The impact of carbon emission trading policy on firms’green innovation in China

This study aims to examine the green innovation effect of the carbon emissions pilot policy in China.First,using the difference-in-differences method and regressions of instrumental variables using the data from Chinese listed firms,we verify that the policy promotes green innovation among regulated firms and is more pronounced among state-owned enterprises,firms in the eastern region,and those with lower financing constraints.Furthermore,this positive effect spreads downstream relative to the regulated firms through input–output linkages,but reduces green innovation to upstream firms.Accordingly,such diffusion of innovation is achieved through the price mechanism.The results necessitate the introduction of various derivatives to mobilize the market to reduce the speculative volatility of carbon prices.In addition,relevant supporting policies must be established to encourage corporate innovation to reduce the crowding-out effect owing to emission reduction and the nonmarket factors.

The Research on Financing Channels Innovation in Chinese Real Estate Industry

This paper is aimed at designing financing channels in Chinese real estate market. According to the information we grasped, this paper discusses the current and prospective real estate development. Meanwhile, the analysis of the financial channels in this industry and existing problems are made. Finally, this paper referred the successful experiences of some developed countries to conclude that China should cultivate advanced financial market providing as many instruments as possible to disperse current risks in real estate market.

Measuring China's Real Estate Financial Innovation from the Perspective of Government,Enterprises and the Public:Index Compilation and Its Spatial-Temporal Characteristics Analysis

In recent years,China has witnessed the rapid development in housing finance,and there have emerged constantly real estate finance innovations;however,there exists no relevant index for measuring the innovations of China's real estate finance.Based on the perspectives of the governments,enterprises and the public,this paper constructs the"innovation index of real estate finance"on a quarterly basis from 2009 to 2019,with the method of empowerment which combines the subjective method(analytic hierarchy process)and the objective one(range coefficient method).It clearly and concretely depicts the innovations in housing finance and the related temporal-spatial characteristics in China since the outbreak of the financial crisis in 2008.The index covers 30 provinces,autonomous regions and municipalities directly under the central government,and analyzes its temporal and spatial characteristics.The findings show that there exist a strong spatial autocorrelation and a big regional difference in innovations.

Green Finance:A New Source of Growth for Banks

Entering the first year of the 13th FiveYear Plan（2016-20）period,the Central Government has laid a focus on pushing forward supply-side structural reform,promoting new breakthroughs in green development and speeding up the expansion of green finance.In other words,