We examine the relationship between economic policy uncertainty (EPU) and stock price crash risk via the corporate investment in Chinese listed firms. Results show that higher EPU is associated with lower crash risk. Firms increase financial asset holdings and reduce overinvestment when EPU rises, leading to lower future crash risk. State-owned enterprises (SOEs) and firms with lower management incentives tend to reduce overinvestment, whereas non-SOEs tend to increase financial asset holdings. Thus, firms tend to be cautious in their investments when EPU is high, which reduces crash risk. Our study provides new insights into the validity of the Lucas critique in China.

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Taking Shanghai and Shenzhen A-share non-financial listed companies in 2009 and 2019 as samples, from the perspective of financial rights and personnel rights, this paper makes an empirical study on the relationship between their allocation between parent and subsidiary and the overall investment efficiency of listed companies and their subsidiaries, and further analyzes the moderating effect of the two on the above two relationships. The research shows that: 1) in the current stage, the concentration of financial rights improves the investment efficiency of the parent-subsidiary company; 2) the concentration of the power over personnel has an inverted U-shaped relationship with investment efficiency; 3) from the moderating effect of the two, the concentration of financial power flattens the inverted U-shaped relationship between the concentration of personnel power and investment efficiency; 4) the concentration of personnel power amplifies the promoting effect of financial power concentration on investment efficiency, but this effect is not clear at the low level of personnel power concentration. The research of this paper is helpful to provide more concrete and operational reference and suggestions for the management and control of enterprise groups.

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Severe weather such as typhoon has long been a great challenge threats the safe operation of nuclear power plants. To cope with typhoon, Qinshan III NPP has developed an effective management system, including building powerful organizations, creating standard response procedures and consumable storage, which proven to be effective to ensure the safe operation of Qinshan III plant under severe weather conditions.