The impacts of economic policy uncertainty on firm cash holding in China.

Cash holding is an important strategic decision of enterprises. As a macro-level factor, economic policy uncertainty causes risks, affecting enterprises' cash holdings. Taking the quarterly financial data of China's A-share non-financial listed firms for 2010-2020 as a sample, this study adopts the OLS and fixed effect models to investigate how corporate cash holdings are affected by economic policy uncertainty. The findings indicate that economic policy uncertainty is directly proportional to the level of cash that listed corporations hold. The higher the uncertainty, the more cash the company holds. Among them, state-owned enterprises and the manufacturing industry are more significantly affected by economic policy uncertainty. Finally, considering the regional marketization level and the differences in financing constraints enterprises face, it is concluded through grouping empirical studies that enterprises located in regions with lower marketization levels are more susceptible to policy uncertainty, while financially constrained enterprises are more susceptible to economic policy uncertainty. The study of economic policy uncertainty is helpful to guide enterprises to realize the importance of coping strategies in advance under the background of intensifying economic policy uncertainty. Therefore, this paper proposes to introduce policies on the premise of fully considering the smoothness of the economy and the differences in the conditions of firms of different natures, as well as some proposals to alleviate financing constraints, reduce the adverse effects of uncertainty on firms, and bolster the marketization process.

Implementation effect of China's green finance pilot policy based on synthetic control method: a green innovation perspective.

In order to develop green finance and realize the coordinated development of the environment and economy, China established green finance reform and innovation pilot zones in 2017. Green innovation has problems such as low financing utilization rate and lack of market competitiveness. The green finance pilot policies (GFPP) based on government management provide solutions to these problems. It is of great significance to measure and provide feedback on the implementation effect of GFPP in China for policy-making and green development. This article focuses on the influence of the construction of GFPP by using the five pilot zones as the study area and constructs the green innovation level indicator. Based on the synthetic control method, it chooses provinces that do not carry out the pilot policy as a control group. After that, assign weights to the control region to fit a synthetic control group with resembling characteristics to simulate the five pilot provinces without implementing the policy. Then, compare it with its current policy effect and highlight the policy implementation effect on green innovation. The placebo test and robustness test were conducted to prove the reliability of the conclusions. The results show that since the implementation of GFPP, the level of green innovation in the five pilot cities has shown an overall rising trend. Furthermore, we found that the balance of credit and investment in science and technology has a negative moderating effect on the implementation of GFPP, while the per capita GDP has a significant positive moderating effect.

The Effect of Green Finance on the Ecological and Environmental Quality of the Yangtze River Economic Belt.

Since China's reform and opening up, the speed of economic development has increased significantly. However, at the same time, there are also serious environmental pollution problems. To resolve the deep-seated contradiction between economic growth and environmental protection, green finance has gradually gained attention in China's development. Based on this, the paper explores the impact of green finance on the quality of the ecological environment in the Yangtze River Economic Belt. The main part of the paper is based on panel data of eleven provinces and cities in China's 2011-2020 Yangtze River Economic Belt. Seven indicators, including chemical oxygen demand COD, harmless treatment rate of domestic waste, and green coverage rate of built-up, were used to construct an ecological and environmental quality evaluation index system. The entropy method is used to measure the ecological environment quality level and green finance development level of various provinces and cities in the Yangtze River Economic Belt. The impact of green finance development on ecological environment quality is analyzed using a panel data model. The research results show that: (1) The development level of green finance and the quality of the ecological environment in the Yangtze River Economic Belt have improved between 2011 and 2020. (2) The development of green finance has a significant positive impact on the quality of the ecological environment in the Yangtze River Economic Belt. In addition, related research has focused on the impact of green finance on a certain branch of ecological and environmental quality and lacks an analysis of the overall impact. Therefore, this paper constructs a comprehensive evaluation system for ecological environment quality and analyzes the overall impact of green finance on ecological environment quality in the region.

Research on Digital Inclusive Finance Promoting the Integration of Rural Three-Industry.

The development of digital financial inclusion helps create a healthy rural financial ecological environment and plays an important role in integrating rural tertiary industries. This paper incorporates digital financial inclusion into the rural tertiary industry integration research framework. Furthermore, it adopts the double-difference method to empirically analyze the impact of the development of digital financial inclusion on rural tertiary industry integration from the perspective of policy impact. In addition, it considers regional differences in the financial ecological environment; robustness tests were carried out using methods such as placebo tests and validated the conduction mechanism. The study through the double-difference model found that digital financial inclusion is very conducive to promoting rural tertiary industry integration; using the quantile DID (difference in differences) method to analyze the heterogeneity, it is concluded that there is a heterogeneous impact on rural tertiary industry integration. It exerts a more significant improvement in provinces and cities with higher rural tertiary industry integration levels. Constructing an intermediary effect model to verify the transmission mechanism concludes that the policy has promoted the improvement of rural tertiary industry integration efficiency by promoting technological innovation, improving agricultural modernization, and building a risk-sharing mechanism. Finally, it puts forward policy recommendations from optimizing the financial ecological environment, rationally allocating financial resources, and perfecting the transmission mechanism.

Impact of Industrial Structure Upgrading on Green Total Factor Productivity in the Yangtze River Economic Belt.

The Yangtze River economic belt is an inland river economic belt with international influence composed of 11 provinces and municipalities in the Yangtze River Basin. This paper uses the super-efficiency model to calculate the green total factor productivity of 11 provinces and municipalities in the Yangtze River economic belt (YREB). Then we establish a model to study the impact of industrial structure upgrading, industrial structure rationalization, and environmental regulation on green total factor productivity (GTFP). Empirical analysis shows that the industrial structure upgrading and environmental regulation have a significant impact on GTFP and show regional characteristics. The more developed the economy and the higher the industrial structure, the greater the impact of upgrading and environmental regulation on GTFP. Compared with other control variables, the urbanization rate impacts GTFP, followed by regional economic development.

Research on the Effect of Rural Inclusive Financial Ecological Environment on Rural Household Income in China.

After a long struggle against poverty, the problem of absolute poverty among Chinese rural residents has been solved, but the problem of relative poverty still exists. With digitalization, the ecological environment of rural inclusive finance has been optimized. This paper empirically tests the individual fixed-effect model and finds that digital inclusive finance has a positive income-increasing effect on rural residents. Wage income, operating income, and transfer income among the income types undergo a certain degree of promotion, while property income is affected to the contrary. In addition, digital inclusive finance has the same effect on farmers' income increases in the east and central regions of China. However, it has a slightly smaller impact on farmers in the west. This paper uses a spatial econometric model and finds that promoting the development of local digital inclusive finance will enhance the income level of local farmers and increase the income of neighboring farmers. Therefore, this paper proposes to speed up the development of digital inclusive finance, optimize the rural financial ecological environment, strengthen government supervision and other recommendations, further enhance farmers' income, and achieve common prosperity.