A Mechanism for Digital Finance to Drive Green and Low-Carbon Development

Given the global focus on green and low-carbon development and the increasing prominence of digital finance,it is particularly important to explore how to leverage digital finance to achieve these environmental goals.This study,through mechanism analysis,deeply examines how China’s digital finance promotes green and low-carbon development and elucidates the positive interaction between digital finance and the green industry.The study found that digital finance,through more flexible and efficient financial functions,alters the cost structure of carbon emissions,and reduces the risks and costs of green investments,thereby creating a cooperative green mechanism benefiting all parties,and guiding social groups toward a green and low-carbon transformation.Additionally,the rapid development of digital finance has strengthened the implementation of environmental protection policies,effectively promoted the expansion of the environmental protection industry,and established the green ethos as a mainstream concept in financial development.This study aims to provide reference perspectives and suggestions,assist policymakers in promoting the green and lowcarbon development of digital finance,and offer insights into the integrated development of digital finance and the green environmental protection industry.

Empirical Analysis of the Impact of Green Finance and Technological Progress on Total Factor Productivity in China’s Industrial Sector

The enhancement of industrial green total factor productivity is pivotal for achieving high-quality and sustainable economic development.This study assesses China’s performance using the SBM-GML model,employing province-level panel data spanning from 2004 to 2020.Furthermore,we examine the influence of green finance and technological progress on industrial green total factor productivity using a spatial econometric model.The findings uncover that the relationship between the level of green financial development and industrial green total factor productivity follows a U-shaped curve.Initially,low levels of green financial development exert a suppressive effect on industrial green total factor productivity,proving ineffective in the short term.However,with the progression of green finance development,a positive and significant long-term impact on industrial green total factor productivity emerges.Moreover,technological progress demonstrates a noteworthy promotional effect on industrial green total factor productivity.The analysis delves deeper into revealing that industrial structure and environmental regulation intensity exhibit a significant negative relationship with industrial green total factor productivity.In contrast,both energy structure and education level showcase a substantial positive relationship with industrial green total factor productivity.

Optimization of Corporate Financial Management from the Perspective of Industry-Finance Integration

Enterprises can enhance their financial management by integrating their business and financial departments,facilitating the seamless sharing of information and resources.This integrated management model not only aids in lowering operating costs but also boosts market competitiveness.In the contemporary,highly competitive business landscape,the amalgamation of business and finance has become a prerequisite for corporate development.This article delves into the significance of industry-finance integration in corporate financial management,scrutinizes existing challenges in corporate financial management,and puts forth tailored solutions to optimize the overall system.

Research on the Impact of Chinese Digital Inclusive Finance on Industrial Structure Upgrade—Based on Spatial Dubin Model

Based on the panel data of 30 provinces, municipalities, and autonomous regions in China from 2011 to 2018, this paper uses the digital inclusive financial index and industrial structure upgrading coefficient of the Internet Research Center of Peking University as the core explanatory and explained variables to construct a spatial panel. Bin model performs regression analysis on the effect of digital inclusive finance in the upgrading of industrial structure. The results prove that the development of digital inclusive finance in this province and city has significantly promoted the upgrading of the regional industrial structure, and it has a positive overall effect on the upgrading of industrial structure.

The Impact of Green Finance on the Ecologicalization of Urban Industrial Structure-Based on GMM of Dynamic Panel System

Although a number of studies have been published in the general area on various factors affecting the ecologicalization of urban industrial structure,little work has been carried out for empirical studies quantitatively analyzing the relevance between green finance development and the ecologicalization of urban industrial structure.Therefore,based on a comprehensive index of green finance development,this research employs panel data of target cities1 for the period 2012–2020 to explore the influence of green finance on the ecologicalization of urban industrial structure.The empirical results show that green finance development significantly improves the ecologicalization level of urban industrial structure.In addition,it is found that green finance plays a stronger role in promoting the ecologicalization of industrial structure in economically developed regions than in economically underdeveloped regions2.The research results can provide a valuable policy reference for urban green financial market planning and green product innovation.

Industrialization of Old-age Tourism in Yunnan

Faced with the supply-side reform of the tourism industry, the industrialization of Yunnan oldage tourism will be an inevitable attempt to subdivide the tourism market in Yunnan. Based on the concept of old-age tourism, this study put forward the regional structure of Yunnan’s old-age tourism industry, and pointed out the development direction for the "one center and six districts" of Yunnan old-age tourism. Then from the perspective of system theory, the concept of the old-age tourism complex in Yunnan Province was proposed. At the same time, from the perspective of operation management system, oldage tourism accommodation system, old-age tourism passenger transport system, ethnic cultural products, ecological health products, arts and crafts, health services and rural old-age tourism, the construction idea of the old-age tourism complex in Yunnan Province was proposed.

Research on Efficiency of Financial Supports in Agricultural Industrialization in China

The agricultural industry development in China has been very successful, but there exist some problems, such as weak financial support strength. With the help of DEA-Malmquist index method, this paper evaluated the efficiency of the agricultural industrialization＇s financial supports, made a deep study of its influencing factors, which have an extremely important influence on the perfect agricultural industrialization＇s development.

Overview of Studies on Financial Support for China's Agricultural Industrialization

Agricultural industrialization is an innovative operation mode and effective drive for transformation of traditional agriculture to modern agriculture. Benign development of agricultural industrialization depends on financial support. With increase of the function of financial support for agricultural industrialization development,academic circles have made deeper and deeper researches on agricultural industrialization. These researches mainly touch upon four aspects:( i) definition of concept of financial support for agricultural industrialization;( ii)functions of financial support for agricultural industrialization;( iii) existing problems in financial support for agricultural industrialization and problem causes;( iv) specific recommendations of promotion of financial support for agricultural industrialization development. Although existing researches are already extensive and some common understandings have been reached,there are still some research gaps and weak points,and it needs further researches.

Construction of Comprehensive Old-age Tourism Complex in Kunming City

As the population aging becomes a global trend,old-age tounsm has gradually become a newly-emerging industry integrating tounsm industry and old-age support industry for such functions as leisure sightseeing,vacationing and health care,learning and expenence,recuperation,soul comfort and so on.In face of the market opportunities of old-age tounsm,Kunming City owns many advantages such as climate,location,traffic and tounsm resources,but also shows deficiencies such as few and low-grade old-age tourism agencies,insufficient funds for old-age tourism,underdeveloped old-age service industry.To enhance the advantages and avoid disadvantages,this paper proposed the industrialized development mode of old-age tourism complex for Kunming City.On the basis of sorting out tourism resources in the city this paper first concluded 6 old-age tounsm resource spaces,integrated characteristic tounsm resources,cultural resources and social resources of each space into the 7 sub-systems of the old-age tounsm complex,proposed specific conceptions for the construction of old-age tounsm complex in Kunming,and finally gave suggestions in view of the development environment of local old-age tourism complex.

Analysis on The In？ uence of Regional Financial Development to The Upgrading of Regional Industrial Structure

This paper mainly introduces the regional , nance in detail,points out that the goal of industrial structure is more reasonable and advanced,expounds the influence of regional financial development on the upgrading of regional industrial structure,puts forward some suggestions for regional financial development to further promote the upgrading of the structure.

Discussion on Industry Chain Financing Promoting International Competitiveness of China's Agriculture

Industry chain financing,also known as supply chain financing,is a kind of financial innovation in production and transaction emerging from the 1990 s. Recent years,industry chain financing has gradually permeated in agriculture. As one of the major agricultural countries in the world,China should still make great endeavor in satisfying domestic requirement of agricultural products and improving international competitiveness. Based on the empirical and feasible analysis of agricultural industry chain financing,this article emphasizes on the new mode of industry chain financing and puts forward some related policy suggestions to discuss how to quicken agricultural development with financial support as well as promote international competitiveness of China's agriculture.

Improving Investment and Financing Mechanism, Speeding up the Energy Reform Process-Interpretation to Implementing Opinions on Deepening Reform of Investment and Financing System in Energy Industry

Under the context of economic transformation and upgrading and the continued advancement of supplyside reforms in China, the development of the energy industry is confronted with many problems and challenges, such as insufficient energy investment, a shortage of financing channels,and the low participation of social capital. In order to fully mobilize social capital to invest in energy, enhance energy investment efficiency, expand energy financing channels,and increase the vitality of the energy industry, the state has recently issued the Implementing Opinions on Deepening the Reform of Investment and the Financing System in the Energy Industry( "Opinions"). This paper provides a deep interpretation of this document from the perspectives of the background for the investment and financing system reform in the energy industry,the main content of the reform, the problems and challenges confronting the reform,and the expected effects from the reform, and analyzes the objectives, ideas and problems of the reform, in order to effectively promote the investment and financing system reform in the energy industry.

Discussion on Consumer Credit Business of Traditional Commercial Banks under Internet Finance

With the advent and development of the information age,the Internet has become the current advancement in all walks of life.The popularization of e-commerce also gives birth to Internet finance.The emergence of consumer credit businesses such as“Yu‘ebao”and“Huabei”has put great pressure on the consumer credit business of traditional commercial Banks.Under the background of Internet finance,in order to promote the development of commercial Banks’consumer credit business,it is necessary to strengthen the innovation of commercial Banks’consumer credit business and meet the development demand of the current information age.

科技—产业—金融循环的逻辑解构与政策启示

推动科技—产业—金融良性循环是实现高水平科技自立自强和高质量发展的核心命题。在梳理科技—产业—金融循环理论源流和研究文献基础上,基于创新经济学基本原理,对科技—产业—金融循环的内在逻辑进行研究。在理论逻辑层面,研究科技—产业—金融循环的基本范畴和核心要义。在历史逻辑层面,从国际实践中提炼促进科技—产业—金融良性循环的价值匹配与互动规律,总结科技—产业—金融循环关系的新变化。在现实逻辑层面,挖掘制约我国科技—产业—金融良性循环的主要堵点与原因。基于此,面向建设金融强国,从深化改革、制度设计、资源支持、平台建设、创新服务、全球生态等方面提出启示建议。

绿色金融能否赋能中国式现代化产业体系建设?——基于制造业服务化视角

基于2002-2021年中国30个省(区、市)的面板数据,从制造业服务化视角入手尝试探讨绿色金融对我国现代化产业体系建设的赋能效应。研究发现,绿色金融对制造业服务化影响呈现先抑制后促进的U形关系,且表现出要素禀赋、产业结构以及市场化程度的异质性特征。同时,受绿色技术创新和环境规制调节效应的影响,绿色金融可提前跨越拐点,赋能制造业服务化。鉴于此,应有重点、分阶段及分区域地加快推进绿色金融发展,推动企业绿色技术创新,并加强环境规制,助力绿色金融赋能中国式现代化产业体系建设。

产业政策促进企业创新的传递机制与情境条件——来自沪深A股上市公司的经验证据

近年来,随着中国企业逐渐接近技术创新的前沿,技术追赶的空间被进一步压缩,经济发展和产业政策面临着越来越大的挑战。文章以2008—2021年沪深A股上市公司为样本,考察产业政策对企业创新的影响,并分析了其传递机制和情境条件。实证结果表明,产业政策对企业的创新活动表现出“双重利好”效应,将同时提高被支持行业中企业的创新数量与创新质量。传递机制分析表明,产业政策主要通过抑制企业金融化程度、提高政府补贴力度、降低债务融资成本、带来更多分析师关注等中介因素驱动企业创新水平的提升。情境条件分析发现,产品竞争市场治理、新闻媒体治理、公司治理、研发投入和高管团队研发经验会加强产业政策对企业创新的正向效应。进一步研究表明,发明专利对企业价值有正向影响且该效应具有一定的持续性,而非发明专利对企业价值有负向影响且该效应不具有持续性。研究揭示了产业政策促进企业创新的传递机制与情境条件,为客观评估中国产业政策的经济效应提供了微观依据。

产业政策、基金投资与企业股权再融资

如何有效引导资金流向政策支持的产业,是产业政策发挥效果、促进金融服务经济的关键。根据“产业政策引导基金投资,基金投资与产业政策的有机结合影响企业再融资”的思路,研究了产业政策对基金投资行为的影响,并进一步研究了产业政策影响下的基金投资能否促进企业再融资问题。研究发现:产业政策能引导基金投向政策支持的企业;基金持股与产业政策的交互作用引导资本市场资金流向政策支持的企业,促进企业再融资。研究有助于深入理解产业政策、资本市场主体行为和市场资源配置之间的关系,更好发挥产业政策的导向作用和金融支持实体经济的功能。

数字化与持续绿色创新——来自A股上市工业企业的证据

作为我国实现经济高质量发展的原始动能,数字化与可持续发展是现阶段重要的战略方向,对这两者之间关系的探究具有重要意义。基于2011—2019年中国A股上市工业企业数据,实证剖析了数字化对工业企业绿色持续创新的影响。研究结果表明,数字化可以显著促进工业企业的持续绿色创新,这一结果在历经一系列稳健性检验后仍然稳健。机制分析显示,数字化可以通过减少融资约束与增加企业社会责任这两条渠道,进一步增强工业企业的持续绿色创新。异质性分析显示,数字化对轻污染行业的持续绿色创新起到显著促进作用,而在重污染行业中该效应不显著;并且,数字化对制造行业的持续绿色创新促进作用显著,而该促进作用在采矿业、能源与电力行业并未得到充分释放。本研究结果充分发挥了“风向标”作用,为企业继续实施数字化转型战略与绿色创新提质增效提供了良好支撑。

数字金融对供应链韧性的影响——基于制造业企业面板数据的实证检验

随着数字技术的迅速发展,数字金融已然成为新时期促进供应链韧性提升的重要驱动力。本文基于我国2011~2021年制造业企业面板数据,运用熵权法测度制造业企业供应链韧性水平,分析数字金融对供应链韧性的影响。研究表明,数字金融能够显著提升供应链韧性,在经过剔除异常数据与内生性处理后该结论依旧成立;选取技术创新和企业融资约束作为中介变量,检验发现数字金融可以分别通过提升企业技术创新水平和缓解融资约束从而提升供应链韧性;调节机制检验发现,金融监管对数字金融与供应链韧性具有正向调节作用。结合研究结论,提出在数字金融背景下提升供应链韧性的政策建议。

绿色金融、产业结构升级与海洋经济高质量发展——基于环境规制调节的中介模型

绿色金融是促进“双碳”目标实现和提升海洋经济高质量发展水平的重要抓手。论文基于2009—2019年我国11个沿海省市的面板数据,运用中介模型考察了绿色金融对海洋经济高质量发展的影响及其传导路径。在此基础上构建有调节的中介效应模型,基于产业结构高级化和合理化的中介路径与环境规制的调节效应探究绿色金融对海洋经济高质量发展的路径机制。研究发现:首先,绿色金融显著促进海洋经济高质量发展,产业结构高级化和合理化均存在正向中介效应;其次,环境规制正向调节绿色金融发展对产业结构升级的积极影响,同时强化产业结构升级对海洋经济高质量发展的促进作用,且在绿色金融对海洋经济高质量发展的直接效应中起到显著正向调节作用。