China removes last curbs on foreign investment in manufacturing to make the industry high-end,intelligent,and green.IN October,Japanese electronics giant Panasonic Group opened its co-creation center in Shanghai,the g...China removes last curbs on foreign investment in manufacturing to make the industry high-end,intelligent,and green.IN October,Japanese electronics giant Panasonic Group opened its co-creation center in Shanghai,the group’s largest and most diverse office in China,integrating finance,logistics,IT,and international procurement.展开更多
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
This research examines the relationship between supply chain finance innovation and environmental governance effectiveness among SMEs,with technological capability as mediator and institutional support as moderator.Un...This research examines the relationship between supply chain finance innovation and environmental governance effectiveness among SMEs,with technological capability as mediator and institutional support as moderator.Unlike previous isolated analyses,this study develops an integrated framework capturing the interplay between financial mechanisms and environmental outcomes.The innovative analytical approach incorporates“hard”and“soft”indicators,blockchain-based environmental performance management,and regulatory-financial integration.Hierarchical regression analysis of data from 1,682 manufacturing SMEs(2019–2023)reveals that supply chain finance innovation significantly improves environmental governance effectiveness(β=0.412,p<0.01),with 32.9%mediated through technological capability.Institutional support demonstrates substantial moderating effects(β=0.228,p<0.01),emphasizing the combined influence of finance innovation and technological capability on environmental outcomes.Cross-sectional analysis shows these effects are stronger among larger firms,private enterprises,and in developed regions.The findings enhance understanding of how financial innovation interacts with environmental sustainability through technological capability while highlighting institutional support’s importance.This research contributes to policy formulation and practice by demonstrating how innovative financial mechanisms can encourage improved environmental governance among SMEs.展开更多
In China’s era of high-quality development,green technological innovation has become a key driver of economic growth.Drawing on data from A-share listed companies in China from 2008 to 2022,this paper systematically ...In China’s era of high-quality development,green technological innovation has become a key driver of economic growth.Drawing on data from A-share listed companies in China from 2008 to 2022,this paper systematically examines how supply chain finance(SCF)promotes green technological innovation.The results show that:(a)SCF significantly enhances green technological innovation in core enterprises,which impacts patents for both green invention and utility models;(b)SCF uses three main pathways to drive innovation:easing financing constraints,accelerating digital transformation,and optimizing corporate governance;and(c)The innovation-enhancing effect of SCF is more pronounced in firms with high environmental investment,and non-heavy-polluting industries.This study enriches the theoretical framework for green technological innovation by incorporating financing,digitalization,and governance perspectives,and also provides micro-level evidence and practical insights for leveraging SCF to empower the real economy.展开更多
The Office of the Financial Stability and Development Committee of the State Council,China's cabinet announced 11 new measures to further open up the financial sector on July 20,in the latest move to help bolster ...The Office of the Financial Stability and Development Committee of the State Council,China's cabinet announced 11 new measures to further open up the financial sector on July 20,in the latest move to help bolster and stabilize growth.The new measures cover multiple areas ranging from the bondmarket,banks,insurance companies,brokerage companies to the securities market.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
This study investigates the spatial courting between digital economic signs and local monetary overall performance throughout ten provinces in Sumatra,Indonesia,from 2019 to 2022.As digitalization hastens economic and...This study investigates the spatial courting between digital economic signs and local monetary overall performance throughout ten provinces in Sumatra,Indonesia,from 2019 to 2022.As digitalization hastens economic and business sports,devices together with fintech lending,e-cash,debit card usage,and e-commerce are increasingly more diagnosed as capability drivers of regional increase.But,the unequal distribution of digital infrastructure and monetary literacy across regions raises issues approximately the inclusivity of these benefits.constructing upon current findings by using Miranti et al.(2024),this research employs spatial econometric fashions-particularly the Spatial Lag model(SLM)and Spatial mistakes model(SEM)-to evaluate how digital variables influence provincial financial overall performance while accounting for spatial spillover consequences.The results reveal that fintech lending and debit card usage exert a positive and significant impact on economic growth,whereas the effect of e-money is negative,suggesting potential substitution effects or access constraints.Spatial dependency is also evident,as demonstrated by the significant lambda coefficient in the SEM model.These findings highlight the importance of spatially coordinated digital policies,particularly in addressing disparities and enhancing digital financial inclusion.The study concludes with policy recommendations aimed at fostering inclusive and spatially balanced digital economic development in Sumatra.展开更多
The 29th session of the Conference of the Parties(COP29)to the United Nations Framework Convention on Climate Change(UNFCCC)in November 2024 concluded with progress on key issues such as the“new collective quantified...The 29th session of the Conference of the Parties(COP29)to the United Nations Framework Convention on Climate Change(UNFCCC)in November 2024 concluded with progress on key issues such as the“new collective quantified goal”for climate finance as well as carbon trading.However,the consensus fell far short of expectations.Judging by the cumulative progress of global climate policies and actions,the prospect of achieving the 1.5°C temperature control target set by the Paris Agreement is fading.Climate risks are increasing,and global climate governance is facing significant challenges,exposing the inherent flaws of the current paradigm of international climate cooperation.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
New Policy to Boost Consumption Chinese authorities on 30 October issued a notice regarding improvements to the policies of duty-free shops aimed at boosting consumption.Effective on 1 November,the policies aim to enc...New Policy to Boost Consumption Chinese authorities on 30 October issued a notice regarding improvements to the policies of duty-free shops aimed at boosting consumption.Effective on 1 November,the policies aim to encourage consumers to shop domestically,according to the notice jointly issued by the Ministry of Finance and four other departments.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
Green finance,as an important policy to promote high-quality economic development,has become a focus of attention in the academic and policy circles for its promotion of industrial structure optimization.Based on the ...Green finance,as an important policy to promote high-quality economic development,has become a focus of attention in the academic and policy circles for its promotion of industrial structure optimization.Based on the data of six provinces in Central China from 2010 to 2023,this paper constructs a comprehensive index of green finance development by using entropy value method and empirically analyses the impact of green finance on industrial structure optimization.The results show that the level of green finance development has a significant contribution to the optimization of the industrial structure in the central region.Accordingly,this study provides suggestions for deepening green finance reform and accelerating industrial transformation and upgrading.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
This study investigates the impact of investor protection on corporate R&D investment using panel data from Chinese A-share listed companies spanning 2015 to 2022.By employing OLS regression,mediation,and moderati...This study investigates the impact of investor protection on corporate R&D investment using panel data from Chinese A-share listed companies spanning 2015 to 2022.By employing OLS regression,mediation,and moderation analyses,the results demonstrate that robust investor protection mechanisms significantly enhance corporate R&D expenditures.The mediation analysis reveals that investor protection alleviates financing constraints and improves information disclosure quality,both of which serve as key channels for fostering R&D investment.Furthermore,internal control systems and media attention are identified as positive moderators,amplifying the beneficial effects of investor protection on R&D.In contrast,the equity Herfindahl index(HHI)does not exhibit a significant moderating role.The study also highlights that financial leverage,profitability,and equity concentration negatively influence R&D,while revenue growth exerts a positive effect.These findings underscore the critical role of investor protection in driving corporate innovation and sustainable growth,offering valuable insights for policymakers and corporate managers aiming to optimize R&D strategies through improved governance frameworks.展开更多
Blockchain technology,as a revolutionary tool,is profoundly changing the way the financial field works.Its application has expanded from digital currency to many fields,such as smart contracts,cross-border payments,tr...Blockchain technology,as a revolutionary tool,is profoundly changing the way the financial field works.Its application has expanded from digital currency to many fields,such as smart contracts,cross-border payments,trade finance,and digital identity management,providing important support for simplifying financial service processes,reducing costs,and improving efficiency.However,the widespread application of blockchain technology still faces challenges such as scalability,regulatory compliance,and cybersecurity,limiting its full integration in the financial industry.This study systematically reviews the status quo,development history,and future trends of blockchain technology application in the financial sector,analyzes its key role in capital markets,decentralized finance(DeFi),and other fields,and explores the potential of emerging solutions such as hybrid blockchain and dynamic regulatory frameworks.展开更多
Digital economy has become a new driving force for China’s economic growth,continuously boosting economic development and rapidly integrating into various fields of China’s economy and society.The advent of the digi...Digital economy has become a new driving force for China’s economic growth,continuously boosting economic development and rapidly integrating into various fields of China’s economy and society.The advent of the digital economy era has reshaped the development pattern of the financial industry.The rapid development of financial technology has promoted the transformation of financial formats and put forward higher requirements for financial talent training in the new era.Digital finance is not only a key part of the transformation and upgrading of China’s financial industry but also an integral component of China’s modern financial ecosystem.Against the backdrop of the digital economy,cultivating digital finance talents in vocational colleges is of great significance to China’s economic development.This paper analyzes the predicaments faced in digital finance talent training,explores in depth the reform of digital finance talent training modes,and proposes policy suggestions for the digital finance talent training system based on the development characteristics of digital finance.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
This study exploits China's"Pilot Program for the Integration of Science and Technology with Finance"as a quasi-natural experiment to investigate the effect of Sci-Tech Finance on corporate financial res...This study exploits China's"Pilot Program for the Integration of Science and Technology with Finance"as a quasi-natural experiment to investigate the effect of Sci-Tech Finance on corporate financial resilience and its underlying mechanisms.Using panel data of A-share firms listed on the Shanghai and Shenzhen stock exchanges from 2000 to 2024 and using a staggered difference-in-differences(DID)model,we find that corporate financial resilience significantly improved after the Sci-Tech Finance policy,as evidenced by reduced earnings volatility and more sustainable profit growth.Heterogeneity analyses show that the effect is more pronounced during periods of high economic policy uncertainty(EPU)and in regions with less developed traditional banking systems.Mechanism analyses suggest that Sci-Tech Finance strengthens firm financial resilience by alleviating financing constraints,mitigating information asymmetry,optimizing investment efficiency,and promoting green innovation.We provide novel evidence on the role of Sci-Tech Finance in stabilizing firm performance and fostering long-term value creation,thereby contributing to the broad literature on high-quality economic development.展开更多
The interaction between supply chain relationships and corporate finance has become a focal issue in academic and practical circles,especially under the dual drivers of globalization and marketization.This paper syste...The interaction between supply chain relationships and corporate finance has become a focal issue in academic and practical circles,especially under the dual drivers of globalization and marketization.This paper systematically reviews existing research on this topic,covering theoretical foundations from perspectives such as agency theory,stakeholder theory,and co-opetition game theory,which explain the nature of customer-supplier relationships.It also combs through empirical studies from four core angles:competition-cooperation,signal transmission,spillover effects,and information transfer,summarizing findings on how supply chain relationships impact corporate investment,financing,operations,and performance,as well as existing controversies.The aim is to clarify the research context,identify theoretical and empirical gaps,and provide theoretical support and direction for deepening future research on supply chain and corporate finance.展开更多
Economic growth affects natural resources and the environment directly and indirectly;however,the exact role that natural resources play in environmental sustainability remains unknown.This paper revisits the relation...Economic growth affects natural resources and the environment directly and indirectly;however,the exact role that natural resources play in environmental sustainability remains unknown.This paper revisits the relationship between natural resources and CO_(2)emissions by considering the role of green finance vis-à-vis the aggregated and disaggregated analysis.Empirical panel data estimation analyzes a sample of emerging countries over the 2001-2019 period using the recently developed econometric cross-sectional auto-regressive distributed lag(CS-ARDL)technique.The findings show that natural resource components(natural gas,mineral rent,oil rent,and coal rent)are negatively associated with environmental pollution.In contrast,overall natural resource consumption helps reduce carbon emissions.However,we find that green finance contributes to carbon emission reduction.In contrast,education causes pollution by contributing to carbon emissions.We offer policy recommendations about the effectiveness of green financing for the sustainable use of natural resources in diminishing pollution.展开更多
文摘China removes last curbs on foreign investment in manufacturing to make the industry high-end,intelligent,and green.IN October,Japanese electronics giant Panasonic Group opened its co-creation center in Shanghai,the group’s largest and most diverse office in China,integrating finance,logistics,IT,and international procurement.
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This research examines the relationship between supply chain finance innovation and environmental governance effectiveness among SMEs,with technological capability as mediator and institutional support as moderator.Unlike previous isolated analyses,this study develops an integrated framework capturing the interplay between financial mechanisms and environmental outcomes.The innovative analytical approach incorporates“hard”and“soft”indicators,blockchain-based environmental performance management,and regulatory-financial integration.Hierarchical regression analysis of data from 1,682 manufacturing SMEs(2019–2023)reveals that supply chain finance innovation significantly improves environmental governance effectiveness(β=0.412,p<0.01),with 32.9%mediated through technological capability.Institutional support demonstrates substantial moderating effects(β=0.228,p<0.01),emphasizing the combined influence of finance innovation and technological capability on environmental outcomes.Cross-sectional analysis shows these effects are stronger among larger firms,private enterprises,and in developed regions.The findings enhance understanding of how financial innovation interacts with environmental sustainability through technological capability while highlighting institutional support’s importance.This research contributes to policy formulation and practice by demonstrating how innovative financial mechanisms can encourage improved environmental governance among SMEs.
基金supported by the Chongqing Municipal Education Commission Science and Technology Project(KJQN202000506).
文摘In China’s era of high-quality development,green technological innovation has become a key driver of economic growth.Drawing on data from A-share listed companies in China from 2008 to 2022,this paper systematically examines how supply chain finance(SCF)promotes green technological innovation.The results show that:(a)SCF significantly enhances green technological innovation in core enterprises,which impacts patents for both green invention and utility models;(b)SCF uses three main pathways to drive innovation:easing financing constraints,accelerating digital transformation,and optimizing corporate governance;and(c)The innovation-enhancing effect of SCF is more pronounced in firms with high environmental investment,and non-heavy-polluting industries.This study enriches the theoretical framework for green technological innovation by incorporating financing,digitalization,and governance perspectives,and also provides micro-level evidence and practical insights for leveraging SCF to empower the real economy.
文摘The Office of the Financial Stability and Development Committee of the State Council,China's cabinet announced 11 new measures to further open up the financial sector on July 20,in the latest move to help bolster and stabilize growth.The new measures cover multiple areas ranging from the bondmarket,banks,insurance companies,brokerage companies to the securities market.
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This study investigates the spatial courting between digital economic signs and local monetary overall performance throughout ten provinces in Sumatra,Indonesia,from 2019 to 2022.As digitalization hastens economic and business sports,devices together with fintech lending,e-cash,debit card usage,and e-commerce are increasingly more diagnosed as capability drivers of regional increase.But,the unequal distribution of digital infrastructure and monetary literacy across regions raises issues approximately the inclusivity of these benefits.constructing upon current findings by using Miranti et al.(2024),this research employs spatial econometric fashions-particularly the Spatial Lag model(SLM)and Spatial mistakes model(SEM)-to evaluate how digital variables influence provincial financial overall performance while accounting for spatial spillover consequences.The results reveal that fintech lending and debit card usage exert a positive and significant impact on economic growth,whereas the effect of e-money is negative,suggesting potential substitution effects or access constraints.Spatial dependency is also evident,as demonstrated by the significant lambda coefficient in the SEM model.These findings highlight the importance of spatially coordinated digital policies,particularly in addressing disparities and enhancing digital financial inclusion.The study concludes with policy recommendations aimed at fostering inclusive and spatially balanced digital economic development in Sumatra.
文摘The 29th session of the Conference of the Parties(COP29)to the United Nations Framework Convention on Climate Change(UNFCCC)in November 2024 concluded with progress on key issues such as the“new collective quantified goal”for climate finance as well as carbon trading.However,the consensus fell far short of expectations.Judging by the cumulative progress of global climate policies and actions,the prospect of achieving the 1.5°C temperature control target set by the Paris Agreement is fading.Climate risks are increasing,and global climate governance is facing significant challenges,exposing the inherent flaws of the current paradigm of international climate cooperation.
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New Policy to Boost Consumption Chinese authorities on 30 October issued a notice regarding improvements to the policies of duty-free shops aimed at boosting consumption.Effective on 1 November,the policies aim to encourage consumers to shop domestically,according to the notice jointly issued by the Ministry of Finance and four other departments.
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.
基金Project of Hunan Federation of Social Sciences,“Research on the Coupling Coordination Relationship between Green Finance and Industrial Structure Optimization in Hunan Province”(Project No.:XSP2023GLC027)。
文摘Green finance,as an important policy to promote high-quality economic development,has become a focus of attention in the academic and policy circles for its promotion of industrial structure optimization.Based on the data of six provinces in Central China from 2010 to 2023,this paper constructs a comprehensive index of green finance development by using entropy value method and empirically analyses the impact of green finance on industrial structure optimization.The results show that the level of green finance development has a significant contribution to the optimization of the industrial structure in the central region.Accordingly,this study provides suggestions for deepening green finance reform and accelerating industrial transformation and upgrading.
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This study investigates the impact of investor protection on corporate R&D investment using panel data from Chinese A-share listed companies spanning 2015 to 2022.By employing OLS regression,mediation,and moderation analyses,the results demonstrate that robust investor protection mechanisms significantly enhance corporate R&D expenditures.The mediation analysis reveals that investor protection alleviates financing constraints and improves information disclosure quality,both of which serve as key channels for fostering R&D investment.Furthermore,internal control systems and media attention are identified as positive moderators,amplifying the beneficial effects of investor protection on R&D.In contrast,the equity Herfindahl index(HHI)does not exhibit a significant moderating role.The study also highlights that financial leverage,profitability,and equity concentration negatively influence R&D,while revenue growth exerts a positive effect.These findings underscore the critical role of investor protection in driving corporate innovation and sustainable growth,offering valuable insights for policymakers and corporate managers aiming to optimize R&D strategies through improved governance frameworks.
基金Exploration and Practice of the Application of Blockchain Technology to the Cultivation of Compound Talents under the Background of Free Trade Port(HKJG2023-18)。
文摘Blockchain technology,as a revolutionary tool,is profoundly changing the way the financial field works.Its application has expanded from digital currency to many fields,such as smart contracts,cross-border payments,trade finance,and digital identity management,providing important support for simplifying financial service processes,reducing costs,and improving efficiency.However,the widespread application of blockchain technology still faces challenges such as scalability,regulatory compliance,and cybersecurity,limiting its full integration in the financial industry.This study systematically reviews the status quo,development history,and future trends of blockchain technology application in the financial sector,analyzes its key role in capital markets,decentralized finance(DeFi),and other fields,and explores the potential of emerging solutions such as hybrid blockchain and dynamic regulatory frameworks.
文摘Digital economy has become a new driving force for China’s economic growth,continuously boosting economic development and rapidly integrating into various fields of China’s economy and society.The advent of the digital economy era has reshaped the development pattern of the financial industry.The rapid development of financial technology has promoted the transformation of financial formats and put forward higher requirements for financial talent training in the new era.Digital finance is not only a key part of the transformation and upgrading of China’s financial industry but also an integral component of China’s modern financial ecosystem.Against the backdrop of the digital economy,cultivating digital finance talents in vocational colleges is of great significance to China’s economic development.This paper analyzes the predicaments faced in digital finance talent training,explores in depth the reform of digital finance talent training modes,and proposes policy suggestions for the digital finance talent training system based on the development characteristics of digital finance.
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.
文摘This study exploits China's"Pilot Program for the Integration of Science and Technology with Finance"as a quasi-natural experiment to investigate the effect of Sci-Tech Finance on corporate financial resilience and its underlying mechanisms.Using panel data of A-share firms listed on the Shanghai and Shenzhen stock exchanges from 2000 to 2024 and using a staggered difference-in-differences(DID)model,we find that corporate financial resilience significantly improved after the Sci-Tech Finance policy,as evidenced by reduced earnings volatility and more sustainable profit growth.Heterogeneity analyses show that the effect is more pronounced during periods of high economic policy uncertainty(EPU)and in regions with less developed traditional banking systems.Mechanism analyses suggest that Sci-Tech Finance strengthens firm financial resilience by alleviating financing constraints,mitigating information asymmetry,optimizing investment efficiency,and promoting green innovation.We provide novel evidence on the role of Sci-Tech Finance in stabilizing firm performance and fostering long-term value creation,thereby contributing to the broad literature on high-quality economic development.
文摘The interaction between supply chain relationships and corporate finance has become a focal issue in academic and practical circles,especially under the dual drivers of globalization and marketization.This paper systematically reviews existing research on this topic,covering theoretical foundations from perspectives such as agency theory,stakeholder theory,and co-opetition game theory,which explain the nature of customer-supplier relationships.It also combs through empirical studies from four core angles:competition-cooperation,signal transmission,spillover effects,and information transfer,summarizing findings on how supply chain relationships impact corporate investment,financing,operations,and performance,as well as existing controversies.The aim is to clarify the research context,identify theoretical and empirical gaps,and provide theoretical support and direction for deepening future research on supply chain and corporate finance.
基金supported by funding from the Wuhan Technology and Business University Doctoral Research Fund Project[Grant No.D2024007].
文摘Economic growth affects natural resources and the environment directly and indirectly;however,the exact role that natural resources play in environmental sustainability remains unknown.This paper revisits the relationship between natural resources and CO_(2)emissions by considering the role of green finance vis-à-vis the aggregated and disaggregated analysis.Empirical panel data estimation analyzes a sample of emerging countries over the 2001-2019 period using the recently developed econometric cross-sectional auto-regressive distributed lag(CS-ARDL)technique.The findings show that natural resource components(natural gas,mineral rent,oil rent,and coal rent)are negatively associated with environmental pollution.In contrast,overall natural resource consumption helps reduce carbon emissions.However,we find that green finance contributes to carbon emission reduction.In contrast,education causes pollution by contributing to carbon emissions.We offer policy recommendations about the effectiveness of green financing for the sustainable use of natural resources in diminishing pollution.
