Explores the construction and development of the"financing ecosystem"for strategic emerging enterprises in the context of technology finance.The main research focuses on analyzing the connotations and charac...Explores the construction and development of the"financing ecosystem"for strategic emerging enterprises in the context of technology finance.The main research focuses on analyzing the connotations and characteristics of technology finance and strategic emerging enterprises,and elaborating on the concept and constituent elements of the"financing ecosystem".By constructing a"financing ecosystem"model,it proposes a collaborative mechanism and operational mechanism involving multiple entities.The paper also discusses the development paths of the"financing ecosystem",including policy support,market drive,technological innovation,and international cooperation.Finally,it puts forward strategic suggestions for optimizing the"financing ecosystem"to promote the sustainable development of strategic emerging enterprises.展开更多
In the current“dual circulation”development paradigm,science and technology finance provides strong support for breaking the low-end lock-in of China's manufacturing sector within the global value chain.Utilizin...In the current“dual circulation”development paradigm,science and technology finance provides strong support for breaking the low-end lock-in of China's manufacturing sector within the global value chain.Utilizing provincial panel data from China covering the period from 2011 to 2021,this study empirically examines the impact of science and technology finance on the upgrading of the manufacturing value chain from the perspective of technology transfer.The findings indicate that science and technology finance can promote the upgrading of the manufacturing value chain,with this promoting effect exhibiting regional and source heterogeneity.For one thing,the impact of science and technology finance on value chain upgrading is notably significant in Chinese eastern regions.For another,science and technology finance inputs from venture capital institutions,capital markets,and enterprises significantly drive the upgrading of the manufacturing value chain.In terms of the impact mechanism,technology transfer plays a partial mediating role in the process by which science and technology finance promotes the upgrading of the manufacturing value chain;however,the mediating effect of technology transfer varies based on the source of science and technology finance input.Furthermore,the promoting effect of science and technology finance on the upgrading of the manufacturing value chain also displays nonlinear characteristics,becoming more pronounced when the level of technology transfer surpasses a certain threshold.展开更多
Measures that can improve the flexibility of enterprise finance system generally involve human, organization, management and technology. This paper probes these measures thoroughly and systematically. It is of importa...Measures that can improve the flexibility of enterprise finance system generally involve human, organization, management and technology. This paper probes these measures thoroughly and systematically. It is of important practical value and theoretical significance.展开更多
In advancing the high-quality development of the tourism industry,enhancing green total factor productivity in tourism(GTFPT)within the sector emerges as a critical strategy for mitigating vulnerabilities and a vital ...In advancing the high-quality development of the tourism industry,enhancing green total factor productivity in tourism(GTFPT)within the sector emerges as a critical strategy for mitigating vulnerabilities and a vital mechanism for strengthening tourism industry resilience.This study constructs analytical frameworks for both tourism industry resilience and GTFPT,and develops a dynamic spatial effect model to investigate the temporal and spatial influence mechanisms through which GTFPT promotes tourism resilience in China from 2012 to 2020.Thefindings reveal several key insights:(1)The resilience of China’s tourism industry follows a fluctuating upward trajectory,with marked regional disparities,particularly notable in the Southwest and Northwest regions,which benefit from latecomer growth advantages.(2)GTFPT in tourism significantly enhances industry resilience,with technological innovation and technology finance serving as positive moderating factors in this relationship.(3)GTFPT in tourism not only strengthens resilience at the local level but also generates substantial spatial spillover effects,benefitting neighboring provinces in both the short and long term,with the magnitude of these spillover effects surpassing direct impacts.These findings provide compelling evidence of the connection between green development and the sustainable,high-quality advancement of the tourism sector,offering valuable insights for boosting tourism resilience and fostering stronger regional spatial interactions.展开更多
Accelerating the concentration of capital factor resources in the fields of scientific,technological,and industrial innovation is of significant importance for fostering the emergence and development of new quality pr...Accelerating the concentration of capital factor resources in the fields of scientific,technological,and industrial innovation is of significant importance for fostering the emergence and development of new quality productive forces characterized by high technology,high efficiency,and high quality.From the perspective of science and technology finance supporting the development of new quality productive forces,this paper first clarifies the conceptual connotation of patient capital and defines its characteristics and expansion of its scope.It then elucidates the operational mechanisms through which patient capital underpins and facilitates the development of new quality productive forces.Furthermore,this paper discusses the essential principles,requirements,and key points of comprehensive support for new quality productive forces through patient capital,including science and technology credit,venture capital,and stock financing.Finally,several policy recommendations are proposed to cultivate and strengthen patient capital under the current conditions.展开更多
文摘Explores the construction and development of the"financing ecosystem"for strategic emerging enterprises in the context of technology finance.The main research focuses on analyzing the connotations and characteristics of technology finance and strategic emerging enterprises,and elaborating on the concept and constituent elements of the"financing ecosystem".By constructing a"financing ecosystem"model,it proposes a collaborative mechanism and operational mechanism involving multiple entities.The paper also discusses the development paths of the"financing ecosystem",including policy support,market drive,technological innovation,and international cooperation.Finally,it puts forward strategic suggestions for optimizing the"financing ecosystem"to promote the sustainable development of strategic emerging enterprises.
基金supported by a major project of the National Social Science Fund of China(No.17AJY002)a science and technology innovation project of Capital University of Economics and Business(No.2023KJCX087).
文摘In the current“dual circulation”development paradigm,science and technology finance provides strong support for breaking the low-end lock-in of China's manufacturing sector within the global value chain.Utilizing provincial panel data from China covering the period from 2011 to 2021,this study empirically examines the impact of science and technology finance on the upgrading of the manufacturing value chain from the perspective of technology transfer.The findings indicate that science and technology finance can promote the upgrading of the manufacturing value chain,with this promoting effect exhibiting regional and source heterogeneity.For one thing,the impact of science and technology finance on value chain upgrading is notably significant in Chinese eastern regions.For another,science and technology finance inputs from venture capital institutions,capital markets,and enterprises significantly drive the upgrading of the manufacturing value chain.In terms of the impact mechanism,technology transfer plays a partial mediating role in the process by which science and technology finance promotes the upgrading of the manufacturing value chain;however,the mediating effect of technology transfer varies based on the source of science and technology finance input.Furthermore,the promoting effect of science and technology finance on the upgrading of the manufacturing value chain also displays nonlinear characteristics,becoming more pronounced when the level of technology transfer surpasses a certain threshold.
基金This paper is supported by the National Natural Science Foundation of China （No.70072038）.
文摘Measures that can improve the flexibility of enterprise finance system generally involve human, organization, management and technology. This paper probes these measures thoroughly and systematically. It is of important practical value and theoretical significance.
基金The National Natural Science Foundation of China(72302037,72402201)The Liaoning Provincial Board of Education’s Scientific Research Project of 2024 for Higher Education Institutions(LJ112410173011)。
文摘In advancing the high-quality development of the tourism industry,enhancing green total factor productivity in tourism(GTFPT)within the sector emerges as a critical strategy for mitigating vulnerabilities and a vital mechanism for strengthening tourism industry resilience.This study constructs analytical frameworks for both tourism industry resilience and GTFPT,and develops a dynamic spatial effect model to investigate the temporal and spatial influence mechanisms through which GTFPT promotes tourism resilience in China from 2012 to 2020.Thefindings reveal several key insights:(1)The resilience of China’s tourism industry follows a fluctuating upward trajectory,with marked regional disparities,particularly notable in the Southwest and Northwest regions,which benefit from latecomer growth advantages.(2)GTFPT in tourism significantly enhances industry resilience,with technological innovation and technology finance serving as positive moderating factors in this relationship.(3)GTFPT in tourism not only strengthens resilience at the local level but also generates substantial spatial spillover effects,benefitting neighboring provinces in both the short and long term,with the magnitude of these spillover effects surpassing direct impacts.These findings provide compelling evidence of the connection between green development and the sustainable,high-quality advancement of the tourism sector,offering valuable insights for boosting tourism resilience and fostering stronger regional spatial interactions.
文摘Accelerating the concentration of capital factor resources in the fields of scientific,technological,and industrial innovation is of significant importance for fostering the emergence and development of new quality productive forces characterized by high technology,high efficiency,and high quality.From the perspective of science and technology finance supporting the development of new quality productive forces,this paper first clarifies the conceptual connotation of patient capital and defines its characteristics and expansion of its scope.It then elucidates the operational mechanisms through which patient capital underpins and facilitates the development of new quality productive forces.Furthermore,this paper discusses the essential principles,requirements,and key points of comprehensive support for new quality productive forces through patient capital,including science and technology credit,venture capital,and stock financing.Finally,several policy recommendations are proposed to cultivate and strengthen patient capital under the current conditions.
