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This paper explores the influence mechanism of the marketization process and financial technology on corporate investment preference using panel data from 2013 to 2019 for China's A-share listed companies. The study finds that both the marketization process and FinTech can facilitate increased R&D innovation and foreign equity investment by companies but discourage investment in their fixed assets, and FinTech has a "U-shaped effect" on corporate R&D and innovation. At the same time, the marketization process and FinTech show different threshold effects on corporate investment preferences with government subsidies as the threshold variable. It is found that market-based processes in small-scale enterprises are better able to promote investment in innovative R&D by companies—the marketization process for large enterprises has a greater impact on outward equity investment in the heterogeneity analysis. From the perspective of the nature of property rights, it is found that the marketization process and FinTech have a greater impact on non-state enterprises. As a result, in an era of rapid FinTech development, this paper enriches the relevant research on the impact of the marketization process on corporate investment preferences, which has important practical significance for policy formulation and corporate future development. [ABSTRACT FROM AUTHOR]

This paper theoretically analyzes the direct impact of environmental regulation on carbon emissions and its indirect effects on carbon emissions through foreign direct investment (FDI), energy consumption, industrial structure, and technological innovation. Then, this paper constructs a spatial lag model to empirically test the dual effects of environmental regulation on carbon emissions based on the provincial panel data of 2003–2017 in China. The results show that the average Moran's I value of carbon emissions during 2003–2017 is 0.2506, passing the significance test at 1% level, and carbon emissions have spatial correlation characteristics. The direct impact of environmental regulation on carbon emissions is significant and positive. Environmental regulation could indirectly influence carbon emissions by influencing FDI, energy consumption, and technological innovation, and meanwhile, FDI, energy consumption, and technological innovation help to reduce carbon emissions under the constraint of environmental regulation, specifically. However, the impact of environmental regulation on carbon emissions through industrial structure is not significant. [ABSTRACT FROM AUTHOR]

The impacts of FDI (foreign direct investment) on the innovation of Chinese local enterprises have always been the focus of attention, but few studies have explored the impacts of foreign shareholding on enterprise innovation behaviors through the micro level. Based on the survey data regarding the manufacturing sector of China enterprises conducted by the World Bank in 2012, this paper conducts an empirical study on the relationship between foreign shareholding and enterprise innovation behaviors. The research findings include two aspects; that is, (1) foreign shareholding has significantly positive impacts on enterprise innovation behaviors; (2) technology introduction plays a complete mediating effect in foreign shareholding and enterprise innovation behaviors. On the basis of considering sample selective bias and endogenous problems, the propensity score matching (PSM) method is further applied to evaluate the impacts of foreign shareholding on enterprise innovation behaviors. After putting the endogenous problems and sample selective bias under control, the above conclusions are still robust. Thus, under the current complicated international situation, enterprises should be encouraged to attract foreign investment under moderate control, with a view to accelerating the promotion of enterprise innovation activities through the technology introduction brought about by foreign shareholding. [ABSTRACT FROM AUTHOR]