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  • Written Discussion
    LIN Guangbin, HE Zhaopeng
    2026, 0(1): 5-12.
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  • The Non-debt Tax Shield Effect of Corporate Green Investment Shield
    FAN Yong, TIAN Zhenyu, WANG Yongming
    2026, 0(1): 13-24.
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    This study investigates the impact of corporate green investment on capital structure through the non-debt tax shield effect, using data from A-share listed companies on the Shanghai and Shenzhen stock exchanges in China between 2007 and 2022.The findings reveal that corporate green investment exhibits a significant negative correlation with interest-bearing debt levels.Moreover, when firms are in a“tax exhaustion state”,the non-debt tax shield effect of green investment is further strengthened, leading to a more pronounced reduction in debt financing.Additionally, industry heterogeneity analysis indicates that firms in the mining industry demonstrate greater sensitivity in debt levels to changes in green investment, while sectors such as electricity, heating, gas, and water production remain relatively stable.Tests on debt maturity structure heterogeneity show that the tax shield effect of green investment more significantly influences short-term debt, particularly under the“tax exhaustion state”,where firms exhibit stronger motivation to reduce short-term debt through green investment.On one hand, this study integrates green investment with the non-debt tax shield effect for the first time, thereby enriching the scope of research on non-debt tax shields.On the other hand, within the context of China's“dual-carbon”strategy, it proposes specific recommendations for optimizing green tax incentive policies to foster high-quality development of corporate green investment.
  • Research on Fiscal Resource Allocation Effect of Budget Performance Management Reform at Sub-national Level:Based on Quasi Natural Experiments Conducted in 280 Prefecture Level Cities from 2007 to 2021
    WU Feng, PEI Xi, WU Miao
    2026, 0(1): 25-44.
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    The reform of budget performance management at sub-national level aims to achieve the policy goal of optimizing the allocation of financial resources.This article is based on data from 280 prefecture level cities from 2007 to 2021, and uses a multi period double difference method to explore the fiscal resource allocation effect of budget performance management reform at sub-national level.The research finds that the reform of budget performance management at sub-national level has the effect of adjusting the structure of financial expenditure and improving the quality of public services.Mechanism analysis found that the reform mainly exerts the effect of fiscal resource allocation by controlling the scale of administrative costs, improving the level of livelihood expenditures, and suppressing investment driven tendencies.In addition, the reform of the reform has a more prominent effect on the allocation of financial resources in coastal areas, regions with high economic and legal levels.At the same time, under the“dual linkage”mechanism, the growth levels of expenditures in different key areas have led to different impact effects of the reform on the allocation of financial resources.It is of great significance to fully utilize the fiscal resource allocation effect of reform, streamline the mechanism path for reforming and enhancing the efficiency of financial resource allocation, and reduce the imbalance of the fiscal resource allocation effect of reform, in order to better exert the fiscal resource allocation effect of reform.
  • Theoretical Model and Empirical Analysis of the Redistributive Effect of Basic Medical Insurance for Employees
    CHU Fuling, JI Wenfang
    2026, 0(1): 45-60.
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    The Basic Medical Insurance for Employees contributes to promoting income redistribution and achieving common prosperity.This study constructs a theoretical redistribution model at the institutional level and evaluates its effects by comparing the Gini coefficients of wage income before and after medical insurance reimbursement among enrollees.A narrowing wage income gap post-reimbursement indicates a positive redistributive effect, while a widening gap suggests a negative effect.The findings reveal that when hospitalization costs fall below the deductible threshold, redistribution does not take effect; however, once exceeding the threshold, medical insurance reimbursement positively mitigates income disparity, with the effect strengthening at higher cost tiers.Based on empirical calculations using 2019 China Household Finance Survey(CHFS) data, the study demonstrates that employee medical insurance reduces income inequality both nationally and regionally, with the most pronounced effect in Central China and the weakest in Northeast China.A tiered analysis further shows that employee medical insurance exerts a positive redistributive effect across all medical expense tiers, with hospitalization reimbursement outperforming non-hospitalization reimbursement.Nevertheless, the system still suffers from an irrational contribution mechanism, significant regional benefit disparities, and low pooling levels of insurance funds.To address these issues, this study proposes adjusting contribution standards based on actual income, advancing regional institutional integration of medical insurance, and enhancing centralized fund management.
  • Does the Tax-advantaged Personal Pension Increase or Decrease the Income Gap?From the Perspective of Common Prosperity
    MA Xiaoyue, ZHOU Yan
    2026, 0(1): 61-77.
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    Improving the distribution system is an inevitable means to properly address the issue of income disparity and promote common prosperity.To explore the impact of the tax-advantaged third pillar individual pension policy on income distribution, this paper, from the perspective of common prosperity, distinguishes middle and high-income groups and low-income groups, and constructs a two-period dynamic general equilibrium model to discuss the impact of the individual pension policy on income disparity.We find that an increase in the contribution rate of the third pillar individual pension, and the yield rate will worsen the income distribution and redistribution situation; while appropriately increasing the tax rate for withdrawal may improve the income redistribution situation.Further research reveals that among the three factors' influence on income distribution, the contribution rate of the individual pension has the greatest impact, followed by the yield rate.Based on the above conclusions, policy recommendations such as differentiated tax models are proposed, aiming to reduce the tax burden on low-income groups when they withdraw their pensions, while maintaining moderate regulation on the pension income of high-income groups.This approach seeks to enhance the fairness of the system while also taking into account fiscal sustainability.
  • Public Health Expenditures, Economic Growth, and Social Welfare: A Study from the Perspective of Prevention and Treatment of Infectious Diseases
    WEI Sichao, GAO Shen, FAN Zijie
    2026, 0(1): 78-93.
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    Infectious diseases pose significant threats to health, economic growth, and social welfare. Public health expenditure, with its preventive and treatment functions, plays an important role in controlling infectious diseases.By constructing a dynamic general equilibrium framework that captures the endogenous interactions between infectious diseases and the economy, this paper analyzes the comprehensive impacts of the scale(the proportion of total output) and structure(the allocation ratio between preventive and curative expenditures) of public health expenditure on health, the economy, and welfare.Theoretical research indicates that the effectiveness of public health expenditure is influenced by the elasticity of the healthy labor ratio with respect to the expenditure.Adjusting the expenditure scale may lead to conflicts among health, economic, and welfare objectives, whereas modifying the expenditure structure facilitates the coordinated achievement of these three objectives.Numerical simulations based on the Chinese data show that both expanding the scale of public health expenditure and optimizing its structure(increasing preventive expenditures while reducing curative expenditures) have positive effects on health, the economy, and welfare.However, compared with expanding the expenditure scale, optimizing the expenditure structure yields more significant effects and can avoid short-run declines in output and welfare.Therefore, this paper suggests that priority should be given to adjusting the expenditure structure.This approach can more effectively improve health, promote economic output, and enhance welfare without increasing the fiscal burden, thereby facilitating the integration of the public health system into China's overall development strategy.
  • Corporate Financialization and Stock Mispricing
    JIANG Yu, RONG Wei, ZENG Fei
    2026, 0(1): 94-111.
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    The phenomenon of the“real to virtual”transformation of real enterprises is detrimental to the healthy stability of the capital market and the high-quality development of the economy, and it also has many adverse effects on corporate operations.We use data from A-share listed companies from 2009 to 2024 to examine the relationship between corporate financialization and stock mispricing.The results indicate that the financialization of listed companies significantly increases the level of stock mispricing, by exacerbating information asymmetry and triggering investor irrationality.ESG performance, internal control quality, analyst coverage, and investors' attention have negative moderating effects.Further research reveals that investors hold a favorable attitude towards corporate financialization, and management exploits this attitude to engage in market value management using financial assets while simultaneously engaging in concealment behaviors such as avoiding choosing the Big Four auditors and shunning institutional research.We demonstrate the causal relationship and influencing mechanism between corporate financialization and stock mispricing, providing certain guidance for the regulation of corporate financialization, rational pricing of stocks, and formulation of investment decisions.
  • Controlling Shareholders' Share Pledging and Mode of Trade Credit: From the Perspective of Supplier-Company Relationship
    LIAO Huiwen, TONG Pan
    2026, 0(1): 112-128.
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    Previous studies have shown that controlling shareholders' share pledging will increase the scale of trade credit financing of Chinese companies, but the impact on trade credit mode is rarely discussed. Taking A-share listed companies from 2010 to 2021 as the research sample, this paper investigates whether controlling shareholders' share pledging will affect the mode of trade credit from the perspective of the relationship between suppliers and companies.It is found that, compared with the companies without controlling shareholders' share pledging,the companies with controlling shareholders' share pledging will use more trade credit modes with higher transaction costs in their relations with suppliers.Further research reveals that:controlling shareholders' share pledging affects the mode of trade credit between companies and suppliers by increasing the tunneling and earnings management of controlling shareholders;only when the share pledging funds are invested in the controlling shareholders or the third parties, controlling shareholders' share pledging will play a role in the mode of trade credit between companies and suppliers;more media reports,higher analyst's attention and higher internal control quality will reduce the impact of the pledge of controlling shareholders' share on the adoption of high cost trade credit modes.This paper not only enriches the literature about the controlling shareholders' share pledging and the trade credit mode, but also provides reference for the rational use of trade credit and the effective supervision of relevant institutions on the companies with controlling shareholders' share pledging and the trade credit market environment.
  • Research on the Governance Effect of Self-regulation of Stock Exchanges:Evidences from Insider Trading in Share Repurchases
    GU Xiaolong, WU Chuyi, XU Liping, XIN Yu
    2026, 0(1): 129-144.
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    In contrast to prior research that has predominantly focused on the efficacy of inquiries and regulatory letters, this paper centers on the governance effects of self-regulation by stock exchanges. Drawing on empirical data from insider trading in market-value-management-oriented share buybacks, the study demonstrates that the“Share Repurchase Implementation Rules”introduced by the Shanghai and Shenzhen Stock Exchanges in January 2019(which were both revised to“Self-regulatory Guidelines for Listed Companies”in January 2022)have exhibited favorable governance impacts.These effects are specifically manifested in the mitigation of potential insider selling following the announcement of market-value-management-driven share buybacks.Furthermore, this impact is more pronounced in contexts with ineffective dispersed ownership supervision and weaker external governance, highlighting a complementary effect between the self-regulation of stock exchanges and internal governance structures as well as external governance environment.The research conclusions provide empirical evidences to support the shift in regulatory paradigms, the vigorous promotion of industry self-regulation, and the enhancement of the role of self-regulatory oversight by stock exchanges.
  • Unpacking the Mechanisms Through Which AI-employee Collaboration Influences Employee Job Performance
    ZHANG Shougang, LIU Xianye, SHEN Pengyi
    2026, 0(1): 145-160.
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    Despite the increasing integration of generative artificial intelligence(AI) in organizational settings, empirical evidence on how different forms of AI-employee collaboration influence employee performance and thd psychological mechanisms underlying this relationship.Drawing on social cognitive theory and regulatory focus theory, this study examines the effects of employee-led vs.AI-led collaboration on employee performance, the mediating role of AI self-efficacy, and the moderating role of employees' work regulatory focus.Two scenario-based experimental studies indicate that employee-led collaboration is associated with higher levels of employee performance compared with AI-led. AI self-efficacy is found to mediate the relationship between collaboration and performance. Furthermore, regulatory focus moderates these effects: individuals with a promotion focus report higher AI self-efficacy and performance in employee-led collaboration, whereas those with a prevention focus demonstrate better outcomes in AI-led collaboration.This study not only further enriches the theoretical system of human-AI collaboration in the workplace, but also provides management insights for enterprises to optimize the AI-employee collaboration and its effectiveness in the workplace.