Financial Economics Research Based on the “Entropy-Coupling” Model——Taking Zhejiang Province as an Example

Publisher Summary This chapter discusses the financial development and economic growth in underdeveloped countries. An observed characteristic of the process of economic development over time, in a market-oriented economy using the price mechanism to allocate resources, is an increase in the number and variety of financial institutions and a substantial rise in the proportion not only of money but also of the total of all financial assets relative to GNP and to tangible wealth. Typical statements indicate that the financial system somehow accommodates—or, to the extent that it malfunctions, it restricts—growth of real per capita output. Such an approach places emphasis on the demand side for financial services; as the economy grows it generates additional and new demands for these services, which bring about a supply response in the growth of the financial system. In this view, the lack of financial institutions in underdeveloped countries is simply an indication of the lack of demand for their services.

<p>The experience of developed countries shows that digital economy can promote high -quality economic development. By constructing a comprehensive evaluation index system, this paper measures the digital economy and high quality economic development level of Zhejiang province from 2013 to 2019. First, the coupling model is used to measure the dynamic evolution process of digital economy and high-quality economic development, then the general linear linear regression model is fitted to explore the promotion degree of digital economy to high-quality economic development, and finally, the mediationeffect model is used to analyze the mechanism of digital economy to promote high -quality economic development. The following conclusionsare drawn: In recent years, the development level of digital economy in Zhejiang province continues to improve, and the coupling coordination degree of digital economy and high-quality economic development gradually reaches a good level. Digital economy can promote high-quality economic development. Every 1% increase in the level of digital economy will increase the level of high-quality economic development by 0.4694%. The index of scientific and technological innovation is taken as a mediating variable, and the test model is constructed. The mediating effect is found to be significant, which indicates that digital economy empowers scientific and technological innovation to promote high-quality economic development. Based on this, this paper puts forward some suggestions to provide reference for thehigh quality economic development of Zhejiang Province.</p>

With the rapid advancement of information technology, traditional business management models are facing unprecedented challenges, and companies must promptly adjust to adapt to the fast-changing market environment. Therefore, this paper focuses on the development strategy of enterprise management informatization in Zhejiang Province in the digital economy era. As a leading region in economic development, Zhejiang Province faces multiple pressures, such as optimizing resource allocation and intensified market competition, making it urgent to achieve transformative management practices through informationization. The implementation of development strategies for business management informationization is an essential path for Zhejiang Province's high-quality economic development, with profound practical significance and forward-looking value. Through in-depth reading and analysis of relevant literature, it becomes clear that informationization is not only a key factor in enhancing management efficiency and decision-making capabilities but also the foundation for promoting innovation and competitiveness. By strengthening emphasis on and investment in informationization construction, Zhejiang Province can effectively respond to market changes, seize opportunities presented by the digital economy, and realize the optimization and upgrading of its economic structure.

Utilizing provincial panel data from China spanning 2000 to 2020, this study constructed an indicator system for high-quality economic development by incorporating 35 indicators. These indicators stem from five domains: innovative, coordinated, green, open, and shared development. To assess carbon finance development, an evaluation system was created using twelve basic indicators derived from three categories: financial environment, energy efficiency, and scientific and technological progression. The entropy weight method facilitated the computation of indices such as the economic quality development, innovative development, coordinated development, green development, open development, shared development, and carbon finance development indices. Both static and dynamic panel models served to empirically ascertain the specific influence of carbon finance on high-quality economic development. Additionally, regional and temporal variances in carbon finance's impact on high-quality economic development were scrutinized. Findings indicate that provinces like Beijing, Shanghai, Jiangsu, and Guangdong, known for advanced economic development, exhibit elevated levels of high-quality economic and carbon finance development. Nonetheless, disparities among provinces are evident. While carbon finance significantly bolsters China's high-quality economic growth, its influence is not uniformly observed across all five development domains. It primarily augments coordinated, green, and shared development. Furthermore, the role of carbon finance in boosting China's high-quality economic development exhibits regional and temporal variations. The promotion of high-quality economic growth can be achieved by fostering an amenable carbon finance environment, addressing aging, maximizing governmental influence, enhancing transportation infrastructure, propelling new urbanization, and refining education standards.

Studying the spatiotemporal heterogeneity of environmental regulations on high-quality regional economic development is of enormous practical value in the context of sustainable economic, social, and environmental development. Only a few studies, however, examined the regional heterogeneity of environmental regulation affecting economic development from the standpoint of upgrading the industrial structure. This research investigated the spatial distribution traits of high-quality regional development based on the construction of a comprehensive assessment index system for high-quality economic development. The economic geography-nested spatial Durbin model is then used to perform an empirical test. The findings demonstrate that (1) high-quality economic development has visible spatial heterogeneity, with strong local spatial agglomeration between regions; (2) environmental regulation and the modernization of the industrial structure are significant variables influencing high-quality economic development, but their development is not balanced; and (3) environmental policies promote high-quality regional development through a distinct channel. Formal environmental regulation promotes economic development through rationalizing industrial structure, while informal environmental regulation does so through upgrading the industrial structure. Further, both kinds of environmental regulation have positive spatial spillover effects on adjacent areas. Therefore, the regional heterogeneity of environmental regulation and industrial structure is of great significance in promoting the high-quality and sustainable development of regional economies.

Based on the connotation of high-quality economic development (HQED) in China, this study uses panel data of 30 provinces (cities and regions) in China from 2005 to 2019 to construct an evaluation index system of HQED with three dimensions of “economic development—social life—ecological environment,” and establishes a fuzzy comprehensive evaluation model to calculate the HQED index. The results show that the high-quality development level of China’s economy shows an upward trend of fluctuation, but the development level is still low and there are obvious regional differences. The eastern region enjoys the highest level of HQED, followed by the central region and western region. The panel data regression model is further established to analyze the impact of environmental regulation on economic development. It is found that there is an inverted u-shaped relationship between environmental regulation and HQED, and there is a “cost compliance” effect between environmental regulation and quantitative economic development. Strict environmental regulation measures will inhibit economic quantity growth. The results of heterogeneity analysis show that environmental regulation has different impacts on the economic development of the three regions due to the differences in resource endowment. The influence of environmental regulation on economic development in eastern China is similar to that in the whole country. However, in the central region, there is an “innovation compensation” effect between environmental regulation and HQED, and a “U” shape relationship between environmental regulation and quantitative economic development. In western China, the enhancement of environmental regulation will inhibit high-quality and quantitative economic development.

During the late 1970s and early 1980s, many African countries experienced a profound slowdown in economic growth. The growth rate of real per capita GDP fell from 0.4% per year during the 1973-80 period to 1.2% per year during the 1980-89 period.' The causes-internal and external-of Africa's economic decline and the strategies for restoring economic growth are much debated. Nevertheless, broad consensus has emerged on the importance of (i) increasing total investment and (ii) promoting private-sector development and increasing its share of total investment for long-term growth.2 It is widely recognized that gross domestic investment fell substantially in Africa during the 1980s and remains severely depressed across the region. The proportion of total domestic investment in GDP fell from 20.8% per year during 1973-80 to 16.1% per year during 1980-89. In some countries, investment has fallen to less than 10% of GDP-a level that is insufficient even to replace depreciated capital. In Africa, the minimum investment needed to replace depreciated capital is estimated at 13% of GDP.3 In recent years, there has also been a growing recognition among many African leaders, faced with new realism and pragmatism, that the private sector could play a significant role in economic development. The focus in the longer term of structural adjustment programs and sectoral reforms adopted by these countries is on creating more appropriate incentives and a framework for private-sector development as the basis for achieving sustainable economic growth. In addition, multilateral and bilateral institutions have developed new initiatives with priorities for private-sector development. In 1989, the International Finance Corporation, an affiliate of the World Bank, es-

This article focuses on the impact of the digital economy on cultivating new driving force of high-quality economic development in Henan Province and the countermeasures under the background of the "double circulation". Through the research on the status quo of Henan Province's digital economy and high-quality economic development, it is concluded that since the reform and opening up, Henan Province has achieved rapid and steady development at the macroeconomic level. Since the reform and opening up, the output value of the three main industries in Henan Province has continued to grow and the industrial structure has continuously optimized. However, in the domestic horizontal comparison, the economic development of Henan Province has not yet formed a prominent advantage. Henan Province still needs to further optimize the economic development structure and promote high-quality economic development. Through the theoretical and empirical analysis of the digital economy's high-quality economic development in Henan Province under the background of the "double circulation", this project found that the development of the digital economy promotes the cultivation of new driving force of high-quality economic development in Henan Province under the background of the "double circulation". Henan Province needs to make full use of the development opportunities of the digital economy under the background of the "double circulation", and adopts a variety of comprehensive measures to take advantage of the situation to promote the high-quality development of the province's economy. The research of this project believes that under the background of "double circulation", Henan Province uses the digital economy to cultivate New driving force for high-quality economic development. Although certain results have achieved, some problems have exposed, mainly including the lagging foundation of using the digital economy to cultivate high-quality economic development. Failed to make full use of the digital economy to cultivate leading companies that promote high-quality economic development, the government has not fully adapted to the digital economy’s demand for cultivating new driving force of high-quality economic development, and companies lack the talents to use the digital economy to promote their own innovation and high-quality development. Further in-depth exploration found that the factors for the above problems mainly include not deeply the dual nature of production and consumption of digital infrastructure construction under the background of "double circulation", but ignoring the "pull the ox by the nose (grasp the key link)" status of leading enterprises in the cultivation of new driving force of high-quality economic development. The enthusiasm for the transformation of government functions and the adjustment of organizational structure is insufficient, and there are obstacles, and the introduction and training system of high-quality professionals in the field of digital economy is lacking. Through the mechanism analysis of the digital economy on the high-quality economic development of Henan Province under the background of the "double circulation", the analysis of development issues and causes combined with relevant literature analysis and field investigations. The project puts forward the use of digital in Henan Province Countermeasures for the economy to cultivate new driving force of high-quality economic development. Henan Province's digital infrastructure construction builds a solid foundation for high-quality economic development. The consumption upgrades as the engine used to cultivate a group of leading companies at the high end of the industrial value chain, improves the government support system, builds a support system for high-quality economic development in Henan Province, and strengthens the digital economy of enterprises by the use of professional talent team building.

In the development process of the social era at that time, the concept of regional economic upgrading and development was in a very important position. Realizing the conversion of old and new kinetic energy to promote high-quality economic development is the focus of economic work at present and in the future. This study mainly discusses the upgrading and development of regional economy based on digital and intelligent innovation. Through the analysis of the influencing factors of the total economic volume and its growth rate, this study has a preliminary understanding of the development advantages and disadvantages of each district, county, and city in the process of regional economic upgrading. Through the comprehensive evaluation of the regional economic development of the province, it can obtain the distribution of the development degree of each district, county, and city and the comprehensive competitiveness of the regional economy. To sum up, a quantitative analysis has been carried out on the status quo of the provincial regional economic development. It uses a grayscale prediction model to predict the future of digital economic development, intelligent innovation, and regional economic development. The grey prediction model is a prediction method that establishes a mathematical model to make predictions through a small amount of incomplete information. Based on the past and present development laws of objective things, it uses scientific methods to describe and analyze future development trends and conditions and form scientific assumptions and judgments. The study found that province A ranked first in the comprehensive index of digital economy development. With its superior geographical location, it has become the vanguard of reform and opening up. It has been committed to the construction of the national digital economy innovation and development pilot zone and has achieved remarkable results, increasing from 0.6302 in 2017 to 1.317 in 2021. It ranks second in the comprehensive development index of economic growth. Province A increased from 0.4501 in 2017 to 0.8177. Province B ranks second in terms of the comprehensive digital economy development index, increasing from 0.5504 in 2017 to 1.1340 in 2021. Province B, with strong economic strength and prosperous trade, ranked first in the composite economic growth index, increasing from 0.4527 in 2017 to 0.8514. The upgrading of regional economic structure is an important way to achieve high-quality economic development in the new era. In the process of upgrading the regional economic structure, there are changes in factor allocation, resource consumption intensity, input-output efficiency, and environmental quality, which have a certain impact on economic development. This research will help to promote the process of regional economic upgrading and development.

Green finance, as a major policy innovation under the guidance of high-quality economic development, can optimize the economic development mode and structure through green investment to enhance the rationalization and advanced level of industrial structure, and ultimately enhance the level of high-quality development of China's economy. Based on the panel data of 30 provinces and cities in China from 2009-2019, this study examines the impact of green finance on economic high-quality development and its transmission path using the intermediary model. Based on this, a model with moderated intermediation effects is constructed to explore the mechanism of green finance on an economic high-quality path based on the intermediation path of industrial structure advancement and industrial structure rationalization and the moderated effect of environmental regulation. Finally, regional heterogeneity analysis is conducted. The study found that, firstly, green finance significantly contributes to high-quality economic development, and there is a positive mediating effect of both advanced and rationalized industrial structure. Secondly, environmental regulation positively regulates the positive impact of green finance development on industrial structure upgrading and strengthens the role of industrial structure upgrading in promoting economic quality development, as well as playing a significant positive regulating role in the direct effect of green finance on economic quality development. Finally, there are regional differences in the impact of green finance on high-quality economic development.

The introduction of China's double carbon target has led to a new stage in the development of China's low-carbon economy, while the development of China's green finance is also facing new challenges. Based on the determining of the relationship between low-carbon economy and green finance, this study selected the Yangtze River Delta city cluster of China, an exemplary region for the development of low-carbon economy and green finance, constructed a multi-level comprehensive index system covering two systems of low-carbon economy and green finance and conducted a coupled and coordinated relationship analysis based on the panel data of green finance and low-carbon economy-related indicators from 2016 to 2020. The empirical results showed that the interaction between the low-carbon economy system and the green finance system in the Yangtze River Delta region gradually weakened during 2016-2020, and the mechanism of interaction between the two systems has not been fully developed and utilized. Overall, the development of green finance in all four provinces and cities has not gained sufficient momentum, which is a constraint to the coupled and coordinated development of low-carbon economy and green finance in the four provinces and cities in the Yangtze River Delta. Zhejiang Province and Jiangsu Province performed better in terms of the scale of green finance and the use of diversified instruments, while Shanghai City performed better in terms of low-carbon economy, whereas Anhui Province needs to improve in both low-carbon economy and green finance.

High-quality economic development is an important approach for achieving sustainable economic development, and it is an essential condition for coordinated development between economic systems and ecosystems. This paper starts from five key points, namely, “innovation, coordination, opening-up, sharing and greenness”, to construct an evaluation system for the index of high-quality economic development, using the AHP and EVM methods to measure the level of high-quality economic development of 30 regions in China from 2004 to 2019. It uses the kernel density estimation model (hereinafter referred to briefly as KDE) and clustering method to analyze time evolution trends and spatial variation characteristics. Moreover, the LSE model is adopted to explore and analyze the factors influencing high-quality economic development in different regions. Additionally, the driving forces of China’s high-quality economic development are analyzed by means of path analysis combined with the average value of each index. The results show the following: (1) The high-quality economic development of 30 regions in China (excluding Hong Kong, Macao, Taiwan and Tibet) is spatially clustered, with obviously different development levels, characterized by the eastern region being better developed than the central and western regions. (2) With the passage of time, the polarization of China’s 30 regions has been alleviated, but they are still facing challenging development situations; (3) The factors affecting the high-quality economic development of these 30 regions in China can be divided into four types: three-factors, four-factors-I, four-factors-II and five-factors. Contributing regional factors show different distribution characteristics. The above conclusion provides a reference and scientific basis for the government to formulate policies of high-quality economic development and to solve problems facing coordinated sustainable development among regional societies, their economies and the environment.

How do innovation factor allocation and institutional environment affect high-quality economic development? Evidence from China

China’s economic development has shifted from high-speed growth to high-quality growth. The measurement and analysis of the high-quality economic development of prefecture-level cities in the province is conducive to the coordinated economic development of cities in the province and the improvement of the overall quality of economic development. This paper takes 11 prefecture-level cities of Shanxi Province, a resource-based province from 2010 to 2018, as the research object, and constructs an evaluation system of economic high-quality development indicators from the aspects of economic growth, economic structure, and economic benefits. At the same time, the high-quality economic development level and influencing factors of prefecture-level cities are selected for specific measurement and in-depth analysis. The research results show that: First of all, during the sample period, the high-quality economic development level of Shanxi Province showed a slow upward trend. Secondly, the high-quality economic development of provincial and municipal-level cities is uneven. Finally, the core driving force is economic benefits for high-quality economic development. All of the above are significant factors that cause differences in the quality of economic development of provincial and municipal cities. According to the analysis result, the paper last gives some policy suggestions.

In the new stage of China’s economic transformation from high-speed growth to high-quality development, scientific and technological factors have become the new driving force for the high-quality development of China’s economy. Therefore, how the flow of scientific and technological factors affects the high-quality development of regional economy is worthy of in-depth discussion. Based on the panel data of 30 provinces (municipalities and districts) in China from 2006 to 2019, this paper calculates the high-quality economic development index by constructing a comprehensive index system, and empirically examines the direct effect, spatial effect and threshold effect of the flow of scientific and technological factors (including scientific and technological talent factors and scientific and technological capital factors) on high-quality regional economic development. The results show the following: (1) The flow of science and technology talents and science and technology capital is the main driving factor for the high-quality development of regional economy, and the flow of science and technology talents and science and technology capital can play a complementary role. (2) High-quality regional economic development in China presents a certain clustering phenomenon in geographical space. The flow of scientific and technological talent elements and scientific and technological capital elements can stimulate the improvement of high-quality economic development in surrounding areas through the spatial spillover effect of high-quality economic development. (3) Only when the flow of science and technology factors is matched with a higher degree of financial structure and industrial structure can the flow of science and technology factors more effectively promote the high-quality development of regional economy. (4) The higher the level of industrialization and economic development, the more obvious the impact of the flow of scientific and technological talent factors and scientific and technological capital factors on the high-quality economic development. Meanwhile, the lower the degree of marketization, the more obvious the impact of the flow of scientific and technological capital factors on the high-quality economic development.