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 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
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
In the era of the digital economy,traditional supply chain finance models face challenges such as information fragmentation,inefficient processes,and insufficient credit transmission,necessitating digital transformati...In the era of the digital economy,traditional supply chain finance models face challenges such as information fragmentation,inefficient processes,and insufficient credit transmission,necessitating digital transformation.This study focuses on Kweichow Moutai Group,systematically analyzing its innovative practices in supply chain finance and examining the mechanisms through which digital technologies enhance core enterprise credit empowerment,improve supply chain collaboration efficiency,and optimize risk management.The research reveals that Moutai Group has transformed supply chain finance from unilateral credit granting to ecosystem-based credit sharing by establishing an IoT-enabled asset verification platform,developing smart contract-driven bill financing systems,and building a blockchain-based multi-party credit alliance.This model significantly lowers financing barriers for small and medium-sized suppliers while creating new value chain growth points through data assetization strategies.Finally,the study proposes further improvements from the perspectives of technical standardization and adaptive regulatory frameworks.展开更多
Green bonds, as one of the core tools of green finance, have rapidly developed into a large-scale and far-reaching financial market since the first green bond was issued in 2007. As a direct financing channel for gree...Green bonds, as one of the core tools of green finance, have rapidly developed into a large-scale and far-reaching financial market since the first green bond was issued in 2007. As a direct financing channel for green projects, green bonds have promoted the rapid development of green finance in China, and under the background of “dual carbon”, the demand for green bonds in China has increased significantly. In fact, the Chinese green bond investment market has vast development space. However, due to its late start and immature development, there are doubts about whether green bonds can play a positive role in enhancing the company’s value. Therefore, it is urgent to conduct in-depth analysis of the impact of the company’s issuance of green bonds on its value. In this paper, we used Tobin’s Q to measure company value, and used panel data to explore the impact of issuing green bonds on company value through propensity score matching method. It explored the significant improvement effect of issuing green bonds and increasing their intensity on company value;and then, by analyzing the mediating effect on the impact mechanism of company value, efforts are made to discover that green bonds can enhance company value by alleviating financing constraints and improving information transparency. Finally, based on the conclusions drawn, reasonable suggestions are proposed, which have practical reference value for the development of the green bond market and the construction of a green financial system.展开更多
This paper selects the data of China's specialized,special and new“small giants”listed companies from 2011 to 2021,and starts from the key production factor and strategic asset of data assets,empirically examine...This paper selects the data of China's specialized,special and new“small giants”listed companies from 2011 to 2021,and starts from the key production factor and strategic asset of data assets,empirically examines the impact of data assetization on the supply chain resilience of SRDI SMEs,and examines the impact of data assetization on the supply chain resilience of SRDI SMEs using the role of the mechanism model.Through the mechanism model,the mediating effects of financing constraints and technological innovation are examined,and a path of action is drawn,which provides theoretical evidence and policy recommendations for promoting the digital transformation of SRDI SMEs and improving supply chain resilience.展开更多
Background:Antimicrobial resistance(AMR)poses a significant and growing public health challenge in East and Southern Africa.Despite formal commitments to the National Action Plans,domestic financing for AMR remains cr...Background:Antimicrobial resistance(AMR)poses a significant and growing public health challenge in East and Southern Africa.Despite formal commitments to the National Action Plans,domestic financing for AMR remains critically limited,with most countries continuing to depend heavily on external donor funding.Objective:This narrative review examines the current extent to which domestic fiscal commitments align with national AMR policy goals across the two regions.Methods:Government websites for ministries of health and finance,donor platforms,and three academic databases(Scopus,JSTOR,Google Scholar)were searched for eligible articles.National budget statements and media reports were also reviewed where available.Three researchers independently screened titles and summaries,followed by full-text reviews to confirm eligibility.Results:The findings reveal that while several countries have developed National Action Plans,very few have allocated domestic funding to implement them.Only Malawi,Nigeria and Uganda reported modest domestic contributions,while in other countries such as Zambia,Ethiopia,and South Africa,AMR programs remain largely donor-financed or lack dedicated budget lines altogether.Veterinary and laboratory sectors are particularly underfunded,with minimal integration into broader AMR strategies.While this review has several limitations including restricted access to current,comprehensive national budget data and a reliance on secondary sources such as donor and World Health Organization reports,which may introduce bias,the patterns identified in this review still offer valuable insight into regional funding dynamics and can inform future policy and research efforts.Conclusion:We conclude that without dedicated domestic financing and accountability mechanisms,AMR efforts in the region may face significant sustainability challenges observed in other health responses such as human immunodeficiency virus.Strengthening AMR governance requires clear budgetary commitments,sustainable cofinancing models,and policy instruments to reduce dependency on external support.展开更多
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
This article through the domestic and foreign literature research in this field,related concepts and theoretical review,as well as the analysis of our country's security talent rental housing and REITS development...This article through the domestic and foreign literature research in this field,related concepts and theoretical review,as well as the analysis of our country's security talent rental housing and REITS development situation,discuss the prospect and development direction of our country's security talent rental housing public REITs,and put forward suggestions.展开更多
Purpose:This research endeavors to investigate the impact of open government data on corporate investment,emphasizing the exploration of underlying mechanisms,heterogeneous effects,and implications for investment effi...Purpose:This research endeavors to investigate the impact of open government data on corporate investment,emphasizing the exploration of underlying mechanisms,heterogeneous effects,and implications for investment efficiency.Utilizing the implementation of government data open platforms as a quasi-natural experiment,this study aims to elucidate how public data transparency affects firms’investment decisions and resource allocation.Design/methodology/approach:This study employs a staggered Difference-in-Differences(DID)model as its principal methodological framework.This approach facilitates causal inference by examining the differential changes in corporate investment between firms influenced by the data openness policy and those that remain unaffected over time.Findings:The findings indicate that open government data substantially enhance corporate investment levels.A mechanistic analysis identifies three principal channels through which this effect is mediated:alleviation of overall financing constraints,reduction of financing costs,and expansion of the financing scale.A heterogeneity analysis suggests that the positive impact is more pronounced in state-owned enterprises,high-tech firms,and companies experiencing elevated levels of macroeconomic uncertainty.Moreover,the transparency of government data improves the responsiveness of corporate investment to emerging opportunities,thereby augmenting the overall efficiency of corporate investment.Research limitations:This study primarily examined the influence of government data transparency on corporate investment,while not accounting for the effects of macroeconomic variability,internal corporate governance frameworks,and industry-specific regulatory policies.Practical implications:Government open data platforms can effectively boost corporate investment and resource allocation.Policymakers should focus on improving the quality and accessibility of these data,especially in areas with high economic uncertainty,to support business investments.Firms,particularly high-tech and financially constrained firms,can use open data to ease capital limitations and find investment opportunities.Regulators should promote data transparency to enhance economic vitality through efficient corporate investments.Originality/value:This study enhances the existing literature by offering causal evidence of the impact of open government data on corporate investment,a subject that has been relatively underexplored empirically.By employing a quasi-natural experiment centered on the implementation of government data platforms,this study adopts a robust methodological approach to address endogeneity issues,thereby advancing methodological rigor in investigations of public data governance and corporate behavior.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
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 year 2025 marks the 35th anniversary of the establishment of diplomatic relations between China and Singapore,which coincides with the 10th anniversary of the implementation of the China-Singapore(Chongqing)Connec...The year 2025 marks the 35th anniversary of the establishment of diplomatic relations between China and Singapore,which coincides with the 10th anniversary of the implementation of the China-Singapore(Chongqing)Connectivity Initiative(CCI),the third inter-governmental cooperation project between China and Singapore.Since its launch in November 2015,Chongqing and Singapore have focused on the four major areas of financial services,aviation,transportation and logistics,and information communication.They have jointly solidified several landmark achievements such as the New International Land-Sea Trade Corridor(ILSTC),Cross-Border Investment and Financing Connectivity,and China-Singapore Dedicated Connectivity,setting a vivid example of mutual benefits and win-win cooperation between the two countries.展开更多
The rapid development of digital financial inclusion is profoundly changing the financing environment for small and medium-sized enterprises(SMEs).As an important driver of economic growth and innovation,SMEs account ...The rapid development of digital financial inclusion is profoundly changing the financing environment for small and medium-sized enterprises(SMEs).As an important driver of economic growth and innovation,SMEs account for a significant share of employment and GDP globally.However,the traditional bank credit model has long failed to effectively meet the financing needs of SMEs due to issues such as information asymmetry,high cost,and difficulty in risk assessment,resulting in serious financing constraints.Digital financial inclusion,through technological innovation and big data analysis,has significantly reduced credit costs,alleviated information asymmetry,and provided SMEs with more flexible and efficient financing channels.Research shows that digital financial inclusion can not only ease the financing constraints of SMEs,but also promote their innovation and growth,providing important support for building a more inclusive and sustainable financial ecosystem.展开更多
Cash flow is a core element for enterprises to maintain operations and development.Cash flow forecasting models,through systematic analysis of an enterprise’s historical cash flow data,trends in operating activities,...Cash flow is a core element for enterprises to maintain operations and development.Cash flow forecasting models,through systematic analysis of an enterprise’s historical cash flow data,trends in operating activities,and external environmental factors,scientifically predict the scale,direction,and fluctuation of cash flow within a certain period in the future.This article focuses on the application of cash flow forecasting models in enterprise investment and financing decisions,sorts out the types and core functions of the models,analyzes their specific roles in investment project screening,financing plan formulation,risk prevention and control,and fund allocation,points out the existing problems in current applications,and proposes optimization paths.Research shows that the scientific application of cash flow forecasting models can enhance the accuracy and rationality of enterprises’investment and financing decisions,and help enterprises achieve sustainable development.展开更多
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
The establishment of Hainan Free Trade Port provides a new opportunity for the financing of small and medium-sized enterprises.In the process of the country continuously promoting the development of a free trade port,...The establishment of Hainan Free Trade Port provides a new opportunity for the financing of small and medium-sized enterprises.In the process of the country continuously promoting the development of a free trade port,the financing environment of small and medium-sized enterprises has gradually improved,and the financing environment has been greatly improved.But the small and medium-sized enterprises“financing difficult”“financing expensive”problem still exists.The problems of difficult and expensive financing of small and medium-sized enterprises in Haikou city have their reasons as well as the influence of external environmental factors.Therefore,to better solve the financing problems of small and medium-sized enterprises in Haikou,this paper analyzes the reasons for the difficulty and expensive financing of small and medium-sized enterprises according to the existing research results and summarizes the financing experience of small and medium-sized enterprises at home and abroad.This article finds that the financing systems for small and medium-sized enterprises(SMEs)in developed countries are relatively well-established,and both the government and society offer significant support to SMEs.Therefore,this paper believes that the government should adjust the business strategy to improve the financing ecological environment and enhance the financing ability of SMEs.The government should take the lead in perfecting the guarantee system,continuously improving the credit information system of enterprises and various financial service institutions,promoting the opening and institutionalization of private credit,and developing Internet finance[1].展开更多
Digital financial inclusion provides financial services through digital platforms,aiming to improve the ability of MSMEs and low-income groups to access financial resources,thereby easing their financing constraints a...Digital financial inclusion provides financial services through digital platforms,aiming to improve the ability of MSMEs and low-income groups to access financial resources,thereby easing their financing constraints and promoting economic growth and inclusive development.As an innovative financial model,digital financial inclusion utilizes modern technological means to significantly improve the accessibility and convenience of financial services,especially in areas where traditional banking services are under-covered.Digital finance has promoted the popularization of financial services such as micro-credit,micro-savings,and micro-insurance,and helped improve the financing environment of low-income groups and small and micro enterprises.At the same time,digital financial inclusion promotes financial literacy education and digital inclusion construction,and enhances the acceptance and use of digital financial instruments by the general public,which is the key to achieving sustainable development of digital financial inclusion.Therefore,digital financial inclusion can better ease the financing constraints of small and medium-sized enterprises and promote economic development.展开更多
Under the socialist market economic system of our country,the government,through the“invisible hand,”carries on macro regulation and control to improve the financing constraints that small and medium-sized enterpris...Under the socialist market economic system of our country,the government,through the“invisible hand,”carries on macro regulation and control to improve the financing constraints that small and medium-sized enterprises are facing.But because of the huge base number of small and medium-sized enterprises in our country,there are many kinds,and the problem of financing constraints is still puzzling the development of enterprises at present.With the continuous promotion of inclusive finance in our country,the problems plaguing SMEs in the last mile of financing are gradually improved.In this context,small and medium-sized enterprises in Hainan Free Trade Port are taken as the research object to study the role of digital inclusive finance on the financing constraints of SMEs.The research shows that,first of all,small and medium-sized enterprises in Hainan Free Trade Port generally have financing problems.The development of digital inclusive finance solves the“last kilometer”problem of traditional finance,enhances financial access ability,broadens the financial service group,provides convenience and diversified services for SMEs'financing,and provides inexhaustible impetus for the long-term healthy development of SMEs.Secondly,digital inclusive finance alleviates the financing difficulties faced by SMEs on the island by reducing financial costs and expanding the scale of credit.展开更多
With the establishment of Hainan Free Trade Port,the small and medium-sized enterprises in Hainan Free Trade Port have developed and grown in the continuously optimized enterprise environment.The continuous establishm...With the establishment of Hainan Free Trade Port,the small and medium-sized enterprises in Hainan Free Trade Port have developed and grown in the continuously optimized enterprise environment.The continuous establishment of a large number of small and micro enterprises makes its social and economic development play a non-negligible role.However,due to the small size and insufficient economic strength of small and micro enterprises,their status in the financial system is often very humble.Therefore,under normal circumstances,small and micro enterprises are faced with financing difficulties and high costs,which has a great side effect on their development.The proposal and continuous development of digital inclusive finance,so that small and micro enterprises in access to a wide range of financing opportunities at the same time,their financing methods are more convenient than in the past,the cost is getting lower and lower.This paper deeply discusses the role of digital inclusive finance in easing the financing constraints of small and micro enterprises and puts forward corresponding suggestions[1].展开更多
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 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.
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In the era of the digital economy,traditional supply chain finance models face challenges such as information fragmentation,inefficient processes,and insufficient credit transmission,necessitating digital transformation.This study focuses on Kweichow Moutai Group,systematically analyzing its innovative practices in supply chain finance and examining the mechanisms through which digital technologies enhance core enterprise credit empowerment,improve supply chain collaboration efficiency,and optimize risk management.The research reveals that Moutai Group has transformed supply chain finance from unilateral credit granting to ecosystem-based credit sharing by establishing an IoT-enabled asset verification platform,developing smart contract-driven bill financing systems,and building a blockchain-based multi-party credit alliance.This model significantly lowers financing barriers for small and medium-sized suppliers while creating new value chain growth points through data assetization strategies.Finally,the study proposes further improvements from the perspectives of technical standardization and adaptive regulatory frameworks.
文摘Green bonds, as one of the core tools of green finance, have rapidly developed into a large-scale and far-reaching financial market since the first green bond was issued in 2007. As a direct financing channel for green projects, green bonds have promoted the rapid development of green finance in China, and under the background of “dual carbon”, the demand for green bonds in China has increased significantly. In fact, the Chinese green bond investment market has vast development space. However, due to its late start and immature development, there are doubts about whether green bonds can play a positive role in enhancing the company’s value. Therefore, it is urgent to conduct in-depth analysis of the impact of the company’s issuance of green bonds on its value. In this paper, we used Tobin’s Q to measure company value, and used panel data to explore the impact of issuing green bonds on company value through propensity score matching method. It explored the significant improvement effect of issuing green bonds and increasing their intensity on company value;and then, by analyzing the mediating effect on the impact mechanism of company value, efforts are made to discover that green bonds can enhance company value by alleviating financing constraints and improving information transparency. Finally, based on the conclusions drawn, reasonable suggestions are proposed, which have practical reference value for the development of the green bond market and the construction of a green financial system.
基金National Undergraduate Training Program for Innovation and Entrepreneurship(D202410120257422558)。
文摘This paper selects the data of China's specialized,special and new“small giants”listed companies from 2011 to 2021,and starts from the key production factor and strategic asset of data assets,empirically examines the impact of data assetization on the supply chain resilience of SRDI SMEs,and examines the impact of data assetization on the supply chain resilience of SRDI SMEs using the role of the mechanism model.Through the mechanism model,the mediating effects of financing constraints and technological innovation are examined,and a path of action is drawn,which provides theoretical evidence and policy recommendations for promoting the digital transformation of SRDI SMEs and improving supply chain resilience.
文摘Background:Antimicrobial resistance(AMR)poses a significant and growing public health challenge in East and Southern Africa.Despite formal commitments to the National Action Plans,domestic financing for AMR remains critically limited,with most countries continuing to depend heavily on external donor funding.Objective:This narrative review examines the current extent to which domestic fiscal commitments align with national AMR policy goals across the two regions.Methods:Government websites for ministries of health and finance,donor platforms,and three academic databases(Scopus,JSTOR,Google Scholar)were searched for eligible articles.National budget statements and media reports were also reviewed where available.Three researchers independently screened titles and summaries,followed by full-text reviews to confirm eligibility.Results:The findings reveal that while several countries have developed National Action Plans,very few have allocated domestic funding to implement them.Only Malawi,Nigeria and Uganda reported modest domestic contributions,while in other countries such as Zambia,Ethiopia,and South Africa,AMR programs remain largely donor-financed or lack dedicated budget lines altogether.Veterinary and laboratory sectors are particularly underfunded,with minimal integration into broader AMR strategies.While this review has several limitations including restricted access to current,comprehensive national budget data and a reliance on secondary sources such as donor and World Health Organization reports,which may introduce bias,the patterns identified in this review still offer valuable insight into regional funding dynamics and can inform future policy and research efforts.Conclusion:We conclude that without dedicated domestic financing and accountability mechanisms,AMR efforts in the region may face significant sustainability challenges observed in other health responses such as human immunodeficiency virus.Strengthening AMR governance requires clear budgetary commitments,sustainable cofinancing models,and policy instruments to reduce dependency on external support.
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.
文摘This article through the domestic and foreign literature research in this field,related concepts and theoretical review,as well as the analysis of our country's security talent rental housing and REITS development situation,discuss the prospect and development direction of our country's security talent rental housing public REITs,and put forward suggestions.
基金supported by the following grants:National Natural Science Foundation of China(Grant No.72271147)Natural Science Foundation of Guangdong Province(Grant No.2022A1515010573)+1 种基金STU Scientific Research Initiation(Grant No.STF21005,STF21004)the Philosophy and Social Science Planning Project of Guangdong Province(Grant No.GD21CGL12,GD23XYJ76).
文摘Purpose:This research endeavors to investigate the impact of open government data on corporate investment,emphasizing the exploration of underlying mechanisms,heterogeneous effects,and implications for investment efficiency.Utilizing the implementation of government data open platforms as a quasi-natural experiment,this study aims to elucidate how public data transparency affects firms’investment decisions and resource allocation.Design/methodology/approach:This study employs a staggered Difference-in-Differences(DID)model as its principal methodological framework.This approach facilitates causal inference by examining the differential changes in corporate investment between firms influenced by the data openness policy and those that remain unaffected over time.Findings:The findings indicate that open government data substantially enhance corporate investment levels.A mechanistic analysis identifies three principal channels through which this effect is mediated:alleviation of overall financing constraints,reduction of financing costs,and expansion of the financing scale.A heterogeneity analysis suggests that the positive impact is more pronounced in state-owned enterprises,high-tech firms,and companies experiencing elevated levels of macroeconomic uncertainty.Moreover,the transparency of government data improves the responsiveness of corporate investment to emerging opportunities,thereby augmenting the overall efficiency of corporate investment.Research limitations:This study primarily examined the influence of government data transparency on corporate investment,while not accounting for the effects of macroeconomic variability,internal corporate governance frameworks,and industry-specific regulatory policies.Practical implications:Government open data platforms can effectively boost corporate investment and resource allocation.Policymakers should focus on improving the quality and accessibility of these data,especially in areas with high economic uncertainty,to support business investments.Firms,particularly high-tech and financially constrained firms,can use open data to ease capital limitations and find investment opportunities.Regulators should promote data transparency to enhance economic vitality through efficient corporate investments.Originality/value:This study enhances the existing literature by offering causal evidence of the impact of open government data on corporate investment,a subject that has been relatively underexplored empirically.By employing a quasi-natural experiment centered on the implementation of government data platforms,this study adopts a robust methodological approach to address endogeneity issues,thereby advancing methodological rigor in investigations of public data governance and corporate behavior.
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.
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 year 2025 marks the 35th anniversary of the establishment of diplomatic relations between China and Singapore,which coincides with the 10th anniversary of the implementation of the China-Singapore(Chongqing)Connectivity Initiative(CCI),the third inter-governmental cooperation project between China and Singapore.Since its launch in November 2015,Chongqing and Singapore have focused on the four major areas of financial services,aviation,transportation and logistics,and information communication.They have jointly solidified several landmark achievements such as the New International Land-Sea Trade Corridor(ILSTC),Cross-Border Investment and Financing Connectivity,and China-Singapore Dedicated Connectivity,setting a vivid example of mutual benefits and win-win cooperation between the two countries.
文摘The rapid development of digital financial inclusion is profoundly changing the financing environment for small and medium-sized enterprises(SMEs).As an important driver of economic growth and innovation,SMEs account for a significant share of employment and GDP globally.However,the traditional bank credit model has long failed to effectively meet the financing needs of SMEs due to issues such as information asymmetry,high cost,and difficulty in risk assessment,resulting in serious financing constraints.Digital financial inclusion,through technological innovation and big data analysis,has significantly reduced credit costs,alleviated information asymmetry,and provided SMEs with more flexible and efficient financing channels.Research shows that digital financial inclusion can not only ease the financing constraints of SMEs,but also promote their innovation and growth,providing important support for building a more inclusive and sustainable financial ecosystem.
文摘Cash flow is a core element for enterprises to maintain operations and development.Cash flow forecasting models,through systematic analysis of an enterprise’s historical cash flow data,trends in operating activities,and external environmental factors,scientifically predict the scale,direction,and fluctuation of cash flow within a certain period in the future.This article focuses on the application of cash flow forecasting models in enterprise investment and financing decisions,sorts out the types and core functions of the models,analyzes their specific roles in investment project screening,financing plan formulation,risk prevention and control,and fund allocation,points out the existing problems in current applications,and proposes optimization paths.Research shows that the scientific application of cash flow forecasting models can enhance the accuracy and rationality of enterprises’investment and financing decisions,and help enterprises achieve sustainable development.
文摘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The establishment of Hainan Free Trade Port provides a new opportunity for the financing of small and medium-sized enterprises.In the process of the country continuously promoting the development of a free trade port,the financing environment of small and medium-sized enterprises has gradually improved,and the financing environment has been greatly improved.But the small and medium-sized enterprises“financing difficult”“financing expensive”problem still exists.The problems of difficult and expensive financing of small and medium-sized enterprises in Haikou city have their reasons as well as the influence of external environmental factors.Therefore,to better solve the financing problems of small and medium-sized enterprises in Haikou,this paper analyzes the reasons for the difficulty and expensive financing of small and medium-sized enterprises according to the existing research results and summarizes the financing experience of small and medium-sized enterprises at home and abroad.This article finds that the financing systems for small and medium-sized enterprises(SMEs)in developed countries are relatively well-established,and both the government and society offer significant support to SMEs.Therefore,this paper believes that the government should adjust the business strategy to improve the financing ecological environment and enhance the financing ability of SMEs.The government should take the lead in perfecting the guarantee system,continuously improving the credit information system of enterprises and various financial service institutions,promoting the opening and institutionalization of private credit,and developing Internet finance[1].
文摘Digital financial inclusion provides financial services through digital platforms,aiming to improve the ability of MSMEs and low-income groups to access financial resources,thereby easing their financing constraints and promoting economic growth and inclusive development.As an innovative financial model,digital financial inclusion utilizes modern technological means to significantly improve the accessibility and convenience of financial services,especially in areas where traditional banking services are under-covered.Digital finance has promoted the popularization of financial services such as micro-credit,micro-savings,and micro-insurance,and helped improve the financing environment of low-income groups and small and micro enterprises.At the same time,digital financial inclusion promotes financial literacy education and digital inclusion construction,and enhances the acceptance and use of digital financial instruments by the general public,which is the key to achieving sustainable development of digital financial inclusion.Therefore,digital financial inclusion can better ease the financing constraints of small and medium-sized enterprises and promote economic development.
文摘Under the socialist market economic system of our country,the government,through the“invisible hand,”carries on macro regulation and control to improve the financing constraints that small and medium-sized enterprises are facing.But because of the huge base number of small and medium-sized enterprises in our country,there are many kinds,and the problem of financing constraints is still puzzling the development of enterprises at present.With the continuous promotion of inclusive finance in our country,the problems plaguing SMEs in the last mile of financing are gradually improved.In this context,small and medium-sized enterprises in Hainan Free Trade Port are taken as the research object to study the role of digital inclusive finance on the financing constraints of SMEs.The research shows that,first of all,small and medium-sized enterprises in Hainan Free Trade Port generally have financing problems.The development of digital inclusive finance solves the“last kilometer”problem of traditional finance,enhances financial access ability,broadens the financial service group,provides convenience and diversified services for SMEs'financing,and provides inexhaustible impetus for the long-term healthy development of SMEs.Secondly,digital inclusive finance alleviates the financing difficulties faced by SMEs on the island by reducing financial costs and expanding the scale of credit.
文摘With the establishment of Hainan Free Trade Port,the small and medium-sized enterprises in Hainan Free Trade Port have developed and grown in the continuously optimized enterprise environment.The continuous establishment of a large number of small and micro enterprises makes its social and economic development play a non-negligible role.However,due to the small size and insufficient economic strength of small and micro enterprises,their status in the financial system is often very humble.Therefore,under normal circumstances,small and micro enterprises are faced with financing difficulties and high costs,which has a great side effect on their development.The proposal and continuous development of digital inclusive finance,so that small and micro enterprises in access to a wide range of financing opportunities at the same time,their financing methods are more convenient than in the past,the cost is getting lower and lower.This paper deeply discusses the role of digital inclusive finance in easing the financing constraints of small and micro enterprises and puts forward corresponding suggestions[1].
