Based on the evolutionary game theory, this article constructs a quartet evolutionary game model for debt restructuring with the participation of asset management companies; studies the interactive mechanism of complex behaviors among the government, banks, asset management companies, and enterprises; and analyzes the stability of the strategies of each game subject. It also analyzes the stability of the equilibrium points in the system and finds the stable points that maximize the interests of each subject. Research shows that the government chooses to give specific support, banks choose debt-to-equity swaps, asset management companies choose to provide liquidity, and enterprises choose to work hard, which can better promote the debt restructuring process. Finally, using Matlab2018 software to analyze the impact of each essential element in the debt restructuring on the stability of system evolution, the research results provide a basis for the successful debt restructuring of the enterprises.

The green credit policy has been one of the most important policies for solving resource and environmental problems and promoting sustainable economic and social development in China in recent years. Based on the mediating effect of green innovation input and the moderating effect of government subsidies, in this study the authors investigate the influence of the green credit policy on the sustainable development capacity of enterprises. The research shows that the green credit policy does not improve the sustainable development capacity of enterprises. The green credit policy promotes enterprises' green innovation input, and green innovation input plays an intermediary role between green credit policy and sustainable development capacity of enterprises. Government subsidies play a regulating role in the green credit policy, green innovation input, and sustainable development capacity of enterprises. Based on these findings, the authors suggest that the government, banks, and enterprises make joint efforts to improve the sustainable development capacity of enterprises as soon as possible.

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This paper studies the debt restructuring equilibrium decision problem composed of creditors and debt enterprises with the participation of the government and asset management companies. With the differential game, the dynamic optimization models of debt restructuring under three situations: centralized decision-making, decentralized decision-making, and Stackelberg game after introducing cost-sharing contract are constructed, respectively. The optimal equilibrium strategy of debt restructuring, the optimal trajectory of debt restructuring synergy, and the optimal profit under three decision-making situations are investigated and compared. It is found that the synergy effect and total profit of debt restructuring are the highest under centralized decision-making, and the Stackelberg game is superior to decentralized decision-making, which shows that the cost-sharing contract can achieve the coordination of overall interests, improve the debt restructuring environment, and promote the debt restructuring process. Finally, the sensitivity analysis of relevant parameters is carried out through an example, which verifies the effectiveness of the conclusion and provides the scientific basis for the government and asset management companies to participate in debt restructuring successfully.

Global climate change caused by carbon emissions has brought severe challenges to the sustainable development of global economy. In this context, this study constructs a weighted and directed carbon emission network for the European Union (EU). We use social network analysis to measure the indicators of the structural characteristics of the EU carbon emission network, and employ cluster analysis to investigate the role of countries in the carbon emission network. Furthermore, we use linear regression to explore the impacts of structural characteristics of carbon emission network on carbon emissions. The results show that, first the carbon emissions ties among the EU countries show a typical network structure during the sample period. Countries such as Germany, France, and Belgium are at the center of the carbon emission network, while Malta, Cyprus, and Croatia are at the edge. Second, different countries play the roles of "net spillover," "broker," "two-way spillover," and "net receiver" in the EU carbon emission network. Last, the increase of network density, the decrease of network hierarchy and the decrease of network efficiency all significantly reduce the carbon emission intensity of the EU, and narrow the spatial difference of carbon emissions among countries. Improving the weighted centrality indicators of nodes in the carbon emission network is helpful to reduce the carbon emission intensity of the EU countries. Based on the findings, this article puts forward policy suggestions for the collaborative governance of EU carbon emission abatement.