This article studies the model of the impact of real negative news on stock prices and provides evidence using China’s A‐share listed companies as an example. It first defines the negative news of the network. Then, it constructs the negative news to the stock price influence model, from the perspective of the theory of behavioral finance, the relationship between stock market and investor sentiment is systematically analyzed, and the theoretical support for the research of this paper is provided according to the definition of network negative news concept using the event study, abnormal returns test, regression analysis of the sample selected out of the study, observation of negative news before and after the abnormal returns, and excess returns changes. Studies have shown that negative news before 1 day and after 4 days makes stock price volatility larger, resulting in excess returns. The network negative news on the listed company’s stock price fluctuations can cause a certain degree of impact; in the short term, the fluctuation of the stock price of listed companies is more active. This article finds that when online media disclose negative information on listed companies from one day before to four days later, stock prices will fluctuate greatly, generate excess returns, and continue to make stock fluctuations more active in the short term. In addition, when studying the influencing factors of the stock price fluctuations of listed companies, we found that stock price fluctuations are affected by the company’s performance. The better the company’s performance is, the smaller the stock price fluctuations will be when it is affected by negative news. Finally, we find that the higher the shareholding ratio of institutional investors in listed companies, the more stable the stock price.

This study is based on the situation of Taiwan listed companies as derivative financial products from 2015 to 2017, analyzing the relationship between the hedging of derivative financial products and characteristics of enterprises and the factors that affect the hedging decision‐making of companies. It is found that even after the announcement of Taiwan’s No. 34 and No. 36 bulletins, there are still some problems that are needed to improve in the disclosure of derivative financial product investment information by Taiwan’s listed companies, at least in the disclosure of the reasons for this conduct which is still insufficient. In this study, two‐stage regression analysis method is applied to empirical analysis, and it is found that hedging activities are related to corporate characteristics, such as expected financial crisis costs, corporate size, equity issues, growth investment opportunities, and information asymmetry. In the investment of derivative financial products, enterprises should evaluate their own financial characteristics as a reference for the risk avoidance decision. At the same time, it is necessary to investigate different natures of hedging tools used in appropriate risk categories, so as to fully achieve the hedging effect and maximize the hedging benefits. This study also found that companies with higher growth investment opportunities, larger size, and higher financial crisis costs will tend to use derivative financial products for hedging. As for the impact of other industries, it is found that the electronic and electrical machinery industries are more active than other industries in hedging behaviors of undertaking derivative financial products’ transaction.

In this paper, we adopt stochastic frontier model of translog production function to measure the total factor productivity growth rate of 13 cities in Jiangsu province from the year 2000 to 2020 and study the characteristics of the contribution rates of capital, labor, and total factor productivity in driving economic growth. The study shows that, firstly, the explanatory power of the model could be increased by 35.9% after 6 effect variables, such as urban economic development level, have been taken into consideration when two‐step method has been adopted to explore the model parameters of stochastic frontier; secondly, there is an obviously positive correlation between the 4 variables, urban economic development level, urban size, level of opening up to the outside world and infrastructure construction, and production efficiency, while there is a negative correlation between economic structure and production efficiency, and the research input intensity has an uncertain effect on production efficiency; thirdly, the TFP growth trend of urban economy of the province shows a similar “W” trend, technical progress becomes the first element in affecting total factor productivity, and the negative growth in technical efficiency and scale efficiency result in a dramatic decline in growth rate of TFP; fourthly, among all the elements contributing to urban economic growth, capital has the greatest contribution, TFP takes the second place, and labor element takes the last. The double difference between capital and TFP appears to be the major cause in forming regional difference of urban economy. The regional differences of TFP concerning infrastructure advantage, position advantage, factor advantage, and policy advantage are the key factors in urban economic gap. At the end of this study, we propose some policy suggestions.

In recent four decades, policy reform has integrated Chinas economy into global. Since 1981, foreign direct investment (FDI) has been gradually flowing into the Yangtze River Delta region. As a result, this region has enjoyed strong economic strength based on abundant human resources and convenient transportation network. Shanghai, the key city, has become one of the major cites attracting FDI; meanwhile, FDI also has had a tremendous impact on Shanghais economic development, including employment. To sum up, Shanghai has been chosen as the research object in this paper. This research is organized by four parts: firstly, a theoretical analysis of employment effects of FDI is presented; secondly, after combining the actual utilization of FDI and employment in Shanghai, an empirical analysis of the effects of FDI on employment quantity and employment quality is carried out by data and regression models; thirdly, this research found FDI has exerted a negative influence on employment quantity in Shanghai; moreover, FDI also has shown a positive impact on the employment quality; and finally, the paper has proposed some suggestions to FDIs utility in the future.

At present, the enhancement of China’s comprehensive national strength, stable currency policy, and the new round of opening‐up strategy layout have provided opportunities for the financial development in border areas, especially for the RMB internationalization advancement in border areas, while the lagging financial system construction in current border areas also challenges its RMB internationalization. Based on Friedman’s monetary demand theory (1970), the thesis has combined the periodical characteristics and selected the representative Yunnan province in the border areas as the object, taking into overall consideration the two paths of geography and function for RMB internationalization in border areas, so as to build the two‐dimensional path theory framework of RMB internationalization from a border area perspective. In view of the above, a panel econometric regression model is built to estimate the factors influencing RMB internationalization path in Yunnan province. The results show that the process of opening up to the outside world in Yunnan province is its major driving force for RMB internationalization, while the great fluctuation of price level tends to hinder the process advancement and such possible impact of overall revenue on RMB internationalization development as the reginal disparity.