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To further promote the theoretical research that digital finance effectively supports the high-quality development of the real economy, this paper reviews the current situation of domestic and international research on the connotation of digital finance, the connotation of high-quality development of the real economy, and the influence mechanism of digital finance on high-quality economic development. At present, the research on the connotation of digital finance and the connotation of high-quality development of the real economy at home and abroad has been relatively mature. Domestic and foreign research on the influence mechanism of digital finance of high-quality economic development mainly includes direct influence mechanism featuring capital allocation effect and inclusive effect, and indirect influence mechanism featuring innovative development, coordinated development, green development, open development, shared development, and industrial structure transformation and upgrading as channels. Future research directions include: deepening the research on the indirect influence mechanism of digital finance on the high-quality economic development; deepening the research on the influence mechanism of digital finance on the high-quality development of the real economy.

This paper presents evidence on cash holdings for Japanese firms listed on the Tokyo Stock Exchange, focusing on the impact of corporate governance factors in cash holdings and the implication of cash holdings to firm value. We find that insider ownership and bank relations of firms play a significant role in determining cash holdings. Our results indicate that foreign stockholders select profitable firms to invest, and these firms have higher levels of cash. We document evidence that cash holdings lead to agency problems and impact firm value negatively, and governance characteristics affect the negative relation between cash holdings and firm value.

The Asia-Pacific region, and particularly its East Asian core, has achieved an impressive record of growth, export expansion and regional economic integration that now spans more than three decades and a wide variety of world economic environments. A key indicator of these achievements is the changing level of intra-regional foreign trade. This indicator is positive for the region as a whole over the period, although trends since 1980 are quite sensitive to the precise definition of the region employed. However, for the NICs (Hong Kong, Taiwan, South Korea and Singapore) and the ASEAN group (Thailand, Malaysia, Indonesia, Philip-pines and Brunei) in isolation, intra-regional trade increased by approximately 25 per cent over the decade 1980–1990.

The Asia-Pacific region, and particularly its East Asian core, has achieved an impressive record of growth, export expansion and regional economic integration that now spans more than three decades and a wide varity of world economic integration. With the aim of throwing light on ways in which Taiwanese foreign direct investment (FDJ) flows may influence the overall pattern of economic integration in the Asia-Pacific region, the authors examine the effects of Taiwanese investment on the PRC economy, through a case study of Xiamen Special Economic Zone. (DÜI-Sen)