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 Chine...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.展开更多
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 Ch...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.展开更多
基金supported by the Plateau Discipline Fund of Shanghai Business School(Grant No.SWJJ-GYZX-2021-03)Shanghai Philosophy and Social Science Planning Project(Grant No.2020BGL007)National Natural Science Foundation of China(Grant No.72163023)。
文摘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.
基金Supported by the National Science Foundation of China (71850014,71974108)Research on the Scientific and Technological Support Measures to Ensure Financial Security (2020-ZW10-A-022)R&D Program of China Construction Second Engineering Bureau Ltd (2021ZX190001)。
文摘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.
