This study investigates the impact of China’s Green Credit Guidelines on the technological innovations of heavily polluting enterprises. This study uses data obtained from the CSMAR database (2007–2018) and China Marketization Index Report by Province 2018 and uses the Green Credit Guidelines as a quasi-natural experiment. The sample was divided into an experimental group and a control group; the experimental group disclosed environmental and sustainable development information, while the control group did not. This study’s primary finding is that the Green Credit Guidelines can improve the level of technological innovation of heavily polluting enterprises and have a greater impact in areas with high levels of marketization, indicating that the Green Credit Guidelines have a positive effect on the technological innovation of heavily polluting enterprises. This provides China with an experience constructing relevant policies and regulations and provides empirical evidence regarding the technological innovations of heavily polluting enterprises from the perspective of factor market distortions and the Porter hypothesis.

Given the representativeness and availability of data, this paper selects personal posts from the Oriental Wealth Internet Cafe and Sina Internet Cafe Forum to analyze the mechanism of insurance company participation, investor sentiment, and stock price synchronicity in China. Using a panel of data of listed companies from 2007 to 2018, evidence shows that investor sentiment in the stock market forum will increase the synchronicity of stock prices in the short term, while an insurance company’s shareholding effectively reduces the impact of investor sentiment on share price synchronicity which plays a mediator effect; the higher the proportion of the insurance company’s shareholdings, the more evident the effect. By conducting counterfactual research, the study found that insurance company participation can reduce the synchronicity of stock price by 0.10435 in a group with high investor sentiment than a group with low investor sentiment. For each investor sentiment group, the higher the proportion of the insurance company’s shareholdings, the greater the reduction in the synchronicity of stock prices. The results of this study can be used by national regulatory authorities to formulate policies in the field of e-finance in order to reduce stock price synchronization, stabilize financial markets, and minimize systemic financial risks.

This paper takes insurers' intervention as the entry point, and sets insurers' intervention, separation of two rights and firms' technological innovation in a specific context to study the transmission mechanism and economic consequences using panal model. The results show that there is a positive relationship between insurers' intervention and firm's technological innovation, and the degree of separation of two rights has a negative moderating effect on the relationship between insurers' intervention and technological innovation, and this effect is more obvious in the sample of state-owned enterprises. Therefore, the state should formulate relevant policies to guide the equity investment behavior of insurance companies so as to improve the operational efficiency of market resources.

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