Regional green finance development and local green innovation:Evidence from a quasi-natural experiment of green bond issuance in China

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.

Can whole steps of grain production be outsourced? Empirical analysis based on the three provinces of Jiangsu,Jilin,and Sichuan in China

Certain outsourcing services for agricultural management in China,such as pest control in grain production,have experienced prolonged sluggishness,contrasting with the relatively high level of outsourcing services observed in harvesting,land preparation,and sowing.This study examines the feasibility of implementing whole-step outsourcing in grain production by conducting a case study of rice and maize production in Jiangsu,Jilin,and Sichuan provinces in China.The provision of outsourcing services hinges on two essential conditions:technological advancements fostering specialized production and economies of scale,coupled with a market size sufficient to realize the aforementioned potential economies of scale.The results showed that outsourcing pest control or harvesting services had varying economies of scale.The outsourcing services in pest control were less common than in harvesting services,and their marginal growth space of the economies of scale with technological change was also smaller.Determined by the operational characteristics of pest control itself,the market scale of its professional services is small.Therefore,achieving the whole-step outsourcing of grain production necessitates not only technological innovation but also effective policy interventions to overcome the constraints of market scale.Such interventions include(1)optimizing crop layouts between planning regions and reducing land fragmentation and(2)supplying timely and effective inter-regional agricultural information for service providers aided by information technology.

State-Owned Capital Participation in Private Enterprises:A Perspective of Debt Financing

This study takes debt financing as the entry point and explores the impact of state-owned capital participation in private enterprises from the perspectives of“unarticulated rules”and“articulated rules”.The study finds that state-owned capital participation significantly reduces the debt financing costs of private enterprises and expands the scale of their debt financing.This conclusion remains valid after a series of endogeneity and robustness tests.Further analysis of the mechanism reveals that state-owned capital participation improves the debt financing of private enterprises through multiple channels:Enhancing their social reputation,mitigating the“statistical bias”they face,optimizing their information quality,and reducing the“shareholder-creditor”agency problems.This paper conceptualizes these benefits as the“complementary advantages of heterogeneous shareholders”.This not only constructs a theoretical framework for“reverse mixed-ownership reform”but also better narrates the Chinese story of“mixed-ownership reform”by adopting a more universally applicable theory of equity structure.Additionally,the paper supplements existing research on the macro-and meso-level relationship between the government and the market by exploring the government’s positive role at the micro-level.

Study on Path Selection and Implementation Effect of Counselors in College Students’Career Planning Education

Under the background of a severe job market and fierce talent competition,the career planning education of college students is of great importance.In this study,a combination of quantitative and qualitative research methods was used;500 students in Shenzhen Polytechnic of Information Technology were surveyed by questionnaire,and 40 counselors were interviewed in depth to comprehensively analyze the role and practical effect of counselors in career planning education.The research showed that the role positioning of counselors includes the guide of students’career development,emotional support,and job-hunting strategy,and the specific path selection involves the strengthening of professional knowledge,the construction of interpersonal relationship networks,and personalized counseling.Based on the survey and interview data,this paper constructed a model for enhancing the role of counselors in career planning education and put forward a set of targeted work paths.

Study on the Influence of New Media on College Students’ Physical Exercise Behavior

New media is becoming an important method to promote physical exercise,and it is also an essential factor affecting the physical exercise behavior of college students.This study takes the influence of new media sports information on college students’physical exercise behavior as the research objective.By using a questionnaire survey and mathematical statistics,545 college students in Shandong Province of China are selected as research samples.Based on the theory of new media exposure,fitness behavior theory,and self-efficacy theory,this study systematically discusses the influence and mechanism of new media exposure on the physical exercise behavior of college students in Shandong Province,so as to help college students improve their physical exercise behavior.

Systematic Risk Analysis of Listed Financial Institutions from the Perspective of Complex Network

Based on the complex network theory,this paper studies the systemic financial risks in China’s financial market.According to the industry classification of the China Securities Regulatory Commission in 2012,the daily closing prices of 45 listed financial institutions are collected and the daily return rates of each financial institution are measured according to the logarithmic return rate calculation formula.In this paper,the risk spillover value ΔCoVaR is used to measure the contribution degree of each financial institution to systemic risk.Finally,the relationship between the risk spillover valueΔCoVaR and the node topology index of the risk transmission network is investigated by using a regression model,and some policy suggestions are put forward based on the regression results.

Research on the Status Quo and High-Quality Development of Sino-Foreign Cooperative Education in China

Faced with unprecedented changes in the world,China has chosen to continue expanding its opening-up and actively cooperate with other countries.Internationalization of education is one of the important directions for the future development of universities.Since the reform and opening-up,a series of Sino-foreign cooperative education policies have been successively released,forming a relatively systematic and complete policy system.Under the promotion of policies,Chinese universities actively engage in Sino-foreign cooperative education,with increasingly frequent educational exchanges and a clear trend towards internationalization.The scale of Sino-foreign cooperative education is also constantly expanding.It is worthy to explore how to draw on advanced teaching experience from overseas,continue to promote Sino-foreign cooperative education,and improve the quality of Sino-foreign cooperative education.

Sustainable Development of New Rural Finance in China

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.

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.

Survey Explores Symbiotic Relationship between China's Nonofficial Finance and SMEs

Domestic and foreign studies have revealed the existence of an interactive development relationship between nono cial nance and small and medium-sizedenterprises.Based on the empirical findings of a Hangzhou case study,this article substantiates the existence of a very strong symbiotic relationship between China’s nono cial nance and small and medium-sized enterprises(SMEs).This symbiotic relationship is an equilibrium outcome among three market players:formalnance,nono cial nance and SMEs.Meanwhile,it is also a rational choice and suboptimal equilibrium point reached under the existing institutional spaceconstraints.In our empirical study,we found that formal nance failure left a space for symbiosis to survive in two ways:the comparative advantages of nono cialnance created an institutional basis for symbiosis to grow,and immense SME fund shortages created a market space for symbiosis to thrive.In this article,we alsoput forward some recommendations for further development of such a symbiotic relationship.

Spatial-temporal Evolution and Influencing Factors of Digital Financial Inclusion: County-level Evidence from China

The vigorous development of information and communications technology has accelerated reshaping of the financial industry. The COVID-19 pandemic has further catalyzed the demand for digital financial services. Digital financial inclusion relies on information technology to overcome spatial limitations. In this case, the research question is whether it adheres to the spatial laws governing conventional financial activities. This study uses exploratory spatial data analysis and a geographical detector to elucidate the spatiotemporal characteristics and factors influencing digital financial inclusion at the county level in China(Data don’t include that of Hong Kong, Macao and Taiwan of China) from 2014 to 2020. The research findings indicate: first, China’s county-level digital financial inclusion is generally increasing and exhibits significant spatial autocorrelation. Second, population density, level of traditional financial development, government regulation, and education level are key determinants of China’s county-level digital financial inclusion. Third,policies should be differentiated by region to narrow the spatial gap in digital financial inclusion. The results provide a reference for other developing countries on using digital technology to develop financial inclusion.

Current Situation and Problems of College Students’Financial Management in the Era of Internet Finance and the Countermeasures

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.

Teaching Team Construction and Teaching Reform of the School of Communication Under the Background of New Liberal Arts - Taking Sichuan University of Media and Communications as an Example

Under the background of new liberal arts,in order to run a major well as well as highlight its characteristics and advantages,private colleges and universities cannot do without the construction of professional teaching teams and teaching reforms.Taking Sichuan University of Media and Communication as an example,a series of explorations and practices has been carried out from the aspects of professional team construction,personnel training objectives,professional curriculum system,professional teaching mode,and professional teaching quality,in which good results have been achieved.On this basis,a training base for journalism and communication talents serving the whole Sichuan Province and even the western region is constructed,so that the results of the project have a certain demonstration and promotion value for the construction and development of similar majors in new institutions of higher learning in Sichuan Province.

Inclusive Finance,Income Gaps and Common Prosperity

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.

Development Status, Causes of Risks, and Risk Supervision Suggestions on Internet Finance in China

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.

Discussion on the Application of Industry-Finance Integration in Warehousing Enterprises

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.

Impact of minimalism on consumers’ low-carbon innovation behavior: Interactive role of quantitative behavior

Minimalism has become a new consumer trend that can guide low-carbon innovation behaviors.This study uses two experiments and one survey to explore the mechanisms underlying the relationships among minimalism,quantitative behavior,and low-carbon innovation behavior.The results show that(1)minimalism can positively influence consumers’low-carbon innovation behavior;(2)the interactive effect of minimalist and quantitative behavior on low-carbon innovation behavior is significant;and(3)meaning in life can play a significant mediating role in the relationship between minimalism and low-carbon innovation behavior.Finally,corresponding strategies for theory and management practices are proposed.

Probability of informed trading during the COVID‑19 pandemic:the case of the Romanian stock market

Using data from the Bucharest Stock Exchange,we examine the factors influencing the probability of informed trading(PIN)during February—October 2020,a COVID-19 pandemic period.Based on an unconditional quantile regression approach,we show that PIN exhibit asymmetric dependency with liquidity and trading costs.Furthermore,building a customized database that contains all insider transactions on the Bucharest Stock Exchange,we reveal that these types of orders monotonically increase the infor-mation asymmetry from the 50th to the 90th quantile throughout the PIN distribution.Finally,we bring strong empirical evidence associating the level of information asym-metry to the level of fake news related to the COVID-19 pandemic.This novel result suggests that during episodes when the level of PIN is medium to high(between 15 and 50%),any COVID-19 related news classified as misinformation released during the lockdown period,is discouraging informed traders to place buy or sell orders condi-tioned by their private information.

Present Situation, Problems and Strategies of Agricultural Credit Policy in Dingxi City

This paper analyzes the current situation of agricultural credit policy in Dingxi City,and further studies the problems in the implementation of credit policy in Dingxi City,and puts forward strategies and suggestions according to these problems.

Analysis of Agricultural Product Marketing Channels with Tashan Pomegranate as an Example

In the context of the digital economy, agricultural product marketing has also undergone new development, and the models of agricultural product marketing are constantly innovating. Based on the current sales situation of Tashan Pomegranate, this paper analyzed the existing sales channels of Tashan Pomegranate. It found that Tashan Pomegranate currently has insufficient online marketing channels, incomplete logistics system, and a lack of comprehensive talents in online marketing. In response to the existing problems, constructive recommendations are proposed for the online marketing channels of agricultural products in Lieshan District, and a network marketing path suitable for Tashan Pomegranate in Lieshan District was explored.