Using a sample of 1,595 Chinese listed firms from 2009 to 2019 and the Ordinary Least Squares method, we find that major government-background consumers have a positive effect on corporate green innovation. This finding is robust to a battery of tests. Mechanism tests suggest that major government-background consumers promote corporate green innovation output by alleviating financial constraints rather than by providing information feedback. Further analysis shows that major government-background consumers improve green innovation efficiency and are conducive to green invention innovation and green utility innovation. Finally, we find that stronger intellectual property protection strengthens the association between major government-background consumers and corporate green innovation. Our study suggests that the identification of larger consumers plays an important role in green innovation.

Migration experience is considered to be an important factor affecting mental health. With the increasing number of rural-to-urban migrant workers returning to their hometowns, the impact of migration experience on rural residents is worthy of noting. Using the data from the 2018 China Labor Dynamics Survey, this paper took migration experience as the identification criteria for returning migrant workers and empirically examined the impact of migration experience on rural residents’ mental health. Our results indicated that migration experience had a significant negative impact on the mental health of rural residents. That is, returning migrant workers had a worse mental health status than that of rural residents who never left their hometowns. Mechanism analysis showed that social support and social comparison played an intermediary role in the impact of migration experience on the mental health of rural residents. We also detected considerable heterogeneity in the effects of migration experience: the short-term returning migrant workers and the passive returning migrant workers are more likely to be negatively affected by the migration experience. Our results emphasized the mental health problem faced by returning migrant workers. The policy makers should strengthen psychological education and mental health consultation according to the intergenerational differences and individual characteristics of returning migrant workers.

Chinese traditional culture is characterized by "Quan Zi" culture with a "differential order pattern". As a special informal institutional arrangement, "Quan Zi" plays an important role in the capital market. This paper investigates how Venture Capital Quan Zi affects the stock mispricing of invested companies. Using the syndicate investment data of China’s venture capital institutions from 2009 to 2019, this study documents that Venture Capital Quan Zi significantly increases the positive deviations of stock prices of Quan Zi-backed firms but has no obvious influence on the negative deviations, showing an asymmetric effect on stock mispricing. In addition, this effect is dynamic. Stock mispricing significantly increased in the lock-up period and the following year, but then gradually weakened. Mechanism tests suggest that, on the one hand, Venture Capital Quan Zi increases a company’s earnings manipulation, thus raising investors’ expectations to push up stock prices. On the other hand, Venture Capital Quan Zi boosts the stock price through market reaction channels, increasing institutional investors’ shareholdings, positive media coverage and stock liquidity. This paper has high theoretical and applied value to guide the orderly competition of capital and the supervision of institutional investors.