Finance Research Letters最新文献

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Business environment and industrial chain: Evidence from a quasi-natural experiment in China 商业环境与产业链：来自中国准自然实验的证据

IF 6.9 2区经济学 Q1 BUSINESS, FINANCE

Finance Research Letters

Pub Date : 2026-01-22 DOI: 10.1016/j.frl.2026.109565

Shiyu Dun

Against the backdrop of global industrial chain restructuring and domestic regional coordinated development, this paper takes provincial "Regulations on Optimizing the Business Environment" as a policy shock, constructs a quasi-natural experiment framework based on inter-provincial regulatory differences, and uses 2005–2022 panel data of 28 Chinese provinces to investigate the impact of business environment optimization on industrial chain transfer, revealing heterogeneity across industry type, regional gradient, and industrial hierarchy. The research finds a dual-track effect: promoting manufacturing transfer-out and tertiary industry transfer-in, with high-end service industries agglomerating in eastern regions. Regionally, the eastern region shows retention and upgrading effects, while central-western regions show undertaking and cultivation effects, with stable east-west transfers. Industrially, low-end industries face a strong push-out effect, and high-end industries are strongly retained. Transaction cost savings are identified as the core mechanism, providing references for regional policy formulation.

在全球产业链结构调整和国内区域协调发展的大背景下，本文以省级《优化营商环境条例》为政策冲击，构建基于省际监管差异的准自然实验框架，利用2005-2022年中国28个省份的面板数据，考察营商环境优化对产业链转移的影响，揭示了产业类型间的异质性。区域梯度、产业层次。研究发现，东部地区具有促进制造业向外转移和第三产业向内转移的双轨效应，高端服务业向东部地区集聚。从区域上看，东部地区呈现保留和升级效应，中西部地区呈现承接和培育效应，呈现稳定的东西转移。工业上，低端产业挤出效应强，高端产业留存力强。将交易成本节约确定为核心机制，为区域政策制定提供参考。

引用次数: 0

Can executive diversification tackle the green innovation bubble? The dual innovation challenge 高管多元化能解决绿色创新泡沫吗？双重创新挑战

IF 6.9 2区经济学 Q1 BUSINESS, FINANCE

Finance Research Letters

Pub Date : 2026-01-22 DOI: 10.1016/j.frl.2026.109553

Yanbin Sun , Min Zhang

This study investigates how diversifying the functional experiences of top management teams (TMTs) influences the corporate green innovation bubble. From the perspective of ambidextrous innovation, we conduct theoretical analysis and empirical tests. The results demonstrate a robust U-shaped relationship between executive functional experience diversity and the green innovation bubble, characterized by initial suppression followed by promotion. This relationship is fully mediated by exploratory innovation and partially mediated by exploitative innovation. Moreover, media attention, as an external governance mechanism, significantly intensifies the U-shaped relationship. The findings deepen the understanding of how corporate green innovation quality is formed and provide critical theoretical foundations and practical insights for optimizing TMT structure and enhancing innovation efficiency in the context of sustainable development.

本研究探讨高层管理团队职能经验多元化对企业绿色创新泡沫的影响。从双灵巧创新的角度出发，进行理论分析和实证检验。结果表明，高管职能经验多样性与绿色创新泡沫之间存在显著的u型关系，其特征是先抑制后促进。探索性创新在二者关系中起完全中介作用，剥削性创新在二者关系中起部分中介作用。此外，媒体关注作为一种外部治理机制，显著强化了u型关系。研究结果加深了对企业绿色创新质量形成机制的理解，为可持续发展背景下优化TMT结构、提高创新效率提供了重要的理论基础和实践见解。

引用次数: 0

Uneven Tax Enforcement and Cross-regional Capital Flows: The Role of Economic Resilience and Industrial Agglomeration 税收执法不均与跨区域资本流动：经济弹性与产业集聚的作用

IF 10.4 2区经济学 Q1 BUSINESS, FINANCE

Finance Research Letters

Pub Date : 2026-01-22 DOI: 10.1016/j.frl.2026.109532

Mingyue Fu, Pengfei Zhu

引用次数: 0

Digital finance, financial regulation and green innovation in agricultural enterprises 数字金融、金融监管与农业企业绿色创新

IF 10.4 2区经济学 Q1 BUSINESS, FINANCE

Finance Research Letters

Pub Date : 2026-01-22 DOI: 10.1016/j.frl.2026.109562

Liu Xuan, Huo Xuexi

引用次数: 0

The dynamics of managerial myopia across CEO tenure stages CEO任期内管理近视的动态

IF 6.9 2区经济学 Q1 BUSINESS, FINANCE

Finance Research Letters

Pub Date : 2026-01-21 DOI: 10.1016/j.frl.2026.109552

Bao Qi , Jianxiang Liu , Fan Hu

Managerial myopia, the excessive focus on short-term performance over long-term value, remains a key challenge in corporate governance. While scholars suggest myopia may vary across CEO tenure stages, direct empirical evidence remains scarce. Using data from Chinese A-share listed firms (2010–2023) and a lexicon-based textual analysis of MD&A reports, this study quantifies managerial myopia and examines its dynamics over CEO tenure. Results show that myopia is significantly higher in both early and late tenure stages, with the late-tenure effect pronounced only before planned departures but not in cases of unexpected turnover. These patterns are accompanied by significant reductions in physical capital investment and R&D expenditure, underscoring the adverse impact of myopia on long-term investment. This study provides novel text-based evidence on the tenure–myopia relationship, enriches the literature on managerial behavior, and offers practical implications for executive incentives and tenure design.

管理短视，即过分关注短期业绩而忽视长期价值，仍然是公司治理面临的一个关键挑战。虽然学者们认为，在CEO任期的不同阶段，近视可能会有所不同，但直接的实证证据仍然很少。本研究利用2010-2023年中国a股上市公司的数据和基于词典的md&a报告文本分析，量化了管理层近视，并考察了其在CEO任期内的动态变化。结果表明，在任期的早期和后期，近视率都明显较高，任期后期效应仅在计划离职前明显，而在意外离职时则不明显。这些模式伴随着物质资本投资和研发支出的显著减少，强调了短视对长期投资的不利影响。本研究提供了基于文本的新证据，丰富了有关管理行为的文献，并为高管激励和终身职位设计提供了现实意义。

引用次数: 0

Energy transition and corporate risk-taking 能源转型与企业风险承担

IF 6.9 2区经济学 Q1 BUSINESS, FINANCE

Finance Research Letters

Pub Date : 2026-01-21 DOI: 10.1016/j.frl.2026.109544

Hong Fang , Feng Xu , Xiaohui Wang , Yue Pan

Under China’s dual-carbon goals, energy transition has profoundly shaped corporate strategic decision-making, encouraging firms to strengthen their risk-taking capacity in pursuit of green transformation. Using panel data of Chinese-listed companies between 2005 and 2022, this study examines how energy transition impacts corporate risk-taking by integrating city-level energy consumption data with firm-level data. The findings indicate that energy transition significantly enhances corporate risk-taking, with stronger effects observed among non-state-owned enterprises and firms with lower energy consumption. Furthermore, financing constraints and digital transformation amplify the impact.

在中国的双碳目标下，能源转型深刻地影响了企业的战略决策，鼓励企业在追求绿色转型的过程中加强风险承担能力。本文利用2005 - 2022年中国上市公司的面板数据，通过整合城市层面的能源消耗数据和企业层面的数据，考察了能源转型对企业风险承担的影响。研究发现，能源转型显著增强了企业的风险承担能力，其中非国有企业和能耗较低的企业的风险承担能力增强。此外，融资约束和数字化转型放大了这种影响。

引用次数: 0

Establishment of big data comprehensive experimental zones, financial resource allocation, and enterprise innovation 建立大数据综合实验区、金融资源配置、企业创新

IF 6.9 2区经济学 Q1 BUSINESS, FINANCE

Finance Research Letters

Pub Date : 2026-01-21 DOI: 10.1016/j.frl.2026.109543

Boren Gao , Haibin Tang , Yibin Luo

Utilizing enterprise-level panel data from 2007 to 2023, this paper analyzes the direct impact of the establishment of big data comprehensive experimental zones (BEZ) on enterprise innovation, further examining the mediating role of financial resource allocation in this relationship. The research findings indicate that the establishment of BEZ significantly enhances corporate innovation levels, with financial resource allocation playing a mediating role between the establishment of these zones and enterprise innovation. Additionally, heterogeneity analysis reveals that high-tech enterprises, companies located in southern regions, and those with executives possessing financial backgrounds benefit more from the establishment of BEZ in terms of innovation capabilities. The results provide a theoretical basis for policy makers.

本文利用2007 - 2023年的企业级面板数据，分析了大数据综合实验区（BEZ）的建立对企业创新的直接影响，并进一步考察了金融资源配置在这种关系中的中介作用。研究结果表明，经济特区的设立显著提高了企业创新水平，金融资源配置在经济特区的设立与企业创新之间起中介作用。此外，异质性分析还显示，高科技企业、南方企业和具有金融背景高管的企业在创新能力方面受益更多。研究结果为政策制定者提供了理论依据。

引用次数: 0

Foreign investment screening and cross-border M&A in sensitive sectors: Evidence from Germany 敏感行业外商投资审查与跨国并购：来自德国的证据

IF 6.9 2区经济学 Q1 BUSINESS, FINANCE

Finance Research Letters

Pub Date : 2026-01-21 DOI: 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.

近年来，外商投资审查已成为保护战略技术的核心手段。本文以德国2020年的政策改革为例，探讨了这些措施如何影响跨境并购模式。将差异中的差异框架应用于2016年至2024年的公司层面并购数据，我们发现改革显著增加了其他欧盟投资者在新监管行业投资德国公司的可能性，多数控股收购成为这种模式的一种机制。我们的研究结果表明，随着伙伴经济体增加投资，投资筛选促进了敏感部门向欧洲所有权的转变，从而重塑了跨境资本流动的动态。

引用次数: 0

Climate risk and corporate cross-boundary digital innovation: An analysis based on the threshold effect of green digital finance 气候风险与企业跨境数字创新——基于绿色数字金融门槛效应的分析

IF 6.9 2区经济学 Q1 BUSINESS, FINANCE

Finance Research Letters

Pub Date : 2026-01-20 DOI: 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.

本文采用2012 - 2023年中国a股上市公司数据，探讨气候风险对传统企业跨境数字创新的直接影响及其机制。研究结果表明，CR显著提高了DI，这得到了鲁棒性检验和内生性估计的支持，并将El Niño指数和空气通风量作为工具变量。确定驱动人工智能的三个关键机制：增加患者资本、分析师关注和工业机器人应用水平。此外，融资约束程度较低的企业、非国有、高污染行业和东部地区企业的直接投资受到企业责任的驱动尤为明显。这表明直接投资可能是企业适应气候变化的有意识选择，意味着气候变化背后存在促进数字与现实融合的商业机会。最后，CR对DI的影响受到绿色数字金融（GDF）阈值效应的影响。研究从绿色金融与数字金融协同发展的视角为政策制定者指导企业调整创新战略以适应气候变化提供了新的视角。

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引用次数: 0

How digital capabilities affect tax planning: The internal information environment 数字能力如何影响税务筹划：内部信息环境

IF 6.9 2区经济学 Q1 BUSINESS, FINANCE

Finance Research Letters

Pub Date : 2026-01-20 DOI: 10.1016/j.frl.2026.109540

Liping Xu, Lirong Zhang

The rapid development of the digital economy has profoundly reshaped firms’ operational decisions and financial behaviors, yet how corporate digital transformation affects tax planning remains insufficiently explored. Using a sample of Chinese A-share nonfinancial listed firms from 2009 to 2023, this study analyses digital transformation’s effect on corporate tax planning efficiency, focusing on the mediating role of the internal information environment. The results show that digital transformation significantly enhances tax planning efficiency, and this conclusion remains robust across robustness and endogeneity tests. Mechanism analyses indicate that digital transformation improves the internal information environment by increasing earnings forecast accuracy and accelerating financial information disclosure, strengthening firms’ tax planning capabilities. Heterogeneity analyses further reveal that this effect is greater in firms with stronger internal governance, greater external monitoring and more advanced regional digital economic development and industrial agglomeration. Furthermore, digital transformation promotes firms’ total factor productivity by improving tax planning efficiency. This study provides new empirical evidence on the financial governance effects of digital transformation with essential policy and managerial implications.

数字经济的快速发展深刻地重塑了企业的经营决策和财务行为，但企业数字化转型如何影响税收筹划仍未得到充分探讨。本文以2009 - 2023年中国a股非金融类上市公司为样本，分析了数字化转型对企业税收筹划效率的影响，重点研究了内部信息环境的中介作用。结果表明，数字化转型显著提高了税收筹划效率，并且在稳健性和内生性检验中，这一结论仍然是稳健的。机制分析表明，数字化转型通过提高盈余预测准确性、加速财务信息披露、增强企业税收筹划能力等方面改善了企业内部信息环境。异质性分析进一步表明，内部治理水平越高、外部监督力度越大、区域数字经济发展水平越高、产业集聚程度越高的企业，这种效应越显著。此外，数字化转型通过提高税收筹划效率来提高企业的全要素生产率。本研究为数字化转型的财务治理效应提供了新的实证证据，具有重要的政策和管理意义。

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引用次数: 0

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