International Review of Economics & Finance最新文献

Venture capital, green innovation, and corporate tax reduction 风险投资、绿色创新和企业减税

IF 5.6 2区经济学 Q1 BUSINESS, FINANCE

International Review of Economics & Finance

Pub Date : 2026-01-27 DOI: 10.1016/j.iref.2026.104932

Xingyu Li , Hang Hong , Biao Liu

This study takes Chinese A-share listed companies from 2013 to 2023 as the research sample to empirically examine the relationship between green innovation and corporate tax reduction, as well as the regulatory role of venture capital in this mechanism. The results indicate that: First, corporate green innovation input exerts a significant positive effect on tax reduction. Second, the tax reduction effect of green innovation shows obvious heterogeneity depending on the corporate tax burden level. Third, in terms of external organizational characteristics, the tax reduction effect of green innovation is more significant in enterprises with high industry competition intensity and high social responsibility performance. Fourth, venture capital participation plays a positive moderating role in the process of green innovation promoting corporate tax reduction; specifically, the involvement of venture capital strengthens the tax reduction effect brought by green innovation. Fifth, the moderating effect of venture capital is heterogeneous in enterprises with different financialization degrees, and it is more significant in highly financialized enterprises, while it has no obvious regulatory impact in low-financialized enterprises.

本文以2013 - 2023年中国a股上市公司为研究样本，实证检验绿色创新与企业减税之间的关系，以及风险投资在这一机制中的调节作用。研究结果表明：第一，企业绿色创新投入对税收减免具有显著的正向影响。第二，绿色创新的减税效果随企业税负水平的不同呈现出明显的异质性。第三，从外部组织特征来看，绿色创新的减税效果在行业竞争强度高、社会责任绩效高的企业中更为显著。第四，风险投资参与对绿色创新促进企业减税起到正向调节作用；具体而言，风险投资的参与强化了绿色创新带来的减税效应。第五，风险投资的调节作用在不同金融化程度的企业中存在异质性，在金融化程度高的企业中更为显著，而在金融化程度低的企业中没有明显的调节作用。

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引用次数: 0

Enhancing spare debt capacity via efficient carbon management 通过有效的碳管理提高备用债务能力

IF 5.6 2区经济学 Q1 BUSINESS, FINANCE

International Review of Economics & Finance

Pub Date : 2026-01-27 DOI: 10.1016/j.iref.2026.104970

Paula Castro, Borja Amor-Tapia, María T. Tascón

We investigate how a firm's environmental management efficiency affects spare debt capacity. We compute the firm-specific expected and unexpected carbon emissions, and two measures of debt capacity for 1307 European firms in 20 countries during the 2002–2022 period. We define spare debt capacity as firm-specific debt flexibility and analyze it through three transition-risk mechanisms: information asymmetry reduction derived from the mandatory carbon disclosures; information asymmetry reduction derived from information stability; and bankruptcy risk increase derived from unexpected carbon emissions. With respect to the first mechanism, we find no direct link between total emissions and spare debt capacity, highlighting the need to decompose emissions. For the second mechanism, expected emissions show a positive and significant association with spare debt capacity, suggesting that stable and predictable environmental information helps reduce information asymmetry. For the third mechanism, unexpected emissions are negatively related to spare debt capacity, consistent with their role as signals of higher environmental and compliance risk, increasing perceived bankruptcy risk. Further analysis shows that the results hold in the presence of liquidity reduction, additional capital investment, and assurance practices, as well as for firms operating under different environmental uncertainty scenarios (firm-level, industry-level, and macroeconomic), and those facing business uncertainty. Our study introduces a novel method for separating emissions into expected and unexpected components, enabling tests of pecking-order and trade-off theories mechanisms related to debt capacity. These insights can help lenders integrate environmental factors into credit assessments and support firms' managers in designing financing strategies for the transition to cleaner production.

我们研究了企业的环境管理效率如何影响闲置债务能力。我们计算了2002-2022年期间20个国家的1307家欧洲企业的具体预期和意外碳排放量，以及两项债务能力指标。我们将备用债务能力定义为企业特有的债务灵活性，并通过三种过渡风险机制对其进行分析：强制性碳披露导致的信息不对称减少；从信息稳定性出发减少信息不对称；而破产风险的增加则源于意料之外的碳排放。关于第一种机制，我们发现总排放量与闲置债务能力之间没有直接联系，这突出了分解排放的必要性。对于第二种机制，预期排放量与闲置债务能力呈正相关，表明稳定和可预测的环境信息有助于减少信息不对称。对于第三种机制，意外排放与备用债务能力呈负相关，这与它们作为环境和合规风险较高的信号的作用一致，增加了感知破产风险。进一步的分析表明，在存在流动性减少、额外资本投资和担保实践的情况下，以及在不同环境不确定性情景下（公司层面、行业层面和宏观经济层面）运营的公司，以及面临业务不确定性的公司，结果都是成立的。我们的研究引入了一种将排放分为预期和非预期成分的新方法，从而能够测试与债务能力相关的啄食顺序和权衡理论机制。这些见解可以帮助贷款机构将环境因素纳入信贷评估，并支持企业管理人员设计向清洁生产过渡的融资战略。

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引用次数: 0

How does digital-green policy synergy affect substantive and strategic green technology innovation? Evidence from China 数字绿色政策协同如何影响实质性和战略性绿色技术创新？来自中国的证据

IF 5.6 2区经济学 Q1 BUSINESS, FINANCE

International Review of Economics & Finance

Pub Date : 2026-01-27 DOI: 10.1016/j.iref.2026.104969

Jianfeng Jiang , Ji Lin , Bingnan Guo

The synergistic development of digitalization and greening, a crucial strategic arrangement for high-quality development in critical development phase, enhances the optimal allocation of innovation resources. Therefore, utilizing panel data from 285 Chinese prefecture-level cities from 2010 to 2023, this study employs the double machine learning method to investigate how digital-green policy synergy affects substantive and strategic green technology innovation. The study findings indicate that: compared to non-pilot cities, digital-green policy synergy significantly promotes substantive green technology innovation while inhibiting strategic green technology innovation, and these results remain robust to various robustness tests. Heterogeneity analyses reveal a significant spatial differentiation in the effects of digital-green policy synergy. For substantive green technology innovation, non-transportation hub cities and cities with positive net migration exhibit stronger positive effects; for strategic green technology innovation, the inhibitory effects are more pronounced in non-resource-based cities, non-transportation hub cities, and cities with positive net migration. Drawing on the Porter Hypothesis and information asymmetry theory, we identify industrial structure and talent introduction intensity as two key channels linking digital-green policy synergy to substantive and strategic green technology innovation. These findings provide novel evidence for the differentiated innovation effects arising from the integrated development of digitalization and greening.

数字化与绿色化协同发展，促进创新资源优化配置，是关键发展阶段实现高质量发展的重要战略部署。因此，本研究利用2010 - 2023年中国285个地级市的面板数据，采用双机器学习方法研究数字绿色政策协同对实质性和战略性绿色技术创新的影响。研究结果表明：与非试点城市相比，数字绿色政策协同显著促进了实质性绿色技术创新，同时抑制了战略性绿色技术创新，并且这些结果在各种稳健性检验中保持稳健。异质性分析表明，数字与绿色政策协同效应存在显著的空间差异。对于实质性绿色技术创新，非交通枢纽城市和正净移民城市表现出更强的正向效应；对于战略性绿色技术创新，非资源型城市、非交通枢纽城市和净移民为正的城市的抑制作用更为明显。根据波特假设和信息不对称理论，我们认为产业结构和人才引进强度是连接数字绿色政策协同与实质性和战略性绿色技术创新的两个关键渠道。这些发现为数字化与绿色化融合发展的差异化创新效应提供了新的证据。

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引用次数: 0

On the optimality of the deposit insurance premium 论存款保险费的最优性

IF 5.6 2区经济学 Q1 BUSINESS, FINANCE

International Review of Economics & Finance

Pub Date : 2026-01-27 DOI: 10.1016/j.iref.2026.104954

Wilfredo L. Maldonado , Wesley Augusto de Freitas Borges , Rodrigo De-Losso

This paper proposes a methodology for determining the optimal insurance premium on bank deposits charged by a deposit insurer. To this end, we define a simple economy comprising a representative consumer/lender, a firm/borrower, a financial intermediary (bank), and a deposit insurer that partially covers the lenders’ deposits. The equilibrium of this economy is parameterized by the insurance premium rate, whose optimal value is the one that maximizes overall economic welfare. The equilibrium condition also yields a simple and testable relationship between the deposit interest rate and the insurance premium rate. Finally, we conduct empirical exercises to analyze how the optimal insurance premium rate responds to changes in the model’s fundamental parameters.

本文提出了一种确定存款保险公司对银行存款收取的最优保险费的方法。为此，我们定义了一个简单的经济体，包括一个有代表性的消费者/贷款人、一个公司/借款人、一个金融中介（银行）和一个部分覆盖贷款人存款的存款保险公司。该经济的均衡由保险费率参数化，其最优值是使整体经济福利最大化的值。在均衡条件下，存款利率和保险费率之间也有一个简单的、可检验的关系。最后，我们进行了实证练习来分析最优保费率如何响应模型基本参数的变化。

引用次数: 0

Borrower verifiability at entry: Credit access and misallocation 进入时借款人的可验证性：信贷获取和分配不当

IF 5.6 2区经济学 Q1 BUSINESS, FINANCE

International Review of Economics & Finance

Pub Date : 2026-01-27 DOI: 10.1016/j.iref.2026.104966

Qi Xu, Yongyou Nie

We study how public data infrastructure interacts with private disclosure to shape entrant financing, firm entry, and resource allocation when borrower information is scarce and uncertainty is high. Using the China Industrial and Commercial Enterprise Registration Database (2001-2022), we document that entrant voluntary disclosure is positively associated with entry and local bank loan stocks, and that this relationship weakens when macro and policy uncertainty is high. Rollouts of municipal digital government data platforms are also positively associated with entry and local bank loan stocks. We develop a quantitative DSGE model in which borrower verifiability is jointly determined by private disclosure and public data infrastructure, and affects lending terms through expected monitoring losses at default and recovery discounts in distressed sales. In the model, an uncertainty shock immediately worsens financing terms, with entrants’ external finance premium spiking on impact. It tightens credit and reduces entry and aggregate output. Data infrastructure expansion raises baseline verifiability and increases the informativeness of a given unit of private disclosure in screening. We use the model to evaluate alternative policy packages that vary disclosure requirements, data infrastructure, and enforcement against manipulation. In steady state, among the regimes we consider, higher public data verifiability with strong enforcement under voluntary disclosure delivers the strongest joint improvement in entrant credit terms and wedge measures, with higher entry and output.

我们研究了在借款人信息稀缺和不确定性高的情况下，公共数据基础设施如何与私人披露相互作用，从而影响进入者融资、企业进入和资源配置。利用中国工商企业登记数据库（2001-2022），我们发现进入者自愿披露与进入者和当地银行贷款存量呈正相关，当宏观和政策不确定性较高时，这种关系减弱。城市数字政府数据平台的推出也与进入和地方银行贷款存量呈正相关。我们开发了一个量化的DSGE模型，其中借款人的可验证性由私人披露和公共数据基础设施共同确定，并通过预期的违约损失监测和不良销售的回收折扣来影响贷款条款。在该模型中，不确定性冲击会立即恶化融资条件，进入者的外部融资溢价会因影响而飙升。它会收紧信贷，减少进入和总产出。数据基础设施的扩展提高了基线可验证性，并增加了筛选中特定私人披露单位的信息量。我们使用该模型来评估不同披露要求、数据基础设施和针对操纵的执行的替代策略包。在稳定状态下，在我们考虑的制度中，在自愿披露的情况下，更高的公共数据可验证性和强有力的执法，在进入者信贷条件和楔形措施方面带来了最大的共同改善，从而提高了进入率和产出。

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引用次数: 0

Does financial structure matter for economic growth in an open economy? 在开放经济中，金融结构对经济增长重要吗？

IF 5.6 2区经济学 Q1 BUSINESS, FINANCE

International Review of Economics & Finance

Pub Date : 2026-01-27 DOI: 10.1016/j.iref.2026.104971

Jiajia Yan , Liu Dai , Qiuyun Zhao

Financial structure is critical for economic growth. This paper examines the relationship between financial structure and economic growth in an open economy by developing an extended neoclassical growth model, which incorporates technological progress and foreign direct investment (FDI). The theoretical analysis demonstrates that an optimal financial structure exists at the steady-state growth rate, with technological progress serving as a key mechanism. Using cross-country panel data from 2003 to 2020, we find that the financial structure dominated by direct financing is more conducive to economic growth, particularly in developing countries. Further analysis indicates that the financial structure promotes economic growth through technological progress. In addition, the positive effect of direct financing follows an inverse U-shaped pattern. While an increasing proportion of direct financing fosters economic growth, exceeding the turning point of the inverse U-shaped curve inhibits growth. Developed countries reach this turning point earlier than developing countries. Moreover, the effect of financial structure evolves dynamically across different stages of economic development. It also exhibits distinct patterns across countries, following a U-shaped pattern in developing countries and declining steadily in developed countries. These findings provide policy insights on optimizing financial structure to promote economic growth in an open economy.

金融结构对经济增长至关重要。本文通过建立一个扩展的新古典经济增长模型来考察开放经济中金融结构与经济增长之间的关系，该模型将技术进步和外国直接投资（FDI）纳入其中。理论分析表明，在稳态增长率下存在最优金融结构，技术进步是最优金融结构的关键机制。利用2003 - 2020年的跨国面板数据，我们发现以直接融资为主导的金融结构更有利于经济增长，特别是在发展中国家。进一步分析表明，金融结构通过技术进步促进经济增长。此外，直接融资的积极效应呈倒u型分布。直接融资比重的提高有利于经济增长，而超过逆u型曲线拐点则会抑制经济增长。发达国家比发展中国家更早到达这一转折点。此外，金融结构的影响在经济发展的不同阶段是动态演变的。它在各国也表现出不同的模式，在发展中国家呈u型模式，在发达国家稳步下降。这些研究结果为在开放经济条件下优化金融结构促进经济增长提供了政策启示。

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引用次数: 0

Interconnected multiscale waves: Tracking shock transmission across cryptocurrency, energy, economy and the environment 相互关联的多尺度波：跟踪加密货币、能源、经济和环境之间的冲击传输

IF 5.6 2区经济学 Q1 BUSINESS, FINANCE

International Review of Economics & Finance

Pub Date : 2026-01-25 DOI: 10.1016/j.iref.2026.104937

Rabie Loukil , Nabila Boukef Jlassi , Foued Badr Gabsi , Amine Lahiani

This study examines the dynamic and multiscale connectedness among cryptocurrencies, energy markets, macro-financial variables, and environmental indicators in the United States from January 2014 to June 2025. Using a hybrid framework that combines wavelet decomposition with a time-varying parameter vector autoregression (TVP-VAR), we assess spillovers across short-, medium-, and long-term horizons. The results reveal a persistently high level of systemic integration, with the Total Connectedness Index (TCI) ranging between 70 % and 90 % and reaching about 93 % at long horizons. Three contagion regimes are identified: energy-crypto dominance before 2020, financial synchronization during the COVID-19 crisis, and a macro-energy-environmental phase after 2021 that evolves into a digital-sustainability regime by 2025. The multiscale decomposition uncovers hidden directional reversals, Bitcoin price shifts from a short-term volatility transmitter to a long-run structural influencer, while transaction and capitalization variables move from emitters to receivers as horizons lengthen. Robustness tests using a rolling-window VAR confirm the persistence of these dynamics. Overall, the evidence shows that short-term contagion is speculative and energy-driven, whereas long-term connectedness is anchored in inflation, industrial production, and electricity prices. These findings offer actionable insights for investors and policymakers seeking to manage systemic risk and design sustainable strategies at the intersection of digital finance, energy markets, and environmental policy.

本研究考察了2014年1月至2025年6月美国加密货币、能源市场、宏观金融变量和环境指标之间的动态和多尺度连通性。使用结合小波分解和时变参数向量自回归（TVP-VAR）的混合框架，我们评估了短期、中期和长期的溢出效应。结果显示出持续高水平的系统整合，总连通性指数（TCI）在70%到90%之间，在长期范围内达到93%左右。确定了三种传染机制：2020年之前能源-加密货币主导，2019冠状病毒病危机期间的金融同步，2021年之后的宏观能源-环境阶段，到2025年演变为数字可持续性机制。多尺度分解揭示了隐藏的方向逆转，比特币价格从短期波动发射器转变为长期结构性影响者，而交易和资本化变量随着视野的延长从发射器转变为接收器。使用滚动窗口VAR的稳健性测试证实了这些动态的持久性。总体而言，有证据表明，短期传染是由投机和能源驱动的，而长期联系则以通胀、工业生产和电价为基础。这些发现为寻求在数字金融、能源市场和环境政策的交叉点管理系统性风险和设计可持续战略的投资者和政策制定者提供了可操作的见解。

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引用次数: 0

How does cultural consumption city pilot improve household consumption structure upgrade? Evidence from China 文化消费城市试点如何促进居民消费结构升级？来自中国的证据

IF 5.6 2区经济学 Q1 BUSINESS, FINANCE

International Review of Economics & Finance

Pub Date : 2026-01-25 DOI: 10.1016/j.iref.2026.104967

Bowen Li , Cai Zhou

This paper presents a feasible road to achieving household consumption structure upgrade through the cultural consumption pilot. We employ the panel data from the China Labor-force Dynamics Survey from 2014 to 2018 and use the Difference-in-Differences (DID) method to test the policy of National Cultural Consumption Demonstration Cities (NCCDC) pilots on the household consumption structure upgrade. The results show that household consumption structure upgrades after becoming pilot cities and NCCDC policy can promote the increase of enjoyment consumption and the decline of survival consumption. We adopt different methods to test the robustness of the results, and all tests are robust. Moreover, the upgrading effect of family residents’ consumption structures in NCCDC pilots is mainly reflected in urban families, and communities with good governance. Its main mechanisms are cultural radiation, while Internet and clan network effects, which moderate NCCDC policy and household consumption upgrades. The NCCDC policy shapes city brands in communities. More cultural facilities, consumption platforms, and family donations of cultural products emerge in large numbers.

本文提出了通过文化消费试点实现居民消费结构升级的可行途径。本文采用2014 - 2018年中国劳动力动态调查面板数据，运用差分法（DID）对国家文化消费示范城市试点对居民消费结构升级的政策进行检验。结果表明，试点城市后居民消费结构升级和国家防治中心政策对享受性消费的增加和生存性消费的下降有促进作用。我们采用不同的方法来检验结果的稳健性，所有的检验都是稳健性的。此外，NCCDC试点家庭居民消费结构的升级效应主要体现在城市家庭和治理良好的社区。其主要机制是文化辐射效应，而互联网和宗族网络效应则对国家防治政策和居民消费升级起到调节作用。NCCDC政策塑造了社区中的城市品牌。更多的文化设施、消费平台、文化产品家庭捐赠大量涌现。

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引用次数: 0

Banking heterogeneity, credit supply and economic growth 银行异质性、信贷供给与经济增长

IF 5.6 2区经济学 Q1 BUSINESS, FINANCE

International Review of Economics & Finance

Pub Date : 2026-01-24 DOI: 10.1016/j.iref.2026.104921

Juan Zurita

This paper demonstrates the significance of heterogeneity in bank equity size as a key dimension for quantifying the effects of local credit supply on local economic outcomes. Using newly compiled datasets from over 5000 bank balance sheets, and mortgage and business loans in the United States, we offer novel empirical evidence on the role of bank equity size heterogeneity in how local bank lending impacts local economic activity. Our results show that accounting for the features of the lender, in particular, bank equity size heterogeneity, significantly amplifies the estimated economic effects of credit supply. The impact of mortgage lending on GDP growth can be up to 60 times larger compared to models that ignore lender heterogeneity, while the effect of business lending can be up to 18 times greater when bank equity size heterogeneity is taken into account. This difference in the size of the impact between business and mortgage lending may arise because credit allocation in the business lending channel is more influenced by risk-return trade-offs than by bank equity size.

本文论证了银行股权规模异质性作为量化地方信贷供给对地方经济产出影响的关键维度的重要性。利用来自美国5000多家银行资产负债表、抵押贷款和商业贷款的最新汇编数据集，我们就银行股本规模异质性在地方银行贷款如何影响地方经济活动中的作用提供了新的经验证据。我们的研究结果表明，考虑贷款人的特征，特别是银行股权规模的异质性，显著放大了信贷供应的估计经济效应。与忽略贷款机构异质性的模型相比，抵押贷款对GDP增长的影响可能高达60倍，而当考虑到银行股本规模异质性时，企业贷款的影响可能高达18倍。企业和抵押贷款之间影响大小的差异可能是因为企业贷款渠道中的信贷分配更多地受到风险回报权衡的影响，而不是受到银行股本规模的影响。

引用次数: 0

Facilitator or inhibitor? 促进者还是抑制者？

IF 5.6 2区经济学 Q1 BUSINESS, FINANCE

International Review of Economics & Finance

Pub Date : 2026-01-24 DOI: 10.1016/j.iref.2026.104923

Dominik Ulke

The relationship between financial openness and economic growth has long been debated, with empirical evidence remaining mixed. Much of the existing literature focuses on the late 20th century, leaving the effects of financial openness in the 21st century, a time that saw several financial crises and a widespread revival of capital controls, comparatively underexplored. This study revisits this fundamental question using a comprehensive panel dataset covering 159 countries from 1995 to 2021 and two widely used indicators of financial openness, KAOPEN (Chinn and Ito, 2006) and CAPITAL (Quinn, 1997; Quinn and Toyoda, 2008). Employing fixed effects, two-stage least squares, and system-GMM estimators, the analysis accounts for endogeneity concerns. Across all specifications, results consistently show a negative association between financial openness and real per capita GDP growth, suggesting that greater openness has reduced growth in recent decades. Contrary to theory, there is only weak evidence to suggest that this effect is stronger for countries that predominantly import capital and for those that suffer from ”original sin”. These results challenge the conventional wisdom that financial liberalization inherently fosters economic growth. From a policy perspective, they suggest that maintaining selective capital controls may contribute to greater macroeconomic stability and sustained growth, not only for developing countries.

金融开放与经济增长之间的关系长期以来一直存在争议，经验证据仍然好坏参半。现有的文献大多集中在20世纪后期，而对21世纪金融开放的影响的探讨相对较少，而21世纪经历了几次金融危机，资本管制广泛复苏。本研究使用涵盖1995年至2021年159个国家的综合面板数据集和两个广泛使用的金融开放指标——KAOPEN （Chinn and Ito, 2006）和CAPITAL (Quinn, 1997; Quinn and Toyoda, 2008)，重新审视了这个基本问题。采用固定效应、两阶段最小二乘和系统- gmm估计，分析考虑了内生性问题。在所有指标中，结果一致显示金融开放度与实际人均GDP增长之间存在负相关关系，这表明近几十年来，更大的开放度降低了增长。与理论相反，只有微弱的证据表明，这种影响对主要进口资本的国家和那些遭受“原罪”的国家更强。这些结果挑战了金融自由化本质上促进经济增长的传统观点。从政策角度来看，他们认为，维持选择性资本管制可能有助于提高宏观经济稳定性和持续增长，不仅对发展中国家如此。

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引用次数: 0