International Review of Economics & Finance最新文献_第8页

The impact of government arrears clearance on the private enterprises resilience: A quasi-natural experiment based on special supervision 政府欠款清缴对民营企业弹性的影响：基于专项监督的准自然实验

IF 5.6 2区经济学 Q1 BUSINESS, FINANCE

International Review of Economics & Finance

Pub Date : 2026-01-14 DOI: 10.1016/j.iref.2026.104906

Shankuo Xiong, Xiaoming Wei

Enterprise resilience refers to an enterprise's ability to grow against adverse trends and transform crises into opportunities for safety and development. In a complex and volatile internal and external economic environment, enhancing the resilience of private enterprises is essential for the sustainable development of China's economy and a key driver of its high-quality growth. This paper employs the 2016 State Council's special supervision government arrears clearance pilot policy as a quasi-natural experiment. Using A-share private listed companies from 2010 to 2022 as the research sample, the study applies a difference-in-differences (DID) approach to examine the impact of government arrears clearance on the resilience of private enterprises and its underlying mechanisms. The findings reveal that government arrears clearance significantly improves the resilience of private enterprises in supervised regions. This effect primarily operates through alleviating liquidity constraints and strengthening business credit. Moreover, the positive impact is more pronounced among private enterprises facing greater financing constraints, operating in highly competitive industries, and located in regions with weaker legal and institutional environments. This study sheds light on the microeconomic effects of local government arrears governance from the perspective of enterprise resilience, providing valuable insights for policymakers aiming to strengthen macroeconomic control and effectively support the healthy development of the private economy.

企业弹性是指企业逆势成长，将危机转化为安全发展机遇的能力。在复杂多变的内外经济环境下，增强民营企业抗风险能力是中国经济可持续发展的必然要求，也是中国经济高质量增长的重要动力。本文以2016年国务院专项监管政府欠款清理试点政策为准自然实验。本文以2010 - 2022年a股民营上市公司为研究样本，运用差分法（DID）研究政府欠款清缴对民营企业弹性的影响及其潜在机制。研究结果表明，政府欠款清理显著提高了监管地区民营企业的抗风险能力。这种效果主要是通过缓解流动性限制和加强商业信贷来实现的。此外，对于面临更大融资约束、在竞争激烈的行业经营、以及位于法律和制度环境较弱地区的私营企业，这种积极影响更为明显。本研究从企业弹性的角度，揭示了地方政府欠款治理的微观经济效应，为决策者加强宏观调控，有效支持民营经济健康发展提供了有价值的见解。

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引用次数: 0

Environmental Practices and Corporate Cost of Debt: Evidence from European Listed Firms 环境实践与企业债务成本：来自欧洲上市公司的证据

IF 5.6 2区经济学 Q1 BUSINESS, FINANCE

International Review of Economics & Finance

Pub Date : 2026-01-14 DOI: 10.1016/j.iref.2026.104910

Sabri Boubaker , Lorenzo Fichera , Simona Galletta , Sebastiano Mazzù

This paper examines the relationship between firms' environmental sustainability and the cost of debt, with a specific focus on how firms' transition efforts are taken into account. Using a dataset of large European listed companies covering the period from 2015 to 2023, we provide evidence that better environmental practices on polluting emissions, energy sources and waste management reduce firms' cost of debt. This result remains robust when environmental metrics are combined into a unique composite indicator and after testing for endogeneity. Further analysis shows that the reduction in the cost of debt is stronger for less sustainable firms engaged in environmental transition. Our findings shed light on the importance of considering firms’ transition needs and efforts for effective transition finance.

本文考察了企业的环境可持续性和债务成本之间的关系，并特别关注如何考虑企业的转型努力。利用2015年至2023年期间欧洲大型上市公司的数据集，我们提供了证据，证明在污染排放、能源和废物管理方面采取更好的环保措施可以降低企业的债务成本。当环境指标结合成一个独特的复合指标，并测试了内生性后，这个结果仍然是稳健的。进一步的分析表明，对于从事环境转型的可持续性较差的公司，债务成本的降低更为显著。我们的研究结果揭示了考虑企业转型需求和有效转型融资努力的重要性。

引用次数: 0

How does digital-real integration reshape the effective market power of enterprises? From the perspective of dynamic capabilities 数字与现实的融合如何重塑企业的有效市场力量？从动态能力的角度

IF 5.6 2区经济学 Q1 BUSINESS, FINANCE

International Review of Economics & Finance

Pub Date : 2026-01-14 DOI: 10.1016/j.iref.2026.104914

Xiaotong Wei , Guangqin Li , Pengbo Li

In today's highly uncertain market environment, the deep integration of the digital economy and the real economy (DRI) is reshaping competitive landscapes and may offer new avenues for enterprises to enhance their market power. However, existing research has yet to focus on this aspect. Drawing on data from Chinese listed companies and patent data spanning 2003 to 2022, this study empirically examines the impact of DRI on effective market power (EMP) and its mechanisms. The findings reveal that DRI significantly enhances enterprises' EMP, and this effect is primarily achieved by shaping three dynamic capabilities: learning and absorption capabilities, innovation and transformation capabilities, and organizational and coordination capabilities. Heterogeneity analysis indicates that DRI focused on digital applications and efficiency improvements yields stronger effects on EMP. Enterprises with real-oriented technological foundations and larger enterprises are more likely to benefit from DRI. Regarding external environment heterogeneity, DRI exerts a greater EMP enhancement in highly competitive industries with low entry barriers and regions with high levels of technology diffusion. Finally, this study explores the impact of DRI on market entry barriers, thereby enriching the theoretical framework of EMP. This study provides theoretical foundations for enterprises to strengthen EMP and optimize DRI strategies in the digital economy era.

在当今高度不确定的市场环境中，数字经济与实体经济（DRI）的深度融合正在重塑竞争格局，并可能为企业提供增强市场力量的新途径。然而，现有的研究尚未集中在这方面。本文利用2003 - 2022年中国上市公司数据和专利数据，实证检验了DRI对有效市场力（EMP）的影响及其机制。研究发现，DRI显著提升了企业的EMP，而这种影响主要是通过塑造学习与吸收能力、创新与转型能力和组织与协调能力三种动态能力来实现的。异质性分析表明，注重数字化应用和效率提升的DRI对EMP的影响更强，具有面向现实的技术基础的企业和规模更大的企业更有可能从DRI中受益。在外部环境异质性方面，DRI在竞争激烈、进入壁垒低的行业和技术扩散程度高的地区对EMP的增强作用更大。最后，本研究探讨了DRI对市场进入壁垒的影响，从而丰富了EMP的理论框架，为企业在数字经济时代加强EMP、优化DRI战略提供了理论基础。

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引用次数: 0

Assessing the impact of carbon reduction loan on China's green economic growth: A policy coordination perspective 碳减排贷款对中国绿色经济增长的影响评估：政策协调视角

IF 5.6 2区经济学 Q1 BUSINESS, FINANCE

International Review of Economics & Finance

Pub Date : 2026-01-14 DOI: 10.1016/j.iref.2026.104915

Chen Bian , Zongyi Chen , Zhiguo Fan , Genbo Liu , Yuyong Tan

Green economic growth is China's important strategic choice under the rigid constraints of sustainable development. Using an extended E-DSGE model, this study evaluates the effects and transmission mechanisms of the CRL policy, which operates through a differentiated interest rate mechanism, across three dimensions: macroeconomy, climate governance, and financial stability. Results show that the CRL policy facilitates the cross-sector reallocation of capital and labor from brown to green firms, thereby enhancing green TFP and green GDP, optimizing industrial structure, and boosting employment. It also lowers carbon emission intensity and strengthens financial stability. However, a low carbon emission threshold may weaken its effectiveness. The outcomes of CRL are systematically moderated by the intensity of macroprudential finance regulation and structural monetary policy, with tighter oversight and looser policy amplifying its positive impacts. The CETS, through its quota trading and cost transmission mechanisms, generates an asymmetric incentive-disincentive effect whose synergy with CRL significantly enhances emission reductions and improves banks' green asset structures, while further coordination of this combined mechanism with tax cuts demonstrates Pareto-improving characteristics that promote green growth, industrial upgrading, and green TFP alongside reduced social welfare losses.

绿色经济增长是中国在可持续发展刚性约束下的重要战略选择。利用扩展的E-DSGE模型，本研究从宏观经济、气候治理和金融稳定三个维度评估了通过差别化利率机制运行的CRL政策的效果和传导机制。结果表明，CRL政策促进了资本和劳动力从棕色企业向绿色企业的跨部门再配置，从而提高绿色TFP和绿色GDP，优化产业结构，促进就业。它还降低了碳排放强度，加强了金融稳定。然而，低碳排放门槛可能会削弱其有效性。宏观审慎金融监管和结构性货币政策的强度系统地调节了CRL的结果，更严格的监管和更宽松的政策放大了其积极影响。CETS通过其配额交易和成本传导机制产生了不对称的激励-抑制效应，其与CRL的协同作用显著提高了减排效果，改善了银行的绿色资产结构，而这一组合机制与减税的进一步协调则显示出帕累托改善特征，促进了绿色增长、产业升级和绿色TFP，同时减少了社会福利损失。

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引用次数: 0

Who gets scammed? The roles of financial literacy, digital financial security, and overconfidence in Europe 谁被骗了？金融知识、数字金融安全和过度自信在欧洲的作用

IF 5.6 2区经济学 Q1 BUSINESS, FINANCE

International Review of Economics & Finance

Pub Date : 2026-01-13 DOI: 10.1016/j.iref.2026.104913

Juan Rafael Ruiz

This study investigates the relationship between financial literacy, digital financial security, and the likelihood of falling victim to financial fraud in Europe. Using data from the 2023 OECD/INFE International Adult Financial Literacy Survey, we analyze the prevalence of fraud and its association with financial knowledge, digital skills, and psychological factors such as overconfidence across ten European countries. We focus on three common types of fraud: Ponzi schemes, phishing attacks, and unauthorized credit card use. Our results indicate that while traditional financial literacy does not have a significant protective effect against fraud, digital financial security is strongly associated with reduced victimization in Ponzi and phishing schemes. Additionally, individuals exhibiting overconfidence are significantly more likely to fall victim to scams. Sociodemographic analysis shows that men report higher victimization rates. Contrary to popular belief, older adults are less likely to be victims of fraud, which may reflect lower online exposure, greater caution, or underreporting.

本研究调查了欧洲金融素养、数字金融安全以及成为金融欺诈受害者的可能性之间的关系。利用2023年OECD/INFE国际成人金融素养调查的数据，我们分析了10个欧洲国家的欺诈盛行程度及其与金融知识、数字技能和过度自信等心理因素的关系。我们重点关注三种常见的欺诈类型：庞氏骗局、网络钓鱼攻击和未经授权的信用卡使用。我们的研究结果表明，虽然传统的金融知识对欺诈没有显著的保护作用，但数字金融安全与减少庞氏骗局和网络钓鱼骗局的受害者密切相关。此外，表现出过度自信的人更有可能成为骗局的受害者。社会人口统计分析表明，男性报告的受害率更高。与普遍的看法相反，老年人不太可能成为欺诈的受害者，这可能反映了较少的网络曝光，更谨慎，或少报。

引用次数: 0

Quantile-based connectedness in the crypto-stablecoin network across market conditions 跨市场条件下加密稳定币网络中基于分位数的连通性

IF 5.6 2区经济学 Q1 BUSINESS, FINANCE

International Review of Economics & Finance

Pub Date : 2026-01-12 DOI: 10.1016/j.iref.2026.104912

Hugo Benedetti , Ehsan Nikbakht , Boris Pastén-Henríquez

This paper examines the directional connectedness between the returns of Bitcoin and Ethereum and the supply of stablecoins across different market conditions. Using a Quantile Vector Autoregression (QVAR) model, we analyze daily log-returns of major cryptocurrencies and changes in stablecoin supply from January 2021 to November 2024. Our findings show that the Total Connectedness Index (TCI) nearly triples under extreme conditions, with Bitcoin and Ethereum transitioning from passive roles in normal periods to dominant transmitters of influence during downturns.

Stablecoins behave heterogeneously across regimes, with roles varying significantly even within the same subclass. These patterns suggest that, under certain conditions, major cryptocurrencies can influence stablecoin issuance in distinct ways, leading to asymmetric adjustments in supply across individual stablecoins and shaping liquidity dynamics throughout the ecosystem.

The findings motivate the development of regime-sensitive monitoring tools and support ongoing policy discussions around stablecoin design, issuance frameworks, and market transparency.

本文研究了比特币和以太坊的回报与不同市场条件下稳定币的供应之间的方向性联系。使用分位向量自回归（QVAR）模型，我们分析了2021年1月至2024年11月期间主要加密货币的每日对数回报和稳定币供应的变化。我们的研究结果表明，在极端条件下，总连通性指数（TCI）几乎增加了两倍，比特币和以太坊从正常时期的被动角色转变为经济低迷时期的主导影响力传递者。稳定币在不同制度下的表现是异构的，即使在同一子类中，其角色也有很大差异。这些模式表明，在某些条件下，主要的加密货币可以以不同的方式影响稳定币的发行，导致单个稳定币的供应不对称调整，并塑造整个生态系统的流动性动态。这些发现推动了对制度敏感的监测工具的开发，并支持围绕稳定币设计、发行框架和市场透明度进行的政策讨论。

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引用次数: 0

Financial risks of biodiversity loss: A review 生物多样性丧失的金融风险：综述

IF 5.6 2区经济学 Q1 BUSINESS, FINANCE

International Review of Economics & Finance

Pub Date : 2026-01-12 DOI: 10.1016/j.iref.2026.104894

Guglielmo Alessandro Visentin

In this paper, we review the burgeoning literature on financial risks stemming from biodiversity loss. To build our literature database, we systematically collect 444 journal articles and preprints written in English and published between 1989 and 2024, retrieved from Scopus. The selection focuses on studies in the fields of business, economics, and finance, identified through a transparent and reproducible query-based approach. We contribute to the literature by providing the first comprehensive synthesis of the emerging literature on biodiversity-related financial risks. Specifically, we compare existing biodiversity loss metrics and evaluate their strengths and limitations for finance research, while also reviewing evidence on firms’ and financial systems’ exposure to biodiversity physical and transition risks, as well as the influence of these risks on asset pricing. The review underscores that no single metric “outperforms” the others; rather, valuable insights arise from examining multiple indicators, with the choice of metric depending on the specific analytical objective. It also shows that the financial sector is highly, albeit indirectly, exposed to biodiversity physical risk, and that firms – and their value chains – exert substantial impacts on biodiversity. In addition, the review of the literature highlights that investors are increasingly demanding higher premiums to firms exposed to biodiversity risks, suggesting that financial markets deem such risks material. Finally, we identify key research gaps and discuss potential future developments for this field of study, outlining a possible research agenda on biodiversity-related financial risks.

在本文中，我们回顾了新兴的关于生物多样性丧失引起的金融风险的文献。为了建立我们的文献数据库，我们系统地收集了1989年至2024年间发表的444篇英文期刊文章和预印本，检索自Scopus。该选择侧重于商业，经济和金融领域的研究，通过透明和可重复的基于查询的方法确定。我们通过提供有关生物多样性相关金融风险的新兴文献的首次全面综合，为文献做出贡献。具体而言，我们比较了现有的生物多样性损失指标，并评估了它们在金融研究中的优势和局限性，同时还审查了企业和金融系统面临生物多样性物理风险和过渡风险的证据，以及这些风险对资产定价的影响。报告强调，没有哪一项指标“优于”其他指标；相反，有价值的见解来自于检查多个指标，并根据具体的分析目标选择度量。它还表明，金融部门高度（尽管是间接地）暴露于生物多样性的物理风险中，企业及其价值链对生物多样性产生重大影响。此外，对文献的回顾强调，投资者越来越多地要求面临生物多样性风险的公司获得更高的溢价，这表明金融市场认为这种风险是重要的。最后，我们确定了关键的研究差距，并讨论了该研究领域的潜在未来发展，概述了生物多样性相关金融风险的可能研究议程。

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引用次数: 0

Green factory certification and firms' ESG performance: The moderating role of government intervention and industry competition 绿色工厂认证与企业ESG绩效：政府干预和行业竞争的调节作用

IF 5.6 2区经济学 Q1 BUSINESS, FINANCE

International Review of Economics & Finance

Pub Date : 2026-01-12 DOI: 10.1016/j.iref.2026.104904

Liangjun Wang, Ping Li

As a key policy tool for China's green transformation of manufacturing, the practical effectiveness and scope of green factory certification remain under-examined. This study employs a difference-in-differences approach using data from Chinese A-share listed companies (2012–2023) to systematically investigate the impact of green factory certification on corporate ESG performance and its contextual dependence. The findings reveal: (1) Green factory certification significantly enhances both overall ESG performance and scores across the environmental, social, and governance dimensions, with this effect remaining robust across a series of stability tests; (2) Institutional context significantly moderates certification outcomes—the intensity of government intervention positively moderates the relationship between green factory certification and corporate ESG performance, while industry competition intensity weakens the ESG improvement effect of certification. This study reveals the asymmetric influence of the “government hand” and the “market hand” on corporate environmental behavior in emerging economies. It provides new evidence for understanding the effectiveness of voluntary environmental regulation across different institutional contexts and offers practical insights for governments to optimize green certification system design and for enterprises to formulate differentiated ESG strategies.

作为中国制造业绿色转型的重要政策工具，绿色工厂认证的实际有效性和适用范围仍有待商榷。本研究采用差异中的差异方法，利用2012-2023年中国a股上市公司的数据，系统研究绿色工厂认证对企业ESG绩效的影响及其相关关系。研究发现：(1)绿色工厂认证显著提高了企业在环境、社会和治理三个维度上的整体ESG绩效和得分，并在一系列稳定性测试中保持强劲；(2)制度背景显著调节认证结果，政府干预强度正向调节绿色工厂认证与企业ESG绩效的关系，而行业竞争强度削弱了认证的ESG改善效果。本研究揭示了“政府之手”和“市场之手”对新兴经济体企业环境行为的不对称影响。这为理解不同制度背景下自愿性环境监管的有效性提供了新的证据，并为政府优化绿色认证体系设计和企业制定差异化的ESG战略提供了实践见解。

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引用次数: 0

Dynamic evolution and multiscale drivers of green finance for high-quality energy transition 高质量能源转型绿色金融的动态演化与多尺度驱动

IF 5.6 2区经济学 Q1 BUSINESS, FINANCE

International Review of Economics & Finance

Pub Date : 2026-01-12 DOI: 10.1016/j.iref.2026.104908

Yarong Shi, Mengnan Li, Jibo Wang

Against the backdrop of global climate governance and energy security restructuring, high-quality energy development has ascended to the core of national strategy. Green finance, by supporting low-carbon initiatives, plays a critical role in facilitating the transformation of energy systems, while energy development, in turn, guides the direction of green finance. This study establishes the coupling coordination index index (2011–2023) in China. Using Dagum's Gini coefficient and Moran's I to measure spatial disparities and examine distribution characteristics. Kernel density estimation and Markov chain models are applied to analyze dynamic evolutionary trends, and a Spatial Durbin Model (SDM) is employed to identify key driving factors. Results demonstrate an upward annual trend in the level of coordination, yet with significant regional heterogeneity; Strong positive spatial spillovers and club convergence among adjacent areas; The coordinated development of both systems is influenced by multiple factors. Based on this, it is proposed that to further improve the coupling coordination degree, it is necessary to consolidate the development foundation to foster a supportive policy environment; and implement dual approaches through precise governance and collaborative mechanisms, executing differentiated strategies while fully leveraging inter-regional synergies.

在全球气候治理和能源安全结构调整的大背景下，高质量能源发展上升为国家战略核心。绿色金融通过支持低碳倡议，在促进能源体系转型方面发挥着关键作用，而能源发展反过来又引导着绿色金融的方向。本研究建立了中国的耦合协调指数（2011-2023）。运用Dagum的基尼系数和Moran的基尼系数来衡量空间差异并检验分布特征。采用核密度估计和马尔可夫链模型分析动态演化趋势，采用空间Durbin模型识别关键驱动因素。研究结果表明，协调水平呈逐年上升趋势，但区域异质性显著；相邻区域间具有较强的正空间溢出效应和俱乐部收敛效应；二者的协调发展受到多种因素的影响。在此基础上，提出进一步提高耦合协调度，需要夯实发展基础，培育扶持政策环境；通过精准治理和协同机制实施双管齐下，实施差异化战略，充分发挥区域间协同效应。

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引用次数: 0

Ethical substitutes or institutional frictions? Confucian culture, marketization, and internal control effectiveness 伦理替代还是制度摩擦？儒家文化、市场化与内部控制有效性

IF 5.6 2区经济学 Q1 BUSINESS, FINANCE

International Review of Economics & Finance

Pub Date : 2026-01-10 DOI: 10.1016/j.iref.2026.104900

Weiyu Zhang, Zhihui Dou, Qianru Wang, Xindong Yang

This study explores the governance implications of Confucian culture on internal control effectiveness in Chinese listed firms from 2012 to 2021, drawing on informal institutional theory. Moving beyond reliance on single proxy variables, we operationalize Confucian culture by decomposing it into the “Five Constant Virtues” (Ren, Yi, Li, Zhi, Xin). We construct a weighted index using the Analytic Hierarchy Process (AHP), assigning the highest weight to “Xin” (Trust) based on the logic of corporate survival. By integrating expert-based AHP weighting with textual big data from annual reports, we significantly enhance the external validity of our cultural measurement. Empirical results reveal that Confucian culture significantly improves internal control, functioning as an ethical substitute for formal institutions in weak rule-of-law environments. Conversely, its governance utility is significantly weakened in highly marketized regions, suggesting institutional friction between relationship-based norms and market principles. Heterogeneity analysis further shows that Confucian values exert a stronger positive effect in state-owned enterprises. These findings underscore the situational duality of informal institutions and highlight the complex role of Confucian ethics in hybrid governance systems. This study contributes to cross-cultural corporate governance literature by providing a nuanced framework for ethical-institutional alignment and proposing differentiated governance strategies across diverse institutional contexts.

本文运用非正式制度理论，探讨了2012 - 2021年儒家文化对中国上市公司内部控制有效性的影响。超越对单一代理变量的依赖，我们通过将儒家文化分解为“五常”（仁、义、礼、志、信）来运作儒家文化。我们利用层次分析法（AHP）构建了一个加权指数，并根据企业生存的逻辑赋予“信”（信任）最高的权重。通过将基于专家的AHP权重与来自年度报告的文本大数据相结合，我们显著提高了文化测量的外部有效性。实证结果表明，儒家文化显著改善了内部控制，在法治薄弱的环境中作为正式制度的伦理替代品。相反，在高度市场化的地区，其治理效用明显减弱，表明基于关系的规范与市场原则之间存在制度性摩擦。异质性分析进一步表明，儒家价值观对国有企业的正向作用更强。这些发现强调了非正式制度的情境二重性，并强调了儒家伦理在混合治理体系中的复杂作用。本研究提供了一个细致入微的伦理-制度协调框架，并提出了不同制度背景下的差异化治理策略，从而为跨文化公司治理文献做出了贡献。

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引用次数: 0