Qianxiao Zhang

This paper examines how disruptions to product market access affect staged VC financing and capital allocation. We exploit China’s 2018 suspension of online game license approvals as an exogenous shock. Synthetic difference-in-differences estimates show that core VC/PE financing in the online game industry fell by about 44.8%, with larger declines in growth-stage and follow-on financing. Firm-level evidence shows a lower probability of obtaining subsequent financing, while firms with greater pre-shock reliance on game licenses experienced more persistent reductions in product approvals. At the investor level, prior game investors reduced allocations to online games and shifted investment toward adjacent digital industries. We propose a commercialization–financing stage mismatch mechanism: the suspension delayed commercialization milestones while financing cycles continued. Our findings show how regulatory frictions can disrupt staged financing and reallocate venture capital across industries.

Digitalization has imposed new production and trade requirements on enterprises. Quality upgrading of export products, a requirement of international consumption upgrading, is also a product of enterprise industrial upgrading. We examine the impact of the digitalization of Chinese listed firms on the quality of their export products from 2011 to 2015 using the panel fixed effects model and chain mediating effects model. The results demonstrate that digitalization has an inverted U-shaped effect on the quality of export products. Further, digitalization can promote the quality upgrading of enterprises’ export products. However, the supporting capacity of digital infrastructure and the decreasing consumption upgrading of foreign customers limit this process. Empirical results show that digitalization can alleviate the financing constraints to improve the quality of export products. Because digitalization can improve human capital quality, this effect can improve the export product quality. A chain mediation effect also occurs. Digitalization alleviates financing constraints to improve human capital and enterprises’ export product quality. By clarifying digitalization⇒, alleviating financing constraints⇒, improving human capital quality⇒ improve export product quality relationships, executives can improve the competitiveness of enterprises in the international market.

In order to promote an upgrade of China’s emerging consumer market and build an international consumer center city, and after analyzing the heterogeneity of the household consumption patterns in 14 cities in the east, middle, and west of China according to the fifth income group, the QUAIDS model was used. This revealed that (1) China’s consumer cities still have a high tendency towards basic consumption, the proportion of development-oriented consumption is obviously low, and the consumption of enjoyment has not yet developed a large-scale market. (2) The characteristics of China’s “dual-consumption” market are obvious: the trend of the structure of household consumption upgrading in eastern cities was obvious, and structural factors have a significant impact on the upgrade of consumption; however, urban consumption in the middle and western regions is still in the stage of basic consumption, and the trend of structural upgrading is weak. (3) Significant differences in consumption were found among urban household groups in different regions: the income gap between the middle and western groups had a significant impact on the heterogeneity and imbalance in the consumption market; as a result, the heterogeneity of the upgraded structure of household consumption in the central and western regions was prominent. However, the income gap among the eastern cities had less influence on the imbalance in the consumption market, and the trend towards and upgrade in the consumption patterns showed good consistency.

This study evaluates the impact of outward foreign direct investment (OFDI), human well-being, and other macro indicators of the public sector on carbon footprint. Empirical analysis has been carried out for newly industrialized economies that span the period 1990–2017. We used augmented mean group and bootstrap panel causality techniques to cogitate the cross-sectional dependence and country-specific heterogeneity. Based on cross-country analysis, study results show that growing OFDI reduces carbon footprint efficiently in Mexico and Turkey, human well-being decreases emissions in the Philippines, and urbanization reduces emissions in China. Further, technology reduces emissions in Malaysia and Turkey, trade openness reduces emissions in China and Malaysia, and natural resource rents reduce emissions in Indonesia and Mexico. In the case of panel analysis, the moderating role of OFDI with human well-being is contributing toward a sustainable environment. Moreover, the moderation of OFDI and urbanization has an insignificant impact on CFP. Findings depict that interaction terms of OFDI with technology and trade openness have a positive association with the environment quality. Finally, OFDI and natural resources have positive moderation on CFP. This study contributes to the existing literature by suggesting policy implications for a sustainable environment.