The operation optimization of the existing building energy-saving renovation financing platform is the basic support that needs to be solved in the existing building energy-saving renovation practice under the EPC mod...The operation optimization of the existing building energy-saving renovation financing platform is the basic support that needs to be solved in the existing building energy-saving renovation practice under the EPC mode.The essence of the operation of building energy-saving transformation financing platform is the joint effect of subjects’choice through the behavioral game strategy.Starting from the analysis of game relationship between the subjects of building energy-saving retrofit market,based on the user game theory,the author constructs a behavioral game model of energy-saving retrofit units,ESCOs and investors,discusses its behavioral game evolution and stability strategy.There is an implementation mechanism for the operation of building energy-saving renovation financing platform to enhance the effectiveness of the operation of the existing building energy-saving renovation financing platform and promote the development of the existing building energy-saving market.展开更多
As the gathering place of high-tech innovative industries and the core carrier of the transformation of scientific and technological achievements, science and technology parks are developing rapidly all over China. It...As the gathering place of high-tech innovative industries and the core carrier of the transformation of scientific and technological achievements, science and technology parks are developing rapidly all over China. It provides the corresponding resource elements for the production, research and development, living services, infrastructure and policy support of the park. Under the current economic background, strengthening the supply of financial products, implementing financial support for the development of science and technology industry, guiding financial products to serve the real economy, and solving the financing difficulties of enterprises in the park, especially small and medium-sized science and technology enterprises, are the problems that need to be solved continuously in the construction and development of science and technology parks. Based on the construction of financing service platform of science and technology park, this paper combines the platform technology to meet the comprehensive service needs of enterprise financing and improve the convenience of enterprise financing, aiming at reducing financing costs, strengthening information communication, continuously optimizing the business environment of science and technology park, improving the financing service level of science and technology park and promoting regional economic development.展开更多
Urban innovation is essential to strengthening national innovation capacity and technological capabilities,placing its sustained development at the heart of scholarly debate.This study explores the impact of productiv...Urban innovation is essential to strengthening national innovation capacity and technological capabilities,placing its sustained development at the heart of scholarly debate.This study explores the impact of productive-oriented local government debt expansion on urban innovation,leveraging China’s“Four Trillion Yuan”stimulus plan in 2008 as a natural experiment and drawing on urban panel data.Through the lens of productive government debt,we find that such expansion significantly boosts urban innovation,driven by three key mechanisms:infrastructure support,government innovation subsidies,and talent agglomeration.However,heterogeneity analysis reveals that this positive effect weakens in China’s central and western regions,cities with higher administrative status,and those with lower marketization levels,where the impact becomes negligible.Further scrutiny shows that local government financing vehicle(LGFV)bonds and special local government bonds earmarked for infrastructure effectively spur urban innovation,whereas general bonds and LGFV bonds used for“borrowing new to repay old”yield little to no benefit.These findings underscore that local government debt,when channeled toward productive ends,can fuel urban innovation.As the central government works to mitigate implicit debt risks,it must weigh the distinct roles of debt funds-considering regional economic conditions and institutional contexts-and tailor policies to time and place.This study offers theoretical insights and practical guidance for decoding the intricate link between government debt and innovation,enriching both scholarship and policy discourse.展开更多
E-commerce platform financing is a new service pattern of supply chain finance.However,this pattern may bring some new issues when considering the problem of cash flow shortage and financing difficulties of small and ...E-commerce platform financing is a new service pattern of supply chain finance.However,this pattern may bring some new issues when considering the problem of cash flow shortage and financing difficulties of small and medium-sized enterprises.When enterprises use this service,they worry about the leakage of preferential wholesale price when applying the full loan amount and providing the true transaction information.Based on the model consisting of a supplier,a retailer and a cross-border e-commerce platform,the authors design a price masking strategy to prevent the retailer’s preferential wholesale price information from leakage.The authors analyze the profit of the retailer and the platform before and after adopting the price masking strategy.The authors find that the price masking strategy always benefits the retailer.Besides,the optimal profit of the retailer and the platform are both affected by the loan interest rate.Moreover,there exists a range of loan interest rates that can benefit both the retailer and the platform if the price masking strategy is adopted.The research emphasizes that platform can expand the total business volume by allowing retailers to use price masking strategy.In other words,there will be more and more retailers attracted by the strategy,which benefits the long-term growth of cross-border e-commerce platform financing.展开更多
基金This research is supported by the National Natural Fund of China(Grant No.71872122)Later Stage Support Project of Philosophy and Social Sciences Research of the Ministry of Education of China(Grant No.16JHQ031)+1 种基金Later Stage Support Project of Tianjin Social Science Planning(Grant No.TJGLHQ1403)Higher Education Innovation Team of Tianjin(Grant No.TD13-5006).
文摘The operation optimization of the existing building energy-saving renovation financing platform is the basic support that needs to be solved in the existing building energy-saving renovation practice under the EPC mode.The essence of the operation of building energy-saving transformation financing platform is the joint effect of subjects’choice through the behavioral game strategy.Starting from the analysis of game relationship between the subjects of building energy-saving retrofit market,based on the user game theory,the author constructs a behavioral game model of energy-saving retrofit units,ESCOs and investors,discusses its behavioral game evolution and stability strategy.There is an implementation mechanism for the operation of building energy-saving renovation financing platform to enhance the effectiveness of the operation of the existing building energy-saving renovation financing platform and promote the development of the existing building energy-saving market.
文摘As the gathering place of high-tech innovative industries and the core carrier of the transformation of scientific and technological achievements, science and technology parks are developing rapidly all over China. It provides the corresponding resource elements for the production, research and development, living services, infrastructure and policy support of the park. Under the current economic background, strengthening the supply of financial products, implementing financial support for the development of science and technology industry, guiding financial products to serve the real economy, and solving the financing difficulties of enterprises in the park, especially small and medium-sized science and technology enterprises, are the problems that need to be solved continuously in the construction and development of science and technology parks. Based on the construction of financing service platform of science and technology park, this paper combines the platform technology to meet the comprehensive service needs of enterprise financing and improve the convenience of enterprise financing, aiming at reducing financing costs, strengthening information communication, continuously optimizing the business environment of science and technology park, improving the financing service level of science and technology park and promoting regional economic development.
基金Youth Program of the National Social Science Foundation of China(NSSFC),“Research on the Impact of Land Transfer Marketization on the Transformation and Upgrading of Manufacturing in the New Era”(Grant No.23CJL010)Major Project of Renmin University of China Scientific Research Fund,“Research on the Mechanism of Government Guidance Funds Promoting High-Quality Development”(Grant No.23XNL007)funded by the Advantageous Discipline Project under the Peak Strategy of the CASS(industrial economics).
文摘Urban innovation is essential to strengthening national innovation capacity and technological capabilities,placing its sustained development at the heart of scholarly debate.This study explores the impact of productive-oriented local government debt expansion on urban innovation,leveraging China’s“Four Trillion Yuan”stimulus plan in 2008 as a natural experiment and drawing on urban panel data.Through the lens of productive government debt,we find that such expansion significantly boosts urban innovation,driven by three key mechanisms:infrastructure support,government innovation subsidies,and talent agglomeration.However,heterogeneity analysis reveals that this positive effect weakens in China’s central and western regions,cities with higher administrative status,and those with lower marketization levels,where the impact becomes negligible.Further scrutiny shows that local government financing vehicle(LGFV)bonds and special local government bonds earmarked for infrastructure effectively spur urban innovation,whereas general bonds and LGFV bonds used for“borrowing new to repay old”yield little to no benefit.These findings underscore that local government debt,when channeled toward productive ends,can fuel urban innovation.As the central government works to mitigate implicit debt risks,it must weigh the distinct roles of debt funds-considering regional economic conditions and institutional contexts-and tailor policies to time and place.This study offers theoretical insights and practical guidance for decoding the intricate link between government debt and innovation,enriching both scholarship and policy discourse.
基金supported by the Key Program of National Natural Science Foundation of China under Grant No.71831007the General Program of National Natural Science Foundation of China under Grant Nos.72071085 and 71871166+1 种基金High-End Foreign Expert Recruitment Plan under Grant No.G2022154004LHuazhong University of Science and Technology Double First-Class Funds for Humanities and Social Sciences under Grant No.2021WKFZZX008.
文摘E-commerce platform financing is a new service pattern of supply chain finance.However,this pattern may bring some new issues when considering the problem of cash flow shortage and financing difficulties of small and medium-sized enterprises.When enterprises use this service,they worry about the leakage of preferential wholesale price when applying the full loan amount and providing the true transaction information.Based on the model consisting of a supplier,a retailer and a cross-border e-commerce platform,the authors design a price masking strategy to prevent the retailer’s preferential wholesale price information from leakage.The authors analyze the profit of the retailer and the platform before and after adopting the price masking strategy.The authors find that the price masking strategy always benefits the retailer.Besides,the optimal profit of the retailer and the platform are both affected by the loan interest rate.Moreover,there exists a range of loan interest rates that can benefit both the retailer and the platform if the price masking strategy is adopted.The research emphasizes that platform can expand the total business volume by allowing retailers to use price masking strategy.In other words,there will be more and more retailers attracted by the strategy,which benefits the long-term growth of cross-border e-commerce platform financing.
