Finance Research Letters最新文献

英文中文

Does data asset disclosure reduce corporate financing costs? Evidence from China 数据资产披露是否降低了企业融资成本？来自中国的证据

IF 6.9 2区经济学 Q1 BUSINESS, FINANCE

Finance Research Letters

Pub Date : 2026-01-23 DOI: 10.1016/j.frl.2026.109568

Yong Wang

Using a panel dataset of Chinese A-share listed firms from 2016 to 2023, this study systematically examines the effect of data asset disclosure on corporate financing costs. The empirical results indicate that higher-quality data asset disclosure significantly reduces firms’ financing costs. Mechanism analyses reveal that this effect operates primarily through two channels: mitigating corporate default risk and enhancing corporate transparency. Heterogeneity analyses further show that the cost-reducing effect of data asset disclosure is more pronounced among non-state-owned enterprises, firms with higher governance quality, and firms located in regions with more advanced informatization levels. Moreover, a moderating effect analysis demonstrates that digital financial development amplifies the negative relationship between data asset disclosure and financing costs. This study extends the literature on corporate information disclosure and financing costs and provides new insights into the role of data assets in corporate financial management.

本文采用2016 - 2023年中国a股上市公司面板数据集，系统考察了数据资产披露对企业融资成本的影响。实证结果表明，高质量的数据资产披露显著降低了企业的融资成本。机制分析表明，这种效应主要通过降低企业违约风险和提高企业透明度两个渠道发挥作用。异质性分析进一步表明，数据资产披露的成本降低效应在非国有企业、治理质量较高的企业和信息化水平较高地区的企业中更为明显。此外，调节效应分析表明，数字金融发展放大了数据资产披露与融资成本之间的负向关系。本研究拓展了关于企业信息披露与融资成本的文献，对数据资产在企业财务管理中的作用提供了新的见解。

引用次数: 0

Artificial intelligence investment, data factor accumulation, and enterprise digital transformation performance 人工智能投资、数据要素积累、企业数字化转型绩效

IF 6.9 2区经济学 Q1 BUSINESS, FINANCE

Finance Research Letters

Pub Date : 2026-01-23 DOI: 10.1016/j.frl.2026.109573

Ling Bai, Dengfeng Cui

This paper delves into the impact of artificial intelligence investment and data factor accumulation on enterprise digital transformation performance. Drawing on a comprehensive dataset of listed enterprises from 2010 to 2024, we generate robust evidence that AI investment largely enhances firms’ digital transformation performance. The mechanism analysis reveals that data factor accumulation serves as a crucial economic channel. Furthermore, the positive role of AI investment is larger among enterprises with higher technological absorptive capacity and in industries characterized by intensive digital competition. These conclusions contribute to the emerging literature on the digital economy and offer important policy implications.

本文探讨了人工智能投资和数据要素积累对企业数字化转型绩效的影响。利用2010年至2024年上市企业的综合数据集，我们得出了强有力的证据，证明人工智能投资在很大程度上提高了企业的数字化转型绩效。机制分析表明，数据要素积累是一个重要的经济渠道。此外，在技术吸收能力较高的企业和数字竞争激烈的行业中，人工智能投资的积极作用更大。这些结论有助于新兴的数字经济文献，并提供重要的政策启示。

引用次数: 0

Intellectual property protection and firm innovation capability 知识产权保护与企业创新能力

IF 10.4 2区经济学 Q1 BUSINESS, FINANCE

Finance Research Letters

Pub Date : 2026-01-22 DOI: 10.1016/j.frl.2026.109559

Yang Xia

引用次数: 0

Climate policy uncertainty and green premium: Evidence from China 气候政策不确定性与绿色溢价：来自中国的证据

IF 6.9 2区经济学 Q1 BUSINESS, FINANCE

Finance Research Letters

Pub Date : 2026-01-22 DOI: 10.1016/j.frl.2026.109563

Daoju Peng , Siyu Du , Jing Li , Jianfu Shen

We examine the pricing effect of climate policy uncertainty on green bonds in a transitional economy with rapidly developing green financing market. We find a significant relationship between green premium and climate policy uncertainty in China. When climate policy uncertainty is high, the yield difference between green bonds and their conventional “twin” bonds (green premium) increases, suggesting that investors in China demand higher compensation during these periods rather than perceiving green bonds as a valid hedge against policy uncertainty. This effect is more pronounced for green bonds issued in climate sensitive regions (northern regions), with higher green credibility (certified by third party), and higher exposure to climate policy (issued in large sizes), suggesting a weaker signaling of certification and high risk of green projects during periods with heightened climate policy uncertainty. Our results are robust across alternative model specifications, macroeconomic factors and various fixed effects. Two channels, financial market development and green commitment, are identified through which local conditions buffer the impact of CPU on green bond premium.

本文研究了在绿色融资市场快速发展的转型经济中，气候政策不确定性对绿色债券定价的影响。研究发现，绿色溢价与中国气候政策不确定性之间存在显著关系。当气候政策不确定性较高时，绿色债券与其传统的“孪生”债券（绿色溢价）之间的收益率差增大，这表明中国投资者在此期间要求更高的补偿，而不是将绿色债券视为对抗政策不确定性的有效对冲。这种影响对于在气候敏感地区（北方地区）发行的绿色债券更为明显，这些地区绿色信誉较高（经第三方认证），气候政策风险较高（大规模发行），这表明在气候政策不确定性加剧的时期，绿色项目的认证信号较弱，风险较高。我们的结果在不同的模型规格、宏观经济因素和各种固定效应中都是稳健的。通过金融市场发展和绿色承诺两个渠道，本地条件可以缓冲CPU对绿色债券溢价的影响。

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引用次数: 0

Financial Technology Innovation, Data Transparency, and the Quality of Corporate Financing: An Empirical Inquiry Based on Financial Economic Data 金融技术创新、数据透明度与企业融资质量：基于金融经济数据的实证研究

IF 10.4 2区经济学 Q1 BUSINESS, FINANCE

Finance Research Letters

Pub Date : 2026-01-22 DOI: 10.1016/j.frl.2026.109542

Boyu He, Zimeng Li, Gongyu Ke, Yuhan Zhang

引用次数: 0

Investigation of the guiding effect of watershed compensation policy on green credit issuance: Evidence from environmental law enforcement 流域补偿政策对绿色信贷发放的引导作用研究：来自环境执法的证据

IF 6.9 2区经济学 Q1 BUSINESS, FINANCE

Finance Research Letters

Pub Date : 2026-01-22 DOI: 10.1016/j.frl.2026.109567

Xiuqin Zhang , Siyu Zhou

With the continuous deepening of green finance and ecological protection concepts, researching the institutional driving mechanisms behind green credit issuance has become increasingly important. This paper explores the relationships and heterogeneity among watershed compensation policy, environmental law enforcement intensity, and green credit issuance. The study finds a positive correlation between watershed compensation policy and green credit issuance. Moderating effect analysis indicates that environmental law enforcement intensity plays a regulatory role in the relationship between watershed compensation policy and green credit issuance. Heterogeneity analysis reveals that the promotional effect of watershed compensation policy on green credit issuance varies between regions with high and low environmental regulatory intensity. Furthermore, the regulatory role of environmental law enforcement intensity in the relationship between watershed compensation policy and green credit issuance also exhibits heterogeneity between regions of high and low ecological environmental quality. This research provides theoretical basis and empirical support for improving green finance policy design and enhancing ecological environmental governance.

随着绿色金融和生态保护理念的不断深入，研究绿色信贷发行背后的制度驱动机制显得越来越重要。本文探讨了流域补偿政策、环境执法力度与绿色信贷发行之间的关系和异质性。研究发现流域补偿政策与绿色信贷发行呈正相关。调节效应分析表明，环境执法强度在流域补偿政策与绿色信贷发行的关系中起调节作用。异质性分析表明，流域补偿政策对绿色信贷发行的促进作用在环境监管强度高低的地区存在差异。此外，环境执法强度在流域补偿政策与绿色信贷发行关系中的调节作用在生态环境质量高低区域间也表现出异质性。本研究为完善绿色金融政策设计、加强生态环境治理提供了理论依据和实证支持。

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引用次数: 0

Digital economy-driven sports industry: The synergistic effects of data factorization and tourism upgrading 数字经济驱动的体育产业：数据分解与旅游升级的协同效应

IF 6.9 2区经济学 Q1 BUSINESS, FINANCE

Finance Research Letters

Pub Date : 2026-01-22 DOI: 10.1016/j.frl.2026.109557

Zhaoyong Liu , Jingfang Zhao

The rapid expansion of the digital economy has reshaped industries worldwide; however, its influence on the sports industry remains underexplored. This study investigates how digital economy development drives sports industry growth, focusing on the mediating roles of data factorization and tourism upgrading. Using provincial panel data from 31 Chinese regions spanning 2010–2023, we test four hypotheses using fixed-effects regression models with stepwise mediation analysis. Empirical results confirm that digital economy development significantly and positively affects sports industry expansion. This relationship operates through two channels: data factorization, whereby data resources are leveraged as productive economic assets and tourism upgrading, which enhances service quality and cross-sector integration. We also identify an interaction effect—regions improving both data utilization and tourism upgrading see greater sports industry gains than those experiencing separate advances. Heterogeneity analysis reveals pronounced regional disparities: the Eastern provinces demonstrate the strongest digital–sports linkage, followed by the Central provinces. In contrast, Western provinces exhibit comparatively weaker effects attributable to infrastructure deficits and resource constraints. Robustness checks using alternative dependent variables and estimation methods validate these findings. The study contributes to understanding the mechanisms underlying digital-driven industrial transformation, with implications for policymakers seeking to develop regional sports industries through strategies that combine digital infrastructure investment, data-driven innovation and tourism enhancement.

数字经济的快速扩张重塑了全球各行业；然而，它对体育产业的影响仍未得到充分探索。本研究探讨数字经济发展对体育产业增长的驱动作用，重点关注数据分解和旅游升级的中介作用。本文利用2010-2023年中国31个地区的省级面板数据，采用固定效应回归模型和逐步中介分析检验了四个假设。实证结果证实，数字经济发展对体育产业扩张具有显著的正向影响。这种关系通过两个渠道运作：一是数据分解，将数据资源转化为生产性经济资产；二是旅游升级，提升服务质量和跨部门融合。我们还发现了一种相互作用效应——提高数据利用和旅游升级的地区比那些经历单独进步的地区获得了更大的体育产业收益。异质性分析揭示了明显的地区差异：东部省份表现出最强的数字体育联系，其次是中部省份。相比之下，由于基础设施不足和资源限制，西部省份的影响相对较弱。鲁棒性检查使用替代因变量和估计方法验证这些发现。该研究有助于理解数字驱动的产业转型背后的机制，对寻求通过将数字基础设施投资、数据驱动的创新和旅游业增强相结合的战略来发展区域体育产业的政策制定者具有启示意义。

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引用次数: 0

Resourceful and Resilient: Linking Human Resource Quality and Organizational Resilience 资源与弹性：连结人力资源品质与组织弹性

IF 10.4 2区经济学 Q1 BUSINESS, FINANCE

Finance Research Letters

Pub Date : 2026-01-22 DOI: 10.1016/j.frl.2026.109555

Chang Wang

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

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

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