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This paper takes the establishment of the Green Financial Reform and Innovation Pilot Zone (GFPZ) in 2017 as a natural experiment, adopts the data of a-share industrial listed enterprises in Shanghai and Shenzhen from 2010 to 2020, and utilizes the difference-in-differences (DID) method to carry out empirical tests. The results show that (1) GFPZ policy significantly improves the environmental, social, and governance (ESG) performance of enterprises, and the positive effect is mainly realized by improving the external financing ability and green-technology innovation level of enterprises. (2) There is heterogeneity in the impact of GFPZ policy on the ESG performance of firms with different equity natures and internal control levels. (3) Green finance promotes active corporate social responsibility, and it can further improve environmental governance in the regions where it operates. This paper provides a useful supplement to the comprehensive understanding of green-finance policy effects and ESG impact factors, and it is of great significance in mitigating the negative environmental and social externalities caused by the excessive pursuit of economic benefits by enterprises. [ABSTRACT FROM AUTHOR]

Currently, countries worldwide are embracing digital strategies, enabling enterprises to utilize digital technology, digital supply chains, blockchain, and additional digital measures to increase their competitiveness. This paper analyzed the correlation between the digital transformation of manufacturing export enterprises and their business and export performance, focusing on China's manufacturing export enterprises through empirical analysis. The study investigated the influence of digital transformation on enterprise performance. Using the Resource Based View theory and Trade theory, hypotheses were proposed and regression models were developed to analyze a sample of 1007 enterprises listed on the Shanghai and Shenzhen Stock markets from 2012 to 2019. The study conducted regression analysis, intermediate effect test, robustness test, stage lag, and heterogeneity analysis. The study found that (1) Manufacturing export enterprises listed in the stock market implemented digital transformation, leading to a significant positive impact on their overall performance. (2) Digital transformation led to cost reduction, improved R&D intensity, and enhanced human resources, among other benefits for enterprise performance. (3) According to the fractal analysis, non-state-owned enterprises exhibited more favorable effects on enterprise performance, and the digital transformation of manufacturing export companies in developed regions had a more significant impact on their performance. Finally, the study's empirical results yielded pertinent proposals for digital transformation. [ABSTRACT FROM AUTHOR]

With the rapid development of technologies such as cloud computing and big data, various levels of government departments in the country have successively introduced digital subsidy policies to promote enterprises' digital transformation. However, the effectiveness of these policies and their ability to truly achieve policy objectives have become pressing concerns across society. Against this backdrop, this paper employs a moderated mediation effects model to empirically analyze the incentive effects of financial subsidies on the digital transformation of A-share listed manufacturing companies in the Shanghai and Shenzhen stock markets from 2013 to 2022. The research findings indicate a significant promotion effect of financial subsidies on the digital transformation of manufacturing enterprises, especially demonstrating a notable incentive impact on the digital transformation of large enterprises, non-asset-intensive enterprises, technology-intensive enterprises, and non-labor-intensive enterprises. However, the incentive effect on the digital transformation of small and medium-sized enterprises (SMEs), asset-intensive enterprises, non-technology-intensive enterprises, and labor-intensive enterprises is not significant. Notably, the expansion of financial subsidies positively influences the augmentation of R&D investment within manufacturing enterprises, subsequently providing indirect encouragement for their digital transformation. Additionally, the incorporation of the degree of marketization implies its potential to moderate both the direct and indirect impacts of financial subsidies on enterprise digital transformation. This study enriches the research on the mechanism of the role of financial subsidies in digital transformation and provides empirical evidence on how market participation influences the effects of financial subsidies, thereby assisting policymakers in comprehensively understanding the impact of financial subsidy policies on different types of enterprises. [ABSTRACT FROM AUTHOR]