Based on the text data of China’s Shanghai and Shenzhen A-share listed companies’ social responsibility report from 2007 to 2019, this paper constructs an index reflecting the level of corporate climate change risk disclosure by using text analysis and machine learning technology, and discusses the influence of Confucian culture on corporate climate change risk disclosure from two aspects of theoretical logic and empirical evidence. The study finds that: (1) Confucian culture drives corporate climate change risk disclosure mainly through three channels: improving corporate reputation, alleviating agency conflicts and promoting corporate environmental responsibility. (2) Legal environment and Confucian culture have synergistic and complementary functions in promoting corporate climate change risk disclosure, and CEO academic experience also plays a positive moderating role. (3) Corporate climate change risk disclosure driven by Confucian culture has both green innovation effect and value creation effect.

This paper research on 45 listed financial institutions in the banking, securities, trust, and insurance industries. We analyze the impact mechanism of the position and influence of financial institutions in their connected network on their operational efficiency, including cost efficiency and profit efficiency, and systemic risk. The research indicates that the financial network in China presents the “core-edge” distribution characteristics. There are significant differences in the distribution of cost, profit and risk between the core financial institutions and the marginal institutions. With the aggravation of the differentiation of financial institutions in the network, this distribution difference will also increase. The more popular financial institutions in the core position of the financial network have lower cost efficiency, higher profit efficiency and lower systemic risk. The intermediary effect shows that there are significantrisk channels, and the network characteristics affect the cost efficiency and profit efficiency of financial institutions through their systematic risks.