2022年底中央经济工作会提出“坚决防止规模性返贫”。文章通过对我国农村金融体制、易县格莱珉小贷模式、政府金融扶贫方式的分析，指出了农村金融体制存在的结构性矛盾。过去依靠政府扶贫资金担保和贴息换取金融机构对贫困户贷款，虽然也能帮助脱贫，但如果不从根本上解决农民贷款信息不对称、成本高、风险大问题，将来政府停止担保贴息，银行就会停止贷款，农民失去金融服务还有可能规模性返贫。因此需要建立政府主导、市场化、可持续的农村金融结构。运用新结构经济学理论，对农村金融发展逻辑进行了延伸分析，科学设计了由“普惠性金融+政策性金融”村庄银行、“商业性金融+政策性金融”乡村银行经管系统与八大辅助系统组成的“二梁八柱”农村金融架构，并对农村金融结构及其建设步骤提出了建议。

Employing an event study approach on the US-China trade conflict, we find that Chinese listed firms with institutional investor holdings exhibit smaller announcement loss than their counterparts. We also examine the heterogeneous effects of firms. Specifically, the positive effect of institutional investor holding is larger for firms with foreign exposure or in provinces with higher degree of marketization. Besides, institutional investor holding also reduces firms' financial cost of refinancing and improves their long-run performance given the same announcement loss. These findings help understand the role of institutional investor in achieving financial stability from the micro perspective.

This study investigates the effect of enterprise digital transformation on stock price crash risk using a sample of Chinese listed companies during the period 2007-2020. We find that the digital transformation of enterprises can significantly reduce stock price crash risk, and shows a certain structural heterogeneity. The above conclusions still hold after a series of robustness tests. Further, we identify that the relationship is more pronounced in high-tech enterprises and economically developed regions. Overall, the paper can provide empirical evidence for understanding how to reduce stock price crash risk in the capital market, and provide relevant implications for better driving the digital transformation of enterprises.

本文基于2009-2019年中国A股上市公司数据，采用潜在狄利克雷分配（LDA）主题模型分析，构建基于分析师报告的创新测度指标，实证检验企业创新对股权资本成本的影响及其作用机制。研究发现：企业创新显著降低了股权资本成本，并且在经过一系列稳健性检验后结论依旧成立；进一步研究结果显示，对于高研发支出、低专利授权、高组织冗余以及低媒体关注度的企业而言，创新对其股权资本成本的削弱效果更为显著；机制检验结果表明，企业创新能够通过增强竞争力以及提高信息透明度来降低股权资本成本，且能够缓解融资约束。本研究有助于更全面地观测企业创新行为，同时为企业降低股权资本成本提供了经验证据。

This paper studies the effect of top management team (TMT) network centrality on bank loan contracts. We show that firms with high TMT network centrality obtain bank loans with lower loan spreads, larger loan size, longer maturity, and fewer collateral requirements. From the mediating effect analysis, we find that TMT interlocking networks affect loan pricing by reducing agency costs, improving the quality of accounting information, expanding resource channels, and enhancing the credibility of companies. In addition to easing financial constraints, TMT network centrality is also beneficial to investment efficiency and innovation output of corporates, but it will decrease firm performance.

金融科技是增强银行业服务实体经济能力的重要引擎，但商业银行与科技公司合作发展金融科技的模式存在明显的委托代理问题。本文在手工收集并人工判别每家银行与科技公司合作情况的基础上，以 2011—2019 年间 334 家区域性银行的面板数据为样本，构建 PSM-DID 模型，实证考察了合作模式对商业银行的经济后果，给出了支持委托代理观点的证据：合作总体上会降低银行的资产收益率和提高不良贷款率，在经过一系列稳健性检验和处理内生性后，结果依然稳健。进一步，结合合作双方特征和业务与技术合作的对比分析，针对委托代理问题的机制检验结果表明：当作为代理方的科技公司能够自营贷款业务或同时与多家银行合作时，或者当委托银行的金融科技实力或话语权较弱时，委托代理问题及其负面影响更明显；代理问题主要存在于以联合贷为代表的业务合作中，而能够显著提升银行金融科技能力的技术合作对银行经营表现并无负面影响。本文不仅立足科技驱动金融创新的独特情境，拓展了金融中介委托代理问题的理论研究，还为科学评价商业银行选择不同模式发展金融科技的经济后果和为监管层密集出台相关政策的必要性提供了参考依据。

As a bridge between Chinese mainland and international financial markets, the Stock Connect program allows investors on both sides to gain mutual access. By analyzing how cross-border flows respond to macro-related shocks, we show that compared with possibly homemade foreign investors, genuine foreign investors are more likely affected by the U.S. monetary shocks, the exchange rate risk, the U.S. market performance as well as the cross-market valuation disparity. The paper highlights the importance of profiling different groups of cross-border participants over market integration.

The pilot carbon emission trading schemes (ETSs) of China were created to combat climate change in a cost-effective and economically efficient manner, and their potential impact on regulated firms has drawn increasing attention. This study is conducted to provide empirical evidence on the effect of China’s pilot ETSs on firm-level financial performance during the period from 2008 to 2017. The empirical results show that the ETS pilots have a positive impact on firms’ profitability and value, and a negative impact on operational costs. We also find that the ETS pilots improve total factor productivity (TFP) but that changes in technology have an indirect suppressing effect on the relation between the ETS and short-term financial performance, providing support for the weak version of the Porter Hypothesis. Further, we show that the carbon emission price has a negative impact on firms’accounting-based performance but increases firms’ market value. Finally, we find evidence that, in contrast to state-owned enterprises (SOEs), non-SOEs do not experience significant improvements in their financial performance, led by the ETS pilots. Our findings have policy implications for firms’sustainable development and the transition to a low-carbon economy.

普遍信任是影响包容性金融与产业转型升级耦合协调度的重要因素。利用中国1999-2018年省际面板数据对普遍信任与金融产业耦合协调关系进行的实证分析结果显示：普遍信任水平的提高有利于提升包容性金融和产业转型升级耦合协调度。但普遍信任对金融产业耦合协调度的影响程度会受到普遍信任和经济制度水平的约束。经济发展水平、经济开放水平和人力资本的提高也可以有效提升包容性金融和产业转型升级的耦合协调水平。建议除了大力发展金融和产业内部的相关因素外，还可以采取提升社会普遍信任水平，大力发展经济，加大改革开放力度，发展高等教育，多措并举，共同提升包容性金融和产业转型升级的耦合协调度。

企业为什么陷入财务危机？以外部政策环境冲击和内部高管过度自信为代表的危机成因已被揭示，存在信贷决策风险的金融机构的重大影响被忽视。本文基于一家未受调控政策直接影响、内部财务管理稳健的优质上市公司陷入财务危机的典型案例，探究以银行主导、多金融主体联动的中国金融体系在企业财务危机过程中的活动和影响。本文打破了已有研究暗含的金融机构无信贷决策风险的假设，研究发现：存在信贷决策风险的金融体系的危机助长机制也是企业陷入财务危机的重要外因；金融机构可以通过助力企业加速扩张、恶化企业危机程度、加速企业危机过程三种机制加剧、加速企业的财务危机。对我国金融体系危机助长机制的有效治理措施是提高金融体系的信贷能力，尤其是对不同还款能力企业的差别化风险评估技术，这是深化金融行业供给侧结构性改革、促进金融行业高质量发展的重要手段。