This paper empirically investigates the effect of improved transportation infrastructure on finance leases, a representative form of China’s shadow banking sector, using a sample of Chinese listed companies. We find robust evidence that there is a significant decline in firms’ finance leases after the opening of the high-speed railway (HSR). Furthermore, HSR brings more favourable contract terms of leasing, including larger financing size, longer maturity, and lower cost. The heterogeneity analysis shows that HSR mainly reduces the costly nonbank-affiliated leases, and finance leases are reduced primarily in state-owned enterprises.

In recent years, more and more real enterprises speculate and arbitrage in the financial market by participating in financial institutions, and the financialization of micro enterprises has become a general trend. However, the empirical conclusions of existing literature from different dimensions of enterprise development are not consistent. This paper uses the data from Shanghai and Shenzhen A-share companies from 2007 to 2019 to perform an empirical analysis on the market and institutional motivations of the entity enterprises’ sharing and holding financial leasing companies (SHFL). It is found that the fundamental reason for enterprises to SHFL is the profit gap between the financial industry and the real industry. The more intense the industry competition, the lower the profit rate, the larger the spread, and the stronger the incentive to SHFL. In addition, the continuous improvement of the national system construction in the financial leasing industry has played an essential role in promoting it. In the heterogeneity analysis, it is found that private enterprises are also motivated to ease financing constraints except interest rate spread. On the contrary, they are not significant in the sample of state-owned enterprises. Equipment manufacturing industries have both narrowing interest rates and equipment promotion motivation, while the non-equipment manufacturing industry has no such characteristics. Finally, the limitations and future research directions of this paper are discussed.

This study investigates how green finance influences urban export technological complexity using panel data from 287 Chinese cities (2011–2024). Unlike previous research focusing on aggregate financial development, we construct a comprehensive green finance index and develop a theoretical framework demonstrating how green finance operates through dual channels: enhancing green innovation capacity and accelerating industrial structure upgrading toward knowledge-intensive sectors. Employing difference-in-differences and system GMM estimations, we find that green finance significantly increases export complexity, with a one-standard-deviation increase associated with 16% higher complexity. Effects exhibit substantial spatial heterogeneity, stronger in western regions and lower-tier cities where traditional finance falls short. These findings suggest green finance can simultaneously achieve environmental sustainability and trade competitiveness objectives, offering policy guidance for developing economies navigating green transformation while upgrading export structures.

With the development of technology and artificial intelligence(AI), financial leasing is used frequently in China’s equipment manufacturing industries, especially after 2008, which attracts our attention. This paper focuses on the problem. A theoretical model is provided in the paper to explain the motivation that why financial leasing is used in equipment manufacturing industries. In this paper, we employ multi-level fuzzy linear regression model to analyze data of manufacturing equipment industry of China in order to discover impact between sales revenue and financial leasing. We also discover credit sale forecasting using this model. We discover that economic leasing has a constructive important effect on sales revenue in total samples, which is consistent with the theoretical framework. However, the results are different in sub-industries, which shows that economic leasing has a constructive and important effect on sales profits in some sub-industries, but some of them are not. Furthermore, we also find that asset characteristics has a substantial effect on financial leasing decision. The outcome demonstrates that the more precise the asset, the easier it can be leased.

In this paper, the nonexistence of global solutions for semilinear Mindlin-Timoshenko beam equations is considered. Some sufficient conditions for the problem with boundary damping and negative, zero and positive initial energy are given.

In this paper, we employ panel data model to discuss the impact of credit securitization on banks' stability in China. We find that asset securitization of commercial banks has a significant negative impact on the issuing banks' financial stability. That is to say, asset securitization activities not only increase the sources of liquidity and transfer credit risk of China's commercial banks, but also reduce its stability.