It is widely believed that science and technology (sci-tech) finance can pave the way to combat environmental degradation by promoting innovation in environment-related technologies. However, limited research is available to support this argument, and literature is silent on how sci-tech finance pilot policies influence carbon emissions in China. Therefore, this study investigates the impact of technology and financial integration pilot policy (TFIP) on carbon emissions and its dynamic effects, heterogeneity, and mechanisms in 252 cities in China. To do this, the yearly data from 2006 to 2019 were used in the propensity score matching–difference in differences (PSM-DID) method. The results unveiled that 1) the TFIP can effectively reduce the scale and intensity of carbon emissions in pilot cities. The TFIP shows a U-shaped distribution with CO₂_Size and CO₂_intensity, reaching a minimum in the fifth year. The TFIP has a lagging effect on carbon emissions, which significantly reduces carbon emissions in the second year. The robustness test verifies our conclusion. 2) The heterogeneity test results show that the effect of the TFIP is heterogeneous depending on the spatial and city attributes. The TFIP can effectively reduce carbon emissions in the eastern region and resource-based cities. However, in the central, western, and non-resource–based cities, the reduction effect of the TFIP is not obvious. 3) The impact mechanism finds that the TFIP reduces the scale of carbon emissions by enhancing the green innovation capacity and rationalizing the production structure in the pilot cities. Several policy recommendations are proposed based on the findings such as vigorous development of sci-tech finance to achieve sustainable development of the economy.

The competitive and cooperative relationships between suppliers and enterprises have important implications for enterprise strategy and operational decisions. Using data from listed manufacturing companies in China from 2007 to 2020, this paper empirically examines the impact of supplier concentration on corporate risk taking and its underlying mechanism. The results support the cooperative view of industrial organizations in a supply chain, which states that the higher the supplier concentration, the greater the level of corporate risk taking. The results are robust to various measures of the supplier concentration (Supply), sample selectivity bias, and endogeneity tests. This paper also shows that digital transformation has a moderating effect on supplier concentration and corporate risk taking. The supplier concentration can significantly increase risk taking in companies that have implemented digital transformation, while the effect is not significant in companies that have not implemented digital transformation. The conclusions drawn from this study provide practical guidance on industrial organization relationship coordination and digital transformation, suggesting that the implementation of digital transformation can help a firm to establish and consolidate a good relationship with suppliers and improve operational efficiency.