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The purpose of this paper is to explore the influence of the rise in housing prices on enterprise financing and also the sustainability and heterogeneity of this effect.

Empirical test, panel data, fixed-effect model, IV and 2SLS were used in this paper.

The empirical results indicate that the mortgage effect does exist, and the authors further analyze the heterogeneity of this effect by dividing the sample based on the degree of financial development and property rights; the empirical results reveal that the mortgage effect is significantly higher in places with the high level of financial development. Besides, compared to the SOE enterprise, the mortgage effect has more influence on non-SOE companies.

The results indicate that the mortgage effect should be considered when regulating housing market, and in order to improve the financing capability of company, its profitability and financial market efficiency should be emphasized.

This paper not only confirms the existence of the mortgage effect, but also explores its sustainability and heterogeneity, which reveals the risk and bubble in the effect of house market on enterprise financing, and enlightens how to promote financing ability of company.

This paper aims to systematically expound the theory and development background of supply chain finance and blockchain, design a railway freight supply chain financial platform based on blockchain, determine the risk management system and business support system of supply chain finance business and analyze the value generated by the combination of supply chain finance business and blockchain.

Investigation and research method; Prototype method; Model method; Value analysis.

The business model integrating supply chain finance and blockchain technology will bring great changes to freight industry. The development of supply chain finance is beneficial to the healthy development of the core participants of railway freight transport business and its upstream and downstream ecosystems. It links commerce, logistics, warehousing and financial services together and builds an industry-integrated ecological service platform through information technology platform and supporting system, taking data as the basis and combining information technology such as blockchain as innovative means.

This paper will provide important reference value for related research. This paper innovatively designs the supply chain financial platform of freight transportation industry-integrating blockchain technology and analyzes its business model, technical system, risk management and control system and value system in detail, which will provide technical support for the innovative reform of freight information technology and realize the stable and high-speed development of freight logistics informationization.

The main purpose of this paper is to explore the impact of digital transformation on enterprises' performance considering financing constraints in the capital market to explore whether digital transformation improves enterprises' performance through the financing constraints channel.

This study, using a panel data set of 14,669 observations of 2,858 non-financial enterprises that issued A shares on the Shanghai and Shenzhen stock exchanges from 2013 to 2019, theoretically and empirically tests the impact and mechanism of digital transformation on enterprise performance.

Digital transformation has a significant positive effect on enterprise performance; this conclusion remains the same after the robustness test and endogeneity problems are dealt with. Financing constraints play a mediation role between digital transformation and enterprise innovation. The effect of digital transformation on enterprise performance varies significantly by size, ownership and industry.

The theoretical contributions of this study not only enrich the literature on the economic benefits and mechanism of digital transformation but also expand the literature on the factors that influence enterprise performance. The practical contribution of this study is the reference that it provides for implementing decisions about enterprise digital transformation and formulating differentiated policies for government digital transformation.

The purpose of this study is to examine the financial challenges faced by agricultural enterprises in the Republic of Kosovo. It aims to compare the various forms of financing used in Kosovo with those in European Union (EU) countries. The study seeks to highlight opportunities and challenges with a focus on how they can learn from the experiences of EU countries.

The study is based on responses from agricultural enterprises in both the EU and Kosovo. Data was gathered through a survey conducted with 50 agricultural enterprises in Kosovo, whereas for EU context, information from the 2020 Survey on the Financial Needs and Access to Finance of EU Agricultural Enterprises (provided by EAFRD). Statistical data were processed using the Stata and SPSS programs.

In agriculture sector, loan is the primary form of financing to expand their activities and capacities, whereas financing for agricultural enterprises exhibits a negative relationship with the bureaucratic procedures associated with financing.

The main research’s limitations include the unavailability of official data from the relevant institutions in Kosovo.

A possible implication arising from this research is the reliance of the development of agriculture enterprises on debt.

Due to the lack of comprehensive data in this regard, is unable to analyze the specific impact of gender in financing patterns of these enterprises.

This study provides real data on the current situation of agricultural enterprises in Kosovo. Considering Kosovo’s goal to integrate with the EU, this comparative approach adds significant value to the study.

This paper aims to explore the impact of green finance on the heterogeneity of enterprise green technology innovation and the underlying mechanism between them.

Using the data of China's A-share listed enterprises from 2008 to 2020 and the fixed effect model, the authors empirically explore the relationship and mechanism between green finance and green technology innovation by constructing the green finance index while considering both the quality and quantity of innovation.

The study suggests that green finance is positively related to the quality and quantity of enterprise green technology innovation, while green finance is more effective in stimulating the quality of green technology innovation than quantity. In addition, alleviating financial mismatch and improving the quality of environmental information disclosure are core mechanisms during the process of green finance facilitating green technology innovation. Furthermore, green finance exerts a more positive effect on the quality and quantity of green technology innovation with large-size enterprises, heavily polluting industries and enterprises in the eastern region.

This paper enriches the literature on green finance and green technology innovation and provides practical significance for green finance implementation.

This study aims to explore the relationship between financing constraints and the innovation performance of Internet enterprises in the cross-border innovation cooperation network. The study also analyzes the moderating effect of the location of the cross-border innovation cooperation network.

The authors selected patent data, related transaction data and other data of A-share listed companies on Shanghai and Shenzhen stock exchanges from 2014 to 2019. The generalized moment estimation method of instrumental variables (IV-GMM) method was used to analyze the relationship between financing constraints and the innovation performance of Internet firms and the moderating effect of the cross-border innovation cooperation network location. The threshold value of the moderating effect of the network structure hole was calculated with the threshold model.

The empirical results show a significant inverted U-shaped relationship between financing constraints and the innovation performance in the cross-border innovation cooperation network of Internet enterprises. Network centrality positively moderates this relationship. There is a threshold for the adjustment effect of network-structural holes, and the adjustment intensity of structural holes changes before and after the threshold.

This study provides a new perspective for Internet firms in innovation cooperation networks to alleviate the negative impact of financing constraints on innovation performance. The inverted U-shaped relationship between financing constraints and the innovation performance of Internet enterprises is in two stages. The moderating range of network centrality and the structural hole besides the threshold of the moderating effect of a structural hole are detailed.

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 intends to explore the relationship between digital finance and the vertical specialization of firms. The following questions are discussed: (1) As a representative new financial development model, what is the role of digital finance in the vertical specialization of firms? (2) If digital finance improves the level of vertical specialization of firms, what is the mechanism behind such improvement? (3) How does digital finance impact the vertical specialization of firms in different regions, industries, and firms?

A two-way fixed-effect model of panel data is proposed to verify the relationship between digital finance and the vertical specialization of firms. This model is constructed by matching the city-level data of digital finance with the data of China's A-share listed companies from 2011 to 2018. Meanwhile, the instrumental variable (IV) method and difference-in-difference (DID) method are adopted to deal with the endogeneity problem of the model.

The authors' study finds that digital finance has significantly improved the level of vertical specialization of firms. The result is robust under the endogeneity consideration and a series of robustness tests. After the dimensionality of the index is reduced, the depth of digital finance usage is more conducive to the improvement of the vertical specialization of firms compared with the width of digital finance coverage and the level of financial digitization. Digital finance mainly improves the level of vertical specialization of firms by reducing transaction costs and increasing the market thickness of the intermediate products. Moreover, digital finance has certain heterogeneity in promoting the vertical specialization of firms, an effect that is more significant in the eastern region, manufacturing industry and state-owned enterprises (SOEs).

The first limitation is the mechanism test. This research only analyzes the mechanism from transaction cost and the market thickness of the intermediate products. With the rapid development of information technology, digital finance will be further integrated into people's production and life. There will then be more mechanisms that should be explored between digital finance and the vertical specialization of firms. Another limitation is the data sample of this paper. The conclusions of this research are based only on the data of listed companies. However, in the authors' opinion, the specialization level of small and medium-sized enterprise (SMEs) should be higher. Therefore, the conclusions of this work are underestimated, which can be considered as the lower limit of digital finance for enterprise specialization.

As a favorable financing channel to supplement traditional financial service functions, digital finance plays a critical role in the operating efficiency of enterprises and the effective allocation of macro resources. The authors' research shows that digital finance has significantly improved the vertical specialization of firms. This conclusion provides guides to improve the production efficiency of enterprises and the quality of economic development.

This paper has three main contributions. (1) The relationship between financial development and the vertical specialization of firms is innovatively discussed from the perspective of digital finance, which implies that digital finance can effectively promote the level of vertical specialization of firms. (2) This paper provides new perspectives and ideas to reveal the impact mechanism of digital finance on the real economy by systematically analyzing the mechanism of digital finance on the vertical specialization of firms from the perspectives of transaction costs and financing constraints. (3) The regional differences in the development of digital finance, industry differences in the vertical specialization of firms and differences in the nature of enterprise property rights are all under consideration, which improves the effectiveness and pertinence of digital finance in promoting the vertical specialization of firms.

To show how social enterprises can take advantage of the growing ethical awareness of financial institutions to finance their work whilst remaining true to their social principles.

The concept of financial intermediation and the growing ethical dimension of financial institutions are discussed to examine the evolving role of ethics within financial intermediation and the opportunities these offer to social enterprises which have hitherto been wary of such finance on principle. Focuses on the fact that many depositors and investors are willing to sacrifice financial return for social results. Reports results of the study, which literature searches and other methods and presents information based on case studies of eight financial intermediaries that provide services to social enterprises and have a strong concern for ethics.

The case studies comprise: Aston Reinvestment Trust (ART), an industrial and provident society; Charity Bank, an FSA regulated bank with a national lending scale; Derby Loans, an industrial and provident society (IPS) and a community development finance institution (CDFI); The Ecology Building Society (EBS), an FSA‐regulated building society with a national lending scale; Industrial Common Ownership Finance (ICOF), a public company limited by guarantee with a national lending scale; London Rebuilding Society (LRS), an IPS with a local lending scale, with borrowers having to be located in London; Triodos Bank, a regulated bank with a national lending scale; and Ulster Community Investment Trust (UCIT), an IPS with a local lending scale limited to specified geographical areas. Concludes that several financial intermediaries now exist that are willing to provide short and long term finance to social enterprises.

Provides valuable information and encouragement for social enterprises seeking finance for their activities.

The purpose of the current study is to analyze the influence that is caused by ethnicity and volunteer self-employment in entrepreneurship on the initial financing and business performance of Chinese enterprises. The increasing trend of entrepreneurship has raised certain ethnic challenges in entrepreneurship owing to globalization and now there are several minority groups that are running their households in China. So, the current study aims to assess whether the minority-operated and majority-operated firms have different access to initial financing and different business performance.

The data are collected from 25 Chinese enterprises about the current variables, and the relationships are tested. This study has used the ordinary least of square (OLS) regression model to examine the findings.

The purposive sampling is used in the current study because the purpose of the present research is to understand and study the role of ethnicity and self-employment in initial financing and business performance of Chinese enterprises and so the data was collected from related enterprises. This study has used the ordinary least of square (OLS) regression model to examine the findings.

The current findings have significant implications in theory and practice. This study will be a great addition to the literature because the self-employment has never been examined before in such models to assess the role of forceful or volunteer self-employment in entrepreneurship, and so, it will open new doors of research for future researchers.