Examining the Effects and Operational Mechanisms of Green Credit on Carbon Emissions in Chinese Regions

The utilization of a green financial system,particularly through the implementation of green credit,plays a pivotal role in fostering environmentally sustainable,low-carbon economic growth and facilitating the transition toward a more ecologically responsible economy.This paper employs a two-way fixed-effects model,utilizing provincial panel data spanning from 2012 to 2020,to investigate the influence of green credit on regional carbon emissions within different regions of China.The results reveal a significant reduction in carbon emissions as a consequence of the green credit program’s implementation.The analysis of the pathway indicates that green credit is instrumental in mitigating carbon emissions by instigating shifts in the energy mix,with evidence suggesting a partial mediating effect.Furthermore,a heterogeneity analysis discovered that the suppressive impact of green credit on carbon emissions is more pronounced in the eastern and western regions of China,while it is less significant in the central and northeastern areas.The implications of this study provide robust evidence in support of the role of green credit in reducing carbon emissions and can serve as a valuable resource for policymakers aiming to promote the expansion of green credit programs and,in turn,contribute to substantial reductions in carbon emissions.

The Influence of Fiscal Subsidy on the Innovation Behavior of Manufacturing Enterprises Under the Background of "The Belt and Road"

Based on the“The Belt and Road”initiative,this article selects the panel data of A-share manufacturing listed companies in 2014 and 2016,and uses the difference in difference(DID)model to test the effect of fiscal subsidy policies on the innovative behavior of Chinese manufacturing companies since the“The Belt and Road”initiative was proposed.Influence,and the mediating effect of innovation cooperation between financial subsidies and innovation behavior.The empirical results show that the fiscal subsidy policy has affected the innovation behavior of manufacturing enterprises,but the results of this effect are different due to different stages of innovation behavior.In addition,in the process of enterprises carrying out innovative behaviors,innovation cooperation can promote the effective use of financial subsidies by enterprises,thereby enhancing their innovative behaviors.Finally,based on the conclusions,corresponding suggestions are put forward at the three levels of enterprise,policy and system.

Funding Liquidity and Bank Risk-Taking:Empirical Evidence from China

Liquidity risk has a significant impact on the prudent operation of financial institutions and the stability of fi nancial system.Funding liquidity risk has played an important role in banking crises in history.This paper uses the data of 338 commercial banks in China from 2002 to 2016 to analyze the relationship between funding liquidity and bank risk-taking.The findings show that:(1)Banks with lower funding liquidity risk take more risks,which is evidenced by lower Z-score and capital adequacy ratio,as well as higher risk-weighted asset ratio and liquidity creation.(2)Funding liquidity risk has an impact on the factors of bank risks.Lower funding liquidity risk increases bank profitability and reduces capital level.(3)Funding liquidity risk can affect bank risk-taking behavior through the intermediary effect of bank loans.(4)With a lower funding liquidity risk,larger asset and higher leverage ratio can restrain banks from taking more risks,and the banks can take less risks during the international fi nancial crisis or higher economic risk periods.