancing the transparency of the company’s own information.

The paper makes contribution to the relationship between earnings disclosure quality and capital structure in the Chinese unique institutional context, such as taking the progressive interest rate reform, SOES, different economic growth target and different marketization level in each province of China. The authors suggest that investors will pay more attention to the company’s own unique information transparency in the provinces with a high degree of marketization. As a potential direction for future research, the authors will investigate how the earnings transparency has impact on capital structure, and how such impact would depend on the transparency of specific business, the cap of foreign shareholding and the convenience of investment.

This research would be the target of banking market reform in order to bring a fair financing environment for all businesses in China. It implies that current experiment of interest rate liberalization in China is not as efficient as it could be in allocating funds across all businesses. State banks, SOEs and local governments are still the biggest players on both the demand and supply sides of the Chinese credit markets.

The social implication of this paper lies in the fact that first, it provides additional evidence on the effect of market-oriented reforms through how the information transparency interacts with the financial decisions making of corporations. Second, it offers policy implication to banking market deregulation in China.

The paper makes contribution to the relationship between earnings disclosure quality and capital structure in the Chinese unique institutional context. This research tests the existing literature, such as Francis et al. (2004) and Zhang and Lu (2007), and suggests that informationally transparent firms have a higher debt ratio and lower effective interest costs on bank loans. In addition, this paper further explores the role played by interest rate deregulation in corporate finance, and in turn market fund allocation. This paper sheds new light on information transparency and explores the relationship between earnings disclosure quality and debt financing behaviors of Chinese publicly listed companies over the period of 2003–2015.

This paper aims to use the method of curve splicing to combine the slip zone and the no-slip zone to further improve the lubrication performance of the liquid film. The combination of the slip zone and the no-slip zone of an existing heterogeneous surface is still a single line stitching method so that a very large residual space at the surface of the friction pairs remains present, necessitating further improvement of the joining scheme between the slip zone and the no-slip zone in heterogeneous surfaces.

A set of discrete sinusoids is used as the splicing track for both the slip zone and the no-slip zone, the starting point and amplitude of the curve are introduced as the simulation variables and the effects of these variables on the bearing capacity and friction coefficient of the liquid film are comprehensively analyzed.

The results show that the method of selecting the sinusoidal curve as the slip zone and the no-slip zone trajectory, which is based on the existing method of linear stitching, can further enhance the bearing capacity and reduce the friction coefficient of the liquid film.

This method can further enhance the bearing capacity and reduce the friction coefficient of the liquid film.