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The rapid development of fintech has caused a great impact on traditional financial industries. It improves the quality of financial services but also buries potential risks at the same time. This paper takes China's FinTech and traditional financial industry as the research objects based on the daily yield data from 2019 to 2022. First, we measure the systemic risk index ∆CoVaR (Conditional Value at Risk) of the FinTech industry and traditional financial industries after effectively fitting the marginal distribution of industry return data. Second, we decompose the systemic risk sequences of FinTech and traditional financial industries to obtain the data at different frequencies with the combination of the frequency decomposition method. Finally, we use the quantile-on-quantile regression model to analyze the risk spillover effect of the FinTech industry driving traditional financial industries in different frequencies under different risk states. The article draws the following conclusion: first, in general, the peak of the positive risk spillover impact of FinTech on the traditional industries is mainly concentrated in the high quantile of FinTech, while the peak of the negative impact is mainly concentrated in the low quantile of FinTech. Second, the risk spillover impact direction of FinTech on the five traditional financial industries mainly changes from negative to positive under high trading frequency and low trading frequency, and takes a U-shape in medium trading frequency.

Agricultural ecological capital investment aims to achieve the coordinated and sustainable development of agricultural and rural ecology, economy, and society through a series of inputs to a specific range of agricultural ecological resources, ecological environment, and ecological service capacity. Based on the macro data of 31 provinces (including autonomous regions and municipalities) in China, this paper uses coupling coordination and linear regression models to study the impact of agricultural ecological capital investment on green circular economy development. At the same time, considering the differences between active and passive investment, their impacts on green circular economy development are discussed, respectively. The empirical conclusions are as follows. First, agricultural ecological capital investment plays a significant role in promoting the development of the green circular economy on the whole, but the roles of active investment and passive investment are different. Second, agricultural ecological capital investment positively impacts the development of the green circular economy by increasing green inventions and promoting green credit index. Third, the impacts mechanisms of active and passive investment have on green circular economy are different. Fourth, the impact of agricultural ecological capital investment on the green circular economy is regionally heterogeneous.

Most countries have experienced land urbanization, which is indispensable for financial support, especially for their financing function achievement through land appreciation and other channels in the urbanization process. By using 34 provincial capital (sub-provinces) cities in China as the sample, this paper studies the impact of finance on land urbanization construction based on the panel data from 2003 to 2018 under a differential GMM method, besides, the causes of excessive financial support and results generated on different regions are reported. Moreover, a moderate range of financial support for land urbanization is found under the influence of land finance. We obtain the following results: first, there is excessive financial support for land urbanization with regional differences exhibited, for instance, the eastern and central regions have an excessive financial support but the western region does not. Second, land urbanization with an excessive financial support correlates with financial efficiency, while the relatively large financial efficiency leads to the waste of a large number of financial resources. Third, financial support has a single and significant threshold effect on land urbanization construction, and finance has a promoting effect when land finance is less than the threshold value, otherwise, it has an inhibiting effect.