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
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
This article uses discriminant sampling method to select 1062 small and micro enterprises from 25 provinces in China. Researches were conducted on their credit demand and credit behavior, with the Probit model to carr...This article uses discriminant sampling method to select 1062 small and micro enterprises from 25 provinces in China. Researches were conducted on their credit demand and credit behavior, with the Probit model to carry out metrologic tests on influential factors of these enterprises' credit demand and credit behavior.The metrologic analysis shows: Literacy level of leader, asset size, annual revenue of the enterprises have significantly positive effects on the credit demand of these small and micro enterprises. Annual revenue has significantly negative influence on overall credit behavior and the occurrence of informal financial behavior, but significantly positive influence on the occurrence of formal financial behavior. Literacy level of staff and asset size of enterprises have significantly positive influence on the occurrence of the overall credit behavior of small and micro enterprises.展开更多
The great significance of rural micro enterprises to improving the farmers'incomes and rural economic development is pointed out.Through analyzing the existing funds,talents and system problems during the developm...The great significance of rural micro enterprises to improving the farmers'incomes and rural economic development is pointed out.Through analyzing the existing funds,talents and system problems during the development of rural micro enterprises,it is proposed to construct and improve the financial credit system,strengthen education and training,enhance the construction of enterprise system and improve the leadership.展开更多
Financing difficult problem has seriously restricted the further development of small and micro enterprises in our country. This paper analyzes and discusses the Countermeasures of the financing difficulties of small ...Financing difficult problem has seriously restricted the further development of small and micro enterprises in our country. This paper analyzes and discusses the Countermeasures of the financing difficulties of small and micro enterprises in our country from two aspects of the external environment and internal self.展开更多
Small and micro enterprises play an extremely important role in the realization of employment, independent innovation,increasing taxes and so on, It is an important part of national economic development in China. Alth...Small and micro enterprises play an extremely important role in the realization of employment, independent innovation,increasing taxes and so on, It is an important part of national economic development in China. Although the government has introduced a series of supportive policies, but small and micro enterprises arc still faced with many development problems, small and micro enterprises face an important problem is financing difficulty, which relates to its health, sustainable and stable development. This paper analyzes the financing problem of small and micro enterprises from the new net loan mode of P2B, hoping to benefit the development of small and micro enterprises.展开更多
Bank credit is one of the effective ways to meet the financing needs of small and micro enterprises and support the development of inclusive finance. In the credit audit of small and micro enterprises, quantitative ri...Bank credit is one of the effective ways to meet the financing needs of small and micro enterprises and support the development of inclusive finance. In the credit audit of small and micro enterprises, quantitative risk assessment based on statistical methods plays an increasingly important role. With the development of computer technology and artificial intelligence technology, enterprise general credit evaluation technology is gradually exploring from traditional method to deep learning algorithm. This paper introduces the method of modeling the credit score of small and micro enterprises based on the neural network algorithm, and according to the empirical results, verifies the feasibility of the application of the deep learning algorithm in the credit score of small and micro enterprises.展开更多
China’s small and micro enterprises have always had the typical characteristics of“five,six,seven,eight,nine,”which are important supports to expand employment and improve people’s livelihood.However,the current p...China’s small and micro enterprises have always had the typical characteristics of“five,six,seven,eight,nine,”which are important supports to expand employment and improve people’s livelihood.However,the current proportion of these enterprises in obtaining bank loans does not commensurate with the proportion of small,medium,and micro enterprises in the total economic aggregate.The financing dilemma of small and micro enterprises still exists.In consideration of the financing status of small and micro enterprises,this study analyzes the constraints of small and micro enterprises in financing,such as the difficulty in mortgage,difficulty in obtaining loans,and difficulty in guaranteeing.This study sorts out Taizhou’s practical experience and links its operation mechanism of“two platforms,one fund,and one index.”Finally,by learning from its successful experience,how to utilize the environment and the trend of big data will be further discussed,so as to form a scalable and sustainable financing method and path.This will provide a reference for improving the financing environment of small and micro enterprises.展开更多
With the rapid development of China's economy and the government's policy support, small and micro enterprises have mushroomed and developed rapidly and vigorously. However, due to its short development time a...With the rapid development of China's economy and the government's policy support, small and micro enterprises have mushroomed and developed rapidly and vigorously. However, due to its short development time and limited number of enterprises, there are various problems in human resources management of small and micro enterprises, and the problem of salary management is particularly urgent. Taking a power industry design company (hereinafter referred to as "S Company") where the author works as an example, this paper analyzes the ideas and principles of the salary system construction of small and micro enterprises, and puts forward a matching construction plan, which provides a feasible reference direction for the salary system construction of small and micro enterprises.展开更多
Nowadays, China's credit information industry is developing continuously. As a professional, independent and objective third-party institution, credit information agencies has played an intermediary role in the fi...Nowadays, China's credit information industry is developing continuously. As a professional, independent and objective third-party institution, credit information agencies has played an intermediary role in the financial field. Its collection of credit information helps enterprises to conduct compliance financing in the financial market. In order to study the role of credit information agencies in the financing of small and micro enterprises, this paper analyzes the financing status of small and micro enterprises, and effectively analyzes the role and shortcomings of credit information agencies in solving the financing problem. Finally, the paper gives the feasible suggestions that credit information agencies should establish credit system for small and micro enterprises, establish big data credit information platform, and set up rating methods for small and micro enterprises, so that credit information agencies can play an important role in solving the financing problem of small and micro enterprises.展开更多
Inclusive tax reduction and refund for small and micro enterprises is of great significance in implementing tax reduction and fee reduction, deepening structural reform on the supply side, reducing the burden on small...Inclusive tax reduction and refund for small and micro enterprises is of great significance in implementing tax reduction and fee reduction, deepening structural reform on the supply side, reducing the burden on small and micro enterprises and stimulating enterprise activities. Since 2019, the CPC Central Committee and the State Council have issued a number of inclusive tax reduction and rebate policies for small and micro enterprises, expanding the scope of benefits for small and micro enterprises and actually paying tax reduction and rebate dividends to small and micro enterprises. This paper summarizes the tax reduction and refund policies for small and micro enterprises in recent years, analyzes the characteristics and existing problems of the current tax refund for small and micro enterprises in our country, and puts forward relevant suggestions on how to do a good job in the tax refund for small and micro enterprises.展开更多
To address the pain points of traditional supply chain finance,such as static indicator limitations,information asymmetry,and low financing efficiency,this paper focuses on the deep integration of big data technology ...To address the pain points of traditional supply chain finance,such as static indicator limitations,information asymmetry,and low financing efficiency,this paper focuses on the deep integration of big data technology and supply chain finance for small and micro enterprises(SMEs).Combining the practices of manufacturing and service industries in Hebei Province,through literature research,case analysis,and field investigations,it systematically analyzes the technical principles of big data-empowered supply chain finance and the logical reconstruction of subject roles.A service quality control system of“common indicators+industry-specific indicators”and a full-process solution of“data collection and governance-risk quantification and early warning-collaborative service optimization”are constructed.Empirical results show that the system achieved a risk early warning accuracy rate of 89.2%for financial institutions,and the financing success rate of manufacturing SMEs in Hebei Province increased by 37%compared with the traditional model,effectively alleviating the financing dilemma.The industry-adapted model and cross-regional data sharing plan formed by the research provide a replicable“Hebei Experience”for the high-quality development of supply chain finance.展开更多
On January 19,2026,China's first structural interest rate cut of the year took effect.The People's Bank of China announced a 0.25 percentage point reduction in relending and rediscount rates,targeting key sect...On January 19,2026,China's first structural interest rate cut of the year took effect.The People's Bank of China announced a 0.25 percentage point reduction in relending and rediscount rates,targeting key sectors like small and micro enterprises(SMEs),technological innovation,and green transition.For the textile industry,where small and medium-sized enterprises account for over 90%of traditional manufacturing,the policy benefits will inject strong momentum into the high-quality development from multiple dimensions,including reduced financing costs,support for transformation funds,and expansion of foreign trade markets.展开更多
Micro and small enterprises （MSEs） are considered the most dynamic and flexible arrangement of activity. In the economy, the foundation and development of these features is important for the creation of the so-call...Micro and small enterprises （MSEs） are considered the most dynamic and flexible arrangement of activity. In the economy, the foundation and development of these features is important for the creation of the so-called ＂normal＂ economic environment. The main objective of this research is to present a research model of innovation in MSEs to analyse： first, the degree of innovation of MSEs, and second, how the innovation is handled by existing MSEs as a result of its business environment. The research made is based on a sample of 550 MSEs distributed over six cities across the Brazilian State of Piaui. The data were collected using the Innovation Radar application, which is owned by the SEBRAE Local Innovation Agents program. Statistical techniques of descriptive, exploratory, and inferential nature were used for corresponding data treatment and results validation. The results obtained suggest that MSEs have innovation capacity between the ＂Little Innovative＂ and ＂Occasional Innovative＂ range, and also that the average and the distribution of innovation levels are similar amongst MSEs analyzed.展开更多
In this study,the influence degree and effect of support on innovation incentives for research and development(R&D)personnel in micro and small enterprises(MSEs)were explored based on the CMES data.We found that g...In this study,the influence degree and effect of support on innovation incentives for research and development(R&D)personnel in micro and small enterprises(MSEs)were explored based on the CMES data.We found that government support will increase the R&D wage and widen the gap between R&D wage and staff wage,especially for small,non-high-tech enterprises with strict financing constraints.Furthermore,taking the wage gap as a mediator,we concluded that support would widen the wage gap and increase management innovation rather than technological innovation in MSEs because the wage premium of R&D personnel is the main driver for the increase of management innovation.The findings of this study provide useful enlightenment for China to implement an innovation-driven strategy and build an innovative country.展开更多
This paper examines the impact of climate transition risks on innovation participation of micro and small enterprises(SMEs)in China and explores whether digital finance can mitigate these impacts.Using firm-level data...This paper examines the impact of climate transition risks on innovation participation of micro and small enterprises(SMEs)in China and explores whether digital finance can mitigate these impacts.Using firm-level data from the 2014 China SME Survey,combined with provincial digital finance inclusion index data,the study employs a Probit model to analyze firm innovation participation and uses an OLS framework to examine the impact of financing constraints.To capture the heterogeneity of transition pressures,the study categorizes firms based on the transition pressures of their respective industries.The results show that digital finance significantly increases the likelihood of SMEs participating in innovation and alleviates their financing constraints.While climate transition risks themselves do not have a significant direct impact on innovation participation,the interaction between digital finance and high transition risk is positive and statistically significant,indicating that digital finance has a stronger innovation-promoting effect on firms in high-risk industries.Mechanism analysis shows that digital finance primarily supports innovation by alleviating overall financing frictions faced by SMEs.These findings highlight the complementary role of digital finance in supporting firms’innovation in response to climate transition pressures and provide policy implications for promoting financial inclusion and facilitating a smooth low-carbon transition in emerging economies.展开更多
This study investigates the effect of targeted reserve requirement ratio cuts(TRRRCs)on tax avoidance among small and micro enterprises(SMEs)with operating revenues below specific cutoffs in China.Using a regression d...This study investigates the effect of targeted reserve requirement ratio cuts(TRRRCs)on tax avoidance among small and micro enterprises(SMEs)with operating revenues below specific cutoffs in China.Using a regression discontinuity design,we causally show that,by increasing loan availability,TRRRCs significantly alleviate the financial constraints and cash dependence of SMEs and consequently reduce tax avoidance.This is especially the case among firms with lower market power and higher entertainment and travel costs.Our findings provide evidence for the real effect of TRRRCs on corporate tax avoidance and show the inclusive effect of TRRRCs on SMEs.In doing so,we indirectly reveal a rent-seeking channel underlying bank lending,thus offering clear policy implications for regulators.展开更多
Bangladesh economy has experienced some stable growths with regard to major macroeconomic indicators, significant progress in social development indicators, rural infrastructure, investment in industrial agricultural ...Bangladesh economy has experienced some stable growths with regard to major macroeconomic indicators, significant progress in social development indicators, rural infrastructure, investment in industrial agricultural sector, and poverty alleviation since the 1990s. Bangladesh has made major strides in its human development index （HDI）, population growth rate achieved to 1.3%, gross domestic product （GDP） over the last five years achieved more than 5% growth consecutively; as a result, it mooted the Brazil, Russia, India, China （BRIC） successors, otherwise known as the Next-11. The success has come through the miracle activities of micro finance （MF： Grameen Bank and non-governmental organizations （NGOs））, remittance from migrant worker （RMW）, and export of readymade garment （ERMG） products. These three （MF, RMW, and ERMG） as the ＂prime powers＂ or engines have been achieving to ＂bottom up＂ of social economic development. This paper reviews aspects of economic development in Bangladesh, analyzes three prime powers, and tries to find out a development pattern, vis-a-vis construct Bangladesh economic development model or BED model. Finally, this paper examines Bangladesh＇s development experience in light of the BED model. It has recognized MF model for poverty alleviation in the worldwide.展开更多
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].
基金subsidized by Ministry of Education Humanities and Social Sciences Planning Fund(11YJA790146) "Coordinated Development of Urban and Rural Finance Research in Dual Economic Structure"Southwestern University Research Funds for the Central Universities Special Funds for Basic Items(SWU1009002) "Coordinated Development of Theoretical Research in Dual Economic Structure in Rural Finance"+1 种基金Chongqing talents project "Chongqing Urban and Rural Finance Coordination development Research"National Social Science Fund Project (12CJY062) "Construction of Rural Supporting Financial Systems and Innovation Research",national Social Science Fund Project(10BJY082) "Rural Microfinance Institutions Innovation and Risk Control Study" and "Statistics First-level Discipline and Doctoral Discipline Construction Funds in Southwestern University"
文摘This article uses discriminant sampling method to select 1062 small and micro enterprises from 25 provinces in China. Researches were conducted on their credit demand and credit behavior, with the Probit model to carry out metrologic tests on influential factors of these enterprises' credit demand and credit behavior.The metrologic analysis shows: Literacy level of leader, asset size, annual revenue of the enterprises have significantly positive effects on the credit demand of these small and micro enterprises. Annual revenue has significantly negative influence on overall credit behavior and the occurrence of informal financial behavior, but significantly positive influence on the occurrence of formal financial behavior. Literacy level of staff and asset size of enterprises have significantly positive influence on the occurrence of the overall credit behavior of small and micro enterprises.
文摘The great significance of rural micro enterprises to improving the farmers'incomes and rural economic development is pointed out.Through analyzing the existing funds,talents and system problems during the development of rural micro enterprises,it is proposed to construct and improve the financial credit system,strengthen education and training,enhance the construction of enterprise system and improve the leadership.
文摘Financing difficult problem has seriously restricted the further development of small and micro enterprises in our country. This paper analyzes and discusses the Countermeasures of the financing difficulties of small and micro enterprises in our country from two aspects of the external environment and internal self.
文摘Small and micro enterprises play an extremely important role in the realization of employment, independent innovation,increasing taxes and so on, It is an important part of national economic development in China. Although the government has introduced a series of supportive policies, but small and micro enterprises arc still faced with many development problems, small and micro enterprises face an important problem is financing difficulty, which relates to its health, sustainable and stable development. This paper analyzes the financing problem of small and micro enterprises from the new net loan mode of P2B, hoping to benefit the development of small and micro enterprises.
文摘Bank credit is one of the effective ways to meet the financing needs of small and micro enterprises and support the development of inclusive finance. In the credit audit of small and micro enterprises, quantitative risk assessment based on statistical methods plays an increasingly important role. With the development of computer technology and artificial intelligence technology, enterprise general credit evaluation technology is gradually exploring from traditional method to deep learning algorithm. This paper introduces the method of modeling the credit score of small and micro enterprises based on the neural network algorithm, and according to the empirical results, verifies the feasibility of the application of the deep learning algorithm in the credit score of small and micro enterprises.
基金the Public Management Construction Project of Characteristic Key Discipline from Guangdong Province,China in 2016(Project Number:2020STSZD01)the Project of Finance Course Teaching and Research Section of Guangzhou Xinhua University(Project Number:2021JYS001)the Higher Education Teaching Reform Project of Guangzhou Xinhua University,“Research on Teaching Reform of Inquiry Teaching in the Course of‘Principles of Economics’”(Project Number:2020J028).
文摘China’s small and micro enterprises have always had the typical characteristics of“five,six,seven,eight,nine,”which are important supports to expand employment and improve people’s livelihood.However,the current proportion of these enterprises in obtaining bank loans does not commensurate with the proportion of small,medium,and micro enterprises in the total economic aggregate.The financing dilemma of small and micro enterprises still exists.In consideration of the financing status of small and micro enterprises,this study analyzes the constraints of small and micro enterprises in financing,such as the difficulty in mortgage,difficulty in obtaining loans,and difficulty in guaranteeing.This study sorts out Taizhou’s practical experience and links its operation mechanism of“two platforms,one fund,and one index.”Finally,by learning from its successful experience,how to utilize the environment and the trend of big data will be further discussed,so as to form a scalable and sustainable financing method and path.This will provide a reference for improving the financing environment of small and micro enterprises.
文摘With the rapid development of China's economy and the government's policy support, small and micro enterprises have mushroomed and developed rapidly and vigorously. However, due to its short development time and limited number of enterprises, there are various problems in human resources management of small and micro enterprises, and the problem of salary management is particularly urgent. Taking a power industry design company (hereinafter referred to as "S Company") where the author works as an example, this paper analyzes the ideas and principles of the salary system construction of small and micro enterprises, and puts forward a matching construction plan, which provides a feasible reference direction for the salary system construction of small and micro enterprises.
文摘Nowadays, China's credit information industry is developing continuously. As a professional, independent and objective third-party institution, credit information agencies has played an intermediary role in the financial field. Its collection of credit information helps enterprises to conduct compliance financing in the financial market. In order to study the role of credit information agencies in the financing of small and micro enterprises, this paper analyzes the financing status of small and micro enterprises, and effectively analyzes the role and shortcomings of credit information agencies in solving the financing problem. Finally, the paper gives the feasible suggestions that credit information agencies should establish credit system for small and micro enterprises, establish big data credit information platform, and set up rating methods for small and micro enterprises, so that credit information agencies can play an important role in solving the financing problem of small and micro enterprises.
文摘Inclusive tax reduction and refund for small and micro enterprises is of great significance in implementing tax reduction and fee reduction, deepening structural reform on the supply side, reducing the burden on small and micro enterprises and stimulating enterprise activities. Since 2019, the CPC Central Committee and the State Council have issued a number of inclusive tax reduction and rebate policies for small and micro enterprises, expanding the scope of benefits for small and micro enterprises and actually paying tax reduction and rebate dividends to small and micro enterprises. This paper summarizes the tax reduction and refund policies for small and micro enterprises in recent years, analyzes the characteristics and existing problems of the current tax refund for small and micro enterprises in our country, and puts forward relevant suggestions on how to do a good job in the tax refund for small and micro enterprises.
基金School-level scientific research project of Hebei Oriental University(Project No.:XJYB2025058)。
文摘To address the pain points of traditional supply chain finance,such as static indicator limitations,information asymmetry,and low financing efficiency,this paper focuses on the deep integration of big data technology and supply chain finance for small and micro enterprises(SMEs).Combining the practices of manufacturing and service industries in Hebei Province,through literature research,case analysis,and field investigations,it systematically analyzes the technical principles of big data-empowered supply chain finance and the logical reconstruction of subject roles.A service quality control system of“common indicators+industry-specific indicators”and a full-process solution of“data collection and governance-risk quantification and early warning-collaborative service optimization”are constructed.Empirical results show that the system achieved a risk early warning accuracy rate of 89.2%for financial institutions,and the financing success rate of manufacturing SMEs in Hebei Province increased by 37%compared with the traditional model,effectively alleviating the financing dilemma.The industry-adapted model and cross-regional data sharing plan formed by the research provide a replicable“Hebei Experience”for the high-quality development of supply chain finance.
文摘On January 19,2026,China's first structural interest rate cut of the year took effect.The People's Bank of China announced a 0.25 percentage point reduction in relending and rediscount rates,targeting key sectors like small and micro enterprises(SMEs),technological innovation,and green transition.For the textile industry,where small and medium-sized enterprises account for over 90%of traditional manufacturing,the policy benefits will inject strong momentum into the high-quality development from multiple dimensions,including reduced financing costs,support for transformation funds,and expansion of foreign trade markets.
文摘Micro and small enterprises （MSEs） are considered the most dynamic and flexible arrangement of activity. In the economy, the foundation and development of these features is important for the creation of the so-called ＂normal＂ economic environment. The main objective of this research is to present a research model of innovation in MSEs to analyse： first, the degree of innovation of MSEs, and second, how the innovation is handled by existing MSEs as a result of its business environment. The research made is based on a sample of 550 MSEs distributed over six cities across the Brazilian State of Piaui. The data were collected using the Innovation Radar application, which is owned by the SEBRAE Local Innovation Agents program. Statistical techniques of descriptive, exploratory, and inferential nature were used for corresponding data treatment and results validation. The results obtained suggest that MSEs have innovation capacity between the ＂Little Innovative＂ and ＂Occasional Innovative＂ range, and also that the average and the distribution of innovation levels are similar amongst MSEs analyzed.
文摘In this study,the influence degree and effect of support on innovation incentives for research and development(R&D)personnel in micro and small enterprises(MSEs)were explored based on the CMES data.We found that government support will increase the R&D wage and widen the gap between R&D wage and staff wage,especially for small,non-high-tech enterprises with strict financing constraints.Furthermore,taking the wage gap as a mediator,we concluded that support would widen the wage gap and increase management innovation rather than technological innovation in MSEs because the wage premium of R&D personnel is the main driver for the increase of management innovation.The findings of this study provide useful enlightenment for China to implement an innovation-driven strategy and build an innovative country.
文摘This paper examines the impact of climate transition risks on innovation participation of micro and small enterprises(SMEs)in China and explores whether digital finance can mitigate these impacts.Using firm-level data from the 2014 China SME Survey,combined with provincial digital finance inclusion index data,the study employs a Probit model to analyze firm innovation participation and uses an OLS framework to examine the impact of financing constraints.To capture the heterogeneity of transition pressures,the study categorizes firms based on the transition pressures of their respective industries.The results show that digital finance significantly increases the likelihood of SMEs participating in innovation and alleviates their financing constraints.While climate transition risks themselves do not have a significant direct impact on innovation participation,the interaction between digital finance and high transition risk is positive and statistically significant,indicating that digital finance has a stronger innovation-promoting effect on firms in high-risk industries.Mechanism analysis shows that digital finance primarily supports innovation by alleviating overall financing frictions faced by SMEs.These findings highlight the complementary role of digital finance in supporting firms’innovation in response to climate transition pressures and provide policy implications for promoting financial inclusion and facilitating a smooth low-carbon transition in emerging economies.
基金Funding was provided by National Natural Science Foundation of China(Grant No.71772178).
文摘This study investigates the effect of targeted reserve requirement ratio cuts(TRRRCs)on tax avoidance among small and micro enterprises(SMEs)with operating revenues below specific cutoffs in China.Using a regression discontinuity design,we causally show that,by increasing loan availability,TRRRCs significantly alleviate the financial constraints and cash dependence of SMEs and consequently reduce tax avoidance.This is especially the case among firms with lower market power and higher entertainment and travel costs.Our findings provide evidence for the real effect of TRRRCs on corporate tax avoidance and show the inclusive effect of TRRRCs on SMEs.In doing so,we indirectly reveal a rent-seeking channel underlying bank lending,thus offering clear policy implications for regulators.
文摘Bangladesh economy has experienced some stable growths with regard to major macroeconomic indicators, significant progress in social development indicators, rural infrastructure, investment in industrial agricultural sector, and poverty alleviation since the 1990s. Bangladesh has made major strides in its human development index （HDI）, population growth rate achieved to 1.3%, gross domestic product （GDP） over the last five years achieved more than 5% growth consecutively; as a result, it mooted the Brazil, Russia, India, China （BRIC） successors, otherwise known as the Next-11. The success has come through the miracle activities of micro finance （MF： Grameen Bank and non-governmental organizations （NGOs））, remittance from migrant worker （RMW）, and export of readymade garment （ERMG） products. These three （MF, RMW, and ERMG） as the ＂prime powers＂ or engines have been achieving to ＂bottom up＂ of social economic development. This paper reviews aspects of economic development in Bangladesh, analyzes three prime powers, and tries to find out a development pattern, vis-a-vis construct Bangladesh economic development model or BED model. Finally, this paper examines Bangladesh＇s development experience in light of the BED model. It has recognized MF model for poverty alleviation in the worldwide.
