Finance Research Letters最新文献

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Financial patience and technological ambition: How patient capital shapes corporate AI strategy 财务耐心和技术雄心：耐心资本如何塑造企业人工智能战略

IF 6.9 2区经济学 Q1 BUSINESS, FINANCE

Finance Research Letters

Pub Date : 2026-01-14 DOI: 10.1016/j.frl.2026.109520

Jiangang Zhang

Artificial intelligence (AI) has become a strategic frontier shaping national competitiveness and redefining the financial foundations of technological transformation. Yet the governance mechanisms through which patient capital supports firms’ strategic commitment to AI remain insufficiently understood. Using data on Chinese A-share listed firms from 2007 to 2023, this study constructs an AI strategy expression indicator and empirically evaluates the impact of patient capital on firms’ AI orientation. The findings show that patient capital significantly strengthens AI strategy, underscoring its governance value in high uncertainty and long horizon investment. Mechanism analysis further demonstrates that patient capital fosters long-termism, reduces agency costs, and improves the information environment, thereby enhancing firms’ strategic allocation in complex technologies. This study highlights the governance function of patient capital in intelligent transformation and provides evidence for the coordinated evolution of AI-driven technological upgrading and capital governance in emerging markets.

人工智能（AI）已成为塑造国家竞争力的战略前沿，并重新定义了技术转型的金融基础。然而，耐心资本支持企业对人工智能的战略承诺的治理机制仍然没有得到充分的理解。本文利用2007 - 2023年中国a股上市公司的数据，构建人工智能战略表达指标，实证评估了耐心资本对企业人工智能取向的影响。研究结果表明，耐心资本显著强化了人工智能战略，突出了其在高不确定性和长期投资中的治理价值。机制分析进一步表明，耐心资本促进了长期主义，降低了代理成本，改善了信息环境，从而促进了企业在复杂技术领域的战略配置。本研究突出了耐心资本在智能转型中的治理作用，为新兴市场人工智能驱动的技术升级与资本治理的协同演化提供了证据。

引用次数: 0

Improving Marginal Expected Shortfall estimates using credibility methods 使用可信度方法改进边际预期缺口估计

IF 6.9 2区经济学 Q1 BUSINESS, FINANCE

Finance Research Letters

Pub Date : 2026-01-13 DOI: 10.1016/j.frl.2026.109490

Limin Wen

Marginal Expected Shortfall (MES) is widely regarded as a key indicator for systemic risk measurement, as it reflects the vulnerability of individual institutions under market stress. Yet conventional MES estimators may become unstable and highly variable when tail observations are limited or confidence levels are high. To mitigate this issue, a credibility-based estimator is introduced, where empirical tail information is combined with prior knowledge through an optimally determined weighting scheme. The resulting closed-form expression improves numerical stability and reduces variance while avoiding posterior simulation. Monte Carlo experiments with lower-tail-dependent copulas confirm its convergence and show lower sampling variability, particularly in small-sample and high-confidence settings. An empirical application to the CSI 300 index and five A-share stocks further demonstrates its ability to capture cross-sectoral heterogeneity in systemic risk, with a data-driven calibration of prior information enhancing practical relevance for regulators and risk managers.

边际预期缺口（Marginal Expected short， MES）被广泛认为是衡量系统性风险的关键指标，因为它反映了单个机构在市场压力下的脆弱性。然而，当尾部观测有限或置信水平很高时，传统的MES估计可能变得不稳定和高度可变。为了缓解这一问题，引入了基于可信度的估计器，其中经验尾部信息通过最优确定的加权方案与先验知识相结合。所得到的封闭形式表达式提高了数值稳定性，减少了方差，同时避免了后验模拟。蒙特卡罗实验与低尾相关的copula证实了它的收敛性，并显示出较低的抽样可变性，特别是在小样本和高置信度的设置。对沪深300指数和5只a股股票的实证应用进一步证明，该方法能够捕捉系统性风险的跨部门异质性，并通过数据驱动的先验信息校准增强了监管机构和风险管理者的实际相关性。

引用次数: 0

Regional integrity, financing constraints, and corporate innovation 区域诚信、融资约束与企业创新

IF 6.9 2区经济学 Q1 BUSINESS, FINANCE

Finance Research Letters

Pub Date : 2026-01-12 DOI: 10.1016/j.frl.2026.109488

Yingying Yang, Hui Zhang

Regional integrity level is an important part of the local business climate and has a direct bearing on firms’ incentives and ability to innovate. Drawing on the Supreme People’s Court records of delinquent enterprises, together with patent application data and the Chinese Industrial Enterprise Database, this study investigates how variations in regional integrity influence firms’ innovation activities. The results show that weaker regional integrity significantly dampens both innovation output and productivity among normally operating firms. Further examination points to financing constraints as the pivotal channel: a decline in integrity narrows firms’ internal financial space by eroding operating performance, and at the same time tightens external funding conditions through distortions in credit allocation. These findings suggest that strengthening regional integrity level can ease financing pressures, improve the allocation of financial resources, and foster a healthier environment for innovation-driven development.

区域诚信水平是当地商业环境的重要组成部分，直接关系到企业的创新激励和能力。本研究利用最高人民法院对违规企业的记录，结合专利申请数据和中国工业企业数据库，探讨了区域诚信差异对企业创新活动的影响。研究结果表明，区域完整性弱化显著抑制了正常经营企业的创新产出和生产率。进一步的研究指出，融资约束是关键的渠道：诚信的下降通过侵蚀经营业绩缩小了公司的内部财务空间，同时通过扭曲信贷分配收紧了外部融资条件。研究结果表明，提高区域诚信水平可以缓解融资压力，改善金融资源配置，为创新驱动发展营造更健康的环境。

引用次数: 0

How does patient capital empower supply chains? An empirical investigation of spillover effects from government-guided funds 耐心资本如何赋能供应链？政府引导基金溢出效应的实证研究

IF 6.9 2区经济学 Q1 BUSINESS, FINANCE

Finance Research Letters

Pub Date : 2026-01-12 DOI: 10.1016/j.frl.2026.109519

Xin Li , Xinlong Xiao

This paper examines the impact of patient capital investment on alleviating the financing constraints of upstream and downstream firms in the supply chain. The findings reveal that patient capital investment generates a positive spillover effect within the supply chain, alleviating the financing constraints of core suppliers and customers. This spillover effect is more pronounced when the interdependency between supply chain firms is stronger and when the financing capacity of these key partners is weaker. Mechanism analysis indicates that patient capital operates through two channels: capital cost effect (improving accounts receivable turnover efficiency of suppliers) and credit expansion effect (increasing the proportion of credit loans for customers). Further analysis shows that this supply chain spillover effect significantly enhances the investment efficiency and innovation level of major suppliers and customers. The findings provide theoretical and empirical insights for policies aimed at fostering patient capital, promoting industrial and supply chain optimization and upgrading, and building a modern industrial system.

本文考察了耐心资本投资对缓解供应链上下游企业融资约束的影响。研究发现，耐心资本投资在供应链内部产生正向溢出效应，缓解了核心供应商和客户的融资约束。当供应链企业之间的相互依赖性较强，而这些关键合作伙伴的融资能力较弱时，这种溢出效应更为明显。机制分析表明，患者资本通过资金成本效应（提高供应商应收账款周转效率）和信用扩张效应（提高客户信用贷款比例）两个渠道运行。进一步分析表明，这种供应链溢出效应显著提高了主要供应商和客户的投资效率和创新水平。研究结果为培育耐心资本、促进产业和供应链优化升级、构建现代产业体系提供了理论和实证启示。

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引用次数: 0

From risk to resilience: Strategic responses to climate shocks in China’s energy sector 从风险到恢复力：中国能源行业应对气候冲击的战略对策

IF 6.9 2区经济学 Q1 BUSINESS, FINANCE

Finance Research Letters

Pub Date : 2026-01-11 DOI: 10.1016/j.frl.2026.109517

Yuan Xue , Dayong Zhang , Kun Guo

In the context of accelerating climate change, climate transition risk has emerged as a critical determinant of energy firms’ asset values. Drawing on a panel dataset of Chinese A-share listed energy companies from 2009 to 2023, combined with a climate transition risk index, this study first confirms that climate transition risk significantly increases the level of stranded assets, whereas the effect exhibits pronounced industry heterogeneity, with coal firms the most severely affected, followed by oil and gas, and then powever generation firms. Second, the results show that energy firms can mitigate these impacts by engaging in green finance, technological advancements, and other sustainable measures. These results underscore the need for the energy sector to adopt active strategies against climate shocks. Furthermore, this paper demonstrates that effective strategies can turn risk into resilience and secure long-term sustainability.

在气候变化加速的背景下，气候转型风险已成为能源公司资产价值的关键决定因素。利用2009 - 2023年中国a股上市能源公司面板数据集，结合气候转型风险指数，本研究首先证实了气候转型风险显著提高了搁浅资产水平，而这种影响表现出明显的行业异质性，煤炭企业受影响最严重，其次是石油和天然气企业，其次是发电企业。其次，研究结果表明，能源企业可以通过参与绿色金融、技术进步和其他可持续措施来缓解这些影响。这些结果强调了能源部门采取积极应对气候冲击战略的必要性。此外，本文还证明了有效的策略可以将风险转化为弹性，并确保长期可持续性。

引用次数: 0

The impact of digital finance on household financial vulnerability: Evidence from China 数字金融对家庭金融脆弱性的影响：来自中国的证据

IF 6.9 2区经济学 Q1 BUSINESS, FINANCE

Finance Research Letters

Pub Date : 2026-01-11 DOI: 10.1016/j.frl.2026.109512

Xinyi Zhang , Yizhou Zhang

Digital finance has profoundly altered household financial vulnerability by reshaping the channels and capabilities of household financial resource allocation and access through digital means. Using China Family Panel Studies and Digital Inclusive Finance Index data spanning 2012 to 2022, we find digital finance alleviates household financial vulnerability via wealth enhancement on assets and liquidity constraint relief on liabilities. This finding provides a new perspective on changes in household financial decision-making in the context of digital finance development, offering insights for more effectively utilizing digital financial tools to reduce household financial vulnerability and for informing policy improvements.

数字金融通过数字手段重塑家庭金融资源配置和获取的渠道和能力，深刻改变了家庭金融脆弱性。利用2012年至2022年的中国家庭面板研究和数字普惠金融指数数据，我们发现数字金融通过增加资产的财富和减轻负债的流动性约束来缓解家庭金融脆弱性。这一发现为数字金融发展背景下家庭金融决策的变化提供了一个新的视角，为更有效地利用数字金融工具减少家庭金融脆弱性和为政策改进提供了信息。

引用次数: 0

The divergent effects of geopolitical risk on market openness 地缘政治风险对市场开放的发散效应

IF 6.9 2区经济学 Q1 BUSINESS, FINANCE

Finance Research Letters

Pub Date : 2026-01-10 DOI: 10.1016/j.frl.2026.109501

Zhou Lu , Giray Gozgor , Shreya Pal , Himanshu Sekhar Panda , Mantu Kumar Mahalik

This paper investigates the impact of geopolitical risk on market openness across 23 high-income and 19 middle-income economies from 1998 to 2023. The findings reveal that geopolitical risk enhances market openness in high-income economies but hinders it in middle-income economies. Economic growth and governance consistently promote market openness, whereas foreign direct investment is more effective in middle-income countries. These findings highlight the importance of institutional reforms and tailored policies to attract foreign direct investment and stabilise markets, thereby mitigating the effects of geopolitical risk on market openness. In addition, the findings point toward policy implications for bolstering resilience and openness.

本文研究了1998 - 2023年间地缘政治风险对23个高收入经济体和19个中等收入经济体市场开放程度的影响。研究结果表明，地缘政治风险促进了高收入经济体的市场开放，但阻碍了中等收入经济体的市场开放。经济增长和治理持续推动市场开放，而外国直接投资在中等收入国家更为有效。这些发现强调了制度改革和量身定制的政策对吸引外国直接投资和稳定市场的重要性，从而减轻地缘政治风险对市场开放的影响。此外，研究结果还指出了加强韧性和开放的政策含义。

引用次数: 0

Cyber risk, 10-K report and audit fees 网络风险，10-K报告和审计费用

IF 6.9 2区经济学 Q1 BUSINESS, FINANCE

Finance Research Letters

Pub Date : 2026-01-10 DOI: 10.1016/j.frl.2026.109496

Shweta Bajpai , Jalaj Pathak , Kartik Yadav

Cybersecurity risk has become a material concern for firms, regulators, and auditors, yet credible ex-ante indicators of cyber vulnerability remain difficult to observe. This paper examines whether firms’ cybersecurity disclosures in 10-K filings convey forward-looking information about future cyber incidents and whether auditors incorporate such information into audit pricing and engagement decisions. Using a cosine-similarity measure that captures how closely a firm’s cybersecurity risk disclosures resemble those of firms that recently experienced cyber-attacks, we construct a disclosure-based proxy for ex-ante cyber risk. We find that a one-standard-deviation increase in this cosine index is associated with a 0.61-percentage-point increase in the probability of a subsequent cyber incident-approximately a 25% increase relative to the sample mean. We further show that higher disclosure-based cyber risk is associated with significantly higher audit fees (about 4.7%, or USD 130,000) and a greater likelihood of being audited by a Big Four firm. These findings suggest that auditors actively extract and price cyber-risk signals from narrative disclosures, rather than reacting only after cyber incidents occur. More broadly, our results highlight the growing role of mandatory risk disclosures as a forward-looking source of information about firms’ operational vulnerabilities.

网络安全风险已成为企业、监管机构和审计机构的重大担忧，但可信的事前网络脆弱性指标仍然难以观察到。本文考察了公司在10-K文件中的网络安全披露是否传达了有关未来网络事件的前瞻性信息，以及审计师是否将此类信息纳入审计定价和业务决策。使用余弦相似度度量来捕捉公司的网络安全风险披露与最近遭受网络攻击的公司的网络安全风险披露的接近程度，我们构建了一个基于披露的事前网络风险代理。我们发现，余弦指数每增加一个标准差，随后发生网络事件的概率就会增加0.61个百分点——相对于样本均值，大约增加25%。我们进一步表明，更高的基于披露的网络风险与更高的审计费用（约4.7%，或13万美元）和更大的被四大会计师事务所审计的可能性相关。这些发现表明，审计师积极地从叙述性披露中提取和定价网络风险信号，而不是在网络事件发生后才做出反应。更广泛地说，我们的研究结果强调了强制性风险披露作为企业运营脆弱性前瞻性信息来源的作用日益增强。

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引用次数: 0

The spillover effect of enterprise integration of real industry and technology: a supply chain perspective 实体产业与技术企业整合的溢出效应：一个供应链视角

IF 6.9 2区经济学 Q1 BUSINESS, FINANCE

Finance Research Letters

Pub Date : 2026-01-10 DOI: 10.1016/j.frl.2026.109513

Bingkun Su , Jin Wang , Banglu He

Promoting the integration of the real economy and the digital economy is a key measure for facilitating the digital transformation and upgrading of supply chains, as well as enhancing their resilience. However, the potential spillover effects of real industry technology integration among supply chain stakeholders have not been sufficiently explored. This article uses panel data from A-share listed companies in China's Shanghai and Shenzhen stock markets from 2008 to 2022, matching patent citation data between suppliers and customers, and employs fixed-effects models to evaluate the spillover effects and mechanisms of enterprise real industry technology integration (ITInt). The results show that: (1) ITInt in focal firms generates significant positive spillovers on both upstream suppliers and downstream customers, and these findings remain robust after addressing endogeneity using instrumental variables and conducting extensive robustness tests; (2) The spillover effects operate through two key mechanisms: information element coordination and labor element coordination, whereby higher ITInt levels enhance the alignment of digital information systems and human capital configurations between target firms and their supply chain partners; (3) Spillovers are more pronounced when partners are small-to-medium enterprises (SMEs), non-high-tech firms, or non-state-owned enterprises. This research employs empirical methods to investigate spillover effects of real industry technology integration through a supply chain lens, offering fresh perspectives on the convergence between real and digital economies, supply chain network stability, and factor coordination enhancement. These findings have significant implications for firms seeking to leverage supply chain digitalization and for policymakers promoting high-quality economic development.

推动实体经济和数字经济融合，是推动供应链数字化转型升级、增强供应链韧性的重要举措。然而，供应链利益相关者之间实体产业技术整合的潜在溢出效应尚未得到充分挖掘。本文采用2008 - 2022年沪深两市a股上市公司面板数据，匹配供应商和客户之间的专利引文数据，运用固定效应模型对企业实体产业技术整合的溢出效应和机制进行了评价。结果表明：(1)重点企业的创新创新对上游供应商和下游客户都产生了显著的正溢出效应，并且在使用工具变量解决内生性问题并进行广泛的稳健性检验后，这些结果仍然是稳健的；(2)溢出效应通过信息要素协调和劳动要素协调两个关键机制发挥作用，较高的信息集成水平增强了目标企业与其供应链伙伴之间数字信息系统和人力资本配置的一致性；(3)当合作伙伴为中小企业、非高新技术企业或非国有企业时，溢出效应更为明显。本研究采用实证方法，通过供应链视角考察实体产业技术整合的溢出效应，为实体经济与数字经济的融合、供应链网络的稳定性和要素协调性的增强提供了新的视角。这些发现对寻求利用供应链数字化的公司和促进高质量经济发展的政策制定者具有重要意义。

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引用次数: 0

Can the accumulation of household financial assets and consumption upgrading enhance residents' subjective well-being? 家庭金融资产积累和消费升级能否提升居民主观幸福感？

IF 6.9 2区经济学 Q1 BUSINESS, FINANCE

Finance Research Letters

Pub Date : 2026-01-09 DOI: 10.1016/j.frl.2026.109498

Hongzhou Yuan , Jianye Liang

This paper employs data from the 2018, 2020, and 2022 China Family Panel Studies (CFPS) to examine the impact of household financial asset accumulation and consumption upgrading on residents' subjective well-being. The research findings are as follows: First, household financial asset accumulation significantly enhances residents' subjective well-being; second, consumption upgrading significantly increases residents' subjective well-being; third, consumption upgrading serves as a mediating factor in the relationship between household financial asset accumulation and residents' subjective well-being; fourth, the impact of household financial asset accumulation on residents' subjective well-being demonstrates heterogeneity between urban and rural residents; fifth, the effect of consumption upgrading on residents' subjective well-being also differs between urban and rural residents.

本文采用2018年、2020年和2022年中国家庭面板研究（CFPS）数据，考察家庭金融资产积累和消费升级对居民主观幸福感的影响。研究发现：第一，家庭金融资产积累显著提升居民主观幸福感；二是消费升级显著提升居民主观幸福感；第三，消费升级在居民金融资产积累与居民主观幸福感的关系中起中介作用；第四，家庭金融资产积累对居民主观幸福感的影响在城乡居民中呈现异质性；第五，消费升级对居民主观幸福感的影响在城乡居民中也存在差异。

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全部化学•材料生命科学医学物理工程技术环境•农林材料科学地球科学法学管理学化学环境科学与生态学计算机科学教育学经济学农林科学人文科学生物学数学物理与天体物理心理学综合性期刊其他工业工程理学历史学农学文学信息工程

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全部 ACS Publications Elsevier ieeexplore Springer The Royal Society of Chemistry Wiley

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Finance Research Letters

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