International Review of Financial Analysis最新文献_第7页

Data element resource supply and enterprise green innovation quality 数据要素资源供给与企业绿色创新质量

IF 9.8 1区经济学 Q1 BUSINESS, FINANCE

International Review of Financial Analysis

Pub Date : 2025-12-02 DOI: 10.1016/j.irfa.2025.104839

Chen Yang, Zongyi Hu

In an era of the rapidly evolving digital economy, data element resources are a critical foundation for corporate green innovation. Using a panel dataset of Chinese A-share listed companies, this study systematically examines the mechanisms through which data element resource supply impacts corporate green innovation quality. Empirical results demonstrate that the data element resource supply significantly improves green innovation quality, primarily through information empowerment effect and talent aggregation effect channels. These findings remain valid across a range of robustness tests. Further analysis reveals that traditional data element supply and the institutional environment of data elements have a stronger positive effect on patent application quality, while emerging data element supply has a stronger positive effect on granted patent quality. Moreover, the positive effects of data supply are more pronounced in areas with higher market development, stricter environmental regulation, and lower financial constraints. This study expands the theoretical understanding of the mechanisms influencing green innovation, elucidates the practical pathways through which data elements can empower sustainable development, and offers policy recommendations to accelerate high-quality data infrastructure development and optimize institutional conditions to support corporate green transition.

在快速发展的数字经济时代，数据元素资源是企业绿色创新的重要基础。本文采用中国a股上市公司面板数据集，系统考察了数据要素资源供给对企业绿色创新质量的影响机制。实证结果表明，数据要素资源供给主要通过信息赋能效应和人才聚集效应两个渠道显著提升绿色创新质量。这些发现在一系列稳健性测试中仍然有效。进一步分析发现，传统数据要素供给和数据要素制度环境对专利申请质量的正向影响更强，而新兴数据要素供给对专利授权质量的正向影响更强。此外，在市场发展程度较高、环境监管严格、资金约束较低的地区，数据供给的积极效应更为明显。本研究拓展了对绿色创新影响机制的理论认识，阐明了数据要素赋能可持续发展的实践路径，并为加快高质量数据基础设施建设、优化制度条件支持企业绿色转型提供了政策建议。

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引用次数: 0

Trolls at the gate: How Chinese “internet water armies” undermine corporate social responsibility 门口的巨魔：中国的“互联网水军”如何破坏企业的社会责任

IF 9.8 1区经济学 Q1 BUSINESS, FINANCE

International Review of Financial Analysis

Pub Date : 2025-12-02 DOI: 10.1016/j.irfa.2025.104832

Jian Hu , Dekun Liu , Zhi Tan

This paper examines how internet water armies affects the fulfillment of corporate social responsibility (CSR) and explores its underlying mechanisms. By fabricating false information and manipulating public opinion, these armies exerts a significant negative impact on CSR performance. Findings reveal that this presence not only discourages firms from fulfilling CSR but also weakens their motivation by intensifying financing constraints and damaging corporate reputation. Heterogeneity analysis further shows that these negative effects are stronger among firms with high media exposure and poor information disclosure quality, as well as state-owned enterprises. This study enriches the literature on digital governance and CSR while offering policy insights for enhancing online governance and fostering responsible corporate behavior.

本文考察了网络水军对企业社会责任履行的影响，并探讨了其潜在机制。这些军队通过制造虚假信息和操纵舆论，对企业社会责任绩效产生了显著的负面影响。研究结果表明，这种存在不仅阻碍了企业履行社会责任，而且通过加剧融资约束和损害企业声誉削弱了企业履行社会责任的动机。异质性分析进一步表明，这些负面影响在媒体曝光率高、信息披露质量差的企业和国有企业中更强。本研究丰富了数字治理与企业社会责任的相关文献，同时为加强网络治理和培养负责任的企业行为提供了政策见解。

引用次数: 0

Digital finance as a catalyst for green innovation: Threshold effect of diminishing marginal returns 数字金融作为绿色创新的催化剂：边际收益递减的门槛效应

IF 9.8 1区经济学 Q1 BUSINESS, FINANCE

International Review of Financial Analysis

Pub Date : 2025-12-02 DOI: 10.1016/j.irfa.2025.104840

Jun Wen , Hongbo Hai , Lingxiao Li , Jie Dou , Ran Tao

This study uses a regional panel covering 2011–2023 to examine how digitally enabled financial services shape eco-innovation, allowing for non-linear responses. The baseline estimations indicate that digital finance acts as a strong driver of environmentally oriented innovation. Threshold diagnostics uncover three cut-off points along the coverage and digitization dimensions: the stimulus strengthens up to midranges and then tapers, consistent with diminishing incremental gains. In contrast, along the depth-of-use margin the relationship is monotonic—greater intensity of use is linked to progressively larger effects, with no observable turning point. Analysis of transmission channels shows that digital finance promotes eco-innovation by concentrating innovation inputs (talent, capital, data) and improving allocative efficiency. Subsample evidence suggests that impacts are larger on the extensive margin (incremental outputs) than on frontier breakthroughs, and they are concentrated in eastern provinces and in cities that are not resource-dependent. The findings expand related theory and offer guidance for aligning finance with green technological progress.

本研究使用2011-2023年的区域面板来研究数字化金融服务如何影响生态创新，并允许非线性响应。基线估计表明，数字金融是环境导向型创新的强大驱动力。阈值诊断揭示了覆盖范围和数字化维度上的三个截止点：刺激在中等范围内增强，然后逐渐减弱，与增量收益递减相一致。相反，沿着使用深度边界，这种关系是单调的——更大的使用强度与越来越大的影响相关联，没有可观察到的转折点。传导渠道分析表明，数字金融通过集中创新投入（人才、资金、数据）和提高配置效率来促进生态创新。亚样本证据表明，对外延边际（增量产出）的影响大于对前沿突破的影响，而且这些影响集中在东部省份和不依赖资源的城市。研究结果拓展了相关理论，为金融与绿色技术进步的对接提供了指导。

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引用次数: 0

Confucian culture and access to trade credit: Evidence from firm relocation 儒家文化与贸易信贷：来自企业搬迁的证据

IF 9.8 1区经济学 Q1 BUSINESS, FINANCE

International Review of Financial Analysis

Pub Date : 2025-12-02 DOI: 10.1016/j.irfa.2025.104842

Ruoyu Chen , Wenjun Zheng , Yang Wu , Qinye Lu

Does culture partially explain differences in firms' access to trade credit? To answer this question, this paper investigates the impact of Confucian culture on Chinese listed firms' access to trade credit. We find a positive and persistent effect of Confucian culture on firms' access to credit over time. Importantly, this effect is independent of legal, financial, economic, and religious cultural factors. We separately utilize the three core Confucian tenets of “Trust as a Foundation”, “The Doctrine of the Mean” and “Universal Harmony” to explain the aforementioned effects from both theoretical and empirical perspectives. To address potential endogeneity concerns, we conduct firm relocation tests. The results show that firm relocation to areas with a weaker Confucian culture atmosphere will decrease trade credit access. Interaction analysis reveals that Confucian culture can mitigate the negative impact of legal environments and information asymmetry on firms' access to credit. We also observe that the influx of Western culture weakens the influence of Confucian culture. Our research highlights the significant role of culture in economic trade.

文化在一定程度上解释了企业获得贸易信贷的差异吗？为了回答这个问题，本文研究了儒家文化对中国上市公司贸易信贷获取的影响。我们发现，随着时间的推移，儒家文化对企业获得信贷具有积极而持久的影响。重要的是，这种影响不受法律、金融、经济和宗教文化因素的影响。本文分别运用儒家“信为本”、“中庸”和“天合”三大核心教义，从理论和实证两方面解释了上述效应。为了解决潜在的内生性问题，我们进行了公司搬迁测试。结果表明，企业迁往儒家文化氛围较弱的地区会降低贸易信贷准入。交互作用分析表明，儒家文化可以缓解法律环境和信息不对称对企业信贷获取的负面影响。我们还观察到，西方文化的涌入削弱了儒家文化的影响力。我们的研究突出了文化在经济贸易中的重要作用。

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引用次数: 0

Audit partner rotation-back and short sellers' front running: Evidence from the Chinese stock market 审计合伙人轮换和卖空者提前跑路：来自中国股市的证据

IF 9.8 1区经济学 Q1 BUSINESS, FINANCE

International Review of Financial Analysis

Pub Date : 2025-11-30 DOI: 10.1016/j.irfa.2025.104831

Yuyu Liu , Yaohua Qin , He Xiao

This study intends to investigate whether informed front-running hypothesis exists based on informed trading behaviors related to the variation of perceived audit quality of rotate-back firms before earnings announcement dates. Its empirical results show that client firms that rotate back to their pre-MAPR (i.e., mandatory audit partner rotation) engagement partner after the cooling-off period are associated with higher abnormal short selling during 3 days before earnings announcement, compared with non-rotate-back firms. Further channel tests suggest that earnings informativeness of rotate-back firms is less than non-rotate-back firms and short sellers' trading strategy is profitable. Additional heterogeneous tests reveal that the positive association between rotate-back decisions and abnormal short sales, as well as the negative relationship between rotate-back decisions and earnings response coefficients (ERCs), are both attenuated for firms with Big 4 auditors, high institutional ownership, and weak “Guanxi” connections. These findings suggest that corporate disclosure monitoring primarily stems from auditors and institutional investors, while short sellers' information advantage appears to derive from their “Guanxi” networks. However, short sellers do not front-run review partner rotation-back which is consist with the view that engagement partners are the primary auditors who conduct the main audit work. Overall, we provide evidence that short sellers use audit partner related private information to facilitate their trading behaviors.

摘要本研究旨在探讨在盈余公告日前，轮转公司的知情交易行为与感知审计质量的差异是否存在知情先跑假设。实证结果表明，在冷静期之后，与非轮换的公司相比，轮换到mapr前（即强制审计合伙人轮换）业务合伙人的客户公司在盈余公告前3天内的异常卖空行为更高。进一步的通道检验表明，转回公司的收益信息性低于非转回公司，卖空者的交易策略是有利可图的。另外的异质性检验表明，对于拥有四大审计机构、高机构所有权和弱“关系”联系的公司，轮换决策与异常卖空之间的正相关关系以及轮换决策与盈余反应系数（ERCs）之间的负相关关系都减弱了。这些发现表明，公司信息披露监督主要来自审计师和机构投资者，而卖空者的信息优势似乎来自他们的“关系”网络。然而，卖空者并没有提前进行审查合伙人的轮换，这与审计业务合伙人是进行主要审计工作的主要审计师的观点是一致的。总体而言，我们提供的证据表明，卖空者利用审计合伙人相关的私人信息来促进其交易行为。

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引用次数: 0

The role of government financial policies in promoting low-carbon innovation diffusion 政府金融政策在促进低碳创新扩散中的作用

IF 9.8 1区经济学 Q1 BUSINESS, FINANCE

International Review of Financial Analysis

Pub Date : 2025-11-29 DOI: 10.1016/j.irfa.2025.104833

Junling Wang , Siyu Cheng , Zehao Wang

This study examines how government financial policies shape the diffusion of low-carbon innovation among enterprises, employing using a complex network evolutionary game framework. By combining supply-side tools (e.g., research and development subsidies, green tax credits, and preferential financing) with demand-side measures (e.g., consumer subsidies and carbon pricing), we model how firms' strategic decisions evolve within dynamic interorganizational networks. Simulation results show that moderate carbon trading systems, properly allocated emission quotas, and balanced reward–penalty schemes significantly accelerate innovation adoption. However, while higher product environmental performance improves market acceptance, it also raises marginal costs, underscoring the need for policy designs that balance ecological goals with financial feasibility. The network's scale and topology strongly mediate policy impacts, highlighting the role of structural heterogeneity in diffusion dynamics. These findings provide valuable guidance for financial policymakers, emphasizing that coordinated fiscal, regulatory, and market-based instruments are vital to stimulate private-sector innovation and advance sustainable economic transformation.

本文采用复杂网络演化博弈框架，考察了政府财政政策对企业低碳创新扩散的影响。通过将供给侧工具（如研发补贴、绿色税收抵免和优惠融资）与需求侧措施（如消费者补贴和碳定价）相结合，我们建立了企业战略决策如何在动态组织间网络中演变的模型。模拟结果表明，适度的碳交易体系、合理的排放配额分配和平衡的奖惩机制显著促进了创新的采用。然而，虽然较高的产品环境性能提高了市场接受度，但它也提高了边际成本，强调需要制定平衡生态目标和财务可行性的政策。网络的规模和拓扑结构在很大程度上调节了政策影响，突出了结构异质性在扩散动力学中的作用。这些发现为金融政策制定者提供了有价值的指导，强调了协调一致的财政、监管和市场化手段对于刺激私营部门创新和推进可持续经济转型至关重要。

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引用次数: 0

Geopolitical risk and systemic tail risk spillovers: Evidence from Chinese financial markets 地缘政治风险与系统性尾部风险溢出：来自中国金融市场的证据

IF 9.8 1区经济学 Q1 BUSINESS, FINANCE

International Review of Financial Analysis

Pub Date : 2025-11-29 DOI: 10.1016/j.irfa.2025.104834

Juandan Zhong , Haibo Li , Bo Wang

This paper examines five representative financial sub-markets in China, namely the real estate, stock, bond, commodity, and currency markets, and systematically analyzes their interconnected structure and tail risk contagion mechanisms. The study first quantifies the magnitude and dynamics of tail risk within each sub-market by applying the CAViaR model, which identifies spikes in estimated risk during major crisis events. Then, a time-varying parameter vector autoregression with the Diebold-Yilmaz approach (TVP-VAR-DY) is employed to characterize both the static and dynamic features of tail risk spillovers across these markets, enabling the identification of key sources and revealing distinct patterns during crisis periods. Furthermore, global and Chinese geopolitical risk indices are incorporated into a GJR-GARCH-MIDAS framework to assess their individual contributions to cross-market tail risk spillovers and their roles in systemic risk transmission. The findings indicate that domestic geopolitical risk has a more significant impact on tail risk spillovers among China's financial sub-markets, especially through the exchange rate market. This study enriches the understanding of the interplay between tail risk and geopolitical risk and provides valuable insights for improving risk identification and mitigation in China's financial system under external stress.

本文以中国具有代表性的房地产、股票、债券、商品和货币五个金融子市场为研究对象，系统分析了它们的相互关联结构和尾部风险传染机制。该研究首先通过应用CAViaR模型量化了每个子市场中尾部风险的大小和动态，该模型识别了重大危机事件期间估计风险的峰值。然后，采用Diebold-Yilmaz方法（TVP-VAR-DY）的时变参数向量自回归来表征这些市场尾部风险溢出的静态和动态特征，从而识别关键来源并揭示危机期间的不同模式。此外，将全球和中国地缘政治风险指数纳入gj - garch - midas框架，评估它们对跨市场尾部风险溢出的贡献及其在系统性风险传导中的作用。研究结果表明，国内地缘政治风险对中国金融子市场尾部风险溢出的影响更为显著，尤其是通过汇率市场的影响。本研究丰富了对尾部风险与地缘政治风险相互作用的理解，为提高外部压力下中国金融体系的风险识别和风险缓解提供了有价值的见解。

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引用次数: 0

Development of cross-border E-commerce, digital finance development, and the digital transformation of manufacturing enterprises 跨境电子商务发展、数字金融发展、制造业企业数字化转型

IF 9.8 1区经济学 Q1 BUSINESS, FINANCE

International Review of Financial Analysis

Pub Date : 2025-11-29 DOI: 10.1016/j.irfa.2025.104835

Zhan Cao , Yi Liu

Based on panel data from non-financial manufacturing firms listed on China's A-share market from 2011 to 2023, this paper systematically examines the intrinsic relationships and mechanisms of action among cross-border e-commerce development (CBEC), digital finance development (DFD), and digital transformation of manufacturing enterprises. The empirical results indicate that: (1) CBEC significantly promotes the digital transformation of manufacturing enterprises; (2) the promotion effect of CBEC on digital transformation is more pronounced in firms with higher levels of marketization, intense industry competition, and greater R&D investment, demonstrating clear heterogeneity; (3) CBEC indirectly enhances the digital transformation of enterprises by fostering DFD; and (4) the mediating role of DFD varies across regions with different levels of digital infrastructure. These findings provide empirical evidence and policy references for promoting high-quality development of the manufacturing industry, accelerating digital transformation, and fostering the coordinated CBEC and digital finance.

本文基于2011 - 2023年a股上市非金融制造业企业的面板数据，系统考察了跨境电子商务发展（CBEC）、数字金融发展（DFD）与制造业企业数字化转型之间的内在关系和作用机制。实证结果表明：(1)CBEC对制造企业数字化转型有显著促进作用；(2)在市场化程度高、行业竞争激烈、研发投入大的企业中，CBEC对数字化转型的促进作用更为显著，呈现出明显的异质性；(3) CBEC通过培育DFD间接促进企业数字化转型；(4)区域数字化基础设施水平不同，DFD的中介作用也不同。研究结果为促进制造业高质量发展、加快数字化转型、促进CBEC与数字金融协同发展提供了实证依据和政策参考。

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引用次数: 0

The capital allocation effect of green finance: Evidence from corporate technological investment 绿色金融的资本配置效应：来自企业技术投资的证据

IF 9.8 1区经济学 Q1 BUSINESS, FINANCE

International Review of Financial Analysis

Pub Date : 2025-11-29 DOI: 10.1016/j.irfa.2025.104836

Caifeng Zou , Chuan Zhang

Against the backdrop of China's “dual‑carbon” goals and accelerating green transition, how green finance shapes firms' technological investment has become an important research question. Using panel data for Chinese A-share non-financial listed firms from 2003 to 2023, this study examines whether the development of green finance promotes technological investment through capital allocation. Technological investment is assessed from the perspectives of research and development (R&D) personnel, R&D intensity, and innovation output, and a mechanism framework is constructed to explore the roles of external monitoring and information disclosure. The empirical results show that green finance significantly increases firms' R&D staffing, enhances R&D expenditure, and improves patent output. Mechanism analyses indicate that green finance strengthens analyst coverage and enhances information disclosure quality, thereby improving the information environment and governance pressure, ultimately stimulating greater technological investment. Further heterogeneity tests reveal that the promoting effect is more pronounced in pollution-intensive industries and exhibits a clear “bottom-lifting effect” for firms with weak innovation foundations. Multiple robustness checks corroborate these findings. Overall, the study uncovers the internal mechanisms and distributional effects through which green finance drives corporate technological innovation. The results suggest that a well-functioning green finance system not only improves resource allocation efficiency and alleviates financing constraints but also plays a crucial role in supporting green transformation, enhancing innovation capacity, and fostering high-quality economic development.

在中国实施“双碳”目标和加速绿色转型的背景下，绿色金融如何影响企业的技术投资成为一个重要的研究问题。本文利用2003 - 2023年中国a股非金融类上市公司的面板数据，考察绿色金融的发展是否通过资本配置促进技术投资。从研发人员、研发强度和创新产出三个角度对技术投入进行评价，构建机制框架，探索外部监督和信息披露的作用。实证结果表明，绿色金融显著增加了企业的研发人员，增加了研发支出，提高了专利产出。机制分析表明，绿色金融增强了分析师覆盖率，提高了信息披露质量，从而改善了信息环境和治理压力，最终刺激了更大的技术投资。进一步的异质性检验表明，促进效应在污染密集型产业中更为明显，对创新基础薄弱的企业表现出明显的“提底效应”。多个稳健性检查证实了这些发现。总体而言，研究揭示了绿色金融驱动企业技术创新的内在机制和分配效应。研究结果表明，健全的绿色金融体系不仅可以提高资源配置效率，缓解融资约束，而且对支持绿色转型、提升创新能力、促进经济高质量发展具有重要作用。

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引用次数: 0

Natural disasters and stock return co-movement: Fundamental change vs. attention distraction 自然灾害与股票收益联动：根本性变化vs.注意力分散

IF 9.8 1区经济学 Q1 BUSINESS, FINANCE

International Review of Financial Analysis

Pub Date : 2025-11-29 DOI: 10.1016/j.irfa.2025.104828

Xiao Li, Wanyu Qian

Firm fundamentals and investor behavior have been shown as important factors affecting individual stock return co-movements with the market. To identify whether fundamentals or investors play a major role in deciding stock return co-movements, we utilize natural disasters as attention distraction events that may result in uneven attention distribution. As a result, we prove that such stock co-movements in the Chinese stock market are mainly driven by firm fundamentals during natural disaster periods. Specifically, firms more sensitive to the local economy and facing inferior information environments display a greater increase in stock return co-movement during disasters, indicating no evidence for investor attention distraction. Moreover, such an increase disappears within one month following the disasters. We further find that intra-provincial and inter-provincial co-movements contribute to the increase. Our results provide amplified insights into market dynamics by exposing the underlying reasons for stock return co-movements.

坚实的基本面和投资者行为已被证明是影响个股回报与市场共同运动的重要因素。为了确定是基本面还是投资者在决定股票收益共同运动中起主要作用，我们利用自然灾害作为注意力分散事件，可能导致注意力分布不均匀。结果表明，在自然灾害期间，中国股市的这种股票协同运动主要是由坚实的基本面驱动的。具体而言，对当地经济更敏感且面临较差信息环境的公司在灾害期间表现出更大的股票收益协同运动，表明没有证据表明投资者注意力分散。而且，这种增长在灾难发生后一个月内就消失了。我们进一步发现，省内和省间的共同运动有助于增加。我们的研究结果通过揭示股票收益协同运动的潜在原因，为市场动态提供了更深入的见解。

引用次数: 0