International Review of Economics & Finance最新文献_第10页

Constructing a regulatory framework for data asset pledge financing: Lessons from China's practice 构建数据资产质押融资监管框架：来自中国实践的经验教训

IF 5.6 2区经济学 Q1 BUSINESS, FINANCE

International Review of Economics & Finance

Pub Date : 2026-03-01 Epub Date: 2026-01-23 DOI: 10.1016/j.iref.2026.104961

Yu Wang

With the deepening of the marketization process of data elements, the financial value of data assets as a new type of collateral is increasingly prominent. However, their pledge financing practices still face multiple regulatory challenges under the legal positioning of "right pledge". This article takes the practice of data asset pledg financing in China as a mirror to systematically analyze the institutional barriers and operational risks that exist in the registration, value assessment, risk control, and disposal and realization of financial institutions. It reveals the structural failures of the existing regulatory system in terms of rule adaptability, regulatory boundary coordination, and regulatory technology. Based on this, this article proposes to construct a four in one hierarchical regulatory governance framework: at the legislative level, it is necessary to improve the data ownership registration system and evaluation standard system, clarify the legal attributes and registration publicity effectiveness of data assets as pledged property, and consolidate the foundation of rights; At the process supervision level, it is necessary to clarify that financial regulatory agencies are the main regulatory agencies, agree on data value adjustment and quality assurance clauses in financing contracts, establish core responsibilities for due diligence and continuous monitoring, and promote full process supervision of data pledge using regulatory sandbox technology; Default relief layer, establish mandatory management procedures for third-party data asset custody institutions; At the ecological level, establish a collaborative mechanism of "risk compensation + insurance protection" guided by the government and market participation, and improve the data asset trading market and disposal channels. Through legal improvement, institutional innovation, technological empowerment, and ecological co construction, we aim to promote the dynamic balance between the financialization of data elements and risk prevention and control, and assist in the high-quality development of the digital economy.

随着数据要素市场化进程的不断深入，数据资产作为一种新型抵押品的金融价值日益凸显。然而，在“权利质押”的法律定位下，它们的质押融资实践仍面临多重监管挑战。本文以中国数据资产质押融资实践为镜像，系统分析金融机构在注册、价值评估、风险控制、处置变现等方面存在的制度障碍和操作风险。揭示了现行监管制度在规则适应性、监管边界协调和监管技术等方面的结构性失灵。基于此，本文提出构建“四合一”层级监管治理框架：在立法层面，完善数据权属登记制度和评价标准体系，明确数据资产作为质押财产的法律属性和登记公示效力，夯实权利基础；在过程监管层面，要明确金融监管机构为主要监管机构，约定融资合同中的数据价值调整和质量保证条款，建立尽职调查和持续监测的核心责任，运用监管沙盒技术推进数据质押全过程监管；违约救济层，建立第三方数据资产托管机构强制性管理程序；在生态层面，建立政府引导、市场参与的“风险补偿+保险保障”协同机制，完善数据资产交易市场和处置渠道。通过法律完善、制度创新、技术赋能、生态共建，促进数据要素金融化与风险防控的动态平衡，助力数字经济高质量发展。

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引用次数: 0

Greening through growth: Industrial upgrading, environmental governance, and urban green space in China 成长中的绿化：产业升级、环境治理与中国城市绿地

IF 5.6 2区经济学 Q1 BUSINESS, FINANCE

International Review of Economics & Finance

Pub Date : 2026-03-01 Epub Date: 2025-12-19 DOI: 10.1016/j.iref.2025.104854

Qi Yu , Shuheng Wang , Xincheng Zhu

This study examines how industrial structure upgrading influences urban greening in Chinese cities using panel data from 290 cities spanning 2007 to 2023. Employing fixed-effects models with multiple robustness checks including instrumental variable estimation, propensity score matching, and Heckman selection correction, we find that transitioning toward service-oriented economic structures significantly increases urban green coverage. The results remain consistent across alternative measurements and sample specifications. We investigate the mechanisms and conditions underlying this relationship through mediation and moderation analyses. The findings reveal that industrial upgrading enhances urban greening partially through two channels: increasing government environmental protection expenditure and improving energy utilization efficiency, with each pathway accounting for approximately 5 % of the total effect. Population density negatively moderates this relationship, as densely populated cities face spatial constraints that limit their ability to expand green spaces despite economic transformation. Heterogeneity analysis demonstrates that cities participating in environmental policy programs such as Low-Carbon City and Sponge City initiatives experience substantially larger greening benefits from industrial upgrading compared to non-participating cities, highlighting the critical role of environmental governance frameworks. These findings contribute to understanding how economic modernization intersects with environmental sustainability at the urban level. The study offers practical insights for policymakers, suggesting that promoting industrial structure optimization, expanding environmental fiscal investment, enhancing energy efficiency, and implementing supportive governance institutions represent complementary strategies for achieving greener, more sustainable cities. The research underscores that economic development and environmental quality can be mutually reinforcing when appropriate policies and planning mechanisms are in place.

本文利用2007 - 2023年中国290个城市的面板数据，研究了产业结构升级对城市绿化的影响。采用工具变量估计、倾向得分匹配和Heckman选择校正等多重稳健性检验的固定效应模型，我们发现向服务型经济结构转型显著增加了城市绿化覆盖率。结果在不同的测量和样品规格中保持一致。我们通过中介和调节分析来调查这种关系的机制和条件。研究结果表明，产业升级通过增加政府环保支出和提高能源利用效率两种途径促进城市绿化，每种途径约占总效应的5%。人口密度负向调节了这种关系，因为人口密集的城市面临空间约束，限制了它们在经济转型的情况下扩大绿色空间的能力。异质性分析表明，与未参与的城市相比，参与低碳城市和海绵城市等环境政策项目的城市从产业升级中获得的绿化效益要大得多，这凸显了环境治理框架的关键作用。这些发现有助于理解经济现代化如何与城市层面的环境可持续性相交。该研究为政策制定者提供了实践见解，表明促进产业结构优化、扩大环境财政投资、提高能源效率和实施支持性治理制度是实现更绿色、更可持续城市的互补战略。这项研究强调，如果有适当的政策和规划机制，经济发展和环境质量可以相互促进。

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引用次数: 0

Digital transformation and enterprise value creation: A study based on both human capital upgrading and pay gap optimization 数字化转型与企业价值创造：基于人力资本升级与薪酬差距优化的研究

IF 5.6 2区经济学 Q1 BUSINESS, FINANCE

International Review of Economics & Finance

Pub Date : 2026-03-01 Epub Date: 2026-01-24 DOI: 10.1016/j.iref.2026.104964

Chao Zhang , Yue Sun , Dongyan Xu , Quan Liu

Digital transformation is reshaping the model of enterprise value creation, steering it towards an ecosystem of stakeholder value cocreation. Core stakeholders—particularly executives and employees—play critical roles in this process, as value generation increasingly shifts from traditional shareholder-oriented profit metrics towards stakeholder cocreated value. This study positions digital transformation as a theoretical boundary condition and introduces value-added as a comprehensive indicator to measure stakeholder cocreated value, thereby reconstructing the analytical framework of value creation under digital transformation. Using panel data from Chinese A-share listed firms from 2011 to 2023, we empirically examine both the impact and the underlying mechanisms of digital transformation on enterprise value creation. The results reveal a significantly positive and robust relationship between digital transformation and enterprise value creation, which remains valid after endogeneity and robustness concerns are addressed. Further analysis indicates that the process follows a spiral-shaped trajectory—challenging yet opportunity-rich—rather than a linear or instantaneous path. Mechanism testing reveals that digital transformation enhances enterprise value creation by optimizing the human capital structure and narrowing the excessive pay gap between executives and employees. Heterogeneity indicates that this effect varies significantly across firms or industries, levels of digital intangible asset investment, and urban digital governance. These findings provide empirical evidence for deepening the integration of the digital and real economies, offering significant implications for refining and achieving high-quality digital policies.

数字化转型正在重塑企业价值创造模式，引导其走向利益相关者共同创造价值的生态系统。核心利益相关者——尤其是高管和员工——在这一过程中发挥着关键作用，因为价值创造日益从传统的以股东为导向的利润指标转向利益相关者共同创造的价值。本研究将数字化转型定位为理论边界条件，引入附加值作为衡量利益相关者共同创造价值的综合指标，重构了数字化转型下价值创造的分析框架。本文利用2011 - 2023年中国a股上市公司的面板数据，实证研究了数字化转型对企业价值创造的影响及其潜在机制。结果表明，数字化转型与企业价值创造之间存在显著的正相关关系，在解决了内生性和稳健性问题后，这种关系仍然有效。进一步的分析表明，这一过程遵循一个具有挑战性但机会丰富的螺旋形轨迹，而不是线性或瞬时路径。机制测试表明，数字化转型通过优化人力资本结构和缩小高管与员工之间过大的薪酬差距来促进企业价值创造。异质性表明，这种效应在企业或行业、数字无形资产投资水平和城市数字治理之间存在显著差异。这些发现为深化数字经济与实体经济的融合提供了经验证据，对完善和实现高质量的数字政策具有重要意义。

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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 : 2026-03-01 Epub 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

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 : 2026-03-01 Epub 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

Natural disasters and corporate default risk 自然灾害和企业违约风险

IF 5.6 2区经济学 Q1 BUSINESS, FINANCE

International Review of Economics & Finance

Pub Date : 2026-03-01 Epub Date: 2026-01-31 DOI: 10.1016/j.iref.2026.104949

Hasibul Chowdhury , Ihtisham Malik , Hui Sun , Searat Ali

We investigate how exposure to natural disaster intensity impacts a firm's default risk. Analyzing data from 3753 disaster affected U.S. companies between 1994 and 2017, we find that firms located in areas with higher disaster intensity face increased default risk. This link holds across various tests and alternative measures of disaster intensity and default risk. We also show that limited financial access, reduced debt capacity, and higher operational risk worsen this effect. Additionally, financial institutions charge higher spreads and impose stricter credit terms on these firms. These findings highlight the need for stronger disaster support as current assistance may be inadequate for firms in disaster-prone areas, increasing their financial distress and default risk.

我们研究了自然灾害强度对公司违约风险的影响。我们分析了1994年至2017年间3753家受灾害影响的美国公司的数据，发现位于灾害强度较高地区的公司面临更高的违约风险。这种联系适用于灾难强度和违约风险的各种测试和替代措施。我们还表明，有限的融资渠道、债务能力下降和较高的经营风险加剧了这种影响。此外，金融机构收取更高的利差，并对这些公司施加更严格的信贷条件。这些研究结果强调需要加强灾害支持，因为目前的援助可能不足以帮助易受灾地区的企业，从而增加了它们的财务困境和违约风险。

引用次数: 0

Bank green bond issuance and liquidity creation: Evidence from Chinese banks 银行绿色债券发行与流动性创造：来自中国银行的证据

IF 5.6 2区经济学 Q1 BUSINESS, FINANCE

International Review of Economics & Finance

Pub Date : 2026-03-01 Epub Date: 2026-01-31 DOI: 10.1016/j.iref.2026.104959

Jing Yu , Chin-Tsai Lin

With the intensification of climate change and the tightening of environmental regulations, green bonds have emerged as a key sustainable financing instrument, valued for their cost efficiency and issuance convenience. While existing research has largely focused on their environmental benefits, this study investigates their unintended consequences for bank liquidity creation. Analyzing data from 380 Chinese banks from 2014 to 2022 using two-way fixed effects and difference-in-differences models, this paper finds that green bond issuance significantly reduces bank liquidity creation. Specifically, approximately 11.22% of the raised funds remain held within banks rather than flowing into the real economy. The mechanism analysis reveals that green bonds influence liquidity creation through three distinct channels: the earmarking effect, the signaling effect, and the stabilizer effect. The earmarking effect creates asset rigidity due to legally binding commitments, which prevent funds from being diverted to other uses and subject them to rigorous monitoring. The signaling effect attracts specialized ESG-oriented investors and intensifies external market scrutiny, thereby imposing greater discipline on banks' liquidity management. Simultaneously, the stabilizer effect, reflected in improved financial indicators such as lower funding costs and higher profitability, encourages more conservative liquidity management. Furthermore, these impacts are moderated by regulatory intensity and bank stability, where stricter regulation and greater stability amplify the reduction in liquidity creation. These findings suggest several policy implications: implementing a differentiated regulatory framework based on banks’ stability profiles, establishing targeted liquidity support mechanisms for green assets, and developing coordinated incentive policies.

随着气候变化的加剧和环境监管的收紧，绿色债券以其成本效益和发行便利而受到重视，已成为一种重要的可持续融资工具。虽然现有的研究主要集中在它们的环境效益上，但本研究调查了它们对银行流动性创造的意外后果。利用双向固定效应和差中之差模型对中国380家银行2014 - 2022年的数据进行分析，发现绿色债券发行显著降低了银行的流动性创造。具体来说，约11.22%的融资资金仍被银行持有，而不是流入实体经济。机制分析表明，绿色债券通过指定效应、信号效应和稳定器效应三种不同的渠道影响流动性创造。由于具有法律约束力的承诺，指定用途效应产生了资产刚性，从而防止资金被转移到其他用途，并使其受到严格的监督。信号效应吸引了专门的esg导向投资者，并加强了外部市场审查，从而对银行的流动性管理施加了更大的纪律。同时，稳定效应体现在融资成本降低、盈利能力提高等财务指标的改善上，鼓励了更保守的流动性管理。此外，这些影响受到监管强度和银行稳定性的缓和，其中更严格的监管和更大的稳定性放大了流动性创造的减少。这些发现提出了若干政策启示：基于银行稳定性概况实施差异化监管框架，为绿色资产建立有针对性的流动性支持机制，以及制定协调一致的激励政策。

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引用次数: 0

Sports governance and football club performance 体育治理与足球俱乐部绩效

IF 5.6 2区经济学 Q1 BUSINESS, FINANCE

International Review of Economics & Finance

Pub Date : 2026-03-01 Epub Date: 2026-01-20 DOI: 10.1016/j.iref.2026.104925

Ahmed S. Alanazi, Hayat Khan

We examine the impact of three dimensions of governance regulations introduced by Saudi Arabia's Ministry of Sport on the on-field performance of football clubs in the 240 matches of the 2021/22 Saudi Pro League season. We find that those aspects of governance that have reputational or commercialvalue such as the rules related to marketing activities and events and social responsibility improve the on-field performance of football clubs. Conversely, the “culture shock” induced by the management dimensions of the regulations negatively affects on-field performance. The negative impact of this culture shock on our performance variable is consistently significant. This finding highlights the importance of controlling for the culture shock aspect when analyzing the social and economic impact of corporate governance, which is often overlooked. It also suggests that new governance regulations should be implemented carefully, with attention to the methods of adaptation and confidence building.

我们研究了沙特阿拉伯体育部引入的治理规则的三个维度对2021/22沙特职业联赛赛季240场比赛中足球俱乐部场上表现的影响。我们发现，那些具有声誉或商业价值的治理方面，如与营销活动和事件以及社会责任相关的规则，可以提高足球俱乐部的场上表现。相反，由规则的管理层面引起的“文化冲击”会对赛场上的表现产生负面影响。这种文化冲击对我们绩效变量的负面影响始终是显著的。这一发现强调了在分析公司治理的社会和经济影响时控制文化冲击方面的重要性，这一点经常被忽视。报告还建议，应谨慎实施新的治理条例，并注意适应和建立信任的方法。

引用次数: 0

What drives the profitability of Indian banks: Level or growth efficiency? 是什么推动了印度银行的盈利能力：水平还是增长效率？

IF 5.6 2区经济学 Q1 BUSINESS, FINANCE

International Review of Economics & Finance

Pub Date : 2026-03-01 Epub Date: 2026-02-02 DOI: 10.1016/j.iref.2026.104978

Biswa Swarup Misra, Biresh K. Sahoo

This study investigates the determinants of profitability among Indian commercial banks from 2005 to 2024, with a specific focus on the novel role of dynamic growth efficiency (

G E

), a concept capturing a bank's ability to transform input growth into output growth, alongside conventional static efficiency measures such as level efficiency (

L E

) and cost-to-income ratio (

C I R

). As the first to operationalize

G E

in the Indian context, the study employs data envelopment analysis (

D E A

) on a panel dataset of 50 commercial banks (12 public, 17 private, and 21 foreign). Results from a system GMM estimator reveal

G E

to be a consistently significant driver of profitability, outperforming both

L E

and

C I R

across various market power indicators and model specifications. A key methodological advance supporting this analysis is the inclusion of technology expenditures (which account for 29% of operating and 13% of total expenses in 2024) as a fundamental input, correcting a major misspecification in prior literature. We demonstrate that omitting this crucial input artificially inflates market power and deflates efficiency estimates. The positive impact of

G E

is more pronounced for public-sector and new private banks, underscoring divergent strategic drivers across ownership structures and highlighting the paramount importance of fostering dynamic capabilities for sustaining profitability in a rapidly evolving banking landscape.

本研究调查了2005年至2024年印度商业银行盈利能力的决定因素，特别关注动态增长效率（GE）的新作用，这是一个捕捉银行将投入增长转化为产出增长的能力的概念，以及传统的静态效率指标，如水平效率（LE）和成本收入比（CIR）。作为第一个在印度背景下实施通用电气的研究，该研究对50家商业银行（12家公共银行，17家私营银行和21家外国银行）的面板数据集采用了数据包络分析（DEA）。系统GMM估计器的结果显示，通用电气始终是盈利能力的重要驱动因素，在各种市场力量指标和模型规格上都优于LE和CIR。支持这一分析的一个关键方法进步是将技术支出（2024年占运营支出的29%和总支出的13%）作为基本投入，纠正了先前文献中的一个主要错误描述。我们证明，忽略这一关键投入人为地夸大了市场力量，压低了效率估计。通用电气对公共部门和新兴私人银行的积极影响更为明显，强调了不同所有权结构的不同战略驱动因素，并强调了在快速发展的银行业环境中培养动态能力以保持盈利能力的重要性。

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引用次数: 0

Corporate climate commitment effect on US firms’ financial performance: A multivalued treatment effect approach 企业气候承诺对美国企业财务绩效的影响：一种多价值处理效应方法

IF 5.6 2区经济学 Q1 BUSINESS, FINANCE

International Review of Economics & Finance

Pub Date : 2026-03-01 Epub Date: 2026-01-31 DOI: 10.1016/j.iref.2026.104979

Nihed Fezai , Ramzi Ben Slama

This study examines the causal impact of corporate climate commitment, proxied by three indexes, on financial performance using 3645 US firms for the period 2016–2021. We adopt both return on equity (accounting-based) and Tobin's Q (market-based) measures of firms' financial performance. Using a multivalued treatment effect approach, our results show a significant positive causal effect on Tobin's Q, but not on return on equity. Doubly robust estimation results suggest that stronger corporate climate commitment improves stakeholders' returns. However, we find no significant effect on performance based on shareholder equity. We therefore conduct a control function-generalized method of moments estimations to address endogeneity concerns, with further evidence that enhances the baseline results. Based on our findings, we provide recommendations to encourage corporate sustainability actions for managers and policymakers.

本研究以2016-2021年期间3645家美国公司为研究对象，考察了企业气候承诺对财务绩效的因果影响，并以三个指标为代表。我们采用净资产收益率（基于会计的）和托宾Q（基于市场的）来衡量公司的财务绩效。使用多值处理效应方法，我们的结果显示对托宾Q有显著的正因果效应，但对股本回报率没有显著的正因果效应。双重稳健估计结果表明，更强的企业气候承诺提高了利益相关者的回报。然而，我们发现股东权益对绩效没有显著影响。因此，我们进行了一种控制函数广义矩估计方法来解决内生性问题，并有进一步的证据可以增强基线结果。基于我们的研究结果，我们为管理者和决策者提供了鼓励企业可持续发展行动的建议。

引用次数: 0