随着移动支付快速发展及社会经济金融形势变化,区域性现金运行呈现一些新特点,对区域现金服务和管理产生冲击,影响了社会公众对现金服务的获得感和满意度,社会关注度较高.应对这种新形势,亟须加强有效现金管理.为此,本文对区域性现金运行中的新挑战及其表现、成因和影响进行了分析,并结合工作实践对提高现金有效管理的途径进行了探讨,以期补足现金运行短板,优化现金服务流程,提升现金服务质量,满足社会多层次现金服务需求.
With the arrival of the generative AI era,it is about to become a reality for fintech to make the leap to the smart technology level,while the follow-through at the institutional level of risk governance has yet to materialize.The prevention and regulation of fintech data risks in the generative AI phase should become a new and hot legal topic,which urgently needs to be governed by a more advanced and comprehensive legal path.Data quality compliance risk,privacy compliance risk,and monopoly compliance risk of generative AI stage fintech,the legalized system construc-tion of compliance governance is given necessity and legitimacy.However,because it is a new legal formulation,the construction of financial data compliance system in China's generative AI stage has three levels of legalization obstacles,namely,white space in the supply of legal system,dilemma of administrative guidance and supervision,and insuffi-cient judicial protection.It should be targeted to achieve attempts and breakthroughs in the construction of its legaliza-tion system from the three levels of legislative guidance,administrative enforcement and judicial operation,but the le-galization of financial data compliance is not the end point of fintech data risk governance at the stage of generative AI,but only a stage-by-stage result of risk governance in the process of development of fintech,which still requires the emergence of more legalization means.
The promulgation and implementation of the Environmental Protection Tax Law promotes the reform of China's green tax system and is crucial for the green development of heavy polluters.This paper adopts the data of A-share listed companies in heavy pollution industry from 2011 to 2022,and studies the impact of environmental protec-tion tax on green M&A of heavy polluters and its mechanism of action based on Change in Change(CIC).The study finds that environmental protection tax effectively promotes the green M&A of heavy polluters,and influences the green M&A of heavy polluters mainly by promoting the internal initiative to improve the ESG performance of the firms and by increasing the legitimacy requirements externally.Further analysis reveals that environmental protection taxes have different effects on different types of green mergers and acquisitions,with a more pronounced promotion of verti-cal green mergers and acquisitions;at the same time,environmental protection tax has a more prominent role in pro-moting green M&A for small-scale,high risk-taking level and heavy polluters in the growth and maturity period.The study reveals the relationship between environmental protection tax and green mergers and acquisitions of heavily pollut-ing enterprises,which is an in-depth study of corporate environmental protection investment and green transformation,and provides important empirical evidence for further improving China's Environmental Protection Tax Law.
The proliferation of"greenwash"has become an obstacle on the road to ecological civilization and sus-tainable social development.In order to explore the effective solutions for the management of corporate"greenwashing"behavior,this paper takes the relevant data of A-share listed companies in Shanghai and Shenzhen from 2008 to 2021 as the research samples,and empirically explores the impact and mechanism of directors'and supervisors'liability in-surance on corporate"greenwashing"behavior.The study finds that directors'and supervisors'liability insurance can sig-nificantly curb corporate"greenwashing"behavior.Mechanistic analysis suggests that improving the quality of internal control and alleviating financing constraints are intrinsic channels through which directors'and supervisors'liability in-surance can curb"greenwashing"behavior.At the same time,this paper also finds that the governance effect of direc-tors'and supervisors'liability insurance on"greenwashing"is more obvious in state-owned enterprises and enterprises in non-polluting industries.Further analysis shows that,from the perspective of external monitoring mechanisms,there is a certain substitution effect between government regulation and media monitoring and the"greenwashing"governance function of directors'and supervisors'liability insurance,while investor concern plays more of a complementary role in the"greenwashing"governance of directors'and supervisors'liability insurance;in terms of the characteristics of the management team,a higher proportion of women in the board of directors and supervisors,a younger average age,and a higher number of overseas backgrounds can help to strengthen the inhibiting effect of directors'and supervisors'li-ability insurance on the behavior of"greenwashing".The findings of this paper provide a meaningful reference for the development of directors'and supervisors'liability insurance and the regulation of"greenwashing"behavior.
Taking the 2017 green financial reform and innovation pilot zone policy as the institutional background,this paper empirically examines the impact and mechanism of green financial pilot policy on carbon emissions of heavy polluters based on the data of 420 listed companies in heavy pollutant industries in Shanghai and Shenzhen A-shares from 2012 to 2021 by using a double difference model.The study finds that the green finance pilot policy significantly reduces carbon emissions from heavy polluters,and the above findings are more significant in non-state-owned heavy polluters,heavy polluters with a high dependence on external financing,and provinces with a high degree of distor-tion in industrial structure.Mechanism analysis shows that the green finance pilot policy,while curbing carbon emis-sions from heavy polluters by promoting environmental governance,also realizes carbon emission reduction in the short term by increasing financial investment and reducing inventory investment in heavy polluters.The research in this paper provides a new evidence for recognizing and evaluating the carbon emission reduction effect of green finance pi-lot policies,and also provides empirical support for promoting the optimization and upgrading of green finance pilot policies.
