In academia, numerous economic phenomena and their underlying causes are extensively discussed in various conference proceedings.

These research results often contain a large amount of valuable information.

Studying resource allocation errors caused by deviations in intermediate input trade policies and exploring the impact of e-commerce on rural economic growth are all topics that urgently require us to dig deeper.

A company's TFP is affected by many factors.

In the field of trade and intermediate inputs, policy deviations have caused uneven distribution of resources. This issue must attract our attention.

The research team expanded the traditional model and selected Chinese and Indian enterprises from 2000 to 2007 as a specific case for research.

In China, it is easier for state-owned enterprises to obtain loans in the financial field. At the same time, they also have the inherent motivation to promote the expansion of production scale.

The performance of enterprises in resource allocation varies significantly. By analyzing the input-output ratio, we obtain the efficiency value of resource allocation. Research has found that if resource allocation is unreasonable, total factor productivity will decline; in addition, interest rate liberalization may also lead to a reduction in overall production capacity and social welfare.

Studying the impact of resource misallocation is of great practical significance.

In order to accurately identify the internal constraints to enterprise development, such an approach can help policymakers evaluate policy effectiveness more effectively.

For example, even if some traditional manufacturing industries face market demand, they find it difficult to develop due to uneven resource distribution.

In the study of how e-commerce promotes rural economic development, my country's special situation has become a crucial background factor.

In the early days, massive liquidity constraints made arbitrage difficult.

In the late 1990s, the welfare system of the planned economy era slowly receded. By 2003, most families did not have much property, and housing prices were not high.

The researchers used micro-level data such as product prices and rural household consumption to draw conclusions.

For example, factors such as inconvenient transportation and poor network coverage in some rural areas restrict the development of e-commerce.

E-commerce also brings new opportunities to the rural economy.

Observing some successful cases, we found that some villages use e-commerce platforms to sell agricultural products to distant areas, thus effectively increasing farmers' economic income.

At the same time, e-commerce has promoted the progress of local logistics and packaging industries, which has further brought new economic growth points.

Taking the inspection of the provincial government on May 17 as an example, the researchers used the event analysis method. Analysis results show that the event had a positive impact on the stock market.

Cumulative return outliers fluctuate in the range of 2.4% to 5.3%, and regression analysis shows that this effect differs between companies.

We studied the impact of local systems on enterprises and found that, for example, in provinces with different levels of legal protection, the profitability levels of private and state-owned enterprises are different.

This research has practical significance in financial market analysis.

Investors can observe the performance of companies when encountering specific events or in specific institutional environments, and make appropriate adjustments to their personal investment plans accordingly.

Paying attention to the fluctuations in stock prices of listed companies, it is not difficult to find that whenever the external environment or policies change, the direction of the stock price changes is consistent with the prior research results.

An analysis of my country's local government debt data from 2006 to 2013 shows that these debts have made funding constraints more severe, thereby limiting investment opportunities for private enterprises. However, investment by state-owned enterprises has not been affected.

China's shadow banking has grown rapidly, mainly due to the huge vacancy in financing demand in the real estate sector.

In actual local economic development, private enterprises are often at a disadvantage in accessing funds.

Against the background of large-scale local infrastructure construction and rising government debt, many small and medium-sized private enterprises are facing funding difficulties and limited development. It is even more difficult to expand the scale.

The suspension of IPOs has had an impact on innovative projects and the field of venture capital, mainly due to increased uncertainty and the reduction of financing channels.

This phenomenon is particularly prominent in emerging fields. Many start-ups planned to raise funds through listing to expand business scale and promote technological progress. But after the IPO was suspended, they had to find other financing channels. Not only are these channels expensive, they are also extremely complex to implement.

Many local governments have tried to stimulate innovation vitality by launching various support policies, hoping to alleviate this problem. However, due to factors such as capital shortages and market conditions, it is difficult for them to fully make up for the investment gap caused by the suspension of IPOs.

Since 2009, regulatory policies have been relaxed. Since then, newly established banks have been more willing to extend loans to state-owned companies or borrowers with close ties to them.

When competitive pressure increases, existing banks lower their loan review standards and delinquency rates increase.

Deregulation resulted in a lower quality of credit allocation, but had a positive impact on those companies with access to quality financing.

In the daily operations of enterprises, many small enterprises already face loan problems, and the uneven distribution of credit resources makes their financial situation even more tight.

Large state-owned enterprises, as well as those with close connections, tend to have easier access to financial aid. This situation has caused the gap between enterprises to continue to grow.

Finally, I would like to ask everyone to discuss, in the process of formulating policies, how can we ensure that the impact on different types of enterprises can be properly coordinated and balanced?