By taking samples of 1221 non-financial listed companies in China from 2010 to 2019, threshold effects of financialization on enterprise R & D innovation, as well as heterogeneous impacts of the threshold effects in different enterprise types are analyzed by using panel threshold model. The research shows that there are threshold effects of financialization on enterprise R & D innovation, and these threshold effects are heterogeneous among different types of enterprises. To be specific, first, in groups with different ownership structures, the inhibiting effect of state-owned enterprises financialization on R & D innovation decreases with the increase of financialization, while the impact of financialization of non-state-owned enterprises on R & D innovation is firstly promoted and then inhibited with the increase of financialization. Second, in groups with different financing constraints, the inhibiting effect of financialization with high financing constraints enterprises on R & D innovation decreases significantly with the increase of financialization, while the effect of financialization with low financing constraints enterprises on R & D innovation changes from an insignificant promoting effect to a significant inhibiting effect with the increase of financialization. These conclusions provide empirical evidence for different types of enterprises on how to balance the relationship between financialization and R & D innovation.

China's economy has experienced high-speed development, followed by structural deceleration according to law of development. Does it happen in China? This is the problem focused on in this paper. We explore the appearance for structural deceleration in China through the relation between industrial structure and economic growth quality. The green total factor productivity is selected as the measurement assessing the economic growth quality. We use the Global Malmquist-Luenberger index to measure economic growth quality of China for 30 Chinese provinces over the period of 1998 to 2015. First, the panel regression model is used to show a positive effect of industrial structure on economic growth quality with full sample as well as subsample in the east of China. Negative effects of industrial structure are shown in the middle and west of China. Then the structural deceleration is captured by panel quantile regression model. We claim that structural deceleration indeed happens in China through a decreased contribution of industrial structure to the economic growth quality at different quantiles. However, industrial structure in the east of China still plays a positive role in accelerating the economic growth quality, while its negative effect is anabatic in the middle of China. Finally, we investigate the influencing mechanism of industrial structure on economic growth quality represented by the moderating effects of human capital, innovation capacity and economic development level. All of them show positive moderating effects. The human capital and innovation capacity show heterogeneous at different levels of economic growth quality, contrary to economic development level. Some policy implications are derived according to the results achieved in this the pap

By taking 22 OECD countries from 2010 to 2017 as sample, we study the effect of pharmaceutical manufacturing innovation on perceived health by using the panel Tobit model from the entire sample and sub-samples, respectively, as well as analyze their transmission channels by adding moderating effect. Based on the above, we get the following results: first, the pharmaceutical manufacturing innovation 4 years ago has a positive influence on perceived health, which means the improvement of perceived health is closely related to pharmaceutical manufacturing innovation 4 years ago. Second, pharmaceutical manufacturing innovation has a heterogeneous impact on perceived health, which, including the size and direction of the impact effect, is mainly reflected in different pharmaceutical manufacturing innovation levels, population aging degrees, and education levels. Third, income level can positively regulate the impact of pharmaceutical manufacturing innovation on perceived health.

The commercial and financial attributes of oil have significantly changed the evolution characteristics of prices and returns of the international crude oil market. Using monthly data from April 2003 to October 2020, this paper identifies dynamic characteristics of oil’s commercial and financial attributes based on the structural vector autoregressive model (SVAR) and further analyzes their market effects with different attributes. The result shows that there are situations of commercial and financial attributes dominating, and dual attributes co-dominating for oil. Furthermore, their durations account for 51%, 23%, and 26% respectively, of the full sample. Besides, the reactions of crude oil price or return to the different properties of oil are heterogeneous. Specifically, the dual attributes of oil play the most important role in the price evolution of the international crude oil market, which is 80.851. There are significant differences among the impact of different attributes of oil on the evolution of international crude oil market returns, which are 0.009, −0.008, and −0.004, respectively. Then, some relevant recommendations for policy-makers and investors based on the above research conclusions are also put forward.