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The purpose of this research is to explain the financing dilemma of China's strategic emerging industries and improve their financing efficiency, seize the commanding heights of economic science and technology to provide theoretical support.

This paper selects the companies listed under strategic emerging industry during the period of 2010–2017 as the research object and used the data envelopment analysis method (DEA) to evaluate the financing efficiency of China's strategic emerging industries and selects the tobit analysis method to find out the factors affecting its financing efficiency.

The results show that the average financing efficiency of listed companies in strategic emerging industries between 2010 and 2017 is 0.7792, and the level of financing efficiency of strategic emerging industries is still at a low level. Among them, the bio-pharmaceutical industry and the energy-saving and environmental protection industry have the highest comprehensive level, and the high-end equipment manufacturing industry and the new energy industry have the lowest level of financing efficiency. Among the factors affecting the financing efficiency of strategic emerging industries, the asset-liability ratio, financial expenses and cash ratio and financing efficiency are negatively correlated, and the net asset income is positively correlated with the growth rate of the main business income.

This paper measures the financing efficiency of China's strategic emerging industries, then explores the influencing factors of the financing efficiency of strategic emerging industries and tries to provide important reference values for the improvement of the financing efficiency of China's strategic emerging industries at a practical level.

This study aims to analyze the changes in the ecosystem service value (ESV) in response to land use and contribute significantly to ecological construction and sustainable development.

The present study was conducted in the upper Zhanghe River region based on the moderate-resolution imaging spectroradiometer Land Cover Type product MCD12Q1 by using geographic information system (GIS) methods to process and re-classify the land-use data and using the Chinese ESV equivalent weight factors to investigate changes in land use and resulting changes in ESV between 2001 and 2013.

The results showed significant fluctuations in ESV between 2001 and 2013: there was a decline in ESV from 2001 to 2004, followed by a gradual rise after 2004, and the overall ESV exceeded 2001 levels by the end of 2013. However, the pattern of ESV change differed across geographic locations, and each administrative region contributed differently to the overall trend. The analysis confirmed that the land-use change was closely related to the change in its ESV, and the coefficients of sensitivity of ESV for all types of land use were less than one, indicating that the coefficient value of ESV lacked elasticity.

Therefore, to promote sustainable development in the upper Zhanghe River region, ESV should be taken into consideration when planning land use, especially for land types with high ESV, such as water bodies and forestlands.

The results can provide scientific support for the sustainable development of the ecological, economic and societal aspects of the upper Zhanghe River region. In addition, county-level administrative divisions were set as the basic research unit for the analysis and discussion of ESV changes in each unit within the research period and its impact on the overall ESV of the entire area to lay down a foundation for the analysis of the ESV spatial dynamic distribution in the entire research site.

This paper aims to explore the explanations of “information effect” and “agency effect” of corporate diversification with cross-industry knowledge under a crisis situation.

Based on an event study of 203 public companies’ crises in China between 2008 and 2018, the authors verify the information and agency effects of corporate diversification under a crisis situation by, respectively, examining the effects of interactions of corporate unrelated diversification with corporate transparency and knowledge deficiency attribution on the stock market’s responses to the crises.

It is found that corporate unrelated diversification serves as a buffer in protecting firm value while attribution of knowledge deficiency can be a burden. The buffering effect is stronger when the corporate transparency is higher but weaker when the crisis is attributed to be caused by corporate tacit knowledge deficiency.

Unrelated diversified firms should strengthen information communication with stakeholders so as to break down the stakeholders’ cross-industry knowledge barriers, and thus protect their own value at the crisis’ onset. Also, they can further buffer the loss by reducing stakeholders’ perceptions of the corporate tacit knowledge deficiency revealed in the crisis.

This study is the first to illustrate that the information and agency effects of corporate diversification strategy can be partially explained under a crisis situation, which provides meaningful insights about how firms can conduct knowledge management in their daily operations to deal better with corporate crises.