This paper studies the impact of the development of green finance on China’s energy consumption structure. 17 basic indexes and the improved entropy weight method are used to construct the green finance index (GFI). Multiple regression, panel regression, and spatial regression are used to study the impact of green finance on China’s traditional energy and renewable energy consumption. The results show that there is a positive spatial spillover effect in the development of green finance among provinces in China. The development of green finance contributes to the conversion of traditional to renewable energy consumption. The effect of green finance on the transformation of energy consumption structure is mainly reflected in the direct effect. The green finance in each province not only helps the local development of green energy but also plays a good role in the production and utilization of clean energy consumption in surrounding provinces. Therefore, the government should support the green finance, reduce traditional energy consumption, and increase renewable energy consumption.

Introduction: Innovation has become an important means to promote the high-quality development of time-honored brands. However, the research on how to stimulate innovation investment in time-honored brands, especially that conducted in the local context, is still rare. To supplement the research limitations, this study adopts the perspective of dual ethical patterns and is set in the domestic context to explore the ethical influence of traditional cultures and marketization on the innovation investment of time-honored brands.Methods: We proposed two complementary methods, which are OLS regression and fsQCA analysis respectively, to systematically analyze the mechanism and key path of the dual ethical pattern to promote the innovation of time-honored brands.Results: The results show that traditional culture and marketization level are both positively related to the innovation of time-honored brands. However, traditional culture and marketization level are mutually exclusive in their process of affecting the innovation of time-honored brands.Discussion: This paper advances time-honored brands literature by highlighting the dual ethic pattern formed by traditional culture and marketization level on the innovation investment of time-honored brands. The findings respond to the academic debate between traditional culture and the innovation of time-honored brands, while enriching the research scope on the innovation mechanism of time-honored brands in the local context.

This paper uses the 5‐five‐minute high‐frequency data of energy‐listed companies in China's A‐share market to extract the jump of energy stock prices and build a dynamic stock price jump complex network. Then, we analyze the clustering effect of the complex network. The research shows that the energy stock price jump is an important part of stock price volatility, and the complex network of energy stock jump risk has obvious time‐varying characteristics. However, the infection problem of stock price jump risks needs specific analysis. China's coal industry has an important influence on the development of China's energy industry. According to the clustering analysis results of the network community, the clustering effect of the network community has time‐varying characteristics. After October 2017, the clustering effect of the jumping risk of the coal industry and the new energy industry is obvious. The risk contagion within the new energy industry community is a key point for the development of the new energy industry.

The government’s intervention under the approval system seriously affects the healthy and sustainable development of the financial market. An IPO is an important way for a venture capitalist (VC) to gain income, which impacts the efficiency of resource allocation in the capital market. From the perspective of resource allocation efficiency, this paper compares the influence of venture capital on the IPO process of startup enterprises under registration and approval systems. The findings are as follows: (1) after the trial registration system, the speed of passing and listing of VC-owned startup enterprises can be significantly accelerated. (2) Venture capitalists can accelerate the startup enterprises’ speed of passing by sending directors to startup enterprises and improving the level of risk disclosure, which is only significant under the registration and issuance system. (3) Further research shows that VC-supported startups perform better after listing. (4) VCs can help startup enterprises to choose hot season listing, which has a good timing effect. The conclusion of this text study is still robust after using propensity score matching (PSM) and Heckman to eliminate endogeneity. The conclusion of this study provides a theoretical basis and empirical support for emerging market countries to promote market-oriented reform.

The public toilet is an important symbol to measure a country's civilization. Improving the condition of the public toilet is directly related to people's health and environment. This paper analyzes the current operation mode of public toilets in China. The background of the current reform of public toilets in China is analyzed through logical analysis, functional analysis and other research methods. We summarize the inadequacy of the current hardware equipment, management system, operation mode and other aspects of public toilets, and put forward a new concept of "netred intelligent environmental protection public toilets" based on the deep flow operation thinking. It aims to provide a new business model of "keeping toilets by toilets" for the reform and operation of public toilets in China and a theoretical basis for the improvement of public toilets.