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Quantitative and spatial-explicit flood risk information is of great importance for strengthening climate change adaptation and flood resilience. Shanghai is a coastal megacity at large estuary delta with rising flood risks. This study aims to quantify the overall economic-societal risks of storm flooding and their spatial patterns in Shanghai.

Based on multiple storm flood scenarios at different return periods, as well as fine-scale data sets including gridded GDP, gridded population and vector land-use, a probabilistic risk model incorporating geographic information system is used to assess the economic-societal risks of flooding and their spatial distributions.

Our results show that, from 1/200 to 1/5,000-year floods, the exposed assets will increase from USD 85.4bn to USD 657.6bn, and the direct economic losses will increase from USD 3.06bn to USD 52bn. The expected annual damage (EAD) of assets is around USD 84.36m. Hotpots of EAD are mainly distributed in the city center, the depressions along the upper Huangpu River in the southwest, the north coast of Hangzhou Bay, and the confluence of the Huangpu River and Yangtze River in the northeast. From 1/200 to 1/5,000-year floods, the exposed population will rise from 280 thousand to 2,420 thousand, and the estimated casualties will rise from 299 to 1,045. The expected annual casualties (EAC) are around 2.28. Hotspots of casualties are generally consistent with those of EAD.

In contrast to previous studies that focus on a single flood scenario or a particular type of flood exposure/risk in Shanghai, the findings contribute to an understanding of overall flood risks and their spatial patterns, which have significant implications for cost-benefit analysis of flood resilience strategies.

The reform and opening-up of capital market is valued for promoting sustainable development, while its impact presented as the form of deregulation of short-selling on the green innovation of enterprises in developing countries remains unclear. The purpose of this study is to outline the significance of gradual reform of financial markets in developing countries for low-carbon transformation and provide implications for achieving carbon peaking and carbon neutrality goals.

Based on the green subdivided patent data and financial data of China’s A-share listed companies, this paper takes the implementation of securities margin trading program as a quasi-natural experiment and applies the difference-in-differences (DID) model to examine the impact of deregulation of short-selling constraints on the enterprises’ green transformation.

The findings reveal that the initiating securities margin trading program significantly enhances the green innovation performance of enterprises. These findings are valid after performing a series of robustness tests such as the parallel trend test, the placebo test and the methods to exclude other policy interference. Mechanism analyses demonstrate a two-faceted effect of the securities margin trading program on the green innovation of enterprises, in which short-selling policy increases the pressure on capital market deregulation and meanwhile induces the environmental protection investment. The heterogeneity results demonstrate that the impulsive effect imposed by securities margin trading program is more significant in experimental group samples with characteristics of lower financing constraints, belonging to heavy polluting industries and possessing better environmental supervision capability.

First, previous studies have focused on the impact of financial policies implemented by banking institutions on the green innovation of enterprises, but few literatures have explored the validity of relaxing short-selling restrictions or opening the capital market in the field of enterprise’s green transformation in developing country. From the view of securities market reform, this paper broadens the incentive and supervision effects of the relaxation of short-selling control on enterprise’s green innovation performance after the implementation of securities financing and securities lending policy in China’s capital market. Second, previous studies have explored the impact of command-and-control environmental regulations, as well as market-incentivized environmental regulations such as green finance, low-carbon pilots and environmental tax reform, on the green transition of enterprises. Recently the role of the securities market in the green development of enterprises has received more attention in academia. The pilot of margin financing and securities lending is essentially a market-incentivized regulatory tool, but there is few in-depth research on how it affects the green innovation of enterprises. This paper enriches the research on whether the market incentive financial regulation policy can contribute to the green transformation of enterprises under the Porter hypothesis. Third, some previous studies used the ordinary panel regression model to explore the impact of financial policy on enterprise’s innovation performance. However, due to the potential endogenous problems of the estimated model, it might get biased conclusions. Therefore, based on the method of quasi-natural experiment, this paper selects the margin trading pilot policy as an exogenous shock to solve the endogenous or reverse causality problem in traditional measurement model and applies the DID model to study the relationship between core indicator variables.