Biodiversity is closely related to human well-being and is an important foundation for human survival and development.Currently,there is a significant funding gap in biodiversity conservation in various regions.How to...Biodiversity is closely related to human well-being and is an important foundation for human survival and development.Currently,there is a significant funding gap in biodiversity conservation in various regions.How to leverage financial resources in key areas such as financial support for biodiversity conservation,value conversion of ecological products,and green inclusive finance has become an increasingly concerned field and an actively explored direction.This article reviews the relevant policies that have been issued in Jilin Province regarding biodiversity conservation,providing guidance for the formulation of investment and financing policies.In practice,Jilin Province has explored investment and financing models through multiple channels.In terms of finance,it has strengthened the coordination of financial resources at all levels in accordance with the principle of matching fiscal powers and expenditure responsibilities,and increased support for biodiversity conservation through existing funding channels.At the same time,it has actively studied the establishment of market-oriented and socialized investment and financing mechanisms and encouraged the participation of social capital.Through the research on the investment and financing policies and practices for biodiversity in Jilin Province,this article analyzes the existing bottlenecks in green finance support for biodiversity,aiming to provide reference for further improving relevant policies,optimizing the allocation and use of funds,and enhancing the level of biodiversity conservation.展开更多
Background:Antimicrobial resistance(AMR)poses a significant and growing public health challenge in East and Southern Africa.Despite formal commitments to the National Action Plans,domestic financing for AMR remains cr...Background:Antimicrobial resistance(AMR)poses a significant and growing public health challenge in East and Southern Africa.Despite formal commitments to the National Action Plans,domestic financing for AMR remains critically limited,with most countries continuing to depend heavily on external donor funding.Objective:This narrative review examines the current extent to which domestic fiscal commitments align with national AMR policy goals across the two regions.Methods:Government websites for ministries of health and finance,donor platforms,and three academic databases(Scopus,JSTOR,Google Scholar)were searched for eligible articles.National budget statements and media reports were also reviewed where available.Three researchers independently screened titles and summaries,followed by full-text reviews to confirm eligibility.Results:The findings reveal that while several countries have developed National Action Plans,very few have allocated domestic funding to implement them.Only Malawi,Nigeria and Uganda reported modest domestic contributions,while in other countries such as Zambia,Ethiopia,and South Africa,AMR programs remain largely donor-financed or lack dedicated budget lines altogether.Veterinary and laboratory sectors are particularly underfunded,with minimal integration into broader AMR strategies.While this review has several limitations including restricted access to current,comprehensive national budget data and a reliance on secondary sources such as donor and World Health Organization reports,which may introduce bias,the patterns identified in this review still offer valuable insight into regional funding dynamics and can inform future policy and research efforts.Conclusion:We conclude that without dedicated domestic financing and accountability mechanisms,AMR efforts in the region may face significant sustainability challenges observed in other health responses such as human immunodeficiency virus.Strengthening AMR governance requires clear budgetary commitments,sustainable cofinancing models,and policy instruments to reduce dependency on external support.展开更多
The prioritization of financial infrastructure construction serves as a crucial guarantee for the high-quality development of small and micro enterprises.However,resolving the financing challenges of small and micro e...The prioritization of financial infrastructure construction serves as a crucial guarantee for the high-quality development of small and micro enterprises.However,resolving the financing challenges of small and micro enterprises is not a task to be accomplished overnight.It necessitates the establishment of a long-term mechanism,the acceleration of financial innovation,the gradual enhancement of the vitality of micro-entities,and the creation of a stable and healthy economic development environment.Therefore,the author first analyzes the current financing situation of small and micro enterprises,as well as the problems they face during the process of financial innovation enabling small and micro enterprises to access financing and solve their financing difficulties,such as insufficient technical support,an imperfect risk control system,incomplete information disclosure,and a lack of credit data.Subsequently,targeted paths for financial innovation are proposed,aiming to offer suggestions for solving the financing problems of small and micro enterprises.展开更多
With the global advancement of the concept of sustainable development and environmental protection work,especially under the systematic deployment of green development in the report of the 20th National Congress of th...With the global advancement of the concept of sustainable development and environmental protection work,especially under the systematic deployment of green development in the report of the 20th National Congress of the Communist Party of China,the development of green finance in China has an increasingly significant impact on enterprise operation and management.Against the backdrop of the continuous deepening of green finance,it has multi-dimensional and profound impacts on enterprises’investment and financing decisions,resource allocation,and development strategies.Based on this,this paper focuses on the level of enterprises’investment and financing strategies,deeply analyzes the specific impacts of green finance development on enterprises,analyzes them in combination with practical problems,and then proposes corresponding optimization countermeasures,aiming to provide theoretical support and practical references for enhancing the core competitiveness of enterprises in the context of green finance.展开更多
Cash flow is a core element for enterprises to maintain operations and development.Cash flow forecasting models,through systematic analysis of an enterprise’s historical cash flow data,trends in operating activities,...Cash flow is a core element for enterprises to maintain operations and development.Cash flow forecasting models,through systematic analysis of an enterprise’s historical cash flow data,trends in operating activities,and external environmental factors,scientifically predict the scale,direction,and fluctuation of cash flow within a certain period in the future.This article focuses on the application of cash flow forecasting models in enterprise investment and financing decisions,sorts out the types and core functions of the models,analyzes their specific roles in investment project screening,financing plan formulation,risk prevention and control,and fund allocation,points out the existing problems in current applications,and proposes optimization paths.Research shows that the scientific application of cash flow forecasting models can enhance the accuracy and rationality of enterprises’investment and financing decisions,and help enterprises achieve sustainable development.展开更多
The rapid development of digital financial inclusion is profoundly changing the financing environment for small and medium-sized enterprises(SMEs).As an important driver of economic growth and innovation,SMEs account ...The rapid development of digital financial inclusion is profoundly changing the financing environment for small and medium-sized enterprises(SMEs).As an important driver of economic growth and innovation,SMEs account for a significant share of employment and GDP globally.However,the traditional bank credit model has long failed to effectively meet the financing needs of SMEs due to issues such as information asymmetry,high cost,and difficulty in risk assessment,resulting in serious financing constraints.Digital financial inclusion,through technological innovation and big data analysis,has significantly reduced credit costs,alleviated information asymmetry,and provided SMEs with more flexible and efficient financing channels.Research shows that digital financial inclusion can not only ease the financing constraints of SMEs,but also promote their innovation and growth,providing important support for building a more inclusive and sustainable financial ecosystem.展开更多
As an important tool to achieve sustainable economic and environmental development,green finance can effectively alleviate the financing constraints of small and medium-sized enterprises(SMEs),especially in promoting ...As an important tool to achieve sustainable economic and environmental development,green finance can effectively alleviate the financing constraints of small and medium-sized enterprises(SMEs),especially in promoting green transformation plays a key role.SMEs play an important role in economic growth,innovation,and job creation,but due to a lack of collateral,imperfect credit history,and opaque financial information,they face great obstacles in the financing process,especially in the early capital investment required for green transformation.Green finance,through innovative financial instruments such as green credit and green bonds,provides new financing channels for SMEs,helping them reduce financing costs,optimize financing structure,and promote their green transformation and sustainable development.This paper analyzes the current situation and root causes of SMEs’financing dilemma from the perspective of green finance,and probes into the influence of green finance policies on financing behavior.展开更多
This article through the domestic and foreign literature research in this field,related concepts and theoretical review,as well as the analysis of our country's security talent rental housing and REITS development...This article through the domestic and foreign literature research in this field,related concepts and theoretical review,as well as the analysis of our country's security talent rental housing and REITS development situation,discuss the prospect and development direction of our country's security talent rental housing public REITs,and put forward suggestions.展开更多
Digital financial inclusion provides financial services through digital platforms,aiming to improve the ability of MSMEs and low-income groups to access financial resources,thereby easing their financing constraints a...Digital financial inclusion provides financial services through digital platforms,aiming to improve the ability of MSMEs and low-income groups to access financial resources,thereby easing their financing constraints and promoting economic growth and inclusive development.As an innovative financial model,digital financial inclusion utilizes modern technological means to significantly improve the accessibility and convenience of financial services,especially in areas where traditional banking services are under-covered.Digital finance has promoted the popularization of financial services such as micro-credit,micro-savings,and micro-insurance,and helped improve the financing environment of low-income groups and small and micro enterprises.At the same time,digital financial inclusion promotes financial literacy education and digital inclusion construction,and enhances the acceptance and use of digital financial instruments by the general public,which is the key to achieving sustainable development of digital financial inclusion.Therefore,digital financial inclusion can better ease the financing constraints of small and medium-sized enterprises and promote economic development.展开更多
Under the socialist market economic system of our country,the government,through the“invisible hand,”carries on macro regulation and control to improve the financing constraints that small and medium-sized enterpris...Under the socialist market economic system of our country,the government,through the“invisible hand,”carries on macro regulation and control to improve the financing constraints that small and medium-sized enterprises are facing.But because of the huge base number of small and medium-sized enterprises in our country,there are many kinds,and the problem of financing constraints is still puzzling the development of enterprises at present.With the continuous promotion of inclusive finance in our country,the problems plaguing SMEs in the last mile of financing are gradually improved.In this context,small and medium-sized enterprises in Hainan Free Trade Port are taken as the research object to study the role of digital inclusive finance on the financing constraints of SMEs.The research shows that,first of all,small and medium-sized enterprises in Hainan Free Trade Port generally have financing problems.The development of digital inclusive finance solves the“last kilometer”problem of traditional finance,enhances financial access ability,broadens the financial service group,provides convenience and diversified services for SMEs'financing,and provides inexhaustible impetus for the long-term healthy development of SMEs.Secondly,digital inclusive finance alleviates the financing difficulties faced by SMEs on the island by reducing financial costs and expanding the scale of credit.展开更多
Free cash flow and financing constraints can exert significant influences on the operational development of enterprises.Based on the pecking order theory and using data from A-share listed companies in China,this pape...Free cash flow and financing constraints can exert significant influences on the operational development of enterprises.Based on the pecking order theory and using data from A-share listed companies in China,this paper employs fixed-effects models and moderation effect models to examine the relationship and mechanisms between enterprises'free cash flow generation capacity and their financing constraints.The study found that:(1)Free cash flow can alleviate corporate financing constraints.(2)Corporate performance plays a positive moderating role in the impact of free cash flow on financing constraints.(3)The impact of free cash flow on financing constraints is weaker in state-owned enterprises compared to non-state-owned enterprises.The findings of this paper imply that free cash flow can have a significant impact on corporate financing activities.Therefore,enterprises should pay more attention to their cash flow indicators,signaling their operational stability and risk management capabilities to the outside world,thereby reducing the level of financing constraints faced by the enterprise.展开更多
The establishment of Hainan Free Trade Port provides a new opportunity for the financing of small and medium-sized enterprises.In the process of the country continuously promoting the development of a free trade port,...The establishment of Hainan Free Trade Port provides a new opportunity for the financing of small and medium-sized enterprises.In the process of the country continuously promoting the development of a free trade port,the financing environment of small and medium-sized enterprises has gradually improved,and the financing environment has been greatly improved.But the small and medium-sized enterprises“financing difficult”“financing expensive”problem still exists.The problems of difficult and expensive financing of small and medium-sized enterprises in Haikou city have their reasons as well as the influence of external environmental factors.Therefore,to better solve the financing problems of small and medium-sized enterprises in Haikou,this paper analyzes the reasons for the difficulty and expensive financing of small and medium-sized enterprises according to the existing research results and summarizes the financing experience of small and medium-sized enterprises at home and abroad.This article finds that the financing systems for small and medium-sized enterprises(SMEs)in developed countries are relatively well-established,and both the government and society offer significant support to SMEs.Therefore,this paper believes that the government should adjust the business strategy to improve the financing ecological environment and enhance the financing ability of SMEs.The government should take the lead in perfecting the guarantee system,continuously improving the credit information system of enterprises and various financial service institutions,promoting the opening and institutionalization of private credit,and developing Internet finance[1].展开更多
With the establishment of Hainan Free Trade Port,the small and medium-sized enterprises in Hainan Free Trade Port have developed and grown in the continuously optimized enterprise environment.The continuous establishm...With the establishment of Hainan Free Trade Port,the small and medium-sized enterprises in Hainan Free Trade Port have developed and grown in the continuously optimized enterprise environment.The continuous establishment of a large number of small and micro enterprises makes its social and economic development play a non-negligible role.However,due to the small size and insufficient economic strength of small and micro enterprises,their status in the financial system is often very humble.Therefore,under normal circumstances,small and micro enterprises are faced with financing difficulties and high costs,which has a great side effect on their development.The proposal and continuous development of digital inclusive finance,so that small and micro enterprises in access to a wide range of financing opportunities at the same time,their financing methods are more convenient than in the past,the cost is getting lower and lower.This paper deeply discusses the role of digital inclusive finance in easing the financing constraints of small and micro enterprises and puts forward corresponding suggestions[1].展开更多
The global shipping industry,like many others,is under growing pressure to be more sustainable.Regulation,renewable energy advances and customer demand have created a golden opportunity to make shipping more environme...The global shipping industry,like many others,is under growing pressure to be more sustainable.Regulation,renewable energy advances and customer demand have created a golden opportunity to make shipping more environmentally sustainable,which,however,entails significant funding.Traditional ship financing has been done largely on a secured basis,with relatively few considerations around sustainability and environmental protection.This approach is ripe for innovation,given the industry’s significant environmental footprint.Evidence from other industries suggests that borrowers could benefit in pricing and structure from sustainable borrowing mechanisms,such as green bonds(where proceeds are dedicated to environmental and social investment).The trend is also increasing for sustainable loans,which can help to meet the growing demand for retrofit financing within existing vessels to meet CO_(2)emission targets.This paper aims to explore the attitudes of shipping industry participants,through the use of a survey,to green financing,that is,issuing unsecured and covered green,social,and sustainable bonds and other related financing instruments.These could effectively advance the environmental and social agenda in the industry,strengthening environmental,social,and governance(ESG)structures at the same time.Preliminary results suggest that there is considerable scope for improving knowledge and awareness among marine professionals to bridge the sustainability gap.展开更多
Background： At the present time, the government is considering to establish the independent financing system for essential medicines （EMs）. However, it is still in the exploration phase. The objectives of this stud...Background： At the present time, the government is considering to establish the independent financing system for essential medicines （EMs）. However, it is still in the exploration phase. The objectives of this study were to calculate and estimate financing amount of EMs in China in 2014 and to provide data evidence for establishing financing mechanism of EMs. Methods： Two approaches were adopted in this study. First, we used a retrospective research to estimate the cost of EMs in China in 2014. We identified all the 520 drugs listed in the latest national EMs list （2012） and calculated the total sales amount of these drugs in 2014. The other approach included the steps that first selecting the 109 most common diseases in China, then identifying the EMs used to treat them, and finally estimating the total cost of these drugs. Results： The results of the two methods, which showed the estimated financing amounts of EMs in China in 2014, were 17,776.44 million USD and 19,094.09 million USD, respectively. Conclusions： Comparing these two results, we concluded that the annual budget needed to provide for the EMs in China would be about 20 billion USD. Our study also indicated that the irrational drug use continued to plague the health system with intravenous fluids and antibiotics being the typical examples, as observed in other studies.展开更多
Creditors,such as banks,often use disclosed environmental information to assess a company’s environmental risk and ensure the safety of debt funds.Consequently,carbon disclosures have become an important consideratio...Creditors,such as banks,often use disclosed environmental information to assess a company’s environmental risk and ensure the safety of debt funds.Consequently,carbon disclosures have become an important consideration for creditors when making investments.This study explores the relationship between carbon disclosure and debt financing costs using data on listed companies from 2008 to 2019.The results show that carbon disclosure can reduce the debt financing costs of enterprises,and that this influence is more significant for private companies than for state-owned enterprises.Instrumental variables and Propensity Score Matching(PSM)were used to evaluate the robustness of negative relationships.Furthermore,carbon disclosure has a more significant impact on debt costs with less environmental supervision pressure,weak residents’environmental awareness,and weak product market competition.These findings provide guidance for companies’carbon information disclosure and support the establishment of official carbon disclosure standards.展开更多
This study takes debt financing as the entry point and explores the impact of state-owned capital participation in private enterprises from the perspectives of“unarticulated rules”and“articulated rules”.The study ...This study takes debt financing as the entry point and explores the impact of state-owned capital participation in private enterprises from the perspectives of“unarticulated rules”and“articulated rules”.The study finds that state-owned capital participation significantly reduces the debt financing costs of private enterprises and expands the scale of their debt financing.This conclusion remains valid after a series of endogeneity and robustness tests.Further analysis of the mechanism reveals that state-owned capital participation improves the debt financing of private enterprises through multiple channels:Enhancing their social reputation,mitigating the“statistical bias”they face,optimizing their information quality,and reducing the“shareholder-creditor”agency problems.This paper conceptualizes these benefits as the“complementary advantages of heterogeneous shareholders”.This not only constructs a theoretical framework for“reverse mixed-ownership reform”but also better narrates the Chinese story of“mixed-ownership reform”by adopting a more universally applicable theory of equity structure.Additionally,the paper supplements existing research on the macro-and meso-level relationship between the government and the market by exploring the government’s positive role at the micro-level.展开更多
Two major finance forums in Beijing provide directions for developing sustainable climate funding.WHEN Mark Carney was the governor of the Bank of England,he found that the number of extreme weather events had tripled...Two major finance forums in Beijing provide directions for developing sustainable climate funding.WHEN Mark Carney was the governor of the Bank of England,he found that the number of extreme weather events had tripled and the cost of these disasters increased fivefold in the past 25 years.The financial sector must do something to make a change,he thought.展开更多
With the growth of the sports industry,the demand for financing has been increasing,while traditional financing channels are facing limitations.The emergence of Internet finance has provided new opportunities for the ...With the growth of the sports industry,the demand for financing has been increasing,while traditional financing channels are facing limitations.The emergence of Internet finance has provided new opportunities for the sports sector.This paper focuses on the diversified financing pathways for the sports industry,supported by internet finance,exploring its impact through theoretical analysis,constructing a regression model for empirical research,and conducting case analysis.The study finds that the development scale of Internet finance and the crowdfunding financing model significantly influence the income of the sports industry.Accordingly,the paper offers relevant policy and application suggestions,aiming to provide a reference for optimizing financing within the sports industry through Internet finance.展开更多
As an important force in promoting economic and social development,small and medium-sized enterprises play a crucial role in enhancing China’s economic strength,creating employment opportunities,and promoting industr...As an important force in promoting economic and social development,small and medium-sized enterprises play a crucial role in enhancing China’s economic strength,creating employment opportunities,and promoting industrial structural transformation.However,due to their inherent weaknesses,small and medium-sized enterprises often face difficulties in financing within the traditional financial service system.This makes it difficult for small and medium-sized enterprises to inject vitality into the development of the market economy by expanding their financing scale.Since 2013,China has vigorously developed inclusive finance and extended the services of traditional financial institutions to small and medium-sized enterprises,providing policy guidance,resource support,and technical support to alleviate the financing difficulties of small and medium-sized enterprises.Based on this,this article focuses on the current financing problems faced by small and medium-sized enterprises and specifically elaborates on how to lower the financing threshold for small and medium-sized enterprises and broaden their financing channels through inclusive finance,in order to promote the development of inclusive finance and a virtuous cycle of financing for small and medium-sized enterprises.展开更多
文摘Biodiversity is closely related to human well-being and is an important foundation for human survival and development.Currently,there is a significant funding gap in biodiversity conservation in various regions.How to leverage financial resources in key areas such as financial support for biodiversity conservation,value conversion of ecological products,and green inclusive finance has become an increasingly concerned field and an actively explored direction.This article reviews the relevant policies that have been issued in Jilin Province regarding biodiversity conservation,providing guidance for the formulation of investment and financing policies.In practice,Jilin Province has explored investment and financing models through multiple channels.In terms of finance,it has strengthened the coordination of financial resources at all levels in accordance with the principle of matching fiscal powers and expenditure responsibilities,and increased support for biodiversity conservation through existing funding channels.At the same time,it has actively studied the establishment of market-oriented and socialized investment and financing mechanisms and encouraged the participation of social capital.Through the research on the investment and financing policies and practices for biodiversity in Jilin Province,this article analyzes the existing bottlenecks in green finance support for biodiversity,aiming to provide reference for further improving relevant policies,optimizing the allocation and use of funds,and enhancing the level of biodiversity conservation.
文摘Background:Antimicrobial resistance(AMR)poses a significant and growing public health challenge in East and Southern Africa.Despite formal commitments to the National Action Plans,domestic financing for AMR remains critically limited,with most countries continuing to depend heavily on external donor funding.Objective:This narrative review examines the current extent to which domestic fiscal commitments align with national AMR policy goals across the two regions.Methods:Government websites for ministries of health and finance,donor platforms,and three academic databases(Scopus,JSTOR,Google Scholar)were searched for eligible articles.National budget statements and media reports were also reviewed where available.Three researchers independently screened titles and summaries,followed by full-text reviews to confirm eligibility.Results:The findings reveal that while several countries have developed National Action Plans,very few have allocated domestic funding to implement them.Only Malawi,Nigeria and Uganda reported modest domestic contributions,while in other countries such as Zambia,Ethiopia,and South Africa,AMR programs remain largely donor-financed or lack dedicated budget lines altogether.Veterinary and laboratory sectors are particularly underfunded,with minimal integration into broader AMR strategies.While this review has several limitations including restricted access to current,comprehensive national budget data and a reliance on secondary sources such as donor and World Health Organization reports,which may introduce bias,the patterns identified in this review still offer valuable insight into regional funding dynamics and can inform future policy and research efforts.Conclusion:We conclude that without dedicated domestic financing and accountability mechanisms,AMR efforts in the region may face significant sustainability challenges observed in other health responses such as human immunodeficiency virus.Strengthening AMR governance requires clear budgetary commitments,sustainable cofinancing models,and policy instruments to reduce dependency on external support.
文摘The prioritization of financial infrastructure construction serves as a crucial guarantee for the high-quality development of small and micro enterprises.However,resolving the financing challenges of small and micro enterprises is not a task to be accomplished overnight.It necessitates the establishment of a long-term mechanism,the acceleration of financial innovation,the gradual enhancement of the vitality of micro-entities,and the creation of a stable and healthy economic development environment.Therefore,the author first analyzes the current financing situation of small and micro enterprises,as well as the problems they face during the process of financial innovation enabling small and micro enterprises to access financing and solve their financing difficulties,such as insufficient technical support,an imperfect risk control system,incomplete information disclosure,and a lack of credit data.Subsequently,targeted paths for financial innovation are proposed,aiming to offer suggestions for solving the financing problems of small and micro enterprises.
基金Exploration of the Impact of Financial Reforms in the Hainan Free Trade Port on Enterprises,General Project(Project No.:HKKY2024-13)。
文摘With the global advancement of the concept of sustainable development and environmental protection work,especially under the systematic deployment of green development in the report of the 20th National Congress of the Communist Party of China,the development of green finance in China has an increasingly significant impact on enterprise operation and management.Against the backdrop of the continuous deepening of green finance,it has multi-dimensional and profound impacts on enterprises’investment and financing decisions,resource allocation,and development strategies.Based on this,this paper focuses on the level of enterprises’investment and financing strategies,deeply analyzes the specific impacts of green finance development on enterprises,analyzes them in combination with practical problems,and then proposes corresponding optimization countermeasures,aiming to provide theoretical support and practical references for enhancing the core competitiveness of enterprises in the context of green finance.
文摘Cash flow is a core element for enterprises to maintain operations and development.Cash flow forecasting models,through systematic analysis of an enterprise’s historical cash flow data,trends in operating activities,and external environmental factors,scientifically predict the scale,direction,and fluctuation of cash flow within a certain period in the future.This article focuses on the application of cash flow forecasting models in enterprise investment and financing decisions,sorts out the types and core functions of the models,analyzes their specific roles in investment project screening,financing plan formulation,risk prevention and control,and fund allocation,points out the existing problems in current applications,and proposes optimization paths.Research shows that the scientific application of cash flow forecasting models can enhance the accuracy and rationality of enterprises’investment and financing decisions,and help enterprises achieve sustainable development.
文摘The rapid development of digital financial inclusion is profoundly changing the financing environment for small and medium-sized enterprises(SMEs).As an important driver of economic growth and innovation,SMEs account for a significant share of employment and GDP globally.However,the traditional bank credit model has long failed to effectively meet the financing needs of SMEs due to issues such as information asymmetry,high cost,and difficulty in risk assessment,resulting in serious financing constraints.Digital financial inclusion,through technological innovation and big data analysis,has significantly reduced credit costs,alleviated information asymmetry,and provided SMEs with more flexible and efficient financing channels.Research shows that digital financial inclusion can not only ease the financing constraints of SMEs,but also promote their innovation and growth,providing important support for building a more inclusive and sustainable financial ecosystem.
文摘As an important tool to achieve sustainable economic and environmental development,green finance can effectively alleviate the financing constraints of small and medium-sized enterprises(SMEs),especially in promoting green transformation plays a key role.SMEs play an important role in economic growth,innovation,and job creation,but due to a lack of collateral,imperfect credit history,and opaque financial information,they face great obstacles in the financing process,especially in the early capital investment required for green transformation.Green finance,through innovative financial instruments such as green credit and green bonds,provides new financing channels for SMEs,helping them reduce financing costs,optimize financing structure,and promote their green transformation and sustainable development.This paper analyzes the current situation and root causes of SMEs’financing dilemma from the perspective of green finance,and probes into the influence of green finance policies on financing behavior.
文摘This article through the domestic and foreign literature research in this field,related concepts and theoretical review,as well as the analysis of our country's security talent rental housing and REITS development situation,discuss the prospect and development direction of our country's security talent rental housing public REITs,and put forward suggestions.
文摘Digital financial inclusion provides financial services through digital platforms,aiming to improve the ability of MSMEs and low-income groups to access financial resources,thereby easing their financing constraints and promoting economic growth and inclusive development.As an innovative financial model,digital financial inclusion utilizes modern technological means to significantly improve the accessibility and convenience of financial services,especially in areas where traditional banking services are under-covered.Digital finance has promoted the popularization of financial services such as micro-credit,micro-savings,and micro-insurance,and helped improve the financing environment of low-income groups and small and micro enterprises.At the same time,digital financial inclusion promotes financial literacy education and digital inclusion construction,and enhances the acceptance and use of digital financial instruments by the general public,which is the key to achieving sustainable development of digital financial inclusion.Therefore,digital financial inclusion can better ease the financing constraints of small and medium-sized enterprises and promote economic development.
文摘Under the socialist market economic system of our country,the government,through the“invisible hand,”carries on macro regulation and control to improve the financing constraints that small and medium-sized enterprises are facing.But because of the huge base number of small and medium-sized enterprises in our country,there are many kinds,and the problem of financing constraints is still puzzling the development of enterprises at present.With the continuous promotion of inclusive finance in our country,the problems plaguing SMEs in the last mile of financing are gradually improved.In this context,small and medium-sized enterprises in Hainan Free Trade Port are taken as the research object to study the role of digital inclusive finance on the financing constraints of SMEs.The research shows that,first of all,small and medium-sized enterprises in Hainan Free Trade Port generally have financing problems.The development of digital inclusive finance solves the“last kilometer”problem of traditional finance,enhances financial access ability,broadens the financial service group,provides convenience and diversified services for SMEs'financing,and provides inexhaustible impetus for the long-term healthy development of SMEs.Secondly,digital inclusive finance alleviates the financing difficulties faced by SMEs on the island by reducing financial costs and expanding the scale of credit.
文摘Free cash flow and financing constraints can exert significant influences on the operational development of enterprises.Based on the pecking order theory and using data from A-share listed companies in China,this paper employs fixed-effects models and moderation effect models to examine the relationship and mechanisms between enterprises'free cash flow generation capacity and their financing constraints.The study found that:(1)Free cash flow can alleviate corporate financing constraints.(2)Corporate performance plays a positive moderating role in the impact of free cash flow on financing constraints.(3)The impact of free cash flow on financing constraints is weaker in state-owned enterprises compared to non-state-owned enterprises.The findings of this paper imply that free cash flow can have a significant impact on corporate financing activities.Therefore,enterprises should pay more attention to their cash flow indicators,signaling their operational stability and risk management capabilities to the outside world,thereby reducing the level of financing constraints faced by the enterprise.
文摘The establishment of Hainan Free Trade Port provides a new opportunity for the financing of small and medium-sized enterprises.In the process of the country continuously promoting the development of a free trade port,the financing environment of small and medium-sized enterprises has gradually improved,and the financing environment has been greatly improved.But the small and medium-sized enterprises“financing difficult”“financing expensive”problem still exists.The problems of difficult and expensive financing of small and medium-sized enterprises in Haikou city have their reasons as well as the influence of external environmental factors.Therefore,to better solve the financing problems of small and medium-sized enterprises in Haikou,this paper analyzes the reasons for the difficulty and expensive financing of small and medium-sized enterprises according to the existing research results and summarizes the financing experience of small and medium-sized enterprises at home and abroad.This article finds that the financing systems for small and medium-sized enterprises(SMEs)in developed countries are relatively well-established,and both the government and society offer significant support to SMEs.Therefore,this paper believes that the government should adjust the business strategy to improve the financing ecological environment and enhance the financing ability of SMEs.The government should take the lead in perfecting the guarantee system,continuously improving the credit information system of enterprises and various financial service institutions,promoting the opening and institutionalization of private credit,and developing Internet finance[1].
文摘With the establishment of Hainan Free Trade Port,the small and medium-sized enterprises in Hainan Free Trade Port have developed and grown in the continuously optimized enterprise environment.The continuous establishment of a large number of small and micro enterprises makes its social and economic development play a non-negligible role.However,due to the small size and insufficient economic strength of small and micro enterprises,their status in the financial system is often very humble.Therefore,under normal circumstances,small and micro enterprises are faced with financing difficulties and high costs,which has a great side effect on their development.The proposal and continuous development of digital inclusive finance,so that small and micro enterprises in access to a wide range of financing opportunities at the same time,their financing methods are more convenient than in the past,the cost is getting lower and lower.This paper deeply discusses the role of digital inclusive finance in easing the financing constraints of small and micro enterprises and puts forward corresponding suggestions[1].
文摘The global shipping industry,like many others,is under growing pressure to be more sustainable.Regulation,renewable energy advances and customer demand have created a golden opportunity to make shipping more environmentally sustainable,which,however,entails significant funding.Traditional ship financing has been done largely on a secured basis,with relatively few considerations around sustainability and environmental protection.This approach is ripe for innovation,given the industry’s significant environmental footprint.Evidence from other industries suggests that borrowers could benefit in pricing and structure from sustainable borrowing mechanisms,such as green bonds(where proceeds are dedicated to environmental and social investment).The trend is also increasing for sustainable loans,which can help to meet the growing demand for retrofit financing within existing vessels to meet CO_(2)emission targets.This paper aims to explore the attitudes of shipping industry participants,through the use of a survey,to green financing,that is,issuing unsecured and covered green,social,and sustainable bonds and other related financing instruments.These could effectively advance the environmental and social agenda in the industry,strengthening environmental,social,and governance(ESG)structures at the same time.Preliminary results suggest that there is considerable scope for improving knowledge and awareness among marine professionals to bridge the sustainability gap.
基金This study was supported by grants from the general program of National Natural Science Foundation of China:Studies on dynamic financing mechanisms of basic medical insurance system for urban residents in China，program of National Health and Family Planning Commission of China:Studies on financing mechanism of essential medicines in China
文摘Background： At the present time, the government is considering to establish the independent financing system for essential medicines （EMs）. However, it is still in the exploration phase. The objectives of this study were to calculate and estimate financing amount of EMs in China in 2014 and to provide data evidence for establishing financing mechanism of EMs. Methods： Two approaches were adopted in this study. First, we used a retrospective research to estimate the cost of EMs in China in 2014. We identified all the 520 drugs listed in the latest national EMs list （2012） and calculated the total sales amount of these drugs in 2014. The other approach included the steps that first selecting the 109 most common diseases in China, then identifying the EMs used to treat them, and finally estimating the total cost of these drugs. Results： The results of the two methods, which showed the estimated financing amounts of EMs in China in 2014, were 17,776.44 million USD and 19,094.09 million USD, respectively. Conclusions： Comparing these two results, we concluded that the annual budget needed to provide for the EMs in China would be about 20 billion USD. Our study also indicated that the irrational drug use continued to plague the health system with intravenous fluids and antibiotics being the typical examples, as observed in other studies.
文摘Creditors,such as banks,often use disclosed environmental information to assess a company’s environmental risk and ensure the safety of debt funds.Consequently,carbon disclosures have become an important consideration for creditors when making investments.This study explores the relationship between carbon disclosure and debt financing costs using data on listed companies from 2008 to 2019.The results show that carbon disclosure can reduce the debt financing costs of enterprises,and that this influence is more significant for private companies than for state-owned enterprises.Instrumental variables and Propensity Score Matching(PSM)were used to evaluate the robustness of negative relationships.Furthermore,carbon disclosure has a more significant impact on debt costs with less environmental supervision pressure,weak residents’environmental awareness,and weak product market competition.These findings provide guidance for companies’carbon information disclosure and support the establishment of official carbon disclosure standards.
基金supported by the National Natural Science Foundation of China,“State-owned Capital Participation and Financial Behavior of Private Enterprises:A Study from the Perspective of‘Balance’and‘Complementarity’of Multiple Major Shareholders”(Grant No.72202230).
文摘This study takes debt financing as the entry point and explores the impact of state-owned capital participation in private enterprises from the perspectives of“unarticulated rules”and“articulated rules”.The study finds that state-owned capital participation significantly reduces the debt financing costs of private enterprises and expands the scale of their debt financing.This conclusion remains valid after a series of endogeneity and robustness tests.Further analysis of the mechanism reveals that state-owned capital participation improves the debt financing of private enterprises through multiple channels:Enhancing their social reputation,mitigating the“statistical bias”they face,optimizing their information quality,and reducing the“shareholder-creditor”agency problems.This paper conceptualizes these benefits as the“complementary advantages of heterogeneous shareholders”.This not only constructs a theoretical framework for“reverse mixed-ownership reform”but also better narrates the Chinese story of“mixed-ownership reform”by adopting a more universally applicable theory of equity structure.Additionally,the paper supplements existing research on the macro-and meso-level relationship between the government and the market by exploring the government’s positive role at the micro-level.
文摘Two major finance forums in Beijing provide directions for developing sustainable climate funding.WHEN Mark Carney was the governor of the Bank of England,he found that the number of extreme weather events had tripled and the cost of these disasters increased fivefold in the past 25 years.The financial sector must do something to make a change,he thought.
文摘With the growth of the sports industry,the demand for financing has been increasing,while traditional financing channels are facing limitations.The emergence of Internet finance has provided new opportunities for the sports sector.This paper focuses on the diversified financing pathways for the sports industry,supported by internet finance,exploring its impact through theoretical analysis,constructing a regression model for empirical research,and conducting case analysis.The study finds that the development scale of Internet finance and the crowdfunding financing model significantly influence the income of the sports industry.Accordingly,the paper offers relevant policy and application suggestions,aiming to provide a reference for optimizing financing within the sports industry through Internet finance.
文摘As an important force in promoting economic and social development,small and medium-sized enterprises play a crucial role in enhancing China’s economic strength,creating employment opportunities,and promoting industrial structural transformation.However,due to their inherent weaknesses,small and medium-sized enterprises often face difficulties in financing within the traditional financial service system.This makes it difficult for small and medium-sized enterprises to inject vitality into the development of the market economy by expanding their financing scale.Since 2013,China has vigorously developed inclusive finance and extended the services of traditional financial institutions to small and medium-sized enterprises,providing policy guidance,resource support,and technical support to alleviate the financing difficulties of small and medium-sized enterprises.Based on this,this article focuses on the current financing problems faced by small and medium-sized enterprises and specifically elaborates on how to lower the financing threshold for small and medium-sized enterprises and broaden their financing channels through inclusive finance,in order to promote the development of inclusive finance and a virtuous cycle of financing for small and medium-sized enterprises.
