This study explored the impact of network structure on conflict and project value creation. Network density and network centrality are two network structure dimensions. A survey was undertaken among professionals working in Chinese construction projects. A total of 308 surveys were analyzed using the structural equation model. The results revealed that network centrality has a negative impact on project value creation while network density has a positive impact. Network centrality has a negative impact on substantive conflicts but a positive impact on affective conflicts. The link between centrality and project value creation is weakened by substantive conflict but strengthened by affective conflict. This research gives a new direction for construction project governance and project value management. Furthermore, this research validates the constructive role of substantive conflicts, as well as the destructive impact of affective conflicts, thereby adding to the literature on conflict governance.

This paper develops an approach for quantitatively assessing financial sector efficiency of a nation (hereinafter referred to as financial efficiency). Drawing upon the principles of general equilibrium theory, we establish a direct and strong association between the financial sector and the real sector by improving the neoclassical production function, indirectly unveiling insights into financial efficiency through the allocation structure of marginal capital output. We use a two-stage semiparametric estimation method to determine the structural parameters of the production function in the calculation of financial efficiency. The values of financial efficiency for China, spanning the years 1997–2018, exhibit a distinct pattern of initially increasing, followed by a decline, and subsequent resurgence, culminating in the highest recorded value in 2008. Prior to 2015, the financial efficiency closely mirrored the trajectories of total factor productivity (TFP) and GDP growth rate. However, post-2015, we observe a discernible deviation in the trend of financial efficiency from these two economic indicators. These results can be verified by external empirical facts and evidence.