This study introduces a supercapacitor hybrid energy storage system in a wind-solar hybrid power generation system, which can remarkably increase the energy storage capacity and output power of the system. In the specific solution, this study combines the distributed power generation system and the hybrid energy storage system, while using the static reactive power compensation system and the conductance-fuzzy dual-mode control method to increase output power in stages. At the same time, the optimal configuration model of the wind-solar hybrid power generation system is established using MATLAB/Simulink software. The output power of the microgrid to the wind-photovoltaic hybrid power generation system is calculated by simulation, and the optimization process of each component of the system is simulated. This study mainly uses the static reactive power compensation system and the conductance-fuzzy dual-mode control method to optimize the wind-solar hybrid power generation system. Using MATLAB software simulation verifies the feasibility and rationality of the optimal configuration of the system.

Product-harm crises can trigger product recalls or product discards, which is very likely to cause secondary pollution to the environment. Also, these crises may harm customers’ health and threaten firms’ survival. To foster low-carbon economy and green development in such complex systems, this paper studies the internal mechanism of the product crisis and its impact on the firm value. It proposes a two-stage model to avoid the endogeneity of product-harm crises. In the first stage, this paper assesses the effect of firms’ leverage on their capacity to produce higher quality products. In the second stage, this paper conducts the impact of these crises on stock prices. Then, it depicts the financial effects of product-harm crises over time, and analyzes the differences of such effects based on brand equity. Results show that book leverage can positively impact firms’ capacity to produce high-quality products. In addition, the market’s response to product-harm crises is significant at 1% level, and with the increase in severity, the market reaction is more prominent. Furthermore, its negative effect is persistent for a firm experiencing a severe crisis. Luckily, brand equity can mitigate this negative impact. These findings provide some ways to improve product performance and firm value in the green context.

Building on capital structure and product market interactions, and the role of debt enforcement in leveraged firms' investments, we examine whether cross‐country debt enforcement can produce different associations between financial leverage and product failures. Results show that different debt enforcement systems can generate opposite leverage effects. In countries with weak/nearly ineffective debt enforcement, financial leverage shows an incentive investment effect due to low default costs, and thus highly leveraged firms tend to invest more and are less likely to have product failures. Conversely, in countries with strict/effective debt enforcement, distressed companies tend to have an underinvestment effect and more product failures.