Carbon Disclosure,Financial Transparency,and Agency Cost: Evidence from Chinese Manufacturing Listed Companies

Given the constraints on carbon emissions due to their impact on global warming, carbon disclosure has become an important way to deliver signals to the market. We examine the benefits associated with carbon disclosure from the standpoint of corporate social responsibility (CSR) for China’s manufacturing industries from 2010 to 2014. We divide corporations into heavily polluting and non-heavily polluting groups in order to control the industry factor. Based on the Principal-Agent Theory, we empirically test the relationship between carbon disclosure and financial transparency, and we evaluate the effect of carbon disclosure on agency costs and operations. Our results highlight that carbon disclosure is negatively associated with agency costs. However, we do not find enough evidence to prove what role financial transparency plays in the relationship between carbon disclosure and agency cost. Therefore, the influence of financial transparency as a mechanism is not yet clear. This study provides a way to look at the intentions of firms that disclose carbon information, and it also enhances the literature on carbon disclosure and agency costs in China based on Chinese data.     

Optimizing the credit term decisions in supply chain finance

We study a credit term determination problem in the context of a supplier-buyer supply chain. The supplier's credit term decision is simultaneously made with its production and inventory decisions, and most importantly, it is impacted by the buyer's order quantity. We present a new game-theoretic framework to model this problem, which captures the interaction between the supplier's credit term decision and the buyer's order decision in a multi-period setting. An exact method based on nonlinear programming is implemented to obtain the optimal solutions. We apply our methodologies on a real world case. The computational results show that our approach significantly outperforms the heuristics with fixed credit terms, and either a short or a long credit term can be sub-optimal for the supplier in profitability. Our work offers the first data-driven model and solution approach that assists purchasing and supply managers to make optimal dynamic credit term decision in conjunction with production, ordering and inventory decisions in a game-theoretic setting.     

碳市场建立对非控排企业绿色创新的影响研究

以尚未纳入碳交易体系的上市公司为样本,基于溢出效应框架分析碳市场建立对非控排企业环保决策的影响。研究发现,客户被纳入碳市场交易促进了非控排供应商企业的绿色创新。其作用机制在于,碳交易下的控排企业绿色创新具有基于生产网络的压力效应和动力效应,能够激发关联非控排企业的绿色创新意愿,并助推其绿色创新能力提升。这一溢出效应有助于实现非控排企业绿色创新增量提质,且该过程具有方向性,碳市场建立并不存在基于生产网络“自上而下”的治理效果外溢,相关影响在非控排企业客户集中度较高、绿色创新基础较好及环境不确定性较高时更加明显。此外,碳市场建立的绿色创新溢出效应对于推动非控排企业可持续发展具有积极作用。研究结论为高效发挥碳市场绿色治理效果、深化环保改革以促进经济高质量发展提供了管理启示。     

供给和需求双向视角下的农村正规金融改革探析——以福建省农村信用社为例

农村金融改革的成败关系到整个新农村建设能否顺利推进.根据福建省相关经济金融统计指标的实证分析,福建省正规金融对农业经济增长的贡献率偏低,农村金融总体上存在供给和需求双重抑制的问题.面对农村不同地域不同主体迥异的金融需求,作为农村正规金融主力军的农村信用社,其改革必须改变原先"为农村服务"的模糊定位,要对农村信用社的服务对象进行明确界定.     

“课程思政”理念下金融学课程的教学设计及创新

将课程思政融入金融学专业的教学是实现立德树人教育教学目标的重要途径。利用金融学专业课程众多历史案例,通过案例教学将金融知识、金融技能、金融素养和思政元素充分结合。运用线上线下相结合的翻转课堂教学方式,践行以学生为主体的教育观,将社会主义核心价值观和中华民族传统文化融入金融专业知识,为中国金融安全和长远发展培养具有专业知识和金融职业道德的全能型金融人才。     

行为金融理论述评

在现代金融经济学的背景下,行为金融理论在很大程度上摆脱了传统货币经济学的种种限制和假设,使金融市场的参与者被置入一个更真实的世界。行为金融理论不仅包括对金融市场投资者和交易者的行为组合分析、行为反应和交易策略研究,而且对货币经济理论中无法获得的解释,根据交易者偏好、决策的可变性及决策程序的经验作出新的解释。     

基于金融功能范式的社会主义新农村金融体系建构研究

农村金融体系建构和改革是社会主义新农村建设的重要内容和重要保障。实践证明,以往以机构范式为指导的农村金融改革忽略了对农村金融体系功能的关注,往往是以牺牲效率或违背市场发展方向为代价的。与社会主义新农村建设相适应的农村金融体系建构和改革,以社会主义新农村的需求为依据,明确了农村金融体系的功能定位,并在此基础上确定了农村金融体系的机构构成和各自的职能分工,以期为我国深化农村金融改革提供新的思路和有效的路径。     

新时期教与学的模式探讨

随着科学技术的飞速发展,学校的功能必须更重于培养能够自己理解知识,创造知识和发展知识、具有创造性和适应性的人才。要通过教与学两方面的改革,让学生在学校期间建立起知识的框架,并建立起知识框架内各学科之间的联系,培养学习知识、创新知识的能力。     

论我国政策性金融体系的完善

政策性金融在资源配置中具有特殊作用,我国政策性银行的地位需进一步强化,体系待完善。应从加快建立政策性金融法规和专门的政策性金融监管机构、拓宽政策性银行的筹资渠道、加强现有政策性银行的建设及适时增设新的政策性金融机构几个方面出发,建立符合中国国情的较为完善的政策性金融体系。     

推动公共财政发展的前瞻思考

自上世纪九十年代以来我国实行公共财政体系,虽然取得了一些成绩,积累了一些经验,但公共财政运行中的矛盾和深层次问题越来越突出。加快推进公共财政向纵深发展,改革现行财税管理体制,是不断完善公共财政运行体系的客观要求。