Abstract: Based on the Phillips curve with additional expectation, this paper studies the role of China’s and global economic policy uncertainty in changing the sensitivity of China’s inflation to international factors. The results show that: (1) compared with the global output gap, China’s output gap has a greater impact on domestic inflation; dynamic analysis shows that the impact of global output gap on China’s inflation shows a downward trend, while the impact of domestic output gap is relatively stable; (2) China’s or global economic policy uncertainty will not significantly change the sensitivity of China’s inflation to global output gap, However, the degree of synergy will negatively affect the sensitivity of China’s inflation to the global output gap. It is suggested that the monetary authorities should scientifically study and judge the spillover of international factors and the synergy of domestic and foreign economic situations, maintain policy firmness, pay attention to guiding market expectations, and maintain the basic stability of prices, so as to support high-quality development.
Abstract: The integration of blockchain and supply chain provides new possibilities for solving the financing difficulties of small and micro enterprises (SMEs). Based on the analysis of the mechanism of “blockchain empowering supply chain finance”, the paper constructs dynamic evolutionary game models between financial institutions and SMEs as well as core enterprises and SMEs. Furthermore, the following conclusions were drawn by using MATLAB software for numerical simulation based on models combined with the example. Docking with blockchain platform is the dominant strategy of financial institutions. Blockchain can help SMEs make trustworthy decisions by promoting credit split circulation, improving financing efficiency, increasing default cost and reducing financing rate. In addition, through “network cooperation and credit incentive”, “joint punishment for breach of trust” and “reasonable revenue sharing”, the game equilibrium evolves toward the ideal state that financial institutions dare to lend, core enterprises and SMEs are “Double Trustworthy”. Thus, the benign development of supply chain finance can be enabled, and the difficulty and high cost of financing for SMEs can be alleviated. Finally, according to the results of game analysis, the paper proposes that a public service platform for supply chain finance should be established based on alliance chain, and the innovative characteristics of blockchain should be used to improve network efficiency and perfect incentive compatibility mechanism in order to build a new digital supply chain ecosystem to better meet the financing needs of SMEs and the real economy.
Key words: blockchain; supply chain finance; SMEs’ financing; game analysis; FinTech; financial service
Abstract: Taking 31 provinces (autonomous regions and municipalities) in China as the research object, this paper focuses on the empirical research on the influence of financial investment and innovation environment factors on the development of high-tech enterprises. The results show that: financial investment has a significant positive role in promoting the development of high-tech enterprises, but the average TFP of provincial financial investment in innovation China presents DEA invalid state, the waste of financial investment resources is 3.7%, and the low technical efficiency is the main reason for the waste of financial resources; There are significant differences in the influence path of environmental factors on the effect of financial investment; From the perspective of provincial spatial effect of financial input efficiency, the spatial dependence of financial input-output efficiency is not obvious, and the geographical influence is weak, which is not conducive to the optimal allocation of financial resources in the development of high-tech enterprises. Finally, this paper puts forward relevant policy suggestions to effectively promote financial investment to serve the efficiency of high-tech enterprises.
Abstract: REITs are a tool for asset securitization, and the underlying assets are the cornerstone of REITs projects. REITs have just started in our country. Select the already mature US REITs market as the research object, use the fuzzy set qualitative comparative analysis (fsQCA) method to classify and identify based on the mature theoretical framework of asset quality, and determine 5 conditions: asset size, Asset profitability, asset turnover, asset sustainability, and asset risk. Finally, four configurations are obtained, namely, scale value type, growth type, balance type, and conventional value type. Each of the four asset types has Focus on, but the four asset configurations are equivalent and developmental. Research shows that enterprises can choose different configurations suitable for the development of the project according to their actual conditions, and provide theoretical and methodological support for the selection of underlying assets for the listing of public REITs in my country.
Abstract: The enhancement of environmental protection awareness has improving the development of ELI in China, but the effect of risk management in ELI hasn’t been fully activated. The development level of ELI in different regions of China is uneven for that we can systematically investigate generality and peculiarity of implementation process of ELI between East China and Midwest China. This research introduces the specific situation of ELI in East China and Midwest China separately and finds out they all have those problems such as lacking the related law, the insurance products not fitting the real demand and the terrible publicity etc. Based on the comparison between this two districts, this study provides three feasible suggestions to facilitate the development of ELI in China like reinforcing the law and technical system related to ELI and enhancing the publicity about this type of insurance