The study of the prediction of stock market volatility is of great significance to rationally control financial market risks and increase excessive investment returns and has received extensive attention from academic and commercial circles. However, as a dynamic and complex system, the stock market is affected by multiple factors and has a comprehensive capability to include complex financial data. Given that the explanatory variables of influencing factors are diverse, heterogeneous and complex, the existing intelligent algorithms have great limitations for the analysis and processing of multi-source heterogeneous data in the stock market. Therefore, this study adopts the edge weight and information transmission mechanism suitable for subgraph data to complete node screening, the gate recurrent unit (GRU) and long short-term memory (LSTM) to aggregate subgraph nodes. The compiled data contain the metapaths of three types of index data, and the introduction of the association relationship attention dimension effectively mines the implicit meanings of multi-source heterogeneous data. The metapath attention mechanism is combined with a graph neural network to complete the classification of multi-source heterogeneous graph data, by which the prediction of stock market volatility is realized. The results show that the above method is feasible for the fusion of heterogeneous stock market data and the mining of implicit semantic information of association relations. The accuracy of the proposed method for the prediction of stock market volatility in this study is 16.64% higher than that of the dimensional reduction index and 14.48% higher than that of other methods for the fusion and prediction of heterogeneous data using the same model.
The low-carbon pilot city policy is an important initiative to explore the path of a win-win situation for both the economy and the environment. Since 2010, China has established 87 low-carbon pilot cities. This policy implementation aims to encourage green technology innovation among listed companies, thereby achieving sustainable corporate growth through the promotion of energy efficiency and renewable energy. This paper aims to unveil the relationship between low-carbon pilot city policies and green technology innovation. This paper explores the impact of policy implementation based on patent data of Chinese listed companies from 2007 to 2019. Empirical results show that the policy can promote green technology innovation among listed companies in the pilot cities. This finding still holds in the parallel trend test and the PSM-Multi-period DID test. Second, the policy has a greater effect on the green-technology innovation of non-state enterprises and can promote more green technology innovation activities of enterprises in the eastern region compared with other areas. Furthermore, in terms of different stock sectors, the low-carbon pilot city policy can significantly promote GEM-affiliated enterprises’ green technology innovation activities. Finally, listed companies with a high degree of digital transformation are more active in green technology innovation in the context of low-carbon pilot city policy.
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