International Review of Economics & Finance最新文献_第3页

Navigating from spatial heterogeneity to synergistic convergence: The dynamics of innovation efficiency in China's regional innovation ecosystems 从空间异质性到协同收敛：中国区域创新生态系统的创新效率动态

IF 5.6 2区经济学 Q1 BUSINESS, FINANCE

International Review of Economics & Finance

Pub Date : 2026-01-29 DOI: 10.1016/j.iref.2026.104933

Zhanhao Zheng , Yuxuan Liu , Yang Zhou , Tongtong Chen

This study develops an operational framework for evaluating the efficiency of regional innovation ecosystems (RIEs) based on the innovation value chain perspective. Using methodological tools including the super-efficiency network SBM model, the Global Malmquist–Luenberger (GML) index, the Dagum Gini coefficient, and convergence tests, we conduct an empirical analysis of innovation efficiency in China's RIEs from 2014 to 2023. The main findings are as follows: (1) Static efficiency shows sustained growth at an average annual rate, with the application innovation phase exhibiting the highest growth, while basic research efficiency displays a declining trend. Spatially, static efficiency follows a gradient pattern of high in the east and low in the west. (2) Dynamic efficiency evolves in an M-shaped trajectory, with the greatest volatility in the product innovation phase and the least in basic research. Regionally, dynamic efficiency exhibits a reverse gradient, with higher levels observed in the west and lower levels in the east. (3) Although overall regional disparities are narrowing, inter-regional differences remain the primary source of inequality. Increasing hypervariable density signals a transition from fragmented development toward synergistic coordination. (4) In terms of convergence characteristics, both σ- and β-convergence are observed in the innovation efficiency of China's RIEs, indicating that regional disparities tend to diminish over time. Notably, the eastern and western regions converge faster than the central region. These findings clarify the sources of efficiency differences and offer actionable pathways for improving China's RIEs.

本研究基于创新价值链视角，构建了区域创新生态系统效率评价的操作框架。运用超效率网络SBM模型、全球Malmquist-Luenberger （GML）指数、Dagum基尼系数和收敛性检验等方法，对2014 - 2023年中国中小企业创新效率进行了实证分析。研究结果表明：(1)静态效率呈现持续增长的趋势，其中应用创新阶段增长最快，基础研究效率呈现下降趋势；静态效率在空间上呈现东高西低的梯度格局。(2)动态效率呈m型演进轨迹，在产品创新阶段波动最大，基础研究阶段波动最小。从区域上看，动力效率呈现出相反的梯度，西高东低。(3)虽然总体区域差距正在缩小，但区域间差异仍然是不平等的主要根源。高可变密度的增加标志着从碎片化发展向协同协调发展的过渡。(4)中国中小企业创新效率的收敛特征表现为σ-收敛和β-收敛，表明随着时间的推移，区域差异有缩小的趋势。值得注意的是，东部和西部地区的趋同速度快于中部地区。这些发现澄清了效率差异的来源，并为改善中国的生产率提供了可行的途径。

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引用次数: 0

Govern digitalization with digitalization: government digital governance and corporate false digital disclosure 以数字化治理数字化：政府数字化治理与企业虚假数字披露

IF 5.6 2区经济学 Q1 BUSINESS, FINANCE

International Review of Economics & Finance

Pub Date : 2026-01-29 DOI: 10.1016/j.iref.2026.104974

Yuxiang Li, Chengcheng Zhu

Digital technologies disrupt traditional regulatory paradigms, necessitating urgent adaptation to enhance administrative efficacy. The extant literature focuses on internal governance or market mechanisms, yet overlooks their limitations against the technical opacity of digital technologies. Leveraging the establishment of municipal Big Data Bureaus as a quasi-natural experiment, this study utilizes Chinese A-share listed companies (2013–2023) to construct a staggered DID model. We assess the impact of government digital governance on corporate false digital disclosure. Results reveal that digital governance significantly curbs false disclosure by reducing political rent-seeking and improving policy efficiency. Furthermore, data element circulation and property rights protection reinforce this inhibitory effect. Unlike studies treating false disclosure as homogeneous, we identify asymmetric governance boundaries. Specifically, the disciplining effect is pronounced for "digital washing" but attenuates for "digital silence" due to horizontal competitive pressures and vertical regulatory costs. Heterogeneity analysis indicates stronger effects in regions with higher data factor marketization, digital adoption, and data transport capabilities. Consequently, this research provides evidence for constructing differentiated regulatory models, enriching the literature on the effectiveness and boundaries of government governance.

数字技术颠覆了传统的监管范式，迫切需要适应以提高行政效能。现有文献侧重于内部治理或市场机制，但忽视了它们对数字技术技术不透明性的局限性。本研究以市级大数据局设立为准自然实验，以中国a股上市公司（2013-2023年）为研究对象，构建交错DID模型。我们评估了政府数字治理对企业虚假数字披露的影响。结果表明，数字治理通过减少政治寻租和提高政策效率，显著抑制虚假信息披露。此外，数据要素流通和产权保护强化了这种抑制作用。与将虚假披露视为同质的研究不同，我们确定了不对称的治理边界。具体来说，由于横向竞争压力和纵向监管成本，“数字清洗”的约束效应明显，但“数字沉默”的约束效应减弱。异质性分析表明，数据要素市场化程度高、数字化程度高、数据传输能力强的地区对数据的影响更大。因此，本研究为构建差别化监管模型提供了依据，丰富了关于政府治理有效性和边界的文献。

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引用次数: 0

Heterogeneous effects of SRDI policy on asset valuation SRDI政策对资产估值的异质性影响

IF 5.6 2区经济学 Q1 BUSINESS, FINANCE

International Review of Economics & Finance

Pub Date : 2026-01-29 DOI: 10.1016/j.iref.2026.104965

Jie Gao , Wenxiu Hu

Utilizing a sample of Chinese listed Specialized, Refined, Distinctive, and Innovative (SRDI) enterprises from 2013 to 2023, this study empirically investigates the heterogeneous impact of SRDI policy support on corporate asset valuation. The results indicate that SRDI policy support significantly enhances the asset valuation of technology innovation enterprises on average. However, this effect exhibits substantial heterogeneity: it is more pronounced in firms with higher profitability and those operating in technology-intensive industries. Furthermore, this study identify industrial chain finance as a critical mediator in this relationship. Importantly, the mediating effect of industrial chain finance is significantly stronger in enterprises with high R&D investment, underscoring the role of internal innovation capacity in leveraging policy and financial resources. These findings offer nuanced insights for refining targeted industrial policies and optimizing financial resource allocation to foster innovation-driven enterprise growth.

本研究以2013 - 2023年中国专精特创上市公司为样本，实证研究了专精特创政策支持对企业资产估值的异质影响。研究结果表明，政策支持显著提高了科技创新企业的资产估值水平。然而，这种效应表现出实质性的异质性：在盈利能力较高的企业和技术密集型企业中，这种效应更为明显。此外，本研究还发现产业链金融在这一关系中起着重要的中介作用。重要的是，产业链金融的中介效应在研发投入高的企业中明显更强，这凸显了内部创新能力对政策和金融资源的撬动作用。这些发现为完善有针对性的产业政策和优化金融资源配置以促进创新驱动型企业成长提供了细致入微的见解。

引用次数: 0

Executives' green experience, green innovation and corporate environmental performance: A machine learning-based news sentiment analysis in China 高管绿色体验、绿色创新与企业环境绩效：基于机器学习的中国新闻情感分析

IF 5.6 2区经济学 Q1 BUSINESS, FINANCE

International Review of Economics & Finance

Pub Date : 2026-01-29 DOI: 10.1016/j.iref.2026.104956

Yajie Han , Qisong Wang , Xin Xiang , Mengyuan Liu

Drawing on Upper Echelons Theory and the Resource-Based View, this study investigates the impact of executives' green experience on corporate environmental performance (SCEP). Using a sample of Chinese A-share listed firms from 2016 to 2023, we measure SCEP by applying a machine learning-based sentiment analysis to corporate environmental news. Our findings indicate that executives with green experience significantly enhance SCEP, a result that remains robust after addressing endogeneity concerns and conducting a series of sensitivity checks. Mechanism analyses reveal that both substantive and symbolic green innovations serve as parallel yet complementary mediators in this relationship. Heterogeneity tests show that the positive effect is more pronounced in firms facing higher financing constraints and those located in large cities, whereas it is attenuated for heavy polluters and firms under stringent environmental pressure. Furthermore, while both green experience and improved SCEP are found to increase financial distress risk, the executives' green experience can effectively mitigate the adverse effect of SCEP on financial health. This study elucidates the channel through which executive characteristics translate into environmental performance via corporate news sentiment, providing robust empirical support for policy-making and sustainable corporate development.

本文运用上层梯队理论和资源基础理论，探讨了高管绿色经验对企业环境绩效的影响。我们以2016年至2023年的中国a股上市公司为样本，通过对企业环境新闻应用基于机器学习的情绪分析来衡量SCEP。我们的研究结果表明，具有绿色经验的高管显著提高了SCEP，在解决了内生性问题并进行了一系列敏感性检查后，结果仍然是稳健的。机制分析表明，实质性绿色创新和象征性绿色创新在这一关系中起着平行而互补的中介作用。异质性检验表明，在面临较高融资约束的企业和位于大城市的企业中，这种积极影响更为明显，而对于重污染企业和处于严格环境压力下的企业，这种积极影响则减弱。此外，虽然绿色体验和改进的SCEP都增加了财务困境风险，但高管的绿色体验可以有效缓解SCEP对财务健康的不利影响。本研究阐明了高管特征通过企业新闻情绪转化为环境绩效的渠道，为政策制定和企业可持续发展提供了强有力的实证支持。

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引用次数: 0

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

Government subsidies, maturity mismatch of investment and financing, and ESG performance ——A study about A-share listed new energy companies in China 政府补贴、投融资期限错配与ESG绩效——基于中国A股新能源上市公司的研究

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.2026.104973

Liang Wang, Minzhi Chen

In the context of the global energy transition and green, low-carbon development, the new energy industry has emerged as a vital force driving sustainable development, with government subsidies widely employed as a key policy tool. However, existing research primarily focuses on the direct impact of subsidies on companies’ performance, with limited in-depth exploration of the underlying mechanisms through which they influence corporate ESG performance via the maturity mismatch of investment and financing. Therefore, this paper utilizes data from listed new energy companies spanning the period 2014 to 2023 to examine the relationship among government subsidies, maturity mismatch of investment and financing, and ESG performance in new energy companies. The conclusion derived from the results is as follows. (i)Government subsidies significantly enhance the ESG performance of new energy companies. (ii)Government subsidies enhance ESG performance by exacerbating the maturity mismatch of investment and financing in these companies. (iii) Government subsidies intensify financing constraints, thereby inducing maturity mismatch of investment and financing. (iv) Management equity incentives amplify the impact of the maturity mismatch of investment and financing on corporate ESG performance. (v) Cash flow positively moderates the direct effect of government subsidies on ESG performance but negatively moderates their mediating effect on the maturity mismatch of investment and financing.

在全球能源转型和绿色低碳发展的背景下，新能源产业已成为推动可持续发展的生力军，政府补贴作为重要政策工具被广泛使用。然而，现有的研究主要集中在补贴对企业绩效的直接影响上，对补贴通过投融资期限错配影响企业ESG绩效的深层机制探索有限。因此，本文利用2014 - 2023年新能源上市公司的数据，考察政府补贴、投融资期限错配与新能源公司ESG绩效之间的关系。从研究结果中得出如下结论：(1)政府补贴显著提升了新能源企业的ESG绩效。（二）政府补贴加剧了企业投融资期限错配，从而提高了ESG绩效。（三）政府补贴加剧融资约束，导致投融资期限错配。（四）管理层股权激励放大了投融资期限错配对企业ESG绩效的影响。(5)现金流量正向调节政府补贴对ESG绩效的直接影响，负向调节政府补贴对投融资期限错配的中介作用。

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引用次数: 0