This paper, based on provincial panel data from China, employs spatial econometric models and Data Envelopment Analysis (DEA) methods to systematically investigate the impact of digital financial development on Green Total Factor Productivity (GTFP) and its spatial correlation characteristics. The study finds that digital finance not only significantly enhances local green production efficiency but also generates positive spatial spillover effects on neighboring regions through technology diffusion and factor mobility. Heterogeneity analysis reveals distinct regional differences: the eastern region, leveraging its sound digital infrastructure and market-oriented mechanisms, forms a core diffusion effect; the western region is limited by its factor endowments and policy capacity, resulting in relatively constrained spillover effects; the central and northeastern regions, due to path dependence in traditional industries and factor siphoning, face differentiated transformation challenges. Finally, based on a coordinated governance logic of “core area radiation - growth pole cultivation - peripheral area compensation,” the paper proposes constructing a differentiated policy framework. It emphasizes the integrated design of digital technology sharing, institutional innovation, and ecological compensation mechanisms to address regional development imbalances and to provide theoretical support and practical pathways for promoting green transition and spatially balanced development.

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In recent years, with the continuous advancement of the dual-carbon goals, sustainable development has become a crucial issue in the global economy and corporate governance. Environmental, Social, and Governance (ESG) ratings have emerged as a focal point for both practitioners and academics. However, discrepancies in ESG ratings pose challenges for investor decision-making and significantly impact corporate governance efficiency and long-term sustainable development strategies. Using a sample of A-share listed companies on the Shanghai and Shenzhen stock exchanges from 2015 to 2022, this study examines the impact and underlying mechanisms of ESG rating discrepancies on stock liquidity. The findings reveal that greater ESG rating discrepancies lead to lower stock liquidity, and this conclusion remains robust after a series of endogeneity and robustness tests. Mechanism tests indicate that ESG rating discrepancies exacerbate corporate information asymmetry, increase business risk, and heighten financing constraints, thereby reducing stock liquidity. Heterogeneity analysis shows that the impact of ESG rating discrepancies on stock liquidity is more pronounced among non-state-owned enterprises, firms operating in regions with a higher degree of marketization, and heavily polluting industries. This study not only enriches research on the relationship between ESG rating discrepancies and capital market performance but also provides empirical evidence for investors, regulatory agencies, and corporate managers to better understand the economic consequences of ESG rating discrepancies.

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With the growing global importance of Environmental, Social, and Governance (ESG) standards, corporate ESG performance has become a key indicator in assessing sustainable development capabilities. Governments utilize policy tools such as tax incentives to encourage corporate investment in green innovation, social responsibility, and corporate governance. However, a gap often exists between a company’s actual ESG performance and its reported disclosures, with some firms merely complying in form without implementing substantive sustainable practices. Against this backdrop, this study examines Chinese A-share listed companies from 2009 to 2023, adopting a dual principal framework encompassing both government and market perspectives. It investigates how tax incentives, by lowering the costs associated with green innovation and social responsibility investments, promote genuine ESG performance. Empirical findings indicate: (1) Tax incentives significantly enhance corporate ESG performance, confirming their positive effect on ESG-related actions; (2) Excessive short-term performance focus in capital markets undermines the long-term effectiveness of tax incentives on ESG investment, supporting the hypothesis that capital market attention negatively moderates the relationship between tax incentives and ESG behavior; (3) Ownership concentration positively moderates the relationship between tax incentives and ESG performance—firms with higher ownership concentration allow major shareholders to more effectively coordinate internal resources and promote strategic implementation, thereby amplifying the effect of tax incentives on ESG outcomes. Moreover, heterogeneity analysis shows that tax incentives have a significantly stronger positive effect on the ESG performance of non-state-owned enterprises, while the effect is weaker in state-owned firms, indicating that ownership structure plays a crucial role in the effectiveness of tax incentives. Further analysis reveals a marginal increasing effect of tax incentives on ESG performance—i.e., as the level of tax incentives rises, firms’ ESG performance improves accordingly. This study provides empirical support for governments in formulating more effective tax incentive policies and offers investors a fresh perspective in ESG-related investment decision-making.

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Nowadays, the green and digital transformation of economy has become a global trend. Critical raw materials (CRMs) play a vital role in supporting the energy transition and technological innovation. Their secure, stable and sustainable supply is increasingly taking center stage in the world. In recent years, the EU has signed and negotiated free trade agreements with many trading partners. Many of these agreements include an Energy and Raw Materials (ERM) Chapter. This kind of chapter targets the design of rules for raw material trade and investment, and is conducive to creating a more resilient raw material supply chain. By analyzing the content of these provisions and summarizing their characteristics, reference could be provided for other countries when negotiating relevant rules regarding raw materials in the free trade agreements. At the same time, it is also necessary to consider how to promote the relevant rules on raw materials to move towards a more just and reasonable direction under the multilateral trading system.

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