壮大耐心资本实现高质量发展是当前理论界与实践界共同关注的焦点，但鲜有研究探讨由耐心资本形成的共同所有权网络及其绿色治理效应。鉴于此，本文以2016—2023年沪深A股制造业上市公司为样本，探究长期共同机构所有权对企业绿色创新的影响及机制。研究发现，长期共同机构所有权对企业绿色创新具有显著的正向影响，人工智能技术能够增强长期共同机构所有权对企业绿色创新的驱动效应。机制检验表明，长期共同机构投资者可以通过抑制研发操纵与提升内部控制信息质量来促进绿色创新。进一步分析发现，长期共同机构投资者通过抑制绿色创新的“黑暗面”，推动企业全面履行其社会责任，从而促进企业绿色创新的“言行一致”。异质性检验发现，在高科技行业和行业竞争程度较高的行业中，长期机构所有权的绿色治理效应更为明显。本文从长期共同机构所有权视角揭示了AI赋能耐心资本网络在促进绿色创新中的显著作用，拓展了耐心资本作用机制及绿色创新驱动因素方面的研究文献，也为政府监管政策制定与企业绿色创新实践提供了重要参考。

摘要：数字经济时代，“人数”协同的多层次整合成为突破关键核心技术“卡脖子”难题的核心机制。基于沪深A股上市公司2012-2023年数据，本文构建耦合协调模型测度人力资本与数据资产的协同度，并依托技术-组织-生态多层次整合框架，实证检验“人数”协同对关键核心技术突破的影响与作用机制。研究发现：（1）“人数”协同显著提升企业关键核心技术突破效能；（2）“人数”协同通过在技术层激发创新螺旋、在组织层优化资源配置和在生态层构建战略联盟，来促进企业关键核心技术突破。（3）异质性分析表明高资源禀赋企业通过“人数”协同突破关键核心技术的边际效能显著更高，印证“人数”协同是资源禀赋的“增效器”。本文从多层次整合视角拓展了数据资产与人力资本融合的理论边界，为企业在数据资产化管理过程中发挥数据要素的乘数效应，促进企业关键核心技术突破提供了实践范式。

Developing countries are taking advantage of FinTech tools to provide more people with convenient access to financial market investment through digital wealth management. Using COVID-19 as an uncertainty shock, we examine whether and how digital wealth management affects the resilience of consumption to shocks based on a unique micro dataset provided by a leading Big Tech platform, Alipay in China. We find that digital wealth management mitigates the response of consumption to uncertainty shocks: residents who participate in digital wealth management, especially in risky asset investments, have a lower reduction in consumption. Importantly, digital wealth management helps improve financial inclusion, with a more pronounced mitigation effect among residents with lower-level wealth, living in less developed areas, and those with lower-level conventional finance accessibility. The mitigation effect works through the wealth channel: those who allocate a larger proportion of risky assets in their portfolio and obtain a higher realized return show more resilience of consumption to negative shocks. We also find that digital wealth management substitutes for conventional bank credit but serves as a complement to FinTech credit in smoothing consumption during uncertainty shocks. Digital wealth management provides a crucial way to improve financial inclusion and the resilience of consumption to shocks.

In the wave of digital and intelligent transformation, corporate governance is undergoing profound changes. This paper, from the perspective of green governance and sustainable development, explores the new trends in corporate governance under this background, such as data-driven decision-making and the application of intelligent technologies in supervision; analyzes the new challenges faced, including data security and privacy protection, and the digital divide; and based on relevant theories, combined with practical cases and using data models and other methods, explores new paths, aiming to provide theoretical and practical guidance for enterprises to achieve the coordinated and simultaneous progress of digitalization, intelligentization, greenization, and sustainable development.

环境行政处罚作为环境规制的核心手段，在促进企业绿色创新方面发挥着重要作用。深入探究其影响机制及异质性效应是优化环境政策设计的重要议题。本研究以2010—2019年沪深A股上市公司为研究对象，结合网络爬虫技术获取的环境行政处罚数据，运用Staggered DID（交错双重差分模型）与双变量Tobit模型，分析了政府环境处罚对企业绿色创新的影响机制和异质性作用。研究发现，政府绿色行政处罚对企业绿色创新具有正向积极作用：一方面，绿色发明型专利和实用新型专利的申请数量与质量得到提升；另一方面，该效应在控制企业异质性与动态趋势后依然稳健。进一步的异质性分析表明，相较于大型企业，小型企业在行政处罚后展现出更为敏感的绿色创新响应，尤其是实用新型专利的增长表现更为显著；此外，制造业企业的绿色创新提升幅度显著高于非制造业企业。在中介机制方面，分析发现环境行政处罚主要通过改善企业信息披露透明度和缓解融资约束，间接驱动企业的绿色技术创新。更为重要的是，本文发现PM2. 5污染与行政处罚存在显著的交互作用，凸显了区域环境治理与宏观创新战略协同的重要性。基于研究发现，本文提出以下政策建议：一是优化环境规制工具的差异化设计，二是构建动态信用评级体系，三是加强政策协同。这些研究结论为提升环境规制的精准性、激发企业的绿色转型提供了坚实的理论依据和实证支持。

Recent research highlights the significant impact of managerial industry tournament incentives on internal firm decisions. However, their potential impact on external stakeholders-in the context of evolving product market relationships-has received scant attention. To address this gap, we examine the effect of customer aspiration, incentivized by CEO industry tournaments (CITIs), on supplier innovation. Utilizing customer-supplier pair-level data from 1992 to 2018, we establish that customer CITIs enhance supplier innovation, both in quantity and quality. Additionally, we identify that CITIs positively impact the relationship-specific innovation and market valuation for suppliers. The effect of CITIs is more pronounced when customers are larger, geographically closer, socially connected, and have long-standing relationships with their suppliers. The results remain robust to alternative specifications and considering potential endogeneity issues. Our study highlights the bright side of executives’ industry tournament incentives, which not only drive innovation within the sector but can also positively influence related sectors within the supply chain.

We develop a model economy with active financial markets in which a policymaker's adoption of a gradualistic approach constitutes a Bayesian Nash equilibrium. In our model, the ex ante policy proposal influences the supply side of the economy, while the ex post policy action affects the demand side and shapes market equilibrium. When choosing policies, the policymaker internalizes the impact of her decisions on the precision of the firm-value signal. Moreover, financial markets provide a price signal that informs the government. The policymaker learns about the productivity shocks not only from firm-value performance signals but also from financial market prices. Access to information through both channels creates strong incentives for the policymaker to adopt a gradualistic approach in a time-consistent manner. Smaller policy steps yield more precise information about the productivity shock. These results hold robustly for both exogenous and endogenous information models.

There is substantial evidence indicating that enterprises are negatively impacted by climate risk, with the most direct effects typically occurring in financial domains. This study examines A-share listed companies from 2007 to 2023, employing text analysis to develop the firm-level climate risk indicator and investigate the influence on corporate financial risk. The results show a significant positive correlation between climate risk and financial risk at the firm level. Mechanism analysis shows that the negative impact of climate risk on corporate financial condition is mainly achieved through three paths: increasing financial constraints, reducing inventory reserves, and increasing the degree of maturity mismatch. To address potential endogeneity, this study applies instrumental variable tests, propensity score matching, and a quasi-natural experiment based on the Paris Agreement. Additional tests indicate that reducing the degree of information asymmetry and improving corporate ESG performance can alleviate the negative impact of climate risk on corporate financial conditions. This relationship is more pronounced in high-carbon emission industries. In conclusion, this research deepens the understanding of the link between climate risk and corporate financial risk, providing a new micro perspective for risk management, proactive governance transformation, and the mitigation of financial challenges faced by enterprises.

We study how financial markets integrate news about pollution abatement costs into firm values. Using China’s automation of pollution monitoring, we find that firms with factories in bad-news cities---cities that used to report much lower pollution than the automated reading---see significant declines in stock prices. This is consistent with the view that investors expect firms in high-pollution cities to pay significant adjustment and abatement costs to become “greener.” However, the efficiency with which such information is incorporated into prices varies widely---while the market reaction is quick in the Hong Kong stock market, it is considerably delayed in the mainland ones, resulting in a drift. The equity markets expect most of these abatement costs to be paid by private firms and not by state-owned enterprises, and by brown firms and not by green firms.

Using bank-county-year level mortgage application data, we document that minority borrowers are systematically evaluated with less soft information compared to White borrowers within the same bank-county branch. Using variation in local sunshine as an instrument and conducting a series of robustness checks, we show that the soft information imbalance significantly increases the denial gap between minority and White applicants. However, this imbalance does not appear to affect pricing disparities. Further analysis shows that internal capital reallocation to under-resourced bank branches can serve as an effective strategy to reduce soft information imbalances and, thus, promote more equitable credit allocation. Our results highlight that soft information imbalance is an overlooked but significant factor driving disparities against minority borrowers.