绿色金融是金融创新的重点,旨在调控资本供给,实现环境向好发展。以绿色债券为例,基于2016—2019年中国142个地级以上城市,使用面板数据模型和空间杜宾模型探讨政策激励、金融基础、环境污染对绿色金融的影响。结果显示:（1）中西部地区引入绿色金融的城市数目较多,东部地区是绿色金融规模增长的承载区域。（2）政策激励和金融基础显著提升绿色金融规模,而环境污染起到抑制作用。（3）不同区域的政策措施都能与金融基础协同,促成绿色金融发展。仅在东部地区,政策激励能够缓和环境污染的负面影响。研究表明,绿色金融的发展模式存在区域差异,东部地区是在政策激励和金融基础推动下的顺势转型,中西部地区则需应对环境污染造成的阻力。

基于2015-2018年中国335个地级以上城市,使用面板数据模型剖析绿色金融对污染性产业的技术效应,探讨其与环境规制、研发投入的交互作用,区分不同产业类型,厘清绿色金融技术效应的空间差异.结果 表明:绿色金融能够在不同区域促成污染性重工业和轻工业技术创新;绿色金融与环境规制协同互补,并且这种协同对轻工业更有效,在中西部地区更突出;对于污染性轻工业,绿色金融通过提升研发投入激励技术创新的现象广泛存在,而污染性重工业仅在西部地区出现类似现象.绿色金融的技术效应呈现轻工业强于重工业,西部地区优于中部和东部地区的特征,结合中国环境治理与科技创新现实,绿色金融与环境和科技政策有望相互增益.

Green finance is a novel concept that combines environmental protection with finance. It aims at ensuring sustainable development by regulating investment and financing. The features of green finance meet the demands of China's economic transformation and environmental protection. Since 2015, green finance has increased rapidly in China and attracted a great deal of research. Previous studies focus on the concept, overseas experience, development models, and policy incentives, while green finance's environmental effect has been largely neglected. Theoretically, we deduce that as an innovation of environmental governance, green finance would potentially promote the impact of the existing environmental regulations. Moreover, both green finance and environmental regulations can alleviate pollution through upgrading the regional industrial structure and stimulating technological innovation. Moving on to regional heterogeneity, we hypothesize that the effects of the two kinds of environmental governance are varying across regions. This paper applies the econometric model to explore green finance's impact on the Chinese urban haze pollution and its interaction with environmental regulations, industrial structure, and technological level. Our dependent variable is the volume of the reduction of the haze pollution index in 289 Chinese prefectural cities. The scale of green finance in each city is denoted by the insuring scale of green bonds. Environmental regulation is denoted by a commonly used indicator system consisting of two kinds of contaminants: sulfur dioxide and liquid waste. Industrial structure is denoted by the percentage of the secondary industry to GDP in each city. Technological level is denoted by the number of selected patents over prefectural industrial output. We confirm the correlations between variables by descriptive analysis and apply the Spatial Durbin Model to test our hypothesis. The results show that green finance has significant spatial spillover, as a high level of regional green finance can benefit the alleviation of haze pollution. Green finance and environmental regulation exert a synergistic impact on improving environmental quality. Compared to the eastern and western regions, the synergistic impact is less significant in the central part of China. Green finance can reduce pollution by optimizing local industrial structure and upgrading technology. In both eastern and western regions, green finance's structural and technique effects are significant and positive, while in the central areas, the structural effects are not noticeable. Compared to environmental regulations, green finance has a stronger technique effect and a weaker structural effect. This article argues that the impact of green finance and environmental regulations on alleviating environmental pollution can complement each other. Thus, we suggest several policy implications. First, the policy system of green finance should be modified by taking existing environmental regulations into consideration. For example, restrictions on investment and financing can be applied to punish polluting firms and institutes. Second, with the significant effect of green finance on technological innovation, green finance should be encouraged to promote regional industrial upgrading. Third, the development and potential of green finance is varying across regions. Thus, mechanisms for promoting regional cooperation should be established to enhance the inclusivity of green finance. Overall, implementing green financial instruments can help different regions balance their environmental and economic goals and achieve sustainable development.

借助SE-DEA模型测算2003—2016年中国省级金融效率,利用面板门槛模型实证分析政府干预、金融效率与经济增长的关系。研究结果发现:在全国层面上,金融效率对经济增长存在显著的双重门槛效应,高水平的金融效率将显著促进经济增长,但在高金融效率下增加政府干预会抑制经济增长;在区域层面上,东、中部地区金融效率对经济增长存在单一门槛效应,考虑地方政府调控因素,发现政府调控提升金融效率促进经济增长的效果具有区域差异性,在金融体系发达的东部地区,高金融效率阶段下增加政府干预改进金融效率的经济增长效应并不显著,在金融欠发达的中西部地区,地方政府调控增强了中西部地区金融效率促进经济增长的影响力度,其中西部地区改进效果最好。

随着我国“绿色可持续发展”进程的推进和供给侧结构性改革的进一步深化,社会影响力投资理念指导下的投融资模式创新不仅契合当前的政策方针,也将极大地满足国内公共服务事业以及优质中小企业的融资需求.本研究旨在搭建多方参与、利益协调的资金融通平台,基于国内外影响力投资的发展现状,通过结构化合同的拟定,分阶段引导具有不同程度“非财务回报”需求的资金进入影响力投资领域.其中,针对资金募集端,需将行为金融学的相关研究融入财富管理业务设计;而针对投资端,则可引进共益企业认证以完善第三方评估体系.

面对严峻的社会公共问题,以及经济社会发展失衡所带来的挑战,政治维度、经济维度和社会维度的有机融合,多元主体的力量协同是寻求解决路径的根本思路.无论是从非营利向着自我造血转型的混合型社会组织,还是将社会责任纳入公司治理理念的共益企业,都是试图弥合公共领域和私人领域的鸿沟,跨越公益和商业绝对分化的尝试,两条路径从两处起点相向而行,最终会在经济问题和社会问题的平衡点交汇.

在社会公共领域,面对基层政府公共服务供给效率低下、社会公共性成长缺失的治理问题,创新社会治理应当寻求“行政引导”与“社会自治”相结合的社会共治模式.社会共治的治理体制改革不仅需要政府加快“放管服”的改革进程,也需以具备专业性和创新力的社会组织业态作为承接政府公共服务职能的社会基础,还需权衡基层政府的治理效率和风险,采用“适度”的行政干预将社会自治能力的生长控制在适当范围内.社会建设引导基金是公共治理的一次创新尝试,在社会共治理念下,它通过融合“政治”“社会”“经济”三个维度的机制设计,整合政府、社会组织、公众和企业的优势力量,最终实现多元主体的协同增效,推进公共服务的供给侧改革.

我国农村的公共服务供给在政治维度、社会维度、经济维度上呈现碎片化状态,具体体现为行政权力划分不明晰、治理主体单一且主体间缺乏互补协同、社会资本参与不足,碎片化特征严重制约着农村公共服务的持续发展,导致其供给水平无法满足农村日益多样化的社会需求.面对农村公共服务领域的供需张力,在整体性治理理念下,以社会影响力债券作为创新农村公共服务供给机制的基础,该机制通过协调层级政府部门间的权责配置,整合多元治理主体的资源优势,拓宽农村公共服务项目的资金渠道,从而解决农村公共服务供给的碎片化问题,实现农村公共服务整体水平的提升.

区块链作为国家核心技术自主创新重要突破口,分析区块链技术发展现状与竞争格局对国家科技创新发展具有重要意义.本文基于德温特数据库,首先对技术发展阶段、主要竞争国家/地区及主要专利权人进行识别,然后从技术关注热点、核心技术领域进行国际竞争态势分析,最后采用专利组合评价指标与国家层面确定主要竞争国家/地区综合竞争地位.研究发现:区块链技术处于快速发展阶段;我国在金融、管理等数据处理系统与数字信息传输热点技术领域具有竞争优势,但美国在主要核心技术领域实力较强,专利技术具有核心竞争力;我国与美国均处于技术领导者地位,我国专利活动最强,美国第二,但美国专利质量高于我国,我国在专利质量上存在短板.最后针对我国存在的问题提出对策建议.

We study the effects of switching from business tax (BT) to value-added tax (VAT) on the performance of firms in the Chinese transport industry, in an effort to determine whether the change in policy improves firm performance. We study the effects of this new VAT reform from a theoretical perspective, and test the effects on 49 listed transportation firms using a difference-in-differences model. The results indicate that VAT reform has a positive effect on profitability and the growth ability of firms in the transport industry, but no significant effects on the debt-paying ability and operating capability of firms are found. Furthermore, we propose some suggestions for speeding up the development of transportation firms by replacing BT with VAT.

This chapter analyzes the cases of Huawei’s CSR program and the Society of Entrepreneurs and Ecology, a NGO organized by a group of companies, to explore the recent development of CSR in China. Three actors of central importance for recent trends are identified: the government, NGOs, and Chinese MNCs. An updated timeline is brought forward, which separates the introduction of CSR to China into a period of passive acceptance (1990s), learning and adoption (2000s), and active engagement (2010s). A promising trend is identified, with the limitation that second element of CSR, reducing the adverse effects of the company’s commercial activities, is not getting enough attention.

This paper examines the correlation between banks' ownership structure and lending behaviour in China using micro-level data on China's banks during the 2003-2015 period to identify possible different patterns in bank lending supply responses to changes in the economic environment, with a focus on understanding whether bank lending patterns follow procyclical or countercyclical allocation rules. We analyse how different types of loans correlate with bank ownership and find that state-owned banks and banks with relatively higher levels of government ownership follow more countercyclical lending allocation rules, which indicates that China's government uses the financial sector as an instrument to mitigate procyclicality in lending behaviour. We further find that the loan allocation patterns vary significantly for different types of loans in China. In particular, individual consumer loans and corporate loans exhibit clear countercyclical patterns-particularly among state-owned banks-while residential mortgages show much smoother patterns over time and seem to be less affected by the business cycle.

在全面深化改革的当下,面对社会公共服务供给不足、质量低下的问题,社会公共领域的创新治理应当融合社会维度、政治维度和经济维度的体制机制,寻求“多元主体参与、多重机制互补制衡”的协同治理改革路径.多元协同治理强调多方治理主体的共同参与,主张“政府引导、市场竞争、社会制衡”的机制互补.在这一治理理念下,社会影响力债券可作为公共服务供给机制创新设计的可能路径之一.它通过整合公共服务供给侧的各个运作环节,利用多元主体的角色分工,充分发挥优势互补的协同增效,对促进“政府引导、社会协同、共建共治共享的社会治理新格局”的形成具有实践意义.

基于2015年中国综合社会调查(CGSS)中的农村居民样本数据,应用倾向得分匹配法对人力资本投入差异对农村居民个体间的收入影响进行深入研究.同时,消除变量之间的自选择性和降低估算偏差.研究发现,接受较高水平程度的人力资本投入能够使农村居民的月收入提升63.9％.此外,人力资本投入对新生代群体收入的影响要更强,女性人力资本投入增加引起收入增长的幅度要高于男性.相关监管部门应加大农村居民的人力资本投入水平,并鼓励农村女性接受高水平教育.

县域经济是国民经济的重要组成部分和支撑点,富国必须富县.县域经济的可持续发展尤为重要.克服传统生态足迹模型存在的缺陷,本文采用改进的生态足迹理论对四川宜宾市的人均生态足迹进行了计算,在此基础上构建面板数据模型,分析各区县人均生态足迹与经济增长之间的关系.研究结果表明:宜宾市各区县人均生态足迹逐渐增加;高县生态资源利用率较低,而翠屏区生态资源利用率较高;林地、化石能源生态足迹对经济起到了促进作用,而耕地、草地、水域和建筑用地生态足迹对经济增长起到了抑制作用.

This paper constructs a three-stage Slacks-Based Measure (SBM) model to evaluate and analyze the total-factor energy efficiency (TFEE) of 276 cities in China during the period of 2000–2012 from the management and environment dual perspectives according to the principles of multi-stage Data Envelopment Analysis (DEA) model. In the first stage, a SBM-DEA model is applied to assess TFEE scores to illustrate the effects of the energy factors, while considering the undesirable output. In the second stage, we adjust the original data, and then in the third stage, we use SBM model again to get efficiency evaluation and obtain pure management efficiency of every decision unit. The results show that Chinese TFEE is still low and energy saving potential can be up to 34–46%, showing an inverted “U” shape tendency and characteristic of regional imbalance. Based on these findings, we further put forward some paths and strategies to improve Chinese energy efficiency.

借鉴Koopman和王直等提出的全球价值链参与度指数、地位指数和长度指数,基于产品生产分工过程的"碎片化"和"分割化"属性,运用WIOD和对外经济贸易大学发布的投入产出和全球价值链统计数据,对比分析我国制造业及其细分行业在全球价值链中的发展形势与特征.研究结果表明:制造业及其细分行业全球价值链参与度主要由深向参与度驱动,产品生产过程复杂;制造业全球价值链地位指数和长度指数之间不存在显性的相关关系,地位指数和长度指数受2008年世界金融危机影响较为显著;中国制造业全球价值链参与度指数和地位指数整体排名较为靠后,但观测期内呈现波动上升态势;中国制造业细分行业全球价值链参与度指数、地位指数和长度指数存在行业异质性,劳动及资源密集型产业存在显性比较优势,知识、资本和技术密集型产业存在显性比较劣势.

近年来,随着石油能源不断变得稀缺,以农产品为原料的生物质燃料成为新兴能源产品,从而加大了农产品市场与国际原油市场之间的联系;而随着全球经济一体化程度的加深,实体经济与金融市场的信息传递效果不断提升,导致期货市场之间也形成明显的联动效应.本文通过动态条件相关的多元广义自回归条件异方差(DCC-MGARCH)模型对国际原油期货与中国农产品期货市场进行实证分析,发现国际原油期货与中国大豆期货之间的动态相关性高于其他农产品期货,棉花期货市场与国际原油期货市场波动溢出效应不明显,当期的动态相关系数受上一期的动态相关系数影响较大,来自于上一期随机波动的影响较小.

In the past decades, Corporate Social Responsibility (CSR) has attracted increasing attention, with Corporate Environmental Responsibility (CER or Environmental CSR) playing an ever important role. This paper aims to study whether and how Chinese shareholders are sensitive to the disclosure of environmental violations. Specifically, the issue is measured by the performance of the Chinese stock market. In order to answer this question, the authors conduct a two-dimensional "environment-as-a-resource" framework, which assumes that the pressure on stock price after an environmental violation is from both externalities and internalities. The external pressure comes from environmental regulations, media attention, customer sensitivity and so on. The internal pressure is rooted in firm level actions, for example, previous pollution control and previous CSR performance. The paper starts by addressing theories of corporate social responsibility, corporate environmental management and market value management, followed by the advancement of foreign and domestic research. Then, based on the events in the Shanghai and Shenzhen stock exchanges from 2002 to 2014, the authors calculate the events' cumulative abnormal return. The explanatory factors in the regression model include external impacts of time trend and media attention; together with internal impacts of previous pollution situations and CSR performance. Complementing the notion of "environment-as-a-resource", the regression results reveal that, facing an environmental violation, Chinese shareholders react negatively. The negative reaction becomes weaker as time goes by, and is stronger in the years with heavier media environmental attention. Furthermore, some policy suggestions are proposed in light of the current CSR implementations by Chinese companies: 1) Strengthen the government's environmental scrutiny management to help the market punish environmental violators. 2) Encourage environmental accounting and environmental auditing for public companies. 3) Build up a broad environmental information platform comprising of interactions between the government, corporations and media. 4) Cultivate environmental awareness of company managers so it becomes worthy to invest in environment resources and gain better awareness of environmental responsibility.