The impact of green finance and local regulations on industrial green innovation efficiency in China.

When the incentive mechanism of green finance fails to fully promote green technology innovation in industrial enterprises, local government environmental regulations become an important tool in correcting this market failure. However, due to the "follow the cost" hypothesis, the moderating effect of the local government environmental regulation is heterogeneous. In order to explore the impact mechanism of green finance development on the efficiency of green technology innovation in industrial enterprises, spatial effects as well as the heterogeneous moderating effect of local government environmental regulation, this paper systematically evaluates the development level of green finance in 30 provinces in China from 2009 to 2019. It estimates the efficiency of green technology innovation in industrial enterprises using the super-efficiency SBM model, and empirically analyzes the impact mechanism and moderating effect using the spatial Durbin model. The results show that: (1) green finance not only positively impacts the efficiency improvement of green technology innovation in industrial enterprises but also has significant spatial spillover effects; (2) local government environmental regulation has a nonlinear "inverted U-shaped" moderating effect between the green finance development and the efficiency of green technology innovation in industrial enterprises. Based on the research conclusions, this paper proposes policy recommendations from the perspectives of deepening the regional connectivity of green finance and promoting joint regulation by local governments.

Tracking exceptional points above the lasing threshold.

Recent studies on exceptional points (EPs) in non-Hermitian optical systems have revealed unique traits, including unidirectional invisibility, chiral mode switching and laser self-termination. In systems featuring gain/loss components, EPs are commonly accessed below the lasing threshold, i.e., in the linear regime. In this work, we experimentally demonstrate that EP singularities in coupled semiconductor nanolasers can be accessed above the lasing threshold, where they become branch points of a nonlinear dynamical system. Contrary to the common belief that unavoidable cavity detuning impedes the formation of EPs, here we demonstrate that such detuning is necessary for compensating the carrier-induced frequency shift, hence restoring the EP. Furthermore, we find that the pump imbalance at lasing EPs varies with the total pump power, enabling their continuous tracking. This work uncovers the unstable nature of EPs above laser threshold in coupled semiconductor lasers, offering promising opportunities for the realization of self-pulsing nanolaser devices and frequency combs.

Asymmetric localization and symmetric diffraction-free transmission in synthetic photonic lattice with anti-parity-time symmetry.

We study, to the best of our knowledge, the first observations of light propagation in synthetic photonic lattice with anti-parity-time symmetry by tuning the gain or loss of two coupled fiber rings alternatively and corresponding phase distribution periodically. By tuning the phase φ and the wave number Q in the lattice, asymmetric transmission of the light field can be achieved for both long and short loops when φ≠nπ/2 (n is an integer). Further investigations demonstrate that asymmetric localization of the light field in the long loop and symmetric diffraction-free transmission in two loops can both be realized by changing these two parameters. Our work provides a new method to obtain anti-parity-time symmetry in synthetic photonic lattice and paves a broad way to achieve novel optical manipulation in photonic devices.

Asymmetric localization induced by non-Hermitian perturbations with PT symmetry in photonic lattice.

We study both theoretically and numerically the asymmetric localization of lightwave in a three-layered photonic lattice with non-Hermitian perturbations. The results indicate that the gauge potential for photons can arise from the non-Hermitian perturbations, once the perturbations satisfy parity-time symmetry. Further study shows that the Peierls phase between adjacent waveguides has an important impact on the shapes of the band structures, which result in asymmetric localization of a lightwave in such a system when the wave number and Peierls phase satisfy k=ϕ=±π/2. This Letter provides a new way to control the light transmission and a feasible method to realize gauge potential for photons.