Lizhen Chen

Bio: Lizhen Chen is an academic researcher from Jiangsu University. The author has contributed to research in topics: Normative & Outsourcing. The author has an hindex of 2, co-authored 2 publications receiving 28 citations.

Low-carbon financial risk factor correlation in the belt and road PPP project

Abstract: A public-private partnership (PPP) project is a complex system with several stakeholders. The Green Belt and Road Initiative PPP project, in particular, entails multinational cooperation; therefore, the risks associated with this project are more complex and varied. Based on the grounded theory, this study identified 10 core low-carbon financial risk factors that could potentially derail the project. The Interpretive Structural Modeling methods were used to establish a hierarchical structure of the risks involved. The results show a strong correlation among the risk factors. The risk databases of the BRI need to be established, in order to ensure efficient green investments.

Impact of natural-resource dependence on foreign contracting projects of China: A spatial panel threshold approach.

Abstract: The proposal of the "Belt and Road" initiative has had a positive and far-reaching impact on the economic and social development of countries and regions along the route and has provided good opportunities and conditions for the development of China's foreign contracted projects. In the present study, in view of the heterogeneous characteristics and spatial correlation of countries along the Belt and Road, panel data of 46 contracted projects in China along the Belt and Road from 2008 to 2017 were used to empirically study the spatial characteristics of resource heterogeneity and outsourcing projects in the host country from the perspectives of spatial correlation and spatial heterogeneity. The results indicated that China had significant spatial agglomeration effects, natural restraining effects, and spatial spillover effects on the contracting projects along the Belt and Road, and the marginal impact in low-income countries exhibited a "broken line" relationship. Corresponding suggestions were provided for Chinese enterprises contracting projects involving Belt and Road countries. The databases of BRI need to be established, and ensure green investment efficiency.

发展人口神经科学中的规范化建模-量化脑智发展规律与个体分化特征的“显微镜”

Abstract: 揭示脑与心智个体差异的来源、规律及其科学机制是发展人口神经科学领域颇具吸引力的研究方向。个体差异的复杂性与当前研究方法的局限性是该领域方向的挑战所在，亟需发展在群体和个体层面建模个体差异的方法学框架，来量化脑智群体规律及其个体分化特征，实现一般科学规律与个体应用转化的科学衔接。规范化建模为此提供了一种方法学选择：基于代表性样本，使用分布式回归等方法，建立群体规律的统计模型，并在此基础上推演个体偏离规范化群体参照的程度，从而量化个体分化指标。这一方法学框架为发展人口神经科学提供了新工具，从人口生命周期的视角揭示了个体脑智差异的一般规律及其生物学基础，为解析脑智疾患的病因学机制及精准化临床实践提供了参考。鉴于规范化建模方法的巨大潜力，未来亟需在采样策略优化、数据收集规范、以及建模方法改进等方面开展深入研究，从而加速其应用转化。

Public spending and green economic growth in BRI region: Mediating role of green finance

Abstract: Generally, public spending on education, research, and development (RD however, such notion lacks evidence, particularly in Belt and Road Initiative (BRI) member countries. In this study, panel data of BRI member countries from 2008 to 2018 is analysed using the generalized method of moments (GMM) method and data envelopement analysis (DEA) to assess the relationship between public spending on R&D and green economic growth and energy efficiency. The study found a fluctuating green economic growth indicator during the research period attributed to the non-serious nature of government policies. The findings reveal that the GMM method confirms both composition and technique effects in the entire sample. Nonetheless, the result of the sub-sample showed a heterogeneous effect on high GDP per capita countries. Moreover, the study shows that public spending on human resources and R&D of green energy technologies prompts a sustainable green economy through labour and technology-oriented production activities and different effects in different countries.

Covid-19 and Optimal Portfolio Selection for Investment in Sustainable Development Goals.

Abstract: The Covid-19 pandemic and global economic recession has shrunk global energy demand and collapsed fossil fuel prices. Therefore, renewable energy projects are losing their competitiveness. This endangers the achievement of several Sustainable Development Goals (SDGs) and the Paris Agreement on Climate Change. Various consulting companies define the SDGs differently. Institutional investors hire consulting companies and allocate their investment based on the consultants' suggestions. This paper theoretically shows that the current allocation of investors by considering SDG based on various consulting companies will lead to distortion in the investment portfolio. The desired portfolio allocation can be achieved by taxing pollution and waste such as CO2, NOx, and plastics, globally with the same tax rate. Global taxation on pollution will lead to the desired portfolio allocation of assets.

Does the development of the internet contribute to air pollution control in China? Mechanism discussion and empirical test

Abstract: With the continuous development of cloud computing and internet of things technology, the integration of internet and haze governance has broad prospects and infinite potential. Through the internet platform and technology, environmental monitoring can be done by the internet, and realize the intellectualization of environmental management, improve the early warning ability of environmental pollution emergencies, and facilitate the public's in-depth participation in environmental supervision. The dynamic spatial Durbin model and the quantile regression model are employed to analyze the effect and mechanism of the internet development on China's haze pollution on the basis of provincial panel data in China from 2006 to 2017. The results indicate that there is an inverted “U” curve between internet development and haze pollution in China, and the conclusion is still valid after a series of robustness tests. There is significant heterogeneity between direct and indirect spillover effects. Meanwhile, from the perspective of different regions in China (such as the east-central region and western regions), the inverted “U” curve between internet development and air pollution still exists. Besides, quantile regression results also show that the suppression effect of the internet on haze pollution is getting stronger with the increase of haze concentration. The regression results of the mediation effect indicate that internet development mainly affects haze pollution by improving technological innovation and environmental governance efficiency.

How does investor attention influence the green bond market

Abstract: This paper is the first empirical study of the link between investor attention and the green bond market performance. Using daily data of investor attention and green bond indexes, we find that investor attention can influence green bond returns and volatility, however, this relationship is time varying. Our results are relevant for investors as they shed light into the newly developed and fast growing green bond market. Our findings also emphasize the importance of appropriate information and attention for directing financial flows towards sustainable investment.

The role of financial deepening and green technology on carbon emissions: Evidence from major OECD economies

Abstract: This paper investigates the role of financial deepening, green technology, foreign direct investment (FDI), per capita income and trade openness on carbon emissions in a panel of 25 OECD economies. The paper uses robust panel econometric techniques and yearly data, 1991–2016. The empirical evidences from augmented mean group and group-mean estimators reveal that green technology, FDI inflows and trade openness reduce carbon emissions, while financial deepening and per capita income positively contribute. Overall, it implies that green technology, along with FDI and trade, is the major factor that helps to reduce the carbon emissions in the OECD economies.