Green bonds, as one of the core tools of green finance, have rapidly developed into a large-scale and far-reaching financial market since the first green bond was issued in 2007. As a direct financing channel for gree...Green bonds, as one of the core tools of green finance, have rapidly developed into a large-scale and far-reaching financial market since the first green bond was issued in 2007. As a direct financing channel for green projects, green bonds have promoted the rapid development of green finance in China, and under the background of “dual carbon”, the demand for green bonds in China has increased significantly. In fact, the Chinese green bond investment market has vast development space. However, due to its late start and immature development, there are doubts about whether green bonds can play a positive role in enhancing the company’s value. Therefore, it is urgent to conduct in-depth analysis of the impact of the company’s issuance of green bonds on its value. In this paper, we used Tobin’s Q to measure company value, and used panel data to explore the impact of issuing green bonds on company value through propensity score matching method. It explored the significant improvement effect of issuing green bonds and increasing their intensity on company value;and then, by analyzing the mediating effect on the impact mechanism of company value, efforts are made to discover that green bonds can enhance company value by alleviating financing constraints and improving information transparency. Finally, based on the conclusions drawn, reasonable suggestions are proposed, which have practical reference value for the development of the green bond market and the construction of a green financial system.展开更多
The education level of entrepreneurs plays an important role in the decision-making process of loan financing. In this paper, the research method of optimization theory is used to study the problem of the education le...The education level of entrepreneurs plays an important role in the decision-making process of loan financing. In this paper, the research method of optimization theory is used to study the problem of the education level and maximizing utility of entrepreneurs, and the optimal analytic solution is obtained. On this basis, the influence of the change of bank loan interest rate, the marginal effect of entrepreneur’s effort, the marginal effect of entrepreneur’s investment, the elastic coefficient of entrepreneur’s effort and the elastic coefficient of entrepreneur’s investment on the optimal solution of entrepreneur’s effort and investment amount is discussed.展开更多
How to assess the health status of China’s coastal ecosystems and establish a comprehensive ocean observation plan to support the assessment of ecosystem health status are major scientific issues that urgently need t...How to assess the health status of China’s coastal ecosystems and establish a comprehensive ocean observation plan to support the assessment of ecosystem health status are major scientific issues that urgently need to be addressed by the Chinese government and local coastal governments. Based on the Lotka-Volterra, a symbiosis model is applied to calculate symbiosis degree between the coastal socio-economic system and marine ecosystem in Beibu Gulf. It is found that the marine ecological pressure in Beibu Gulf has not been reversed in the past 20 years. Most cities are in the stage when socio-economic development and marine ecological damage coexist. We use the Lotka-Volterra model to discuss the dynamic process of the evolution and development of marine ecosystem and coastal socio-economic system in an environment of mutual influence. It is urgent to improve marine ecological security by cultivating ecological industrial system and industrial clusters, establishing a land-sea ecological restoration, and to promote joint protection and co-governance across different administrative regions.展开更多
文摘Green bonds, as one of the core tools of green finance, have rapidly developed into a large-scale and far-reaching financial market since the first green bond was issued in 2007. As a direct financing channel for green projects, green bonds have promoted the rapid development of green finance in China, and under the background of “dual carbon”, the demand for green bonds in China has increased significantly. In fact, the Chinese green bond investment market has vast development space. However, due to its late start and immature development, there are doubts about whether green bonds can play a positive role in enhancing the company’s value. Therefore, it is urgent to conduct in-depth analysis of the impact of the company’s issuance of green bonds on its value. In this paper, we used Tobin’s Q to measure company value, and used panel data to explore the impact of issuing green bonds on company value through propensity score matching method. It explored the significant improvement effect of issuing green bonds and increasing their intensity on company value;and then, by analyzing the mediating effect on the impact mechanism of company value, efforts are made to discover that green bonds can enhance company value by alleviating financing constraints and improving information transparency. Finally, based on the conclusions drawn, reasonable suggestions are proposed, which have practical reference value for the development of the green bond market and the construction of a green financial system.
文摘The education level of entrepreneurs plays an important role in the decision-making process of loan financing. In this paper, the research method of optimization theory is used to study the problem of the education level and maximizing utility of entrepreneurs, and the optimal analytic solution is obtained. On this basis, the influence of the change of bank loan interest rate, the marginal effect of entrepreneur’s effort, the marginal effect of entrepreneur’s investment, the elastic coefficient of entrepreneur’s effort and the elastic coefficient of entrepreneur’s investment on the optimal solution of entrepreneur’s effort and investment amount is discussed.
文摘How to assess the health status of China’s coastal ecosystems and establish a comprehensive ocean observation plan to support the assessment of ecosystem health status are major scientific issues that urgently need to be addressed by the Chinese government and local coastal governments. Based on the Lotka-Volterra, a symbiosis model is applied to calculate symbiosis degree between the coastal socio-economic system and marine ecosystem in Beibu Gulf. It is found that the marine ecological pressure in Beibu Gulf has not been reversed in the past 20 years. Most cities are in the stage when socio-economic development and marine ecological damage coexist. We use the Lotka-Volterra model to discuss the dynamic process of the evolution and development of marine ecosystem and coastal socio-economic system in an environment of mutual influence. It is urgent to improve marine ecological security by cultivating ecological industrial system and industrial clusters, establishing a land-sea ecological restoration, and to promote joint protection and co-governance across different administrative regions.
