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.

A randomized, double-blind, multicenter, placebo-controlled clinical study on the efficacy and safety of Shenmai injection in patients with chronic heart failure.

ETHNOPHARMACOLOGICAL RELEVANCE: Shenmai injection (SMI) is a traditional Chinese herbal medicine extracted from Panax ginseng (Panax ginseng C.A. Mey, steamed and dry) and Ophiopogon japonicus (Ophiopogon japonicus (L.f.) Ker-Gawl, root). It has been widely used for the treatment of chronic heart failure (CHF) in China. However, the evidence supporting its effects remains unclear due to lack of high quality trials. The aim of this study was to investigate the efficacy and safety of SMI in CHF patients with coronary artery disease (CAD). MATERIALS AND METHODS: This double-blind, multicenter study randomized 240 eligible patients equally to receive SMI or placebo (100ml/day) in addition to standard medicines for the treatment of CHF. The primary endpoint was the New York Heart Association (NYHA) functional classification. The secondary endpoints were 6-min walking distance (6MWD), short-form 36 (SF-36) hearth survey score, traditional Chinese medicines (TCM) syndrome score, left ventricular ejection fractions (LVEF) and B-type natriuretic peptide (BNP) level. RESULTS: During treatment of 1 week, the NYHA functional classification was gradually improved in both groups, but the SMI group demonstrated a significantly greater improvement compared with the placebo group (p=0.001). Moreover, the improvement in patients received SMI was superior to those in control group with respect to 6MWD, SF-36 score and TCM syndrome score. Treatment with SMI within 1 week was well tolerated with no apparent safety concerns. CONCLUSIONS: The integrative treatment with standard medicines plus SMI can further improve NYHA functional classification for patients with CHF and CAD. Therefore, SMI could be recommended in the combination therapy for CHF accompanied with CAD.