Moderating effect of corporate financialization on the impact of climate policy on corporate green innovation:Evidence from China

With intensifying global climate change,humanity is confronted with unparalleled environmental challenges and risks.This study employs the staggered difference-in-difference model to examine the relationship between climate policy and green innovation in the corporate financialization context.Using Chinese-listed company data from 2008 to 2020,our analysis reveals a favorable correlation between China’s carbon emission trading policy(CCTP)and advancements in green innovation.Furthermore,we find that the level of corporate financialization moderates this correlation,diminishing the driving effect of CCTP on green innovation.Additionally,results of heterogeneity analysis show that this moderating consequence is more evident in non-state owned and low-digitization enterprises compared with state-owned and high-digitization ones.Our findings contribute to the existing literature by clarifying the interaction between CCTP,green innovation,and corporate financialization.Our research provides valuable insights for policymakers and stakeholders seeking to strengthen climate policies and encourages green innovation in different types of businesses.

Demand-Driven Innovation Value Transition of China’s Textile & Apparel Industry

The cold winter of 2010 seems not to demonstrate its power for textile and garment enterprises but implies a strong sense of warm spring with

Study on Conditions for Enhancing Innovation Capacity of China's Textile Industry

The formation and maintenance of the innovation capacity of our textile industry does not only have to do with the sustainable development of textile industry itself,but also directly decides the international competition

China＇s Electricity Industry at the Crossroads： New Challenges for Developing the Right Model of Regulation

China is facing important challenges stemming from increasing rates of urbanization and aging population. To pursue its ＂harmonious society＂ objective without disrupting its path to development major overhauls are necessary in education, health, social security and above all in public services, particularly in electricity. China＇s electricity industry is at the crossroads. To meet the challenges, new models of regulation should be developed and applied. This paper examines the current state of the Chinese electricity industry and the burden it imposes on its public finances. It also reviews and critically examines the existing FIT （Europe） and RPS （USA） models of regulation and of promotion of renewable energies and advances on whether they are advantageous for China. It is argued that the electricity industry has already undergone important reforms but cross subsidies still exist, equivalent to 1.5% of China＇s GDP. Drastic rate rebalancing policies will create sustainability problems and a deterioration of China＇s public finances. To avoid such negative results, China has to further reform its electricity industry gradually and use wisely FIT-type programs to bring renewables into the grid and fulfill the Kyoto Protocol

Research on China's Aquaculture Efficiency Evaluation and Influencing Factors with Undesirable Outputs

Taking the aquaculture area, the number of farming boats and that of aquaculturist as input variables, the aquaculture production as desirable output variable and polluted economic loss as undesirable output variable, this paper conducts SBM model to evaluate the aquaculture efficiency based on the data of 16 aquaculture-developed provinces in China from 2004 to 2011. The results show the efficiency in China has not changed much in recent years with the efficiency values mainly between 0.39 and 0.53, and the efficiency of marine-aquaculture-dominated provinces is generally higher than that of freshwater-aquaculture-dominated ones. To analyze the difference under the efficiency, the panel Tobit model is used with education level factor, training factor, technology extension factor, technical level factor, scale factor and species factor as the efficiency influencing factors. The results show that technology extension factor and technical level factor have significant positive influence.

Discount Rate of China’s New Energy Power Industry

Under the dual pressures of energy crisis and environmental pollution,China’s new energy power industry has become a focal point for environmental management and requires greater investment.In this context,as a significant input of investment projects,discount rate requires a well-calibrated evaluation because new energy power investment projects are highly capital intensive.The main objective of this paper is to evaluate the discount rate of China’s new energy power industry.First,we use Moving Average to correct the parameters of capital asset pricing model(CAPM)and weighted average cost of capital,which extends the literature on the avoidance of CAPM noise information problem.Second,we study the industry-level annual discount rates of mainly China’s new energy power industries,including hydropower,nuclear power,wind power,and photovoltaic power industries for the period of 2014-2019.The results show that discount rates in China’s new energy power industries evolved differently between the years of 2014-2019 with average annual discount rates being 7.56%,5.83%,5.60%,and 8.64%,for the hydropower,nuclear power,wind power,and photovoltaic power industries,respectively.In 2019,the four annual discount rates were highest for the photovoltaic power industry(8.66%),followed by hydropower(7.17%),wind power(5.72%),and nuclear power industry(5.26%).Forecasting to 2020 from the 2019 evaluation base period,the discount rates are 6.37%,5.00%,6.57%,and 9.05%for the photovoltaic power,hydropower,wind power,and nuclear power industries,respectively.Under the different capital structures,their forecasts for the photovoltaic power,hydropower,wind power,and nuclear power industries in 2020 are,respectively,within[4.35%,9.24%],[3.92%,7.10%],[4.58%,10.40%],[5.46%,14.81%].We also discussed more details on capital structure and forecast period of discount rates for China’s new energy power industries.Our analysis shows that it is necessary to establish a new energy power industry database and steadily promote the implementation of policies.

SWOT Analysis of China’s Smart Pension Industry

China’s smart pension industry is a sunrise industry,is an organic combination of information technology and traditional service industry emerging industry.To analyze the strength,weakness,opportunities and threats of the industry is conducive to a comprehensive understanding of the development status of the industry and grasp the development trend of the industry.

农业新质生产力:内涵特征、发展重点、面临制约和政策建议

结合学习习近平总书记关于发展新质生产力的重要论述,文章探讨了农业新质生产力的内涵要义和发展要求,揭示了发展农业新质生产力的意义和战略重点,分析了发展农业新质生产力面临的制约,提出要面向加快建设农业强国和把农业建成现代化大产业的需求,科学处理农业新质生产力与农业传统生产力、仰望星空与脚踏实地、有为政府与有效市场、统筹高质量发展和高水平安全、农业新质生产力特殊性与新质生产力一般性等的关系。在此基础上,提出了发展农业新质生产力的若干政策建议。如实施若干重大工程或计划,完善激励机制,设立未来农业专项,加强和创新农业新质生产力支持体系,加强对农业农村基础设施和公共服务能力建设的支持,等等。

国家知识产权战略对高技术产业创新效率的影响——基于时间断点回归设计

在我国从知识产权大国向知识产权强国迈进的关键时期,探究实行国家知识产权战略对高技术产业创新效率的影响,既是推动高技术产业升级的有效手段,也是改革完善知识产权保护与管理制度的内在需求。基于2000—2019年中国28个省市地区高技术产业创新数据,运用时间断点回归方法检验中国实施国家知识产权战略对高技术产业创新效率的影响。研究表明:国家知识产权战略的实施在整体上显著促进高技术产业创新效率提升。区域异质性分析发现,战略实施显著提升了东、西部地区高技术产业的创新效率,但对中部地区创新效率的提升作用不显著。研究结论为优化知识产权政策设计、提高高技术产业的创新能力提供了经验证据。未来应进一步健全知识产权制度体系,并结合区域差异因地制宜制定知识产权政策。

Application of AERMOD on near future air quality simulation under the latest national emission control policy of China: A case study on an industrial city

Air quality model can be an adequate tool for future air quality prediction, also atmospheric observations supporting and emission control strategies responders. The influence of emission control policy （emission reduction targets in the national ＂China＇s 12th Five-Year Plan （2011-2015）＂） on the air quality in the near future over an important industrial city of China, Xuanwei in Yunnan Province, was studied by applying the AERMOD modeling system. First, our analysis demonstrated that the AERMOD modeling system could be used in the air quality simulation in the near future for SO2 and NOx under average meteorology but not for PM10. Second, after evaluating the simulation results in 2008 and 2015, ambient concentration of SO2, NOx and PM10 （only 2008） were all centered in the middle of simulation area where the emission sources concentrated, and it is probably because the air pollutions were source oriented. Last but not least, a better air quality condition will happen under the hypothesis that the average meteorological data can be used in near future simulation. However, there are still heavy polluted areas where ambient concentrations will exceed the air quality standard in near future. In spatial allocation, reduction effect of SO2 is more significant than NOx in 2015 as the contribution of SO2 from industry is more than NOx. These results inspired the regulatory applications of AERMOD modeling system in evaluating environmental pollutant control policy

黄河流域技术创新、产业集聚与大气污染的关系——基于69个地级市的PVAR模型分析

论文利用2010—2020年黄河流域69个地级市大气污染、技术创新、产业集聚的面板数据,运用PVAR模型探究流域技术创新、产业集聚与城市大气污染间的动态传导关系。结果表明:技术创新对黄河流域城市大气污染具有正向抑制效应,且技术创新作用强度呈边际效用递增趋势;产业集聚对黄河流域上中下游大气污染的作用机制差异明显,其中,上游和中游产业集聚对其大气污染的负向效应明显,而下游产业集聚对其空气质量的改善具有积极影响;流域大气污染状况对于技术创新具有正向促进效应,但是对产业集聚的影响不明显。基于上述结果,论文对黄河流域城市大气污染治理提出系列建议,如依据“重点治理”与“逐步改善”相结合的原则,构建流域大气污染的“差异化”治理方案;构建新型绿色技术创新激励体系,充分挖掘技术创新的大气污染治理红利;上游和中游城市产业集聚要提升环境准入门槛和环境规制,避免成为“高排放、高能耗”产业转移的“污染避难所”等。

中国新能源汽车产业供需依赖网络演化机制研究

中国新能源汽车产业作为我国战略新兴产业,产业规模不断扩大,成为我国产业升级的重要力量。同时,中国新能源汽车供应链不断细化、延长,所涉及环节不断增多,产业格局不断演化。不确定的外部环境与日益复杂的内部结构,使得理解新能源汽车产业演化机制、把握新能源汽车产业发展规律愈发重要。为了深挖中国新能源汽车产业的内在发展机制,使用2018—2020年中国新能源汽车产业企业级交易数据,构建该产业上市企业之间的供需依赖关系,进而分析中国新能源汽车产业供需依赖网络的结构演化特征。并以网络演化理论为基础,基于财务数据、舆情数据等多源异质数据,通过随机主体导向模型从网络内生结构、情景因素与公司属性3个维度展开实证研究,检验中国新能源汽车产业供需依赖网络形成和演化的影响机制。研究表明:中国新能源汽车产业整体上呈现局部中心化的供需依赖结构,区域性头部企业不断增强自身供应链控制力;产业供需依赖网络结构的形成和演化受到内生机制,如偏好依附效应、三角形闭合效应的影响;共高管关系等情景因素会显著促进上市企业供需依赖关系的形成。基于以上研究结果,从推动区域内企业合作、优化共高管关系和关注弱势企业发展3个方面为中国新能源汽车产业健康有序发展和加速升级提出了政策建议:政府和行业协会应继续大力推动产业集群建设,为区域内产业一体化发展提供政策和标准的支持,促进资金、技术和行业数据的自由流动;相关产业调控政策可以通过限制或促进特定企业间的共高管关系,达到产业供需关系优化的目的,另外,也可以通过追踪企业间舆情关联,识别潜在的依赖关系,完善对产业网络依赖结构的认识,从而更好地指导投资、识别风险;政府监管部门应关注弱势企业发展,警惕产业结构失衡,也应加强对“明星”企业的关注,对其提出更高的经营标准和监管要求,对其财务情况进行充分的披露。

产业创新系统模型的构建研究——以中国石化产业创新系统模型为例

通过对产业创新系统理论发展轨迹的研究梳理,对三种主要类型的产业创新系统理论进行评价。在此基础上,提出了对产业创新系统理论的理解与认识;通过对国内外学者构建的不同具体产业创新系统理论模型的研究分析,提出在构建具体产业创新系统结构模型时应考虑的相关要点,并以构建中国石化产业创新系统结构模型为例,阐述了具体产业创新系统的构建。

中国石化产业创新系统研究

石化产业作为国际竞争异常激烈的产业,它在我国国民经济发展中具有重要的战略地位。从技术、组织和制度三个方面对影响我国石化产业创新的障碍性因素进行分析,研究构建了中国石化产业创新系统结构模型,并对该系统结构进行分析。

中国高校科技创新能力比较——基于华东地区高校的实证研究

通过对高校科技创新能力这一重要概念的界定和解析,设计了包含科技创新基础能力、科技创新投入能力、科技创新产出能力和科技成果转化能力的高校科技创新能力评价模型,并运用模型对华东高校科技创新能力水平进行分析.结果表明,华东高校科研水平总体稳步上升,但增长速度差异较大,同时存在一些共性问题,如科技投入产出效率不高、高校科技成果转化能力普遍偏弱,值得引起政府与高校重视.

科技服务业对区域创新能力提升的影响——基于珠三角地区的实证研究

运用2000—2011年珠三角地区空间面板数据,考虑地理区位特征和经济特征,探讨科技服务业对区域创新能力提升的影响。研究发现:①科技服务业的产业规模、服务水平以及信息化程度对区域创新能力具有不同程度的正向影响,其中服务水平的影响最大;②地理区位特征与经济特征均会对区域创新能力及其空间相关性产生影响,而又以地理区位特征的影响更大;③科技服务业的发展不仅能够显著提高本地区创新能力,同时能够通过空间溢出效应促进邻接乃至不相邻地区创新能力的提升;④科技服务业对区域创新能力的影响呈现动态演化特征。

我国中部地区文化制造业科技创新效率评价

文化制造业是我国经济创新的重要推动力,提高文化制造业科技创新效率有利于实现区域创新协调发展。基于2012-2014年中部地区文化制造业创新活动数据,构建了我国文化制造业科技创新效率评价指标体系。采用DEA-Malmquist模型对各省份科技创新效率进行动态分析发现,中部地区科技创新效率呈倒"U"形发展趋势,全要素生产率稍高于东部地区平均水平;6省文化制造业创新发展水平并不同步,创新效率聚类分布差异较为明显;技术进步率、纯技术效率、规模效率相互影响,导致各省份存在的问题不尽相同。在此基础上,提出了相应对策与建议。