The recent development of FinTech has raised concerns about the unique role of small banks in the small business lending market; therefore, this study investigates how FinTech affects small banks, focusing on their comparative advantage in the small business lending market. Our results suggest that FinTech development, either from BigTech firms or big banks’ adoption of technology, negatively affects small banks and decreases their small business loans and unsecured credit loans. Our mechanism analyses show that the technological advantages of BigTech firms and big banks facilitate their credit supply to small- and medium-sized enterprises and reduce SMEs’ demand from small banks, challenging the soft information-based business models employed by small banks. Conversely, small banks with superior technological capabilities and a longer local presence are less affected. Overall, our findings highlight the negative effect of FinTech development on the small bank advantage.

This paper utilizes unique high-frequency, daily electricity consumption data across economic sectors to examine the impact of monetary policy shocks on economic output, with a particular focus on the network spillover effects and sectoral heterogeneity introduced by inter-sector linkages. The study finds that quantity-based monetary policy (e.g., M2) generates significant positive and cascading spillover effects within the production network. However, the total effects of monetary policy shocks are broadly similar across upstream, midstream, and downstream sectors, exhibiting only minor differences. Notably, the proportion of network (indirect) effects increases systematically from upstream to downstream sectors and displays marked sectoral heterogeneity. In contrast, interest-rate-based monetary policy displays insufficient spatial spillover through production networks. These findings offer important insights for policymakers to optimize structural policy design and promote coordinated sectoral chain development, which can guide the pursuit of sustainable economic strategies that balance growth, resource utilization and sectoral interdependencies.

By using an enhanced enterprise matching approach, we obtained microdata on the supply chain interconnections between small and medium-sized enterprises (SMEs) and listed companies. Our findings suggest that becoming the main counterparties of listed companies can significantly improve the financing capabilities of SMEs through credit enhancement effects and supply chain finance. The credit enhancement effect of accounts receivable increases factoring and bill discounting for upstream SMEs; however, the funds obtained are often absorbed by listed companies through trade credit. SMEs with stronger market power tend to extend less trade credit and secure more loans, resulting in a more efficient structure and optimal amount of funds. These findings offer practical insights for guiding the development of supply chain finance.

Single-cell RNA-seq (scRNA-seq) analysis of multiple samples separately can be costly and lead to batch effects. Exogenous barcodes or genome-wide RNA mutations can be used to demultiplex pooled scRNA-seq data, but they are experimentally or computationally challenging and limited in scope. Mitochondrial genomes are small but diverse, providing concise genotype information. We developed "mitoSplitter," an algorithm that demultiplexes samples using mitochondrial RNA (mtRNA) variants, and demonstrated that mtRNA variants can be used to demultiplex large-scale scRNA-seq data. Using affordable computational resources, mitoSplitter can accurately analyze 10 samples and 60,000 cells in 6 h. To avoid the batch effects from separated experiments, we applied mitoSplitter to analyze the responses of five non-small cell lung cancer cell lines to BET (Bromodomain and extraterminal) chemical degradation in a multiplexed fashion. We found the synthetic lethality of TOP2A inhibition and BET chemical degradation in BET inhibitor-resistant cells. The result indicates that mitoSplitter can accelerate the application of scRNA-seq assays in biomedical research.

在中国式现代化的理论镜像下,共同富裕概念包含发展、共享、可持续性3个维度.法治既是实现共同富裕的重要保障力量,又是共同富裕本身所蕴含的制度资源,并作为共同富裕的系统构成与共同富裕彼此交融、相互给养、有机统一."共享型法治"正是基于"法治"和"共同富裕"的有机联结方式而对共同富裕之法治理想类型的概括.共享型法治体现了共同富裕概念的3个维度,包含中国式法治现代化新道路、良法善治新形态、数字法治新生态等新时代中国法理,具体表现在富裕型权利保障体系、普惠型法治服务体系、共建式法治运行体系、包容性法治价值体系等多个层面.

本文基于商业银行普惠型小微企业贷款数据,研究我国商业银行发展普惠金融对其风险承担的影响,以及宏观审慎评估体系纳入普惠金融指标对两者关系的调节作用.研究结果表明:第一,总体来看,普惠金融与银行风险承担间不存在统计上的显著关系,但城市商业银行发展普惠金融会提高其风险承担水平;第二,宏观审慎评估体系在2018年纳入普惠金融指标,可以通过成本渠道降低城商行因发展普惠金融提高的风险承担水平.进一步分析表明,城商行亦可以通过主动布局金融科技降低其因发展普惠金融而提高的风险承担水平.

"中国式现代化"道出了中国走上现代化道路的历史逻辑、实践逻辑和理论逻辑,为我们深入开展社会治理现代化研究提供了崭新的理论范式.从这一理论范式的思维视窗、理解系统和科学方法出发,不难看出,我国社会治理现代化道路具有独特的宏观样态,包括"管控-管理-治理"的社会治理转型,"以人民为中心"的社会治理理念,"共建共治共享"的社会治理制度,"三治融合"的社会治理机制,"一轴多元共治"的社会治理体系,"自上而下"与"自下而上"双向互动的社会治理形态.在全面建成社会主义现代化强国的新征程上,中国式社会治理现代化将呈现出以建设"美好社会"为总目标、以"市域社会治理现代化"为总抓手、以"法治"为轨道、以"数字科技"为动能、普惠中国且辐射全球的宏伟蓝图.

基于金融机构通过金融产品增持上市银行股份现象日益普遍的背景,本文运用2011-2019年上市银行数据,采用系统GMM和合成控制法(SCM),分析金融产品持股1对银行系统性风险的影响及其异质性,并探讨《商业银行股权管理暂行办法》(以下简称《股权办法》)限制金融产品超比例持有上市银行股份规定的效果.结果 表明:(1)当单家金融产品股东的持股比例均低于5％2时,其会利用专业优势更好地监督银行行为,金融产品总持股比例有助于降低银行系统性风险.(2)当第一大金融产品股东的持股比例超过5％时,其会利用话语权为自身牟利,导致银行系统性风险增加,削弱金融产品总持股比例对银行系统性风险的降低作用.(3)由于保险产品持股在金融产品总持股中占主导地位,其对银行系统性风险的影响与金融产品持股的作用一致;保险产品以外的其他金融产品总持股比例会降低银行系统性风险.(4)《股权办法》的实施有助于约束持股比例超过5％的机构投资者的冒险行为,进而降低相应银行的系统性风险.

宏观经济冲击引致的风险将通过实体和金融领域之间的联系蔓延至金融体系,本文从理论与实证两个方面对这一过程进行了深入分析.本文首先构建了包含家庭、企业和银行部门的两期一般均衡模型,揭示宏观经济冲击下银企风险的传导和联动;在此基础上,选取了 2017-2020年中国上市银行及其借贷关联企业的微观数据作为样本,以新冠肺炎疫情为例,实证检验了宏观经济冲击、企业杠杆与银行风险三者的关系.结果表明:1)企业杠杆增加会显著推升信贷关联银行的风险水平;2)宏观经济冲击会进一步强化企业杠杆上升对银行风险的推升作用;3)宏观经济冲击下企业杠杆增加对银行风险的推升效果存在异质性,在股份制银行、国有企业和大型企业中尤为明显.此外,宏观经济冲击下企业杠杆对银行风险的影响具有非对称性,对银行风险分布的50％及以下分位数存在显著影响且越趋于左尾效果越明显.

商业银行通过布局金融科技进行的金融服务创新,已成为深化金融供给侧结构性改革的重要举措.本文通过手工搜集2005-2019年323家商业银行与科技企业战略合作的数据,研究银行布局金融科技如何影响其信贷风险与经营绩效.结果表明:(1)银行布局金融科技战略能降低银行信贷风险,提高银行经营绩效;(2)银行布局金融科技通过提高其自身创新能力与竞争力从而降低银行的信贷风险水平;(3)银行布局金融科技,通过降低信贷风险、提升普惠金融服务、提高运营管理能力与拓展中间业务这四个渠道提高了银行经营绩效;(4)全国性银行发展金融科技使其信贷风险水平得到降低,资本充足率低的银行通过布局金融科技降低信贷风险的效果更强.同时,信用贷款比重越高的银行通过发展金融科技降低信贷风险、提高经营绩效的效果更加明显.本文研究有助于理解商业银行顺势而为所进行的金融科技布局的微观经济后果,也为进一步完善金融服务实体经济相关政策提供参考.

本文以2018年6月我国央行开始接受绿色信贷资产作为MLF合格担保品这一事件为准自然实验,运用双重差分模型分析我国新型货币政策的担保品扩容对绿色信贷企业融资的影响.研究结果表明:第一,将绿色信贷资产纳入央行合格担保品范围增加了绿色信贷企业的信贷可得性,并降低了绿色信贷企业的信贷成本;第二,企业的异质性分析表明,民营绿色信贷企业在融资可得性方面对政策反应更显著,国有绿色信贷企业在融资成本方面对政策反应更显著;第三,分行业的扩展性检验表明,央行合格担保品扩容政策对于环保行业的绿色信贷企业主要通过提高融资可得性发挥作用,而对于重污染行业的绿色信贷企业则主要作用于其信贷融资成本.基于以上实证结果,本文认为央行担保品扩容具有绿色效应,可综合运用央行担保品框架和借贷便利类货币政策工具,加强我国新型货币政策的定向调控功能.

This paper investigates the impact of economic policy uncertainty (EPU) on the corporate philanthropy (CP) behaviors of firms using a dataset from Chinese A-share listed firms. We find that, on average, firms decrease their CP significantly when economic policy uncertainty increases, but the response is heterogeneous for firms with different ownership types. Compared with their counterparts, private firms are willing to contribute more donations in an environment with high economic policy uncertainty. Further analysis shows that private firms take on more other types of corporate social responsibility at the same time, and private firms' additional CP in a high EPU environment is rewarded with more subsidies, indicating that altruistic and political motives may play important roles in driving the CP behaviors of private firms. There is no evidence that private firms selling products directly to consumers are more likely to engage in additional CP. Our findings indicate that the main motivation behind Chinese private firms' additional CP under high economic policy uncertainty is seeking more government resources, instead of keeping consumers loyal by maintaining good reputations during hard periods.

村委会作为村民自治组织,如何管理村级集体经济资产,如何贯彻落实各项惠农政策,如何使用各项专项资金,都是村民群众关心的问题,但随着我国社会经济整体水平的提高和中央禁令和反"四风"活动的开展,越来越复杂的问题在基层凸显出来,本文通过分析我国农村财务管理方面存在的问题以及原因,提出相应的建议和意见.

We conduct a textual analysis of 0.9 million product announcements to examine how artificial intelligence (AI) is reshaping market competition during the COVID-19 pandemic. We find that the revenues for firms that were engaged in AI before the pandemic increased faster in 2020. This effect is potentially due to the increased human digital footprint and is stronger in developing countries and countries with better property rights protection. Overall, our study has implications for practitioners and policymakers about the benefits of applying AI and cautions against blindly pursuing AI without considering national backgrounds.

我国正处在传统社会向现代社会转型的变革期,行进在全面现代化的历史进程中.新中国成立以来,离婚的制度实践伴随着婚姻家庭立法的多次修改不断完善,在传统和现代的碰撞中生成的离婚法理也由于《民法典》的出台而沉淀下来.在现代化转型的大背景下,离婚法理表现在文明、制度和人的三重维度中,离婚自由和离婚权利是社会进步的文明表征,离婚是规范婚姻家庭关系、确认爱情消亡的法律制度,离婚是合法解除婚姻契约、正当调整社会关系的善治程序.

央行担保品管理框架作为现代中央银行制度的重要组成部分,关系着合格担保品范围内的资产价格与相关企业融资成本.本文基于2013年央行担保品管理框架设立这一准自然实验,运用双重差分模型分析被纳入合格担保品范围债券的信用利差所受的影响.结果 表明:第一,央行担保品管理框架会显著促进被纳入合格担保品范围债券信用利差的下降,起到降低企业融资成本的作用.第二,央行担保品管理框架对不同所有制企业债券的影响具有异质性,对民企债券信用利差的降低作用更大,其次是中央国有企业,最后是地方国有企业,原因在于央行对民营企业的增信作用较强.第三,当央行实施宽松的货币政策或当债券市场中合格担保品比例较高时,担保品管理框架对信用利差的作用效果会减弱.因此,为支持经济的重点领域与薄弱环节,央行可以将相关债券或信贷资产纳入合格担保品范围,引导其融资成本下降,缓解民营企业“融资难融资贵”.同时,应将货币政策与债券市场环境纳入考虑,让担保品管理框架更好地发挥作用.

为了防范系统性银行危机的发生,我国于2015年推出了存款保险制度,该制度能否有效降低我国银行系统性风险是关乎金融稳定的重要现实问题.以我国存款保险制度的实施为契机,本文基于16家上市银行2010年第四季度～2017年第二季度的面板数据,首先,将金融机构间的关联网络和金融机构市值纳入到系统性金融风险的测度中,进而探讨我国存款保险制度对银行系统性风险的影响及其作用渠道.结果表明存款保险制度的实施显著提高了其他商业银行(中、农、工、建以外的商业银行)的系统性风险;存款保险制度主要通过影子银行渠道增加其他商业银行的系统性风险.本文的研究对于我国强化影子银行的宏观审慎管理、引入基于银行系统性风险的差别存款保险费率设计和完善系统重要性金融机构的评定,具有一定的借鉴意义.

本文研究了商业银行战略投资者对银行效率的影响,探讨了不同类型战略投资者对银行效率影响的差异,并对战略投资者影响银行效率的渠道进行分析.基于城市商业银行的战略投资者更为多元化,本文选取2008-2016年102家城市商业银行为样本,运用双重差分模型与中介效应模型进行了检验.实证结果表明:第一,引入战略投资者能显著提高我国商业银行的效率.第二,境内金融机构战略投资者是商业银行战略引资时的最佳选择,其次是境内非金融机构战略投资者,最后是境外战略投资者.第三,战略投资者尤其是境内金融机构战略投资者可以通过“引制”与“引智”渠道促进银行效率的提高.

本文采用事件分析法,利用2009-2016年度企业社会责任报告的润灵环球评价指数,检验了我国A股市场对披露社会责任信息的企业的反应.研究结果显示,股票的累计异常收益率与企业社会责任报告并无显著关系.这一结论在对样本企业根据社会责任报告披露是否自愿、企业性质是否为国企、企业是否属于重污染行业等特征分组检验后依然成立.进一步研究发现,市场对披露评分较高社会责任报告的企业给予了一定的肯定反应;而对披露评分较低报告的企业反而在一定程度上表现出负面的反应;且社会责任报告的质量与市场的表现有一定的正相关性.研究表明社会责任报告整体质量偏低、公众的企业社会责任意识较弱是制约资本市场对企业社会责任信息披露评价的主要因素.本文的研究发现为企业与监管政策从一味追求社会责任报告披露数量的增长向注重质量提升的转变提供了一定的理论依据.

刘澜飚(南开大学):我国金融系统性风险的内在机理和表现形式与西方有根本的不同.中国的金融系统性风险的可能来源之一,是实体经济运行过程中出现的对金融的过度侵蚀,在银行方面表现为不良资产的快速增长,当然这与大型企业债务结构和性质及与银行的融资偏好有关. 谈防范系统性风险,就要把中国的企业发展好,发展好的前提是金融要支持实体经济.如果简单用把钱能够贷给企业就看成是金融支持实体经济发展,那其实是在重复过去不断产生风险的逻辑.