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学者姓名：李坤明
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Abstract ：
Resource-dependent regions often face the challenge of the resource curse, which hinders sustainable development. This study investigates how green finance can address this issue, using panel data from 115 resource-based cities in China and employing a two-way fixed effects model and a Geographically and Temporally Weighted Regression (GTWR) model. The findings reveal that: First, resource-based cities in China exhibit the resource curse, characterized by significant spatiotemporal non-stationarity. Second, green finance demonstrates a nonlinear, inverted U-shaped effect on the resource curse, initially exacerbating it due to short-term disruptions but alleviating it over time by promoting industrial transformation. Third, mechanism tests show that green finance mitigates the resource curse by fostering green technology innovation. Based on these findings, this study recommends that resource-based cities adopt region-specific green finance strategies, strengthen financial infrastructure, promote green technology innovation, and implement transitional support measures to ensure a sustainable transition away from resource dependency.
Keyword ：
Geographically and temporally weighted Geographically and temporally weighted Green finance Green finance Green technology innovation Green technology innovation regression regression Resource curse Resource curse
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| GB/T 7714 | Wang, Zhipeng , Li, Kunming . Can green finance exorcize the resource curse in China's resource-based cities? A geographically and temporally weighted regression (GTWR) analysis [J]. | JOURNAL OF ENVIRONMENTAL MANAGEMENT , 2025 , 375 . |
| MLA | Wang, Zhipeng 等. "Can green finance exorcize the resource curse in China's resource-based cities? A geographically and temporally weighted regression (GTWR) analysis" . | JOURNAL OF ENVIRONMENTAL MANAGEMENT 375 (2025) . |
| APA | Wang, Zhipeng , Li, Kunming . Can green finance exorcize the resource curse in China's resource-based cities? A geographically and temporally weighted regression (GTWR) analysis . | JOURNAL OF ENVIRONMENTAL MANAGEMENT , 2025 , 375 . |
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The sustainable development strategy has reshaped a company's business philosophy and motivated it to develop environmental, social, and governance (ESG) advantages to mitigate its corporate financial risk (CFR). To verify this, a sample of A-share listed non-financial companies over 2009-2021 is employed in this study. The main findings are threefold: First, a company's ESG advantages can reduce its CFR significantly, which is strengthened by high economic policy uncertainties and weak institutional environments. Second, as indicated in the mechanism analysis, the above impact of ESG advantages on CFR is potentially transmitted through financial constraints and agency costs. Third, there is evidence in support of the robustness of the estimated panel models and the elimination of the endogeneity problem. These findings provide a new ESG perspective for understanding influential factors of a company's sustainable business development and profound evidence for implementing ESG policies and regulations to improve a company's financial performance.
Keyword ：
Corporate financial risk Corporate financial risk economic policy uncertainty economic policy uncertainty ESG advantages ESG advantages institutional environment institutional environment sustainable development sustainable development
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| GB/T 7714 | Li, Kunming , Wen, Jianhua , Zhou, Ziran et al. Can ESG advantages mitigate corporate financial risk? New empirical evidence from Chinese listed companies [J]. | ENERGY SOURCES PART B-ECONOMICS PLANNING AND POLICY , 2025 , 20 (1) . |
| MLA | Li, Kunming et al. "Can ESG advantages mitigate corporate financial risk? New empirical evidence from Chinese listed companies" . | ENERGY SOURCES PART B-ECONOMICS PLANNING AND POLICY 20 . 1 (2025) . |
| APA | Li, Kunming , Wen, Jianhua , Zhou, Ziran , Xiao, Zhixing , Shi, Wenming , Huang, Zhencheng . Can ESG advantages mitigate corporate financial risk? New empirical evidence from Chinese listed companies . | ENERGY SOURCES PART B-ECONOMICS PLANNING AND POLICY , 2025 , 20 (1) . |
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This study explores the impact of environmental investment on green innovation in heavily polluting enterprises using data from Chinese listed firms (2010-2022). Theoretical analysis based on the neoclassical growth model suggests that environmental investment fosters green innovation. Empirical results confirm this positive effect, although its strength varies with internal and external factors. Internally, firms with centralized operations, environmentally conscious executives, green investors, and state ownership benefit more. Externally, stronger regional innovation capacity, intellectual property protection, and stricter environmental regulations enhance this effect. These findings offer insights for policymakers and businesses to promote corporate sustainability. We recommend strengthening policy incentives, leveraging state-owned enterprises, optimizing governance, fostering innovation ecosystems, enhancing intellectual property protections, and refining environmental regulations. This study reveals the causal impact of environmental protection investment on green innovation, broadens corporate environmental management research, and highlights its policy and international relevance. This study contributes by strengthening policy and governance, boosting regional innovation and IP protection, improving regulation, and promoting green technology for sustainable development.
Keyword ：
Corporate sustainability Corporate sustainability Environmental investment Environmental investment Environmental regulation Environmental regulation Green innovation Green innovation Heavily polluting enterprises Heavily polluting enterprises
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| GB/T 7714 | Fan, Xiamin , Wang, Zhipeng , Wu, Shaoxiong et al. Environmental investment and green innovation in polluting enterprises: Evidence from heavily polluting listed firms in China [J]. | JOURNAL OF ENVIRONMENTAL MANAGEMENT , 2025 , 393 . |
| MLA | Fan, Xiamin et al. "Environmental investment and green innovation in polluting enterprises: Evidence from heavily polluting listed firms in China" . | JOURNAL OF ENVIRONMENTAL MANAGEMENT 393 (2025) . |
| APA | Fan, Xiamin , Wang, Zhipeng , Wu, Shaoxiong , Li, Kunming . Environmental investment and green innovation in polluting enterprises: Evidence from heavily polluting listed firms in China . | JOURNAL OF ENVIRONMENTAL MANAGEMENT , 2025 , 393 . |
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This paper constructs an environmental impact model of Fine Particulate Matter (PM2.5) concentration using the STIRPAT analysis framework and empirically tests the impact of waterway transport on PM2.5 concentration and its spatiotemporal heterogeneity based on provincial panel data in China from 1998 to 2019 using the Geographically and Temporally Weighted Regression (GTWR) model. The empirical results show: (1) The GTWR model, which considers spatiotemporal factors, outperforms the global regression (OLS) model in terms of fitting effects; (2) The impact of waterway transport on PM2.5 concentration exhibits both positive and negative effects. Specifically, the positive effect of waterway goods transport on PM2.5 concentration is significant, while the negative effect of waterway passenger transport is significant, and the two present an approximate substitution pattern in spatial distribution; (3) The effects of various influencing variables on PM2.5 concentration all exhibit positive and negative effects as well as varying degrees of fluctuation, and they display significant spatiotemporal heterogeneity. From a temporal perspective, different influencing factors show certain evolutionary trends, while from a spatial perspective, the differences in influencing factors between regions are significant. These findings not only provide empirical support for regionally differentiated PM2.5 control strategies in China but also offer valuable insights for other developing countries facing trade-offs between transportation development and air quality. The study contributes to the global discussion on sustainable transportation planning and environmental governance by highlighting the nuanced roles of freight and passenger transport in pollution outcomes. Based on the empirical conclusions, this paper proposes related policy recommendations for controlling PM2.5 emissions.
Keyword ：
PM2.5 concentration PM2.5 concentration Spatiotemporal geographically weighted regression Spatiotemporal geographically weighted regression Waterway transportation Waterway transportation
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| GB/T 7714 | Yang, Fuyong , Li, Kunming , Hong, Ling . The spatiotemporal heterogeneity in the impact of waterway transportation on fine particulate matter (PM2.5) concentration: evidence from 25 Chinese provinces using a GTWR approach [J]. | ENVIRONMENTAL GEOCHEMISTRY AND HEALTH , 2025 , 47 (7) . |
| MLA | Yang, Fuyong et al. "The spatiotemporal heterogeneity in the impact of waterway transportation on fine particulate matter (PM2.5) concentration: evidence from 25 Chinese provinces using a GTWR approach" . | ENVIRONMENTAL GEOCHEMISTRY AND HEALTH 47 . 7 (2025) . |
| APA | Yang, Fuyong , Li, Kunming , Hong, Ling . The spatiotemporal heterogeneity in the impact of waterway transportation on fine particulate matter (PM2.5) concentration: evidence from 25 Chinese provinces using a GTWR approach . | ENVIRONMENTAL GEOCHEMISTRY AND HEALTH , 2025 , 47 (7) . |
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Green innovation in heavily polluting firms is crucial for sustainable development, yet financial constraints remain a major barrier. This study employs a Spatial Durbin Model to analyze how financialization influences green innovation in China's A-share listed firms. The results indicate that financialization intensifies financing constraints, leading to a suppression of green innovation. This effect is primarily driven by the "crowding-out effect", which outweighs the "reservoir effect" that financialization may provide. Additionally, industry-wide peer effects further spread the negative impact, while agency conflicts and managerial incentives exacerbate the problem. Regional disparities are also observed, with stronger negative effects in eastern and central regions and among firms with high managerial compensation. To address these issues, the study recommends strengthening policy guidance, expanding green finance mechanisms, promoting industry collaboration, and improving corporate governance. These findings enhance our understanding of the dual impact of financialization on green innovation and provide actionable policy recommendations for achieving sustainable development in high-pollution industries.
Keyword ：
green innovation green innovation heavily polluting firms' financialization heavily polluting firms' financialization spatial Durbin model spatial Durbin model
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| GB/T 7714 | Zhong, Zifeng , Wu, Shaoxiong , Hu, Jieying et al. Does Financialization Alleviate the Funding Dilemma of Green Innovation in Heavily Polluting Firms?: Evidence from China's A-Share Listed Companies [J]. | SYSTEMS , 2025 , 13 (3) . |
| MLA | Zhong, Zifeng et al. "Does Financialization Alleviate the Funding Dilemma of Green Innovation in Heavily Polluting Firms?: Evidence from China's A-Share Listed Companies" . | SYSTEMS 13 . 3 (2025) . |
| APA | Zhong, Zifeng , Wu, Shaoxiong , Hu, Jieying , Fang, Liting , Li, Kunming . Does Financialization Alleviate the Funding Dilemma of Green Innovation in Heavily Polluting Firms?: Evidence from China's A-Share Listed Companies . | SYSTEMS , 2025 , 13 (3) . |
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As the pursuit of a sustainable economy intensifies, understanding how green finance development (GFD) promotes energy efficiency has become increasingly important, especially in large, regionally diverse countries like China. However, the spatial characteristics of energy efficiency and GFD remain underexplored. This study addresses this gap by employing a panel dataset consisting of 30 Chinese mainland provinces over 2008-2019. A panel stochastic frontier model is adopted to assess provincial energy efficiency, and a spatial Durbin model (SDM) is applied to assess GFD's spatial impact. The results reveal that energy efficiency exhibits significant global spatial correlation and local clustering, with Moran's I increasing from 0.148 to 0.155 over the sample period. A 1% increase in GFD leads to a 0.129% increase in energy efficiency, demonstrating its role in promoting local energy efficiency. Moreover, GFD generates positive spatial spillovers, raising the efficiency of neighboring provinces' efficiency as well, as evidenced by a spatial interaction coefficient of 0.288. However, the effect is significantly positive in the eastern region, which is significant and negative in the western region but is insignificant in the central region. The mechanism analysis suggests that technological innovation and industrial structure transformation mediate these effects. These findings suggest the inclusion of regional heterogeneity when formulating green finance policies. Policymakers are advised to strengthen innovation capacity and industrial upgrading, especially in less developed regions, to fully realize the benefits of GFD for nationwide energy efficiency improvement.
Keyword ：
Energy efficiency Energy efficiency Green finance development Green finance development Spatial Durbin model Spatial Durbin model Spatial spillover effects Spatial spillover effects
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| GB/T 7714 | Li, Kunming , Wu, Zhen , Huang, Linxing et al. Spatial insights into green finance development and energy efficiency in China [J]. | ENVIRONMENT DEVELOPMENT AND SUSTAINABILITY , 2025 . |
| MLA | Li, Kunming et al. "Spatial insights into green finance development and energy efficiency in China" . | ENVIRONMENT DEVELOPMENT AND SUSTAINABILITY (2025) . |
| APA | Li, Kunming , Wu, Zhen , Huang, Linxing , Zhong, Zifeng , Shi, Wenming . Spatial insights into green finance development and energy efficiency in China . | ENVIRONMENT DEVELOPMENT AND SUSTAINABILITY , 2025 . |
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Discovering drivers of carbon dioxide (CO2) emissions is vital for the Chinese government to achieve carbon peak and carbon neutral. With this aim, a theoretical endogenous growth model capturing the mitigating effect of green finance and green innovation on carbon emissions is constructed in this study, which is further empirically examined using China's municipal-level panel data during 2010-2019. The main findings are as follows: First, there is theoretical and empirical evidence supporting that green finance and green innovation can inhibit carbon emissions. Second, the above inhibitory effects demonstrate clear regional disparities with significant effects only in eastern and central Chinese cities, which are moderated by environmental regulations and marketization levels, respectively. Third, in cities with high green finance, green finance plays a more significant role in reducing carbon emissions than green innovation, and the opposite is true in cities with low green finance. In addition, the robustness and endogeneity checks indicate that the results of this study are robust and reliable. These theoretical and empirical findings create profound implications for CO2 emission reduction by vigorously guiding funds to green finance and formulating scientific and effective environmental regulations to promote green innovation in China.
Keyword ：
Carbon emissions Carbon emissions Endogenous growth model Endogenous growth model Green finance Green finance Green innovation Green innovation Moderating effect Moderating effect
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| GB/T 7714 | Li, Kunming , Lin, Weiyuan , Jiang, Tingjun et al. Driving carbon emission reduction in China through green finance and green innovation: an endogenous growth perspective [J]. | ENVIRONMENTAL SCIENCE AND POLLUTION RESEARCH , 2024 , 31 (9) : 14318-14332 . |
| MLA | Li, Kunming et al. "Driving carbon emission reduction in China through green finance and green innovation: an endogenous growth perspective" . | ENVIRONMENTAL SCIENCE AND POLLUTION RESEARCH 31 . 9 (2024) : 14318-14332 . |
| APA | Li, Kunming , Lin, Weiyuan , Jiang, Tingjun , Mao, Yifan , Shi, Wenming . Driving carbon emission reduction in China through green finance and green innovation: an endogenous growth perspective . | ENVIRONMENTAL SCIENCE AND POLLUTION RESEARCH , 2024 , 31 (9) , 14318-14332 . |
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In the era of green transformation and sustainable development, green innovation has become a key force driving the greenization of the economy and society, as well as achieving global sustainable development goals. This study aims to investigate the impact of financialization on green innovation in heavy polluting enterprises, a sector where enhancing green innovation capabilities is crucial for both industry transformation and sustained economic growth. As the financialization of enterprises deepens, its effects on green innovation become increasingly significant. Based on data from 667 listed companies in China, we explore the mechanisms through which financialization influences green innovation. Our findings reveal that financialization has both a potential "reservoir" effect, which provides financial support for green innovation, and a significant "crowding out" effect, with the latter outweighing the former, thereby suppressing investment in green innovation. Further analysis indicates that these effects exhibit significant heterogeneity across different property rights, regions, and corporate debt-to-asset ratios. Additionally, the short-term debt-paying ability of enterprises and market competitiveness play important regulatory and threshold roles in this relationship. This study not only provides a new perspective for understanding the relationship between the financialization of heavy polluting enterprises and green innovation but also offers valuable insights for promoting the coordinated development of both and addressing the challenges of green innovation.
Keyword ：
"crowding out" effect "crowding out" effect financialization of polluting enterprises financialization of polluting enterprises green innovation green innovation market competition market competition
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| GB/T 7714 | Zhong, Zifeng , Li, Kunming . "Crowding Out" or "Reservoir Effect"? Unraveling the Impact of Financialization on Green Innovation in Heavy Polluting Enterprises: Evidence from China's Listed Companies [J]. | SUSTAINABILITY , 2024 , 16 (16) . |
| MLA | Zhong, Zifeng et al. ""Crowding Out" or "Reservoir Effect"? Unraveling the Impact of Financialization on Green Innovation in Heavy Polluting Enterprises: Evidence from China's Listed Companies" . | SUSTAINABILITY 16 . 16 (2024) . |
| APA | Zhong, Zifeng , Li, Kunming . "Crowding Out" or "Reservoir Effect"? Unraveling the Impact of Financialization on Green Innovation in Heavy Polluting Enterprises: Evidence from China's Listed Companies . | SUSTAINABILITY , 2024 , 16 (16) . |
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This paper proposes a semiparametric spatial lag model and develops a Bayesian estimation method for this model. In the estimation of the model, the paper combines Reversible Jump Markov Chain Monte Carlo (RJMCMC) algorithm, random walk Metropolis sampler, and Gibbs sampling techniques to sample all the parameters. The paper conducts numerical simulations to validate the proposed Bayesian estimation theory using a numerical example. The simulation results demonstrate satisfactory estimation performance of the parameter part and the fitting performance of the nonparametric function under different spatial weight matrix settings. Furthermore, the paper applies the constructed model and its estimation method to an empirical study on the relationship between economic growth and carbon emissions in China, illustrating the practical application value of the theoretical results.
Keyword ：
Bayesian estimation Bayesian estimation polynomial spline polynomial spline RJMCMC RJMCMC semiparametric spatial lag model semiparametric spatial lag model
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| GB/T 7714 | Li, Kunming , Fang, Liting . Bayesian Estimation of the Semiparametric Spatial Lag Model [J]. | MATHEMATICS , 2024 , 12 (14) . |
| MLA | Li, Kunming et al. "Bayesian Estimation of the Semiparametric Spatial Lag Model" . | MATHEMATICS 12 . 14 (2024) . |
| APA | Li, Kunming , Fang, Liting . Bayesian Estimation of the Semiparametric Spatial Lag Model . | MATHEMATICS , 2024 , 12 (14) . |
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在数字经济背景下，数字化发展对企业绿色创新战略升级的影响值得深入探讨。本文依据交易成本理论和自然资源基础观，构建数字化发展水平对企业绿色创新的影响机制模型，探究融资约束和地方知识产权保护的调节作用。结果表明，数字化发展能促进企业绿色创新产出，且随着企业绿色创新水平不断提高，数字化发展的激励效应越显著；融资约束低、地方知识产权保护强的企业加强了数字化发展对企业绿色创新的促进作用。本研究对数字经济后果影响以及企业绿色创新发展具有一定借鉴意义。
Keyword ：
地方知识产权保护 地方知识产权保护 数字化发展 数字化发展 绿色创新 绿色创新 融资约束 融资约束
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| GB/T 7714 | 方丽婷 , 张冠兰 , 李坤明 . 数字化发展对企业绿色创新的影响——来自中国A股上市公司的经验证据 [J]. | 中国管理科学 , 2023 , 31 (12) : 350-360 . |
| MLA | 方丽婷 et al. "数字化发展对企业绿色创新的影响——来自中国A股上市公司的经验证据" . | 中国管理科学 31 . 12 (2023) : 350-360 . |
| APA | 方丽婷 , 张冠兰 , 李坤明 . 数字化发展对企业绿色创新的影响——来自中国A股上市公司的经验证据 . | 中国管理科学 , 2023 , 31 (12) , 350-360 . |
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