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The purposes of this paper are to analyze whether digital finance can contribute to enterprises' innovation performance and to determine the mediating effect of government subsidies.

This paper empirically examines the impacts of digital finance on enterprises' innovation performance by looking at Chinese companies listed on the SME and GEM boards from 2011 to 2018 to build an econometric model to test our hypotheses. The mediating effect of government subsidies, the moderating effect of financial constraints are examined, as well as shareholding of the largest shareholders in each selected company and the asset-liability ratio.

The results show that digital finance has a significant promotional effect on firms' innovation performance and that government subsidies play a partial mediating role in digital finance's contribution to firms' innovation performance. In addition, financial constraints and the shareholding of the largest shareholders in each selected company have a negative moderating effect on the relationship between government subsidies and firms' innovation performance. On the contrary, the asset-liability ratio is found to positively affect the relationship.

There has been limited research to date on the relationship between digital finance and firms' innovation performance, particularly with regard to the extent to which digital finance can influence innovation performance and the mechanisms for doing so. Therefore, it is of great significance to examine the relationship between digital finance and enterprises' innovation performance, which can also provide guidance for both the Chinese government and enterprises.

This study aims to interrogate and expand on the flexible citizenship framework by illuminating students' emergent identities and imagined future mobilities in China's expanding international school sector.

In-depth semistructured interviews were conducted with international school students and their parents in Shenzhen, covering their motivations for overseas higher education, experience with international schooling, self-perceived identities and imagined futures.

The participants aspired to overseas higher education for both symbolic capital attainment and embodied cultural cultivation to thrive in a globalised world. They expressed confidence that international schooling experiences prepared students for mobility to Western higher education and cultivated globally-oriented identities while not undermining their Chinese roots. They imagined their futures in terms of considerable flexibility, with a rising China viewed as an attractive and feasible option for career development.

This research provides an enriched understanding of a new generation of globally mobile Chinese students. The participants held distinctively different outlooks, aspirations and attitudes than depicted in the flexible citizenship framework, which emphasised a one-dimensional and instrumentalist portrayal of Chinese international students. This study discusses cross-generational changes in the desire for overseas education and a global-national outlook among young people in the context of significant social transformations in urban China.

The originality of this study is in expanding the flexible citizenship framework with reference to the emergent identities and pathways of students in the international schooling sector in China.