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Is national economic growth associated with environmental social and governance performance of firms? 国家经济增长与企业的环境、社会和治理绩效是否相关?
IF 4.8 Q1 BUSINESS Pub Date : 2024-09-08 DOI: 10.1002/bsd2.70009
Ajithakumari Vijayappan Nair Biju, Ambili Jayachandran, Ann Susan Thomas, Aghila Sasidharan

This study delves into the effect of environmental, social and governance (ESG) indicators on economic growth trajectory of an emerging economy. A sample of firms listed on the ESG index of the National Stock Exchange (NSE) was examined. The findings reveal a positive and statistically significant relationship between ESG performance indicators and economic growth represented as gross domestic product (GDP) per capita. The sample is further segregated into energy and non-energy sectors, where the aggregate ESG scores exhibited a statistically significant influence on economic growth in both sectors. However, upon a closer examination of the individual ESG pillars, the governance pillar is observed to exert a negative influence on economic performance in non-energy firms. In contrast, the environment and social pillars show no significant influence. The analysis then employs a unique approach by applying a Difference-in-differences estimator to assess the impact of Business Responsibility and Sustainability Reporting (BRSR) regulations, which confirms a positive impact on economic growth after regulations but exclusively within the non-energy sector. This study underscores the substantial impact of ESG aggregate and individual scores on GDP per capita, which translates to economic growth.

本研究探讨了环境、社会和治理(ESG)指标对新兴经济体经济增长轨迹的影响。研究以在美国国家证券交易所(NSE)ESG 指数上市的公司为样本。研究结果表明,环境、社会和治理绩效指标与以人均国内生产总值(GDP)为代表的经济增长之间存在积极的统计意义上的显著关系。样本进一步细分为能源和非能源行业,ESG 总分对这两个行业的经济增长都有统计学意义上的重大影响。然而,在对单个环境、社会和治理支柱进行更仔细的研究后发现,治理支柱对非能源企业的经济表现产生了负面影响。相比之下,环境和社会支柱则没有明显影响。随后的分析采用了一种独特的方法,即应用差分估算器来评估《企业责任与可持续发展报告》(BRSR)法规的影响,结果证实法规实施后对经济增长产生了积极影响,但仅限于非能源行业。这项研究强调了环境、社会和公司治理总分和单项得分对人均国内生产总值(即经济增长)的重大影响。
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引用次数: 0
Exploring eco-innovation capability and operational performance of energy service companies: Does ownership structure make a difference? 探索能源服务公司的生态创新能力和运营绩效:所有权结构是否会产生影响?
IF 4.8 Q1 BUSINESS Pub Date : 2024-09-05 DOI: 10.1002/bsd2.70010
Russell Tatenda Munodawafa, Satirenjit Kaur Johl

Eco-innovation capability's enhancement of the operational competitiveness of Energy Service Companies (ESCOs) remains under explored in emerging markets. Furthermore, limited evidence exists on the influence of ownership structure on eco-innovation capability and operational performance. This study therefore examines the relationship between eco-innovation capability, ownership structure and operational performance of ESCOs. Questionnaires are electronically distributed to Operations Managers of 287 ESCOs registered by the Energy Commission in Malaysia. To test the direct and moderating effects, Partial Least Square-Structural Equation Modeling (PLS-SEM) is applied on 136 valid responses. Results suggest Eco-innovation Capability significantly enhances ESCOs operational performance, with the model explaining 66% (R2 = 0.656) of the variance. Furthermore, a concentrated ownership structure resulted in higher eco-innovation capability and operational performance. These results provide pathways for industry practitioners to improve sustainable development contributions and operational performance whilst providing policymakers with a benchmark towards evaluating the effectiveness of the National Energy Policy.

在新兴市场,生态创新能力对提高能源服务公司(ESCO)运营竞争力的影响仍未得到充分探讨。此外,关于所有权结构对生态创新能力和运营绩效影响的证据也很有限。因此,本研究探讨了能源服务公司的生态创新能力、所有权结构和运营绩效之间的关系。通过电子方式向马来西亚能源委员会注册的 287 家ESCO 的运营经理发放了调查问卷。为了检验直接和调节效应,对 136 份有效答卷采用了偏最小平方结构方程模型(PLS-SEM)。结果表明,生态创新能力大大提高了ESCO 的运营绩效,模型解释了 66% 的方差(R2 = 0.656)。此外,集中的所有权结构会带来更高的生态创新能力和运营绩效。这些结果为行业从业者提供了提高可持续发展贡献和运营绩效的途径,同时也为政策制定者提供了评估国家能源政策有效性的基准。
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引用次数: 0
Carbon emissions and overinvestment are green bonds the solution? 碳排放和过度投资是绿色债券的解决方案吗?
IF 4.8 Q1 BUSINESS Pub Date : 2024-09-05 DOI: 10.1002/bsd2.70003
Rouba Jebri, Naima Lassoued, Imen Khanchel

This study examines the effect of carbon emissions on overinvestment and investigates whether this relationship is moderated by green bond issuance. Based on a sample of 90 non-financial American firms (45 green bond issuers and 45 matched firms) observed from 2014 to 2022, the results indicate that carbon emissions, particularly those from Scopes 1 and 2, increase overinvestment. These findings suggest that carbon emissions are associated with agency conflicts, attributable to various factors such as divergent investment horizons between managers and shareholders. Furthermore, our results show that the issuance of green bonds attenuates this impact. This finding implies that green bonds emerge as a strategic tool not only to address external challenges, such as environmental issues—particularly the increase in carbon emissions—but also to manage internal challenges, such as the problem of overinvestment. Our study contributes to the growing literature on sustainable finance and corporate governance by highlighting the dual role of green bonds in both environmental management and investment efficiency.

本研究探讨了碳排放对过度投资的影响,并研究了这种关系是否受绿色债券发行的调节。基于对 90 家美国非金融企业(45 家绿色债券发行企业和 45 家匹配企业)从 2014 年到 2022 年的样本观察,结果表明碳排放,尤其是范围 1 和范围 2 的碳排放会增加过度投资。这些结果表明,碳排放与代理冲突有关,而代理冲突可归因于管理者和股东之间不同的投资视野等各种因素。此外,我们的研究结果表明,发行绿色债券可减轻这种影响。这一发现意味着,绿色债券不仅是应对外部挑战(如环境问题,尤其是碳排放量的增加)的战略工具,也是管理内部挑战(如过度投资问题)的战略工具。我们的研究强调了绿色债券在环境管理和投资效率方面的双重作用,为可持续金融和公司治理方面日益增多的文献做出了贡献。
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引用次数: 0
Social entrepreneurship and philanthropic venture capital financing 社会创业和慈善风险资本融资
IF 4.8 Q1 BUSINESS Pub Date : 2024-09-05 DOI: 10.1002/bsd2.70011
Nivedita Sinha, Shreya Biswas

Philanthropic venture capitalists (PhVCs) are instrumental in providing access to capital to social enterprises. Our research aims to provide a comprehensive analysis of PhVCs in India. Using deals data for Indian startups from 2014 to 2020, we observe that, on average, 15% of the startup deals are PhVC-funded, and the majority of these deals are in the early or growth stage of financing. Our research examines the challenges faced by social entrepreneurs by analyzing the point of negotiation between PhVCs and social entrepreneurs. We find that, on average, the post-money valuation of social entrepreneurial ventures is lower than that of traditional start-ups, suggesting towards the possibility of lower negotiation power compared to traditional entrepreneurs. This relatively lower valuation exists for all regions in India for growth and the late stages of financing. The study is important from a policy perspective to understand how policies can promote SEs and facilitate the smooth functioning of PhVCs looking to invest in social ventures. Improving venture capital funding avenues for social entrepreneurs is the key to reducing social ventures' financing constraints.

慈善风险资本家(PhVCs)在为社会企业提供资金方面发挥着重要作用。我们的研究旨在对印度的 PhVCs 进行全面分析。通过使用 2014 年至 2020 年印度初创企业的交易数据,我们发现平均有 15%的初创企业交易是由 PhVC 资助的,而且这些交易大多处于融资的早期或成长阶段。我们的研究通过分析 PhVC 与社会企业家之间的谈判点,探讨了社会企业家面临的挑战。我们发现,平均而言,社会创业企业的融资后估值低于传统初创企业,这表明与传统企业家相比,社会创业企业的谈判能力可能较低。在印度所有地区,成长期和融资后期的估值都相对较低。从政策角度来看,这项研究非常重要,有助于了解政策如何促进社会企业的发展,以及如何帮助那些希望投资社会企业的风险投资公司顺利运作。改善社会企业家的风险资本融资渠道是减少社会企业融资限制的关键。
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引用次数: 0
What triggers people to buy green products?: Empirical evidence from an emerging market 是什么促使人们购买绿色产品?新兴市场的经验证据
IF 4.8 Q1 BUSINESS Pub Date : 2024-09-01 DOI: 10.1002/bsd2.70001
Ravinder Kaur, Shivani Yadav, Suyash Mishra

Escalating awareness of consumers on environmental issues have not translated into demand for green products in emerging economies, resulting in a rising need for further research on green purchasing behaviour. Considering this gap, the current study investigates the association of eco-label and environmental knowledge with green purchase behaviour, and explores the mediating impact of environmental attitude and green trust. In addition, this study examines the moderating role of perceived price in influencing such behaviour. The proposed research model is empirically tested with data collected from 600 customers in India. The results indicate that eco-label, environmental knowledge, green trust, and environmental attitude are significantly associated with green purchase behaviour. Further, environmental attitude does not mediate the association between eco-label and green purchasing behaviour, while this link is partially mediated by green trust. In comparison, environmental attitude plays a partial mediating role between green trust and green purchasing behaviour. Moreover, perceived price moderates the relationship between environmental attitude and green purchase behaviour positively, while negatively moderates the relationship of green purchase behaviour with green trust. The findings help to draw significant implications for environmental and green marketers, along with a better knowledge of the complicated consumer behaviour associated with the purchase of green products, which will ultimately help them to develop more viable green marketing strategies in India. Overall, this research will enhance the green marketing literature by providing insights into how marketers and businesses can trigger the green purchasing by consumers in emerging market.

在新兴经济体,消费者对环境问题认识的提高并没有转化为对绿色产品的需求,因此对绿色购买行为的进一步研究需求日益增加。考虑到这一差距,本研究调查了生态标签和环境知识与绿色购买行为的关联,并探讨了环境态度和绿色信任的中介影响。此外,本研究还探讨了感知价格对绿色购买行为的调节作用。通过收集印度 600 名顾客的数据,对提出的研究模型进行了实证检验。结果表明,生态标签、环保知识、绿色信任和环保态度与绿色购买行为显著相关。此外,环境态度并不能调节生态标签与绿色购买行为之间的关联,而绿色信任则能部分调节这种关联。相比之下,环境态度在绿色信任和绿色购买行为之间起到了部分中介作用。此外,感知价格对环境态度与绿色购买行为之间的关系起着积极的调节作用,而对绿色购买行为与绿色信任之间的关系起着消极的调节作用。研究结果有助于为环保和绿色营销人员提供重要启示,同时更好地了解与购买绿色产品相关的复杂消费行为,最终帮助他们在印度制定更加可行的绿色营销战略。总之,这项研究将为营销人员和企业如何在新兴市场引发消费者的绿色购买提供见解,从而加强绿色营销文献。
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引用次数: 0
The moderating role of board gender diversity in ESG and firm performance: Empirical evidence from Gulf countries 董事会性别多样性对环境、社会和公司业绩的调节作用:海湾国家的经验证据
IF 4.8 Q1 BUSINESS Pub Date : 2024-08-30 DOI: 10.1002/bsd2.70004
Waleed M. Alahdal, Hafiza Aishah Hashim, Faozi A. Almaqtari, Zalailah Salleh, Dharen Kumar Pandey

The study aims to analyze the impact of environmental, social, and governance performance (ESGP) on firm performance (FP) in the Gulf countries. Furthermore, this study examines how the number of female members on the board affects the relationship between ESGP and FP. This study uses balanced panel data of 424 firm-year observations from 106 Gulf non-financial listed firms from 2018 to 2021. The results show that the effect of ESGP and social performance (SP) on return on equity (ROE) is positive and statistically significant. SP and governance performance (GP) reveal a positive impact on ROE. However, a negative impact is exhibited instead for Tobin's Q (TQ). Conversely, environmental performance (EP) positively affects both ROE and TQ. Besides that, the diversity of board gender significantly and positively strengthens the relationships of ESGP, EP, SP, and GP with FP. The study concludes that policymakers in the Gulf countries and public company executives can use the suggestions from this research to change existing corporate governance rules to encourage more ESG performance and board diversity. We also emphasize the need to consider ESG performance and the diversity of the board when making plans to meet societal expectations and reach business goals. To the best of our knowledge, this study is among only a few that have investigated the effect of board gender diversity on the impact of ESGP on FP in the context of Gulf countries.

本研究旨在分析海湾国家的环境、社会和治理绩效(ESGP)对企业绩效(FP)的影响。此外,本研究还探讨了董事会中女性成员的数量如何影响 ESGP 与 FP 之间的关系。本研究使用了2018年至2021年海湾地区106家非金融类上市公司的424个公司年观测值的平衡面板数据。结果表明,ESGP和社会绩效(SP)对股本回报率(ROE)的影响是正向的,且在统计上是显著的。社会绩效(SP)和治理绩效(GP)对股本回报率(ROE)有积极影响。然而,托宾 Q 值(TQ)却显示出负面影响。相反,环境绩效(EP)对 ROE 和 TQ 都有积极影响。此外,董事会性别的多样性会显著增强 ESGP、EP、SP 和 GP 与 FP 的关系。本研究的结论是,海湾国家的政策制定者和上市公司高管可以利用本研究的建议来改变现有的公司治理规则,以鼓励更多的环境、社会和公司治理绩效和董事会多样性。我们还强调,在制定计划以满足社会期望和实现商业目标时,有必要考虑环境、社会和公司治理绩效以及董事会的多样性。据我们所知,本研究是在海湾国家背景下调查董事会性别多样性对 ESGP 对 FP 的影响的少数研究之一。
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引用次数: 0
Exploring the synergistic effects of circular economy, Industry 4.0 technology, and green human resource management practices on sustainable performance: Empirical evidence from Indian companies 探索循环经济、工业 4.0 技术和绿色人力资源管理实践对可持续绩效的协同效应:来自印度公司的经验证据
IF 4.8 Q1 BUSINESS Pub Date : 2024-08-28 DOI: 10.1002/bsd2.70002
Tanmoy De, Pratima Verma, Phanitha Kalyani Gangaraju, Akhil Nibhanupudi Siva Bhaskar, Seema Mahlawat, Vimal Kumar, Sumanjeet Singh

This study investigates the synergistic effects of circular economy (CE) practices, Industry 4.0 technology, and green human resource management (HRM) practices on sustainability and performance in Indian companies. CE focuses on resource efficiency, waste minimization, and material recyclability. Industry 4.0 incorporates modern digital technologies into manufacturing, resulting in smart factories that are more efficient and flexible. Green HRM practices include implementing human resource rules that promote environmental sustainability. Using structural equation modeling (SEM) on data from 213 respondents across various Indian firms, our research reveals several novel insights, such as CE practices significantly enhancing sustainability, demonstrating their critical role in minimizing waste and improving resource management; moderating the role of Industry 4.0: Industry 4.0 technology moderates the relationship between CE practices and sustainability, and green HRM practices positively affect CE practices and sustainable performance. Moreover, the study's uniqueness stems from its comprehensive approach, which reveals that combining these three elements CE practices, Industry 4.0 technology, and green HRM creates a powerful synergy that significantly improves both sustainability efforts and overall company performance, providing actionable insights for business looking to implement more effective and integrated sustainability strategies. These findings offer a valuable roadmap for companies aiming to achieve more impactful and cohesive sustainability initiatives.

本研究调查了循环经济(CE)实践、工业 4.0 技术和绿色人力资源管理(HRM)实践对印度公司可持续性和绩效的协同效应。循环经济侧重于资源效率、废物最小化和材料可回收性。工业 4.0 将现代数字技术融入制造业,使智能工厂更高效、更灵活。绿色人力资源管理实践包括实施促进环境可持续性的人力资源规则。我们的研究利用结构方程模型(SEM)对印度各公司 213 名受访者的数据进行了分析,揭示了一些新的见解,如行政首长协调会的做法显著提高了可持续性,证明了其在减少浪费和改善资源管理方面的关键作用;调节了工业 4.0 的作用:工业 4.0 技术调节了消费电子实践与可持续发展之间的关系,绿色人力资源管理实践对消费电子实践和可持续发展绩效产生了积极影响。此外,这项研究的独特之处还在于其综合方法,它揭示了将消费电子产品实践、工业 4.0 技术和绿色人力资源管理这三个要素结合在一起会产生强大的协同作用,从而显著改善可持续发展工作和公司的整体绩效,为希望实施更有效、更综合的可持续发展战略的企业提供可操作的见解。这些发现为旨在实现更具影响力和凝聚力的可持续发展计划的企业提供了宝贵的路线图。
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引用次数: 0
Digital technology adoption in circular startups: An integrated framework 循环型初创企业采用数字技术:综合框架
IF 4.8 Q1 BUSINESS Pub Date : 2024-08-27 DOI: 10.1002/bsd2.425
Pinosh Kumar Hajoary, Dolly Sweetlin Jennifer, Mayank Pathak

While the role of digital technologies (DTs) in facilitating entrepreneurship is well established, research on understanding the role of DTs among circular start-ups as part of their overall strategy is scarce. This is vital from the perspective of emerging economies, such as India. The study aims to identify and analyse the factors influencing digital technology adoption in circular start-ups using the Technology-Organisation-Environment (TOE) framework and Technology Acceptance Model (TAM) to form a novel Circular Startup Digital Adoption (CSDA) framework. In addition to integrating the TOE framework and TAM, the study utilises a systematic literature review with subject-matter-expert (SME) consultation in order to determine the factors of the CSDA framework. To the best of the authors' knowledge, this is among the first studies to analyse the factors behind the adoption of DTs by circular startups from an emerging economy perspective, offering theoretical, managerial and policy implications.

虽然数字技术(DTs)在促进创业方面的作用已得到公认,但了解数字技术在循环型初创企业中作为其整体战略一部分的作用的研究却很少。从印度等新兴经济体的角度来看,这一点至关重要。本研究旨在利用技术-组织-环境(TOE)框架和技术接受模型(TAM)来识别和分析影响循环型初创企业采用数字技术的因素,从而形成一个新颖的循环型初创企业数字技术采用(CSDA)框架。除了整合 TOE 框架和 TAM 外,本研究还利用系统的文献综述和主题专家(SME)咨询来确定 CSDA 框架的因素。据作者所知,这是第一批从新兴经济角度分析循环型初创企业采用 DT 背后因素的研究,具有理论、管理和政策意义。
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引用次数: 0
The role of green marketing strategies for a competitive edge: A case study about analysis of leading green companies in Jordan 绿色营销战略对竞争优势的作用:关于约旦领先绿色公司分析的案例研究
IF 4.8 Q1 BUSINESS Pub Date : 2024-08-21 DOI: 10.1002/bsd2.70000
Ahmad Ali Eyadat, Mohammad Almuhana, Tarique Al-Bataineh

This study aims to explore the relationship among green marketing practices, leadership commitment, and environmental performance specifically within Jordan's pharmaceutical industry. It explores the impact of green marketing strategies on the competitive advantage of leading green companies in Jordan. The limitations of this study focused on the Jordanian market, and its findings are not generalizable to other countries due to market contrasts. A quantitative approach was employed to address the research question of “to what extent” these strategies contribute. The theory of the resource-based view (RBV) was applied to this topic because it suggests that a firm's competitive advantage and performance are primarily determined by its unique resources and capabilities. The research instrument consists of 9 factors clarifying the role of green marketing strategies in improving the competitive edge of leading green companies in Jordan. The population of this study includes all implementing managers of Jordanian leading green companies, while the sample of this study consists of 32 implementing managers. After distributing the scale to the participants of this study, their responses were collected and discussed carefully. Then, their responses were analyzed by using SPSS statistical tests. The results show a significant positive correlation between green marketing strategies and competitive edge. This indicates that leading Jordanian green companies actively gain “green marketing” initiatives to gain and maintain a competitive advantage in the market. The study concludes that embracing green marketing is crucial for Jordanian green companies to compete effectively and achieve sustained success. Novelty or originality in this research looks for specific statements that indicate to a novel theoretical approach, a new methodology, or an innovative application of existing theories, or a unique data. This adds new ideas to the knowledge of this study.

本研究旨在探讨约旦制药业中绿色营销实践、领导承诺和环境绩效之间的关系。它探讨了绿色营销战略对约旦领先绿色公司竞争优势的影响。本研究的局限性主要集中在约旦市场,由于市场的反差,研究结果不能推广到其他国家。本研究采用定量方法来解决这些战略 "在多大程度上 "起到促进作用这一研究问题。本课题采用了基于资源的观点(RBV)理论,因为该理论认为企业的竞争优势和绩效主要由其独特的资源和能力决定。研究工具由 9 个因素组成,阐明了绿色营销战略在提高约旦领先绿色公司竞争优势方面的作用。研究对象包括约旦领先绿色公司的所有执行经理,研究样本包括 32 名执行经理。在向本研究的参与者分发量表后,对他们的回答进行了收集和仔细讨论。然后,使用 SPSS 统计检验法对他们的回答进行分析。结果显示,绿色营销战略与竞争优势之间存在明显的正相关关系。这表明,约旦领先的绿色公司积极采取 "绿色营销 "措施,以获得并保持市场竞争优势。研究得出结论,绿色营销对于约旦绿色公司有效竞争和取得持续成功至关重要。本研究中的新颖性或独创性旨在寻找表明新颖理论方法、新方法或对现有理论的创新应用或独特数据的具体陈述。这为本研究增添了新的知识。
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引用次数: 0
Motivating factors affecting formalization of small informal enterprises: Evidence from an emerging economy 影响小型非正规企业正规化的动因:一个新兴经济体的证据
IF 4.8 Q1 BUSINESS Pub Date : 2024-08-21 DOI: 10.1002/bsd2.426
Melita Mehjabeen, Sadia Noor Khan

This study investigates the motivating factors behind the formalization of small informal enterprises in Bangladesh, an emerging economy, employing the lens of institutional theory. It emphasizes how regulatory structures, normative pressures, and cognitive understandings shape the decisions of SME owners in emerging economies like Bangladesh. A significant portion of small enterprises in Bangladesh remain informal, leading to concerns over economic development, productivity, and efficiency. Informal enterprises often face challenges such as limited access to finance, market entry barriers, and regulatory hurdles. Recognizing the need for formalization, this research aims to understand the drivers behind this transition. A questionnaire survey of 304 informal enterprises reveals that streamlined regulatory systems, particularly one-stop solutions and simplified registration processes, are primary motivators for formalization. Additionally, flexible collateral requirements for financing and lower levels of technological adoption also significantly influence this transition. These findings contribute to the academic discourse on informal businesses in emerging economies and provide key policy implications for fostering formalization through targeted strategies and policies.

本研究以制度理论为视角,探讨了孟加拉国这一新兴经济体非正规小企业正规化背后的动因。它强调在孟加拉国这样的新兴经济体中,监管结构、规范压力和认知理解如何影响中小企业所有者的决策。孟加拉国有很大一部分小型企业仍然是非正规的,这导致了对经济发展、生产力和效率的担忧。非正规企业往往面临融资渠道有限、市场进入壁垒和监管障碍等挑战。认识到正规化的必要性,本研究旨在了解这一转变背后的驱动因素。对 304 家非正规企业进行的问卷调查显示,精简的监管制度,尤其是一站式解决方案和简化的注册流程,是实现正规化的主要动力。此外,灵活的融资抵押要求和较低的技术采用水平也在很大程度上影响了这种转型。这些研究结果为新兴经济体非正规企业的学术讨论做出了贡献,并为通过有针对性的战略和政策促进正规化提供了重要的政策影响。
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引用次数: 0
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