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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 6.9 2区 经济学 Q1 BUSINESS, FINANCE Pub Date : 2026-01-22 DOI: 10.1016/j.frl.2026.109532
Mingyue Fu , Pengfei Zhu
Based on data linking Chinese listed firms and their subsidiaries from 2006 to 2023, this study constructs a balanced panel dataset at the “parent firm–potential destination region–year” level. Taking firms’ interregional investment activities as a proxy for cross-regional capital flows, the paper investigates how regional disparities in tax enforcement impact cross-regional capital flows. The results reveal that greater regional disparities in tax enforcement intensity significantly promote cross-regional capital flows, indicating that regions with weaker tax enforcement intensity attract more cross-regional investments from listed companies. Furthermore, both economic resilience and industrial agglomeration positively moderate this relationship.
本文以2006 - 2023年中国上市公司及其子公司的数据为基础,构建了“母公司-潜在目的地地区-年”层次的均衡面板数据集。本文以企业跨区域投资活动作为跨区域资本流动的代表,考察了税收执法的区域差异对跨区域资本流动的影响。结果表明,税收执法强度的区域差异显著促进了跨区域资本流动,表明税收执法强度较弱的地区吸引了更多的上市公司跨区域投资。经济弹性和产业集聚对这一关系具有正向调节作用。
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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 6.9 2区 经济学 Q1 BUSINESS, FINANCE Pub Date : 2026-01-22 DOI: 10.1016/j.frl.2026.109562
Liu Xuan , Huo Xuexi
In the context of rural revitalization, this paper investigates the impact of digital finance on green innovation in agricultural enterprises. Based on panel data from Chinese listed agricultural firms (2011–2023), the study empirically examines direct effects, mechanisms, and moderators. The results demonstrate that digital finance significantly enhances green innovation performance. Mechanism analysis reveals three key pathways: increasing R&D intensity, improving environmental information disclosure, and alleviating financing constraints. Conversely, financial regulation exerts a negative moderating effect, weakening the positive impact of digital finance in highly regulated regions. Heterogeneity tests indicate that large-scale and eastern enterprises benefit more prominently from digital financial development. These findings underscore the pivotal role of digital finance in fostering sustainable technological transformation and provide insights for integrating financial digitalization with ecological modernization.
本文以乡村振兴为背景,研究数字金融对农业企业绿色创新的影响。基于2011-2023年中国农业上市公司的面板数据,本研究实证检验了直接影响、机制和调节因子。结果表明,数字金融显著提高了绿色创新绩效。机制分析揭示了三条关键路径:提高研发强度、改善环境信息披露和缓解融资约束。相反,金融监管起到负向调节作用,削弱了数字金融在高监管地区的积极影响。异质性检验表明,规模企业和东部企业从数字金融发展中受益更为显著。这些发现强调了数字金融在促进可持续技术转型方面的关键作用,并为金融数字化与生态现代化的整合提供了见解。
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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 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。
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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 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。
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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 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。
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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 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。
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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 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 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
Digital marketing, social media sentiment, and corporate cash flow 数字营销、社会媒体情感和企业现金流
IF 6.9 2区 经济学 Q1 BUSINESS, FINANCE Pub Date : 2026-01-20 DOI: 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.
本文利用2015 - 2023年a股非金融类上市公司的面板数据,构建双向固定效应模型,探讨数字营销、社交媒体情绪及其交互作用对企业现金流的影响。实证结果表明:数字营销显著提高了企业现金流;社交媒体情绪正向调节数字营销与经营性现金流的关系;数字营销与企业现金流之间存在边际收益递减关系,呈倒“U”型;社交媒体情绪对数字营销与经营性现金流关系的调节作用在不同经营杠杆的公司中表现出异质性。
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引用次数: 0
Fintech and urban-rural integrated development: a human capital perspective 金融科技与城乡融合发展:人力资本视角
IF 6.9 2区 经济学 Q1 BUSINESS, FINANCE Pub Date : 2026-01-20 DOI: 10.1016/j.frl.2026.109534
Shengbin Wang , Jiayi Song
A key driver of digital transformation, financial technology (fintech) is reshaping urban–rural development globally. Using panel data from 31 Chinese provinces from 2011 to 2022, this study empirically examines the impact of fintech on urban–rural integrated development. Results show that fintech significantly promotes integration, even after controlling for various factors. Human capital plays a key mediating role, indicating indirect effects through education and talent channels. Threshold analysis reveals that the positive impact is greater in regions with higher economic development or moderate competition for educational resources. The findings enrich the empirical literature and provide policy insights for coordinated development.
金融科技(fintech)是数字化转型的关键驱动力,正在重塑全球城乡发展。本文利用2011 - 2022年中国31个省份的面板数据,实证检验了金融科技对城乡融合发展的影响。结果表明,即使在控制了各种因素之后,金融科技也显著促进了融合。人力资本发挥了关键的中介作用,通过教育和人才渠道间接产生影响。阈值分析表明,经济发展水平较高或教育资源竞争适度的地区,其正向影响更大。研究结果丰富了实证文献,为协调发展提供了政策启示。
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引用次数: 0
期刊
Finance Research Letters
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