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  • Resilience Connotation, Application Scenarios and Implementation Path of Green Infrastructure
    BO Fan, ZHUANG Guiyang
    2025, 0(6): 5-17.
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    The Third Plenary Session of the 20th Central Committee of the CPC emphasized“Deepen actions to improve urban safety and resilience”,which put forward basic requirements for improving urban construction, operation and management.Green infrastructure is composed of three elements: natural ecosystem,man-made ecosystem and environment-friendly municipal engineering facilities, which provides the direction for supporting urban resilience and promoting green and low-carbon development. The resilience of green infrastructure is reflected in three aspects of structural optimization, functional improvement and threshold broadening.The spatial resilience,ecological resilience and engineering resilience of cities are enhanced through ecological restoration and municipal facilities renovation, so as to enhance the overall risk resistance, self-control and self-adaptation ability of urban complex ecosystems, and support broader social resilience and economic resilience.The coupling degree of artificial facilities and ecosystems should match the level of urban risk, forming a green infrastructure spectrum of dark green, medium green and light green.To strengthen multi-dimensional urban resilience through green infrastructure, it is necessary to pay attention to resilience assessment planning, collaborative governance of artificial and natural means, and natural capital management.Comprehensive evaluation of long-term and short-term benefits, ecological and economic benefits, investment costs and hedge value, innovative investment and financing mechanisms, so as to achieve inclusive green infrastructure services.
  • Fiscal and Tax Policy Response to Digitalization: A Study on the Impact of Accelerated Depreciation of Fixed Assets on the Investment of Manufacturing Enterprises Corporate
    ZHANG Guo, YIN Qiang
    2025, 0(6): 18-34.
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    Exploring the response mechanism of fiscal and tax policies driven by digitalization and uncovering the complex interactions between policy incentives and firm behaviors in a digital context have significant practical implications.Taking the accelerated depreciation policy for fixed assets as its research focus, this paper utilizes data from Chinese A-share listed manufacturing firms from 2011 to 2017 and constructs a difference-in-differences model to analyze the impact of this policy on corporate investment.It particularly examines how firms' digitalization levels affect the differential effectiveness of the policy.The findings reveal that, on the one hand, the accelerated depreciation policy generally promotes investment among manufacturing enterprises; on the other hand, the positive influence of the policy on investment is more pronounced among firms with higher levels of digitalization.Further analysis indicates that this policy exerts a stronger stimulating effect on investment for firms with abundant investment opportunities, state-owned enterprises, firms with ample cash flow, and firms facing lower effective corporate income tax rates.After considering digitalization factors, the study finds that for firms with fewer investment opportunities, non-state-owned status, constrained cash flow, and higher effective tax rates, a high level of digitalization significantly enhances the policy's stimulative effect on corporate investment, highlighting the critical role digitalization plays in amplifying firms' responsiveness to policy incentives.These results emphasize the necessity for policymakers to account for firms' digitalization levels when designing and implementing fiscal and tax incentive policies to ensure optimal policy outcomes.
  • Has Supply Chain Digitization Driven Enterprises to Engage in Supply Chain Finance Activities?
    YANG Siying, BAI Hua
    2025, 0(6): 35-51.
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    The development of supply chain finance is a key strategy for improving the financing environment for SMEs and enhancing the modern financial system with Chinese characteristics.This paper empirically examines the impact of supply chain digitization, under policy guidance, on the adoption of supply chain finance by firms, using data from A-share listed companies in Shanghai and Shenzhen between 2011 and 2021.The study finds that supply chain digitization significantly incentivizes firms to engage in supply chain finance.Mechanism analysis shows that supply chain digitization promotes the adoption of supply chain finance by improving access to financial resources and controlling financing costs.Heterogeneity analysis indicates that the incentivizing effect is more pronounced when financial technology development is low, banking competition is high, and for firms with a strong reputation and low industry competition.Additionally, engaging in supply chain finance improves corporate performance and enhances supply chain efficiency.The paper provides practical guidance for advancing the development of supply chain finance and offers empirical evidencs for understanding the micro-effects of supply chain digitization and promoting supply chain stability.
  • How Does Digital Finance Usage Behavior Reduce the Risk of Poverty Reversion for Rural Households? Empirical Evidences from the China Household Finance Survey(CHFS)
    YANG Xinyao, YE Jiashuo, LI Jie
    2025, 0(6): 52-67.
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    This study examines how digital finance reduces the risk of rural households falling back into poverty in post-absolute-poverty China.Using microdata from the China Household Finance Survey(CHFS), we measure poverty vulnerability and empirically analyze the impact of digital finance.Our analysis reveals that digital finance usage significantly lowers the risk of slipping into poverty, with mobile payment services playing a dominant role due to their high accessibility.The poverty-reduction effect remains robust across alternative poverty line definitions, though its magnitude varies depending on contextual factors.Mechanism analyses demonstrate that digital finance mitigates poverty risks through three pathways: fostering entrepreneurship, easing credit constraints, and reducing precautionary savings. However, households of poverty registration benefit less from these mechanisms due to their economic disadvantages.Heterogeneity tests further indicate stronger poverty-alleviation effects for non-minority regions, high-unemployment-risk households, higher-income groups, and families with extensive social networks.These findings underscore the potential of digital finance as a policy tool to prevent large-scale of falling back into poverty, particularly when tailored to address disparities among vulnerable groups.
  • Research on Climate Warming Risks and Corporate Profitability: Impact Mechanisms and Mitigation Measures
    HUANG Ping, WANG Chenchen, LI Cong
    2025, 0(6): 68-82.
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    Climate warming has become one of the major challenges mankind facing, and it has a significant impact on corporate development.In order to identify the causal relationship between climate warming risks and corporate profits, this paper systematically examines the impact mechanism of climate warming risks on corporate profits and how to deal with it based on the sample of listed companies from 2001 to 2021.It's found that the risks of climate warming significantly suppress corporate profits, and the conclusion remained valid after a series of robustness tests.The mechanism analysis shows that the risks of climate change suppress corporate profits by reducing revenue and increasing costs.Further analysis shows that digital transformation, greening transformation and ESG rating can help mitigate the negative impact of climate risk.This paper expands the relevant research on the microeconomic consequences of climate risk, and shows important practical implications for taking effective adaptive actions to cope with the profit inhibiting effect of climate risks and help enterprises develop in high quality.
  • Does Air Quality Associate with Enterprise Salary Gap
    DOU Xiaochen, WANG Yulan, ZHAO Junhua
    2025, 0(6): 83-97.
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    Taking the listed companies on the Shanghai and Shenzhen A-share markets from 2014 to 2020 as samples, this article examines the relationship between the air quality in the locations of listed companies and their internal compensation gaps.Research has found that with the intensification of air pollution, the internal salary gap has significantly expanded, which is caused by an increase in executive compensation.Further research found that executives' strong bargaining power further widened the salary gap by improving executive pay, while ordinary employees' bargaining power and labor union power help to alleviate the widening of the pay gap, mainly in improving their own pay.The expansion of internal salary gap within enterprises under the background of air pollution is not conducive to the improvement of enterprise performance.From the perspective of the difference between the bargaining power of executives and ordinary employees, this paper provides an interpretation perspective and empirical evidence for how external environmental factors affect the internal pay gap of enterprises, and provides empirical evidence for enterprises to adjust the salary structure and improve the protection of the interests of ordinary employees.
  • “Lack-awareness”or“Well-informed”?: Evidence on the Public's Understanding of Macroeconomic Shocks
    HUANG Xiaochuan, ZHU Chuanqi
    2025, 0(6): 98-113.
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    The effectiveness of expectation management policies depends on how the public interpret economic shocks and adjust their expectations accordingly.Is the Chinese public“lack-awareness”or“well-informed”about macroeconomic shocks? To this end, we use SVAR model with sign restriction identification to investigate the Chinese public's understanding of macroeconomic shocks and their expectation formation.Our results show that:(1) the public can correctly distinguish among supply shocks, demand shocks, and monetary policy shocks, and their expectations adjustments are consistent with macroeconomic theory predictions.(2) The public is more concerned about changes in prices and interest rates rather than employment, so inflation and interest rate expectations exhibit higher volatility than employment expectations across all shock scenarios.(3) Expectation formation follows adaptive patterns rather than incorporating forward-looking rational assessments.The findings indicate that governments can enhance the effectiveness of macroeconomic policies by improving policy transparency and forward guidance, thereby proactively guiding the public to adjust toward rational expectations.
  • Double Financial Frictions, Monetary Policy and Capital Allocation Efficiency
    ZHANG Sican, ZHANG Yun
    2025, 0(6): 114-128.
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    Financial frictions not only have the potential to cause an inefficient allocation of capital, but also make monetary policy via credit channel affect real output.Thus, to explore how monetary policy via credit channel affects output and the allocation of capital across production units, this paper proposes a highly tractable DSGE model featuring double financial frictions and heterogeneous entrepreneurs in production efficiency.We find that under the circumstances of double financial frictions,the counter-cyclical credit spreads of entrepreneurs have been affected by the pro-cyclical balance sheets of banks and firms,thus monetary policy has double financial accelerator effects on investment and output.We also find that due to the sectoral heterogeneity in financial frictions on the credit demand side, contractionary monetary policy has a greater impact on private-owned enterprises, and further raises their external financing costs through the financial accelerator of credit supply side, so the credit allocation fails to match enterprises' production efficiency with their borrowing costs, finally reducing efficiency of capital allocation.According to these findings,the government should consider the double financial accelerator effects for the conduct of monetary policy; to alleviate the financing difficulty of private-owned enterprises, besides improving the financial frictions heterogeneity, the government should stabilize the bank balance sheets, thereby increasing capital allocation efficiency.
  • Examining the Moderating Effects of Cultural Orientation on Review Valence Mechanisms in Consumers' Purchase Decision: From Questionnaires and a Series of Online and Offline Situational Experiments Revealing Inconsistent Multi-source Review Variances
    SUN Guohui, ZHAO Yang
    2025, 0(6): 129-147.
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    The influence of review valence in the scenario of inconsistent multi-source review variances on consumers' purchase decisions is a mechanism with consumer perception serving as mediating variable and individual cultural tendencies acting as moderating variable.The mechanism reflects the overall value evaluation and emotional tendency of the product, forming a structured, multi-dimensional review valence that influences consumers' purchase decisions.Grounded in cognitive consistency theory and relevant findings in consumer behavior research, this study constructs a model to explore how multi-source review valence impacts consumers' purchase decisions under the moderating effect of individual cultural orientation.Empirical data from questionnaires and a series of online and offline situational experiments were used to examine the interplay between review valence, consumers' purchase decisions, and related factors in scenarios where shopping platforms and third-party platforms present inconsistent multi-source review variances.The results indicate that the structured, multi-dimensional review valence which reflect the product's overall value and emotional tendency influences consumers' purchase decisions.Furthermore, during the process of multi-dimensional influence exerted by inconsistent multi-source review variances on consumers' purchase decisions, consumers' risk perception and uniqueness perception serve as mediating variables.Individual cultural orientation moderates the relationship between review valence and consumer perception.This study extends the investigation of review valence into the context of inconsistent multi-source review variances in online consumption and confirms the mechanism by which review valence influences consumers' purchase decisions under the moderating effect of individual cultural orientation.These findings contribute to providing a robust theoretical foundation for enterprises to gain deeper insights into consumers' purchase decisions processes and develop optimal marketing strategies.
  • The Endogenous Evolution and Governance Logic of Government Intervened Procurement:A Case Study of Community Correction Services Purchased by D County, Z Province
    ZHOU Rui, YANG Yanying, JIA Yanan
    2025, 0(6): 148-160.
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    Through game equilibrium analysis, this study investigates the occurrence contexts, evolutionary characteristics, and endogenous mechanisms of“Government Intervened Procurement”in government-purchased public service practices.The research reveals three key findings:“Government Intervened Procurement”emerges from the interaction among four institutional domains—the governmental domain, market transaction domain, commons domain, and social exchange domain.Its formation fundamentally requires four conditions: asymmetric dependency relationships between government and social organizations, legitimacy linkage through relational contracts, embeddedness of social exchange domains, and maintenance of tacit knowledge.As a strategic choice of purchasing entities within relational contingent governance structures, the essence of“Government Intervened Procurement”manifests the transfer of actual control rights between governmental and market transaction domains during public service procurement processes. Under the endogenous logic of“Government Intervened Procurement”, purchasing entities should adhere to the principle of“non-essential, non-embedding; once embedded, exercise restraint”.Consequently, systematic and holistic institutional design should be implemented across the four domains.