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This paper summarizes the transmission chain of “digital finance-financing constraint-firm innovation” at the theoretical and practical levels, incorporates digital finance into the empirical analysis framework of firm innovation, selects the data of Chinese GEM(Growth Enterprise Market)-listed companies from 2011 to 2020, and matches the data of the digital inclusive finance index. The paper empirically examines the incentive effect and impact mechanism of digital finance on SME innovation through the two-way fixed-effects model and mediated-effects model by matching the data of China GEM-listed companies from 2011 to 2020 with the digital financial inclusion index data. The findings show that the digital development and promotion of digital finance play a significantly positive impact in helping SMEs innovate and stimulate innovation. The effect is realized by alleviating corporate financing constraints. Further, digital finance has different incentive effects on enterprises with varying rights of property nature, as well as on other regions.

The color of mineral pigments changes obviously with their particle size. However, how the particle size of these mineral pigments affects the color of the mineral pigment color block remains unclear. Based on optical principles and the physical properties of mineral pigment particles, our analysis found that changes in the particle size not only nonlinearly affect the behavior of light at the first surface of the mineral pigment color block, but also affect the interaction of light with the particles within the body of the mineral pigment color block, ultimately changing the spectral reflectance and color of the mineral pigment color block. Finally, we derived a nonlinear monotonically decreasing relationship between the particle size and the spectral reflectance. The experiment conducted in this article selected six kinds of mineral pigments as color block samples and observed the changes in the spectral reflectance and color value with the particle size. These studies are beneficial for color researchers conducting scientific research related to mineral pigments. K E Y W O R D Scolor, mineral pigment, particle size, reflectance

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Based on the panel data of a total of 25 prefecture-level cities in the four major metropolitan areas in China's Yangtze River Delta region from 2003 to 2019, the Dubin model of three types of spatial weight matrix is used to compare and explore the impact effect and mechanism of nancial agglomeration on the coordinated development of ecological green. The results show that, rst, the positive local and neighborhood effects of nancial agglomeration on the coordinated development of ecological green are mainly re ected in the Hefei, Hangzhou and Shanghai metropolitan areas, and the intensity of the effect decreases sequentially. Information transfer and technology correlation are important mechanisms to improve the local effect of nancial agglomeration, and the neighborhood effect varies from metropolitan area to a metropolitan area. Second, in addition to the adverse impact of the concentration of nancial personnel on the integration of ecological green, the agglomeration of securities, banking and insurance industries can release the "green driving potential energy", and the intensity of contribution gradually weakens. Third, the radiation effect of Shanghai's nancial agglomeration is the strongest, Nanjing has a "U" shaped impact, Hangzhou has an inverted "U" shaped impact, and Hefei does not play a role. HighlightsExplore the impact of nancial agglomeration on the coordinated development of ecological greenery in the four major metropolitan areas of the Yangtze River Delta. Financial agglomeration can have a positive local and neighborhood impact on the coordinated development of ecological green, and this varies by metropolitan area. Information transfer and technical correlation are important intermediate mechanisms. Different agglomerations of nancial institutions and personnel have different "green potential energy" effects.Shanghai has the greatest radiation effect, Nanjing has a "U" type effect, Hangzhou has an inverted "U" type effect, and Hefei has no effect.