https://repository.ufe.edu.mn/xmlui/handle/8524/4136 2026-09-20T05:45:47Z https://repository.ufe.edu.mn/xmlui/handle/8524/4837 Improving Strategic Asset Allocation for a Sovereign Wealth Fund in a Resource-Dependent Developing Economy: Empirical Evidence from the Future Heritage Fund of Mongolia Лхагвасүрэн, Түмэндэлгэр I would like to express my deepest gratitude to Academician Enkhbat Rentsen, my co-supervisor, for his invaluable guidance, encouragement, and scholarly advice throughout my doctoral studies. His intellectual rigor, methodological insight, and unwavering support have played a fundamental role in shaping my academic development and in the completion of this dissertation. I am also deeply inspired by his distinguished contributions to the field of optimization theory, which have significantly influenced my research and academic perspective. I am equally grateful to my supervisor, Associate Professor Bolorsuvd Batbold, for her continuous support, constructive comments, and academic guidance during the preparation of this thesis. Her mentorship has been essential throughout my doctoral journey. It has been a privilege to work under her supervision and to learn from her deep expertise in mathematical modeling and dynamic portfolio optimization. I would also like to express my sincere appreciation to Professor Batsukh Tserendorj for his valuable advice and encouragement during my doctoral studies. The knowledge and insights he shared while teaching my PhD courses greatly enriched my understanding of economic theory and policy. I also deeply admire his example as an economist and his leadership as a former member of the Monetary Policy Committee, which has served as an inspiring professional role model in my career as a central banker. Finally, I wish to express my heartfelt gratitude to my family for their unwavering support, patience, and understanding throughout this journey. Their encouragement in every dimension including emotional support, financial support, and the time and space necessary for me to focus on my research made it possible to balance the demands of full-time professional responsibilities with the completion of this doctoral dissertation. Without their 2026-06-22T00:00:00Z https://repository.ufe.edu.mn/xmlui/handle/8524/4836 RESEARCH ON THE IMPACT OF INTELLIGENT MANUFACTURING ON ENTERPRISE ESG PERFORMANCE CHEN, XU I would like to express my sincere gratitude to all those who have contributed to the successful completion of this doctoral dissertation. This journey has been challenging yet rewarding, and I could not have achieved this milestone without the support and encouragement of many individuals. First and foremost, I would like to extend my deepest appreciation to my supervisor Batkhuyag G. Ph.D, my co-supervisor Purevtuya Ts. Ph.D, and my advisor Khaliun M. Ph.D. They have been an invaluable source of guidance, wisdom, and inspiration throughout my doctoral studies. Their insightful feedback, constructive criticism, and unwavering support have been instrumental in shaping my research and refining my academic skills. I am particularly grateful for their patience, understanding, and willingness to go the extra mile to help me overcome obstacles and achieve my goals. I would also like to thank the members of my dissertation committee, for their valuable time, expertise, and feedback. Their insightful comments and suggestions have significantly improved the quality of this dissertation. My sincere thanks also go to Foreign Affairs Office and PhD Program at UFE for providing a stimulating and supportive research environment. I am grateful for the access to resources, facilities, and funding that have been essential to the completion of this project. I am deeply indebted to my colleagues and fellow doctoral students, Ju Zhihong, Gao Hui, Xiong Ni, and Gao Yinjie, for their friendship, collaboration, and intellectual exchange. The countless discussions and shared experiences have enriched my academic journey and made it more enjoyable. To my family, I owe a debt of gratitude for their unconditional love, unwavering support, and endless encouragement. Their belief in me and their sacrifices have been my constant source of strength and motivation. I am especially grateful to my family for their financial support and understanding during the long time I spent away from home. 2026-06-22T00:00:00Z https://repository.ufe.edu.mn/xmlui/handle/8524/4650 THE IMPACT OF GREEN CREDIT POLICY ON CORPORATE GREEN TECHNOLOGICAL INNOVATION —A STUDY BASED ON CHINESE LISTED COMPANIES WUENQIQIGE With the continuous development of China's social economy, environmental protection issues have become increasingly prominent, and green and sustainable development has become an important topic. Green technology innovation is an important way to achieve carbon peaking and carbon neutrality goals, and it helps to promote the clean energy structure and the low-carbon transformation and upgrading of the industrial structure. The key to energy conservation and emission reduction for enterprises lies in technological innovation, which requires both financial and talent support. At the same time, enterprises generally face financial constraints and insufficient innovation motivation in the process of green technology innovation. According to the "2024 China Patent Survey Report," among enterprises that have not carried out green technology innovation, 42.7% indicated that the lack of necessary R&D funds was the main obstacle to their green technology innovation. This paper takes the "Green Credit Guidelines" promulgated in 2012 as a quasi-natural experiment, selects A-share listed companies from 2006 to 2024 as the initial sample, uses sustainable development theory as the overall analytical framework, and employs a difference-in-differences model to examine the impact of the implementation of green credit policies on the green technology innovation activities of listed companies. The study shows that: (1) Green credit policies have a significant positive impact on promoting green innovation activities of enterprises, and their promotion effect on green utility model patents is more significant than that on green invention patents; (2) The mediation effect analysis results show that the mediation effect of the level of environmental information disclosure is particularly significant; (3) The moderating mechanism analysis shows that institutional investor shareholding plays a key moderating role in the relationship between green credit policies and corporate green technology innovation; (4) The heterogeneity analysis reveals that green credit policies have a more significant promoting effect on the green innovation activities of state-owned enterprises, large enterprises, manufacturing enterprises, and capital-intensive enterprises. Based on the above conclusions, this paper proposes the following recommendations: the government should continue to optimize the green credit system framework, strengthen policy xiv guidance and supervision, and coordinate the development of enterprises of all sizes; banks should accurately assess enterprises' needs for green technology innovation, increase credit support for green innovation enterprises, and establish a sound green credit risk management system; enterprises should increase investment in green technology research and development, strengthen environmental information disclosure, optimize their financing structure according to their own characteristics, and formulate green technology innovation strategies. 2026-04-07T00:00:00Z https://repository.ufe.edu.mn/xmlui/handle/8524/4648 CORPORATE GREEN GOVERNANCE ON SHORT AND LONG-TERM FINANCIAL PERFORMANCE-A STUDY OF HEAVY POLLUTING ENTERPRICES YI RU, HAN In recent years, environmental pollution has intensified worldwide, making the alignment of economic growth with environmental sustainability one of the most critical challenges of sustainable development. Although the traditional post-industrial economic model has significantly enhanced productivity and economic growth, it has also led to the overexploitation of natural resources and substantial greenhouse gas emissions, thereby accelerating ecosystem degradation. Given the limited regenerative capacity of the environment, green development that balances economic growth with ecological sustainability has become a global priority. Within this context, China has proposed its “Dual Carbon” strategic goals, aiming to substantially reduce carbon emissions by 2030. As part of this initiative, industries characterized by high levels of pollution particularly in manufacturing, energy, and resource-intensive sectors are required to prioritize green transition policies. At the firm level, this necessitates a shift toward corporate green governance systems that integrate environmental management with sustainable development objectives. However, the implementation of green governance involves significant costs, including technological innovation, installation of pollution-control equipment, and the adoption of new management practices. These investments may negatively affect short-term profitability and financial performance, leading many firms to underestimate the long-term benefits of green governance and delay the transition. Against this backdrop, the present study empirically examines the impact of corporate green governance on financial performance using panel data from 675 large and medium-sized A-share listed firms in high-pollution industries in China over the period 2014–2024. Panel regression models and long-term effect analyses are employed to identify both the short- and long-term financial impacts of green governance. In addition, the study investigates the mediating roles of corporate reputation, green innovation, and financing constraints, as well as the moderating effects of government support and subsidies on this relationship. The findings reveal that corporate green governance exerts a time-varying, two-stage effect on financial performance. In the initial years following implementation, firms experience increased operating costs and reduced profitability, resulting in a negative impact on financial performance. However, over time, as firms strengthen their environmental responsibility, enhance their market reputation, gain greater trust from consumers and investors, improve access to financing, and benefit from government incentives and policy support, green governance significantly improves financial performance. These results demonstrate that green governance is not merely a compliance mechanism to meet regulatory requirements, but rather a strategic investment that enhances firms’ long-term financial sustainability and competitiveness. By providing large-scale, data-driven empirical evidence on the dynamic financial effects of green governance in high-pollution XIV industries, this study makes important theoretical and practical contributions. The findings offer valuable implications for policymakers seeking to refine incentive mechanisms for green transition, for firms aiming to plan green investments in a phased and strategic manner, and for investors evaluating ESG-based decisions more effectively. 2026-04-07T00:00:00Z