Abstract：Water rights trading is one of the effective ways to maximize the benefits and efficiency of water resource utilization. This paper selects the panel data of 31 provinces of mainland China from 2005 to 2019 to evaluate the impact of China's water rights trading pilot policies on water resource utilization efficiency. This study uses the global SBM model of undesirable output super-efficiency to measure the water use efficiency of each province，and then conducts a counte rfactual analysis of the water rights trading policy based on RCM（regression control method）. The research results show that：（1）the average level of China's water resources utilization efficiency is not high in the past ten years，and there is a large room for improvement.（2）From the perspective of time，the water resources utilization efficiency showed a "first decline and then an increase" with 2015 as the turning point.（3）From the perspective of spatial distribution，the regional differences in water resource utilization efficiency greatly varied between provinces，which are mainly related to factors such as the level of economic development，degree of opening to the outside world，industrial structure，and water resources endowment.（4）Based on the regression control method，the analysis results show that water rights trading policy can significantly improve the utilization efficiency of water resources in pilot provinces（regions），and the policy effect is affected by regional economic and technological development and market vitality.

Abstract：With the concept of "carbon peaking" and "carbon neutrality" proposed，the necessity of research on carbon emission efficiency is highlighted. Based on the Super-SBM-DEA model with unexpected output in three stages，this paper measures the carbon emission efficiency of 30 provinces except for Hong Kong，Macao，Taiwan，and Tibet from 2004 to 2017，and analyzes the time dimension and regional discrepancies of the measurement results. The measurement results show that the overall level of carbon emission efficiency in China is low and influenced by environmental factors. It is upward in the adjusted time trend. The carbon emission efficiency varies widely among regions，with the highest carbon emission efficiency in the eastern region and the lowest in the western region. According to the measurement results of the Dagum Gini coefficient，the overall regional differences in China are narrowing.The uneven carbon emission efficiency is mainly caused by the differences in regions. Based on the above analysis，the study suggests that the central government strengthens environmental management， formulating corresponding policies for different regions，changes policy focus，and promotes carbon emission cooperation among regions，which would be important ways to improve carbon emission efficiency.

Abstract：What impact will supply chain finance have besides solving the financing difficulties for enterprises is now a common concern of academic and practical circles. Taking China's A-share listed companies from 2011 to 2020 as research samples，this paper examines the impact of supply chain finance on audit fees and analyzes the moderating effect of supply chain concentration. The study found that supply chain finance has a restraining effect on audit fees，but this role will be weakened as supply chain concentration increases. Further research shows that supply chain finance has a stronger restraining effect on audit fees in firms with low information asymmetry and low enterprise risk than in firms with high information asymmetry and high enterprise risk. Based on the change in audit fees，this study not only observed the response of capital market participants to supply chain finance but also further explored the function boundary of supply chain finance，enriching the related research on supply chain and audit fees.

Abstract：Based on the panel data of 417 A-share companies in heavily polluting industries from 2015 to 2020 and taking the first batch of green finance reform and innovation pilot zones established in China in 2017 as a quasi-natural experiment，this paper uses a double-difference model to analyze the impact of green finance on information disclosure of polluting companies. It explores the heterogeneity of the impact of green finance on corporate information disclosure when the nature of enterprises and the degree of development of the regional financial industry are different. The study found that the quality of information disclosure of heavily polluting enterprises in the green finance pilot reform areas was significantly higher than that in the non-pilot areas. Green finance has forced polluting companies to improve the quality of their information disclosure by increasing financing constraints. Further heterogeneity analysis found that green finance has a more obvious effect on improving the quality of information disclosure in the private sector than in state-owned enterprises. Similarly，green finance has a more significant role in improving the quality of information disclosure of companies in less developed regions compared to companies in developed regions. The above studies suggest that the pilot reform of green finance has shown good policy-oriented effects and corporate governance effects，especially on the improvement of informa⁃ tion disclosure quality of heavily polluting enterprises and their intrinsic motivation to reduce carbon emissions.

Abstract：Financial marketization is the transformation of the operation of the financial system from government regulation to market dominance and to exert the role of the market mechanism in capital allo cation.The original intention of the reform is to eliminate financial inhibition and promote the positive interaction between financial development and the real economy.However，in recent years，the weakening of the ability of finance to support the real economy has become increasingly prominent during the process of financial marketization in China.Why does the reform deviate from its original purpose and fail to truly benefit the real economy？This paper sorts out the research progress of this problem and summarizes and analyzes the positive and negative performance of the impact of financial marketization on the real economy，the inherent causes，and the necessary conditions conducive to improving financial reform to support the real economy，to provide a literature basis and reference for future related research.

Abstract：Based on the micro-survey data of households of Xinjiang，this paper constructs financial literacy indicators through factor analysis，and uses the Probit model，instrumental variable method，and mediation effect model to empirically analyze the relationship between the financial literacy and poverty occurrences of households in ethnic areas.The results show that financial literacy can significantly curb the occurrence of absolute poverty and relative poverty in ethnic areas.The propensity scores matching test shows that this result is robust.Further research shows that optimizing family financial decisionmaking is an important transmission mechanism of financial literacy.Based on the above conclusions，the government of ethnic minority areas should establish an effective financial education system，promote financial education，and improve residents' financial literacy in multiple ways.

Abstract：This paper adopts the structural decomposition technology of the input-output model to analyze the industrial correlation characteristics of the e-commerce industry from 2012 to 2017. It is found that，firstly，the development of the e-commerce industry mainly comes from the industrial linkage effect，and the growth rate of economic effect is in a leading position. Second，the spillover effect of other industries on the e-commerce industry shows a declining trend whereas the feedback effect is on the rise.Third，both the spillover effect and the feedback effect of the e-commerce industry showed a growing trend. The research verifies the powerful industrial integration ability and economic driving effect of ecommerce and provides a theoretical basis for deepening the integration development of the e-commerce industry.

Abstract：China's Civil Code clearly affirms the legality of future accounts receivable as factoring contracts and sets the validity of the basic contract involved as the premise for the validity of the factoring contract. The validity of the factored future accounts receivable should meet the requirements of reasonable expectation，certainty，and transferability at the same time. Within the framework of regulations and industry norms，there are differences in the validity of future accounts receivable factoring contracts in terms of the application of norms，which increases the risk of factoring business operations. This risk comes from both internal and external sources，and it is mainly caused by the deficiencies in the comprehension of factoring customer selection，factoring business management and control，and the construction of the industry-standard system. In order to cope with these risks，it is necessary to construct a rule system with the Civil Code as the core，establish a judgment mentality centered on the review of the legality of factoring contracts，and simultaneously improve factoring business development and selfdiscipline standards.