This paper developed a comprehensive evaluation system that was able to quantify the levels of high-quality development across the cities within the Chengdu-Chongqing economic circle,and investigate the impact that di...This paper developed a comprehensive evaluation system that was able to quantify the levels of high-quality development across the cities within the Chengdu-Chongqing economic circle,and investigate the impact that digital finance had on the cities’high-quality development and the underlying mechanisms through which it achieved this.This comprehensive evaluation system was constructed using statistical data from these cities for the period 2014 to 2020 while also taking China’s high-quality development philosophy into account.The key findings revealed that:(a)Digital finance was able to significantly promote high-quality development in the Chengdu-Chongqing economic circle;(b)Digital finance had a significant positive effect in promoting innovative,coordinated,green,open,and shared development;(c)Digital finance was able to stimulate the high-quality development in the Chengdu-Chongqing economic circle by boosting entrepreneurial dynamism;(d)Digital finance had a significant impact on the high-quality development of the axis areas,while its impact was less discernible in non-axis areas.The insights from this research offer a deeper understanding of the factors that drive high-quality development,the role digital finance plays,and the mechanisms through which digital finance is able to propel high-quality development at the city cluster scale.展开更多
According to the Report to the 20^(th) CPC National Congress,delivering common prosperity for all the people is an intrinsic requirement of Chinese modernization.Based on China Household Finance Survey(CHFS)data from ...According to the Report to the 20^(th) CPC National Congress,delivering common prosperity for all the people is an intrinsic requirement of Chinese modernization.Based on China Household Finance Survey(CHFS)data from 2015 to 2019,this study examines the effects of inclusive finance on China’s household income disparities and demonstrates how inclusive finance contributes to shared prosperity.Our empirical research reveals that inclusive finance has significantly decreased the income disparities between Chinese households.Inclusive finance has significantly increased the income levels of households below the 40^(th) percentile,making it more likely for them to move above the 40^(th) percentile of incomes,which is conducive to delivering common prosperity.Our analysis indicates that inclusive finance will reduce income disparities by assisting low-income households in starting a business and by promoting rural household employment.Reflecting its inclusive nature,further investigation reveals that inclusive finance has a greater positive impact on the income level of vulnerable households.Our research offers new evidence for comprehending the role of inclusive finance and a new interpretation of income disparities,with policy implications for accelerating Chinese modernization.展开更多
In the European Union(EU),the revised Payment Services Directive(PSD2)aims to provide more convenient and customized financial products through open banking(OB)platforms.However,little attention has been paid to the r...In the European Union(EU),the revised Payment Services Directive(PSD2)aims to provide more convenient and customized financial products through open banking(OB)platforms.However,little attention has been paid to the role of OB in improving the financial well-being of the growing number of the EU’s underserved groups,which currently constitute approximately a quarter of its population.This study examines how the PSD2 and OB impact inclusive finance in the EU based on the perspectives of the Netherlands’ecosystem,one of the leaders in the EU’s financial technology(FinTech)landscape.A fundamental distinction can be drawn between the OB users and the ecosystem’s players.Regarding the impact of financial services on the users’inclusivity,while the PSD2 strengthens the infrastructure necessary for financial inclusion,many challenges remain,mainly because it was not designed for this purpose.This study identifies several areas of improvement that include adjustments to the know your customer and anti-money laundering processes for underserved customers,innovative ways to communicate the PSD2’s potential,and the regulation of technology providers’activities to build trust.Meanwhile,from the ecosystem’s position,there is a need to strengthen and improve microfinance regulation according to the opportunities provided by the PSD2 to support microfinance institutions(MFIs)in scaling up and reaching underserved clients across borders with innovative services.OB improvements can also be achieved by organizations formed by MFIs and FinTechs in collaboration with banks.Such hybrid institutions will combine the best features of each of them:knowledge of the needs of local underserved clients from MFIs,technological innovations from FinTechs,and large and trusted customer bases,infrastructures,and access to institutional investments and governments from banks.Finally,an EU inclusive OB sector depends on the centrality of trusted regulators as coordination bodies.The PSD2 requires adjustments for underserved populations’specific needs.OB improvements can be achieved by organizations formed by MFIs and Fin-Techs in collaboration with banks.Regulated technical service providers(TSPs)are crucial to building trust and customer adoption in OB.The European Banking Authority(EBA)may function as coordination body to design inclusive rules by engaging with OB stakeholders.As inclusive finance moves into open-finance and data eras,an increasing regulatory complexity and scope will require networks of innovative and trusted regulators.展开更多
Based on provincial panel data in China from 2008 to 2019, this research takes the issuance of China's green bond as a quasi-natural experiment to explore whether China's regional green finance development pro...Based on provincial panel data in China from 2008 to 2019, this research takes the issuance of China's green bond as a quasi-natural experiment to explore whether China's regional green finance development promotes local green innovation by using the multi-period DID model. The results show that the regional green financial development can promote local green innovation, and the rapid growth of the green bond market driven by policy does improve environmental sound technology innovation. The promotion of regional green finance development to local green innovation is related to the funds allocation of green credit,but not to the issuance scale of green bonds, according to further analysis, because China's development pattern can lead to a lack of endogenous market power and low credit resource allocation efficiency. In addition, the issuance of green bonds can effectively promote the allocation of green credit funds, thus enhancing the local green innovation level, but it can't reduce local carbon emissions through promoting green innovation. Therefore, the government should strengthen the green finance implementation assessment mechanism, taking into account the heterogeneity of regions and enterprises, complete the green finance monitoring and disclosure system, and increase the rate of green technology conversion.展开更多
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 provi...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.展开更多
A motivated finance-major student should master at least one programming language.This is especially true for students from quantitative finance,business analytics,those attending a Master of Science in Finance or oth...A motivated finance-major student should master at least one programming language.This is especially true for students from quantitative finance,business analytics,those attending a Master of Science in Finance or other financial engineering programs.Among the preferred languages,R holds one of the first places.This paper explains seven critical factors for designing and teaching a programming course:strong motivation,a good textbook,hands-on learning environment,being data intensive,a challenging term project,multiple supporting R datasets,and an easy way to upload such R datasets.展开更多
In the last two decades,Internet technologies,such as cloud computing,mobile communications,social media,and big data analytics,have brought tremendous changes to our society and reshaped the business in various indus...In the last two decades,Internet technologies,such as cloud computing,mobile communications,social media,and big data analytics,have brought tremendous changes to our society and reshaped the business in various industries.Specifically,the mushrooming innovations in the financial area fertilized by information and communication technologies indicates the advent of the Internet finance era.Applying the exploratory research approach,we investigate major innovative Internet-based financial services and classify them into five categories,as of e-commerce,e-payment,e-money market,online loan services,and digital currencies.Then we propose a market structure of Internet finance extended from the traditional financial market.We claim that credit management is the key issue in the marketplace of Internet finance,characterized by big data analytics,in which cyber credit appears as whole-process,multi-dimensional,and holographic.We further suggest that cyber credit be represented in the form of vector to overcome the limits of traditional single-value measure in cyber credit management.Based on this framework,we raise main research issues in Internet finance from the perspectives of theory,technology,and governance.展开更多
Rural finance is the weakest link in China's financial system. There are still many problems in the traditional rural finance, such as poor business conditions, imperfectly competitive financial markets, and credi...Rural finance is the weakest link in China's financial system. There are still many problems in the traditional rural finance, such as poor business conditions, imperfectly competitive financial markets, and credit information asymmetry; the phenomenon of farmers' loans difficulty has not been fundamentally changed. In order to improve the current situation of rural finance, the state proposes to develop new rural finance and innovate upon rural financial system. The new rural finance has many good development advantages, such as adequate information, flexible operation, and good potential quality of the assets. It is necessary to innovate upon financial products and services, establish the purpose of serving agriculture, countryside and farmers, strengthen the supervision of credit, and improve the financial infrastructure construction, so as to achieve sustainable developments.展开更多
Since rural microfinance is a credit which grants loans without collateral and guarantees to farmers,it is considerably important to evaluate and control the household credit risk.Through establishing the evaluation i...Since rural microfinance is a credit which grants loans without collateral and guarantees to farmers,it is considerably important to evaluate and control the household credit risk.Through establishing the evaluation index system and then using catastrophe progression theory,three common types of catastrophe system and the normalization formula,we get the comprehensive evaluation.Finally,we take the empirical test and the result shows that this method is simpler and more objective which can be used by the credit cooperatives to decide whether to authorize the loans.展开更多
Inclusive finance is intended to address the barriers posed by financial exclusion to economic development. Therefore, an effective inclusive financial system must be designed to address financial exclusion rather tha...Inclusive finance is intended to address the barriers posed by financial exclusion to economic development. Therefore, an effective inclusive financial system must be designed to address financial exclusion rather than to provide long-term policy subsidies for financial relief. Financial exclusion in China has causes in economic development strategy, financial institutional arrangement, financial market structure, dominance of social relations, and constraints of risk evaluation. Eliminating financial exclusion and increasing financial inclusion essentially requires that our financial system be equipped with those functions through policy adjustment, institutional innovation and improvement of market rules. Existing bottlenecks of financial risk management should be eliminated to provide fair opportunities of financing for projects that contribute to social development with limited deviations from traditional credit costs. Inclusive finance is sometimes confused with policy subsidies, financial assistance and poverty relief loans, which cannot reflect efficiency, fairness and inclusion as the essential attributes of inclusive finance. The existing financial system must be adjusted to enhance risk management performance and advance financial market stratification and competition by creating fair and efficient legal and credit systems.展开更多
Green finance is an important driving force for practicing the idea of green development and realizing sustainable development. As one of the five green finance reform and innovation demonstration district in China, t...Green finance is an important driving force for practicing the idea of green development and realizing sustainable development. As one of the five green finance reform and innovation demonstration district in China, the Guian New District between Guiyang and Anshun has played a key leading role in the development of green finance in southwest China. Since 2017, the green financial market in Guizhou province has achieved a leap-forward high-speed development. Based on this, this paper takes the idea of green development as the starting point, through in-depth analysis of the development status of green finance in Guizhou province under the policy control and guidance of the national and local governments,in order to find the limitations and obstacles in the development of green finance in Guian New District.In addition, at the end of this article, the author will further discuss the mechanism and path of green financial reform and innovation in Guizhou province from the aspects of perfecting policy guidance, optimizing organizational system, innovating products and services, etc. for effectively promoting the pace of green development in Guizhou province.展开更多
The measurement,reporting,and verification(MRV) of climate finance was originated from discussions under the United Nations Framework Convention on Climate Change(UNFCCC).It has been one of the key issues of global cl...The measurement,reporting,and verification(MRV) of climate finance was originated from discussions under the United Nations Framework Convention on Climate Change(UNFCCC).It has been one of the key issues of global climate negotiations since 2009 and will continue to be of significant importance in addressing climate change and strengthening international trust.This paper analyses the concept,the objective,and the progress of the MRV of climate finance based on reviews of the latest literature and think-tank reports regarding climate finance regime and MRV.Following the analysis,challenges faced with the MRV of climate finance are illustrated.This paper presents that the comparability of climate finance data needs to be improved due to the variety of methodologies used for disaggregating climate finance.In addition,the integrality of the MRV system of climate finance has been impaired by the lack of feedback mechanism from the recipients to the contributors in reporting system.Furthermore,although accounting system of climate finance has been developing and improving,it remains incapacity in providing accurate data on disbursed climate finance.Responding to the above challenges,this paper proposes the key tasks in establishing a comprehensive MRV system for climate finance at international level.The tasks involve developing a measurement system with consistent data basis and accounting basis,a reporting system with more detailed guidance and standardized formats,as well as a verification mechanism balancing top-down and bottom-up review processes.In the last section,this paper concludes that the establishment of an improved MRV of climate finance requires concerted cooperation and negotiations between developed and developing country Parties under the UNFCCC.As one of the few developing country donors to the Global Environmental Facility(GEF),China is suggested to clarify its propositions as a developing country in aspects such as concept,coverage,and architecture of climate finance and MRV system,and gain bargaining power in improving operating and technical rules of international climate finance regime.展开更多
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 quantitative...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.展开更多
Finance is the core of modern economy,and a strong country cannot do without the support of financial system.With the rapid development of economy and society,the traditional financial services can not support the inc...Finance is the core of modern economy,and a strong country cannot do without the support of financial system.With the rapid development of economy and society,the traditional financial services can not support the increasingly large and complex economic system.As a brand-new format,financial technology can help the financial industry to restructure and upgrade.At the same time,as an international consensus,green development is the only way for China to achieve sustainable development.Therefore,it is of great practical significance to study the impact of finance on the regional development of green finance.Based on the essence of green finance development,fuzzy principal component analysis is used to build the green finance evaluation index system in this paper.Taking the data of three provinces and cities in the Yangtze River Delta from 2015 to 2019 as an example,QAP analysis is used to study the impact of financial tech-nology on the regional development of green finance.Research shows that expla-natory variables are highly significant,that is,financial technology has a significant role in promoting green finance.Finally,based on the research conclu-sions,this paper puts forward suggestions on how green technology can better promote the development of green finance from three aspects of top-level design,technical research and supervision.展开更多
Agricultural supply chain finance(SCF)plays a vital role in reducing poverty and linking smallholders with broader markets.By creating a multi-dimensional poverty index(MPI)for farmer households with A-F binary bounda...Agricultural supply chain finance(SCF)plays a vital role in reducing poverty and linking smallholders with broader markets.By creating a multi-dimensional poverty index(MPI)for farmer households with A-F binary boundary method,this paper employs the propensity score matching and difference-in-difference(PSM-DID)method to estimate how farmers’cooperatives run by various entities affect farmer households’multi-dimensional poverty status.Our findings suggest that:(i)Each percentage of increase in the probability of farmers’access to SCF credit from their cooperatives makes it 8%and 10%more likely for farmers’MPI and multi-dimensional poverty order to decrease with a signi ficant poverty-reducing effect.(2)SCF credit from farmers’cooperatives run by large farmers,agribusinesses and the village cadres are signi ficantly poverty-reducing for full-time poor farmers.(iii)The higher non-farm incomes as a share of farmers’total income,the less poverty-reducing SCF credit from farmers’cooperatives run by large farmers and villagers becomes,and the more poverty-reducing SCF credit for agribusiness everyone cooperatives becomes.These findings highlight the importance of policy guidance for farmers’cooperatives to offer appropriate credit products and solutions according to local conditions,which is vital to maximizing the effects of targeted financial poverty reduction.展开更多
The literature gap in microfinance paradox of double bottom line(financial performance vs.outreach)has always been an interesting area of research.This paper proposes a theoretical model most suitable for Islamic Micr...The literature gap in microfinance paradox of double bottom line(financial performance vs.outreach)has always been an interesting area of research.This paper proposes a theoretical model most suitable for Islamic Microfinance Institutions(MFIs)which enables Islamic MFIs’to operate together with the existing financial models compliant with Islamic Shariah Law.This model is based on a distributed verification/decision-making process that might be realized(but not necessary)through block-chain.Among the available distributed verification techniques,blockchain technology is an attractive emerging computing paradigm due to its decentralized,immutable,shared,and secure data structure characteristics.This model proposes three significant propositions.First,sharing information through blockchain will allow a transparent network in MFI operations,which will raise confidence for donors resulting in a causal effect of a relatively lower profit rate to be charged by the MFIs.Second,the consensus mechanism will enable risk-sharing,a character of Islamic finance;thus,the MFIs will operate without any collateral for low-risk firms.Third,the double bottom line of MFIs’long-lasting paradox would be solved.As for practical implication of this proposed model,the causal impact of lower cost investment by the lenders would increase social welfare because of no collateral and no initial wealth requirement.The proposed model proposes a credit rationing approach where profit can be negative.No collateral will be used when calculating the creditworthiness of a borrower.展开更多
With the advent of the era of big data,traditional financial management has been unable to meet the needs of modern enterprise business.Enterprises hope that financial management has the function of improving the accu...With the advent of the era of big data,traditional financial management has been unable to meet the needs of modern enterprise business.Enterprises hope that financial management has the function of improving the accuracy of corporate financial data,assisting corporate management to make decisions that are more in line with the actual development of the company,and optimizing corporate management systems,thereby comprehensively improving the overall level of the company and ensuring that the company can be in business with the assistance of financial integration,can better improve and develop themselves.Based on the investigation of enterprises and universities,this article analyzes the problem of accounting talent training from both the demand and supply ends,and puts forward some suggestions for the teaching reform of accounting integration with big data in financial colleges and universities,and strives to promote the integration of business and finance.The optimal allocation of enterprise resources will gradually enhance the market competitiveness of enterprises,and explore the application strategies of big data technology in the integration of enterprise business and finance.展开更多
With the rapid development of information technology,internet financial products have been continuously launched,and many college students have joined the internet financial team.By investigating the current situation...With the rapid development of information technology,internet financial products have been continuously launched,and many college students have joined the internet financial team.By investigating the current situation of college students’financial management,this study found several problems and deficiencies in college students’financial management and proposed countermeasures to these problems for colleges and universities to cultivate students’internet financial literacy as well as guide them to establish the correct concept of financial management under the internet financial environment,learn financial management knowledge,improve financial management capabilities and risk awareness,as well as choose appropriate internet financial management products.展开更多
In recent years,the transformation of warehousing enterprises has garnered widespread attention.The integration of industry and finance in management accounting can provide financial management support for the transfo...In recent years,the transformation of warehousing enterprises has garnered widespread attention.The integration of industry and finance in management accounting can provide financial management support for the transformation of warehousing enterprises,deliver accurate and effective financial and business information,facilitate managers’decision-making,and achieve the benign development of enterprises.This paper discusses the problems in the application of industry-finance integration in warehousing enterprises,including the low degree of informatization,inefficient internal cost control,and mismatched staff quality,and then proposes corresponding measures,such as establishing and improving information systems,establishing a comprehensive budget management system,and establishing management measures for the integration of industry and finance in warehousing enterprises,so as to strengthen the application of industry-finance integration in warehousing enterprises.展开更多
As a useful supplement to China's financial system,the development of internet finance has promoted the innovation of financial model and injected strong vitality into the financial market.Internet finance provide...As a useful supplement to China's financial system,the development of internet finance has promoted the innovation of financial model and injected strong vitality into the financial market.Internet finance provides customers with more convenient and fast financial services,effectively alleviates financial exclusion,and reduces information asymmetry.It is of great significance to promote the marketization of interest rate and the development of inclusive finance in China.However,internet financial risk events occur frequently,posing a serious challenge.Therefore,this research analyzes the causes of internet financial risks,and provides suggestions on internet financial risk supervision,so as to promote a healthy development of the internet financial industry in China.展开更多
文摘This paper developed a comprehensive evaluation system that was able to quantify the levels of high-quality development across the cities within the Chengdu-Chongqing economic circle,and investigate the impact that digital finance had on the cities’high-quality development and the underlying mechanisms through which it achieved this.This comprehensive evaluation system was constructed using statistical data from these cities for the period 2014 to 2020 while also taking China’s high-quality development philosophy into account.The key findings revealed that:(a)Digital finance was able to significantly promote high-quality development in the Chengdu-Chongqing economic circle;(b)Digital finance had a significant positive effect in promoting innovative,coordinated,green,open,and shared development;(c)Digital finance was able to stimulate the high-quality development in the Chengdu-Chongqing economic circle by boosting entrepreneurial dynamism;(d)Digital finance had a significant impact on the high-quality development of the axis areas,while its impact was less discernible in non-axis areas.The insights from this research offer a deeper understanding of the factors that drive high-quality development,the role digital finance plays,and the mechanisms through which digital finance is able to propel high-quality development at the city cluster scale.
基金sponsored by the Major Project of the National Social Sciences Fund of China(NSSFC)“Measurement,Causes and Spillovers of China’s Household Economic Risks”(21andZD087).
文摘According to the Report to the 20^(th) CPC National Congress,delivering common prosperity for all the people is an intrinsic requirement of Chinese modernization.Based on China Household Finance Survey(CHFS)data from 2015 to 2019,this study examines the effects of inclusive finance on China’s household income disparities and demonstrates how inclusive finance contributes to shared prosperity.Our empirical research reveals that inclusive finance has significantly decreased the income disparities between Chinese households.Inclusive finance has significantly increased the income levels of households below the 40^(th) percentile,making it more likely for them to move above the 40^(th) percentile of incomes,which is conducive to delivering common prosperity.Our analysis indicates that inclusive finance will reduce income disparities by assisting low-income households in starting a business and by promoting rural household employment.Reflecting its inclusive nature,further investigation reveals that inclusive finance has a greater positive impact on the income level of vulnerable households.Our research offers new evidence for comprehending the role of inclusive finance and a new interpretation of income disparities,with policy implications for accelerating Chinese modernization.
基金Financial Inclusion through Digitalisation in Europe]research project.SFIDE is funded by The European Investment Bank Institute,EIBURS research grant(2020-22)on the theme“Building the future of inclusive finance:the role of FinTechs and digitalisation”.The funding body had no role in the design of the study,collection,analysis,and interpretation of data,as well as in writing or revising the manuscript.
文摘In the European Union(EU),the revised Payment Services Directive(PSD2)aims to provide more convenient and customized financial products through open banking(OB)platforms.However,little attention has been paid to the role of OB in improving the financial well-being of the growing number of the EU’s underserved groups,which currently constitute approximately a quarter of its population.This study examines how the PSD2 and OB impact inclusive finance in the EU based on the perspectives of the Netherlands’ecosystem,one of the leaders in the EU’s financial technology(FinTech)landscape.A fundamental distinction can be drawn between the OB users and the ecosystem’s players.Regarding the impact of financial services on the users’inclusivity,while the PSD2 strengthens the infrastructure necessary for financial inclusion,many challenges remain,mainly because it was not designed for this purpose.This study identifies several areas of improvement that include adjustments to the know your customer and anti-money laundering processes for underserved customers,innovative ways to communicate the PSD2’s potential,and the regulation of technology providers’activities to build trust.Meanwhile,from the ecosystem’s position,there is a need to strengthen and improve microfinance regulation according to the opportunities provided by the PSD2 to support microfinance institutions(MFIs)in scaling up and reaching underserved clients across borders with innovative services.OB improvements can also be achieved by organizations formed by MFIs and FinTechs in collaboration with banks.Such hybrid institutions will combine the best features of each of them:knowledge of the needs of local underserved clients from MFIs,technological innovations from FinTechs,and large and trusted customer bases,infrastructures,and access to institutional investments and governments from banks.Finally,an EU inclusive OB sector depends on the centrality of trusted regulators as coordination bodies.The PSD2 requires adjustments for underserved populations’specific needs.OB improvements can be achieved by organizations formed by MFIs and Fin-Techs in collaboration with banks.Regulated technical service providers(TSPs)are crucial to building trust and customer adoption in OB.The European Banking Authority(EBA)may function as coordination body to design inclusive rules by engaging with OB stakeholders.As inclusive finance moves into open-finance and data eras,an increasing regulatory complexity and scope will require networks of innovative and trusted regulators.
基金supported by Hebei Province Philosophy and Social Science Project (Grant No.HB22YJ021)Hebei Province Social Science Development Research Project (Grant No.20220202156)。
文摘Based on provincial panel data in China from 2008 to 2019, this research takes the issuance of China's green bond as a quasi-natural experiment to explore whether China's regional green finance development promotes local green innovation by using the multi-period DID model. The results show that the regional green financial development can promote local green innovation, and the rapid growth of the green bond market driven by policy does improve environmental sound technology innovation. The promotion of regional green finance development to local green innovation is related to the funds allocation of green credit,but not to the issuance scale of green bonds, according to further analysis, because China's development pattern can lead to a lack of endogenous market power and low credit resource allocation efficiency. In addition, the issuance of green bonds can effectively promote the allocation of green credit funds, thus enhancing the local green innovation level, but it can't reduce local carbon emissions through promoting green innovation. Therefore, the government should strengthen the green finance implementation assessment mechanism, taking into account the heterogeneity of regions and enterprises, complete the green finance monitoring and disclosure system, and increase the rate of green technology conversion.
基金General Research Fund of Philosophy and Social Sciences in Colleges and Universities of Jiangsu Province in 2020(Grant Number 2020SJA1008)Fundamental Research Funds for the Central Universities(Grant Number 2023SK04)。
文摘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.
文摘A motivated finance-major student should master at least one programming language.This is especially true for students from quantitative finance,business analytics,those attending a Master of Science in Finance or other financial engineering programs.Among the preferred languages,R holds one of the first places.This paper explains seven critical factors for designing and teaching a programming course:strong motivation,a good textbook,hands-on learning environment,being data intensive,a challenging term project,multiple supporting R datasets,and an easy way to upload such R datasets.
文摘In the last two decades,Internet technologies,such as cloud computing,mobile communications,social media,and big data analytics,have brought tremendous changes to our society and reshaped the business in various industries.Specifically,the mushrooming innovations in the financial area fertilized by information and communication technologies indicates the advent of the Internet finance era.Applying the exploratory research approach,we investigate major innovative Internet-based financial services and classify them into five categories,as of e-commerce,e-payment,e-money market,online loan services,and digital currencies.Then we propose a market structure of Internet finance extended from the traditional financial market.We claim that credit management is the key issue in the marketplace of Internet finance,characterized by big data analytics,in which cyber credit appears as whole-process,multi-dimensional,and holographic.We further suggest that cyber credit be represented in the form of vector to overcome the limits of traditional single-value measure in cyber credit management.Based on this framework,we raise main research issues in Internet finance from the perspectives of theory,technology,and governance.
基金Supported by National Social Science Foundation (10XJY023)Program for Excellent Talents in Guangxi Higher Education Institutions in 2011
文摘Rural finance is the weakest link in China's financial system. There are still many problems in the traditional rural finance, such as poor business conditions, imperfectly competitive financial markets, and credit information asymmetry; the phenomenon of farmers' loans difficulty has not been fundamentally changed. In order to improve the current situation of rural finance, the state proposes to develop new rural finance and innovate upon rural financial system. The new rural finance has many good development advantages, such as adequate information, flexible operation, and good potential quality of the assets. It is necessary to innovate upon financial products and services, establish the purpose of serving agriculture, countryside and farmers, strengthen the supervision of credit, and improve the financial infrastructure construction, so as to achieve sustainable developments.
基金Supported by Natural Sciences Foundation of China(70973097)
文摘Since rural microfinance is a credit which grants loans without collateral and guarantees to farmers,it is considerably important to evaluate and control the household credit risk.Through establishing the evaluation index system and then using catastrophe progression theory,three common types of catastrophe system and the normalization formula,we get the comprehensive evaluation.Finally,we take the empirical test and the result shows that this method is simpler and more objective which can be used by the credit cooperatives to decide whether to authorize the loans.
基金sponsored by the National Social Science Fund: "A Study on Regional Risk, Appropriate Decentralization and Reform of Local Financial Systems" (Grant No. 14BJY192)
文摘Inclusive finance is intended to address the barriers posed by financial exclusion to economic development. Therefore, an effective inclusive financial system must be designed to address financial exclusion rather than to provide long-term policy subsidies for financial relief. Financial exclusion in China has causes in economic development strategy, financial institutional arrangement, financial market structure, dominance of social relations, and constraints of risk evaluation. Eliminating financial exclusion and increasing financial inclusion essentially requires that our financial system be equipped with those functions through policy adjustment, institutional innovation and improvement of market rules. Existing bottlenecks of financial risk management should be eliminated to provide fair opportunities of financing for projects that contribute to social development with limited deviations from traditional credit costs. Inclusive finance is sometimes confused with policy subsidies, financial assistance and poverty relief loans, which cannot reflect efficiency, fairness and inclusion as the essential attributes of inclusive finance. The existing financial system must be adjusted to enhance risk management performance and advance financial market stratification and competition by creating fair and efficient legal and credit systems.
文摘Green finance is an important driving force for practicing the idea of green development and realizing sustainable development. As one of the five green finance reform and innovation demonstration district in China, the Guian New District between Guiyang and Anshun has played a key leading role in the development of green finance in southwest China. Since 2017, the green financial market in Guizhou province has achieved a leap-forward high-speed development. Based on this, this paper takes the idea of green development as the starting point, through in-depth analysis of the development status of green finance in Guizhou province under the policy control and guidance of the national and local governments,in order to find the limitations and obstacles in the development of green finance in Guian New District.In addition, at the end of this article, the author will further discuss the mechanism and path of green financial reform and innovation in Guizhou province from the aspects of perfecting policy guidance, optimizing organizational system, innovating products and services, etc. for effectively promoting the pace of green development in Guizhou province.
基金supported by the National Natural Science Foundation of China project "The joint mechanism and macro-regulation mechanism for national emission trading market of China"[Grant Number:71503288]the Research Base Project of Beijing Philosophy and Social Science Foundation "Payments for Ecosystem Services Mechanism that Supports The Synergetic Development of Ecological Protection in Beijing-Tianjin-Hebei Region"[Grant Number:16JDYJC039]the project "Environmental Risk Management for Corporate Lending in China's Commercial Banks" sponsored by the Scientific Research Foundation for the returned overseas Chinese scholars,State Education Ministry
文摘The measurement,reporting,and verification(MRV) of climate finance was originated from discussions under the United Nations Framework Convention on Climate Change(UNFCCC).It has been one of the key issues of global climate negotiations since 2009 and will continue to be of significant importance in addressing climate change and strengthening international trust.This paper analyses the concept,the objective,and the progress of the MRV of climate finance based on reviews of the latest literature and think-tank reports regarding climate finance regime and MRV.Following the analysis,challenges faced with the MRV of climate finance are illustrated.This paper presents that the comparability of climate finance data needs to be improved due to the variety of methodologies used for disaggregating climate finance.In addition,the integrality of the MRV system of climate finance has been impaired by the lack of feedback mechanism from the recipients to the contributors in reporting system.Furthermore,although accounting system of climate finance has been developing and improving,it remains incapacity in providing accurate data on disbursed climate finance.Responding to the above challenges,this paper proposes the key tasks in establishing a comprehensive MRV system for climate finance at international level.The tasks involve developing a measurement system with consistent data basis and accounting basis,a reporting system with more detailed guidance and standardized formats,as well as a verification mechanism balancing top-down and bottom-up review processes.In the last section,this paper concludes that the establishment of an improved MRV of climate finance requires concerted cooperation and negotiations between developed and developing country Parties under the UNFCCC.As one of the few developing country donors to the Global Environmental Facility(GEF),China is suggested to clarify its propositions as a developing country in aspects such as concept,coverage,and architecture of climate finance and MRV system,and gain bargaining power in improving operating and technical rules of international climate finance regime.
基金supported by Shandong Province Key Research and Development Program(Soft Science Project)(No.2021RKY01007).
文摘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.
基金The funding is sponsored by the National Social Science Fund of China(Grant No.18CGL015).
文摘Finance is the core of modern economy,and a strong country cannot do without the support of financial system.With the rapid development of economy and society,the traditional financial services can not support the increasingly large and complex economic system.As a brand-new format,financial technology can help the financial industry to restructure and upgrade.At the same time,as an international consensus,green development is the only way for China to achieve sustainable development.Therefore,it is of great practical significance to study the impact of finance on the regional development of green finance.Based on the essence of green finance development,fuzzy principal component analysis is used to build the green finance evaluation index system in this paper.Taking the data of three provinces and cities in the Yangtze River Delta from 2015 to 2019 as an example,QAP analysis is used to study the impact of financial tech-nology on the regional development of green finance.Research shows that expla-natory variables are highly significant,that is,financial technology has a significant role in promoting green finance.Finally,based on the research conclu-sions,this paper puts forward suggestions on how green technology can better promote the development of green finance from three aspects of top-level design,technical research and supervision.
基金the Key Project of the Key Research Base of Humanities and Social Sciences of the Ministry of Education“Study on China’s Anti-Poverty Strategy”(Grant No.:16JJD840007)the Country Key Research Base Project of the Department of Education,Sichuan Province“Study on the Policy Optimization for Modern Agriculture Industrial System in Sichuan Province under the Countryside Revitalization Strategy”(Grant No.:ZDF1801)the Soft Science Project of the Department of Science and Technology,Sichuan Province“Study on the Financing and Credit Extension Mechanisms of New Agricultural Operators under the Countryside Revitalization Strategy”(Grant No.:19RKX0123).
文摘Agricultural supply chain finance(SCF)plays a vital role in reducing poverty and linking smallholders with broader markets.By creating a multi-dimensional poverty index(MPI)for farmer households with A-F binary boundary method,this paper employs the propensity score matching and difference-in-difference(PSM-DID)method to estimate how farmers’cooperatives run by various entities affect farmer households’multi-dimensional poverty status.Our findings suggest that:(i)Each percentage of increase in the probability of farmers’access to SCF credit from their cooperatives makes it 8%and 10%more likely for farmers’MPI and multi-dimensional poverty order to decrease with a signi ficant poverty-reducing effect.(2)SCF credit from farmers’cooperatives run by large farmers,agribusinesses and the village cadres are signi ficantly poverty-reducing for full-time poor farmers.(iii)The higher non-farm incomes as a share of farmers’total income,the less poverty-reducing SCF credit from farmers’cooperatives run by large farmers and villagers becomes,and the more poverty-reducing SCF credit for agribusiness everyone cooperatives becomes.These findings highlight the importance of policy guidance for farmers’cooperatives to offer appropriate credit products and solutions according to local conditions,which is vital to maximizing the effects of targeted financial poverty reduction.
文摘The literature gap in microfinance paradox of double bottom line(financial performance vs.outreach)has always been an interesting area of research.This paper proposes a theoretical model most suitable for Islamic Microfinance Institutions(MFIs)which enables Islamic MFIs’to operate together with the existing financial models compliant with Islamic Shariah Law.This model is based on a distributed verification/decision-making process that might be realized(but not necessary)through block-chain.Among the available distributed verification techniques,blockchain technology is an attractive emerging computing paradigm due to its decentralized,immutable,shared,and secure data structure characteristics.This model proposes three significant propositions.First,sharing information through blockchain will allow a transparent network in MFI operations,which will raise confidence for donors resulting in a causal effect of a relatively lower profit rate to be charged by the MFIs.Second,the consensus mechanism will enable risk-sharing,a character of Islamic finance;thus,the MFIs will operate without any collateral for low-risk firms.Third,the double bottom line of MFIs’long-lasting paradox would be solved.As for practical implication of this proposed model,the causal impact of lower cost investment by the lenders would increase social welfare because of no collateral and no initial wealth requirement.The proposed model proposes a credit rationing approach where profit can be negative.No collateral will be used when calculating the creditworthiness of a borrower.
基金The research was co-completed by School of Journalism and Communication of Hunan Normal University and Financial Big-Data Research Institute of Hunan University of Finance and Economics.This research was funded by the National Natural Science Foundation of China(No.72073041)Open Foundation for the University Innovation Platform in Hunan Province(No.18K103)+2 种基金2011 Collaborative Innovation Center for Development and Utilization of Finance and Economics Big Data Property,Universities of Hunan Province,Open Project(Nos.20181901CRP03,20181901CRP04,20181901CRP05)2020 Hunan Provincial Higher Education Teaching Reform Research Project(Nos.HNJG-2020-1130,HNJG-2020-1124)2020 General Project of Hunan Social Science Fund(No.20B16).
文摘With the advent of the era of big data,traditional financial management has been unable to meet the needs of modern enterprise business.Enterprises hope that financial management has the function of improving the accuracy of corporate financial data,assisting corporate management to make decisions that are more in line with the actual development of the company,and optimizing corporate management systems,thereby comprehensively improving the overall level of the company and ensuring that the company can be in business with the assistance of financial integration,can better improve and develop themselves.Based on the investigation of enterprises and universities,this article analyzes the problem of accounting talent training from both the demand and supply ends,and puts forward some suggestions for the teaching reform of accounting integration with big data in financial colleges and universities,and strives to promote the integration of business and finance.The optimal allocation of enterprise resources will gradually enhance the market competitiveness of enterprises,and explore the application strategies of big data technology in the integration of enterprise business and finance.
文摘With the rapid development of information technology,internet financial products have been continuously launched,and many college students have joined the internet financial team.By investigating the current situation of college students’financial management,this study found several problems and deficiencies in college students’financial management and proposed countermeasures to these problems for colleges and universities to cultivate students’internet financial literacy as well as guide them to establish the correct concept of financial management under the internet financial environment,learn financial management knowledge,improve financial management capabilities and risk awareness,as well as choose appropriate internet financial management products.
文摘In recent years,the transformation of warehousing enterprises has garnered widespread attention.The integration of industry and finance in management accounting can provide financial management support for the transformation of warehousing enterprises,deliver accurate and effective financial and business information,facilitate managers’decision-making,and achieve the benign development of enterprises.This paper discusses the problems in the application of industry-finance integration in warehousing enterprises,including the low degree of informatization,inefficient internal cost control,and mismatched staff quality,and then proposes corresponding measures,such as establishing and improving information systems,establishing a comprehensive budget management system,and establishing management measures for the integration of industry and finance in warehousing enterprises,so as to strengthen the application of industry-finance integration in warehousing enterprises.
文摘As a useful supplement to China's financial system,the development of internet finance has promoted the innovation of financial model and injected strong vitality into the financial market.Internet finance provides customers with more convenient and fast financial services,effectively alleviates financial exclusion,and reduces information asymmetry.It is of great significance to promote the marketization of interest rate and the development of inclusive finance in China.However,internet financial risk events occur frequently,posing a serious challenge.Therefore,this research analyzes the causes of internet financial risks,and provides suggestions on internet financial risk supervision,so as to promote a healthy development of the internet financial industry in China.