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Innovation Ecosystem Resilience and Corporate Innovation Investment: Evidence from China's Specialized, Refined, Differential, and Innovative Enterprises
China's Specialized, Refined, Differential, and Innovative (SRDI) enterprises are the core force for industrial transformation and upgrading, as well as for breakthroughs in key core technologies. Innovation investment is a crucial support for cultivating their core competitiveness and achieving high-quality development. However, these enterprises face challenges such as constraints on innovation resources and an uncertain external environment, requiring coordinated internal and external empowerment. The resilience of the innovation ecosystem provides external support, while digital transformation connects internal and external resources; the mechanism through which these factors influence enterprise innovation investment urgently needs to be explored. This paper takes SRDI enterprises listed on the Shanghai, Shenzhen, and Beijing Stock Exchanges from 2013 to 2024 as samples to investigate the impact of innovation ecosystem resilience, analyze the differentiated effects of its three dimensions, and test the mediating role of digital transformation. The study uses entropy method and text analysis to quantify indicators and conducts heterogeneity analysis. Empirical results show that both innovation ecosystem resilience and its three dimensions positively promote innovation investment, with the resistance effect being the most prominent; digital transformation plays a mediating role; this impact is more significant in large-scale, non-state-owned, technology- and capital-intensive enterprises, and non-manufacturing enterprises benefit slightly more than manufacturing enterprises.
Copyright (c) 2026 Qingxin Li http://creativecommons.org/licenses/by/4.0
Co-movement and Risk Spillover Effects between CSI 300 Stock Index Futures and Spot Markets
The binary investment behavior of retail and institutional investors may lead to structural differences in the risk transmission between the futures and spot markets in China's capital market. This paper decomposes the heterogeneity of volatility spillovers between futures and spot markets: (1) There is a distinct binary effect in risk spillovers: the short-term (1-5 days) spillover is the strongest, showing a "net input" pattern driven by individual investor sentiment from the spot market to the futures market; in the long-term (more than 20 days), it reverses to a "net output" pattern dominated by institutional investors from the futures market to the spot market. (2) Major crisis shocks will trigger "full-frequency resonance", which simultaneously intensifies short-term emotional contagion and long-term risk pricing, significantly increasing the complexity of systemic risks. (3) The futures market plays the role of a "pricing anchor" and "net outputter" of systemic risks in the long run. This study reveals the micro-mechanism of risk contagion under China's specific investor structure, and provides theoretical basis and empirical evidence based on the dual dimensions of "behavior-frequency" for the implementation of differentiated and precise macro-prudential supervision.
Copyright (c) 2026 Xiaoyi Ji, Xinyi Zhang, Nianguo Mu http://creativecommons.org/licenses/by/4.0
The Effect of Real Exchange Rate on Current Account
This research studies the impact of real Gross Domestic Production (GDP) and real exchange rate on the Current Account position in Jordan, during the quarterly periods from 2008 to 2022. The study reviews the literature on the theoretical framework around the impact of real GDP and fluctuations of the real exchange rate on the current account status. This study describes the performance of the current account during the study period and applies the appropriate econometric tests to an economic model. The main results show a significant, positive effect of real GDP growth in improving the status and sustainability of the current account; output growth indicates an increase in production leading to higher levels of exports and lower levels of imports. The results did not show a significant effect of the real exchange rate on the current account position, which is largely attributed to the stabilization policy of exchange rate pursued by the Central Bank of Jordan since October 1995.
Copyright (c) 2026 Moaned Talib Al-Hamdi, Mahmood Alshammari, Mohammad Alawin http://creativecommons.org/licenses/by/4.0
Research on the Impact of RMB Exchange Rate Fluctuations on China's Textile Exports
In recent years, following the exchange rate reform of July 2005, the renminbi’s exposure to exchange rate risk against the US dollar has expanded significantly, profoundly affecting the Chinese economy. Existing work on exchange rate shocks has tended to operate at the aggregate level, leaving the more granular risks—those bearing on industrial structure and employment—underexplored. This gap motivates the present study, which narrows its focus to the textile export sector. By combining theoretical modeling with empirical analysis, the paper seeks to quantify how exchange rate risk differentially affects the operational performance of firms in this industry. The results indicate that exchange rate fluctuations have materially heightened uncertainty within the sector, with tangible implications for both day-to-day business decisions and longer-term strategic planning. In response, the paper argues for a coordinated approach spanning four dimensions: strengthening risk management at the firm level, improving macro-level industrial planning, deploying targeted government policy support, and leveraging the advisory and service functions of industry associations. The underlying premise is that only by aligning efforts across these dimensions can the textile industry build genuine resilience to exchange rate risks—and, by extension, sustain the stable growth of foreign trade.
Copyright (c) 2026 Wei Xue http://creativecommons.org/licenses/by/4.0
Research on the Impact of Green Credit Policy on Corporate Financing
Against the macro backdrop of global sustainable development and climate change response, green credit serves as a crucial policy tool to guide financial resources toward environmental improvement and climate action, making its policy effects and implementation mechanisms a core research topic. This paper systematically and profoundly analyzes how green credit policies influence corporate green financing behaviors, with a focus on exploring their multi-dimensional transmission mechanisms, differentiated implementation effects, and structural dilemmas in practical application. The research finds that green credit policies function mainly through an integrated three-pronged mechanism of "regulatory constraints, market incentives, and signal transmission", guiding financial institutions to adjust the allocation of credit resources and thereby affecting enterprises' financing accessibility, financing costs and financing structure. The policies generate a notable "financing empowerment" effect on state-owned enterprises, large-scale enterprises and enterprises leading in green technology, yet they suffer from insufficient incentives and identification difficulties for a large number of private small and medium-sized enterprises and enterprises undergoing transformation in traditional industries, resulting in significant heterogeneity in policy outcomes. Deep-seated problems stem from bottlenecks in multiple aspects including standard systems, risk pricing, information infrastructure and capacity building. Accordingly, this paper proposes that future policy optimization should adopt coordinated efforts in establishing a unified and dynamic standard system, strengthening market-oriented incentives centered on carbon pricing, consolidating the foundation of environmental information disclosure, developing targeted transition financial instruments, and promoting technological empowerment. These measures aim to enhance the accuracy, effectiveness and inclusiveness of policies, so as to more effectively mobilize financial resources to serve the strategic goal of comprehensive green and low-carbon transformation of the real economy.
Copyright (c) 2026 Yifei Xu http://creativecommons.org/licenses/by/4.0
Innovation Mechanism and Development Optimization Path of the Integration and Synergy between Digital Economy and E-commerce
The in-depth integration and synergy between the digital economy and e-commerce serves as the core pathway for digital technologies to empower the real economy, reshape the circulation system, and stimulate market vitality, as well as a key grip for promoting high-quality economic development. Supported by the industrial convergence theory, transaction cost theory, innovation diffusion theory, and data factor theory, this paper constructs an integrated analytical framework of "technology empowerment–scenario expansion–ecological synergy–governance guarantee". It systematically explains the internal logic and innovation mechanism of the integration and synergy between the digital economy and e-commerce. Combined with authoritative statistical data and industry practices from 2024 to 2025, this paper sorts out the practical effects of integrated development from the dimensions of technology application, scenario expansion, infrastructure, cross-border trade, and digital transformation of small and medium-sized entities, and deeply analyzes the practical obstacles such as unbalanced layout of digital infrastructure, blocked digital transformation of small and medium-sized enterprises, prominent cross-border compliance risks, hidden dangers of data security, inadequate supervision adaptation, and lagging green development. On this basis, it puts forward a systematic optimization path from six dimensions: balanced layout of infrastructure, all-round empowerment of small and medium-sized enterprises, risk prevention and control of cross-border e-commerce, construction of data security system, innovation of supervision mechanism, and green and low-carbon transformation, so as to provide theoretical reference and practical support for promoting the in-depth integration, collaborative innovation, and high-quality development of the digital economy and e-commerce.
Copyright (c) 2026 Xiang Zhou http://creativecommons.org/licenses/by/4.0