Based on the work discussed on the former study, this article first starts from the mathematical model of a kind of complicated financial system, and analyses all possible things that the model shows in the operation ...Based on the work discussed on the former study, this article first starts from the mathematical model of a kind of complicated financial system, and analyses all possible things that the model shows in the operation of our country's macro_financial system: balance, stable periodic, fractal, Hopf_bifurcation, the relationship between parameters and Hopf_bifurcation, and chaotic motion etc. By the changes of parameters of all economic meanings, the conditions on which the complicated behaviors occur in such a financial system, and the influence of the adjustment of the macro_economic policies and adjustment of some parameter on the whole financial system behavior have been analyzed. This study will deepen people's understanding of the lever function of all kinds of financial policies.展开更多
Based on the work discussed on the former study, this article first starts from the mathematical model of a kind of complicated financial system, and analyses all possible things that the model shows in the operation ...Based on the work discussed on the former study, this article first starts from the mathematical model of a kind of complicated financial system, and analyses all possible things that the model shows in the operation of our country's macro_financial system: balance, stable periodic, fractal, Hopf_bifurcation, the relationship between parameters and Hopf_bifurcation, and chaotic motion etc. By the changes of parameters of all economic meanings, the conditions on which the complicated behaviors occur in such a financial system, and the influence of the adjustment of the macro_economic policies and adjustment of some parameter on the whole financial system behavior have been analyzed. This study will deepen people's understanding of the lever function of all kinds of financial policies.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
Artificial intelligence(AI)is reshaping financial systems and services,as intelligent AI agents increasingly form the foundation of autonomous,goal-driven systems capable of reasoning,learning,and action.This review s...Artificial intelligence(AI)is reshaping financial systems and services,as intelligent AI agents increasingly form the foundation of autonomous,goal-driven systems capable of reasoning,learning,and action.This review synthesizes recent research and developments in the application of AI agents across core financial domains.Specifically,it covers the deployment of agent-based AI in algorithmic trading,fraud detection,credit risk assessment,roboadvisory,and regulatory compliance(RegTech).The review focuses on advanced agent-based methodologies,including reinforcement learning,multi-agent systems,and autonomous decision-making frameworks,particularly those leveraging large language models(LLMs),contrasting these with traditional AI or purely statistical models.Our primary goals are to consolidate current knowledge,identify significant trends and architectural approaches,review the practical efficiency and impact of current applications,and delineate key challenges and promising future research directions.The increasing sophistication of AI agents offers unprecedented opportunities for innovation in finance,yet presents complex technical,ethical,and regulatory challenges that demand careful consideration and proactive strategies.This review aims to provide a comprehensive understanding of this rapidly evolving landscape,highlighting the role of agent-based AI in the ongoing transformation of the financial industry,and is intended to serve financial institutions,regulators,investors,analysts,researchers,and other key stakeholders in the financial ecosystem.展开更多
China's achievement of miraculous economic growth is a theoretical proposition that calls for an explanation.The key to understanding the logic of China’s economic reform is a rational explanation of the logical ...China's achievement of miraculous economic growth is a theoretical proposition that calls for an explanation.The key to understanding the logic of China’s economic reform is a rational explanation of the logical paradox between irregular local finance and the incentive compatibility of central and local governments.Based on the fact that autonomous local financial resources have long been dependent on irregular fiscal revenue,this paper constructs an inclusive public financial system analysis framework from the dual perspectives of the central and local government.This analytical framework offers an explanation of the long-standing implicit fiscal decentralization contract in which irregular fiscal revenue is the carrier in the reform process,together with a description of the central-local interaction process and institutional space underlying the behavioral motivations of central finance tolerance and local financial autonomy.It demonstrates the logical consistency of irregular fiscal revenue,central and local incentive compatibility,economic growth and market-oriented reform.The inclusive public finance system,which takes into account both local dynamism and central control,provides the important institutional logic that has enabled China to reach the dual goals of economic growth and market-oriented reform.展开更多
Purpose–The purpose of this paper is to study the control and synchronization of the hyperchaotic finance system.Design/methodology/approach–A single controller scheme is introduced.The Routh-Hurwitz criteria and th...Purpose–The purpose of this paper is to study the control and synchronization of the hyperchaotic finance system.Design/methodology/approach–A single controller scheme is introduced.The Routh-Hurwitz criteria and the structure of solution of first-order linear differential equations are adopted in analysis of control and synchronization.Findings–Two single controllers are designed and added to the new hyperchaotic finance system.The stability of the hyperchaotic finance system at its zero equilibrium point is guaranteed by applying the appropriate single controller signal based on Routh-Hurwitz criteria.Another effective controller is also designed for the global asymptotic synchronization on the hyperchaotic finance system based on the structure of solution of first-order linear differential equations.Numerical simulations are demonstrated to verify the effectiveness of the proposed single controller scheme.Originality/value–The introduced approach is interesting for control and synchronization the hyperchaotic finance system.展开更多
After building a dynamic evolutionary game model, the essay studies the stability of the equilibrium in the game between the commercial banks and the closed-loop supply chain(CLSC) enterprises. By design of systematic...After building a dynamic evolutionary game model, the essay studies the stability of the equilibrium in the game between the commercial banks and the closed-loop supply chain(CLSC) enterprises. By design of systematic mechanism based on system dynamics theory, capital chains of independent small and medium-sized enterprises(SMEs) on CLSC are organically linked together. Moreover, a comparative simulation is studied for the previous independent and post-design dependent systems. The study shows that with business expanding and market risk growing, the independent finance chains of SMEs on CLSC often take on a certain vulnerability, while the SMEs closed-loop supply chain finance system itself is with a strong rigidity and concerto.展开更多
This paper conducts a scientometric analysis and systematic literature review to identify the trends in microfinance outcomes from the perspective of their recipients,specifically more vulnerable people,while also foc...This paper conducts a scientometric analysis and systematic literature review to identify the trends in microfinance outcomes from the perspective of their recipients,specifically more vulnerable people,while also focusing on the demand side.Applying the keywords“co-occurrence networks”and“citation networks,”we examined 524 studies indexed on the ISI Web of Science database between 2012 and March 2021.The subsequent content analysis of bibliometric-coupled articles concerns the main research topics in this field:the socioeconomic outcomes of microfinance,the dichotomy between social performance and the mission drift of microfinance institutions,and how entrepreneurship and financial innovation,specifically through crowdfunding,mitigate poverty and empower the more vulnerable.The findings reinforce the idea that microfinance constitutes a distinct field of development thinking,and indicate that a more holistic approach should be adopted to boost microfinance outcomes through a better understanding of their beneficiaries.The trends in this field will help policymakers,regulators,and academics to examine the nuts and bolts of microfinance and identify the most relevant areas of intervention.展开更多
In the European Union(EU),the revised Payment Services Directive(PSD2)aims to provide more convenient and customized financial products through open banking(OB)platforms.However,little attention has been paid to the r...In the European Union(EU),the revised Payment Services Directive(PSD2)aims to provide more convenient and customized financial products through open banking(OB)platforms.However,little attention has been paid to the role of OB in improving the financial well-being of the growing number of the EU’s underserved groups,which currently constitute approximately a quarter of its population.This study examines how the PSD2 and OB impact inclusive finance in the EU based on the perspectives of the Netherlands’ecosystem,one of the leaders in the EU’s financial technology(FinTech)landscape.A fundamental distinction can be drawn between the OB users and the ecosystem’s players.Regarding the impact of financial services on the users’inclusivity,while the PSD2 strengthens the infrastructure necessary for financial inclusion,many challenges remain,mainly because it was not designed for this purpose.This study identifies several areas of improvement that include adjustments to the know your customer and anti-money laundering processes for underserved customers,innovative ways to communicate the PSD2’s potential,and the regulation of technology providers’activities to build trust.Meanwhile,from the ecosystem’s position,there is a need to strengthen and improve microfinance regulation according to the opportunities provided by the PSD2 to support microfinance institutions(MFIs)in scaling up and reaching underserved clients across borders with innovative services.OB improvements can also be achieved by organizations formed by MFIs and FinTechs in collaboration with banks.Such hybrid institutions will combine the best features of each of them:knowledge of the needs of local underserved clients from MFIs,technological innovations from FinTechs,and large and trusted customer bases,infrastructures,and access to institutional investments and governments from banks.Finally,an EU inclusive OB sector depends on the centrality of trusted regulators as coordination bodies.The PSD2 requires adjustments for underserved populations’specific needs.OB improvements can be achieved by organizations formed by MFIs and Fin-Techs in collaboration with banks.Regulated technical service providers(TSPs)are crucial to building trust and customer adoption in OB.The European Banking Authority(EBA)may function as coordination body to design inclusive rules by engaging with OB stakeholders.As inclusive finance moves into open-finance and data eras,an increasing regulatory complexity and scope will require networks of innovative and trusted regulators.展开更多
Although a number of studies have been published in the general area on various factors affecting the ecologicalization of urban industrial structure,little work has been carried out for empirical studies quantitative...Although a number of studies have been published in the general area on various factors affecting the ecologicalization of urban industrial structure,little work has been carried out for empirical studies quantitatively analyzing the relevance between green finance development and the ecologicalization of urban industrial structure.Therefore,based on a comprehensive index of green finance development,this research employs panel data of target cities1 for the period 2012–2020 to explore the influence of green finance on the ecologicalization of urban industrial structure.The empirical results show that green finance development significantly improves the ecologicalization level of urban industrial structure.In addition,it is found that green finance plays a stronger role in promoting the ecologicalization of industrial structure in economically developed regions than in economically underdeveloped regions2.The research results can provide a valuable policy reference for urban green financial market planning and green product innovation.展开更多
The measurement,reporting,and verification(MRV) of climate finance was originated from discussions under the United Nations Framework Convention on Climate Change(UNFCCC).It has been one of the key issues of global cl...The measurement,reporting,and verification(MRV) of climate finance was originated from discussions under the United Nations Framework Convention on Climate Change(UNFCCC).It has been one of the key issues of global climate negotiations since 2009 and will continue to be of significant importance in addressing climate change and strengthening international trust.This paper analyses the concept,the objective,and the progress of the MRV of climate finance based on reviews of the latest literature and think-tank reports regarding climate finance regime and MRV.Following the analysis,challenges faced with the MRV of climate finance are illustrated.This paper presents that the comparability of climate finance data needs to be improved due to the variety of methodologies used for disaggregating climate finance.In addition,the integrality of the MRV system of climate finance has been impaired by the lack of feedback mechanism from the recipients to the contributors in reporting system.Furthermore,although accounting system of climate finance has been developing and improving,it remains incapacity in providing accurate data on disbursed climate finance.Responding to the above challenges,this paper proposes the key tasks in establishing a comprehensive MRV system for climate finance at international level.The tasks involve developing a measurement system with consistent data basis and accounting basis,a reporting system with more detailed guidance and standardized formats,as well as a verification mechanism balancing top-down and bottom-up review processes.In the last section,this paper concludes that the establishment of an improved MRV of climate finance requires concerted cooperation and negotiations between developed and developing country Parties under the UNFCCC.As one of the few developing country donors to the Global Environmental Facility(GEF),China is suggested to clarify its propositions as a developing country in aspects such as concept,coverage,and architecture of climate finance and MRV system,and gain bargaining power in improving operating and technical rules of international climate finance regime.展开更多
China is now building an innovation nation which use the strategy of intellectual.The effective use of intellectual property rights,promoting the combination between the intellectual property and the economic and soci...China is now building an innovation nation which use the strategy of intellectual.The effective use of intellectual property rights,promoting the combination between the intellectual property and the economic and social development is an important content in China.And we can use the intellectual property rights finance to solve the problem of lending for small and medium sized enterprises which our country is exploring for a long time.Also it is a significant way to the science and technology finance.Firstly,this paper introduce the policy of intellectual property finance in China.Secondly,it draw on the experience of Ameria and Japan which apply the intellectual property rights finance good.Thirdly,author design the China model of intellectual property rights finance based on the development cycle of intellectual property,and innovate the gradient valuation techniques.展开更多
The rapid development of computer technology has brought great innovation to the operation of commodity economy. The emerging technology industries give an unprecedented release to the society productivity, including ...The rapid development of computer technology has brought great innovation to the operation of commodity economy. The emerging technology industries give an unprecedented release to the society productivity, including Internet finance, cloud computing, big data, intelligent manufacturing, automated factories, etc. The exchanged means and mediums of commodity economy develop from the traditional precious metals and banknote to electronic currency trading products produced by the mobile clients. The manufacturing scale and marketing channels of social commodity have achieved an unprecedented prosperity and extension. At this stage where the complex and changeable new industries rapidly replace the old ones, fully-automatic intelligent production management gradually replaces old-fashioned extensive labor-intensive manufacturing model, so as to lead to industry reforms of interactive exchange platforms of commodity manufacture transferring to the controllable, hi-speed, and personalized customization service controlled by remote terminal management.展开更多
The new taxation system has beenoperated smoothly and its positiveresults have become evident since Chinacarried out the reform of the taxation systemin 1994.This was said by Mr.Liu Zhongli,Finance Minister and Direct...The new taxation system has beenoperated smoothly and its positiveresults have become evident since Chinacarried out the reform of the taxation systemin 1994.This was said by Mr.Liu Zhongli,Finance Minister and Director-General ofthe State Administration of Taxation at apress conference recently.The new taxationsystem brought RMB100 billion more to theTreasury in 1994,and the figure is expectedto be bigger in 1995,he disclosed. The minister said that the state hasadopted an appropriately tight financial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
Natural language processing(NLP)technologies,such as ChatGPT,are revolutionizing various fields,including finance research.This article explores the potential of Chat-GPT as a transformative tool for finance researche...Natural language processing(NLP)technologies,such as ChatGPT,are revolutionizing various fields,including finance research.This article explores the potential of Chat-GPT as a transformative tool for finance researchers.We illustrate various applications of ChatGPT in finance research,from analyzing financial charts and providing coding support to the theoretical derivation of financial models.Significant advances in multimodal learning,such as Visual Referring Prompting(VRP),are also explored for their potential to enhance ChatGPT’s image analysis capabilities.Furthermore,we conduct a comparative analysis of ChatGPT-3.5,ChatGPT-4,and Microsoft Bing to examine their distinct features,strengths,and weaknesses to provide valuable insights into their applicability in finance research.We demonstrate the innovative opportunities and insights provided by the development of ChatGPT to enrich the financial research process.By addressing the potential pitfalls and ethical considerations associated with using ChatGPT,we aim to promote responsible AI adoption and a more indepth understanding of the role of advanced NLP technologies in shaping the future of finance research and practice.Overall,this paper underscores ChatGPT’s transformative role in finance research,detailing its applications,benefits,and challenges,and advocating for ethical AI adoption to shape the future of the field.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
This review synthesizes 48 academic studies on Initial Coin Offerings(ICOs)from 2018 to 2023,employing bibliometric and content analyses to illuminate their complexities and innovation in entrepreneurial finance.It id...This review synthesizes 48 academic studies on Initial Coin Offerings(ICOs)from 2018 to 2023,employing bibliometric and content analyses to illuminate their complexities and innovation in entrepreneurial finance.It identifies four key themes:(1)regulatory intricacies,market transformation,and strategic implications for emerging ventures;(2)the opportunities and challenges presented,and key factors influencing the success of ICOs;(3)ICOs and entrepreneurial finance;and finally,(4)review of reviews.By examining the intersection of legal frameworks,disruptive potential,and stakeholder challenges,this interdisciplinary perspective captures the essence of ICOs and charts a course for future inquiry.It serves as a pivotal reference for researchers,practitioners,and regulators to understand the multifaceted ICO landscape and its implications for the future of finance.展开更多
The study conducts a bibliometric review of artificial intelligence applications in two areas:the entrepreneurial finance literature,and the corporate finance literature with implications for entrepreneurship.A rigoro...The study conducts a bibliometric review of artificial intelligence applications in two areas:the entrepreneurial finance literature,and the corporate finance literature with implications for entrepreneurship.A rigorous search and screening of the web of science core collection identified 1,890 journal articles for analysis.The bibliometrics provide a detailed view of the knowledge field,indicating underdeveloped research directions.An important contribution comes from insights through artificial intelligence methods in entrepreneurship.The results demonstrate a high representation of artificial neural networks,deep neural networks,and support vector machines across almost all identified topic niches.In contrast,applications of topic modeling,fuzzy neural networks,and growing hierarchical self-organizing maps are rare.Additionally,we take a broader view by addressing the problem of applying artificial intelligence in economic science.Specifically,we present the foundational paradigm and a bespoke demonstration of the Monte Carlo randomized algorithm.展开更多
The 52nd issue of Financial Innovation(FIN),Volume 11,No.4(2025),features 19 papers that can be classified into two main themes:the Special Issue on Green Digital Finance and Energy Transition,and FinTech and Market A...The 52nd issue of Financial Innovation(FIN),Volume 11,No.4(2025),features 19 papers that can be classified into two main themes:the Special Issue on Green Digital Finance and Energy Transition,and FinTech and Market Analysis.展开更多
文摘Based on the work discussed on the former study, this article first starts from the mathematical model of a kind of complicated financial system, and analyses all possible things that the model shows in the operation of our country's macro_financial system: balance, stable periodic, fractal, Hopf_bifurcation, the relationship between parameters and Hopf_bifurcation, and chaotic motion etc. By the changes of parameters of all economic meanings, the conditions on which the complicated behaviors occur in such a financial system, and the influence of the adjustment of the macro_economic policies and adjustment of some parameter on the whole financial system behavior have been analyzed. This study will deepen people's understanding of the lever function of all kinds of financial policies.
文摘Based on the work discussed on the former study, this article first starts from the mathematical model of a kind of complicated financial system, and analyses all possible things that the model shows in the operation of our country's macro_financial system: balance, stable periodic, fractal, Hopf_bifurcation, the relationship between parameters and Hopf_bifurcation, and chaotic motion etc. By the changes of parameters of all economic meanings, the conditions on which the complicated behaviors occur in such a financial system, and the influence of the adjustment of the macro_economic policies and adjustment of some parameter on the whole financial system behavior have been analyzed. This study will deepen people's understanding of the lever function of all kinds of financial policies.
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supported by the Ministry of Education and Science of the Republic of North Macedonia through the project“Utilizing AI and National Large Language Models to Advance Macedonian Language Capabilties”。
文摘Artificial intelligence(AI)is reshaping financial systems and services,as intelligent AI agents increasingly form the foundation of autonomous,goal-driven systems capable of reasoning,learning,and action.This review synthesizes recent research and developments in the application of AI agents across core financial domains.Specifically,it covers the deployment of agent-based AI in algorithmic trading,fraud detection,credit risk assessment,roboadvisory,and regulatory compliance(RegTech).The review focuses on advanced agent-based methodologies,including reinforcement learning,multi-agent systems,and autonomous decision-making frameworks,particularly those leveraging large language models(LLMs),contrasting these with traditional AI or purely statistical models.Our primary goals are to consolidate current knowledge,identify significant trends and architectural approaches,review the practical efficiency and impact of current applications,and delineate key challenges and promising future research directions.The increasing sophistication of AI agents offers unprecedented opportunities for innovation in finance,yet presents complex technical,ethical,and regulatory challenges that demand careful consideration and proactive strategies.This review aims to provide a comprehensive understanding of this rapidly evolving landscape,highlighting the role of agent-based AI in the ongoing transformation of the financial industry,and is intended to serve financial institutions,regulators,investors,analysts,researchers,and other key stakeholders in the financial ecosystem.
基金the key project of the National Natural Science Fund of China"Research on the Fiscal System of Supply of Public Services from the Perspective of National Governance"(71833002)“Regional Intergenerational Mobility Preferences in Migration Decisions:Empirical Measurement,Micro-Evidence and Impact Mechanisms”(71973020).
文摘China's achievement of miraculous economic growth is a theoretical proposition that calls for an explanation.The key to understanding the logic of China’s economic reform is a rational explanation of the logical paradox between irregular local finance and the incentive compatibility of central and local governments.Based on the fact that autonomous local financial resources have long been dependent on irregular fiscal revenue,this paper constructs an inclusive public financial system analysis framework from the dual perspectives of the central and local government.This analytical framework offers an explanation of the long-standing implicit fiscal decentralization contract in which irregular fiscal revenue is the carrier in the reform process,together with a description of the central-local interaction process and institutional space underlying the behavioral motivations of central finance tolerance and local financial autonomy.It demonstrates the logical consistency of irregular fiscal revenue,central and local incentive compatibility,economic growth and market-oriented reform.The inclusive public finance system,which takes into account both local dynamism and central control,provides the important institutional logic that has enabled China to reach the dual goals of economic growth and market-oriented reform.
文摘Purpose–The purpose of this paper is to study the control and synchronization of the hyperchaotic finance system.Design/methodology/approach–A single controller scheme is introduced.The Routh-Hurwitz criteria and the structure of solution of first-order linear differential equations are adopted in analysis of control and synchronization.Findings–Two single controllers are designed and added to the new hyperchaotic finance system.The stability of the hyperchaotic finance system at its zero equilibrium point is guaranteed by applying the appropriate single controller signal based on Routh-Hurwitz criteria.Another effective controller is also designed for the global asymptotic synchronization on the hyperchaotic finance system based on the structure of solution of first-order linear differential equations.Numerical simulations are demonstrated to verify the effectiveness of the proposed single controller scheme.Originality/value–The introduced approach is interesting for control and synchronization the hyperchaotic finance system.
基金the Natural Science Research Fund of Hubei Province(No.2014BDH121)
文摘After building a dynamic evolutionary game model, the essay studies the stability of the equilibrium in the game between the commercial banks and the closed-loop supply chain(CLSC) enterprises. By design of systematic mechanism based on system dynamics theory, capital chains of independent small and medium-sized enterprises(SMEs) on CLSC are organically linked together. Moreover, a comparative simulation is studied for the previous independent and post-design dependent systems. The study shows that with business expanding and market risk growing, the independent finance chains of SMEs on CLSC often take on a certain vulnerability, while the SMEs closed-loop supply chain finance system itself is with a strong rigidity and concerto.
基金support of Fundação para a Ciência e a Tecnologia(UBI PTDC/EGE/OGE/31246/2017,UIDB/04630/2020,UIDB/04728/2020,UIDB/04105/2020)。
文摘This paper conducts a scientometric analysis and systematic literature review to identify the trends in microfinance outcomes from the perspective of their recipients,specifically more vulnerable people,while also focusing on the demand side.Applying the keywords“co-occurrence networks”and“citation networks,”we examined 524 studies indexed on the ISI Web of Science database between 2012 and March 2021.The subsequent content analysis of bibliometric-coupled articles concerns the main research topics in this field:the socioeconomic outcomes of microfinance,the dichotomy between social performance and the mission drift of microfinance institutions,and how entrepreneurship and financial innovation,specifically through crowdfunding,mitigate poverty and empower the more vulnerable.The findings reinforce the idea that microfinance constitutes a distinct field of development thinking,and indicate that a more holistic approach should be adopted to boost microfinance outcomes through a better understanding of their beneficiaries.The trends in this field will help policymakers,regulators,and academics to examine the nuts and bolts of microfinance and identify the most relevant areas of intervention.
基金Financial Inclusion through Digitalisation in Europe]research project.SFIDE is funded by The European Investment Bank Institute,EIBURS research grant(2020-22)on the theme“Building the future of inclusive finance:the role of FinTechs and digitalisation”.The funding body had no role in the design of the study,collection,analysis,and interpretation of data,as well as in writing or revising the manuscript.
文摘In the European Union(EU),the revised Payment Services Directive(PSD2)aims to provide more convenient and customized financial products through open banking(OB)platforms.However,little attention has been paid to the role of OB in improving the financial well-being of the growing number of the EU’s underserved groups,which currently constitute approximately a quarter of its population.This study examines how the PSD2 and OB impact inclusive finance in the EU based on the perspectives of the Netherlands’ecosystem,one of the leaders in the EU’s financial technology(FinTech)landscape.A fundamental distinction can be drawn between the OB users and the ecosystem’s players.Regarding the impact of financial services on the users’inclusivity,while the PSD2 strengthens the infrastructure necessary for financial inclusion,many challenges remain,mainly because it was not designed for this purpose.This study identifies several areas of improvement that include adjustments to the know your customer and anti-money laundering processes for underserved customers,innovative ways to communicate the PSD2’s potential,and the regulation of technology providers’activities to build trust.Meanwhile,from the ecosystem’s position,there is a need to strengthen and improve microfinance regulation according to the opportunities provided by the PSD2 to support microfinance institutions(MFIs)in scaling up and reaching underserved clients across borders with innovative services.OB improvements can also be achieved by organizations formed by MFIs and FinTechs in collaboration with banks.Such hybrid institutions will combine the best features of each of them:knowledge of the needs of local underserved clients from MFIs,technological innovations from FinTechs,and large and trusted customer bases,infrastructures,and access to institutional investments and governments from banks.Finally,an EU inclusive OB sector depends on the centrality of trusted regulators as coordination bodies.The PSD2 requires adjustments for underserved populations’specific needs.OB improvements can be achieved by organizations formed by MFIs and Fin-Techs in collaboration with banks.Regulated technical service providers(TSPs)are crucial to building trust and customer adoption in OB.The European Banking Authority(EBA)may function as coordination body to design inclusive rules by engaging with OB stakeholders.As inclusive finance moves into open-finance and data eras,an increasing regulatory complexity and scope will require networks of innovative and trusted regulators.
基金supported by Shandong Province Key Research and Development Program(Soft Science Project)(No.2021RKY01007).
文摘Although a number of studies have been published in the general area on various factors affecting the ecologicalization of urban industrial structure,little work has been carried out for empirical studies quantitatively analyzing the relevance between green finance development and the ecologicalization of urban industrial structure.Therefore,based on a comprehensive index of green finance development,this research employs panel data of target cities1 for the period 2012–2020 to explore the influence of green finance on the ecologicalization of urban industrial structure.The empirical results show that green finance development significantly improves the ecologicalization level of urban industrial structure.In addition,it is found that green finance plays a stronger role in promoting the ecologicalization of industrial structure in economically developed regions than in economically underdeveloped regions2.The research results can provide a valuable policy reference for urban green financial market planning and green product innovation.
基金supported by the National Natural Science Foundation of China project "The joint mechanism and macro-regulation mechanism for national emission trading market of China"[Grant Number:71503288]the Research Base Project of Beijing Philosophy and Social Science Foundation "Payments for Ecosystem Services Mechanism that Supports The Synergetic Development of Ecological Protection in Beijing-Tianjin-Hebei Region"[Grant Number:16JDYJC039]the project "Environmental Risk Management for Corporate Lending in China's Commercial Banks" sponsored by the Scientific Research Foundation for the returned overseas Chinese scholars,State Education Ministry
文摘The measurement,reporting,and verification(MRV) of climate finance was originated from discussions under the United Nations Framework Convention on Climate Change(UNFCCC).It has been one of the key issues of global climate negotiations since 2009 and will continue to be of significant importance in addressing climate change and strengthening international trust.This paper analyses the concept,the objective,and the progress of the MRV of climate finance based on reviews of the latest literature and think-tank reports regarding climate finance regime and MRV.Following the analysis,challenges faced with the MRV of climate finance are illustrated.This paper presents that the comparability of climate finance data needs to be improved due to the variety of methodologies used for disaggregating climate finance.In addition,the integrality of the MRV system of climate finance has been impaired by the lack of feedback mechanism from the recipients to the contributors in reporting system.Furthermore,although accounting system of climate finance has been developing and improving,it remains incapacity in providing accurate data on disbursed climate finance.Responding to the above challenges,this paper proposes the key tasks in establishing a comprehensive MRV system for climate finance at international level.The tasks involve developing a measurement system with consistent data basis and accounting basis,a reporting system with more detailed guidance and standardized formats,as well as a verification mechanism balancing top-down and bottom-up review processes.In the last section,this paper concludes that the establishment of an improved MRV of climate finance requires concerted cooperation and negotiations between developed and developing country Parties under the UNFCCC.As one of the few developing country donors to the Global Environmental Facility(GEF),China is suggested to clarify its propositions as a developing country in aspects such as concept,coverage,and architecture of climate finance and MRV system,and gain bargaining power in improving operating and technical rules of international climate finance regime.
文摘China is now building an innovation nation which use the strategy of intellectual.The effective use of intellectual property rights,promoting the combination between the intellectual property and the economic and social development is an important content in China.And we can use the intellectual property rights finance to solve the problem of lending for small and medium sized enterprises which our country is exploring for a long time.Also it is a significant way to the science and technology finance.Firstly,this paper introduce the policy of intellectual property finance in China.Secondly,it draw on the experience of Ameria and Japan which apply the intellectual property rights finance good.Thirdly,author design the China model of intellectual property rights finance based on the development cycle of intellectual property,and innovate the gradient valuation techniques.
文摘The rapid development of computer technology has brought great innovation to the operation of commodity economy. The emerging technology industries give an unprecedented release to the society productivity, including Internet finance, cloud computing, big data, intelligent manufacturing, automated factories, etc. The exchanged means and mediums of commodity economy develop from the traditional precious metals and banknote to electronic currency trading products produced by the mobile clients. The manufacturing scale and marketing channels of social commodity have achieved an unprecedented prosperity and extension. At this stage where the complex and changeable new industries rapidly replace the old ones, fully-automatic intelligent production management gradually replaces old-fashioned extensive labor-intensive manufacturing model, so as to lead to industry reforms of interactive exchange platforms of commodity manufacture transferring to the controllable, hi-speed, and personalized customization service controlled by remote terminal management.
文摘The new taxation system has beenoperated smoothly and its positiveresults have become evident since Chinacarried out the reform of the taxation systemin 1994.This was said by Mr.Liu Zhongli,Finance Minister and Director-General ofthe State Administration of Taxation at apress conference recently.The new taxationsystem brought RMB100 billion more to theTreasury in 1994,and the figure is expectedto be bigger in 1995,he disclosed. The minister said that the state hasadopted an appropriately tight financial
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.
文摘Natural language processing(NLP)technologies,such as ChatGPT,are revolutionizing various fields,including finance research.This article explores the potential of Chat-GPT as a transformative tool for finance researchers.We illustrate various applications of ChatGPT in finance research,from analyzing financial charts and providing coding support to the theoretical derivation of financial models.Significant advances in multimodal learning,such as Visual Referring Prompting(VRP),are also explored for their potential to enhance ChatGPT’s image analysis capabilities.Furthermore,we conduct a comparative analysis of ChatGPT-3.5,ChatGPT-4,and Microsoft Bing to examine their distinct features,strengths,and weaknesses to provide valuable insights into their applicability in finance research.We demonstrate the innovative opportunities and insights provided by the development of ChatGPT to enrich the financial research process.By addressing the potential pitfalls and ethical considerations associated with using ChatGPT,we aim to promote responsible AI adoption and a more indepth understanding of the role of advanced NLP technologies in shaping the future of finance research and practice.Overall,this paper underscores ChatGPT’s transformative role in finance research,detailing its applications,benefits,and challenges,and advocating for ethical AI adoption to shape the future of the field.
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This review synthesizes 48 academic studies on Initial Coin Offerings(ICOs)from 2018 to 2023,employing bibliometric and content analyses to illuminate their complexities and innovation in entrepreneurial finance.It identifies four key themes:(1)regulatory intricacies,market transformation,and strategic implications for emerging ventures;(2)the opportunities and challenges presented,and key factors influencing the success of ICOs;(3)ICOs and entrepreneurial finance;and finally,(4)review of reviews.By examining the intersection of legal frameworks,disruptive potential,and stakeholder challenges,this interdisciplinary perspective captures the essence of ICOs and charts a course for future inquiry.It serves as a pivotal reference for researchers,practitioners,and regulators to understand the multifaceted ICO landscape and its implications for the future of finance.
文摘The study conducts a bibliometric review of artificial intelligence applications in two areas:the entrepreneurial finance literature,and the corporate finance literature with implications for entrepreneurship.A rigorous search and screening of the web of science core collection identified 1,890 journal articles for analysis.The bibliometrics provide a detailed view of the knowledge field,indicating underdeveloped research directions.An important contribution comes from insights through artificial intelligence methods in entrepreneurship.The results demonstrate a high representation of artificial neural networks,deep neural networks,and support vector machines across almost all identified topic niches.In contrast,applications of topic modeling,fuzzy neural networks,and growing hierarchical self-organizing maps are rare.Additionally,we take a broader view by addressing the problem of applying artificial intelligence in economic science.Specifically,we present the foundational paradigm and a bespoke demonstration of the Monte Carlo randomized algorithm.
文摘The 52nd issue of Financial Innovation(FIN),Volume 11,No.4(2025),features 19 papers that can be classified into two main themes:the Special Issue on Green Digital Finance and Energy Transition,and FinTech and Market Analysis.
