Drawing on balanced panel data for 31 Chinese provincial-level units from 2011 to 2023, this paper combines a spatial lag model with a panel threshold model to examine how digital financial inclusion affects common wealth through three routes: spatial spillover, a transmission channel, and regime-dependent nonlinearity. The estimates show that a one-unit increase in the digital financial inclusion index raises the local common-wealth index by 0.725 units in net terms, but at the same time exerts a negative siphon effect of −0.203 on neighboring provinces. Industrial structure upgrading is found to be the main mediating channel, and its first-stage coefficient is 0.853. The direct effect declines from east to centre to west, and for all three sub-dimensions—coverage breadth, usage depth, and digitalization degree—local empowerment goes together with cross-regional suppression. With respect to marketization, a double-threshold pattern emerges: the promotion coefficient rises from 0.298 in the low regime to 0.475 in the high regime, so the marginal effect grows as institutional frictions ease. This study makes three advances. First, spatial spillovers and direct effects are identified within a single framework instead of treating them separately. Second, industrial upgrading is shown to be the channel through which digital finance affects common wealth. Third, the threshold-dependent pattern tied to marketization provides a concrete basis for region-specific policy design.

In the context of the global digital economy system,digital inclusion financial (DFI) has played an important role in promoting China 's economy from fast-paced growth to high-quality development by improving financial accessibility and inclusiveness through scientific and technological means.Based on the panel data of 282 prefecture-level cities from 2011 to 2023,this paper constructs two models of fixed effect and mediating effect,and empirically examines how DFI affects the high-standard development of urban economy (HQED) and the mechanism and heterogeneity behind it.The study found that there is a strong positive correlation between DFI and urban HQED,and the coverage breadth and depth of use contribute equally to urban HQED.Mechanism analysis shows that DFI drives quality-oriented development by promoting technological innovation,optimizing industrial structure and stimulating entrepreneurial vitality.Further heterogeneity analysis shows that this promoting effect is amplified in cities with higher per capita GDP and urbanization rate,showing a regional pattern of the strongest in the central region,followed by the western region and the relatively weak in the eastern region.Based on this,this paper proposes to deepen the DFI system,enhance technology empowerment,and implement targeted policies to better support HQED.

This study adopts panel data covering Chinese Shanghai and Shenzhen A-share listed firms over the period from 2018 to 2023. By constructing a two-way fixed-effects model, it conducts empirical tests to explore how ESG Performance affects Enterprise Value, alongside its internal transmission paths and heterogeneous influencing characteristics. The empirical outcomes demonstrate that comprehensive and high-quality ESG performance can effectively boost corporate enterprise value, while the three sub-dimensions show differentiated influencing effects. Specifically, the social and governance dimensions deliver positive contributions to enterprise value growth, whereas the environmental dimension suppresses current-period enterprise value. This negative outcome mainly occurs because short-term environmental renovation investment occupies limited corporate operating resources. Further mechanism verification confirms that ESG factors can indirectly promote enterprise value improvement through two valid channels, including optimizing Executive Compensation incentive mechanisms and cutting down corporate Agency Costs. Heterogeneity analysis reveals that the value-adding effect of ESG performance is much more obvious in private enterprises compared with state-owned enterprises. This research offers practical references for listed companies to carry out targeted ESG construction, upgrade corporate governance systems, and realize high-quality and sustainable business development.

Based on data of Chinese A-share listed enterprises from 2012 to 2023, this study empirically examines the impact of green finance on corporate carbon performance. The findings are as follows. First, green finance significantly improves corporate carbon performance, and the result remains robust after replacing the model with a fixed-effects model and excluding sample enterprises from pilot zones for green finance reform and innovation. Second, mechanism analysis shows that green finance can further enhance corporate carbon performance by strengthening enterprises' green strategic orientation and alleviating their financing constraints. Third, for non-state-owned enterprises, non-heavily polluting enterprises and non-green credit-restricted enterprises, green finance can significantly improve corporate carbon performance, while this effect is not significant for state-owned enterprises, heavily polluting enterprises and green credit-restricted enterprises.

Against the backdrop of advancing global sustainable development and China's in-depth implementation of the dual-carbon strategy, Environmental, Social and Governance (ESG) has become an important pillar for enterprises to maintain long-term value and enhance innovation capability. Taking China's A-share listed companies from 2015 to 2023 as research samples, this paper adopts the panel fixed effect model, mediating effect model, moderating effect model and panel threshold model to systematically explore the influence of ESG performance on corporate innovation and its internal mechanism. The research draws the following conclusions. First, superior ESG performance can significantly improve corporate innovation level, and it exerts a stronger driving effect on substantive innovation. Second, alleviation of financing constraints serves as the core mediating channel through which ESG boosts innovation, with the mediating effect accounting for approximately 22.4%. Third, executives with environmental backgrounds significantly strengthen the positive correlation between ESG performance and corporate innovation. Environmental regulation presents a double threshold effect, and the incentive effect of ESG on innovation becomes more prominent as regulation intensity rises. Fourth, heterogeneity analysis indicates that the innovation-promoting effect of ESG is more pronounced in non-state-owned enterprises, heavily polluting industries and highly competitive industries. Fifth, among the three sub-dimensions of ESG, the environmental (E) dimension has the strongest driving effect, followed by the social (S) dimension, while the governance (G) dimension shows the weakest effect. This paper enriches the research on the economic consequences of ESG and the driving factors of corporate innovation. It also provides empirical evidence and decision-making references for enterprises to strengthen ESG management, improve innovation capacity, and for the government to optimize incentive policies for sustainable development.

This paper mainly discusses the path and mechanism of digital financial inclusion on the financing constraints of small and medium-sized enterprises (SMEs). Based on the panel data of Chinese enterprises from 2010 to 2024, this paper adopts a two-way fixed effects model. The research results show that digital financial inclusion significantly alleviates the financing constraints of SMEs mainly through the core mechanism of mitigating information asymmetry, by improving information transparency, reducing risk premiums and lowering financing thresholds. The study also reveals significant regional and ownership heterogeneity — enterprises in eastern regions and state-owned enterprises benefit more obviously. This finding reveals the boundary conditions of the effect of digital financial inclusion: simply promoting digital technology without improving the "data ecosystem" in central and western regions and the information quality of private enterprises can hardly achieve the balanced effect of inclusive finance. The research of this paper also provides decision-making enlightenment for improving the digital credit reporting system, optimizing the allocation of inclusive financial resources, and promoting the coordinated development of regional finance.

Digital tools do not create green growth by themselves. The issue is whether firms can turn those tools into visible sustainability gains. To examine this question, the paper sets the corporate digital transformation index as the explanatory variable, green patent filings as the mediating variable, and corporate sustainable development performance as the outcome. The test traces a practical route: Digital Transformation may reshape innovation behavior, and that innovation output may then be reflected in sustainability scores. The evidence is consistent with this route. Firms with stronger Digital Transformation tend to perform better in corporate sustainable development performance, and part of the association runs through green patent output. Put more plainly, data systems matter when they are converted into usable green technologies. The paper adds evidence on the connection among digital capability, green innovation, and corporate sustainability. It also implies that green finance policy should support both digital investment and patent-based innovation.

Amid the setting of the dual carbon targets and the climate crisis, the study examines the impact of climate risk in motivating corporate green mergers and acquisitions, based on a sample of Chinese A-share listed companies between the years 2011 and 2024. According to the findings, climate risk greatly promotes green M&A, which is also an active transformation mechanism that is directed by an environmental stimulus effect. The mechanism tests indicate that the mediating factors that mediate the conversion of risk perception to strategic decisions are climate concerns of management and retail investors. In-depth study reveals that this is more pronounced in privately owned businesses, highly market-driven markets and companies that have CEOs who are not in the financial background. The results offer empirical data on the process of substantive transformation of firms as they undertake strategic restructuring in the face of uncertainty.

Based on data of Chinese A-share listed firms from 2012 to 2023, this study empirically examines the impact of fintech on the digitalization of corporate supply chains. The findings are as follows. First, fintech significantly improves the level of corporate supply chain digitalization, and the results pass robustness tests. Second, fintech can further promote corporate supply chain digitalization by enhancing corporate total factor productivity and easing corporate financing constraints. Third, heterogeneity analysis shows that the positive effect of fintech development on corporate supply chain digitalization is significant for firms located in eastern and central regions as well as firms without material weaknesses, whereas the effect is insignificant for firms in western regions and firms with material weaknesses.