Open banking is an emerging business model that is representative of FinTech.To explore whether inclusive FinTech can improve bank performance and identify the underlying mechanisms by which this occurs,we investigate...Open banking is an emerging business model that is representative of FinTech.To explore whether inclusive FinTech can improve bank performance and identify the underlying mechanisms by which this occurs,we investigate a sample of Chinese commercial banks involved in open banking during 2011-2020.The results show that inclusive FinTech can improve bank performance by improving the bank’s lending rate and liability structure,and that this positive effect is more pronounced in national and rural banks.The results indicate that inclusive FinTech has the greatest impact among banks serving the largest population and those who are excluded from the traditional financial system,and that financial inclusion does not detract from bank performance.However,the results do not provide evidence that inclusive FinTech improves bank performance by reducing risk-taking,suggesting a greater need for inclusive FinTech to focus on risk management.This study adds empirical evidence regarding the role of inclusive FinTech in banks.To promote inclusive FinTech and bank performance,developing economies like China should strengthen digital financial innovations,focus on risk management,and promote cooperation under the open finance framework.展开更多
Greenwashing behaviors(GWBs)in green finance products(GFPs)by enterprises seriously hinder the realization of environmental protection goals.However,methods for effectively regulating GWBs in GFPs are unclear.This stu...Greenwashing behaviors(GWBs)in green finance products(GFPs)by enterprises seriously hinder the realization of environmental protection goals.However,methods for effectively regulating GWBs in GFPs are unclear.This study constructed a tripartite evolutionary game model to analyze the formation and governance mechanisms of GWBs in GFPs among regulatory authorities,enterprises,and investors.Subsequently,the stability equilibrium strategy and key factors influencing the system equilibrium were discussed.Several interesting conclusions were drawn.First,we demonstrated that an interdependence mechanism exists among three game agents who mutually influence each other.The larger the probability of regulatory authorities choosing active supervision and investors adopting feedback,the more enterprises are willing to carry out green projects.Second,three corresponding governance modes for GWBs were put forward following the developmental stages of GFPs.Among these,the collaboration mode is the most effective in incentivizing enterprises to implement green projects.Third,based on sensitivity simulations,the initial willingness of the tripartite stakeholders,investor feedback cost,investor compensation,the penalty for greenwashing enterprises,and the reputational benefit of enterprises are critical factors that influence evolutionary results.Finally,targeted countermeasures were provided for regulatory authorities to prevent enterprises from engaging in GWBs.展开更多
Green innovation has become a strategic direction for the country and enterprises,and it is an important facet in achieving high-quality economic development.Whether corporate social responsibility(CSR),as a key compe...Green innovation has become a strategic direction for the country and enterprises,and it is an important facet in achieving high-quality economic development.Whether corporate social responsibility(CSR),as a key competitive strategy for achieving sustainable economic development,can promote corporate green innovation and the path of evolution has become a hot topic of current research.This paper takes Chinese manufacturing A share listed companies as its sample and uses Stata sofware to conduct regression analysis to test the relationship between CSR,financing constraints,and green innovation,respectively.It further distinguishes the sample into different technological properties and different regions to study the degree of differentiation of the mediating effect on financing constraints.The results show that CSR can not only directly promote corporate green innovation,but that it also can further positively influence corporate green innovation by alleviating financing constraints.Financing constraints play a mediating role in the relationship between CSR and green innovation,especially in enterprises with strong innovation demand and in regions with high levels of regional economic development.The findings enrich the research perspective on the relationship between CSR and green innovation and provide realistic data support for subsequent studies.展开更多
Assessing corporate financial risk exposure to floods facilitates strategic decision making to make prudent investments for risk mitigation.Financial models for flood risk assessment are informed by hydrological and f...Assessing corporate financial risk exposure to floods facilitates strategic decision making to make prudent investments for risk mitigation.Financial models for flood risk assessment are informed by hydrological and financial data as well as geospatial information to capture corporate exposure through the lens of individual facilities'risk.This article proposes an approach that integrates datasets derived from hydrological models with those from corporate financial records.Flood damage algorithms are then used to quantify both direct impacts on capital assets and indirect effects on business interruption loss(BIL).Capital stock losses are derived from the valuation of capital investments in fixed assets.The model was tested on publicly disclosed corporate records from four Japanese companies,to quantify under-and over-estimation of the approach,and to understand sources of uncertainty.The comparison demonstrates reasonable results with the modeled estimates,while also highlights the importance of carefully interpreting and selecting regional property damage curves and business interruption duration data.By using sales and investment in fixed assets as a baseline for business interruption and property damage,flood impacts vary based on corporate business activities,such as manufacturing or food and beverage.Two corporations show a variation in property damage criteria exhibiting greater values than those of interruption,implying that the former dominates financial risks.Mean changes in BIL parameters for another company show greater values,indicating its dominant role in financial flood risk.The results from expected annual damage assessment at the facility and corporate scale facilitate strategic investment decisions for flood risk mitigation.展开更多
The primary aim of this study was to develop a model of a socially inclusive climate risk insurance(CRI) mechanism based on the differential risk transfer approach. This study focused on the department of La Guajira, ...The primary aim of this study was to develop a model of a socially inclusive climate risk insurance(CRI) mechanism based on the differential risk transfer approach. This study focused on the department of La Guajira, Colombia, as a case study.La Guajira is the department in Colombia that, due to its critical disaster risk conditions, presents the adequate configuration for implementing a climate risk transfer mechanism. The article starts by analyzing risk conditions by using secondary data. Based on fieldwork, this research explored the perspectives of the most vulnerable sectors in La Guajira Department on the socioeconomic impacts and needs they experience regarding climate-related hazards, their adaptive measures for risk reduction, and their willingness to adopt CRI. This represents the fundamental input for the formulation of the CRI model. Consequently, this research proposed an operational structure as input for future implementations of the model. The results indicate that national and local disaster risk management public policies align with the sectors' needs and priorities. Strengthening sectoral associations can enhance representation in CRI projects. In-kind indemnization is preferred for women entrepreneurs and the indigenous community. The CRI model includes a risk pool through the family compensation fund of La Guajira as a sectoral agglomerator, with contingent credit and traditional/parametric insurance. The methodology developed in this study can be applied in different contexts worldwide as a guidance for informing national and international climate risk finance initiatives.展开更多
This paper develops a digital capability assessment system tailored to small and medium-sized enterprises(SMEs)operating under resource constraints and environmental uncertainty.Building on the resource-based view,dyn...This paper develops a digital capability assessment system tailored to small and medium-sized enterprises(SMEs)operating under resource constraints and environmental uncertainty.Building on the resource-based view,dynamic capabilities theory and the technology organisation environment framework,it reconceptualises SME digital capability from“technology possession”to“capability building”,with a focus on data governance,organisational agility and ecosystem collaboration.Methodologically,the study combines Delphi-based expert screening with an analytic hierarchy process entropy weighting scheme,optimised via the principle of minimum discrimination information,to construct a fve-dimension,multi-level indicator system.The paper further embeds the assessment framework into three application scenarios:supply-chain fnance risk control,segmentation-based government support and cluster-level digital collaboration and monitoring.The results highlight how robust digital capability assessment can function as a new form of digital credit enhancement,a navigation tool for precise public policy and a diagnostic infrastructure for regional industrial upgrading.展开更多
This paper investigates the digital upgrading of China’s specialised and sophisticated small and medium-sized enterprises(SMEs)in the context of global supply-chain restructuring and technostrategic competition.Integ...This paper investigates the digital upgrading of China’s specialised and sophisticated small and medium-sized enterprises(SMEs)in the context of global supply-chain restructuring and technostrategic competition.Integrating the resource-based view,dynamic capabilities theory and the technology organisation environment framework,it develops a confgurational model of how technological readiness,organisational capabilities and environmental support jointly shape digitaltransformation outcomes.Using fuzzy-set qualitative comparative analysis and illustrative cases,the study identifes three high-performing paths technology-driven,organisation-centred and ecosystem-collaborative and shows that multiple confgurations can lead to successful upgrading.The analysis further highlights the enabling role of industrial internet platforms,data assetisation and digital inclusive fnance in alleviating resource constraints and expanding fnancing channels.Overall,the fndings underscore that the risk of non-transformation now exceeds the transitional risks of digital upgrading for these strategically important frms.展开更多
基金supported by the Key Program of the National Natural Science Foundation of China(No.72432005)the Major Program of the National Natural Science Foundation of China(No.71991474)+3 种基金the Key Program of ShenzhenSoft Science(RKX20220808093601004)the 2035 Plan of Social Science Foundation of Shenzhen University(No.ZYZD2302)the National Natural Science Foundation of China(No.72371079)the Young Teachers Research Start-up Fund of Shenzhen University(RC20240283).
文摘Open banking is an emerging business model that is representative of FinTech.To explore whether inclusive FinTech can improve bank performance and identify the underlying mechanisms by which this occurs,we investigate a sample of Chinese commercial banks involved in open banking during 2011-2020.The results show that inclusive FinTech can improve bank performance by improving the bank’s lending rate and liability structure,and that this positive effect is more pronounced in national and rural banks.The results indicate that inclusive FinTech has the greatest impact among banks serving the largest population and those who are excluded from the traditional financial system,and that financial inclusion does not detract from bank performance.However,the results do not provide evidence that inclusive FinTech improves bank performance by reducing risk-taking,suggesting a greater need for inclusive FinTech to focus on risk management.This study adds empirical evidence regarding the role of inclusive FinTech in banks.To promote inclusive FinTech and bank performance,developing economies like China should strengthen digital financial innovations,focus on risk management,and promote cooperation under the open finance framework.
基金Supports from the National Natural Science Foundation of China under Grant Nos.72348003,72022020 and 71974181the National Social Science Foundation of China under Grant No.20BJL058 are acknowledged.
文摘Greenwashing behaviors(GWBs)in green finance products(GFPs)by enterprises seriously hinder the realization of environmental protection goals.However,methods for effectively regulating GWBs in GFPs are unclear.This study constructed a tripartite evolutionary game model to analyze the formation and governance mechanisms of GWBs in GFPs among regulatory authorities,enterprises,and investors.Subsequently,the stability equilibrium strategy and key factors influencing the system equilibrium were discussed.Several interesting conclusions were drawn.First,we demonstrated that an interdependence mechanism exists among three game agents who mutually influence each other.The larger the probability of regulatory authorities choosing active supervision and investors adopting feedback,the more enterprises are willing to carry out green projects.Second,three corresponding governance modes for GWBs were put forward following the developmental stages of GFPs.Among these,the collaboration mode is the most effective in incentivizing enterprises to implement green projects.Third,based on sensitivity simulations,the initial willingness of the tripartite stakeholders,investor feedback cost,investor compensation,the penalty for greenwashing enterprises,and the reputational benefit of enterprises are critical factors that influence evolutionary results.Finally,targeted countermeasures were provided for regulatory authorities to prevent enterprises from engaging in GWBs.
基金General Program of Humanities and Social Sciences for Universities in Henan Province(2024-ZZJH-023).
文摘Green innovation has become a strategic direction for the country and enterprises,and it is an important facet in achieving high-quality economic development.Whether corporate social responsibility(CSR),as a key competitive strategy for achieving sustainable economic development,can promote corporate green innovation and the path of evolution has become a hot topic of current research.This paper takes Chinese manufacturing A share listed companies as its sample and uses Stata sofware to conduct regression analysis to test the relationship between CSR,financing constraints,and green innovation,respectively.It further distinguishes the sample into different technological properties and different regions to study the degree of differentiation of the mediating effect on financing constraints.The results show that CSR can not only directly promote corporate green innovation,but that it also can further positively influence corporate green innovation by alleviating financing constraints.Financing constraints play a mediating role in the relationship between CSR and green innovation,especially in enterprises with strong innovation demand and in regions with high levels of regional economic development.The findings enrich the research perspective on the relationship between CSR and green innovation and provide realistic data support for subsequent studies.
基金funding from the Japanese government for Masahiro Abe and the University of Michigan Center for Digital Asset Finance for access to financial databases and computational infrastructure。
文摘Assessing corporate financial risk exposure to floods facilitates strategic decision making to make prudent investments for risk mitigation.Financial models for flood risk assessment are informed by hydrological and financial data as well as geospatial information to capture corporate exposure through the lens of individual facilities'risk.This article proposes an approach that integrates datasets derived from hydrological models with those from corporate financial records.Flood damage algorithms are then used to quantify both direct impacts on capital assets and indirect effects on business interruption loss(BIL).Capital stock losses are derived from the valuation of capital investments in fixed assets.The model was tested on publicly disclosed corporate records from four Japanese companies,to quantify under-and over-estimation of the approach,and to understand sources of uncertainty.The comparison demonstrates reasonable results with the modeled estimates,while also highlights the importance of carefully interpreting and selecting regional property damage curves and business interruption duration data.By using sales and investment in fixed assets as a baseline for business interruption and property damage,flood impacts vary based on corporate business activities,such as manufacturing or food and beverage.Two corporations show a variation in property damage criteria exhibiting greater values than those of interruption,implying that the former dominates financial risks.Mean changes in BIL parameters for another company show greater values,indicating its dominant role in financial flood risk.The results from expected annual damage assessment at the facility and corporate scale facilitate strategic investment decisions for flood risk mitigation.
基金supported by the Portuguese Foundation for Science and Technology (FCT) through grant No.2021.07982.BD
文摘The primary aim of this study was to develop a model of a socially inclusive climate risk insurance(CRI) mechanism based on the differential risk transfer approach. This study focused on the department of La Guajira, Colombia, as a case study.La Guajira is the department in Colombia that, due to its critical disaster risk conditions, presents the adequate configuration for implementing a climate risk transfer mechanism. The article starts by analyzing risk conditions by using secondary data. Based on fieldwork, this research explored the perspectives of the most vulnerable sectors in La Guajira Department on the socioeconomic impacts and needs they experience regarding climate-related hazards, their adaptive measures for risk reduction, and their willingness to adopt CRI. This represents the fundamental input for the formulation of the CRI model. Consequently, this research proposed an operational structure as input for future implementations of the model. The results indicate that national and local disaster risk management public policies align with the sectors' needs and priorities. Strengthening sectoral associations can enhance representation in CRI projects. In-kind indemnization is preferred for women entrepreneurs and the indigenous community. The CRI model includes a risk pool through the family compensation fund of La Guajira as a sectoral agglomerator, with contingent credit and traditional/parametric insurance. The methodology developed in this study can be applied in different contexts worldwide as a guidance for informing national and international climate risk finance initiatives.
文摘This paper develops a digital capability assessment system tailored to small and medium-sized enterprises(SMEs)operating under resource constraints and environmental uncertainty.Building on the resource-based view,dynamic capabilities theory and the technology organisation environment framework,it reconceptualises SME digital capability from“technology possession”to“capability building”,with a focus on data governance,organisational agility and ecosystem collaboration.Methodologically,the study combines Delphi-based expert screening with an analytic hierarchy process entropy weighting scheme,optimised via the principle of minimum discrimination information,to construct a fve-dimension,multi-level indicator system.The paper further embeds the assessment framework into three application scenarios:supply-chain fnance risk control,segmentation-based government support and cluster-level digital collaboration and monitoring.The results highlight how robust digital capability assessment can function as a new form of digital credit enhancement,a navigation tool for precise public policy and a diagnostic infrastructure for regional industrial upgrading.
文摘This paper investigates the digital upgrading of China’s specialised and sophisticated small and medium-sized enterprises(SMEs)in the context of global supply-chain restructuring and technostrategic competition.Integrating the resource-based view,dynamic capabilities theory and the technology organisation environment framework,it develops a confgurational model of how technological readiness,organisational capabilities and environmental support jointly shape digitaltransformation outcomes.Using fuzzy-set qualitative comparative analysis and illustrative cases,the study identifes three high-performing paths technology-driven,organisation-centred and ecosystem-collaborative and shows that multiple confgurations can lead to successful upgrading.The analysis further highlights the enabling role of industrial internet platforms,data assetisation and digital inclusive fnance in alleviating resource constraints and expanding fnancing channels.Overall,the fndings underscore that the risk of non-transformation now exceeds the transitional risks of digital upgrading for these strategically important frms.
