Enterprise Reform and China’s Modernization

In China’s modernization, enterprises have experienced a complex process of change, which has promoted or restricted the process of China’s modernization. From the perspective of government function adjustment; this chapter studies the enterprise transformation process in China’s modernization from a historical perspective. It is found that although micro problems such as corporate governance and principal-agent are very important, they are only the second problem. The first problem should be the adjustment of government functions. The transformation practice of western countries has also proved the importance of flexible adjustment of government functions. In China, during the imperial period, enterprises in modern China did not develop due to the failure of government function adjustment. Thus, to catch up with and surpass the world powers, the new China after 1949 adopted a planned economic system, which is reasonable in the path. The Chinese government carried out the social transformation of market economy orientation after 1979. From then, the enterprises have become modern enterprises in the market economy. The findings of this chapter are of great significance to enhance the institutional innovation of enterprises and promote the process of China’s modernization

An empirical analysis of the impact of ESG on financial performance: the moderating role of digital transformation

Introduction: Environmental, social, and governance (ESG) considerations have become increasingly important in the financial market and serve as concrete manifestations of sustainable development within a sector. Most corporate leaders have adopted ESG concerns as an important strategy to enhance their financial performance. Therefore, this study investigated whether ESG affects corporate financial performance, and if this relationship is moderated by digital transformation.Method: We used A-share listed companies in China from 2015 to 2021 as samples to test this mechanism.Results: Regression analysis showed that ESG positively and significantly affects corporate financial performance, and digital transformation drives this promoting effect. Furthermore, we found that the positive effect of current ESG on financial performance in the lag period will gradually weaken. Specifically, the heterogeneity test results show that the enhancement effect of ESG on financial performance is significant for non-state-owned companies but insignificant for state-owned companies; the same is true for companies located in the eastern region compared with those in the midwestern region. Finally, the enhancement effect of ESG on the financial performance of polluting firms is stronger than that on non-polluting firms.Conclusion: These findings will be useful for firms and government departments in formulating relevant policies

Parametric Optomechanical Oscillations in Two-Dimensional Slot-Type High-Q Photonic Crystal Cavities

We experimentally demonstrate an optomechanical cavity based on an air-slot photonic crystal cavity with optical quality factor Qo=4.2\times10^4 and a small modal volume of 0.05 cubic wavelengths. The optical mode is coupled with the in-plane mechanical modes with frequencies up to hundreds of MHz. The fundamental mechanical mode shows a frequency of 65 MHz and a mechanical quality factor of 376. The optical spring effect, optical damping and amplification are observed with a large experimental optomechanical coupling rate gom/2pi of 154 GHz/nm, corresponding to a vacuum optomechanical coupling rate g*/2pi of 707 kHz. With sub-mW or less input power levels, the cavity exhibits strong parametric oscillations. The phase noise of the photonic crystal optomechanical oscillator is also measured