Impact of spatial structure of urban agglomerations on PM2.5 pollution：Based on resource misallocation

Corporate green investments are fundamental to environmental governance. However, studies have mostly focused on the impact of macro factors on green investment, while neglecting micro factors. This study explores the impact of common institutional ownership on corporate green investments. An ordinary least squares model is used to analyse data from A-share listed companies in heavily polluting industries from the Shanghai and Shenzhen Stock Exchanges. The results show that the proportion of green investments in enterprises with common institutional ownership increases, on average, by 0.045%. Importantly, the larger the number of common institutional investors and the higher their shareholding is, the higher the proportion of green investment will be. Mechanism tests show that the effect of common institutional investors on green investments is more pronounced for companies that are exposed to higher environmental risks and have fewer resources to implement green investments. Furthermore, a cross-sectional analysis finds that the effects of common institutional ownership are stronger for firms in post-green credit guidelines, industries with low green investments, and state-owned enterprises. Moreover, the effects are more pronounced for firms with common institutional investors who are stable and have a higher level of exit threat. Finally, common institutional ownership significantly enhances green innovation. This study advances research on the factors influencing corporate green investments and has important implications for emerging markets for enhancing corporate environmental protection and environmental governance. 

Common institutional ownership and corporate green investment: Evidence from China

Green credit plays a crucial role in resource allocation as it serves as a link between financial systems and environmental protection. This study utilizes the "Green Credit Guidelines" issued by the China Banking Regulatory Commission in 2012 as an exogenous shock, employing the Difference-in-Differences (DID) approach to examine the impact of green credit policies on corporate investment levels. The findings reveal that green credit enhances investment efficiency by reducing the investment scale of high-pollution enterprises. Furthermore, considering the temporal nature of policy impact and strategic responses from enterprises, these effects become evident and increasingly strengthened two years after policy implementation. The financing constraint intermediary mechanism suggests that financing constraints only serve as an intermediary factor between green credit policies and investment efficiency, exerting relatively weak control over short-term investment scales. Additionally, internal and external regulatory mechanisms along with enterprise heterogeneity indicate asymmetric effects resulting from green credit policies. Policy implications derived from this research emphasize the necessity for a rational combination of command-and-control environmental regulations with green credit policies while also improving upon existing green credit measures to prevent strategic corporate behavior. 

Green credit, financing constraints, and corporate investment: From the perspectives of scale and efficiency

As a special category of investment, environmental protection investment can provide important funds and technological support for a region, achieve green production, and promote green development. This article uses a benchmark regression model based on panel data from 30 provinces in China from 2007 to 2020 to analyze the impact of environmental protection investment on the level of green development. It specifically examines the effects of urban environmental infrastructure investment, industrial pollution control investment, and completion of environmental protection acceptance projects on the level of green development. It also explores how different regions can make use of environmental protection investment according to local conditions. Additionally, due to the spatial spillover effect of environmental protection investment, this article introduces the spatial Durbin model to study the spillover effects. Furthermore, in order to effectively promote green economic development through environmental protection investment, it is necessary to upgrade the industrial structure. Therefore, this article also uses the mediation effect model to explore the relationship between environmental protection investment, industrial structure upgrading, and the level of green development. The research findings are as follows: 1) environmental protection investment can promote the development of green level; 2) the various components of environmental protection investment have different effects on the level of green development. Urban environmental infrastructure investment has a promoting effect on the level of green economic development, while industrial pollution control investment and completion of environmental protection acceptance projects have a restraining effect; 3) environmental protection investment has a positive spillover effect in spatial terms, promoting the green development of surrounding areas while driving the local green development level; 4) as an important driving force for promoting green economic development, environmental protection investment relies on the support of industrial structure upgrading, and further optimization and upgrading of the industrial structure can achieve green economic development. Based on these findings, this article proposes that each region should increase environmental protection investment, implement the concept of green development, and leverage the positive impact of each component of environmental protection investment on local green development according to local conditions. At the same time, each region should also pay attention to the role of industrial structure upgrading and make rational use of environmental protection investment to promote green development.

Research on the impact path of China’s environmental protection investment on green development—based on the perspective of industrial structure upgrading

Does green finance reduce environmental pollution?-a study based on China's provincial panel data.

Compared with other developed countries, China’s energy efficiency level is not optimal, but it has indeed made remarkable achievements in its long-term development, mainly due to efforts targeting the adjustment of industrial structure. This research, therefore, uses a spatial econometric model to study the energy efficiency of 30 provinces in China with data from the panel from 2004 to 2019, and studies the impact of industrial structure on energy efficiency from the overall sample, for different time periods and across the three regional scales of eastern, central and western regions. The following conclusions are drawn from the empirical analysis. (1) China’s energy efficiency indicators have significant geographic spatial correlation and regional spatial structure differences. (2) In the full sample condition, the industrial structure has a positive impact on the energy efficiency of China’s provinces, but it also shows a significant negative spatial spillover effect. (3) Industrial structure was positively correlated with energy efficiency from 2004 to 2011. (4) The industrial structure in the east promotes energy efficiency, while the industrial structure in the central and western regions inhibits energy efficiency improvement. (5) Government intervention and scientific and technological innovation have had a spatial impact on energy efficiency in China’s provinces, while marketization and the average income of residents have had no significant impact.

https://www.mdpi.com/1660-4601/20/3/2134/pdf?version=1675327945

Analysis on the Influence of Industrial Structure on Energy Efficiency in China: Based on the Spatial Econometric Model

Reasonable spatial system distribution is the prerequisite for the optimization of resource and spatial allocation and the coordinated development of the regional economy. Therefore, correctly identifying the impact of different types of spatial structures on scientific and technological innovation is an important way to promote the rational layout of regional spatial structures and enhance the strength of regional scientific and technological innovation. Based on the theory of regional spatial structure and panel data of 26 provinces and autonomous regions in China from 2005 to 2019, this paper tested the impact of regional spatial structure on innovation efficiency and gap by constructing the regional spatial structure index, the innovation efficiency index, and the innovation gap index. The research results show that: First, the agglomeration effect produced by a single-center spatial structure is conducive to improving the efficiency of scientific and technological innovation, whereas the spillover effect generated by a multi-center spatial structure is more favorable for narrowing the gap in scientific and technological innovation. Second, the single-center spatial structure is more suitable for provinces and cities in the western region with relatively low levels of economic development, whereas the multi-center spatial structure is more beneficial to the achievement of innovative and high-quality development in the eastern region. Third, the moderating effect analysis shows that with an increase in cultural diversity and inter-city distance, the partial effects of the single-center spatial structure on innovation efficiency present an “N” shape and an “inverted-U” shape, respectively, whereas the partial effects of the multi-center spatial structure on the innovation gap exhibit “inverted-U” shapes. This research not only provides theoretical support for the impact of regional spatial structure on innovation efficiency and gap but also offers empirical evidence for future regional development path choices.

/pdf/impact-of-heterogeneous-spatial-structure-on-regional-2mcsaeo1.pdf

Impact of Heterogeneous Spatial Structure on Regional Innovation—From the Perspectives of Efficiency and Gap

The Effect of Major Public Emergencies on Technology-Based SMEs: Survival Crisis and Relief Paths

In today's era, in order to gain an advantage in the fierce market environment, enterprises must enhance their core competitiveness, so as to obtain greater economic benefits and create good basic conditions for the long-term and stable development of enterprises. In the process of enterprise development, only by taking financial management as an important part of internal management and supervising financial management through accounting audit can the overall level of financial management be improved. However, from the actual situation of current accounting audit, it has not played a stronger role in optimizing financial management. Based on this, this paper expounds the significance of accounting audit to financial management, studies the problems existing in the process of accounting audit, and puts forward reasonable countermeasures, in order to provide some reference for relevant personnel.

The Path Construction of Accounting for Optimizing Enterprise Financial Management

  
The ever-changing financial environment at home and abroad not only puts forward new requirements for financial engineering innovation, but also provides favorable conditions for its further development. Compared with traditional finance, financial engineering is a relatively new discipline, which plays an irreplaceable role in promoting financial innovation and development based on data analysis and operational research. The application of financial engineering can give full play to its great advantages, predict the risks involved in finance in advance and emphasize finance. The timeliness and expandability of management have obvious effect on preventing financial risks, and at the same time avoid the bad development of national finance. This paper discusses the problems faced by financial engineering in financial innovation, the application of financial engineering in financial innovation and the role of financial engineering in financial innovation.

Discussion on the Role of Finance in Financial Innovation and Its Application

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