Pub Date : 2026-01-21DOI: 10.1016/j.frl.2026.109525
Orçun Kaya, Mehdi Mostowfi, Sugandhita Sugandhita
Foreign investment screening has become a central instrument for safeguarding strategic technologies in recent years. This paper examines how such measures shape cross-border M&A patterns, using Germany’s 2020 policy reform as a case study. Applying a difference-in-differences framework to firm-level M&A data from 2016 to 2024, we find that the reform significantly increased the likelihood of investment in German firms by other EU investors in newly regulated sectors, with majority-control acquisitions emerging as a mechanism in this pattern. Our findings indicate that investment screening fosters a shift toward European ownership in sensitive sectors, as partner economies increase their investment, thereby reshaping the dynamics of cross-border capital flows.
{"title":"Foreign investment screening and cross-border M&A in sensitive sectors: Evidence from Germany","authors":"Orçun Kaya, Mehdi Mostowfi, Sugandhita Sugandhita","doi":"10.1016/j.frl.2026.109525","DOIUrl":"10.1016/j.frl.2026.109525","url":null,"abstract":"<div><div>Foreign investment screening has become a central instrument for safeguarding strategic technologies in recent years. This paper examines how such measures shape cross-border M&A patterns, using Germany’s 2020 policy reform as a case study. Applying a difference-in-differences framework to firm-level M&A data from 2016 to 2024, we find that the reform significantly increased the likelihood of investment in German firms by other EU investors in newly regulated sectors, with majority-control acquisitions emerging as a mechanism in this pattern. Our findings indicate that investment screening fosters a shift toward European ownership in sensitive sectors, as partner economies increase their investment, thereby reshaping the dynamics of cross-border capital flows.</div></div>","PeriodicalId":12167,"journal":{"name":"Finance Research Letters","volume":"92 ","pages":"Article 109525"},"PeriodicalIF":6.9,"publicationDate":"2026-01-21","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"146014273","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2026-01-20DOI: 10.1016/j.frl.2026.109537
Yue Zhu , Yuyang Wu
This study employs data from Chinese A-share listed firms from 2012 to 2023 to investigate the direct impact and underlying mechanisms by which climate risk (CR) on cross-boundary digital innovation (DI) of traditional firms. The findings indicate that CR significantly enhances DI, which is supported by robustness tests and endogeneity estimates using El Niño index and air ventilation as instrumental variables. Identify three key mechanisms for driving DI: increasing patient capital, analyst attention, and industrial robot application level. In addition, DI in firms with lower financing constraints, non-state-owned, high-polluting industries, and eastern regions are particularly driven by CR. This indicates that DI may be a conscious selection for firms to adapt to climate change, implying that there are business opportunities behind climate change to promote digital-real integration. Finally, the impact of CR on DI is influenced by the threshold effect of green digital finance (GDF). Research provides new insights for policy makers to guide firms to adjust innovation strategies to adapt to climate change from the perspective of coordinated development of green finance and digital finance.
{"title":"Climate risk and corporate cross-boundary digital innovation: An analysis based on the threshold effect of green digital finance","authors":"Yue Zhu , Yuyang Wu","doi":"10.1016/j.frl.2026.109537","DOIUrl":"10.1016/j.frl.2026.109537","url":null,"abstract":"<div><div>This study employs data from Chinese A-share listed firms from 2012 to 2023 to investigate the direct impact and underlying mechanisms by which climate risk (<em>CR</em>) on cross-boundary digital innovation (<em>DI</em>) of traditional firms. The findings indicate that <em>CR</em> significantly enhances <em>DI</em>, which is supported by robustness tests and endogeneity estimates using El Niño index and air ventilation as instrumental variables. Identify three key mechanisms for driving <em>DI</em>: increasing patient capital, analyst attention, and industrial robot application level. In addition, <em>DI</em> in firms with lower financing constraints, non-state-owned, high-polluting industries, and eastern regions are particularly driven by <em>CR</em>. This indicates that <em>DI</em> may be a conscious selection for firms to adapt to climate change, implying that there are business opportunities behind climate change to promote digital-real integration. Finally, the impact of <em>CR</em> on <em>DI</em> is influenced by the threshold effect of green digital finance (<em>GDF</em>). Research provides new insights for policy makers to guide firms to adjust innovation strategies to adapt to climate change from the perspective of coordinated development of green finance and digital finance.</div></div>","PeriodicalId":12167,"journal":{"name":"Finance Research Letters","volume":"92 ","pages":"Article 109537"},"PeriodicalIF":6.9,"publicationDate":"2026-01-20","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"146014288","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2026-01-20DOI: 10.1016/j.frl.2026.109538
Yang Zhang , Manru Jiang
This paper utilizes panel data from non-financial listed companies in the A-share market from 2015 to 2023 to construct a two-way fixed effects model that explores the impact of digital marketing, social media sentiment, and their interactions on corporate cash flow. Empirical results indicate that: digital marketing significantly enhances corporate cash flow; social media sentiment positively moderates the relationship between digital marketing and operating cash flow; there exists a marginal diminishing return of the relationship between digital marketing and corporate cash flow, characterized as an inverted "U" shape; the moderating effect of social media sentiment in the relationship between digital marketing and operating cash flow exhibits heterogeneity across companies with different operational leverage.
{"title":"Digital marketing, social media sentiment, and corporate cash flow","authors":"Yang Zhang , Manru Jiang","doi":"10.1016/j.frl.2026.109538","DOIUrl":"10.1016/j.frl.2026.109538","url":null,"abstract":"<div><div>This paper utilizes panel data from non-financial listed companies in the A-share market from 2015 to 2023 to construct a two-way fixed effects model that explores the impact of digital marketing, social media sentiment, and their interactions on corporate cash flow. Empirical results indicate that: digital marketing significantly enhances corporate cash flow; social media sentiment positively moderates the relationship between digital marketing and operating cash flow; there exists a marginal diminishing return of the relationship between digital marketing and corporate cash flow, characterized as an inverted \"U\" shape; the moderating effect of social media sentiment in the relationship between digital marketing and operating cash flow exhibits heterogeneity across companies with different operational leverage.</div></div>","PeriodicalId":12167,"journal":{"name":"Finance Research Letters","volume":"92 ","pages":"Article 109538"},"PeriodicalIF":6.9,"publicationDate":"2026-01-20","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"146014271","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2026-01-20DOI: 10.1016/j.frl.2026.109534
Shengbin Wang, Jiayi Song
{"title":"Fintech and Urban-Rural Integrated Development: A Human Capital Perspective","authors":"Shengbin Wang, Jiayi Song","doi":"10.1016/j.frl.2026.109534","DOIUrl":"https://doi.org/10.1016/j.frl.2026.109534","url":null,"abstract":"","PeriodicalId":12167,"journal":{"name":"Finance Research Letters","volume":"63 1","pages":""},"PeriodicalIF":10.4,"publicationDate":"2026-01-20","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"146014270","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2026-01-20DOI: 10.1016/j.frl.2026.109539
Ziwen Chen
How do monetary policy shocks affect the distribution of art-market returns? This paper addresses the question using Artprice hedonic indices for fourteen segments over 1998Q1- 2023Q4. Panel mean local projections show that the average response of realized auction returns to a one-standard-deviation contractionary surprise is modest and briefly positive. Panel quantile local projections, combined with Bauer and Swanson (2023b) orthogonalized surprises, indicate pronounced asymmetry: the same shock lowers the 10th percentile of realized auction returns by 2.9 percentage points while raising the 90th percentile by 4.6 percentage points at the one-quarter horizon. The 90–10 spread thus widens by roughly 7.5 percentage points. Tail widening is concentrated in high-liquidity regimes measured by the Fed balance sheet-to-GDP ratio and financial conditions. The pattern is consistent with selection and within-segment flight to quality, rather than a uniform increase in art valuations. Placebo and randomization exercises provide supporting evidence that the estimated tail responses are unlikely to be generated by chance timing. Overall, art returns display state-dependent tail exposure to monetary shocks.
{"title":"Monetary policy surprises and the distribution of art-market returns: evidence from panel quantile local projections","authors":"Ziwen Chen","doi":"10.1016/j.frl.2026.109539","DOIUrl":"10.1016/j.frl.2026.109539","url":null,"abstract":"<div><div>How do monetary policy shocks affect the distribution of art-market returns? This paper addresses the question using Artprice hedonic indices for fourteen segments over 1998Q1- 2023Q4. Panel mean local projections show that the average response of realized auction returns to a one-standard-deviation contractionary surprise is modest and briefly positive. Panel quantile local projections, combined with Bauer and Swanson (2023b) orthogonalized surprises, indicate pronounced asymmetry: the same shock lowers the 10th percentile of realized auction returns by 2.9 percentage points while raising the 90th percentile by 4.6 percentage points at the one-quarter horizon. The 90–10 spread thus widens by roughly 7.5 percentage points. Tail widening is concentrated in high-liquidity regimes measured by the Fed balance sheet-to-GDP ratio and financial conditions. The pattern is consistent with selection and within-segment flight to quality, rather than a uniform increase in art valuations. Placebo and randomization exercises provide supporting evidence that the estimated tail responses are unlikely to be generated by chance timing. Overall, art returns display state-dependent tail exposure to monetary shocks.</div></div>","PeriodicalId":12167,"journal":{"name":"Finance Research Letters","volume":"92 ","pages":"Article 109539"},"PeriodicalIF":6.9,"publicationDate":"2026-01-20","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"146014264","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2026-01-20DOI: 10.1016/j.frl.2026.109541
Chenhao Wang , Ting Zhang , Shanyi Zhu
Retail investors are often underdiversified, limiting potential gains from broader asset allocation. This paper studies whether big data–driven recommendations can improve portfolio diversification. We exploit a natural experiment in a large Chinese commercial bank, where a data fusion platform provides personalized recommendations in FinTech branches. Using proprietary account-level data and a difference-in-differences design, we find that portfolios in FinTech branches become 7.6% more diversified, with higher investment income and lower overall risk. Clients reduce their share of deposits and increase their holdings of wealth management products. Mechanism analyses show that recommendations alleviate information frictions, and the effects are more pronounced for clients whose portfolios underutilize their risk-bearing capacity. The impact is stronger in central business district branches and those lacking human advisors, as well as among male and non-wealthy clients.
{"title":"Big data recommendations and portfolio diversification: evidence from account-level data","authors":"Chenhao Wang , Ting Zhang , Shanyi Zhu","doi":"10.1016/j.frl.2026.109541","DOIUrl":"10.1016/j.frl.2026.109541","url":null,"abstract":"<div><div>Retail investors are often underdiversified, limiting potential gains from broader asset allocation. This paper studies whether big data–driven recommendations can improve portfolio diversification. We exploit a natural experiment in a large Chinese commercial bank, where a data fusion platform provides personalized recommendations in FinTech branches. Using proprietary account-level data and a difference-in-differences design, we find that portfolios in FinTech branches become 7.6% more diversified, with higher investment income and lower overall risk. Clients reduce their share of deposits and increase their holdings of wealth management products. Mechanism analyses show that recommendations alleviate information frictions, and the effects are more pronounced for clients whose portfolios underutilize their risk-bearing capacity. The impact is stronger in central business district branches and those lacking human advisors, as well as among male and non-wealthy clients.</div></div>","PeriodicalId":12167,"journal":{"name":"Finance Research Letters","volume":"92 ","pages":"Article 109541"},"PeriodicalIF":6.9,"publicationDate":"2026-01-20","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"146014783","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2026-01-19DOI: 10.1016/j.frl.2026.109536
Yueyang Qiu , Xuebao Yin , Nan Hu
This study empirically analyzes data from Chinese A-share listed companies between 2006 and 2023 to explore the relationship between blockchain investment, dual-class share structures, and asset pricing efficiency. The findings indicate that blockchain investment significantly enhances asset pricing efficiency; dual-class share structures play a moderating role between blockchain investment and asset pricing efficiency; the impact of blockchain investment on asset pricing efficiency exhibits heterogeneity between state-owned enterprises and non-state-owned enterprises; and there is also heterogeneity in the effects of blockchain investment on asset pricing efficiency between southern enterprises and non-southern enterprises. Based on these conclusions, this study suggests that policymakers should further promote the adoption and application of blockchain technology, optimize corporate governance structures, and strengthen regional digital infrastructure development to improve the overall market's asset pricing efficiency.
{"title":"Blockchain Investment, dual-class share structure, and asset pricing efficiency","authors":"Yueyang Qiu , Xuebao Yin , Nan Hu","doi":"10.1016/j.frl.2026.109536","DOIUrl":"10.1016/j.frl.2026.109536","url":null,"abstract":"<div><div>This study empirically analyzes data from Chinese A-share listed companies between 2006 and 2023 to explore the relationship between blockchain investment, dual-class share structures, and asset pricing efficiency. The findings indicate that blockchain investment significantly enhances asset pricing efficiency; dual-class share structures play a moderating role between blockchain investment and asset pricing efficiency; the impact of blockchain investment on asset pricing efficiency exhibits heterogeneity between state-owned enterprises and non-state-owned enterprises; and there is also heterogeneity in the effects of blockchain investment on asset pricing efficiency between southern enterprises and non-southern enterprises. Based on these conclusions, this study suggests that policymakers should further promote the adoption and application of blockchain technology, optimize corporate governance structures, and strengthen regional digital infrastructure development to improve the overall market's asset pricing efficiency.</div></div>","PeriodicalId":12167,"journal":{"name":"Finance Research Letters","volume":"92 ","pages":"Article 109536"},"PeriodicalIF":6.9,"publicationDate":"2026-01-19","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"146000571","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2026-01-19DOI: 10.1016/j.frl.2026.109523
Eun Young Oh , Georgios Magkonis , Shuonan Zhang
This paper studies how China’s monetary policy has responded to global uncertainty under different policy regimes. Using a time-varying parameter VAR with stochastic volatility (TVP-VAR-SV) and monthly data from 2002–2020, the analysis identifies regime dependence. In the 2000s, uncertainty shocks generated sharp declines in output and inflation and were accompanied by accommodative policy easing. Under the 2010s “new normal”, both real and policy responses became smaller and more stable. Monetary adjustments are more closely related to inflation overshooting than to output deviations, indicating a stronger forward-looking orientation toward inflation stabilization. These results suggest that the evolution of China’s monetary framework has increased its resilience to external uncertainty. The main findings are robust across alternative policy instruments and remain unchanged when the exchange rate is incorporated into the analysis.
{"title":"Dynamics of monetary policy regimes in China under rising global uncertainty: A time-varying approach","authors":"Eun Young Oh , Georgios Magkonis , Shuonan Zhang","doi":"10.1016/j.frl.2026.109523","DOIUrl":"10.1016/j.frl.2026.109523","url":null,"abstract":"<div><div>This paper studies how China’s monetary policy has responded to global uncertainty under different policy regimes. Using a time-varying parameter VAR with stochastic volatility (TVP-VAR-SV) and monthly data from 2002–2020, the analysis identifies regime dependence. In the 2000s, uncertainty shocks generated sharp declines in output and inflation and were accompanied by accommodative policy easing. Under the 2010s “new normal”, both real and policy responses became smaller and more stable. Monetary adjustments are more closely related to inflation overshooting than to output deviations, indicating a stronger forward-looking orientation toward inflation stabilization. These results suggest that the evolution of China’s monetary framework has increased its resilience to external uncertainty. The main findings are robust across alternative policy instruments and remain unchanged when the exchange rate is incorporated into the analysis.</div></div>","PeriodicalId":12167,"journal":{"name":"Finance Research Letters","volume":"92 ","pages":"Article 109523"},"PeriodicalIF":6.9,"publicationDate":"2026-01-19","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"146036614","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
This study examines the influence of climate risk on the internal pay gap of Chinese A-share listed firms from 2007 to 2022. We find that climate risk increases the average compensation of both employees and executives. More importantly, the pay gap is narrowed by both institutional investors' engagement and participation by controlling shareholders. In non-SOEs and non-heavily polluting firms, climate risks will have larger and more significant impacts on the pay gap. These findings enhance the theoretical framework of corporate governance in the context of climate-related uncertainty and help optimize compensation systems for climate risk.
{"title":"Climate risk and internal pay gap","authors":"Xiaolin Kong , Sabri Boubaker , Yong Jiang , Yi-Shuai Ren","doi":"10.1016/j.frl.2026.109531","DOIUrl":"10.1016/j.frl.2026.109531","url":null,"abstract":"<div><div>This study examines the influence of climate risk on the internal pay gap of Chinese A-share listed firms from 2007 to 2022. We find that climate risk increases the average compensation of both employees and executives. More importantly, the pay gap is narrowed by both institutional investors' engagement and participation by controlling shareholders. In non-SOEs and non-heavily polluting firms, climate risks will have larger and more significant impacts on the pay gap. These findings enhance the theoretical framework of corporate governance in the context of climate-related uncertainty and help optimize compensation systems for climate risk.</div></div>","PeriodicalId":12167,"journal":{"name":"Finance Research Letters","volume":"92 ","pages":"Article 109531"},"PeriodicalIF":6.9,"publicationDate":"2026-01-18","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145995224","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2026-01-18DOI: 10.1016/j.frl.2026.109504
Shenghan Huang , Huan Hua
As data increasingly functions as a fundamental production factor in the modern economy, understanding its influence on fostering emerging industries has become essential. This study investigates how data factor development influences the low-altitude economy’s (LAE’s) growth in China, an emerging sector encompassing drone services, general aviation, and related commercial activities operating within low-altitude airspace. Using provincial panel data spanning 2012–2023, we apply a two-way fixed effects framework supplemented by instrumental variable estimation, Heckman selection correction, and propensity score matching for addressing potential endogeneity and selection bias. Results demonstrate that data factor development has a statistically significant positive effect on LAE performance, and this finding remains consistent across all estimation approaches. Further, we examine the transmission mechanisms through mediation analysis, revealing that digital infrastructure and research and development intensity are partial mediators linking data development to LAE growth. Digital infrastructure has a stronger mediating effect, underscoring the critical relevance of connectivity and communication networks for supporting low-altitude operations. Heterogeneity analyses indicate that the positive relationship is more evident in provinces with advanced industrial structures and geographically advantaged southern regions. These findings offer valuable guidance for policymakers, demonstrating that promoting LAE requires coordinated effort to strengthen data governance, expand digital infrastructure, and cultivate regional innovation capacity. Regions with less developed industrial bases may require targeted interventions to establish the preconditions for benefiting from data-driven growth in this strategic sector.
{"title":"Impact of data as a production factor on the low-altitude economy","authors":"Shenghan Huang , Huan Hua","doi":"10.1016/j.frl.2026.109504","DOIUrl":"10.1016/j.frl.2026.109504","url":null,"abstract":"<div><div>As data increasingly functions as a fundamental production factor in the modern economy, understanding its influence on fostering emerging industries has become essential. This study investigates how data factor development influences the low-altitude economy’s (LAE’s) growth in China, an emerging sector encompassing drone services, general aviation, and related commercial activities operating within low-altitude airspace. Using provincial panel data spanning 2012–2023, we apply a two-way fixed effects framework supplemented by instrumental variable estimation, Heckman selection correction, and propensity score matching for addressing potential endogeneity and selection bias. Results demonstrate that data factor development has a statistically significant positive effect on LAE performance, and this finding remains consistent across all estimation approaches. Further, we examine the transmission mechanisms through mediation analysis, revealing that digital infrastructure and research and development intensity are partial mediators linking data development to LAE growth. Digital infrastructure has a stronger mediating effect, underscoring the critical relevance of connectivity and communication networks for supporting low-altitude operations. Heterogeneity analyses indicate that the positive relationship is more evident in provinces with advanced industrial structures and geographically advantaged southern regions. These findings offer valuable guidance for policymakers, demonstrating that promoting LAE requires coordinated effort to strengthen data governance, expand digital infrastructure, and cultivate regional innovation capacity. Regions with less developed industrial bases may require targeted interventions to establish the preconditions for benefiting from data-driven growth in this strategic sector.</div></div>","PeriodicalId":12167,"journal":{"name":"Finance Research Letters","volume":"92 ","pages":"Article 109504"},"PeriodicalIF":6.9,"publicationDate":"2026-01-18","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145995225","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
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