At present, more and more attention is paid to the sustainable development of enterprises. In particular, in the context of frequent financial crises and COVID‐19 pandemic, how the performance of listed companies' environmental, social, and governance (ESG) affects the company's market value has attracted widespread attention. Different from existing studies, this paper takes financial performance as a mediating variable and constructs linear regression model and mediating effect model based on analyzing the relationship between ESG performance, financial performance, and company market value and their influencing mechanism. The ESG rating data of Chinese listed companies newly developed by SynTao Green Finance from 2014 to 2019 were selected for empirical test. The results show that the improvement of ESG performance of listed companies can improve the market value of the company, and the financial performance of the company presents an obvious mediating effect. At the same time, operational capacity is an important mediating way for ESG performance to affect the company's market value. Further research shows that ESG performance of state‐owned listed companies exerts a stronger mediating effect on corporate operating capacity. Finally, this paper provides relevant suggestions for regulators, listed companies, and investors.

From the perspective of the policy impact effect, this paper takes green enterprises as the treatment group and polluters as the control group. Firstly, the double difference method (DID) was adopted to study the effect of green credit policy on enterprises from two aspects, namely the amount of loans obtained by enterprises and the financing cost. The study found that in terms of loan volume, the launch of “Green Credit Guidelines” enabled green enterprises to obtain more credit resources than polluters. In terms of financing cost, green credit policy means green enterprises obtain lower financing cost than polluters. The triple difference method is further used to test the impact of green Credit Guidelines on the access to credit resources and financing costs of enterprises. The results show that for enterprises with different property rights, the effect of green credit policy on non-state-owned enterprises is more significant than that of state-owned enterprises. For enterprises in different regions, the policy effect of green credit policy on enterprises in regions with relatively backward economic development levels is more significant than that of enterprises in regions with relatively developed economic development level. From the empirical results, the policy basically realized the original intention of directing credit resources to green enterprises and realized the Pareto improvement of financial resource allocation.

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Different from the existing literature which only studied the unilateral impact of the FDI or the ODI on economic growth, this paper took both the FDI and the ODI into the analysis framework of international capital flow on economic growth, and tried to introduce the mediating effect model to test the transmission mechanism and influence effect of international capital two-way flow on the economic growth. The results showed that both the FDI and the ODI can significantly improve the quality of economic growth, and the role of the FDI was stronger than that of the ODI. At the same time, the FDI and the ODI had obvious regional heterogeneity in promoting the quality of economic growth. International capital flow mainly requires three mediating effects to improve the quality of economic growth, which are the employment, the technology spillover as well as the output efficiency. The three effects of the FDI have a played significant role in promoting the quality of economic growth, while the ODI mainly plays a role through the improvement of output efficiency and technology reverse spillover. There are also significant regional differences in mediating effects.

This paper attempts to introduce central bank digital currency (CBDC) into the analysis framework of monetary policy, and studies the influence mechanism of e-CNY, central bank digital currency in China, on the monetary policy of the central bank from the aspects of money demand, money supply and monetary policy transmission mechanism. The research finds that e-CNY will have significant impact on monetary policy: (1) E-CNY will change the structure of money demand, speed up currency circulation, make central bank reserves more controllable and money supply more intelligent; (2) E-CNY will increase the volatility and expansion effect of currency multiplier to a certain extent; (3) E-CNY will dredge the transmission channel of monetary policy so as to improve the transmission effect of existing monetary policy tools. At the same time, based on the organic combination with structural monetary policy tools, it will achieve precise implementation of medium-term lending facilities (MLF), pledged supplementary lending (PSL), and it may bring new monetary policy tools. (4) E-CNY will make the intermediate target of monetary policy more controllable and reliable, and have a positive impact on the target of monetary policy through the smooth transmission of monetary policy channels. Therefore, it is necessary to strengthen the research on CBDC, give full play to the positive role of e-CNY in monetary policy, and improve the effectiveness of monetary policy.