Volume 206

Against the background of the accelerated internationalization process of enterprises and the extensive penetration of ESG (Environmental, Social and Governance) concepts, this paper empirically examines the impact of ESG performance on enterprises' outward foreign direct investment (OFDI) behaviors and the mechanism of its action based on the panel data of Chinese enterprises in the period of 2009-2021. The results show that corporate ESG performance has a significant positive relationship with OFDI size, with OFDI size (natural logarithm) increasing by about 2.004 units on average for every 1-unit increase in ESG level, and that this positive effect is still robust after controlling for year fixed effects (coefficient 1.299, p< 0.05). Mechanism tests show that ESG performance indirectly promotes OFDI by alleviating financing constraints (KZ index): a 1-unit increase in ESG level is associated with a 1.117-unit decrease in the financing constraints index (p< 0.01), whereas for every 1-unit decrease in financing constraints, OFDI size increases by 0.155 units (p< 0.01), validating a partial mediating effect of financing constraints. In addition, firm size (positive), gearing ratio (negative) and management shareholding (short-term positive and long-term negative) are the key control factors affecting OFDI. The findings provide empirical support for firms to promote their internationalization strategies by enhancing ESG performance and alleviating financing constraints, and also provide a theoretical basis for policy makers to improve ESG guidance mechanisms to promote the high-quality development of corporate OFDI.

Show more

Against the backdrop of China’s "dual-carbon" goals being integrated into the top-level design of ecological civilization construction, frequent corporate "greenwashing" behavior (i.e., selective or symbolic disclosure of environmental information to mislead stakeholders) has severely impeded the efficiency of green financial resource allocation and the digital transformation of the real economy. Existing studies predominantly focus on the unidirectional impact of ESG performance on capital, yet systematically neglect the critical question of whether patient capital (long-term value-oriented capital) can inversely constrain corporate "greenwashing." Using panel data from the Shanghai and Shenzhen A-share listed companies (2010–2022), this study constructs a two-way fixed-effects model, incorporating patient capital as an independent variable into the analytical framework of corporate environmental information quality for the first time. Textual analysis and panel threshold models are introduced to optimize measurement methods. The findings reveal that patient capital significantly inhibits greenwashing through three pathways: alleviating financing constraints, strengthening governance mechanisms, and promoting green technological innovation. This effect is more pronounced in heavily polluting industries and non-state-owned enterprises (non-SOEs). The study transcends the limitations of traditional ESG governance reliant on external ratings or policy intervention, revealing the market-endogenous constraint mechanism on greenwashing from the perspective of capital attributes. It provides novel insights for optimizing green financial instruments and guiding long-term capital to "vote with its feet."

Show more

This study employs panel data from 117 Chinese cities (2011–2022) to investigate the impact of digital inclusive finance (DIF) on agricultural green total factor productivity (AGTFP) and the mediating role of rural e-commerce. Results show that DIF significantly enhances AGTFP by alleviating financing constraints, optimizing resource allocation, and promoting green technology adoption, with more pronounced effects in non-grain-producing regions and areas with scarce financial resources. Rural e-commerce, represented by the expansion of Taobao villages, serves as a key mediating pathway, facilitating the marketization of green agricultural products and digitalization of supply chains. Regional disparities are evident: eastern coastal regions achieve an annual AGTFP growth of 8.5% through technology-intensive models, while northeastern regions lag due to traditional factor lock-in effects. The study provides policy insights for advancing agricultural low-carbon transition by optimizing digital financial policies, including targeted DIF penetration, rural e-commerce infrastructure upgrading, and region-specific technology diffusion strategies.

Show more

Against the backdrop of global competition in the cultural industry, the innovation of cultural symbols has become the core path to enhance the market competitiveness of domestic animations films. This research takes "Nezha: The Demon Child's Rebellion in the Sea" as the research subject and comprehensively uses questionnaire analysis and online text analysis to study the innovation of cultural symbols in domestic animated films. Firstly, the core dimensions of cultural symbol innovation are analyzed through questionnaire surveys. Secondly, high-frequency words, semantic networks and sentiment analyses are conducted on online texts. This study aims to explore the influence of cultural symbol innovation on consumers' behavioral intentions and their emotional tendencies. Finally, targeted suggestions are put forward for the development of domestic animated films. The research finds that character design and ideological values are the core factors driving consumers' brand culture identification and recommendation willingness. This article aims to explore the impact of cultural symbol innovation on consumers' willingness, explore new paths for cultural symbol innovation, and promote the breakthrough and rise of domestic animated films in the global cultural market competition.

Show more