One of the features of credit markets is that borrowers are sometimes rationed in the amount that they can borrow, which differentiates them from other markets. Small and micro enterprises (SMEs) are more likely to be eliminated than large and medium-sized enterprises under credit rationing. However, SMEs play a significant role in employment creation and growth of gross domestic products in developing countries. So, it is of great significance to study the reasons why SMEs are more vulnerable to credit constraints. By considering the differences in characteristics between SMEs and large and medium-sized enterprises, we established a theoretical model with endogenous enterprise size, and by considering banks’ screening principles before and after the loan approval, we have analyzed the micro-mechanism in which there are significant differences in credit availability between SMEs and large and medium-sized enterprises. Our conclusion indicates that credit rationing in SMEs is the result of the rational choice by banks for the purpose of profit maximization.

Smart city policy (SCP) is crucial to addressing climate change and achieving sustainable urban development with low carbon emissions. The purpose of this paper is to investigate the mechanisms through which smart city policies have an impact on carbon emission efficiency (CEE). In terms of research methodology, we construct a quasi-natural experiment on smart city policies in China and use the time-varying DID approach to study this issue. The DEA method was used to measure the CEE. For the data sample, panel data from 281 cities in China between 2007 and 2020 was used in this study. The findings are as follows: ① SCP has a significant impact on CEE. This conclusion remains valid after introducing parallel trend tests, placebo tests, and other robustness tests. ② The mechanism test result reveals that SCP has a positive impact on urban CEE through three main channels: promoting industrial upgrading, increasing public environmental attention, and enhancing marketization. ③ The analysis of heterogeneity reveals that the impact of SCP on CEE is noticeable in cities that belong to well-developed economic regions with a lower intensity of environmental regulations, higher levels of green finance, and fewer official changes. This research contributes to the existing literature on the environmental assessment of SCP and offers valuable policy insights for cities to tackle climate change and sustainable urban planning.

Based on the perspective of knowledge transfer and the technology acceptance model (TAM), this paper constructs a university technology transfer sustainable development model that considers the inventor’s technology service from the perspective of the long-term cooperation of enterprise, and analyzes the mediating effect of the inventor’s technology service on university technology transfer sustainability. By using 270 questionnaires as survey data, it is found that the availability of an inventor’s technology service has a significant positive impact on the attitude tendency and practice tendency of enterprise long-term technological cooperation; enterprise technology absorption capacity and trust between a university and an enterprise also have significant influence on an inventor’s technical service availability. Therefore, the inventor’s technology service acts as a mediator in the relationship between university technology transfer sustainability and influence factors. Universities ought to establish the technology transfer model, which focuses on the inventor’s tacit knowledge transfer service, and promotes the sustainable development of the university.

This article develops a new indicator of financial system risk tolerance capacity to see how the financial risk management function mechanism reacts to economic growth by applying a system generalized method of moments estimation technique. Based on a sample of 49 countries for the period 1998–2011, we find that both bank and stock market risk tolerance capacity can significantly promote long-run economic growth through absorbing and bearing real economic risks. These findings indicate that financial system risk tolerance capacity, which provides a powerful trial and error system, has a positive effect on long-term growth. Therefore, the policy implication is that releasing controllable financial risks actively and moderately beforehand may support scientific and technological innovation, maintain financial stability and, finally, promote long-run economic growth.

Enhancing urban innovation resilience is crucial for adapting to change and pursuing innovation-driven, high-quality development. The global trend of digital transformation has profound implications for urban innovation; however, the specific effects of digital transformation on urban innovation resilience remain insufficiently explored. This study utilizes panel data from 285 prefecture-level and above cities in China, spanning from 2007 to 2022. It treats the Broadband China Pilot (BCP) policy as a quasi-natural experiment of digital transformation and employs a time-varying Difference-in-Differences (DID) method to investigate the impact of digital transformation on urban innovation resilience. The results yield several important insights: (i) digital transformation enhances urban innovation resilience; (ii) the effect of digital transformation on urban innovation resilience is heterogeneous across regions and city sizes; (iii) digital transformation improves urban innovation resilience through the mediation effect of green total factor productivity (GTFP); (iv) urban industrial upgrading and urban innovation vitality play significant moderating roles in the relationship between digital transformation and urban innovation resilience. These findings contribute to a deeper theoretical understanding of the relationship between digital transformation and urban innovation resilience.

Aiming at the strategic behaviour in ‘technology make-or-buy decisions’ in the real economy, this study develops a Cournot competition model with endogenous technological level, by comparing the technology acquisition cost of technologically backward firms under different technology acquisition strategies, we theoretically analysed the ‘anti-extortion’ mechanism of indigenous innovation by technologically backward firms, and the relationship between indigenous innovation and technology imports is empirically tested by using the data of Chinese industrial enterprises above designated size. We show that indigenous innovation can significantly enhance a firm's bargaining power, and the technology acquisition strategy of simultaneous technology imports and indigenous innovation can not only reduce the technology imports cost but also reduce the indigenous innovation cost. Therefore, only by indigenous innovation based on technology imports, can firms enhance their market competitiveness.