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Prof. Zhenghui Li
Guangzhou Institute of International Finance and Guangzhou University

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0 Behavioral Finance
0 Energy Economics
0 Financial Economics
0 Sustainable Development
0 enviorment and public health

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Journal article
Published: 12 August 2021 in International Journal of Environmental Research and Public Health
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As a core component of the digital economy, digital financial technology has a complex interactive and interdependent relationship with ecological efficiency. From the holistic spatial interaction perspective, this paper uses spatial simultaneous equations and generalized spatial three-stage least squares (GS3SLS) to analyze the spatial interaction spillovers between digital financial technology and urban ecological efficiency based on data from 284 Cities in China from 2008 to 2018. The results show that: (1) Digital financial technology and urban ecological efficiency promote each other, and the latter is relatively dominant. (2) Both digital financial technology and urban ecological efficiency have significant spatial spillover effects. (3) Digital financial technology in surrounding cities has a restraining effect on local ecological efficiency, and the improvement of ecological efficiency in surrounding cities has a siphon effect on local digital financial technology. (4) There is spatial and period heterogeneity in the intensity of the spatial interaction spillover effect between the two. With resources and environment increasingly becoming rigid constraints on economic growth, these findings help identify new drivers of regional ecological efficiency and promote the coordinated development of digital finance and green ecology.

ACS Style

Yaya Su; Zhenghui Li; Cunyi Yang. Spatial Interaction Spillover Effects between Digital Financial Technology and Urban Ecological Efficiency in China: An Empirical Study Based on Spatial Simultaneous Equations. International Journal of Environmental Research and Public Health 2021, 18, 8535 .

AMA Style

Yaya Su, Zhenghui Li, Cunyi Yang. Spatial Interaction Spillover Effects between Digital Financial Technology and Urban Ecological Efficiency in China: An Empirical Study Based on Spatial Simultaneous Equations. International Journal of Environmental Research and Public Health. 2021; 18 (16):8535.

Chicago/Turabian Style

Yaya Su; Zhenghui Li; Cunyi Yang. 2021. "Spatial Interaction Spillover Effects between Digital Financial Technology and Urban Ecological Efficiency in China: An Empirical Study Based on Spatial Simultaneous Equations." International Journal of Environmental Research and Public Health 18, no. 16: 8535.

Journal article
Published: 24 July 2021 in Mathematics
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We employ the quantile-coherency approach and causality-in-quantile method to revisit the roles of Bitcoin, U.S. dollar, crude oil and gold for USA, Chinese, UK, and Japanese stock markets. The main results show that the impact of global financial assets varies across different investment horizons and quantiles. We find that in most cases, the correlation between global financial assets and stock indexes is not significant or is weakly positive. From the perspective of investment horizons (frequency domain), the correlation in the short term is mostly manifested in Bitcoin, while in the medium and long term it is shifted to dollar assets. At the same time, the relationships are significantly higher in the medium and long term than in the short term. From the point of view of quantiles, it shows a weak positive correlation at the lower quantile. However, the correlation between the two is not significant at the median quantile. At the high quantiles, there is a weak negative linkage. According to the causality-in-quantiles approach results, in most cases global financial assets have different degrees of predictive capacity for the selected stock markets. Especially around the median quantile, the predictive ability was strongest.

ACS Style

Zhenghui Li; Zhiming Ao; Bin Mo. Revisiting the Valuable Roles of Global Financial Assets for International Stock Markets: Quantile Coherence and Causality-in-Quantiles Approaches. Mathematics 2021, 9, 1750 .

AMA Style

Zhenghui Li, Zhiming Ao, Bin Mo. Revisiting the Valuable Roles of Global Financial Assets for International Stock Markets: Quantile Coherence and Causality-in-Quantiles Approaches. Mathematics. 2021; 9 (15):1750.

Chicago/Turabian Style

Zhenghui Li; Zhiming Ao; Bin Mo. 2021. "Revisiting the Valuable Roles of Global Financial Assets for International Stock Markets: Quantile Coherence and Causality-in-Quantiles Approaches." Mathematics 9, no. 15: 1750.

Journal article
Published: 05 July 2021 in Energies
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Investor emotional heterogeneity and oil dual attributes are the key factors that cause the asymmetry of risks in the international crude oil market. This paper uses the monthly data from April 2003 to October 2020 to identify the dynamic characteristics of oil’s commodity attribute and financial attribute, and this paper also analyzes the asymmetric characteristics of risk evolution and risk degree in the international crude oil market under the condition of oil returns heterogeneity. The empirical results show that: first, there is heterogeneity in the influence of oil attributes on the risk evolution and risk degree of the international crude oil market; second, the alternation of oil dual attributes has a significant asymmetric impact on the risk evolution of international crude oil market; third, the sudden change of international crude oil market risk caused by oil attributes is asymmetric under different oil returns trends. Based on the empirical conclusion, this paper puts forward the corresponding policy recommendations.

ACS Style

Yanqiong Liu; Zhenghui Li; Yanyan Yao; Hao Dong. Asymmetry of Risk Evolution in Crude Oil Market: From the Perspective of Dual Attributes of Oil. Energies 2021, 14, 4063 .

AMA Style

Yanqiong Liu, Zhenghui Li, Yanyan Yao, Hao Dong. Asymmetry of Risk Evolution in Crude Oil Market: From the Perspective of Dual Attributes of Oil. Energies. 2021; 14 (13):4063.

Chicago/Turabian Style

Yanqiong Liu; Zhenghui Li; Yanyan Yao; Hao Dong. 2021. "Asymmetry of Risk Evolution in Crude Oil Market: From the Perspective of Dual Attributes of Oil." Energies 14, no. 13: 4063.

Journal article
Published: 15 June 2021 in Land
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Most countries have experienced land urbanization, which is indispensable for financial support, especially for their financing function achievement through land appreciation and other channels in the urbanization process. By using 34 provincial capital (sub-provinces) cities in China as the sample, this paper studies the impact of finance on land urbanization construction based on the panel data from 2003 to 2018 under a differential GMM method; besides, the causes of excessive financial support and results generated on different regions are reported. Moreover, a moderate range of financial support for land urbanization is found under the influence of land finance. We obtain the following results: first, there is excessive financial support for land urbanization with regional differences exhibited; for instance, the eastern and central regions have an excessive financial support but the western region does not. Second, land urbanization with an excessive financial support correlates with financial efficiency, while the relatively large financial efficiency leads to the waste of a large number of financial resources. Third, financial support has a single and significant threshold effect on land urbanization construction, and finance has a promoting effect when land finance is less than the threshold value; otherwise, it has an inhibiting effect.

ACS Style

Zhenghui Li; Fanqi Zou; Yong Tan; Jinhui Zhu. Does Financial Excess Support Land Urbanization—An Empirical Study of Cities in China. Land 2021, 10, 635 .

AMA Style

Zhenghui Li, Fanqi Zou, Yong Tan, Jinhui Zhu. Does Financial Excess Support Land Urbanization—An Empirical Study of Cities in China. Land. 2021; 10 (6):635.

Chicago/Turabian Style

Zhenghui Li; Fanqi Zou; Yong Tan; Jinhui Zhu. 2021. "Does Financial Excess Support Land Urbanization—An Empirical Study of Cities in China." Land 10, no. 6: 635.

Journal article
Published: 06 May 2021 in Sustainability
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The energy trade is an important pillar of each country’s development, making up for the imbalance in the production and consumption of fossil fuels. Geopolitical risks affect the energy trade of various countries to a certain extent, but the causes of geopolitical risks are complex, and energy trade also involves many aspects, so the impact of geopolitics on energy trade is also complex. Based on the monthly data from 2000 to 2020 of 17 emerging economies, this paper employs the fixed-effect model and the regression-discontinuity (RD) model to verify the negative impact of geopolitics on energy trade first and then analyze the mechanism and heterogeneity of the impact. The following conclusions are drawn: First, geopolitics has a significant negative impact on the import and export of the energy trade, and the inhibition on the export is greater than that on the import. Second, the impact mechanism of geopolitics on the energy trade is reflected in the lagging effect and mediating effect on the imports and exports; that is, the negative impact of geopolitics on energy trade continued to be significant 10 months later. Coal and crude oil prices, as mediating variables, decreased to reduce the imports and exports, whereas natural gas prices showed an increase. Third, the impact of geopolitics on energy trade is heterogeneous in terms of national attribute characteristics and geo-event types.

ACS Style

Fen Li; Cunyi Yang; Zhenghui Li; Pierre Failler. Does Geopolitics Have an Impact on Energy Trade? Empirical Research on Emerging Countries. Sustainability 2021, 13, 5199 .

AMA Style

Fen Li, Cunyi Yang, Zhenghui Li, Pierre Failler. Does Geopolitics Have an Impact on Energy Trade? Empirical Research on Emerging Countries. Sustainability. 2021; 13 (9):5199.

Chicago/Turabian Style

Fen Li; Cunyi Yang; Zhenghui Li; Pierre Failler. 2021. "Does Geopolitics Have an Impact on Energy Trade? Empirical Research on Emerging Countries." Sustainability 13, no. 9: 5199.

Journal article
Published: 10 February 2021 in International Journal of Environmental Research and Public Health
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Green technology innovation is regarded as an important means to achieve sustainable development. Countries all over the world mainly implement green technology innovation policies from the aspects of environmental regulation and financing constraints. The effect of financing constraint policy on enterprise green technology innovation remains to be investigated. Based on the event of “green credit guidelines” issued by China Banking Regulatory Commission in 2012, this paper collects the panel data of China’s 2825 listed companies from 2007 to 2018, constructs a difference-in-difference model, and studies the impact of green credit guidelines on corporate green technology innovation and its mechanism. The empirical results show: First, green credit guidelines can promote corporate green technology innovation on the whole. Second, the mechanism of green credit on enterprise green technology innovation is identified. Green credit guidelines mainly limited green technology innovation through reducing debt financing, rather than through financing constraints. Third, the impact of green credit guidelines on green technology innovation is heterogeneous. Green credit guidelines have a significant effect on the green technology innovation of state-owned and large enterprises, but have no effect on the green technology innovation of non-state-owned and small ones.

ACS Style

Min Hong; Zhenghui Li; Benjamin Drakeford. Do the Green Credit Guidelines Affect Corporate Green Technology Innovation? Empirical Research from China. International Journal of Environmental Research and Public Health 2021, 18, 1682 .

AMA Style

Min Hong, Zhenghui Li, Benjamin Drakeford. Do the Green Credit Guidelines Affect Corporate Green Technology Innovation? Empirical Research from China. International Journal of Environmental Research and Public Health. 2021; 18 (4):1682.

Chicago/Turabian Style

Min Hong; Zhenghui Li; Benjamin Drakeford. 2021. "Do the Green Credit Guidelines Affect Corporate Green Technology Innovation? Empirical Research from China." International Journal of Environmental Research and Public Health 18, no. 4: 1682.

Earlycite article
Published: 12 January 2021 in International Journal of Emerging Markets
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PurposeThis study investigates the interrelationships between competitions in different banking markets and shadow banking for the Chinese banking industry over the period 2003–2017. The current study also examines the determinants of competition in different banking markets and the factors influencing the size of shadow banking.Design/methodology/approachBank competition is measured by the Boone indicator, while the relationship between bank competition and shadow banking is examined through a three-stage least square estimator.FindingsThe findings suggest that a larger volume of shadow banking leads to a decline in the level of competition in the deposit market, loan market and noninterest income market, while an increase in the level of competition in the loan market, deposit market and noninterest income market leads to an expansion of shadow banking. The authors find that higher bank risk and higher developed of stock market reduce the competitive condition in the loan market, and the competition in the deposit market will be enhanced by higher levels of banking sector development and higher levels of inflation, but bank diversification will reduce the level of competition in the deposit market. The authors further find that higher bank profitability and higher stock market development reduce bank competition in the noninterest income market. Finally, the results show that larger bank size and higher development of stock market reduce the size of shadow banking in China, but higher economic growth increases the size of shadow banking.Originality/valueThis is the first piece of research investigating the relationship between bank competition and shadow banking. This will also be the first piece of research examining the determinants of competition in different banking markets and also the factors influencing the size of shadowing banking in China.

ACS Style

Yong Tan; Zhenghui Li; Siming Liu; Muhammad Imran Nazir; Muhammad Haris. Competitions in different banking markets and shadow banking: evidence from China. International Journal of Emerging Markets 2021, ahead-of-p, 1 .

AMA Style

Yong Tan, Zhenghui Li, Siming Liu, Muhammad Imran Nazir, Muhammad Haris. Competitions in different banking markets and shadow banking: evidence from China. International Journal of Emerging Markets. 2021; ahead-of-p (ahead-of-p):1.

Chicago/Turabian Style

Yong Tan; Zhenghui Li; Siming Liu; Muhammad Imran Nazir; Muhammad Haris. 2021. "Competitions in different banking markets and shadow banking: evidence from China." International Journal of Emerging Markets ahead-of-p, no. ahead-of-p: 1.

Journal article
Published: 04 January 2021 in International Review of Economics & Finance
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Motivated by the risen linkage between events and Bitcoin return, this paper first defines Bitcoin-related events (BREs) based on the change points analysis and then divides these events into two categories. Furthermore, we model the impact of BREs on the Bitcoin market activities, using an event study methodology and a GARCH-X model. Empirical results show that the shock directions of Bitcoin-related events on Bitcoin price are heavily correlative with types of events. Additionally, there is a significant positive influence of domestic events on reaction volatility, whereas the foreign events impose their influences on both the expectations of market reactions and volatility.

ACS Style

Zhenghui Li; Liming Chen; Hao Dong. What are bitcoin market reactions to its-related events? International Review of Economics & Finance 2021, 73, 1 -10.

AMA Style

Zhenghui Li, Liming Chen, Hao Dong. What are bitcoin market reactions to its-related events? International Review of Economics & Finance. 2021; 73 ():1-10.

Chicago/Turabian Style

Zhenghui Li; Liming Chen; Hao Dong. 2021. "What are bitcoin market reactions to its-related events?" International Review of Economics & Finance 73, no. : 1-10.

Journal article
Published: 15 November 2020 in Mathematics
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Credit risk modeling by debt pricing has been a popular theme in both academia and practice since the subprime crisis. In this paper, we devote our study to the indifferent price of a corporate bond with credit risk involving both default risk and credit rating migration risk in an incomplete market. The firm’s stock and a financial index on the market as tradable assets are introduced to hedge the credit risk, and the bond price is determined by the indifference of investors’ utilities with and without holding the bond. The models are established under the structural framework and result in Hamilton–Jacobi–Bellman (HJB) systems regarding utilities subject to default boundary and multiple migration boundaries. According to dynamic programming theory, closed-form solutions for pricing formulas are derived by implementing an inverted iteration program to overcome the joint effect of default and multiple credit rating migration. Therefore, with the derived explicit pricing formulas for the corporate bond, the models can be easily applied in practice, and investors can generate their strategies of hedging the credit risk by easily analyzing the impacts of the parameters on the bond price.

ACS Style

Zhehao Huang; Zhenghui Li; Zhenzhen Wang. Utility Indifference Valuation for aDefaultable Corporate Bond with Credit Rating Migration. Mathematics 2020, 8, 2033 .

AMA Style

Zhehao Huang, Zhenghui Li, Zhenzhen Wang. Utility Indifference Valuation for aDefaultable Corporate Bond with Credit Rating Migration. Mathematics. 2020; 8 (11):2033.

Chicago/Turabian Style

Zhehao Huang; Zhenghui Li; Zhenzhen Wang. 2020. "Utility Indifference Valuation for aDefaultable Corporate Bond with Credit Rating Migration." Mathematics 8, no. 11: 2033.

Journal article
Published: 29 August 2020 in Energies
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The uncertainty in the evolution of crude oil price fluctuation has a significant impact on economic stability. Based on the decomposition of crude oil price fluctuation by the state-space model, this paper studies the fluctuation trend of crude oil prices and its causes. The nonlinearity autoregressive distribute lag approach (NARDL) model is used to capture the influence mechanism characteristics of crude oil prices at different positions and different fluctuation trends. An event study model with dummy variables is constructed to compare the effects of different types of events on crude oil price fluctuations. The empirical results indicate that the fluctuation of crude oil prices tends to strengthen on the whole, and there is a remarkable correlation between this trend and the influencing mechanism of crude oil price, namely, the fluctuation source structure. The influence mechanism of crude oil price fluctuation is asymmetric when the crude oil price is at different positions and under different trends. There is a strong correlation between event shocks and event types in the evolution of crude oil price fluctuation.

ACS Style

Jiaying Peng; Zhenghui Li; Benjamin M. Drakeford. Dynamic Characteristics of Crude Oil Price Fluctuation—From the Perspective of Crude Oil Price Influence Mechanism. Energies 2020, 13, 4465 .

AMA Style

Jiaying Peng, Zhenghui Li, Benjamin M. Drakeford. Dynamic Characteristics of Crude Oil Price Fluctuation—From the Perspective of Crude Oil Price Influence Mechanism. Energies. 2020; 13 (17):4465.

Chicago/Turabian Style

Jiaying Peng; Zhenghui Li; Benjamin M. Drakeford. 2020. "Dynamic Characteristics of Crude Oil Price Fluctuation—From the Perspective of Crude Oil Price Influence Mechanism." Energies 13, no. 17: 4465.

Journal article
Published: 02 May 2020 in Sustainability
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This paper explores the effects and mechanisms of corporate financialization on corporate environmental responsibility (CER), using panel regression and the panel quantile regression model. The data is from 484 Chinese A-share non-financial listed companies, over the period 2008–2015. Some valuable results were achieved, as follows. Firstly, corporate financialization has a significantly negative impact on CER. We attribute this fact to the hard constraint of shareholder value maximization and the soft constraint of CER by taking an extrinsic analysis. Moreover, this negative impact shows heterogeneity. As the CER level increases, the remarkable restraint taken by the corporate financialization on CER is gradually weakened. This results in the corporation aiming not only at the shareholder value maximization, but also at the social effect, rather than only the former. In addition, the effect of the moderating role played by corporate leverage and ownership concentration in the influence of corporate financialization on the CER is captured in different kinds of corporations, while different performances are shown.

ACS Style

Zhenghui Li; Yan Wang; Yong Tan; Zimei Huang. Does Corporate Financialization Affect Corporate Environmental Responsibility? An Empirical Study of China. Sustainability 2020, 12, 3696 .

AMA Style

Zhenghui Li, Yan Wang, Yong Tan, Zimei Huang. Does Corporate Financialization Affect Corporate Environmental Responsibility? An Empirical Study of China. Sustainability. 2020; 12 (9):3696.

Chicago/Turabian Style

Zhenghui Li; Yan Wang; Yong Tan; Zimei Huang. 2020. "Does Corporate Financialization Affect Corporate Environmental Responsibility? An Empirical Study of China." Sustainability 12, no. 9: 3696.

Journal article
Published: 16 March 2020 in International Journal of Environmental Research and Public Health
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Diverse types of healthcare systems in countries offer opportunities to explore the heterogeneous sources of health financing. This paper widely explores the effect of the business cycle on subsidized, voluntary and out-of-pocket health spending in 34 countries with different types of healthcare systems, by the methodology of hierarchical linear modeling (HLM). We use a panel of annual data during the years from 2000 to 2016. It further examines the business cycle-health financing mechanism by inquiring into the mediating effect of external conditions and innovative health financing, based on the structural equation modeling (SEM). The empirical results reveal that the business cycle harms subsidized spending, whereas its effect on voluntary and protective health spending is positive. Results related to the SEM indicate that the mediating effect of external conditions on the relationship between the business cycle and health financing is negative. However, we find that the business cycle plays a positive effect on health financing through innovative health financing channels. Thus, designing and implementing efforts to shift innovative health financing have substantial effects on the sustainability of healthcare systems.

ACS Style

Hao Dong; Zhenghui Li; Pierre Failler. The Impact of Business Cycle on Health Financing: Subsidized, Voluntary and Out-of-Pocket Health Spending. International Journal of Environmental Research and Public Health 2020, 17, 1928 .

AMA Style

Hao Dong, Zhenghui Li, Pierre Failler. The Impact of Business Cycle on Health Financing: Subsidized, Voluntary and Out-of-Pocket Health Spending. International Journal of Environmental Research and Public Health. 2020; 17 (6):1928.

Chicago/Turabian Style

Hao Dong; Zhenghui Li; Pierre Failler. 2020. "The Impact of Business Cycle on Health Financing: Subsidized, Voluntary and Out-of-Pocket Health Spending." International Journal of Environmental Research and Public Health 17, no. 6: 1928.

Journal article
Published: 01 January 2020 in Discrete & Continuous Dynamical Systems - S
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ACS Style

Zhenzhen Wang; Zhenghui Li; Shuanglian Chen; Zhehao Huang. Explicit investment setting in a Kaldor macroeconomic model with macro shock. Discrete & Continuous Dynamical Systems - S 2020, 13, 2327 -2346.

AMA Style

Zhenzhen Wang, Zhenghui Li, Shuanglian Chen, Zhehao Huang. Explicit investment setting in a Kaldor macroeconomic model with macro shock. Discrete & Continuous Dynamical Systems - S. 2020; 13 (8):2327-2346.

Chicago/Turabian Style

Zhenzhen Wang; Zhenghui Li; Shuanglian Chen; Zhehao Huang. 2020. "Explicit investment setting in a Kaldor macroeconomic model with macro shock." Discrete & Continuous Dynamical Systems - S 13, no. 8: 2327-2346.

Research article
Published: 18 November 2019 in Business Strategy and the Environment
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This paper aims to construct a comprehensive corporate environmental responsibility (CER) engagement measurement to examine the relationship between CER engagement and firm value as well as explore the mediating effect of corporate innovation on this relationship based on a sample of 496 China's A‐share listed companies from 2008 to 2016. The results show that when firms start to adopt environmental regulations, CER would have a negative effect on firm value; however, at a specific level, CER would start to enhance firm value positively. In addition to this, corporate innovation plays a mediating role in the relationship between CER and firm value. Corporate innovation promotes firm value of firms with CER more than firms without CER. Overall, the findings of this paper are extremely relevant for the government, investors, and firm's managers and can be utilized for policy and investment decision making. Also, the findings encourage firms to enhance their sense of environmental responsibility in order to enhance their competitive advantages, enhance corporate innovation capabilities, and thus enhance firm value.

ACS Style

Zhenghui Li; Gaoke Liao; Khaldoon Albitar. Does corporate environmental responsibility engagement affect firm value? The mediating role of corporate innovation. Business Strategy and the Environment 2019, 29, 1045 -1055.

AMA Style

Zhenghui Li, Gaoke Liao, Khaldoon Albitar. Does corporate environmental responsibility engagement affect firm value? The mediating role of corporate innovation. Business Strategy and the Environment. 2019; 29 (3):1045-1055.

Chicago/Turabian Style

Zhenghui Li; Gaoke Liao; Khaldoon Albitar. 2019. "Does corporate environmental responsibility engagement affect firm value? The mediating role of corporate innovation." Business Strategy and the Environment 29, no. 3: 1045-1055.

Journal article
Published: 04 October 2019 in Finance Research Letters
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This study explores the effect of global economic policy uncertainty (EPU) shocks on China's financial conditions index (CFCI) and analyzes the sources of uncertainty shocks. The results of the spillover index showed that the spillover effects of global EPU on CFCI were concentrated in the crisis periods, but mostly insignificant effect in the normal periods. The uncertainty shocks emanating from China itself were the major sources of China's financial markets volatility and the US EPU appeared to be the most significant exogenous cause of the fall of CFCI. The source of long-term uncertainty shocks changed over time.

ACS Style

Zhenghui Li; Junhao Zhong. Impact of economic policy uncertainty shocks on China's financial conditions. Finance Research Letters 2019, 35, 101303 .

AMA Style

Zhenghui Li, Junhao Zhong. Impact of economic policy uncertainty shocks on China's financial conditions. Finance Research Letters. 2019; 35 ():101303.

Chicago/Turabian Style

Zhenghui Li; Junhao Zhong. 2019. "Impact of economic policy uncertainty shocks on China's financial conditions." Finance Research Letters 35, no. : 101303.

Articles
Published: 19 September 2019 in Emerging Markets Finance and Trade
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This study explores the non-linear effects of economic policy uncertainty, bilateral trade intensity, and capital flow on China’s financial cycle spillover when institutional distance changes over the period 1997Q1-2017Q4. Main findings indicate that there is a linear effect of these influential factors on China’s financial cycle spillover during the overall sample period and a non-linear effect during the normal and crisis periods. The transition function exhibits a smooth and gradual change trend during the normal period and a double-threshold effect during the crisis one. Furthermore, these influential factors present differences with regard to facilitating and restraining effect in different periods. These results have important implications for policymakers to make macroprudential policies.

ACS Style

Yue Liu; Zhenghui Li; Manrui Xu. The Influential Factors of Financial Cycle Spillover: Evidence from China. Emerging Markets Finance and Trade 2019, 56, 1336 -1350.

AMA Style

Yue Liu, Zhenghui Li, Manrui Xu. The Influential Factors of Financial Cycle Spillover: Evidence from China. Emerging Markets Finance and Trade. 2019; 56 (6):1336-1350.

Chicago/Turabian Style

Yue Liu; Zhenghui Li; Manrui Xu. 2019. "The Influential Factors of Financial Cycle Spillover: Evidence from China." Emerging Markets Finance and Trade 56, no. 6: 1336-1350.

Journal article
Published: 27 June 2019 in Sustainability
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The paper presents the results of a study that attempts to investigate the impact of foreign direct investment (FDI) on environmental performance (EP) by constructing a panel quantile regression model. Based on panel data from 1990 to 2014, this study contributes to evaluate the EP of each of the 40 countries using a directional slack-based model considering undesirable output. Our findings reveal several key conclusions: first, FDI has an insignificant influence on EP for the full sample. Second, the impact of FDI on EP between developed and developing countries exists heterogeneity. Furthermore, there is heterogeneity regarding the effect of FDI on EP at different quantiles of EP in developed countries. Specifically, in the developed countries, the effect is statistically insignificant at the lower quantile of EP, then it turns significantly positive at the middle and high quantile, and the positive effect rises with the increase of quantiles of EP. Finally, based on the conclusions of quantitative analysis, some important policy recommendations are proposed: different governments ought to enact different strategies for the introduction of FDI, according to different development situations of different countries.

ACS Style

Zhenghui Li; Hao Dong; Zimei Huang; Pierre Failler. Impact of Foreign Direct Investment on Environmental Performance. Sustainability 2019, 11, 3538 .

AMA Style

Zhenghui Li, Hao Dong, Zimei Huang, Pierre Failler. Impact of Foreign Direct Investment on Environmental Performance. Sustainability. 2019; 11 (13):3538.

Chicago/Turabian Style

Zhenghui Li; Hao Dong; Zimei Huang; Pierre Failler. 2019. "Impact of Foreign Direct Investment on Environmental Performance." Sustainability 11, no. 13: 3538.

Journal article
Published: 11 June 2019 in Energies
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Due to the crucial implication of oil risks for economic growth and policy making, the aim of this paper is to explore the heterogeneous interconnections of supply or demand in oil risks over time horizons and different countries. Specifically, we first examine the correlation of supply or demand in oil return risks and show the relationships in different countries based on wavelet coherence. Furthermore, we explore the time-varying interconnections between supply- or demand-side and oil return risks, as well as oil producers and demand countries. The empirical results show that the correlation between supply and oil return risks is relatively stable, whereas the linkage between demand and oil return risks shows greater volatility due to the impact of specific events. Further study indicates that there are heterogeneous interconnections between supply- or demand-side and oil return risks over sample periods. Specifically, the sign of response could be divided into four phases, i.e., 1997–2002, 2002–2010, 2010–2013 and 2014–2018. In addition, the interconnections of the demand side could be divided into three phases due to the sign of it. What is more, the dynamic interconnections of oil producers’ or countries’ demands behave quite heterogeneously in different countries. Thus policymakers should focus on the coordination level and space capacity in the global crude oil market.

ACS Style

Gaoke Liao; Zhenghui Li; Ziqing Du; Yue Liu. The Heterogeneous Interconnections between Supply or Demand Side and Oil Risks. Energies 2019, 12, 2226 .

AMA Style

Gaoke Liao, Zhenghui Li, Ziqing Du, Yue Liu. The Heterogeneous Interconnections between Supply or Demand Side and Oil Risks. Energies. 2019; 12 (11):2226.

Chicago/Turabian Style

Gaoke Liao; Zhenghui Li; Ziqing Du; Yue Liu. 2019. "The Heterogeneous Interconnections between Supply or Demand Side and Oil Risks." Energies 12, no. 11: 2226.

Journal article
Published: 28 April 2019 in Technological Forecasting and Social Change
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Green innovation has attracted worldwide attention in the past decades. In this paper, we develop series of game models to address the effects of green loans and government subsidies on green innovation activities of enterprises. We derive a threshold value for loaning interest rate. If the interest rate of the green loan is lower than this threshold value, then the enterprises are willing to accept the loan from the bank and implement green innovation. By defining a measure for environmental effect of productive activities, we obtain a threshold value for the loaning scale. If the loaning scale is larger than this threshold value, then it meets the purpose of green loan to improve the environmental quality. We prove the effectiveness of government subsidies as an intervention way in supporting green innovation and environmental protection.

ACS Style

Zhehao Huang; Gaoke Liao; Zhenghui Li. Loaning scale and government subsidy for promoting green innovation. Technological Forecasting and Social Change 2019, 144, 148 -156.

AMA Style

Zhehao Huang, Gaoke Liao, Zhenghui Li. Loaning scale and government subsidy for promoting green innovation. Technological Forecasting and Social Change. 2019; 144 ():148-156.

Chicago/Turabian Style

Zhehao Huang; Gaoke Liao; Zhenghui Li. 2019. "Loaning scale and government subsidy for promoting green innovation." Technological Forecasting and Social Change 144, no. : 148-156.

Articles
Published: 09 February 2019 in Emerging Markets Finance and Trade
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In this article, we investigate the nonlinear impact on outward foreign direct investment (OFDI) using panel smooth transition regression (PSTR) model with the sample of 12 countries along “The Belt and Road Initiative” in the period of 2010–2015. We find that both overall economic freedom (EF), the interaction of EF and institutional instance, bilateral trade, GDP, and patent significantly influence OFDI. We also demonstrate that EF and economic development exert the inverted “U” effect on OFDI in the different regime. Accordingly, policies specifically designed to increase development of OFDI should be required to address the negative effects considering the differences of EF and economic development.

ACS Style

Zhenghui Li; Zhehao Huang; Hao Dong. The Influential Factors on Outward Foreign Direct Investment: Evidence from the “The Belt and Road”. Emerging Markets Finance and Trade 2019, 55, 3211 -3226.

AMA Style

Zhenghui Li, Zhehao Huang, Hao Dong. The Influential Factors on Outward Foreign Direct Investment: Evidence from the “The Belt and Road”. Emerging Markets Finance and Trade. 2019; 55 (14):3211-3226.

Chicago/Turabian Style

Zhenghui Li; Zhehao Huang; Hao Dong. 2019. "The Influential Factors on Outward Foreign Direct Investment: Evidence from the “The Belt and Road”." Emerging Markets Finance and Trade 55, no. 14: 3211-3226.