Countries around the world and China are actively promoting the cultivation of the data element market.As an important field of integration between finance and technology,“sci-tech finance”has also attracted much at...Countries around the world and China are actively promoting the cultivation of the data element market.As an important field of integration between finance and technology,“sci-tech finance”has also attracted much attention.The combination of the two has formed a new development logic under the background of the digital economy.Data elements possess asset-like attributes,quasi-public goods characteristics,and financial properties,but their marketization faces challenges such as difficulty in confirmation of rights and pricing.Sci-tech finance has a“dual-drive”function,which can promote the integration of science and technology with finance.There is an inherent compatibility between the two,the efficient allocation of data elements requires the support of sci-tech finance to solve problems such as right confirmation and pricing,and the development of sci-tech finance also relies on the empowerment of data elements.On this basis,sci-tech finance promotes the transformation of data elements from resources to capital through four major mechanisms:pricing,financing,allocation,and risk supervision.This research provides theoretical support for the marketoriented reform of data elements and decision-making reference for financial support for technological innovation and data allocation.In the future,it is necessary to further improve the construction and supervision of the data element market to facilitate the integration of the digital economy and the real economy.展开更多
This study empirically examines how land finance in destination and origin cities affects willingness to engage in labor mobility and explores the underlying mechanisms.Using a two-way fixed effects model,we match mac...This study empirically examines how land finance in destination and origin cities affects willingness to engage in labor mobility and explores the underlying mechanisms.Using a two-way fixed effects model,we match macro data from 287 prefecture-level cities in China from 2000 to 2020 with data from the 2018 China Migrant Dynamic Survey(CMDS).The results are as follows:First,land finance in destination cities inhibits labor mobility willingness,while land finance in origin cities and labor mobility willingness have a U-shaped relationship,decreasing initially and then increasing.Second,local governments’dependence on land finance increases local housing prices and suppresses investment in non-economic public goods in the administrative area,thereby inhibiting labor mobility willingness;however,this also increases investment in economic public goods,attracting labor mobility willingness.Third,labor force age weakens the impact of land finance in origin cities on labor mobility willingness;however,age does not affect the impact of land finance in destination cities on labor mobility willingness.Fourth,land finance increases laborers’willingness to settle.展开更多
Artificial intelligence(AI)is reshaping financial systems and services,as intelligent AI agents increasingly form the foundation of autonomous,goal-driven systems capable of reasoning,learning,and action.This review s...Artificial intelligence(AI)is reshaping financial systems and services,as intelligent AI agents increasingly form the foundation of autonomous,goal-driven systems capable of reasoning,learning,and action.This review synthesizes recent research and developments in the application of AI agents across core financial domains.Specifically,it covers the deployment of agent-based AI in algorithmic trading,fraud detection,credit risk assessment,roboadvisory,and regulatory compliance(RegTech).The review focuses on advanced agent-based methodologies,including reinforcement learning,multi-agent systems,and autonomous decision-making frameworks,particularly those leveraging large language models(LLMs),contrasting these with traditional AI or purely statistical models.Our primary goals are to consolidate current knowledge,identify significant trends and architectural approaches,review the practical efficiency and impact of current applications,and delineate key challenges and promising future research directions.The increasing sophistication of AI agents offers unprecedented opportunities for innovation in finance,yet presents complex technical,ethical,and regulatory challenges that demand careful consideration and proactive strategies.This review aims to provide a comprehensive understanding of this rapidly evolving landscape,highlighting the role of agent-based AI in the ongoing transformation of the financial industry,and is intended to serve financial institutions,regulators,investors,analysts,researchers,and other key stakeholders in the financial ecosystem.展开更多
Decentralized finance(DeFi)has emerged as a transformative paradigm,leveraging programmable blockchains to innovate upon traditional financial services without centralized intermediaries.However,DeFi introduces a uniq...Decentralized finance(DeFi)has emerged as a transformative paradigm,leveraging programmable blockchains to innovate upon traditional financial services without centralized intermediaries.However,DeFi introduces a unique and highly adversarial security landscape characterized by immutable transactions,complex protocol composability,and transparent execution environments.This survey provides a comprehensive systematization of DeFi security,categorizing vulnerabilities across three distinct layers:technical and code layer,economic and protocol layer,and infrastructure and cross-chain layer.Furthermore,we structure the defense mechanisms according to the protocol lifecycle,including pre-deployment prevention strategies,runtime mitigation techniques,and post-incident response and recovery mechanisms.We also delve into specific phenomena such as maximal extractable value,analyzing its dual role as both a market efficiency tool and a security vector.By synthesizing existing literature and incident reports,this survey establishes a holistic framework for understanding the interplay between code and finance.Finally,we identify critical open challenges and propose future research directions aimed at maturing the discipline of DeFi security and mitigating systemic risks.展开更多
Asian economies of the Belt and Road Initiative(BRI)face growing pressure to sustain industrial expansion while meeting environmental goals,yet limited cross-country evidence exists on how green finance,trade diversif...Asian economies of the Belt and Road Initiative(BRI)face growing pressure to sustain industrial expansion while meeting environmental goals,yet limited cross-country evidence exists on how green finance,trade diversification,and institutional quality jointly shape sustainable industrialization.This study empirically examines how green finance,trade diversification,and institutional quality act as catalysts for sustainable industrialization in selected Asian BRI economies.Using panel data for 30 Asian BRI countries over the 2004-2022 period,the analysis evaluates how these factors jointly shape sustainable industrialization under the dual pressures of industrial expansion and environmental sustainability.To address endogeneity and unobserved heterogeneity,we employ fixed effects models,the Kiviet-corrected estimator,and the two-step System Generalized Method of Moments.Our findings show that green finance and import diversification significantly promote sustainable industrialization,measured by the United Nations Industrial Development Organization’s Sustainable Industrial Development Index.Green finance supports a greener industrial transition by channeling resources toward environmentally sustainable technologies and investments,whereas import diversification facilitates access to clean technologies and strengthens supply chain resilience.Institutional quality amplifies these benefits,with stronger governance frameworks accelerating the implementation of green industrial policies.By contrast,export diversification undermines sustainable industrialization when it remains concentrated in resource-intensive,low value-added items,highlighting the risks associated with the“resource curse”.The findings underscore the need for integrated policy measures that combine green financing incentives,strategic trade reorientation,and institutional reform.Control variables such as gross domestic product,trade openness,information and communication technology,and natural resource endowments also shape industrialization trajectories.Overall,this study contributes to the sustainable development literature by providing empirical evidence on how financial,trade,and governance systems foster green industrial transitions.The policy implications emphasize targeted green funding,technology-oriented import strategies,anti-corruption measures,and value-added export diversification to align BRI-related economic growth with environmental sustainability objectives.展开更多
Against the backdrop of China s accelerated green development and its pursuit of the"dual carbon"goals,green finance,as a crucial instrument for the rational allocation of resources,plays a significant role ...Against the backdrop of China s accelerated green development and its pursuit of the"dual carbon"goals,green finance,as a crucial instrument for the rational allocation of resources,plays a significant role in promoting agricultural green transformation.Taking Henan Province as a case study,this research employs panel data from 18 prefecture-level cities spanning 2014 to 2023,utilizing dynamic panel models and mediating effect models for empirical analysis.The findings reveal that green finance indirectly fosters agricultural green development by driving agricultural technological progress.This promoting effect is significant,with the mediating effect accounting for 3.67%.Based on these results,policy recommendations are proposed:expanding the coverage of green finance and constructing a diversified product system;comprehensively promoting agricultural technological innovation and mechanization development;and coordinating and integrating green financial resources to facilitate agricultural green transformation tailored to local conditions.展开更多
This paper examines the impact of climate transition risks on innovation participation of micro and small enterprises(SMEs)in China and explores whether digital finance can mitigate these impacts.Using firm-level data...This paper examines the impact of climate transition risks on innovation participation of micro and small enterprises(SMEs)in China and explores whether digital finance can mitigate these impacts.Using firm-level data from the 2014 China SME Survey,combined with provincial digital finance inclusion index data,the study employs a Probit model to analyze firm innovation participation and uses an OLS framework to examine the impact of financing constraints.To capture the heterogeneity of transition pressures,the study categorizes firms based on the transition pressures of their respective industries.The results show that digital finance significantly increases the likelihood of SMEs participating in innovation and alleviates their financing constraints.While climate transition risks themselves do not have a significant direct impact on innovation participation,the interaction between digital finance and high transition risk is positive and statistically significant,indicating that digital finance has a stronger innovation-promoting effect on firms in high-risk industries.Mechanism analysis shows that digital finance primarily supports innovation by alleviating overall financing frictions faced by SMEs.These findings highlight the complementary role of digital finance in supporting firms’innovation in response to climate transition pressures and provide policy implications for promoting financial inclusion and facilitating a smooth low-carbon transition in emerging economies.展开更多
Corporate environmental protection investment serves as a green financial instrument characterized by“endogenous”features.Based on data from A-share listed companies on the Shanghai and Shenzhen stock exchanges from...Corporate environmental protection investment serves as a green financial instrument characterized by“endogenous”features.Based on data from A-share listed companies on the Shanghai and Shenzhen stock exchanges from 2010 to 2023,this study examines its impact on green technological innovation and the underlying mechanisms.The findings reveal that environmental protection investment exerts a significant positive incentive effect on corporate green technological innovation,and these conclusions remain robust after controlling for endogeneity.Mechanism tests indicate that financing constraints serve as the core transmission channel:environmental investment alleviates financing constraints through signalling,thereby promoting green innovation,while the R&D investment channel is not significant.Heterogeneity analysis reveals that this effect is more pronounced in non-state-owned enterprises and high-carbon industries.The study recommends incorporating corporate environmental investment into the green finance policy framework,strengthening information disclosure,and stimulating the endogenous momentum of corporate green transformation.展开更多
It is a strategic measure to implement the fundamental task of cultivating morality and nurturing people by comprehensively promoting the construction of ideological and political education in curriculum.In this paper...It is a strategic measure to implement the fundamental task of cultivating morality and nurturing people by comprehensively promoting the construction of ideological and political education in curriculum.In this paper,the Finance course at Yangtze University is taken as the research object.Addressing the current problem of the"two skins"between professional courses and ideological and political education,it systematically elaborates on the constructed"value guidance-knowledge transmission-ability cultivation"trinity integrated model of ideological and political education in curriculum,which provides a valuable reference for the ideological and political construction in similar courses through the paradigm of"localized cases+collaborative practice+systematic education".展开更多
The frequency of mobile terminal consumer credit usage has significantly increased,but some users exhibit signs of over-indebtedness or failure to fully recognize hidden costs.According to behavioral finance,it partic...The frequency of mobile terminal consumer credit usage has significantly increased,but some users exhibit signs of over-indebtedness or failure to fully recognize hidden costs.According to behavioral finance,it particularly focuses on two psychological aspects:people's fear of losing money and their susceptibility to the first number they see.For instance,borrowing apps like Huabei and Weilidai examine how they exploit these psychological tendencies to encourage users to borrow more,while also evaluating whether such practices comply with regulations.Research reveals:Huabei claims interest-free borrowing,while Weilidai breaks down monthly repayments into smaller amounts without clearly stating the total interest,effectively enticing users to borrow more—an approach that lacks regulatory compliance and deviates from the wellintentioned goal of making borrowing more accessible.Finally,recommendations are provided for borrowers,app developers,and regulatory agencies to enhance the reliability of mobile lending.The recommendations emphasize enhancing users'financial risk awareness,improving platform compliance and ethical responsibility,and strengthening regulatory supervision to prevent irrational borrowing and ensure responsible consumer credit practices.展开更多
The digital economy offers both opportunities and challenges for enhancing rural residents’ digital financial literacy. Notably, the spread of illicit digital financial activities has seriously impeded the sound deve...The digital economy offers both opportunities and challenges for enhancing rural residents’ digital financial literacy. Notably, the spread of illicit digital financial activities has seriously impeded the sound development of rural digital finance. This study integrates illegal digital financial risk prevention into an analysis of rural residents’ digital financial literacy. The results show that their digital financial literacy remains low, the supporting ecosystem is underdeveloped, and risk prevention capacity is insufficient. Further analysis indicates that losses from illicit digital finance transmit shocks through consumption channels. A three-sector DSGE model is therefore constructed to simulate the negative responses of household consumption, credit, and output to such shocks. Higher digital financial literacy is found to accelerate the return to steady state and reduce economic uncertainty. Based on empirical and model-based evidence, this paper proposes policy recommendations: strengthening digital financial education for rural residents, improving the digital financial service system, optimizing relevant laws and policies, and establishing an efficient risk early-warning mechanism.展开更多
This paper compares how foreign direct investment(FDI)and digital finance(DFI)are related to regional total factor productivity in China.Using panel data for 31 provinces from 2017 to 2024,we combine a random forest m...This paper compares how foreign direct investment(FDI)and digital finance(DFI)are related to regional total factor productivity in China.Using panel data for 31 provinces from 2017 to 2024,we combine a random forest model with GeoTimeShapley decomposition to separate the standalone contributions of the two variables from their interactions with location and time.The interaction terms account for most of their model-based relevance.FDI has a larger contribution,but it is spatially concentrated and varies markedly across years.DFI follows a more gradual pattern and becomes more relevant as digital infrastructure and financial inclusion expand.External capital and domestic digital finance are therefore associated with productivity under different regional and temporal conditions.展开更多
Under the special institutional environment of“One country,Two systems,and Three jurisdictions”in the Guangdong-Hong Kong-Macao Greater Bay Area(GBA),cross-border trade finance faces prominent information asymmetry ...Under the special institutional environment of“One country,Two systems,and Three jurisdictions”in the Guangdong-Hong Kong-Macao Greater Bay Area(GBA),cross-border trade finance faces prominent information asymmetry and institutional frictions.Existing studies lack quantitative evaluation of blockchain technology’s application efficiency in this context and systematic analysis of barrier mechanisms.This paper constructs an analytical framework of“technological characteristics-financing process-efficiency output”,using the DEA-BCC model,Malmquist index,grounded theory,and ISM-ANP model for empirical analysis.The results showed that blockchain significantly empowers cross-border trade finance,with total factor productivity(TFP)increasing by 14%in 2023-2024,mainly driven by technological efficiency improvement.Core enterprises(comprehensive technical efficiency 0.82)outperform SMEs(0.65),showing a“Matthew Effect”.Moreover,barriers form a three-level structure of“underlying root-middle-level transmission-surface manifestations”,with technical(weight 0.32)and institutional barriers(0.28)as core constraints,especially insufficient cross-border regulatory coordination(0.12)and inconsistent cross-chain standards(0.10).Prioritizing these underlying barriers is key to breaking“digital silos”,and the proposed hierarchical governance strategy provides support for GBA financial infrastructure interconnection.展开更多
Against the backdrop of the“Dual Carbon”goals and high-quality development,Green Finance and the Digital Economy are of great significance to China’s high-quality development.Taking Sichuan Province as the research...Against the backdrop of the“Dual Carbon”goals and high-quality development,Green Finance and the Digital Economy are of great significance to China’s high-quality development.Taking Sichuan Province as the research object,this paper employs panel data on green finance and the digital economy from 2011 to 2024.The Entropy Weight Method is applied to construct the indicator systems of the two subsystems and calculate their development indices.Furthermore,the Coupling Coordination Degree Model is adopted to analyze their interactive relationship.The findings indicate that:(1)both subsystem indices exhibited a steady upward trend,with the digital economy index increasing from 0.025 to 0.693 and the green finance index rising from 0.219 to 0.654;(2)the coupling coordination degree advanced from severe imbalance(D=0.10 in 2011)to high-quality coordination(D>0.90 since 2020),undergoing a three-stage evolution of“imbalance–transition–coordination.”Based on these findings,this study proposes policy recommendations,including strengthening the synergy mechanism between digitalization and greening and optimizing the structure of green finance,with the aim of contributing to the green,low-carbon,and high-quality development of Sichuan Province.展开更多
From the perspective of inclusive finance,banks serve as the core entities empowering endowment insurance services for new forms of employment.Based on reviewing the current development status and existing problems of...From the perspective of inclusive finance,banks serve as the core entities empowering endowment insurance services for new forms of employment.Based on reviewing the current development status and existing problems of endowment insurance for new forms of employment,this paper selects typical cases of bank-social organization collaboration in Fuzhou,Jinan and Zaozhuang,and analyzes the core roles and implementation effects of banks in product customization,channel extension and demand matching.Three major experiences are summarized:scenario-based demand response,inclusive service provision,and normalized mechanism construction.Accordingly,a practical path of collaborative services between Agricultural Bank of China and social organizations is constructed,providing references for solving the endowment security dilemma of groups in new forms of employment.展开更多
To address the pain points of traditional supply chain finance,such as static indicator limitations,information asymmetry,and low financing efficiency,this paper focuses on the deep integration of big data technology ...To address the pain points of traditional supply chain finance,such as static indicator limitations,information asymmetry,and low financing efficiency,this paper focuses on the deep integration of big data technology and supply chain finance for small and micro enterprises(SMEs).Combining the practices of manufacturing and service industries in Hebei Province,through literature research,case analysis,and field investigations,it systematically analyzes the technical principles of big data-empowered supply chain finance and the logical reconstruction of subject roles.A service quality control system of“common indicators+industry-specific indicators”and a full-process solution of“data collection and governance-risk quantification and early warning-collaborative service optimization”are constructed.Empirical results show that the system achieved a risk early warning accuracy rate of 89.2%for financial institutions,and the financing success rate of manufacturing SMEs in Hebei Province increased by 37%compared with the traditional model,effectively alleviating the financing dilemma.The industry-adapted model and cross-regional data sharing plan formed by the research provide a replicable“Hebei Experience”for the high-quality development of supply chain finance.展开更多
According to the strategic objective of developing public tertiary hospitals as leaders in building a strong society,this research investigates new reform approaches for the financial management of public hospitals un...According to the strategic objective of developing public tertiary hospitals as leaders in building a strong society,this research investigates new reform approaches for the financial management of public hospitals under the background of informatization.It deals with important issues like the insufficiency of system functions,data isolation,complicated operations,lack of risk management techniques and inaccurate cost control.A novel idea of‘intelligent financial management’is put forward,which recommends the combination of advanced information technologies,including big data,artificial intelligence,deep learning,and blockchain,to accomplish complete automation,intelligent upgrading,and improved decision-making abilities.Considering the particular socio-economic and medical conditions of public hospitals,the research uses a multi-faceted and interdisciplinary method,integrating case studies,data mining,and predictive modelling.The main objectives are the reformation of financial procedures,innovative financial risk management and optimized cost control with resource allocation.Furthermore,it discusses the major obstacles such as data integration with privacy protection,enhancement of personnel competence and system compatibility during the continuous reform.Corresponding countermeasures are suggested,such as technology integration,establishment of risk assessment models,deployment of decision support tools,and formation of an ongoing improvement system.The results are intended to offer theoretical assistance and practical guidance for the modernization of public hospital financial management in both public hospitals and throughout the country,thus contributing to the advancement of high-quality and sustainable development of the public health system.展开更多
Blockchain technologies have been used to facilitate Web 3.0 and FinTech applications.However,conventional blockchain technologies suffer from long transaction delays and low transaction success rates in some Web 3.0 ...Blockchain technologies have been used to facilitate Web 3.0 and FinTech applications.However,conventional blockchain technologies suffer from long transaction delays and low transaction success rates in some Web 3.0 and FinTech applications such as Supply Chain Finance(SCF).Blockchain sharding has been proposed to improve blockchain performance.However,the existing sharding methods either use a static sharding strategy,which lacks the adaptability for the dynamic SCF environment,or are designed for public chains,which are not applicable to consortium blockchain-based SCF.To address these issues,we propose an adaptive consortium blockchain sharding framework named ACSarF,which is based on the deep reinforcement learning algorithm.The proposed framework can improve consortium blockchain sharding to effectively reduce transaction delay and adaptively adjust the sharding and blockout strategies to increase the transaction success rate in a dynamic SCF environment.Furthermore,we propose to use a consistent hash algorithm in the ACSarF framework to ensure transaction load balancing in the adaptive sharding system to further improve the performance of blockchain sharding in dynamic SCF scenarios.To evaluate the proposed framework,we conducted extensive experiments in a typical SCF scenario.The obtained experimental results show that the ACSarF framework achieves a more than 60%improvement in user experience compared to other state-of-the-art blockchain systems.展开更多
This study exploits China's"Pilot Program for the Integration of Science and Technology with Finance"as a quasi-natural experiment to investigate the effect of Sci-Tech Finance on corporate financial res...This study exploits China's"Pilot Program for the Integration of Science and Technology with Finance"as a quasi-natural experiment to investigate the effect of Sci-Tech Finance on corporate financial resilience and its underlying mechanisms.Using panel data of A-share firms listed on the Shanghai and Shenzhen stock exchanges from 2000 to 2024 and using a staggered difference-in-differences(DID)model,we find that corporate financial resilience significantly improved after the Sci-Tech Finance policy,as evidenced by reduced earnings volatility and more sustainable profit growth.Heterogeneity analyses show that the effect is more pronounced during periods of high economic policy uncertainty(EPU)and in regions with less developed traditional banking systems.Mechanism analyses suggest that Sci-Tech Finance strengthens firm financial resilience by alleviating financing constraints,mitigating information asymmetry,optimizing investment efficiency,and promoting green innovation.We provide novel evidence on the role of Sci-Tech Finance in stabilizing firm performance and fostering long-term value creation,thereby contributing to the broad literature on high-quality economic development.展开更多
摘要Countries around the world and China are actively promoting the cultivation of the data element market.As an important field of integration between finance and technology,“sci-tech finance”has also attracted much attention.The combination of the two has formed a new development logic under the background of the digital economy.Data elements possess asset-like attributes,quasi-public goods characteristics,and financial properties,but their marketization faces challenges such as difficulty in confirmation of rights and pricing.Sci-tech finance has a“dual-drive”function,which can promote the integration of science and technology with finance.There is an inherent compatibility between the two,the efficient allocation of data elements requires the support of sci-tech finance to solve problems such as right confirmation and pricing,and the development of sci-tech finance also relies on the empowerment of data elements.On this basis,sci-tech finance promotes the transformation of data elements from resources to capital through four major mechanisms:pricing,financing,allocation,and risk supervision.This research provides theoretical support for the marketoriented reform of data elements and decision-making reference for financial support for technological innovation and data allocation.In the future,it is necessary to further improve the construction and supervision of the data element market to facilitate the integration of the digital economy and the real economy.
基金funded by Major Project of the National Social Science Fund of China“Theory,Methods and Chinese Practices of National Welfare Accounting”[Grant No.22&ZD165]Key Project of the National Social Science Fund of China“Theoretical and Practical Research on the Compilation of Chinese Productivity Accounts”[Grant No.21AZD122].
摘要This study empirically examines how land finance in destination and origin cities affects willingness to engage in labor mobility and explores the underlying mechanisms.Using a two-way fixed effects model,we match macro data from 287 prefecture-level cities in China from 2000 to 2020 with data from the 2018 China Migrant Dynamic Survey(CMDS).The results are as follows:First,land finance in destination cities inhibits labor mobility willingness,while land finance in origin cities and labor mobility willingness have a U-shaped relationship,decreasing initially and then increasing.Second,local governments’dependence on land finance increases local housing prices and suppresses investment in non-economic public goods in the administrative area,thereby inhibiting labor mobility willingness;however,this also increases investment in economic public goods,attracting labor mobility willingness.Third,labor force age weakens the impact of land finance in origin cities on labor mobility willingness;however,age does not affect the impact of land finance in destination cities on labor mobility willingness.Fourth,land finance increases laborers’willingness to settle.
基金supported by the Ministry of Education and Science of the Republic of North Macedonia through the project“Utilizing AI and National Large Language Models to Advance Macedonian Language Capabilties”。
摘要Artificial intelligence(AI)is reshaping financial systems and services,as intelligent AI agents increasingly form the foundation of autonomous,goal-driven systems capable of reasoning,learning,and action.This review synthesizes recent research and developments in the application of AI agents across core financial domains.Specifically,it covers the deployment of agent-based AI in algorithmic trading,fraud detection,credit risk assessment,roboadvisory,and regulatory compliance(RegTech).The review focuses on advanced agent-based methodologies,including reinforcement learning,multi-agent systems,and autonomous decision-making frameworks,particularly those leveraging large language models(LLMs),contrasting these with traditional AI or purely statistical models.Our primary goals are to consolidate current knowledge,identify significant trends and architectural approaches,review the practical efficiency and impact of current applications,and delineate key challenges and promising future research directions.The increasing sophistication of AI agents offers unprecedented opportunities for innovation in finance,yet presents complex technical,ethical,and regulatory challenges that demand careful consideration and proactive strategies.This review aims to provide a comprehensive understanding of this rapidly evolving landscape,highlighting the role of agent-based AI in the ongoing transformation of the financial industry,and is intended to serve financial institutions,regulators,investors,analysts,researchers,and other key stakeholders in the financial ecosystem.
基金supported by the HK RGC Theme-based Re-search Scheme(T43-513/23-N)the Pearl River Talent Plan(2024QN11X183).
摘要Decentralized finance(DeFi)has emerged as a transformative paradigm,leveraging programmable blockchains to innovate upon traditional financial services without centralized intermediaries.However,DeFi introduces a unique and highly adversarial security landscape characterized by immutable transactions,complex protocol composability,and transparent execution environments.This survey provides a comprehensive systematization of DeFi security,categorizing vulnerabilities across three distinct layers:technical and code layer,economic and protocol layer,and infrastructure and cross-chain layer.Furthermore,we structure the defense mechanisms according to the protocol lifecycle,including pre-deployment prevention strategies,runtime mitigation techniques,and post-incident response and recovery mechanisms.We also delve into specific phenomena such as maximal extractable value,analyzing its dual role as both a market efficiency tool and a security vector.By synthesizing existing literature and incident reports,this survey establishes a holistic framework for understanding the interplay between code and finance.Finally,we identify critical open challenges and propose future research directions aimed at maturing the discipline of DeFi security and mitigating systemic risks.
摘要Asian economies of the Belt and Road Initiative(BRI)face growing pressure to sustain industrial expansion while meeting environmental goals,yet limited cross-country evidence exists on how green finance,trade diversification,and institutional quality jointly shape sustainable industrialization.This study empirically examines how green finance,trade diversification,and institutional quality act as catalysts for sustainable industrialization in selected Asian BRI economies.Using panel data for 30 Asian BRI countries over the 2004-2022 period,the analysis evaluates how these factors jointly shape sustainable industrialization under the dual pressures of industrial expansion and environmental sustainability.To address endogeneity and unobserved heterogeneity,we employ fixed effects models,the Kiviet-corrected estimator,and the two-step System Generalized Method of Moments.Our findings show that green finance and import diversification significantly promote sustainable industrialization,measured by the United Nations Industrial Development Organization’s Sustainable Industrial Development Index.Green finance supports a greener industrial transition by channeling resources toward environmentally sustainable technologies and investments,whereas import diversification facilitates access to clean technologies and strengthens supply chain resilience.Institutional quality amplifies these benefits,with stronger governance frameworks accelerating the implementation of green industrial policies.By contrast,export diversification undermines sustainable industrialization when it remains concentrated in resource-intensive,low value-added items,highlighting the risks associated with the“resource curse”.The findings underscore the need for integrated policy measures that combine green financing incentives,strategic trade reorientation,and institutional reform.Control variables such as gross domestic product,trade openness,information and communication technology,and natural resource endowments also shape industrialization trajectories.Overall,this study contributes to the sustainable development literature by providing empirical evidence on how financial,trade,and governance systems foster green industrial transitions.The policy implications emphasize targeted green funding,technology-oriented import strategies,anti-corruption measures,and value-added export diversification to align BRI-related economic growth with environmental sustainability objectives.
基金Supported by Zhejiang Provincial Philosophy and Social Sciences Planning Project(23FNSQ58YB).
摘要Against the backdrop of China s accelerated green development and its pursuit of the"dual carbon"goals,green finance,as a crucial instrument for the rational allocation of resources,plays a significant role in promoting agricultural green transformation.Taking Henan Province as a case study,this research employs panel data from 18 prefecture-level cities spanning 2014 to 2023,utilizing dynamic panel models and mediating effect models for empirical analysis.The findings reveal that green finance indirectly fosters agricultural green development by driving agricultural technological progress.This promoting effect is significant,with the mediating effect accounting for 3.67%.Based on these results,policy recommendations are proposed:expanding the coverage of green finance and constructing a diversified product system;comprehensively promoting agricultural technological innovation and mechanization development;and coordinating and integrating green financial resources to facilitate agricultural green transformation tailored to local conditions.
摘要This paper examines the impact of climate transition risks on innovation participation of micro and small enterprises(SMEs)in China and explores whether digital finance can mitigate these impacts.Using firm-level data from the 2014 China SME Survey,combined with provincial digital finance inclusion index data,the study employs a Probit model to analyze firm innovation participation and uses an OLS framework to examine the impact of financing constraints.To capture the heterogeneity of transition pressures,the study categorizes firms based on the transition pressures of their respective industries.The results show that digital finance significantly increases the likelihood of SMEs participating in innovation and alleviates their financing constraints.While climate transition risks themselves do not have a significant direct impact on innovation participation,the interaction between digital finance and high transition risk is positive and statistically significant,indicating that digital finance has a stronger innovation-promoting effect on firms in high-risk industries.Mechanism analysis shows that digital finance primarily supports innovation by alleviating overall financing frictions faced by SMEs.These findings highlight the complementary role of digital finance in supporting firms’innovation in response to climate transition pressures and provide policy implications for promoting financial inclusion and facilitating a smooth low-carbon transition in emerging economies.
摘要Corporate environmental protection investment serves as a green financial instrument characterized by“endogenous”features.Based on data from A-share listed companies on the Shanghai and Shenzhen stock exchanges from 2010 to 2023,this study examines its impact on green technological innovation and the underlying mechanisms.The findings reveal that environmental protection investment exerts a significant positive incentive effect on corporate green technological innovation,and these conclusions remain robust after controlling for endogeneity.Mechanism tests indicate that financing constraints serve as the core transmission channel:environmental investment alleviates financing constraints through signalling,thereby promoting green innovation,while the R&D investment channel is not significant.Heterogeneity analysis reveals that this effect is more pronounced in non-state-owned enterprises and high-carbon industries.The study recommends incorporating corporate environmental investment into the green finance policy framework,strengthening information disclosure,and stimulating the endogenous momentum of corporate green transformation.
基金Supported by the General Project of Hubei Provincial Education Science Planning in 2025(2025GB482)the First Batch of Collaborative Education Projects between Industry and University at Yangtze University in 2025(Reform and Practice of Collaborative Intelligent Teaching between Industry and University in Finance under the Background of Digital Transformation)the Teaching Reform Research Project of Yangtze University in 2024(JY2024059).
摘要It is a strategic measure to implement the fundamental task of cultivating morality and nurturing people by comprehensively promoting the construction of ideological and political education in curriculum.In this paper,the Finance course at Yangtze University is taken as the research object.Addressing the current problem of the"two skins"between professional courses and ideological and political education,it systematically elaborates on the constructed"value guidance-knowledge transmission-ability cultivation"trinity integrated model of ideological and political education in curriculum,which provides a valuable reference for the ideological and political construction in similar courses through the paradigm of"localized cases+collaborative practice+systematic education".
摘要The frequency of mobile terminal consumer credit usage has significantly increased,but some users exhibit signs of over-indebtedness or failure to fully recognize hidden costs.According to behavioral finance,it particularly focuses on two psychological aspects:people's fear of losing money and their susceptibility to the first number they see.For instance,borrowing apps like Huabei and Weilidai examine how they exploit these psychological tendencies to encourage users to borrow more,while also evaluating whether such practices comply with regulations.Research reveals:Huabei claims interest-free borrowing,while Weilidai breaks down monthly repayments into smaller amounts without clearly stating the total interest,effectively enticing users to borrow more—an approach that lacks regulatory compliance and deviates from the wellintentioned goal of making borrowing more accessible.Finally,recommendations are provided for borrowers,app developers,and regulatory agencies to enhance the reliability of mobile lending.The recommendations emphasize enhancing users'financial risk awareness,improving platform compliance and ethical responsibility,and strengthening regulatory supervision to prevent irrational borrowing and ensure responsible consumer credit practices.
摘要The digital economy offers both opportunities and challenges for enhancing rural residents’ digital financial literacy. Notably, the spread of illicit digital financial activities has seriously impeded the sound development of rural digital finance. This study integrates illegal digital financial risk prevention into an analysis of rural residents’ digital financial literacy. The results show that their digital financial literacy remains low, the supporting ecosystem is underdeveloped, and risk prevention capacity is insufficient. Further analysis indicates that losses from illicit digital finance transmit shocks through consumption channels. A three-sector DSGE model is therefore constructed to simulate the negative responses of household consumption, credit, and output to such shocks. Higher digital financial literacy is found to accelerate the return to steady state and reduce economic uncertainty. Based on empirical and model-based evidence, this paper proposes policy recommendations: strengthening digital financial education for rural residents, improving the digital financial service system, optimizing relevant laws and policies, and establishing an efficient risk early-warning mechanism.
摘要This paper compares how foreign direct investment(FDI)and digital finance(DFI)are related to regional total factor productivity in China.Using panel data for 31 provinces from 2017 to 2024,we combine a random forest model with GeoTimeShapley decomposition to separate the standalone contributions of the two variables from their interactions with location and time.The interaction terms account for most of their model-based relevance.FDI has a larger contribution,but it is spatially concentrated and varies markedly across years.DFI follows a more gradual pattern and becomes more relevant as digital infrastructure and financial inclusion expand.External capital and domestic digital finance are therefore associated with productivity under different regional and temporal conditions.
摘要Under the special institutional environment of“One country,Two systems,and Three jurisdictions”in the Guangdong-Hong Kong-Macao Greater Bay Area(GBA),cross-border trade finance faces prominent information asymmetry and institutional frictions.Existing studies lack quantitative evaluation of blockchain technology’s application efficiency in this context and systematic analysis of barrier mechanisms.This paper constructs an analytical framework of“technological characteristics-financing process-efficiency output”,using the DEA-BCC model,Malmquist index,grounded theory,and ISM-ANP model for empirical analysis.The results showed that blockchain significantly empowers cross-border trade finance,with total factor productivity(TFP)increasing by 14%in 2023-2024,mainly driven by technological efficiency improvement.Core enterprises(comprehensive technical efficiency 0.82)outperform SMEs(0.65),showing a“Matthew Effect”.Moreover,barriers form a three-level structure of“underlying root-middle-level transmission-surface manifestations”,with technical(weight 0.32)and institutional barriers(0.28)as core constraints,especially insufficient cross-border regulatory coordination(0.12)and inconsistent cross-chain standards(0.10).Prioritizing these underlying barriers is key to breaking“digital silos”,and the proposed hierarchical governance strategy provides support for GBA financial infrastructure interconnection.
摘要Against the backdrop of the“Dual Carbon”goals and high-quality development,Green Finance and the Digital Economy are of great significance to China’s high-quality development.Taking Sichuan Province as the research object,this paper employs panel data on green finance and the digital economy from 2011 to 2024.The Entropy Weight Method is applied to construct the indicator systems of the two subsystems and calculate their development indices.Furthermore,the Coupling Coordination Degree Model is adopted to analyze their interactive relationship.The findings indicate that:(1)both subsystem indices exhibited a steady upward trend,with the digital economy index increasing from 0.025 to 0.693 and the green finance index rising from 0.219 to 0.654;(2)the coupling coordination degree advanced from severe imbalance(D=0.10 in 2011)to high-quality coordination(D>0.90 since 2020),undergoing a three-stage evolution of“imbalance–transition–coordination.”Based on these findings,this study proposes policy recommendations,including strengthening the synergy mechanism between digitalization and greening and optimizing the structure of green finance,with the aim of contributing to the green,low-carbon,and high-quality development of Sichuan Province.
基金Research Project on Economic and Social Development in Liaoning Province(Project No.:2026lslqnkt-087)。
摘要From the perspective of inclusive finance,banks serve as the core entities empowering endowment insurance services for new forms of employment.Based on reviewing the current development status and existing problems of endowment insurance for new forms of employment,this paper selects typical cases of bank-social organization collaboration in Fuzhou,Jinan and Zaozhuang,and analyzes the core roles and implementation effects of banks in product customization,channel extension and demand matching.Three major experiences are summarized:scenario-based demand response,inclusive service provision,and normalized mechanism construction.Accordingly,a practical path of collaborative services between Agricultural Bank of China and social organizations is constructed,providing references for solving the endowment security dilemma of groups in new forms of employment.
基金School-level scientific research project of Hebei Oriental University(Project No.:XJYB2025058)。
摘要To address the pain points of traditional supply chain finance,such as static indicator limitations,information asymmetry,and low financing efficiency,this paper focuses on the deep integration of big data technology and supply chain finance for small and micro enterprises(SMEs).Combining the practices of manufacturing and service industries in Hebei Province,through literature research,case analysis,and field investigations,it systematically analyzes the technical principles of big data-empowered supply chain finance and the logical reconstruction of subject roles.A service quality control system of“common indicators+industry-specific indicators”and a full-process solution of“data collection and governance-risk quantification and early warning-collaborative service optimization”are constructed.Empirical results show that the system achieved a risk early warning accuracy rate of 89.2%for financial institutions,and the financing success rate of manufacturing SMEs in Hebei Province increased by 37%compared with the traditional model,effectively alleviating the financing dilemma.The industry-adapted model and cross-regional data sharing plan formed by the research provide a replicable“Hebei Experience”for the high-quality development of supply chain finance.
摘要According to the strategic objective of developing public tertiary hospitals as leaders in building a strong society,this research investigates new reform approaches for the financial management of public hospitals under the background of informatization.It deals with important issues like the insufficiency of system functions,data isolation,complicated operations,lack of risk management techniques and inaccurate cost control.A novel idea of‘intelligent financial management’is put forward,which recommends the combination of advanced information technologies,including big data,artificial intelligence,deep learning,and blockchain,to accomplish complete automation,intelligent upgrading,and improved decision-making abilities.Considering the particular socio-economic and medical conditions of public hospitals,the research uses a multi-faceted and interdisciplinary method,integrating case studies,data mining,and predictive modelling.The main objectives are the reformation of financial procedures,innovative financial risk management and optimized cost control with resource allocation.Furthermore,it discusses the major obstacles such as data integration with privacy protection,enhancement of personnel competence and system compatibility during the continuous reform.Corresponding countermeasures are suggested,such as technology integration,establishment of risk assessment models,deployment of decision support tools,and formation of an ongoing improvement system.The results are intended to offer theoretical assistance and practical guidance for the modernization of public hospital financial management in both public hospitals and throughout the country,thus contributing to the advancement of high-quality and sustainable development of the public health system.
基金supported by the National Key Research and Development Program of China (2022YFC3302300)National Natural Science Foundation of China under Grant (No.61873309,No.92046024,No.92146002)Shanghai Science and Technology Project under Grant (No.22510761000)。
摘要Blockchain technologies have been used to facilitate Web 3.0 and FinTech applications.However,conventional blockchain technologies suffer from long transaction delays and low transaction success rates in some Web 3.0 and FinTech applications such as Supply Chain Finance(SCF).Blockchain sharding has been proposed to improve blockchain performance.However,the existing sharding methods either use a static sharding strategy,which lacks the adaptability for the dynamic SCF environment,or are designed for public chains,which are not applicable to consortium blockchain-based SCF.To address these issues,we propose an adaptive consortium blockchain sharding framework named ACSarF,which is based on the deep reinforcement learning algorithm.The proposed framework can improve consortium blockchain sharding to effectively reduce transaction delay and adaptively adjust the sharding and blockout strategies to increase the transaction success rate in a dynamic SCF environment.Furthermore,we propose to use a consistent hash algorithm in the ACSarF framework to ensure transaction load balancing in the adaptive sharding system to further improve the performance of blockchain sharding in dynamic SCF scenarios.To evaluate the proposed framework,we conducted extensive experiments in a typical SCF scenario.The obtained experimental results show that the ACSarF framework achieves a more than 60%improvement in user experience compared to other state-of-the-art blockchain systems.
摘要This study exploits China's"Pilot Program for the Integration of Science and Technology with Finance"as a quasi-natural experiment to investigate the effect of Sci-Tech Finance on corporate financial resilience and its underlying mechanisms.Using panel data of A-share firms listed on the Shanghai and Shenzhen stock exchanges from 2000 to 2024 and using a staggered difference-in-differences(DID)model,we find that corporate financial resilience significantly improved after the Sci-Tech Finance policy,as evidenced by reduced earnings volatility and more sustainable profit growth.Heterogeneity analyses show that the effect is more pronounced during periods of high economic policy uncertainty(EPU)and in regions with less developed traditional banking systems.Mechanism analyses suggest that Sci-Tech Finance strengthens firm financial resilience by alleviating financing constraints,mitigating information asymmetry,optimizing investment efficiency,and promoting green innovation.We provide novel evidence on the role of Sci-Tech Finance in stabilizing firm performance and fostering long-term value creation,thereby contributing to the broad literature on high-quality economic development.