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.

Research on the effects of command-and-control and market-oriented policy tools on China's energy conservation and emissions reduction innovation

The impact of environmental regulation on technology innovation is a hot spot in current research where a large number of empirical studies are based on Porter Hypothesis(PH). However, there are still controversies in academia about the establishment of "weak" and "narrow" versions of PH. Based on the panel data of application for patent of energy conservation and emission reduction(ECER) technology of Chinese city scale during 2008-2014, comprehensive energy price, pollutant emission, etc., mixed regression model and systematic generalized method of moments method were adopted, respectively,to study the impact of market-oriented and command-and-control policy tool on China's ECER technology innovation. The results show that the environmental regulation hindered the technological innovation in the immediate phase; however, it turned out to be positive in the first-lag phase. Hence, the establishment of "weak" PH is time-bounded. The command-and-control policy tool played a more positive role in promoting technological innovation in the first-lag phase than market-oriented policy tool. Therefore, "narrow" PH is not tenable. The reason is that the main participants of China's ECER technology innovation are state-owned companies and public institutions. Regionally speaking, the impact which command-and-control policy tool has on technological innovation at sight was nonsignificant in the eastern, the central, and the western regions of China whilst market-oriented policy tool had a negative effect. And market-oriented policy tool in the central region had strongest negative effect, which would diminish in the eastern region and become weakest in the western region. This was related to regional energy consumption level and the market economic vitality.

Promoting or inhibiting? Green fiscal policy and urban green innovation

Can green fiscal policy(GFP)incentivize the proliferation of urban green innovation(GI)and be a novel cata‐lyst for energy conservation and emission reduction within the“dual-carbon”framework?This paper explores GFP ramifications for GI by implementing a difference-in-differences model in a natural experiment centered on the“Comprehensive Demonstration City of Energy Saving and Emission Reduction Fiscal Policies”.The em‐pirical analysis reveals several key findings:(1)GFP exhibits significant augmentation at the GI level,with an observable evolutionary trend of increasing marginal impact.Importantly,these outcomes withstand rigorous robustness tests,including propensity score matching.(2)A mechanism analysis elucidates the dual impact of GFP on GI growth.GFP directly fosters GI advancement indirectly by promoting talent aggregation,expanding scientific and technological investment,and attracting external financial resources.(3)A heterogeneity analy‐sis demonstrates that GFP enhancement of GI is closely associated with the patent category,manifesting a dis‐tinct pattern of“eastern region>other regions”and“non-resource cities>resource cities”.The study’s em‐pirical findings offer crucial real-world insights to guide the Chinese government in formulating a more effi‐cient GFP and facilitating the expansion of innovative endeavors while contributing to environmentally sus‐tainable and high-value development.

Reindustrialization or Postindustrial Development： Innovation Policy Debate in Ukraine

Usual recommendations concerning the principles of effective economic policy that were given by international experts, closely connected with the ＂Washington consensus＂ approach, for the transitive countries, especially to Ukraine, do not contain requirements of the active innovation technological policy, stressing importance the measures which provide efficiency of the existing production structure. This article discusses and criticizes such attitude as the strategic methodological platform. The theoretical backgrounds of the presented analysis lay in the Schumpeterian innovation theory of economic development and the Neo-Schumpeterian approaches concerning decisive value of structural and technological change for economic growth. It gives arguments for standpoint that a follow-up economic development can be successful if a country will be able to have expansion of new modem sectors and more innovative structure of production, as investments in the process of innovation must guarantee a permanent structural reform of the national economy on a new technological basis. One of the main means of realization should be the diversification of the organizational forms of the national economy, ensuring the cooperation of small, medium and large companies within the innovation ＂science-technology-production＂ cycle. Conclusion that in transitive countries and in Ukraine the contemporary innovation policy should provide effective mechanisms of investing into large-scale structural changes for the benefit of the sectors of the fifth and sixth technological paradigm.

Research on Perfecting Innovation Policy and Solving the Dilemma of Private Innovation in the Context of"Mass Entrepreneurship and Innovation"

Based on the new opportunities aroused by the Maker Movement,this paper analyzes the five dilemmas faced by China's private innovation in the new era,and summarizes the practical experience of Japan,France,the United States and other developed countries.Furthermore,there is a need to try to improve non-governmental innovation policies and solve the problem of private innovation funds from giving national treatment to non-governmental researchers and non-governmental scientific and technological innovation activities,giving priority to evaluation conditions and equal protection of folk scientific and technological research achievements,promoting the marketization of non-governmental innovative scientific and technological achievements,and attaching importance to the cultivation of innovative talents,forming independent innovation and entrepreneurial talent resources,and establishing non-governmental innovation funds and other aspects.

How Will Different Types of Regional Innovation Policy and Their Mixes Affect the Innovation Performance of Enterprises: An Empirical Study Based on Shenzhen

Evaluating the functional boundary of different types of innovation policy instruments and their mixes on innovation performance of enterprises is an important but unresolved key issue.This paper,based on the systematically carding the quantization of 155 innovation policies issued by Shenzhen governmental departments from 2011 to 2019,analyzed the characteristics from different types of innovation instruments and their mixes.The results show that Shenzhen governmental has constantly enriched innovation policy instruments for encouraging enterprise innovation,but there are structural unbalances in the issued innovation policy manifested as follows:firstly supply-side policy and environmental-side policy were promulgated more than demand-side policy;secondly the specific instruments employed by Shenzhen governmental were also uneven in different type of innovation policy,like supply-side policy focused on the instruments of government procurement and R&D outsourcing,demand-side policy employed human resource training,innovation infrastructure and fiscal support most,and environmental-side policy main used target planning,intellectual property protection and financial support.This study expands and understanding empirical implementation of different reginal innovation policy instruments,and has implication for Shenzhen governmental in improving the applicability ability of policies in the enterprises innovation.

A Research and Innovation Policy for Sustainable S＆T： A Comment on the Essay ＂Exploring the Logic and Landscape of the Knowledge System＂

1. Introduction In recent years, the need to face major global challenges has made it necessary to review strategies that address multifaceted contexts. Economic, societal, environnlental, and technological dimensions all act together as major drivers for change, and science and technology （S＆T） programs aimed at research and development （R＆D）-performing communities constitute an impor- tant asset in generating emerging and breakthrough solutions in the international transition toward the knowledge economy.

Assessment of challenges and strategies for driving energy transitions in emerging markets:A socio-technological systems perspective

The pursuit of improved quality of life standards has significantly influenced the contemporary mining model in the 21st century.This era is witnessing an unprecedented transformation driven by pressing concerns related to sustainability,climate change,the just energy transition,dynamic operating environments,and complex social challenges.Such transitions present both opportunities and obstacles.The aim of this study is to provide an extensive literature review on energy transition to identify the challenges and strategies associated with navigating transformations in energy systems.Understanding these transformations is particularly critical in the face of the severe consequences of global warming,where an accelerated energy transition is viewed as a universal remedy.Adopting a socio-technological systems perspective,specifically through the application of Actor Network Theory(ANT),this research provides a theoretical foundation while categorising challenges into five distinct domains and outlining strategies across these different dimensions.These insights are specifically tailored for emerging market countries to effectively navigate energy transition while fostering the development of resilient societies.Furthermore,our findings highlight that energy transition encompasses more than a mere technological shift;it entails fundamental changes in various systemic socio-economic imperatives.Through focusing on the role of social structures in transitions,this study makes a significant and innovative contribution to ANT,which has historically been criticised for its limited acknowledgement of social structures.Consequently,we propose an emerging market energy transition framework,which not only addresses technological aspects,but also integrates social considerations.This framework paves the way for future research and exploration of energy transition dynamics.The outcomes of this study offer valuable insights to policymakers,researchers,and practitioners engaged in the mining industry,enabling them to comprehend the multifaceted challenges involved and providing practical strategies for effective resolution.Through incorporating the social dimension into the analysis,we enhance the understanding of the complex nature of energy system transformations,facilitating a more holistic approach towards achieving sustainable and resilient energy transitions in emerging markets and beyond.

Government subsidies, dual-credit policy, and enterprise performance: Empirical evidence from Chinese listed new energy vehicle companies

The development of the new energy vehicle industry has become a key force driving the goals of carbon peak and carbon neutralization.To better guide future strategies,this study investigates the dual impact of subsidy and dual-integral policies on the performance of new energy vehicle enterprises.This study first theorizes the influential mechanism according to the institutional-based approach and technical innovation theory,and then collects data from listed companies in the new energy vehicle industry from 2016 to 2020.The hypotheses are examined using a two-way fixed-effects model.The findings show that:(1)subsidy policies are can still improve enterprise performance,but not through green technology innovation;(2)the dual-credit policy can improve enterprise performance through green technology innovation;and(3)under current policy conditions,with subsidies declining annually,the interaction effects between the subsidy and dual-integral policies will also decrease.Thus,this study suggests that non-monetary industrial policy,represented by the dual credit policy is a more effective alternative to government subsidies.

The Positive Role of Governance in the Way Environmental Policies Impact Technological Innovation

Against the backdrop of the knowledge economy, global economy is goingthrough a major transformation. How to alleviate the pressure of resources and the environ-ment and to achieve the sustainable development of the economy has become a global agenda.China＇ s economy growth has been rapid for decades since the reform and opening up policy,but this has also been a great drain on China＇ s resources and the environment, which is an ur-gent problem to tackle. In recently years, the Chinese government has launched many environ-mental policies in the hope of encouraging technological innovation to guarantee the sustain-able development of the economy. However, research suggested that technological innovationis negatively correlated with environmental policies in most scenarios. In some cases, the num-ber of technological innovation decreases after policies take effect and increases after a whilelike a U - curve. In order to solve this problem, I decided to analyze the panel data from 80provinces in China between 2008 and 2014 and conclude that local governance can implementenvironmental regulations while having a positive impact on the technological innovation inenterprises. In the conclusion, suggestions are given to local governments on how to better en-force environmental policies.

Overcoming Contradictions Between Growth and Sustainability:Institutional Innovation in the BRICS

The recent accelerated growth rates or efforts to emulate countries that have achieved a rapid pace of economic growth are widely acclaimed as means to uplift millions from poverty. In so doing, however, this rapid economic growth is most likely to coincide with unsustainable levels of consumption, place excessive pressure on life support systems and terrestrial sinks and foreshorten options for the future. Rather than pursuing the "Environmental Kuznets Curve"(EKC) hypothesis that higher income will bring with it the means to reduce the impacts of greater consumption, ecological economists assert that buying our way out of future scarcity with fast growth is indeed contradictory with sustainabil- ity. To better understand these contradictions and explore potential institutional innovations that may enable developing nations to better confront them (in effect,"tunneling under"the EKC), this article refers to recent experience in the BRICS countries (Brazil, Russia, India, China and South Africa). Beginning with a brief comparative summary of major development and environmental indicators, pressures on resources and society in each of the BRICS are discussed, followed by identification of institutional and policy frameworks each country has evolved to confront the challenges of growth and sustainability. The article closes with general conclusions for further research and information sharing among developing nations.

Can the low-carbon city pilot policy promote the upgrading of high-carbon emitting enterprises? Evidence from China

As a crucial environmental reform system to realize“carbon peaking”and“carbon neutrality”,the pilot policy of low-carbon cities(LCCs)puts pressure and challenges on high-carbon emitting enterprises(HCEEs)while providing opportunities for these firms to take the path of independent transformation.Employing the data of Chinese listed enterprises from 2006 to 2016 and adopting a difference-in-differences(DID)model,we evaluated the impact of LCC construction on the upgrading of HCEEs and its mechanisms.The results indicate that LCC construction enhances the upgrading of HCEEs in the pilot cities.The conclusions remain stable after a series of robustness tests.The mechanism analysis reveals that LCC construction triggers the upgrading of HCEEs by promoting resource allocation efficiency,R&D investment,and green technology innovation.The heterogeneity results indicate that this positive effect is more pronounced for HCEEs in regions with more stringent environmental law enforcement.This study also observes that the upgrading impact is more promi‐nent for state-owned enterprises,enterprises with higher bargaining power,and enterprises whose managers have a long-term vision.The above results provide directions for upgrading HCEEs and replicable evidence for cities in developing economies to fulfill the win-win target of environmental protection and economic transfor‐mation.

Does innovative city pilot policy promote urban green growth in China?An analysis of green total factor productivity,2005-2020

The innovative city pilot policy(ICPP)is an essential manifestation of China’s construction of an innovative and green-driven development country.We incorporated urban green total factor productivity(GTFP)growth into the evaluation of ICPP.Based on the panel data of 223 cities in China from 2005 to 2020,we used the difference-in-differences model to empirically assess the influence and mechanism of the ICPP on urban GTFP growth.The main results show that(i)The ICPP has maintained an effectively fluctuating promotion on urban GTFP growth,mainly manifested in the urban green technological progress improvement.(ii)The ICPP has urban heterogeneity in promoting GTFP growth in pilot cities,mainly affecting key cities such as provincial capitals.(iii)The interaction between the agglomeration of producer services and the ICPP inhibits GTFP growth in pilot cities.

Research on the Path of Further Deepening the Reform and Internationalization of English Education in the Hainan Free Trade Zone

With the establishment of the Hainan Free Trade Zone(FTZ),the internationalization of English education has become a key element of the region’s educational reform efforts.As globalization intensifies,fostering an internationalized English education system is crucial for improving the competitiveness and global positioning of the Hainan FTZ.This study explores the multiple pathways and strategies for promoting the internationalization of English education in the Hainan FTZ,focusing on aspects such as policy support,curriculum reform,teacher training,international collaboration,and the effective allocation of educational resources.By examining the current state of English education in the region,identifying key challenges,and drawing insights from successful domestic and international cases-particularly from free trade zones elsewhere-this paper offers actionable recommendations.These suggestions aim to enhance the region’s educational outcomes,thereby bolstering the Hainan FTZ’s broader objectives of economic growth and enhanced global connectivity.The proposed strategies also seek to elevate the international stature of the Hainan FTZ as a regional hub for talent development,international exchange,and soft power enhancement.

Analysis and Innovative Strategies of Tax Preferential Policies to Promote the Sustainable Development of Small-Scale Individual Businesses

This study conducted an in-depth analysis of the current tax preferential policies for small-scale individual businesses and compared them with similar policies both domestically and internationally,aiming to reveal the advantages and disadvantages of the current system.After examining the impact of these tax preferential policies on the economic status of individual business owners and the broader social economy,this article proposes a set of innovative tax preferential strategies based on theoretical foundations.By developing these innovative strategies and clarifying their implementation paths,the aim is to promote the sustainable and healthy development of small-scale individual businesses,thereby fostering comprehensive socio-economic progress.The conclusion of this study not only summarizes policy recommendations with practical significance but also provides theoretical support for the optimization and innovation of future related systems.

Systematic Analysis and Innovation for Development Policies of Beijing Seed Industry at Transformation Stage

At transformation stage,seed Industry is not only a fundamental and strategic industry during the construction of World City,but also part of urban and modern agriculture in Beijing. Based on the analysis of the theory of industrial economics and system theory,the article constructs the seed industry policy analysis model,systematically analyzes the support points of national level and the city of Beijing seed industry policy,and studies policy input,mechanism,output and effects by way of systematic analysis,as well as proposes polices and suggestions on promotion of development for Beijing seed industry and on construction of new seed industry from talent incentive,platform construction,seed trading and enterprise cultivation.

Dilemma for the Redevelopment of Village and Town Construction Land, Formation Mechanism and Policy Suggestions

Under the context of economy new normal and rapid urbanization, the shift of economic growth, structural adjustment pains as well as pre-stimulus digestion comes coincidentally. The boundary red line of urban growth, the red line of the number of basic farms and the ecology red line makes the local to conserve land. Land stock for village and town construction is a huge amount of potential resources. Redevelopment of land for village and town construction provides ensured land security for the smooth progress of urbanization. Combining village and town construction land use characteristics and making in-depth analysis of the difficulties in the redevelopment of village and town construction and its inner mechanism, policies and suggestions were proposed for the redevelopment of village and town construction land in terms of land property, land price, market allocation, planning, surveillance and so on, so as to provide valuable reference for the smooth redevelopment of village and town construction land, and the system design of villages and towns.

The New Normal of China's Macroeconomic Policy

This paper summarizes the theoretical background and realistic considerations for the emergence of the new normal of macro policy. The characteristics of the new normal of macro policy are as follows: 1) a supply-side approach in response to growth slowdown; 2) understanding economic heterogeneity and growth disequilibrium and paying attention to structural regulation; 3) highlighting strategic planning and broadening the horizon of macro policy; 4) re-establishing a benchmark of macro policy and re-initiating local competition; 5) balancing the interests of various stakeholders and understanding the political economy of macro policy; 6) respecting the spillover effects of major countries and implementing responsible macro policies; 7) respecting "market determinism" and recognizing the limitations of macro policy; and 8) propelling institutional developments and creating a basic framework of macro policy. This paper concludes that the new normal of macro policy is not simply a passive adjustment to the new normal of economy but represents an initiative of proactive response that steers the economy towards a more advanced form. In particular, the following issues should be clarified in current macro policy: some of the characteristics will be corrected or phased out, some that coincide with the new normal will be abreast with the times, and some require that a new trail be explored through innovation of macro policy. These components will constitute the basic framework for China's macro policy to transition towards the new normal.

Regional Innovation Policies for High-Technology Firms： The Importance of the Cluster Life Cycle

The present work makes an in-depth analysis of an aspect not yet sufficiently examined by the studies into regional innovation systems, relating to why the policy makers must adopt regional innovation policies in accordance with the development cycle of the active clusters in the territory. The analysis carried out in the course of the work contributes towards understanding the validity of an evolutionary-type development model for which the regional innovation policies for the growth of high-tech firms should dynamically change in relation to the various cluster stages. The development model proposed provides a framework for the policy makers in order to state more efficiently through time the regional innovation strategies.

The Evolution of China’s National Innovation System During the 40 Years of Reform and Opening Up

From the perspective of economic system transformations and scientific and technological system reforms, this paper investigates the evolution of China’s national innovation system (NIS) during the 40 years of reform and opening up. It concludes that China’s NIS has evolved from weak to strong, from a follower groping its way onto the track of independent innovation with Chinese characteristics. China’s innovation system has experienced a trajectory from “introduction and imitation of complete sets of technology” to “market for technology and imitative innovation,” to “integrated and secondary innovation” and on to “integrated, secondary, collaborative and original innovation combined.” The path of independent innovation with Chinese characteristics is a natural choice of economic, societal, and technological development in the new era.